1408 Amendments of Engin EROGLU
Amendment 1 #
2023/2128(INI)
Motion for a resolution
Citation 3 a (new)
Citation 3 a (new)
– having regard to the ongoing negotiations with India on a Free Trade Agreement and the separate negotiations on an Investment Protection Agreement and an Agreement on Geographical Indications (GIs) with the aim of strengthening the strategic partnership,
Amendment 21 #
2023/2128(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the EU is India’s largest trading partner and it is in their mutual interest to foster closer economic ties; whereas India is a solid alternative for an EU that wants to diversify its supply chains;
Amendment 26 #
2023/2128(INI)
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas the EU Strategy for Cooperation in the Indo-Pacific lists India as a core partner of Europe in the Indo- Pacific and calls for enhanced cooperation with India under the project Enhancing Security Cooperation in and with Asia (ESIWA), which covers counter-terrorism, cybersecurity, maritime security and crisis management;
Amendment 29 #
2023/2128(INI)
Motion for a resolution
Recital C c (new)
Recital C c (new)
Cc. whereas the EU should not engage in renewed system dependency; whereas the EU seeks a level-playing field partnership with India;
Amendment 30 #
2023/2128(INI)
Motion for a resolution
Recital C d (new)
Recital C d (new)
Cd. whereas the EU and India, being the world's two largest democracies, are connected by robust political, economic, social, and cultural ties, and are both dedicated to advancing peace, stability, security, prosperity, democracy, human rights, and sustainable development;
Amendment 36 #
2023/2128(INI)
Motion for a resolution
Paragraph 1 – point a a (new)
Paragraph 1 – point a a (new)
(aa) highlight that in the current international environment, both the EU and India face pressing security challenges, which require a diplomatic response coupled with strengthened deterrence, and cooperation among democratic states;
Amendment 37 #
2023/2128(INI)
Motion for a resolution
Paragraph 1 – point a b (new)
Paragraph 1 – point a b (new)
(ab) strengthen political ties between the two partners to further enhance regional and international cooperation in a world that faces multiple challenges, such as rising authoritarianism, security tensions, disrespect for international law, terrorism, poverty and inequality
Amendment 56 #
2023/2128(INI)
Motion for a resolution
Paragraph 1 – point e
Paragraph 1 – point e
(e) further enhance the growing cooperation in foreign and security policy through the existing dialogue mechanisms in the interest and for the advancement of democracy and rule of law;
Amendment 62 #
2023/2128(INI)
Motion for a resolution
Paragraph 1 – point f
Paragraph 1 – point f
(f) hold the bilateral security dialogues on an annual basis, and with greater involvement of EU Member States and increase coordination between the EU’s and India’s foreign affairs agendas at regional and international level;
Amendment 71 #
2023/2128(INI)
Motion for a resolution
Paragraph 1 – point g
Paragraph 1 – point g
(g) expand EU-India cooperation on maritime security as an area of considerable potential by strengthening the scope of consultations on combating piracy, maritime surveillance, freedom of navigation operations, disaster relief and joint training and exercises;
Amendment 107 #
2023/2128(INI)
Motion for a resolution
Paragraph 1 – point l
Paragraph 1 – point l
(l) mconitor closely the fragile situation arounddemn all activities by China to unilaterally change the status quo in the context of the unresolved border dispute between India and China, and two nuclear powers recognise the state of Arunachal Pradesh as an integral part of the Republic of India;
Amendment 127 #
2023/2128(INI)
Motion for a resolution
Paragraph 1 – point o
Paragraph 1 – point o
(o) insist that India, as a founding member of the United Nations and a current member of the UN Human Rights Council, should give unrestricted access to UN Special Rapporteurs for country visits in line with their requests, and act on all the recommendations in its Universal Periodic Review process;
Amendment 138 #
2023/2128(INI)
Motion for a resolution
Paragraph 1 – point q
Paragraph 1 – point q
(q) engagejointly work with India in order to secure a safe environment for the work of human rights defenders, environmental and indigenous people’s defenders, trade union activists, journalists and other civil society actors both in the EU and in India; cease to invoke laws against sedition and terrorism as a means to restrict their legitimate activities; step up EU and Member State support to civil society organisations and human rights defenders, including by facilitating funding;
Amendment 146 #
2023/2128(INI)
Motion for a resolution
Paragraph 1 – point s
Paragraph 1 – point s
(s) address prevailing caste-based discrimination in Indiaand hate crime in India and the EU;
Amendment 157 #
2023/2128(INI)
Motion for a resolution
Paragraph 1 – point u a (new)
Paragraph 1 – point u a (new)
(ua) jointly promote independent media in the EU and India and ensure access to independent information;
Amendment 174 #
2023/2128(INI)
Motion for a resolution
Paragraph 1 – point y
Paragraph 1 – point y
(y) recognise the substantial potential of digital issues in the EU-India partnership such as digital infrastructure and connectivity, digital policy, data protection and flows and cybersecurity; jointly pledge to ensuring the right to privacy and ensure privacy and freedom of association within a digital context, through data protection laws that guarantee the independence of the regulator, foresee adequate checks on government power, and provide adequate safeguards for the individual against government surveillance;
Amendment 182 #
2023/2128(INI)
Motion for a resolution
Paragraph 1 – point ab
Paragraph 1 – point ab
(ab) facilitate further EU-India mobility, including for labour migrants, students, highly skilled workers and artists, as well as people-to-people exchanges in all sectors relevant to the EU-India partnership;
Amendment 183 #
2023/2128(INI)
Motion for a resolution
Paragraph 1 – point ab a (new)
Paragraph 1 – point ab a (new)
(aba) encourage the EU and India to cooperate more in the scientific and technological fields, in particular by creating links between European projects and Indian initiatives in the areas of green technologies, water infrastructure and digital innovation;
Amendment 184 #
2023/2128(INI)
Motion for a resolution
Paragraph 1 – point ab b (new)
Paragraph 1 – point ab b (new)
(abb) encourage the EU and India to align their hydrogen strategies;
Amendment 185 #
2023/2128(INI)
Motion for a resolution
Paragraph 1 – point ab c (new)
Paragraph 1 – point ab c (new)
(abc) encourage the EU and India to work together on the civilian and peaceful use of space;
Amendment 84 #
2023/2119(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas in 2016 a total of 30 weapon systems were in service in the United States, compared to 178 weapon systems in Europe;1a _________________ 1a Munich Security Report: 2017 https://securityconference.org/assets/user _upload/MunichSecurityReport2017.pdf
Amendment 325 #
2023/2119(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses that EDIRPA can only be a first step towards improving the European technological and industrial base’s capacities to supply Member States with the products and quantities needed and should be complemented with further initiatives, including the envisaged long- term European Defence Investment Program (EDIP) for which adequate funding needs to be ensured; stresses that one of the objectives of joint procurement must be to improve the interoperability of materiel and to reduce the number of different weapon systems in the EU;
Amendment 14 #
2023/2078(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the Banking Union (BU), which currently encompasses the Single Supervisory Mechanism and the Single Resolution Mechanism, needs to be supplemented by the ca coherent Direaction of a Europeanve on Deposit Guarantee Schemes (DGSD) with national deposit insuguaranctee scheme (EDIS)s;
Amendment 22 #
2023/2078(INI)
Motion for a resolution
Recital B
Recital B
B. whereas a completdeveloped BU would improve the competitiveness and stability of the banking sector and consumer choice and facilitate access to financing;
Amendment 28 #
2023/2078(INI)
Motion for a resolution
Recital C
Recital C
C. whereas EU banks have withstood the impact of Russian aggression; whereas they are key for implementing sanctions against Russia; whereas further coordinationeffective sanctions compliance in all areas is needed to avoid circumvention of sanctions;
Amendment 38 #
2023/2078(INI)
Motion for a resolution
Recital E
Recital E
E. whereas fragmentation and the lack of cross-border consolidation of the EU banking sector is affecting its global competitiveness; whereas the profitability gap between EU and US banks has widened; taking into account the heterogeneous structure of the banking markets within the EU; highlights the ambition not to enforce the too big to fail problem;
Amendment 46 #
2023/2078(INI)
Motion for a resolution
Recital F
Recital F
F. whereas a strong banking sector is key for delivering economic growth, recovery from recent crises, financing small and medium-sized enterprises (SMEs) and start-ups and the transition to a greensustainable and digital economy;
Amendment 91 #
2023/2078(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Asks the Commission to retain the completiondevelopment of the BU and the Capital Markets Union as key priorities for its next mandate; highlights that both projects offer households and SMEs access to broader funding, increase financial stability, reduce the impact of economic downturns, fund the transition to a greensustainable and digital economy and unlock the EU’s growth potential;
Amendment 93 #
2023/2078(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Considers that the doom loop between sovereigns and banks requires not only the completion of the Banking Union, but above all a change in the regulatory treatment of sovereign exposures;
Amendment 106 #
2023/2078(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls for consolidation in the EU to be promoted by removing regulatory impediments to cross-border mergers; highlights that consolidation wcould increase the profitability of the EU banking sector and financial stability; taking into account not to foster the ‘too big to fail’ problem;
Amendment 142 #
2023/2078(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Highlights that the limited impact of the recent failure of midsized US banks proves the resilience of the EU banking sector; underlines that EU and national supervisors efficiently addressed risks arising from changes in the interest rate landscape; calls on supervisors to continue assessing exposures to further interest rate hikes;
Amendment 147 #
2023/2078(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls for further harmonisation of the EU regulatory framework to the extent necessary, promoting convergence between national authorities and using the supervisory dialogue to assess the evolution of threats to the banking sector;
Amendment 181 #
2023/2078(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Welcomes the proposal to reform the CMDI framework following calls by Parliament; calls for the scope of resolution to be expanded, clarification of public interest assessments and for the scope of State aid to be limiteArgues that the scope of resolution should be focused on institutions classified as systematically important (G- SIBs and O-SIIs), that a broader expansion of the resolution concept on all institutions contradicts the principle of proportionality and is unnecessary from a financial stability perspective, and that DGS measures are not to beclassified as State aid;
Amendment 198 #
2023/2078(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Regrets the lack of progress following the calls by MEPs in their statement of 7 December 2022 for negotiations on EDIS to be resumedArgues that a harmonised regulation of deposit insurance fulfils the approach of a completed Banking Union; takes note of the Eurogroup statement of 16 June 2022 on the future of the Banking Union;
Amendment 206 #
2023/2078(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Welcomes the Commission’s efforts to clarify the scope of depositor protection and increase convergence through a reform of 2014/49/EU on deposit guarantee schemes3 ; warns that the CMDI review cannot be considered a replacement for EDISensuring a high level of protection for all investors and depositors is at the heart of the Banking Union and the Capital Markets Union; _________________ 3 OJ L 173, 12.6.2014, p. 149.
Amendment 210 #
2023/2078(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23 a. Calls on the Commission to present an ambitious and comprehensive revision of the crisis management and deposit guarantee framework; points out that this must take into account the specificities of national banking sectors; inter alia with a view to maintaining a functioning framework for institutional protection schemes to implement preventive measures; points out that the protection of taxpayers' money is one of the main objectives of the resolution framework;
Amendment 215 #
2023/2078(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Underlines the need for risk-based contributions to EDIS; calls for institutional protection schemes to be taken into account, meaning a differentiation in DGSD context between preventive measures in general and preventive measures done by systems certified according to Article 113(7) CRR; calls for an assessment of bank asset quality; recommends starting with the pooling of liquidity and a gradual build-up of funds;
Amendment 216 #
2023/2078(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Notes that banks' risk positions against domestic government debt remain high; reiterates that one of the main objectives of the Banking Union is to break the link between banking and sovereign risks and that this requires, in particular, stronger risk pricing of government bonds in banking regulation;
Amendment 219 #
2023/2078(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Notes that effective risk reduction is key for EDIS; highlights that the CMDI review provides co-legislators with an opportunity to resume negotiations ona pre-condition for EDIS;
Amendment 41 #
2023/2077(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that additional public and private investment will be needed to face new challenges; underlines that a European Sovereignty Fund financed by additional fresh money will address the fragmentation of the internal market, support the EU’s industrial strategy, reduce our critical dependencies and ensure our open strategic autonomy;
Amendment 164 #
2023/2077(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Highlights the EU’s future connectivity needs in terms of infrastructure and investments; calls for the establishment of a policy framework whereby large traffic generators contribute fairly to the adequate funding of telecom networks without prejudice to net neutrality;
Amendment 30 #
2023/2064(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the ECB is politically independent, which means that neither EU institutions and agencies nor Member State governments should seek to influence it; stresses that this independence must remain untouched at all times; emphasises that this independence requires the ECB to refrain from taking political decisions;
Amendment 47 #
2023/2064(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding euroRecalls that the ECB is the institution responsible for maintaining price stability; underlines that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate of maintaining price stability;
Amendment 95 #
2023/2064(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Highlights that not only do persistent high levels of inflation, the ongoing war in Ukraine and high levels of debt in the Member States threaten the competitiveness of the European economy, and thus the international role of the euro as well, but also the upward price pressure following the implementation of the European Green Deal, the rise of fragmentation and protectionism in global trade, and an impending subsidy race between states;
Amendment 105 #
2023/2064(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Echoes President Lagarde’s warning that fiscal support should be targeted and limited and should not hinder the task of monetary policy; recalls that the Economic and Monetary Union requires solid fiscal policies in Member States in order to be able to respond to external shocks; points out that governments, as well as the Commission, can support citizens and industries not only through fiscal measures, but also by focusing on growth-enhancing reforms;
Amendment 128 #
2023/2064(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Expresses its uneasiness with the persistently high rate of core inflation; understands that wage growth is expected to remain more than double its historical average, driven by inflation compensation and the tight labour market; warns of a wage-price spiral when inflation expectations and therefore wages are increasing extensively; encourages the ECB, furthermore, to look into and report on the inflationary effect of the green transition;
Amendment 134 #
2023/2064(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Points out that inflation already began rising above target levels in 2021, thus before Russia’s unprovoked aggression in Ukraine; deploregrets, however, that the ECB only started to tackle inflation in June 2022, even though the COVID-19 crisis proved that it is able to act in a timely manner; notes that other central banks acted more promptly;
Amendment 136 #
2023/2064(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Underlines the pivotal role of small and medium-sized enterprises (SMEs) in the EU's economy and economic and social convergence and employment; is especially concerned about the effect that the COVID-19 pandemic and the Russian war of aggression in Ukraine have on SMEs;
Amendment 139 #
2023/2064(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Fully supports President Lagarde’s statement on fighting inflation for as long as necessaryStresses that further measures must be taken to respond to the rising inflation; applauds President Lagarde’s plea for humility and to regularly update the ECB’s models; invites the ECB, however, to fundamentally review its models and their role in its policymaking;
Amendment 149 #
2023/2064(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. TrustNotes that the ECB will deliver on its mandate to safeguard price stability; notes that real interest rates are still negativereal interest rates are still negative; reminds that price stability is far from being reached;
Amendment 153 #
2023/2064(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes the inflation target level of 2 % in the medium term; observes that inflation has, thus far, either been well below or far above this target level; questions the scientific evidence for this 2 % target level, as well as the meaning of ‘medium term’; invites the ECB to look into a more qualitative approach to price stability;
Amendment 163 #
2023/2064(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Supports the ECB’s decision to scale back its asset-purchasing programmes, in view of the excess liquidity in the market; noteregrets the ECB’s announcement to decarbonise its corporate bond holdings by ‘tilting’ its portfolio, which violates the principle of market neutrality; stresses the importance of the quality of the collateral;
Amendment 203 #
2023/2064(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Takes note of the ECB’s progress on the digital euro project and welcomes its dialogue with Parliament in this regard; reiterates that a digital euro must respect competition in the banking landscape, must not endanger the existence or use of cashinsists that the digital Euro must not replace cash as means of payment and must respect the privacy of citizens and businesses;
Amendment 210 #
2023/2064(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Reminds the ECB that Cash Payments are still a very important form of payments, and that it should not further reduce the amount of denominations in circulation;
Amendment 221 #
2023/2064(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. asks the ECB to draw up a proposal to make the allocation of voting rights on the ECB Governing Council more democratic, and recommends that votes be weighted according to shares in the capital of the ECB;
Amendment 237 #
2023/2064(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Invites the ECB to engage in a dialogue with national parliaments, while strictly respecting its political independence; believes that this would strengthen the legitimacy and policies of the ECB;
Amendment 9 #
2023/2058(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the economic recovery and the climate crisis increase the need to mobilise more resources and re-evaluate current taxation policies in the Member Statesto improve tax collection;
Amendment 21 #
2023/2058(INI)
Motion for a resolution
Recital B
Recital B
B. whereas some analysis show that rising corporate profits account for almost half of the increase in inflation in the EU over the past two years, as companies increased prices by more than the spiking costs of imported energy;
Amendment 27 #
2023/2058(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the growing trend of cross- border teleworkers, including digital nomads, has created difficultinew challenges for the taxation of labour income;
Amendment 29 #
2023/2058(INI)
Motion for a resolution
Recital D
Recital D
D. whereas over the years, in cases of some Member States, the tax incidence has shifted from wealth to income, from capital income to labour income and consumption, from multinational enterprises (MNEs) to small and medium-sized enterprises (SMEs) and from the financial sector to the real economy; nevertheless a number of measures have been already introduced to overcome such a trend;
Amendment 36 #
2023/2058(INI)
Motion for a resolution
Recital E
Recital E
E. whereas thsome EU Member States rely disproportionately on labouron income taxes, social contributions and indirect taxes, such as the value added tax (VAT) or excise duties;
Amendment 48 #
2023/2058(INI)
Motion for a resolution
Recital G
Recital G
G. whereas concerns have been raised about the potential double taxation of Ukrainian refugees who continue to perform their duties for their Ukrainian employer while working remotely from their host countries, and about the lack of a common EU approach onthere is a common understanding to find a solution for this matter;
Amendment 75 #
2023/2058(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Highlights that tax systems and fiscal capacities in the Member States are facing severe shockchallenges, an ageing population and challenges related to the green transition, the digital transformation of their labour markets and the existing tax gap9 , all of which emphasise the need for large public investments in order to achieve a sustainable economic recovery, mobilise private capital and attract entrepreneurship; _________________ 9 European Commission, ‘Tax policies in the European Union – 2020 survey’, Publications Office of the European Union, Luxembourg, 2020.
Amendment 79 #
2023/2058(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes with concern that the impacts of the COVID-19 pandemic, the subsequent energy-price shock and inflation are highly regressive, with the poorest households being hit the hardest; observes that effective tax rates rose significantly for families with children, particularly at lower income levels10 ; notes with concern that gender inequality worsened during the pandemic; and regrets that the recent crises have also significantly affected the EU SMEs; _________________ 10 OECD, ‘Double blow for workers as inflation drives real wages down and labour taxes up’, 25 April 2023.
Amendment 84 #
2023/2058(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Observes that COVID-19 financial aid in the form of tax deductions and tax credits helped many companies to overcome the negative consequences of the COVID-19 crisis, however, had a limited impact on those in the greatest need, such as the unemployed, students, pensioners, unreported workers and part- time workers;
Amendment 86 #
2023/2058(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
Amendment 90 #
2023/2058(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Observes with concern that inflation has been partially driven by some companies increasing their profit margins, with, for example, Maersk’s annual pre-tax income soaring from USD 967 million in 2019 to USD 30.2 billion in 2022; and at the same time notes with concern that a number of the EU companies, namely SMEs, as well as households, have been suffering from high inflation;
Amendment 98 #
2023/2058(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Regrets the fact thatIs of the view that MNEs that realise excess profits in times of crisis and wealthy individuals who realise significant capital gains through speculation are often undertaxed; notes that a number of EU companies, namely SMEs, have had to cease their operation as a consequence of crisis;
Amendment 104 #
2023/2058(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Is concerned that the impact of temporary VAT reductions for end consumers was limited in some cases and was more pronounced for companies that increased their profit margins because of these reductions;
Amendment 110 #
2023/2058(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Respects that each Member State is entitled to set its tax mix according to its needs, especially in the social and economic area, however, regrets that, in the overall tax mix, environmental taxation remains underutilised in thsome EU Member States; regrets that fossil fuel subsidies remain high; observes that, overall, the tax systems in thsome Member States are not responding to the climate and biodiversity crises and are contributing insufficiently to reaching the EU’s climate goals;
Amendment 119 #
2023/2058(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Calls on the Member States to consider the ‘COVID-19 precedent’ for the taxation of cross-border workers as regards the tax treatment of Ukrainian refugees, which would entail disregarding the additional days spent in the host country for the calculation of the 183-day rule; recommends that the Member States’ national tax authorities offer tax guidance to refugees andin order to reduce administrative complications;
Amendment 125 #
2023/2058(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Considers that, in light of the many crises faced by the Member States, the EU should seize the opportunity to carry out a full-scale and holistic analysis of its tax systemsestablish a robust legal framework with clear rules so that Member States can quickly introduce necessary tax measures and subsequently abolish once not necessary, in order to respond more effectively to future crises and to avoid a lengthy approval procedure;
Amendment 128 #
2023/2058(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Considers that, in light of the many crises faced by the Member States, the EU Member States should seize the opportunity to carry out a full-scale and holistic analysis of itstheir tax systems;
Amendment 132 #
2023/2058(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission to launch a comprehensive evaluation followed by an action plan on important areas for reform in order to strengthening the Member States’ tax systems, where appropriate, by making them future and crisis proof, including through the simplification of their national tax systems; calls for the Commission to come forward with a tax proposal under Article 116 of the Treaty on the Functioning of the European Union to solve specific tax distortions in the Member States;
Amendment 139 #
2023/2058(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the Commission to assess the effectiveness of the temporary tax incentives, including VAT reductions, applied in Member States and their impact on the EU Single Market and competitiveness, and to take measures if deemed necessary;
Amendment 147 #
2023/2058(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Highlights that environmental taxes and well-designed incentives have the potential to both cover the need for additional revenues and support a carbon- free economy; calls on the Member States to finally agree on the proposed revision of the Energy Taxation Directive,11 taking into account the needs of individual Member States; _________________ 11 Commission proposal of 14 July 2021 for a Council directive restructuring the Union framework for the taxation of energy products and electricity (COM(2021)0563).
Amendment 150 #
2023/2058(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Notes that in current challenging economic climate, the sustainable tax revenue is crucial; highlights the need to focus on reduction of tax frauds and evasion, especially in the area of indirect taxation; calls on the Member States to use the current tools more effectively or to introduce the new ones in order to eliminate fraudulent practices as much as possible;
Amendment 160 #
2023/2058(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes with concern that income inequality has increased in the last 30 years, with wealth being even more concentrated than income and capital gains being mostly realised by the top decile of the population; considers that the Member States should more effectively redistribute income and wealth throughalls on the Commission to analyse if the taxation of capital gains, property and wealth could bring the expected results; supports calls to start international-level negotiations to establish a progressive wealth tax, in the same vein as the OECD/G20 global tax deal for corporationsdiscussions to assess advantages and disadvantages of possible introduction of a progressive wealth tax;
Amendment 164 #
2023/2058(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Takes the view that, as the recent crisis have clearly shown that not all companies or citizens are harmed in the same way, the targeted tax policy can deliver better results than a more general approach, and that tax measures taken by Member States should in future be targeted at those who really need them;
Amendment 169 #
2023/2058(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 191 #
2023/2058(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for a multilateral initiative at the UN or G20OECD Inclusive Forum to introduce minimum carbon tax standards, including a minimum rate;
Amendment 197 #
2023/2058(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Observes with concern that private jet flights have exponentially increased in the EU in the past few crisis years; calls for an EU-wide prohibitive tax ontax on aircrafts, including private jets;
Amendment 205 #
2023/2058(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 23 #
2023/0264(BUD)
Draft opinion
Paragraph 3
Paragraph 3
3. Calls for the 2024 budget to include targeted spending in areas that are key for the Union’s strategic autonomy such as energy, defence, military mobility, education and the labour market;
Amendment 48 #
2023/0264(BUD)
Draft opinion
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Calls for new political priorities to be financed within the agreed budgetary ceilings in order to prevent an ever increasing financial burden on citizens, many of whom are going through financially difficult times; emphasises in this regard that budget cuts should not be considered taboo as a solution of last resort in order to protect the financial integrity of the EU;
Amendment 56 #
2023/0264(BUD)
Draft opinion
Paragraph 8 b (new)
Paragraph 8 b (new)
8b. Expresses its concern about the increasing financing costs of the RRF; stresses that the solution should be found within the currently available financial means in order to protect European citizens financially;
Amendment 60 #
2023/0264(BUD)
Draft opinion
Paragraph 8 c (new)
Paragraph 8 c (new)
8c. Considers that the RRF should remain a one-off instrument, given the lack of absorbing capacity in the Member States and increasing interest costs as a consequence of the normalisation of monetary policy;
Amendment 63 #
2023/0264(BUD)
Draft opinion
Paragraph 8 d (new)
Paragraph 8 d (new)
8d. Considers that the EU budget should remain adaptable in the face of shifting political priorities; calls therefore for structural and cohesion funds to be redirected towards the enhancement of European open strategic autonomy and its financial vehicles, such as STEP;
Amendment 174 #
2023/0212(COD)
Proposal for a regulation
Recital 31
Recital 31
(31) Pursuant to its powers under the Treaties and in line with the provisions of this Regulation, the European Central Bank should be able to set limits on the use of the digital euro as a store of value. In this context, holding limits for consumers will be necessary. Changes to those holding limits may not be misused to control the money supply as part of monetary policy. The effective use of the digital euro as a legal tender means of payment should be preserved through limits on inter-PSP or merchant fees.
Amendment 293 #
2023/0212(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
(1) The digital euro - in addition to cash - shall have legal tender status.
Amendment 302 #
2023/0212(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
Amendment 305 #
2023/0212(COD)
Proposal for a regulation
Article 10
Article 10
Amendment 374 #
2023/0212(COD)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. With a view to enabling natural and legal persons to access and use digital euro, to defining and implementing monetary policy and to contributing to the stability of the financial system, the use of the digital euro as a store of value mayshall be subject to limita maximum limit for users.
Amendment 386 #
2023/0212(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. For the purpose of Article 15(1), the European Central Bank shall develop instruments to limit the use of the digital euro as a store of value and shall decide on their parameters and use, in accordance with the framework set out in this Article. When the digital euro is introduced, a holding limit of EUR 1000 per consumer shall be set. PSPs providing account servicing payment services within the meaning of Directive 2015/2366 to natural and legal persons referred to in Article 12(1) shall apply these limits to digital euro payment accounts.
Amendment 431 #
2023/0212(COD)
Proposal for a regulation
Article 16 – paragraph 8
Article 16 – paragraph 8
8. Within the framework of this Regulation, the digital euro shall not bearThe digital euro shall bear neither positive nor negative interest.
Amendment 578 #
2023/0212(COD)
Proposal for a regulation
Article 31 – paragraph 1
Article 31 – paragraph 1
1. Payment service providers shall enable digital euro users at their request to switch their digital euro payment accounts free of charge to other payment service providers while maintaining the same account identifiers.
Amendment 589 #
2023/0212(COD)
Proposal for a regulation
Article 32 – paragraph 4
Article 32 – paragraph 4
4. For the purpose of this Article, payment service providers shall provide the fraud detection and prevention mechanism with information referred to in Annex 5. Payment service providers shall implement appropriate technical and organisational measures including state-of-the-art security and privacy-preserving measures to ensure that the support service shall not be able to directly identify the digital euro users on the basis of the information provided to the fraud detection and prevention mechanism.
Amendment 612 #
2023/0212(COD)
Proposal for a regulation
Article 35 – paragraph 3
Article 35 – paragraph 3
Amendment 623 #
2023/0212(COD)
Proposal for a regulation
Article 36 – paragraph 3
Article 36 – paragraph 3
Amendment 637 #
2023/0212(COD)
Proposal for a regulation
Article 37 – paragraph 3
Article 37 – paragraph 3
3. Payment service providers shall retain data of funding and defunding for storing digital euros on payment instruments in accordance with Article 40 of Directive (EU) 2015/849 and national provisions transposing that Article. Payment service providers shall, upon a reasoned request, make those data available to the Financial Intelligence Unit and other competent authorities as referred in Article 2(31) of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final].
Amendment 663 #
2023/0212(COD)
Proposal for a regulation
Article 39
Article 39
Amendment 682 #
2023/0212(COD)
Proposal for a regulation
Article 41 – paragraph 1
Article 41 – paragraph 1
1. By one year from the first issuance of the digital euro, and every three years thereafter, the Commission shall present to the European Parliament and to the Council a report on the application of this Regulation. When preparing its report, the Commission shall take into account the reports by European Central Bank referred in Article 40 and any opinion and views expressed by the European Central Bank. That report shall contain a disaggregated estimate of the digital euro distribution costs already incurred plus the ongoing costs, including imputed payroll costs, at political level, for the Central Bank and for financial service providers.
Amendment 172 #
2023/0208(COD)
Proposal for a regulation
Article 15
Article 15
Amendment 184 #
2023/0205(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) The sharing of data on occupational and personal pension savings has strong innovative potential for consumers. Pcan create added value for consumers in case they can choose the provider and the pension scheme. Especially in absence of national tracking systems pension savers often lack sufficientholistic knowledge about their pension rights, which is related to the fact that data on such rights are often dispersed across different data holders. The sharing of data related to occupational and personal pension savings should contribute to the development of pension tracking tools that provide savers with a comprehensive overview of their entitlements and retirementaccording to this regulation should be aligned in terms of content, data access and data formats with national pension tracking systems. The national pension tracking systems that can most effectively ensure comprehensive overviews by including entitlements from the first and second pillar (public and occupational pension schemes) and inc some both within specific Mcases also from third pillar personal schemes. Alignment is also desirable with regard to ember States and cross-border in the Unionging forms of data exchange between national pension tracking systems, most notable the European Tracking System. Data on pension rights concerns in particular accrued pension entitlements, projected levels of retirement benefits, risks and guarantees of members and beneficiaries of occupational pension schemes. Access to data related to occupational pensions is without prejudice to national social and labour law on the organisation of pension systems, including membership of schemes and the outcomes of collective bargaining agreements.
Amendment 242 #
2023/0205(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point c
Article 2 – paragraph 1 – point c
(c) pension rights in occupational pension schemes, in accordance with Directive 2009/138/EC and Directive (EU) 2016/2341 of the European Parliament and of the Council33 , that are accessible for all interested consumers; _________________ 33 Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast) (OJ L 354, 23.12.2016, p. 37).
Amendment 261 #
2023/0205(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point i
Article 2 – paragraph 2 – point i
(i) insurances that are accessible for all interested consumers and reinsurance undertakings;
Amendment 265 #
2023/0205(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point k
Article 2 – paragraph 2 – point k
(k) institutions for occupational retirement provision that are accessible for all interested consumers;
Amendment 296 #
2023/0205(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 2
Article 3 – paragraph 1 – point 2
(2) ‘customer’ means a natural or a legal person who makes use of financial products and services and who is the contractual partner of a financial institution (in its role as a data user) and can him- or herself choose the product and its provider;
Amendment 252 #
2023/0138(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) The Commission’s assessment of the national medium-term fiscal-structural plans should examine in particular the plausibility of the macroeconomic and fiscal assumptions, to the extent that they depart from those underlying the technical trajectory. In particular, the debt projections at unchanged policy to be included in the plan should be consistent and comparable with the Commission projections. The opinions of the independent fiscal institutions and EFB should be duly taken into account. In case the EFB’s assessment is that the plan does not fulfil the criteria of this Regulation, the Council can only recommend the proposed net expenditure path with a 4/5th majority of Member States in favour, excluding the Member State in question.
Amendment 289 #
2023/0138(COD)
Proposal for a regulation
Recital 31
Recital 31
(31) There should also be a country- specific escape clause to allow a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term in the case of exceptional circumstances, such as unpredictable exogenous events that could not have been prevented and that require counter-cyclical fiscal measures, outside the control of the Member State which have a major impact on the public finances of the Member State. Such major impact should result in an overall size of the shock that exceeds a ‘normal’ range: for example costs of natural disasters should be factored in in budgetary planning within a certain range. Exceptional circumstances should be qualified as a significant negative GDP shock. The triggering and extension of general and country-specific escape clauses are subject to a Council recommendation and an EFB opinion. In case the EFB opinion on the country-specific escape clause is negative, the Council can only recommend a positive decision with a 4/5th majority of Member States in favour, excluding the Member State in question. The Council should specify a time limit and maximum size as measured through the control account for such a deviation.
Amendment 423 #
2023/0138(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
For each Member State having a public debt above the 60% of GDP reference value or a government deficit above the 3% of GDP reference value, the Commission shall put forward, in a report to the Economic and Financial Committee, a technical trajectory for net expenditure covering a minimum adjustment period of 43 years of the national medium-term fiscal- structural plan, and its possible extension by a maximum of 32 years pursuant to Article 13. The Commission shall make the report public. (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 441 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) the public debt ratio is put or remains on a plausibly downward path towards 60% of GDP, or stays at prudent levels, i.e. below 60% of GDP;
Amendment 461 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point c
Article 6 – paragraph 1 – point c
(c) the fiscal adjustment effort is linear over the period of the national medium- term fiscal- structural plan isand at least proportional to the total effort over the entire adjustment period;. (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 475 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point d
Article 6 – paragraph 1 – point d
(d) the public debt ratio at the end of the planning horizon is below the public debt ratio in the year before the start of the technical trajectory; and is reduced by at least 1% of GDP per year on average over the adjustment period until below 60% of GDP; for Member States with debt ratios above 60 % of GDP, the public debt ratio must decline by at least [x] percentage points per year of the national medium-term fiscal-structural plan for Member States with high debt challenge, and by at least [x] percentage points per year for Member States with medium debt challenge. The influence of the cycle on the pace of debt reduction shall be taken into account; (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 519 #
2023/0138(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point a
Article 7 – paragraph 1 – point a
(a) the underlying medium-term public debt projection framework and results; based on a specific methodology and results; it shall make all data, calculations and assumptions public that are necessary for a replication of the results;
Amendment 639 #
2023/0138(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point a a (new)
Article 12 – paragraph 1 – point a a (new)
(a a) adhere to the requirements for the technical trajectory pursuant to Article 6 and Annex I;
Amendment 761 #
2023/0138(COD)
Proposal for a regulation
Article 13 – paragraph 5
Article 13 – paragraph 5
5. The assessment of whether the set of reforms and investment commitments fulfil the criteria set out in paragraph 2 and of whether each of the reform and investment commitment fulfil the conditions set out in paragraph 3 shall be carried out in accordance with the assessment framework set out in Annex VII. The assessment should be accompanied by an independent evaluation of the respective national IFI and the EFB.
Amendment 840 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point e
Article 15 – paragraph 2 – point e
(e) whether for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the fiscal adjustment is consistent with the benchmark adjustment of at least 0.5% of GDP in the structural primary balance referred to under Article 3 of Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure as amended by Regulation [X]; and (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 865 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point f a (new)
Article 15 – paragraph 2 – point f a (new)
(f a) whether the projected debt reduction ten years after the adjustment period is at least X% of the excess of public debt ratio over the 60% reference value, compared to the year before the start of the technical trajectory;
Amendment 95 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
1a. When it exceeds the reference value, the ratio of the government debt to gross domestic product (GDP) shall be considered sufficiently diminishing and approaching the reference value at a satisfactory pace in accordance with Article 126(2), point (b), TFEU if the Member State concerned respects its net expenditure path. A Member State is considered not to respect its net expenditure path if a significant deviation in accordance with Article XX of Regulation (EU) [on the preventive arm] exists.
Amendment 107 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 3 – subparagraph 1
Article 2 – paragraph 3 – subparagraph 1
The Commission, when preparing a report under Article 126(3) TFEU, shall take into account as a key relevant factor the degree of medium term debt challenges in the Member State concerned. In particular, wWhere the Member State faces substantial medium term public debt challenges according to the most recent Debt Sustainability Monitor, it shall be considered a key factor leading to the opening of an excessive deficit procedure as a rulAnalysis conducted under Article XX of Regulation (EU) [on the preventive arm], the opening of an excessive deficit procedure shall follow as a rule. Before preparing a report under Article 126(3) TFEU, the Commission takes into account the European Fiscal Board’s report on the assessment of an excessive deficit in the particular Member State.
Amendment 119 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 3 – subparagraph 2
Article 2 – paragraph 3 – subparagraph 2
The Commission shall also take into account all other relevant factors as indicated in Article 126(3) TFEU, in so far as they significantly affect the assessment of compliance with the deficit and debt criteria by the Member State concerned. The key relevant factor of substantial medium term public debt challenges shall take precedence over other relevant factors. Developments in the medium- term economic position should only be considered as relevant factor if the output gap is lower than -1,5% of potential output. Developments in the medium-term budgetary positions and the evolution of the government debt position and its financing should only be considered as relevant factor if the member state concerned does not face substantial medium term public debt challenges.
Amendment 136 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 3 – subparagraph 3 – point d
Article 2 – paragraph 3 – subparagraph 3 – point d
Amendment 172 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No. 1467/97
Article 2 – paragraph 5
Article 2 – paragraph 5
5. Where Member States are allowed to deviate from their net expenditure path in the event of a severe economic downturn in the euro area or in the Union as a whole pursuant to Article 24 of Regulation (EU) [on the preventive arm], the Commission and the Council, in their assessment, may decide not to conclude on the existence of an excessive deficit for the period specified by the Council in accordance with Article 24 of Regulation (EU) [on the preventive arm].
Amendment 90 #
2023/0115(COD)
Proposal for a directive
Recital 3
Recital 3
(3) To support further convergence of DGSs’ practices and assist DGSs in testing their resilience, the European Banking Authority (EBA) should issuereview and, if necessary, update its guidelines on the performing of stress tests of DGS’ systems in regular intervals.
Amendment 91 #
2023/0115(COD)
Proposal for a directive
Recital 4
Recital 4
(4) Pursuant to Article 5(1), point (d), of Directive 2014/49/EU, deposits of certain financial institutions, including investment firms are excluded from coverage by the DGS. However, the funds that those financial institutions receive from their clients and that they deposit in a credit institution on behalf of their clients, in the exercicourse of the services they offerir business in scope of Directive (EU) 2015/2366, Directive 2009/110/EC and Commission Delegated Directive (EU) 2017/593, should be protected subject to certain conditions.
Amendment 92 #
2023/0115(COD)
Proposal for a directive
Recital 5
Recital 5
(5) The range of depositors that are currently protected through repayment by a DGS is motivated by the wish to protect non-professional investors, while professional investors are deemed not to need such protection. For that reason, public authorities shave been excluded from coverage. However, most public authorities (which in some Member States include schools and hospitals) cannot be considered to be professional investors. It is therefore necessary to ensure that deposits of all non-professional investors, including public authorities, can benefit from the protection offered by a DGSll remain excluded from coverage.
Amendment 96 #
2023/0115(COD)
Proposal for a directive
Recital 7
Recital 7
(7) During a real estate transaction, the funds can transit through different accounts prior to the actual settlement of the transaction. Therefore, to protect depositors going through real estate transactions in a homogenous manner, protection of temporary high balances should apply to the proceeds of a sale as well as to the funds deposited for a purchase of a private residential property in thewithin a predefined short-term period.
Amendment 98 #
2023/0115(COD)
Proposal for a directive
Recital 16
Recital 16
(16) Article 9 of Directive 2014/49/EU provides that where a DGS makes payments in the context of resolution proceedings, the DGS should have a claim against the credit institution concerned for an amount equal to its payments and that claim should rank pari passu with covered deposits. That provision does not distinguish between a DGS’s contribution when an open-bank bail-in tool is used, and DGS’s contribution to the financing of a transfer strategy (sale of business or bridge institution tool) followed by liquidation of the residual entity. To ensure clarity and legal certainty with respect to the existence and amount of a DGS’s claim in different scenarios, it is necessary to specify that when the DGS contributes to support the application of the sale of business tool or of the bridge institution tool, or alternative measures, whereby a set of assets, rights and liabilities, including deposits, of the credit institution are transferred to a recipient, that DGS should have a claim against the residual entity in its subsequent winding-up proceedings under national law. To ensure that the shareholders and creditors of the credit institution left behind in the residual entity effectively absorb the losses of that credit institution and improve the possibility of repayments in insolvency to the DGS, the DGS claim should have the same ranking as thecovered depositors’ claims. In case the open bank bail-in tool is applied (i.e., the credit institution continues its operations), the DGS contributes in the amount by which covered deposits would have been written down or converted to absorb the losses in that credit institution, had covered deposits been included within the scope of bail-in. Therefore, the DGS’s contribution should not result in a claim against the institution under resolution as it would eliminate the purpose of the DGS’s contribution.
Amendment 114 #
2023/0115(COD)
Proposal for a directive
Recital 23
Recital 23
Amendment 125 #
2023/0115(COD)
Proposal for a directive
Recital 33
Recital 33
(33) The cooperation between DGSs across the Union is vital to ensure fast and cost-efficient depositors’ repayment where credit institutions conduct banking service through branches in other Member States. In view of technological advancements that promote the use of cross-border transfers and remote identification, the DGS of the home Member State should be allowed to make the repayments directly to depositors at branches located in another Member State, provided that the administrative burden and costs are lower than if the repayment would be carried out by the DGS of the host Member State. That flexibility should complement the current cooperation mechanism, requiring the DGS of the host Member State to repay depositors in branches on behalf of the DGS of the home Member State. To preserve depositor confidence in both host and home Member States, EBA should issue guidelines under consideration of available expertise shared by EFDI to assist the DGSs in such cooperation, inter alia by suggesting a list of conditions under which a DGS of the home Member State could decide to reimburse depositors at branches located in the host Member State.
Amendment 128 #
2023/0115(COD)
Proposal for a directive
Recital 36
Recital 36
(36) Standardised and regular information disclosure enhances awareness of depositors about deposit protection. To align disclosure requirements with technological developments, those requirements should take into account the new digital communication channels whereby credit institutions interact with depositors. Depositors should obtain clear and homogeneous information that explains their deposit protection, while limiting the related administrative burden for credit institutions or DGSs. The EBA should be mandated to develop draft implementing technical standards to specify, on the one hand, the content and format of the depositor information sheet to communicate to depositors on annual basis and, on the other hand, the template information that either DGSs or credit institutions are required to communicate to depositors in specific situations, including mergers of credit institutions, determination that deposits are unavailable, or repayment of client funds deposits.
Amendment 130 #
2023/0115(COD)
Proposal for a directive
Recital 38
Recital 38
(38) To preserve financial stability, avoid contagion and enable depositors to exercise their rights to claim deposits when applicable, designated authorities, DGSs and credit institutions concernedDGSs should inform depositors about deposits becoming unavailable.
Amendment 131 #
2023/0115(COD)
Proposal for a directive
Recital 39
Recital 39
(39) To increase transparency for depositors and to promote financial robustness and trust among DGSs when fulfilling their mandate, the current reporting requirements should be improved. Building on the current requirements that enable DGSs to request all necessary information from their member institutions to prepare for payout, DGSs should also be able to request information necessary to prepare for a payout in the context of cross border cooperation. Upon the request from a DGS, member institutions should be required to provide general information about any material cross-border business in other Member States. Likewise, in order to provide the EBA with the suitable range of information on the evolution of the DGSs’ available financial means and on the use of those means, Member States should ensure that DGSs inform the EBA on a yearly basis of the amount of covered deposits and available financial means, and notify the EBA about the circumstances that led toinstances of the use of DGS funds either for payouts or other measures. Finally, to reflect the strengthened role of DGSs in the bank crisis management which aims to facilitate the use of DGS funds in resolution, DGSs should have the right toDGSs should receive the summary of resolution plans of credit institutions on an annual basis to increase their general preparedness to make the funds available.
Amendment 132 #
2023/0115(COD)
Proposal for a directive
Recital 40
Recital 40
(40) TIn certain cases, technical standards in financial services shouldcan facilitate consistent harmonisation and adequate protection of depositors across the Union. AWhere there is an actual need in practice for more detailed provisions, these should be included in the Level-1 Legal Text where feasible. Alternatively, as a body with highly specialised expertise, it wcould exceptionally be efficient and appropriate to entrust the EBA with the development of draft regulatory and implementing technical standards which do not involve policy choices, for adoption by the Commission. This should be preceded by a cost-benefit analysis and an assessment of the associated administrative burden.
Amendment 133 #
2023/0115(COD)
Proposal for a directive
Recital 45
Recital 45
(45) Directive 2014/49/EU allows Member States to recognise an IPS as a DGS if it fulfils the criteria laid down in Article 113(7) of Regulation (EU) No 575/2013 and complies with Directive 2014/49/EU. To take into account the specific business model of those IPSs, in particular the relevance of preventive measures at the core of their mandate, it is appropriate to provide for and their proven functioning withe possibility of Member States to allow IPSs to adapt to the new safeguards for the application of preventive measures within a 6-year period. This possibly longer compliance period takes into account the timeline for the build-up of a segregated fund for IPS purposes other than deposit insurance as agreed between the European Central Bank, the national competent authority and the relevant IPSsitive effects on depositor confidence and financial stability, it is appropriate to provide for the possibility of Member States to keep the respective provisions of Directive 2014/49/EU.
Amendment 136 #
2023/0115(COD)
Proposal for a directive
Recital 46
Recital 46
(46) To allow, where applicable, DGSs and designated authorities to build up the necessary operational capacity to apply the new rules on the use of preventive measures, it is appropriate to provide for a deferred application of those new rules.
Amendment 140 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point a
Article 1 – paragraph 1 – point 1 – point a
Directive 2014/49/EU
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Directive lays down rules and procedures relating to the establishment and the functioning of deposit guarantee schemes (DGSs), the coverage and repayment of deposits, and the use of DGS funds for measures that aim to ensure the accesspurpose of depositors to their deposits.; insurance.
Amendment 144 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point c
Article 1 – paragraph 1 – point 2 – point c
Directive 2014/49/EU
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
(20) ‘client funds deposits’ means funds that account holders that are financial institutions as defined in Article 4(1), point (26), of Regulation (EU) No 575/2013 deposit in the course of their business in scope of Directive (EU) 2015/2366, Directive 2009/110/EC and Commission Delegated Directive (EU) 2017/593 with a credit institution for the account of their clients;
Amendment 147 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point a
Article 1 – paragraph 1 – point 3 – point a
Directive 2014/59/EU
Article 4 – paragraph 4
Article 4 – paragraph 4
4. Members States shall ensure that where a credit institution does not comply with its obligations as a member of a DGS, that DGS shall immediately notify the competent authority of that credit institution thereof. Member States shall ensure that the competent authority, in cooperation with that DGS, uses the supervisory powers laid down in Directive 2013/36/EU, and promptly takes all measures to ensure that the credit institution concerned complies with its obligations, including where necessary by imposing administrative penalties and other administrative measures in accordance with the national laws adopted in addition to the implementation of provisions of Title VII, Chapter 1, Section IV, of Directive 2013/36/EU.;’
Amendment 149 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point c
Article 1 – paragraph 1 – point 3 – point c
Directive 2014/49/EU
Article 4 – paragraph 5
Article 4 – paragraph 5
5. Member States shall enIf the measures that the DGS informs the designated authority where the measures referred to inaken under paragraphs 4 and 4a fail to restosecure compliance byon the part of the credit institution. Member States shall ensure that the designated authority assesses whether the institution still fulfils the condi, the DGS may, subject to national law and the express consent of the competent authorities, in the absence of other efficient alternatives and taking into account the nature and severity of the infringement, give not less than one month’s notice of its intention to exclude the credit institutions for a continuedrom membership of the DGS and in. Deposits made beforme the competent authority of the outcome of that assessmentexpiry of that notice period shall continue to be fully covered by the DGS. If, on expiry of that notice period, the credit institution has not complied with its obligations, the DGS shall exclude the credit institution.
Amendment 151 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3 – point c
Article 1 – paragraph 1 – point 3 – point c
Directive 2014/49/EU
Article 4 – paragraph 6
Article 4 – paragraph 6
6. Member States shall ensure that where the competent authority decides to withdraw the authorisation in accordance with Article 18 of Directive 2013/36/EU, the credit institution ceases to be a member of the DGS. Member States shall ensure that deposits held on the date on which a credit institution ceased to be a member of the DGS continue to be covered by that DGS.; Member States shall ensure that the credit institution provides the DGS with an single costumer view (SCV) as of the effective date of the withdrawal of the banking authorization without delay.
Amendment 154 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 4 – point a – point iii
Article 1 – paragraph 1 – point 4 – point a – point iii
Directive 2014/49/EU
Article 5 – paragraph 1 – point e
Article 5 – paragraph 1 – point e
(iii) point (e) is deleted;
Amendment 157 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 4 – point a – point v
Article 1 – paragraph 1 – point 4 – point a – point v
Directive 2014/49/EU
Article 5 – paragraph 1 – point j
Article 5 – paragraph 1 – point j
Amendment 161 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 5 – point a – point ii
Article 1 – paragraph 1 – point 5 – point a – point ii
Directive 2014/49/EU
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
(a) deposits resulting from real estate transactions relating to private residential properties and deposits intended for such transactions, provided that those transactions are concluded in the short terma three months period by a natural person, and provided that that natural person can provide documents proving such transaction;;
Amendment 172 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Directive 2014/59/EU
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Without prejudice to rights they may have under national law, DGSs that make payments under guarantee within a national framework shall have the right of subrogation to the rights of depositors in winding up or reorganisation proceedings for an amount equal to the DGSs payments made to depositors. DGSs that make a contribution in the context of the resolution tools referred to in Article 37(3), point (a) or (b), of Directive 2014/59/EU, or in the context of measures taken in accordance with Article 11(5) of this Directive, shall have a claim against the residual credit institution for any loss incurred as a result of any contributions made to resolution pursuant to Article 109 of Directive 2014/59/EU or to the transfer made pursuant to Article 11(5) of this Directive in connection to losses which depositors otherwise would have borne. That claim shall rank at the same level as covered deposits under national law governing normal insolvency proceedings.
Amendment 175 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 11 – point a – point i
Article 1 – paragraph 1 – point 11 – point a – point i
Directive 2014/49/EU
Article 10 – paragraph 2 – subparagraphs 2 and 3
Article 10 – paragraph 2 – subparagraphs 2 and 3
Amendment 193 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Directive 2014/49/EU
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Member States shall ensure that DGSs use the available financial means referred to in Article 10 primarily to repay depositors in accordance with Article 8 without prejudice to the use of additionalthese financial means collected by DGSs for the fulfilment of mandates other than depositor protection under this Directive.
Amendment 194 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Directive 2014/49/EU
Article 11 – paragraph 2
Article 11 – paragraph 2
2. Member States shall ensure that DGSs use the available financial means to finance the resolution of credit institutions in accordance with Article 109 of Directive 2014/59/EU. Member States shall ensure that resolution authorities determine the amount that a DGS is to contribute to the financing of resolution of credit institutions, after those resolution authorities have consulted the DGS on the results of the least cost test referred to in Article 11e of this Directive.
Amendment 205 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Directive 2014/49/EU
Article 11 – paragraph 3 – point a
Article 11 – paragraph 3 – point a
(a) none of the circumstances referred to inthe resolution authority has not taken any resolution action under Article 32(4) of Directive 2014/59/EU are present;
Amendment 208 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Directive 2014/49/EU
Article 11 – paragraph 3 – point b
Article 11 – paragraph 3 – point b
(b) the DGS has confirmed that the cost of the measure does not exceed the cost of repaying depositors as calculatedmeets the provisions for a Least Cost Test in accordance with Article 11e;
Amendment 224 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11a – paragraph 1 – point a
Article 11a – paragraph 1 – point a
(a) the request of a credit institution for the financing of such preventive measures is accompanied by a note containing measures as referred to in Article 11b paragraphs (1) to (5) or the credit institute is required by the DGS to prepare and submit a comprehensive restructuring concept within a reasonable period of time as referred to in Article 11b paragraph (7);
Amendment 227 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11a – paragraph 1 – point b
Article 11a – paragraph 1 – point b
(b) the credit institution or the DGS has consulted the competent authority on the measures envisaged in the note referred to in Article 11b (1) to (5);
Amendment 232 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11a – paragraph 1 – point f
Article 11a – paragraph 1 – point f
(f) the credit institution complies with its obligations under this Directive and has fully reimbursed any previous preventive measure.;
Amendment 246 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11a – paragraph 3
Article 11a – paragraph 3
3. Member States shall ensure that DGSs may implement preventive measures only whereinform the designated authority has confirmed that all the conditions laid down in paragraph 1 have been met. The designated authority shall notify the competent authority and the resolution authority.
Amendment 266 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11b – paragraph 6
Article 11b – paragraph 6
6. Where the Union State aid framework is applicable, Member States shall ensure that the measures envisaged in the note referred to in paragraph 1 are aligned with the restructuring plan that the credit institution is required to submit to the Commission under that frameworkAll measures under this Directive are not subject to state aid law.
Amendment 271 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11b – paragraph 6a (new)
Article 11b – paragraph 6a (new)
6a. Member States shall ensure that, by way of derogation from paragraphs (1) to (5) of this Article, for member institutions of an IPS referred to in of Article 1(2), point (c), of this Directive, the following shall apply: When granting a preventive measure, the IPS requires and the credit institution is obliged to prepare and submit to the IPS a comprehensive restructuring concept within a reasonable period of time after the measure is granted, showing the way to restore the basic profitability of the institution. This includes compliance with the regulatory requirements applicable to the credit institution concerned.
Amendment 283 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/49/EU
Article 11c – paragraph 4a (new)
Article 11c – paragraph 4a (new)
4a. Member States shall ensure that, by way of derogation from paragraphs (1) to (4) of this Article, for member institutions of an IPS referred to in of Article 1 (2) point c) of this Directive, the following shall apply: Where the credit institution fails to fulfil the commitments outlined in the restructuring concept referred to in Article 11b paragraph (7), the IPS shall require and the institute is obliged to revise the concept describing the steps the credit institution will take to ensure or restore compliance with supervisory requirements and to ensure its long term viability. The IPS informs the competent authority thereof without delay.
Amendment 295 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/59/EU
Article 11e – paragraph 3
Article 11e – paragraph 3
3. Member States shall ensure that the amount used to finance the resolution of credit institutions, as referred to in Article 11(2), for the preventive measures referred to in Article 11(3), or for the alternative measures referred to in Article 11(5), does not exceed the amount of covered deposits at the credit institution.
Amendment 301 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/59/EU
Article 11e – paragraph 5 – subparagraph 2
Article 11e – paragraph 5 – subparagraph 2
For the calculation of the estimated cost of repaying depositors as referred to in paragraph 1, point (b), in the case of preventive measures, the methodology referred to in point (b) shall take into account the importance of preventive measures for the statutory or contractual mandate of the DGS, including. Regarding IPS referred to in Article 1(2) point (c), prevented reputational damage by protecting the joint corporate trademark are to be taken into account as well as prevented external costs in the specific region through continuation of credit and financial services function of the institutions belonging to an IPS referred to in Article 1(2), point (c).
Amendment 308 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2014/59/EU
Article 11f (new)
Article 11f (new)
Article 11f Preventive measures by IPS 1. Where the institution is a member of a recognized IPS under Article 1(2), point (c), the IPS shall be consulted by the resolution authority prior to taking any resolution measures and shall be given the opportunity to implement preventive measures. 2. By way of derogation from Articles 11a to 11e, Member States may allow an IPSs to use the available financial means for preventive measures referred to in Article 11(3), point (b), provided that the following conditions are met: (a) the competent authority has been consulted by the IPS on the preventive measures and the conditions imposed on the supported credit institution; (b) the credit institution requesting financing of the preventive measures shall be obliged to present a plan to ensure or restore compliance of the credit institution with the supervisory requirements set forth in Directive 2013/36/EU and Regulation (EU) No. 575/2013 in accordance with the conditions laid down in the statutory rules of the IPS as approved by the competent authority in accordance with Art. 113(7) of Regulation (EU) No. 575/2013; (c) the use of preventive measures by the IPS is conditional on the credit institution’s commitments to secure access to covered deposits; (d) the use of preventive measures by the IPS is linked to conditions imposed on the supported credit institution, involving at least more stringent risk monitoring of the credit institution and greater verification rights for the IPS; (e) the ability of the affiliated credit institutions to pay the extraordinary contributions in accordance with Article 11(4) is confirmed; (f) the costs of the measures do not exceed the costs of fulfilling the IPS’s statutory or contractual mandate which is recognised as fulfilling the criteria laid down in Art. 113(7) of Regulation (EU) No. 575/2013 in accordance with the conditions laid down in the statutory rules of the IPS as approved by the competent authority in accordance with Art. 113(7) of Regulation (EU) No. 575/2013. External costs in society as well as in the network of the institutional protection scheme are taken into account. 3. Member States shall ensure that IPSs have monitoring systems and decision making procedures in place that are appropriate for selecting and implementing preventive measures and monitoring affiliated risks. 4. Such preventive measures carried out by an IPS shall not lead to the determination that the credit institution is failing or is likely to fail in the sense of Article 32 (1) of Directive 2014/59/EU or Art. 18 (1) of Regulation (EU) 806/2014.’
Amendment 318 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point e
Article 1 – paragraph 1 – point 14 – point e
Directive 2014/59/EU
Article 14 – paragraph 3a
Article 14 – paragraph 3a
3a. For the purposes of paragraph 3, Member States shall ensure that the DGS of origin transfers the amount referred to in that paragraph within 13 months from the point on which the DGS is informed of change of DGS membership.;
Amendment 321 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 17 – point c
Article 1 – paragraph 1 – point 17 – point c
Directive 2014/59/EU
Article 16 – paragraph 2
Article 16 – paragraph 2
2. Member States shall ensure that credit institutions provide the information sheet referred to in paragraph 1 before they enter into a contract on deposit-taking and, subsequently, annually. Depositors shall acknowledge the receipt of that information sheet.;
Amendment 322 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 17 – point g
Article 1 – paragraph 1 – point 17 – point g
Directive 2014/59/EU
Article 16 – paragraph 7a
Article 16 – paragraph 7a
7a. Member States shall ensure that designated authorities, DGSs and credit institutions concernedDGSs inform depositors, including by a publication on their websites, of the fact that a relevant administrative authority has made a determination as referred to in Article 2(1), point (8)(a), or a judicial authority has made a ruling as referred to in Article 2(1), point (8)(b).;
Amendment 324 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 18
Article 1 – paragraph 1 – point 18
Directive 2014/59/EU
Article 16a – paragraph 3
Article 16a – paragraph 3
3. Member States shall ensure that, by 31 March each year, DGSs inform the EBA of the amount of covered deposits in their Member State on 31 December of the preceding year. By the same date, DGSs shall also report to the EBA the amount of their available financial means, including the share of borrowed resources, payment commitments and the timeline for reaching the target level in case of use of DGS funds.
Amendment 326 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 18
Article 1 – paragraph 1 – point 18
Directive 2014/59/EU
Article 16a – paragraph 4 – point b
Article 16a – paragraph 4 – point b
(b) whether any of the measures referred to in Article 11(2), (3) and (5) have been applied and the amount of funds used in accordance with Article 8(1) and Article 11(2), (3) and (5), and, where applicable and once available, the amount of funds recovered, the resulting cost for the DGS and the duration of the recovery process;.
Amendment 327 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 18
Article 1 – paragraph 1 – point 18
Directive 2014/59/EU
Article 16a – paragraph 4
Article 16a – paragraph 4
Amendment 328 #
2023/0115(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 18
Article 1 – paragraph 1 – point 18
Directive 2014/59/EU
Article 16a – paragraph 6
Article 16a – paragraph 6
6. Member States shall ensure that the resolution authorities of the credit institutions which are a member of a DGSs provide that DGS, upon request, annually with the summary of the key elements of the resolution plans as referred to in Article 10(7), point (a), of Directive 2014/59/EU, provided that such information is necessary for the DGS and designated authorities to exercise the obligations referred to in Article 11(2), (3) and (5) and in Article 11e.
Amendment 38 #
2023/0112(COD)
Proposal for a directive
Recital 2
Recital 2
(2) Several years into its implementation, the Union resolution framework as currently applicable does not deliver as intended with respect of some of those objectives. In particular, while institutions and entities have made significant progress towards resolvability and have dedicated significant resources to that end, in particular through the build-up of the loss absorption and recapitalisation capacity and the filling-up of resolution financing arrangements, the Union resolution framework is seldom resorted to. Failures of certain smaller and medium- sized institutions and entities are instead mostly addressed through unharmonised national measures. Taxpayer money is used rather than resolution financing arrangements. That situation appears to arise from inadequate incentives. Those inadequate incentives result from the interplay of the Union resolution framework with national rules, whereby the broad discretion in the public interest assessment is not always exercised in a way that reflects how the Union resolution framework was intended to apply. At the same time, the Union resolution framework saw little use due to the risks for depositors of deposit-funded institutions to bear losses to ensure that those institutions can access external funding in resolution, in particular in the absence of other bail-inable liabilities. Finally, the fact that there are less stringent rules on access to funding outside resolution than in resolution has discouraged the application of the Union resolution framework in favour of other solutions, which often entail the use of taxpayers’ money instead of the own resources of the institution and entity or industry-funded safety nets. That situation, in turn, generates risks of fragmentation, risks of suboptimal outcomes in managing institutions and entities’ failures, in particular in the case of smaller and medium-sized institutions and entities, and opportunity costs from unused financial resources. It is therefore necessary to ensure a more effective and coherent application of the Union resolution framework and to ensure that it can be applied whenever that is in the public interest, including for certain smaller and medium-sized institutions primarily funded through deposits and without sufficient other bail-inable liabilities.
Amendment 49 #
2023/0112(COD)
Proposal for a directive
Recital 9
Recital 9
(9) The resolution framework is meant to be applied to potentially any institution or entity, irrespective of its size and business model, if the tools available under national law are not adequate to manage its failure. To ensure such outcome, the criteria to apply the public interest assessment to a failing institution or entity should be specified. In particular, it is necessary to clarify that, depending on the specific circumstances, certain functions of the institution or entity can be considered critical even if their discontinuance would impact financial stability or critical services only at regional level. This is to be distinguished from impacts at the local level only, such as cities, municipalities, counties or districts, as this hardly implies risks for financial stability.
Amendment 58 #
2023/0112(COD)
Proposal for a directive
Recital 10
Recital 10
(10) The assessment of whether the resolution of an institution or entity is in the public interest should reflect the consideration that depositors are better protected when deposit guarantee scheme (‘DGS’) funds are used more efficiently and the losses for those funds are minimised. Therefore, in the public interest assessment, the resolution objective of protecting covered depositors should be considered better achieved in resolution if opting for insolvency would be more costly for the DGS.
Amendment 65 #
2023/0112(COD)
Proposal for a directive
Recital 11
Recital 11
(11) The assessment of whether the resolution of an institution or entity is in the public interest should also reflect, to the extent possible, the difference between, on the one hand, funding provided through industry-funded safety nets (resolution financing arrangements or DGSs) and, on the other hand, funding provided by Member States from taxpayers’ money. Funding provided by Member States bears a higher risk of moral hazard and a lower incentive for market discipline. Therefore, when assessing the objective of minimising reliance on extraordinary public financial support, resolution authorities should find funding through the resolution financing arrangements or the DGS preferable to funding through an equal amount of resources from the budget of Member States. Nevertheless, burden sharing by shareholders and creditors must remain the primary source of funding.
Amendment 72 #
2023/0112(COD)
Proposal for a directive
Recital 12
Recital 12
(12) To ensure that the resolution objectives are attained in the most effective way, the outcome of the public interest assessment should be negative only where the winding up of the failing institution or entity under normal insolvency proceedings would achieve the resolution objectives more effectively and not only to the same extent as resolution.
Amendment 75 #
2023/0112(COD)
Proposal for a directive
Recital 12 a (new)
Recital 12 a (new)
(12a) All changes in connection with the public interest assessment are only intended to enable resolution authorities to apply the resolution tools to medium- sized or smaller institutions in a specific individual case and if there are exceptional circumstances. Resolution authorities should not be forced to apply resolution tools to the bulk of these institutions.
Amendment 77 #
2023/0112(COD)
Proposal for a directive
Recital 17
Recital 17
(17) In light of the experience acquired in the implementation of Directive 2014/59/EU, Regulation (EU) No 806/2014 and Directive 2014/49/EU of the European Parliament and of the Council31 and without prejudice to the question whether a preventive measure constitutes extraordinary public financial support in the first place, it is necessary to specify further the conditions under which measures of a preventive precautionary nature that qualify as extraordinary public financial support may exceptionally be granted. To minimise distortions of competition arising from differences in nature of DGSs in the Union, interventions of DGSs in the context of preventive measures complying with Directive 2014/49/EU that qualify as extraordinary public financial support should exceptionally be allowed where the beneficiary institution or entity does not meet any of the conditions for being deemed as failing or likely to fail. It should be ensured that precautionary measures are taken sufficiently early. The European Central Bank (ECB) currently bases its consideration that an institution or entity is solvent, for the purposes of precautionary recapitalisation, on a forward-looking assessment for following 12 months of whether the institution or entity can comply with the own funds requirements set out in Regulation (EU) No 575/2013 of the European Parliament and of the Council32 or in Regulation (EU) 2019/2033 of the European Parliament and of the Council33 , and the additional own funds requirement laid down in Directive 2013/36/EU or Directive (EU) 2019/2034. That practice should be laid down in Directive 2014/59/EU. Moreover, measures to provide relief for impaired assets, including asset management vehicles or asset guarantee schemes, can prove effective and efficient in addressing causes of possible financial distresses faced by institutions and entities and preventing their failure and could therefore constitute relevant precautionary measures. It should be therefore specified that such precautionary measures can take the form of impaired asset measures. __________________ 31 Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149). 32 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1). 33 Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).
Amendment 101 #
2023/0112(COD)
Proposal for a directive
Recital 34
Recital 34
(34) After the initial build-up period of the resolution financing arrangements referred to in Article 102(1) of Directive 2014/59/EU, their respective available financial means may face slight decreases below their target level, in particular resulting from an increase in covered deposits. The amount of the ex ante contributions likely to be called in those circumstances is thus likely to be small. It may therefore be possible that, in some years, the amount of such ex ante contributions is no longer commensurate to the cost of the collection of those contributions. Resolution authorities should therefore be able to defer the collection of the ex ante contributions for 1 or more years until the amount to be collected reaches an amount that is proportionate to the cost of the collection process, provided that such deferral does not materially affect the capacity of resolution authorities to use resolution financing arrangementsgular collection of contributions ends when the target level of 1% of the amount of covered deposits of all the institutions authorised in their territory has been reached for the first time.
Amendment 105 #
2023/0112(COD)
Proposal for a directive
Recital 35
Recital 35
(35) Irrevocable payment commitments are one of the components of the available financial means of resolution financing arrangements. It is therefore necessary to specify the circumstances in which those payment commitments may be called and the applicable procedure when terminating the commitments in case an institution or entity ceases to be subject to the obligation to pay contributions to a resolution financing arrangement. In addition, to provide more transparency and certainty with respect to the share of irrevocable payment commitments in the total amount of ex ante contributions to be raised, resolution authorities should determinegrant such share oin an annual basis, subject to the applicable limitsthe full amount as specified in Article 103(3) of Directive 2014/59/EU.
Amendment 106 #
2023/0112(COD)
Proposal for a directive
Recital 37
Recital 37
Amendment 111 #
2023/0112(COD)
Proposal for a directive
Recital 38
Recital 38
Amendment 119 #
2023/0112(COD)
Proposal for a directive
Recital 39
Recital 39
Amendment 122 #
2023/0112(COD)
Proposal for a directive
Recital 40
Recital 40
Amendment 128 #
2023/0112(COD)
Proposal for a directive
Recital 41
Recital 41
Amendment 134 #
2023/0112(COD)
Proposal for a directive
Recital 42
Recital 42
Amendment 136 #
2023/0112(COD)
Proposal for a directive
Recital 43
Recital 43
Amendment 137 #
2023/0112(COD)
Proposal for a directive
Recital 44
Recital 44
Amendment 142 #
2023/0112(COD)
Proposal for a directive
Recital 45
Recital 45
Amendment 144 #
2023/0112(COD)
Proposal for a directive
Recital 46
Recital 46
Amendment 150 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Article 1 – paragraph 1 – point 1 – point b
Directive 2014/59/EU
Article 2 – paragraph 1 – point 35
Article 2 – paragraph 1 – point 35
(35) ‘critical functions’ means activities, services or operations the discontinuance of which is likely in one or more Member States to lead to the disruption of services that are essential to the real economy or to disrupt financial stability at national or reglevel or where the disturbance of services at regional level implies a material risk of a systemic crisis at national level, due to the size, market share, external and internal interconnectedness, complexity or cross- border activities of an institution or group, with particular regard to the substitutability of those activities, services or operations;;
Amendment 169 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2014/59/EU
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
In the absence of changes referred to in the first subparagraph in 12 months following the latest annual update of the recovery plan, the competent authorities mayshall exceptionally waive, until the subsequent 12-month period, the obligation to update the recovery plan.
Amendment 179 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Directive 2014/59/EU
Article 8 – paragraph 2
Article 8 – paragraph 2
Amendment 186 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Directive 2014/59/EU
Article 10 – paragraph 8 a
Article 10 – paragraph 8 a
Amendment 198 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2014/59/EU
Article 13 – paragraph 4
Article 13 – paragraph 4
Amendment 222 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 15
Article 1 – paragraph 1 – point 15
Directive 2014/59/EU
Article 30 a – paragraph 2 – subparagraph 1 – introductory part
Article 30 a – paragraph 2 – subparagraph 1 – introductory part
Competent authorities shall notify resolution authorities as early as possible where they consider that there is a material risk that one or more of the circumstances in Article 32(4) would apply in relation to an institution or an entity referred to Article 1(1), points (b), (c) or (d- without legal effect to any alternative private sector measure, including measures by an IPS, that would prevent the failure or the likely failure of the institution within a reasonable timeframe - notify resolution authorities as early as possible where they consider that there is a material risk that an institution will fail according to Article 32(4) would apply (…). That notification shall contain:
Amendment 223 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 15
Article 1 – paragraph 1 – point 15
Directive 2014/59/EU
Article 30 a – paragraph 2 – subparagraph 1 – point b
Article 30 a – paragraph 2 – subparagraph 1 – point b
(b) an non-binding and non-complete overview of the measures which would prevent the failure of the institution or entity within a reasonable timeframe, their expected impact on the institution or entity as regards the circumstances referred to in Article 32(4) and the expected timeframe for the implementation of those measures.
Amendment 226 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 15
Article 1 – paragraph 1 – point 15
Directive 2014/59/EU
Article 30 a – paragraph 2 – subparagraph 2
Article 30 a – paragraph 2 – subparagraph 2
After having received the notification referred to in the first subparagraph, resolution authorities shall assess, in close cooperation with competent authorities, what constitutes a reasonable timeframe for the purposes of the assessment of the condition referred to in Article 32(1), point (b), taking into account the speed of the deterioration of the conditions of the institution or entity referred to in Article 1(1), points (b), (c) or (d), the need to implement effectively the resolution strategy and any other relevant considerations. Resolution authorities shall communicate that assessment to competent authorities as early as possible. The notification referred to in the first subparagraph does not impact the ability of institutional protection schemes to implement any measures. Any decisions relating to measures by an institutional protection scheme are within the sole discretion of the institutional protection scheme.
Amendment 232 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 15
Article 1 – paragraph 1 – point 15
Directive 2014/59/EU
Article 30 a – paragraph 2 – subparagraph 3 a (new)
Article 30 a – paragraph 2 – subparagraph 3 a (new)
Any measure in the context of preparing for resolution as referred to in this paragraph must not hinder preventive measures as referred to in Article 11(3) of Directive 2014/49/EU. Preventive measures should be given priority over resolution measures.
Amendment 234 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 15
Article 1 – paragraph 1 – point 15
Directive 2014/59/EU
Article 30 a – paragraph 4 – introductory part
Article 30 a – paragraph 4 – introductory part
4. TSubject to alternative private sector measures, including measures by an IPS, preventing the failure or the likely failure of the institution within a reasonable timeframe, the powers of resolution authorities shall include the power to market to potential purchasers, or make arrangements for such marketing, the institution or entity referred to in Article 1(1), points (b), (c) or (d), to potential purchasers, or require the institution or entity to do so, for the following purposes:
Amendment 241 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 16
Article 1 – paragraph 1 – point 16
Directive 2014/59/EU
Article 31 – paragraph 2 – point c
Article 31 – paragraph 2 – point c
(c) to protect public funds by minimising reliance on extraordinary public financial support, in particular when provided from the budget of a Member State;
Amendment 247 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 16
Article 1 – paragraph 1 – point 16
(d) to protect depositors, while minimising losses for deposit guarantee schemes, covered by Directive 2014/49/EU and to protect investors covered by Directive 97/9/EC;;
Amendment 251 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 17 – point a
Article 1 – paragraph 1 – point 17 – point a
Directive 2014/59/EU
Article 32 – paragraph 1 – point b
Article 32 – paragraph 1 – point b
(b) having regard to the timing, the need to implement effectively the resolution strategynotwithstanding point (a) of this paragraph and having regard to the timing and other relevant circumstances, there is no reasonable prospect that any alternative private sector measure including measures by an IPS, supervisory action, early intervention measures, or write down or conversion of relevant capital instruments and eligible liabilities as referred to in Article 59(2) taken in respect of the institution would prevent the failure of the institution within a reasonable timeframe;
Amendment 256 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 17 – point a
Article 1 – paragraph 1 – point 17 – point a
Directive 2014/59/EU
Article 32 – paragraph 2 – subparagraph 3
Article 32 – paragraph 2 – subparagraph 3
The assessment of the conditions referred to in paragraph 1, point (a) and (b), shall only be made by the resolution authority in close cooperation with the competent authority. The competent authority shall, without delay, provide the resolution authority with any relevant information that the resolution authority requests to inform its assessment. The competent authority may also inform the resolution authority that it considers the condition laid down in the paragraph 1, point (b), to be met.;levant authority after consulting an IPS of which the institution is a member.
Amendment 258 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 17 – point b – point -i (new)
Article 1 – paragraph 1 – point 17 – point b – point -i (new)
Directive 2014/59/EU
Article 32 – paragraph 4 – subparagraph 1 – introductory part
Article 32 – paragraph 4 – subparagraph 1 – introductory part
(-i) in the first subparagraph, the introductory part is replaced by the following: For the purposes of point (a) of paragraph 1, an institution shall be deemed to be failing or likely to fail in one or more of the following circumstances and if, in the case where the institution is a member of an IPS, alternative measures by the IPS cannot prevent a likely failure, or remedy the failure of the institution that occurred, within a reasonable timeframe:
Amendment 268 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 17 – point c
Article 1 – paragraph 1 – point 17 – point c
Directive 2014/59/EU
Article 32 – paragraph 5 –subparagraph 1
Article 32 – paragraph 5 –subparagraph 1
For the purposes of paragraph 1, point (c), a resolution action shall be treated as in the public interest where that resolution action is necessary for the achievement of, and is proportionate to, one or more of the resolution objectives referred to in Article 31 and where winding up of the institution under normal insolvency proceedings would not meet those resolution objectives more effectivelyto the same degree.
Amendment 272 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 17 – point c
Article 1 – paragraph 1 – point 17 – point c
Directive 2014/59/EU
Article 32 – paragraph 5 – subparagraph 2
Article 32 – paragraph 5 – subparagraph 2
Amendment 302 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 19
Article 1 – paragraph 1 – point 19
Directive 2014/59/EU
Article 32c – paragraph 1 – point b
Article 32c – paragraph 1 – point b
(b) where the extraordinary public financial support takes the form of an intervention by a deposit guarantee scheme to preservemaintain the financial soundness and long-term viability of the credit institution constitutes extraordinary public financial support in compliance with the conditions set out in Articles 11a and 11b ofthe Directive 2014/49/EU, provided that (i) subject to the cases referred to in point (ii), none of the circumstances referred to in Article 32(4) are present; (ii) in case of a deposit guarantee scheme which is acknowledged as institutional protection scheme, the resolution authority has not taken any resolution action under Article 32;
Amendment 335 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Directive 2014/59/EU
Article 33 – paragraph 2
Article 33 – paragraph 2
Amendment 337 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 22
Article 1 – paragraph 1 – point 22
Directive 2014/59/EU
Article 35
Article 35
Amendment 340 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 23 – point a
Article 1 – paragraph 1 – point 23 – point a
Directive 2014/59/EU
Article 36 – paragraph 1 – sentence 1
Article 36 – paragraph 1 – sentence 1
1. Before determining whether the conditions for resolution or the conditions fotaking resolution action or exercising the power theo write down or conversion oft relevant capital instruments and eligible liabilities as referred to inin accordance with Article 59 are met, resolution authorities shall ensure that a fair, prudent and realistic valuation of the assets and liabilities of the institution or entity referred to in Article 1(1), points (b), (c) or (d), is carried out by a person that is independent from any public authority, including the resolution authority, and the institution or entity referred to in Article 1(1), points (b), (c) or (d).;
Amendment 344 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 24
Article 1 – paragraph 1 – point 24
Directive 2014/59/EU
Article 37 – paragraph 11
Article 37 – paragraph 11
Amendment 347 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 27 – point b
Article 1 – paragraph 1 – point 27 – point b
Directive 2014/59/EU
Article 44 – paragraph 5 – point a
Article 44 – paragraph 5 – point a
(a) a contribution to loss absorption and recapitalisation equal to an amount not less than 8 % of the total liabilities including own funds of the institution under resolution, measured in accordance with the valuation provided for in Article 36, has been made by the shareholders and the holders of other instruments of ownership, the holders of relevant capital instruments and other bail-inable liabilities through reduction, write down or conversion pursuant to Article 48(1) and Article 60(1), and by the deposit guarantee scheme pursuant to Article 109 where relevant;
Amendment 353 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 27 – point c
Article 1 – paragraph 1 – point 27 – point c
Directive 2014/59/EU
Article 44 – paragraph 7 – point b
Article 44 – paragraph 7 – point b
(b) all unsecured, non-preferred liabilities ranking lowother than deposits, and not excluded from bail-in pursuant to Article 44(2) and 44(3), have been written down or converted in full.
Amendment 365 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 32
Article 1 – paragraph 1 – point 32
Directive 2014/59/EU
Article 45ca
Article 45ca
Amendment 367 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 32
Article 1 – paragraph 1 – point 32
Directive 2014/59/EU
Article 45ca – paragraph 1 – introductory part
Article 45ca – paragraph 1 – introductory part
1. When applying Article 45c to a resolution entity whose preferred resolution strategy envisages primarily the use of the sale of business tool or the bridge institution tool and its exit from the market, the resolution authority shall set the recapitalisation amount provided in Article 45c(3) in a proportionate way that ensures that the resolution group can be resolved in all possible scenarios without the need for external funding on the basis of the following criteria, as relevant:
Amendment 374 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 32
Article 1 – paragraph 1 – point 32
Directive 2014/59/EU
Article 45ca – paragraph 1 – point a
Article 45ca – paragraph 1 – point a
(a) the resolution entity’s size, business model, funding model and risk profile, and the depth of the market in which the resolution entity operates;
Amendment 379 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 32
Article 1 – paragraph 1 – point 32
Directive 2014/59/EU
Article 45ca – paragraph 1 – point b – point iii a (new)
Article 45ca – paragraph 1 – point b – point iii a (new)
(iii a) any risks to the succesful implementation of the preferred resolution strategy, in particular due to an adverse market environment at the time of resolution;
Amendment 383 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 32
Article 1 – paragraph 1 – point 32
Directive 2014/59/EU
Article 45ca – paragraph 1 – point c – point i
Article 45ca – paragraph 1 – point c – point i
(i) any material impediments to resolvability, identified by the resolution authority, that are directly related to the application of the sale of business tool or the bridge institution tool;
Amendment 385 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 32
Article 1 – paragraph 1 – point 32
Directive 2014/59/EU
Article 45ca – paragraph 1 – point c – point ii a (new)
Article 45ca – paragraph 1 – point c – point ii a (new)
(ii a) a potentially adverse market environment at the time of resolution;
Amendment 387 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 32
Article 1 – paragraph 1 – point 32
Directive 2014/59/EU
Article 45ca – paragraph 1 – point e a (new)
Article 45ca – paragraph 1 – point e a (new)
(e a) the potential recapitalisation amount required under an alternative resolution strategy.
Amendment 392 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 32
Article 1 – paragraph 1 – point 32
Directive 2014/59/EU
Article 45ca – paragraph 2
Article 45ca – paragraph 2
Amendment 401 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 41 – point a
Article 1 – paragraph 1 – point 41 – point a
Directive 2014/59/EU
Article 55 – paragraph 1 – point b
Article 55 – paragraph 1 – point b
(b) the liability is not a deposit as referred to in Article 108(1), points (a) or (b);
Amendment 407 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 42 – point b
Article 1 – paragraph 1 – point 42 – point b
Directive 2014/59/EU
Article 59 – paragraph 4 – point b
Article 59 – paragraph 4 – point b
(b) having regard to timing, the need to implement effectively the write down and conversion powers or the resolution strategy for the resolution group, and other relevant circumstances, there is no reasonable prospect that any action, including alternative private sector measures, supervisory action or early intervention measures, other than the write down or conversion of capital instruments and eligible liabilities as referred to in paragraph 1a, would prevent the failure of the institution or the entity referred to in Article 1(1), points (b), (c) or (d), or the group within a reasonable timeframe.;
Amendment 408 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 45
Article 1 – paragraph 1 – point 45
Directive 2014/59/EU
Article 74 – paragraph 3 – point d
Article 74 – paragraph 3 – point d
(d) when determining the losses that the deposit guarantee scheme, where it does not qualify as an institutional protection scheme, would have incurred had the institution been wound up under normal insolvency proceedings, apply the criteria and methodology referred to in Article 11e of Directive 2014/49/EU and in any delegated act adopted pursuant to that Article.;
Amendment 420 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 53 – point a
Article 1 – paragraph 1 – point 53 – point a
Directive 2014/59/EU
Article 103 – paragraph 3
Article 103 – paragraph 3
3. The available financial means to be taken into account in order to reach the target level specified in Article 102 may include irrevocable payment commitments which are fully backed by collateral of low risk assets unencumbered by any third party rights, at the free disposal and earmarked for the exclusive use by the resolution authorities for the purposes specified in Article 101(1). The share of irrevocable payment commitments shall not exceedbe 50 % of the total amount of contributions raised in accordance with this Article. Within that limit, tThe resolution authority shall determine annually the share of irrevocable payment commitments in the total amount of contributions to be raised in accordance with this Article.;
Amendment 424 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 53 – point b
Article 1 – paragraph 1 – point 53 – point b
Directive 2014/59/EU
Article 103 – paragraph 3a – subparagraph 1
Article 103 – paragraph 3a – subparagraph 1
The resolution authority shall call the irrevocable payment commitments made pursuant to paragraph 3 of this Article when the use of the resolution financing arrangements is needed pursuant to Article 101. Where an entity stops being within the scope of Article 1 and is no longer subject to the obligation to pay contributions in accordance with paragraph 1 of this Article, the resolution authority shall return the irrevocable payment commitments made pursuant to paragraph 3 as soon as the subsequent regular contribution round pursuant to paragraph 1 of this Article has replenished the resolution financing arrangements up to the target level.
Amendment 431 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 55 – point a
Article 1 – paragraph 1 – point 55 – point a
Directive 2014/59/EU
Article 108 – paragraph 1 – introductory part
Article 108 – paragraph 1 – introductory part
1. Member States shall ensure that in their national laws governing normal insolvency proceedings the following have the same priority ranking, which is higher than the ranking provided for the claims of ordinary unsecured creditors:
Amendment 435 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 55 – point a
Article 1 – paragraph 1 – point 55 – point a
Directive 2014/59/EU
Article 108 – paragraph 1 – point a
Article 108 – paragraph 1 – point a
(a) depositsthe following have the same priority ranking which is higher than the ranking provided for the claims of ordinary unsecured creditors: (i) that part of eligible deposits from natural persons and micro, small and medium-sized enterprises which exceeds the coverage level provided for in Article 6 of Directive 2014/49/EU; (ii) deposits that would be eligible deposits from natural persons and micro, small and medium-sized enterprises were they not made through branches located outside the Union of institutions established within the Union;
Amendment 445 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 55 – point a
Article 1 – paragraph 1 – point 55 – point a
(b) deposits made through branches located outside the Union of institutions established within the Union;the following have the same priority ranking which is higher than the ranking provided for under point (a): (i) covered deposits; (ii) deposit guarantee schemes subrogating to the rights and obligations of covered depositors in insolvency.
Amendment 451 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 55 – point a
Article 1 – paragraph 1 – point 55 – point a
Directive 2014/59/EU
Article 108 – paragraph 1 – point c
Article 108 – paragraph 1 – point c
Amendment 456 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 55 – point a
Article 1 – paragraph 1 – point 55 – point a
Directive 2014/59/EU
Article 108 – paragraph 1a (new)
Article 108 – paragraph 1a (new)
1 a. Member States shall ensure that in their national laws governing normal insolvency proceedings, the following have the same priority ranking, which is higher than the ranking provided for under paragraph (1): (a) covered deposits; (b) deposit guarantee schemes subrogating to the rights and obligations of covered depositors in insolvency;
Amendment 458 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 55 – point b
Article 1 – paragraph 1 – point 55 – point b
Directive 2014/59/EU
Article 108 – paragraph 8
Article 108 – paragraph 8
Amendment 460 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 55 – point b
Article 1 – paragraph 1 – point 55 – point b
Directive 2014/59/EU
Article 108 – paragraph 9
Article 108 – paragraph 9
Amendment 466 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 56 – point a
Article 1 – paragraph 1 – point 56 – point a
Directive 2014/59/EU
Article 109 – paragraph 1 – subparagraph 1
Article 109 – paragraph 1 – subparagraph 1
Amendment 470 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 56 – point a
Article 1 – paragraph 1 – point 56 – point a
Directive 2014/59/EU
Article 109 – paragraph 1 – subparagraphs 2, 3, 4 & 5
Article 109 – paragraph 1 – subparagraphs 2, 3, 4 & 5
Amendment 473 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 56 – point a
Article 1 – paragraph 1 – point 56 – point a
Directive 2014/59/EU
Article 109 – paragraph 1 – subparagraph 4
Article 109 – paragraph 1 – subparagraph 4
In all cases, the cost of the contribution of the deposit guarantee scheme shall not be greater than the cost of repaying depositors as calculated by the deposit guarantee scheme under Article 11e of Directive 2014/49/EU and the amount equal to 50% of its target level pursuant to Article 10 of Directive 2014/49/EU. Taking into account the specificities of their national banking sector, Member States may set a percentage which is higher than 50%.
Amendment 475 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 56 – point a
Article 1 – paragraph 1 – point 56 – point a
Directive 2014/59/EU
Article 109 – paragraph 2
Article 109 – paragraph 2
Amendment 478 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 56 – point b
Article 1 – paragraph 1 – point 56 – point b
Directive 2014/59/EU
Article 109 – paragraph 2a
Article 109 – paragraph 2a
Amendment 479 #
2023/0112(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 56 – point b
Article 1 – paragraph 1 – point 56 – point b
Directive 2014/59/EU
Article 109 – paragraph 2b
Article 109 – paragraph 2b
Amendment 58 #
2023/0111(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) Several years into its implementation, the Union resolution framework as currently applicable does not deliver as intended with respect to some of those objectives. In particular, while institutions and entities have made significant progress towards resolvability and have dedicated significant resources to that end, in particular through the build-up of the loss absorption and recapitalisation capacity and the filling-up of resolution financing arrangements, the Union resolution framework is seldom resorted to. Failures of certain smaller and medium- sized institutions and entities are instead mostly addressed through unharmonised national measures. Taxpayer money is used rather than resolution financing arrangements. That situation appears to arise from inadequate incentives. Those inadequate incentives result from the interplay of the Union resolution framework with national rules, whereby the broad discretion in the public interest assessment is not always exercised in a way that reflects how the Union resolution framework was intended to apply. At the same time, the Union resolution framework saw little use due to the risks for depositors of deposit-funded institutions to bear losses to ensure that those institutions can access external funding in resolution, in particular in the absence of other bail-inable liabilities. Finally, the fact that there are less stringent rules on access to funding outside resolution than in resolution has discouraged the application of the Union resolution framework in favour of other solutions, which often entail the use of taxpayers’ money instead of the own resources of the institution or entity or industry-funded safety nets. That situation in turn generates risks of fragmentation, risks of suboptimal outcomes in managing institutions and entities’ failures, in particular in the case of smaller and medium-sized institutions and entities, and opportunity costs from unused financial resources. It is therefore necessary to ensure a more effective and coherent application of the Union resolution framework and to ensure that it can be applied whenever that is in the public interest, including for smaller and medium-sized institutions primarily funded through deposits and without sufficient other bail-inable liabilities.
Amendment 86 #
2023/0111(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) The assessment of whether the resolution of an institution or entity is in the public interest should reflect the consideration that depositors are better protected when deposit guarantee scheme (‘DGS’) funds are used more efficiently and the losses for those funds are minimised. Therefore, in the public interest assessment, the resolution objective of protecting covered depositors should be considered better achieved in resolution if opting for insolvency would be more costly for the deposit guarantee schemeDGS.
Amendment 91 #
2023/0111(COD)
Proposal for a regulation
Recital 19
Recital 19
(19) The assessment of whether the resolution of an institution or entity is in the public interest should also reflect, to the extent possible, the difference between, on the one hand, funding provided through industry-funded safety nets (resolution financing arrangements or deposit guarantee schemes) and, on the other hand, funding provided by Member States from taxpayers’ money. Funding provided by Member States bears a higher risk of moral hazard and a lower incentive for market discipline. Therefore, when assessing the objective of minimising reliance on extraordinary public financial support, the Board should find funding through the resolution financing arrangements or the deposit guarantee scheme, preferable to funding through an equal amount of resources from the budget of Member States. Nevertheless, burden sharing by shareholders and creditors must remain the primary source of funding.
Amendment 92 #
2023/0111(COD)
Proposal for a regulation
Recital 20
Recital 20
Amendment 98 #
2023/0111(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) In light of the experience acquired in the implementation of Directive 2014/59/EU, Regulation (EU) No 806/2014 and Directive 2014/49/EU and without prejudice to the question whether a preventive measure constitutes extraordinary public financial support in the first place, it is necessary to specify further the conditions under which measures of a preventive precautionary nature that qualify as extraordinary public financial support may exceptionally be granted. To minimise distortions of competition arising from differences in nature of deposit guarantee schemes in the Union, interventions of such schemes in the context of preventive measures complying with the requirements laid down in Directive 2014/49/EU that qualify as extraordinary public financial support should exceptionally be allowed where the beneficiary institution or entity does not meet any of the conditions for being deemed as failing or likely to fail. It should be ensured that precautionary measures are taken sufficiently early. The ECB currently bases its consideration that an institution or entity is solvent, for the purposes of precautionary recapitalisation, on a forward-looking assessment for the following 12 months of whether the institution or entity can comply with the own funds requirements set out in Regulation (EU) No 575/2013 or in Regulation (EU) 2019/2033, and the additional own funds requirement laid down in Directive 2013/36/EU or Directive (EU) 2019/2034. That practice should be laid down in Regulation (EU) No 806/2014. Moreover, measures to provide relief for impaired assets, including asset management vehicles or asset guarantee schemes, can prove effective and efficient in addressing causes of possible financial distress faced by institutions and entities and preventing their failure and could therefore constitute relevant precautionary measures. It should therefore be specified that such precautionary measures can take the form of impaired asset measures.
Amendment 110 #
2023/0111(COD)
Proposal for a regulation
Recital 37
Recital 37
(37) After the initial build-up period of the Single Resolution Fund referred to in Article 69(1) of Regulation (EU) No 806/2014, its available financial means may face slight decreases below its target level, in particular resulting from an increase in covered deposits. The amount of the ex-ante contributions likely to be called in those circumstances is thus likely to be small. It may therefore be possible that, in some years, the amount of those ex ante contributions is no longer commensurate to the cost of the collection of those contributions. The Board should therefore be able to defer the collection of the ex ante contributions for one or more years until the amount to be collected reaches an amount that is proportionate to the cost of the collection process, provided that such deferral does not materially affect the capacity of the Board to use the Single Resolution Fundthe regular collection of contributions ends when the target level of 1 % of the amount of covered deposits of all credit institutions authorised in all of the Member States has been reached for the first time.
Amendment 111 #
2023/0111(COD)
Proposal for a regulation
Recital 38
Recital 38
(38) Irrevocable payment commitments are one of the components of the available financial means of the Single Resolution Fund. It is therefore necessary to specify the circumstances in which those payment commitments may be called, and the applicable procedure when terminating the commitments in case an institution or entity ceases to be subject to the obligation to pay contributions to the Single Resolution Fund. In addition, to provide more transparency and certainty with respect to the share of irrevocable payment commitments in the total amount of ex ante contributions to be raised, the Board should determinegrant such share oin an annual basis, subject to the applicable limitsthe full amount as specified in Article 70(3) of Regulation (EU) No 806/2014.
Amendment 112 #
2023/0111(COD)
Proposal for a regulation
Recital 40
Recital 40
Amendment 116 #
2023/0111(COD)
Proposal for a regulation
Recital 41
Recital 41
Amendment 142 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Regulation (EU) No 806/2014
Article 12da
Article 12da
Amendment 175 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 15
Article 1 – paragraph 1 – point 15
Regulation (EU) No 806/2014
Article 13 – paragraph 2 – subparagraph 1 a (new)
Article 13 – paragraph 2 – subparagraph 1 a (new)
After having received the notification referred to in the first subparagraph, the Board shall assess, in close cooperation with the ECB or the relevant national competent authority, what constitutes a reasonable timeframe for the purposes of the assessment of the condition referred to in Article 18(1), point (b), taking into account the speed of the deterioration of the conditions of the entity, the need to implement effectively the resolution strategy and any other relevant considerations. The Board shall communicate that assessment to the ECB or to the relevant national competent authority as early as possible. The notification referred to in the first subparagraph does not impact the ability of institutional protection schemes to implement any measures. Any decisions relating to measures by an institutional protection scheme are within the sole discretion of the institutional protection scheme.
Amendment 187 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 16
Article 1 – paragraph 1 – point 16
Regulation (EU) No 806/2014
Article 13c – paragraph 4 – introductory part
Article 13c – paragraph 4 – introductory part
4. The Board shall have the power to market to potential purchasers, or make arrangements for such marketing, the entity referred to in Article 7(2), or the entity referred to in Article 7(4), point (b), and Article 7(5) where the conditions for the application of those provisions are met or require the entity to do so, for the following purposes:
Amendment 188 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 16
Article 1 – paragraph 1 – point 16
Regulation (EU) No 806/2014
Article 13c – paragraph 4 – point a
Article 13c – paragraph 4 – point a
(a) to prepare for the highly likely resolution of that entity, subject to the conditions specified in Article 39(2) of Directive 2014/59/EU and the requirements of professional secrecy laid down in Article 88 of this Regulation;
Amendment 189 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 16
Article 1 – paragraph 1 – point 16
Regulation (EU) No 806/2014
Article 13c – paragraph 4 – point b
Article 13c – paragraph 4 – point b
Amendment 194 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 17
Article 1 – paragraph 1 – point 17
Regulation (EU) No 806/2014
Article 14 – paragraph 2 – point c
Article 14 – paragraph 2 – point c
(c) to protect public funds by minimising reliance on extraordinary public financial support, in particular when provided from the budget of a Member State;
Amendment 202 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 17
Article 1 – paragraph 1 – point 17
Regulation (EU) No 806/2014
Article 14 – paragraph 2 – point d
Article 14 – paragraph 2 – point d
(d) to protect depositors while minimising losses for deposit guarantee schemes,covered by Directive 2014/49/EU and to protect investors covered by Directive 97/9/EC;;
Amendment 205 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point a
Article 1 – paragraph 1 – point 19 – point a
Regulation (EU) No 806/2014
Article 18 – paragraph 1 – subparagraph 1 – point b
Article 18 – paragraph 1 – subparagraph 1 – point b
(b) having regard to the timing, the need to implement effectively the resolution strategy and other relevant circumstances, there is no reasonable prospect that any alternative private sector measure, including measures by an IPS, supervisory action, early intervention measures, or the write down or conversion of relevant capital instruments and eligible liabilities as referred to in Article 21(1), taken in respect of the entity would prevent the failure of the entity within a reasonable timeframe;
Amendment 215 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point c
Article 1 – paragraph 1 – point 19 – point c
Regulation (EU) No 806/2014
Article 18 – paragraph 5 – subparagraph 1
Article 18 – paragraph 5 – subparagraph 1
For the purposes of paragraph 1, point (c), a resolution action shall be treated as in the public interest where that resolution action is necessary for the achievement of, and is proportionate to, one or more of the resolution objectives referred to in Article 14 and where winding up of the institution under normal insolvency proceedings would not meet those resolution objectives more effectivelyto the same extent.
Amendment 220 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point c
Article 1 – paragraph 1 – point 19 – point c
Regulation (EU) No 806/2014
Article 18 – paragraph 5 – subparagraph 2
Article 18 – paragraph 5 – subparagraph 2
Amendment 236 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Regulation (EU) No 806/2014
Article 18a – paragraph 1 – point b
Article 18a – paragraph 1 – point b
Amendment 263 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 22 – point a
Article 1 – paragraph 1 – point 22 – point a
Regulation (EU) No 806/2014
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Before determining whether the conditions for resolution, or the conditions fortaking resolution action or exercising the power to write down or conversion oft relevant capital instruments and eligible liabilities as referred to inin accordance with Article 21(1) are met, the Board shall ensure that a fair, prudent and realistic valuation of the assets and liabilities of an entity as referred to in Article 2 is carried out by a person that is independent from any public authority, including the Board and the national resolution authority, and from the entity concerned.;
Amendment 267 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 23 – point c
Article 1 – paragraph 1 – point 23 – point c
Regulation (EU) No 806/2014
Article 21 – paragraph 3 – point b
Article 21 – paragraph 3 – point b
(b) having regard to timing, the need to implement effectively the write down and conversion powers or the resolution strategy for the resolution group and other relevant circumstances, there is no reasonable prospect that any action, including alternative private sector measures, supervisory action or early intervention measures, other than the write- down or conversion of relevant capital instruments, and eligible liabilities as referred to in paragraph 7a, would prevent the failure of that entity or group within a reasonable timeframe.;
Amendment 271 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 24 – point a
Article 1 – paragraph 1 – point 24 – point a
Regulation (EU) No 806/2014
Article 27 – paragraph 7 – point a
Article 27 – paragraph 7 – point a
(a) a contribution to loss absorption and recapitalisation equal to an amount not less than 8 % of the total liabilities including own funds of the institution under resolution, measured in accordance with the valuation provided for in Article 20(1) to (15), has been made by shareholders, the holders of relevant capital instruments and other bail-inable liabilities through reduction, write-down, or conversion pursuant to Article 48(1) of Directive 2014/59/EU and Article 21(10) of this Regulation, and by the deposit guarantee scheme pursuant to Article 79 of this Regulation and Article 109 of Directive 2014/59/EU where relevant;
Amendment 277 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 24 – point b
Article 1 – paragraph 1 – point 24 – point b
Regulation (EU) No 806/2014
Article 27 – paragraph 9 – point b
Article 27 – paragraph 9 – point b
(b) all liabilities ranking lower than deposits, and not excluded from bail-in pursuant to paragraphs 3 and 5unsecured, non-preferred liabilities other than eligible deposits, have been written down or converted in full.
Amendment 289 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 36
Article 1 – paragraph 1 – point 36
Regulation (EU) No 806/2014
Article 69 – paragraph 4
Article 69 – paragraph 4
4. If, after the initial period referred to in paragraph 1, the available financial means fall below the target level specified in that paragraph, the regular contributions calculated in accordance with Article 70 shall be raised until a level is reached that corresponds to the target level ithat was reached at the end of the initial period. The Board may defer the collection of the regular contributions raised in accordance with Article 70 and the reporting obligations therefor for 1 or more years to ensure that the amount to be collected reaches an amount that is proportionate to the costs of the collection process on the part of the resolution authorities and the institutions, provided that such deferral does not materially affect the capacity of the Board to use the Fund pursuant to Section 3. After the target level has been reached for the first time and where the available financial means have subsequently been reduced to less than two-thirds of the target level, those contributions shall be set at a level allowing for reaching the target level within 6 years.;
Amendment 293 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 37 – point a
Article 1 – paragraph 1 – point 37 – point a
Regulation (EU) No 806/2014
Article 70 – paragraph 3
Article 70 – paragraph 3
3. The available financial means to be taken into account in order to reach the target level specified in Article 69102 may include irrevocable payment commitments which are fully backed by collateral of low- risk assets unencumbered by any third- party rights, at the free disposal of and earmarked for the exclusive use by the Board for the purposes specified in Article 76(1). The share of those irrevocable payment commitments shall not exceedbe 50 % of the total amount of contributions raised in accordance with this Article. Within that limit, tThe Board shall determine annually the share of irrevocable payment commitments in the total amount of contributions to be raised in accordance with this Article.;
Amendment 295 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 37 – point b
Article 1 – paragraph 1 – point 37 – point b
Regulation (EU) No 806/2014
Article 70 – paragraph 3a – subparagraph 2
Article 70 – paragraph 3a – subparagraph 2
Where an institution or entity stops being within the scope of Article 2 and is no longer subject to the obligation to pay contributions in accordance with paragraph 1 of this Article, the Board shall callreturn the irrevocable payment commitments made pursuant to paragraph 3 and still due. If the contribution linked to the irrevocable payment commitment is duly paid at first call, the Board shall cancel the commitment and return the collateral. If the contribution is not duly paid at first call, the Board shall seize the collateral and cancel the commitment.;s soon as the subsequent regular contribution round pursuant to paragraph 1 of this Article has replenished the Fund up to the target level.
Amendment 298 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 40 – point b
Article 1 – paragraph 1 – point 40 – point b
Regulation (EU) No 806/2014
Article 76 – paragraph 5
Article 76 – paragraph 5
Amendment 299 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 40 – point b
Article 1 – paragraph 1 – point 40 – point b
Regulation (EU) No 806/2014
Article 76 – paragraph 6
Article 76 – paragraph 6
Amendment 301 #
2023/0111(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 41
Article 1 – paragraph 1 – point 41
Regulation (EU) No 806/2014
Article 79
Article 79
Amendment 45 #
2023/0079(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. The Commission and the Member States shall undertake activities to facilitate, accelerate and crowd-in private investments in Strategic Projects. Such activities may, without prejudice to Article 107 and Article 108 of the TFEU, include providing and coordinating support to Strategic Projects facing difficulties in accessing finance.
Amendment 51 #
2023/0079(COD)
Proposal for a regulation
Article 14 – paragraph 2 – introductory part
Article 14 – paragraph 2 – introductory part
2. Member States mayshall on request provide administrative support to Strategic Projects to facilitate their rapid and effective implementation, including by providing:
Amendment 68 #
2023/0079(COD)
Proposal for a regulation
Article 16 – paragraph 4 a (new)
Article 16 – paragraph 4 a (new)
4 a. The system shall be accessible for project promoters even if a Strategic Project has not yet been granted a permit by the national competent authority.
Amendment 73 #
2023/0079(COD)
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
1. The Commission shall set up and operate a system to aggregate the demand of interested undertakings consuming strategic raw materials established in the Union and Member State authorities responsible for strategic stocks and seek offers from suppliers to match that aggregated demand. This shall cover both unprocessed and processed strategic raw materials as well as products resulting from any intermediate processing step.
Amendment 74 #
2023/0079(COD)
Proposal for a regulation
Article 24 – paragraph 2 – point b
Article 24 – paragraph 2 – point b
Amendment 15 #
2022/2172(INI)
Draft opinion
Recital B a (new)
Recital B a (new)
B a. whereas according to Art. 310 TFEU the EU`s revenue and expenditure should be in balance;
Amendment 41 #
2022/2172(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Is concerned that the first basket of own resources will not generate the revenues expected for several reasons; observes further that beyond the funding needed for NextGenerationEU, the Union may need additional resources to assist Ukraine financially and to further mitigate the impact of Russia’s war against Ukraine on the Uninsists that if the Union needs funding beyond, it should be based on member states contributions;
Amendment 85 #
2022/2172(INI)
Draft opinion
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Concludes that the Union should not spend Money without a clear plan on how to finance it;
Amendment 26 #
2022/2146(INI)
Motion for a resolution
Recital A
Recital A
A. whereas Member States are free to decide on their own economic policies, in particular their own tax policies within the boundaries of the EU Treaties; whereas a well-functioning tax system is in the interest of Member States in order to ensure proper tax collection; whereas, although tax policy largely remains a responsibility of the Member States, the single market requires coordination in setting tax policy in order to further single market integration;
Amendment 38 #
2022/2146(INI)
Motion for a resolution
Recital B
Recital B
B. whereas a number of European companies are battling strong headwinds as a result of the current adverse economic and social situations;
Amendment 51 #
2022/2146(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the BEPS action plan managed to establish a global consensus on many issues regarding the fight against tax avoidance and aggressive tax planning;
Amendment 56 #
2022/2146(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the EU led by example in transposing international agreements into a high number of tax directives improving coordination and the EU’s fight against tax fraud, tax avoidance and aggressive tax planning;
Amendment 62 #
2022/2146(INI)
Motion for a resolution
Recital E
Recital E
E. whereas as of 16 December 2022, 138 statejurisdictions, including all EU Member States, had agreed on the reform of the international tax system through a two- pillar solution;
Amendment 67 #
2022/2146(INI)
Motion for a resolution
Recital F
Recital F
F. whereas tax policy fragmentation createsontributes to creation of various obstacles for citizens and companies in the single market, particularly small and medium- sized enterprises (SMEs); whereas these obstacles discourage cross-border economic activity and can distort the single market;
Amendment 69 #
2022/2146(INI)
Motion for a resolution
Recital F
Recital F
F. whereas tax policy fragmentation creates various obstacles for citizens and companies in the single market, particularly small and medium-sized enterprises (SMEs); whereas these obstacles discourage cross-border economic activity and can distort the single market; whereas Member States continue to lose tax revenue due to harmful tax practices enabled by loopholes between Member States’ legislation, or between Member States and third countries, and estimates of revenue lost as a result of harmful tax practices range from EUR 36-37 billion to EUR 160-190 billion per year; whereas policy fragmentations might increase the cost of enforcement for tax authorities;
Amendment 110 #
2022/2146(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Underlines that EU Member States have a full responsibility for proper tax collection and they are entitled to decide on their own tax systems;
Amendment 111 #
2022/2146(INI)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Highlights that well-functioning tax systems and national tax administrations play a key role in tax collection and that sustainable tax revenue in the Member States´ public budgets is important in the current challenging economic climate;
Amendment 128 #
2022/2146(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Takes note of the numerousWelcomes different tax directives since 2011 that have led to fairer, simpler and more effective corporate taxation in the EU, andbut also to a high number of tax compliance obligations on companies within the EU21 ; _________________ 21 See notably the Anti-Tax Avoidance Directives (ATAD I and ATAD II), the amendments of the Directive on administrative cooperation in the field of taxation (DAC 1 to DAC 7), the revision of the Parent Subsidiary Directive, the EU Dispute Settlement Directive, the Public Country-by-Country Reporting Directive, or the Pillar Two Directive.
Amendment 135 #
2022/2146(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Deplores the fact that in certain cases the Member States have implemented and applied tax directives in a divergent manner, which may undermininge the proper functioning of the single market and leading to misalignment in tax bases, more red tape and higher compliance costs;
Amendment 159 #
2022/2146(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls on the Commission to present an overall evaluation of actions taken on corporate taxation since 2011 and to immediatelywith the aim to ease the burden on businesses by invoking a regulatory moratorium and to delaying those tax acts that would unnecessarily increase costs for businesses already under strain; calls on the Commission to carry out competitiveness checks for new legislative tax proposals, as requested by the European Council for all new proposals on 22 March 2023;
Amendment 162 #
2022/2146(INI)
7. Calls on the Commission to present an overall evaluation of actions taken on corporate taxation since 2011 and to immediately ease the burden on businesses by invoking a regulatory moratorium and delaying those tax acts that would unnecessarily increase costs for businesses already under strain; calls on the Commission to carry out competitiveness checks for new legislative tax proposals, as requested by the European Council for all new proposals on 22 March 2023, and to ensure that the submission of any new proposal, if necessary, is essential for the smooth functioning of the single market ;
Amendment 173 #
2022/2146(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Takes note of the renewed debate on tax incentives following the US Inflation Reduction Act; calls on the Commission to allow fornalyse experimentation with tax credits; insists, nevertheless, that all decisions should be taken in a coordinated manner to preserve the functioning of the single market;
Amendment 180 #
2022/2146(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Member States to consider engageing in policies of full expensing for capital investments and to make capital allowance provisions permanent in order to improve real investments and to assist Europe’s competitiveness;
Amendment 182 #
2022/2146(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Member States to engage in policies of full expensing for capital investments, in particular for R&D investment, and to make capital allowance provisions permanent in order to improve real investments and to assist Europe’s competitiveness;
Amendment 195 #
2022/2146(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Takes note ofWelcomes the two-pillar solution reached at the OECD/G20 Inclusive Framework on the allocation of taxing rights and the application of a minimum effective tax rate of 15 % on the global profits of MNEs; welcomes the adoption of the Pillar Two Directive implementing the international agreement in the EU law;
Amendment 206 #
2022/2146(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Observes that, in addition to coping with a volatile business environment and an increasing number of EU tax directives, companies are focusing their financial and human resources on applying the Pillar Two rules; calls on the Commission to give companies bavoid creathing space and enough time to prepare for the possible new BEFIT rulesa disproportionate burden on companies when proposing further measures in the field of corporate taxation;
Amendment 208 #
2022/2146(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Observes that, in addition to coping with a volatile business environment and an increasing number of EU tax directives, companies are focusing their financial and human resources on applying the Pillar Two rules; calls on the Commissioninvites the Commission to assess effectiveness and impact of the Pillar Two rules, namely in the context of expected aims, cost-benefits analysis, fight against tax evasion and avoidance, fair tax competition and higher tax revenue, and thus to give companies breathing space and enough time to prepare for the possible new BEFIT rules;
Amendment 227 #
2022/2146(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls on the Commission to guidesuggest measures for all the Member States towards a simplified tax system to reduce the administrative burden for companies, especially SMEs; acknowledges that simplifying refund procedures, deductions and litigation are other solutions to reduce the administrative burden, especially for SMEs;
Amendment 231 #
2022/2146(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Welcomes that the EU has developed peer review procedures within the Code of Conduct Group for business taxation; underlines that in this framework Member States re-examine, amend or abolish their existing tax measures that constitute harmful tax competition, as well as refrain from introducing new ones in the future; welcomes in this regard the 2022 Council agreement to broaden the scope of the tax measures under scrutiny when examining harmful tax practices within the EU;
Amendment 241 #
2022/2146(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Welcomes the Commission’s plan to work on a BEFIT proposal, expected in the third quarter of 2023, with a view to designing a new and single EU corporate tax rulebook, based on a fair, comprehensive and effective formulary apportionment and a common tax base of income taxation for businesses, which wil. In this context, calls on the Commission to ensure that the new proposal provides clarity and predictability for companies;
Amendment 249 #
2022/2146(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Reiterates its consideration that the BEFIT initiative should be supported by the political process in building political support for change, including consideration of next steps in the absence of such political support, and that the initiative shouldmust be accompanied by a thorough impact assessment;
Amendment 256 #
2022/2146(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Takes note of the intended BEFIT objectives, as addressed in the Commission’s call for evidence for an impact assessment, to increase businesses’ resilience by reducing the complexity of tax rules and the compliance costs faced by EU businesses with cross-border operations, to remove obstacles to cross- border investment and make the single market a more attractive location for international investment, to create an environment conducive to fair and sustainable growth by paving the way for administrative simplification, and to provide sustainable tax revenue for the national budgets of the EU Member States, which is particularly important in the current challenging economic climate;
Amendment 266 #
2022/2146(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Highlights the idea ofCalls for a one-stop- shop allowing for the filing of one consolidated tax return as a way of reducing administrative burden and minimising tax obstacles to the Single Market; calls on the Commission to introduce a one-stop-shop for the application of the BEFIT rules in a test phase and to incorporate it as a permanent feature of BEFIT if the test phase is successful;
Amendment 274 #
2022/2146(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Takes note of the Commission proposal of 11 May 2022 addressing the debt-equity bias; deplores and the Council decision of 6 December 2022 to suspend the examination of the proposal; calls on the Council to relaunchassess negotiations on this proposal; within a broader context after other proposals in the area of corporate income taxation announced by the Commission have been put forward ;
Amendment 125 #
2022/2078(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls for the EU to adopt a genuine industrial policy and to be able to draw upon a competitive industry; takes the view that EU support to enable Member States to develop their capacity must primarily benefit European industrial players (both long-established groups and innovative SMEs); supports, at the same time, heavy investment in key technologies with the aim of reducing strategic dependence on third countries; calls, to this end, for strengthened research and teaching to make Europe the leading place for the development of key technologies;
Amendment 2 #
2022/2062(INI)
Motion for a resolution
Citation 1 a (new)
Citation 1 a (new)
— having regard to Articles 2 and 3 of the Treaty on European Union,
Amendment 21 #
2022/2062(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas the EIB eligibility list currently excludes equipment and infrastructure for military use; whereas investments for dual use are not excluded1a; _________________ 1a https://www.eib.org/en/publications/eib- eligibility-excluded-activities-and- excluded-sectors-list
Amendment 39 #
2022/2062(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Emphasises the importance of adherence to the rule of law in the European Union, as enshrined in the EU Treaty; invites the EIB to align its activities with the Rule of Law conditionality mechanism;
Amendment 54 #
2022/2062(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Welcomes the EIB Strategic European Security Initiative (SESI), which will make available up to 6 billion euros by 2027 for dual-use research, RDI, civilian security infrastructure and cutting-edge technology projects;
Amendment 56 #
2022/2062(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Welcomes the fact that the EIB supports and, in line with the Operational Plan for 2023-2025, will continue to support the EU defence industry and joint procurement on the basis of the dual-use principle; regrets that bank financing for the defence industry has been significantly hampered in recent years and calls on the EIB to close the emerging gap in the interest of a sustainable defence capability;
Amendment 58 #
2022/2062(INI)
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
Amendment 59 #
2022/2062(INI)
Motion for a resolution
Paragraph 10 c (new)
Paragraph 10 c (new)
10 c. Regrets the exclusion of ammunition, weapons, equipment and infrastructure for military use from the list of eligible investments, given that investment in these areas is critical in order to sustain European security; considers that any military product is not unethical in and of itself and that its use should always be aligned with international law; calls on the EIB to include investments in defence products and activities in its eligibility list;
Amendment 67 #
2022/2062(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Welcomes the fact that in 2022, the EIB provided financing amounting to a total investment of EUR 16.35 billion for SMEs and mid-caps; calls on the EIB to reflect on ways to facilitate its support to SME's further, especially for smaller financing projects;
Amendment 115 #
2022/2062(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Welcomes the fact that EIB Global supported EUR 9.1 billion in global investment outside the EU in 2022; expects EIB investments in non-EU countries to be fully aligned with EU and EU external action policies and objectives;
Amendment 117 #
2022/2062(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Considers that the EIB should contribute to the EU’s objective of enhancing its strategic autonomy; welcomes in this regard the launch of the Global Gateway Fund, which will principally support investments in infrastructure and SME's;
Amendment 11 #
2022/2061(INI)
Motion for a resolution
Citation 27
Citation 27
Amendment 12 #
2022/2061(INI)
Motion for a resolution
Citation 28
Citation 28
Amendment 47 #
2022/2061(INI)
Motion for a resolution
Recital F
Recital F
F. whereas the role of the banking sector is crucial to the recovery from recent crises, especially to SMEs, and to the transition to a sustainable economy;
Amendment 66 #
2022/2061(INI)
Motion for a resolution
Recital I
Recital I
I. whereas ensuring high-level and equal protection of all investors and depositors is at the core of the BU and the Capital Markets Union;
Amendment 76 #
2022/2061(INI)
Motion for a resolution
Recital J
Recital J
J. whereas not only completing the BU willis required to break the sovereign-bank doom loop but, above all, a revision of the regulatory treatment of banks' sovereign exposures;
Amendment 105 #
2022/2061(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that the EU should fairly and fully implement the Basel III reform in a timely mannerarget- oriented manner allowing for a sufficient implementation phase for banks; highlights that additional topics should not be introduced at this stage of the negotiations;
Amendment 120 #
2022/2061(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. NotWelcomes that the ECB has decided to raise its main interest rates from 0 % to 2 % for the main refinancing operation rate;
Amendment 140 #
2022/2061(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. WelcomeFollows the ongoing work by the ECB on the digital euro with utmost interest; looks forward to the Commission’s legislative proposal and the ECB Governing Council’s decision on the digital euro;
Amendment 175 #
2022/2061(INI)
9. Notes that since the beginning of 2022, the Common Equity Tier 1 ratio of SSM banks has decreased to 14.96 % and the liquidity coverage ratio has also decreased to 164.36 %5 ; welcomes that the stock of non-performing loans in banks’ balance sheets has continued to decrease, while differences between different Member States remain high; underlines that banks should keep sufficient capital and liquid assets on hand to cope with the economic repercussions of the Russian war; _________________ 5 ECB, ‘Publication of supervisory data’, accessed 15 December 2022.
Amendment 196 #
2022/2061(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Notes that banks’ exposures to domestic sovereign debt remain high; recalls that one of the main objectives of the BU is to break the link between bank and sovereign risks, and that one thing in particular required to achieve this is a stronger risk-pricing of sovereign bonds into banking regulation;
Amendment 206 #
2022/2061(INI)
12. Highlights that banks have a crucial role to play in enabling the transition towards a sustainable economy; calls for environmental, social and governance (ESG) risks to be included in the prudential frameworkstresses, that the financing of this transition, especially regarding SMEs, should not be jeopardised by overly restrictive regulation and reporting standards;
Amendment 233 #
2022/2061(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that crypto-assets create new challenges for banksand opportunities within the financial system; welcomes the forthcoming adoption of the regulation on markets in Crypto-assets in this regard;
Amendment 242 #
2022/2061(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16 a. Points out the necessity to ensure conformity between horizontal measures and financial market regulation particularly with regard to cyber security and digital policies to avoid duplication and bureaucratic burden;
Amendment 252 #
2022/2061(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Takes note of the SRB’s work programme for 2023; emphasises that the Single Resolution Fund should be fully filled up and that allthe relevant banks should be fully resolvable by the end of 2023; notes that further progress is needed by all banks;
Amendment 262 #
2022/2061(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Points out the need to address the loopholes identified in the resolution framework; asks that the public interest assessment be further specified and harmonised; calls for greater harmonisation of the treatment of small and medium-size banks;, whereby resolution should be guided by the 'other systemically important institutions' classification (O- SII) pursuant to CRD Article 131. stresses that the resolution framework and State aid rules should be consistent;
Amendment 263 #
2022/2061(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Points out the need to address the loopholes identified in the resolution framework; asks that the public interest assessment be further specified and harmonised; calls for greater harmonisation of the treatment of small and medium-size banks while taking due account of the specificities in national banking sectors; stresses that the resolution framework and State aid rules should be consistent;
Amendment 268 #
2022/2061(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Calls on the Commission to put forward an ambitious and comprehensive review of the crisis management and deposit insurance framework; points out that this review must take account of the specificities of national banking sectors, with a view to, inter alia, maintaining a functioning framework for the institutional protection schemes for the implementation of preventive measures; recalls that protecting taxpayer money is one of the main objectives of the resolution framework;
Amendment 271 #
2022/2061(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Calls on the Commission to put forward an ambitious and comprehensive review of the crisis management and deposit insurance framework; recalls that protecting taxpayer money is one of the main objectives of the resolution framework and that losses should primarily be borne by shareholders and creditors;
Amendment 279 #
2022/2061(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Regrets that the BU is still incomplete owing to the absence of an EDIS; recognises that the EDIS would improve protection for depositors in the EU; recalls that the EDIS is the most tangible; takes note of the on-going discussion of risk-sharing mechanisms such as CMDI and EDIS; calls for an elxement of the BU for EU citizens; considers that the EDIS would provide an additional safeguard to host Member States and could therefore contribute to addressing home/host issuesption for banks that already have a well-established institutional protection scheme;
Amendment 280 #
2022/2061(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Regrets that the BU is still incomplete owing to the absence of an EDIS; recognises that the EDIS would improve protection for depositors in the EU; recalls that the EDIS is the most tangible element of the BU for EU citizens; considers that the EDIS would provide an additional safeguard to host Member States and could therefore contribute to addressing home/host issuecognises that with the transposition of Directive 2014/49/EU in the Member States, protection for depositors in the EU has been improved and harmonised and an equivalent level of protection of EUR 100 000 implemented; recalls that a further shift away from the proportionality principle fuels mistrust among EU citizens in the BU and the protection of their deposits;
Amendment 281 #
2022/2061(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Regrets that the BU is still incomplete owing to the absence of an EDIS; recognises that the EDIS would improve protection for depositors in the EU; recall; considers that bothe EDIS is the most tangible element of the BU for EU citizens; considers that the EDIS wand CMDI could provide an additional safeguard to host Member States and could therefore contribute to addressing home/host issues;
Amendment 291 #
2022/2061(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Acknowledges the progress made regarding the reduction of risks in the banking sector; calls for a risk sharing mechanism, while continuing the risk reduction trend;stresses that reducing risk to a similarly low level is a prerequisite for risk-sharing.
Amendment 292 #
2022/2061(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Acknowledges the progress made regarding the reduction of risks in the banking sector; calls for a risk sharing mechanism, while continuing the risk reduction trendfair and incentive-compatible risk sharing mechanism as soon as the risk level in all EU countries is comparable;
Amendment 297 #
2022/2061(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
Amendment 299 #
2022/2061(INI)
Motion for a resolution
Paragraph 24 b (new)
Paragraph 24 b (new)
24 b. Recognises risk reduction as a precondition for the establishment of risk- sharing mechanisms such as EDIS;
Amendment 302 #
2022/2061(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Points out that any EDISuropean deposit insurance should take into account clear rules for the participation of non- euro-area Member States;
Amendment 307 #
2022/2061(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. WelcomAcknowledges the statement by the negotiation team announcingcalling for the reopening of discussions on the EDIS at Parliamentwhile respecting the Council's decision to work on CMDI; calls for the co-legislators to reach an agreement on the file before the end of the legislative period;
Amendment 14 #
2022/2051(INL)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Calls to follow the principles of a social Market Economy, Subsidiarity, Intergenerational Fairness, proportionality, performance-based living standards and the Rule of Law;
Amendment 19 #
2022/2051(INL)
Draft opinion
Paragraph 2
Paragraph 2
2. Supports an economic governance framework that ensures stability, full employment, strategic and sustainable investments, democratic accountability and ownership, and fiscal policies and instruments to counteract shockintergenerational fairness, self-responsibility, fiscal policies and avoiding false incentives by rewarding wrong policies;
Amendment 23 #
2022/2051(INL)
Draft opinion
Paragraph 2
Paragraph 2
2. Supports an economic governance framework that ensures stability, full employment, strategic and sustainable investments, democratic accountability and ownership, and fiscal policies and instrumentthat allow the member states to counteract shocks;
Amendment 31 #
2022/2051(INL)
Draft opinion
Paragraph 3
Paragraph 3
Amendment 56 #
2022/2051(INL)
Draft opinion
Paragraph 4
Paragraph 4
4. Urges that the framework of the ECB’s accountability to Parliament be improved; Calls for a more comprehensive definistricter orientation ofat the price stability and the ways to achieve mary objective namely the price stability;
Amendment 77 #
2022/2051(INL)
Draft opinion
Paragraph 5
Paragraph 5
5. Underlines the numerous impediments to essential EU tax initiatives over the past decades; calls for gradual change that would allow QMV in certain tax questions;
Amendment 91 #
2022/2051(INL)
Draft opinion
Paragraph 6
Paragraph 6
6. Highlights the new challenges for Union’s competition policy, which require that the Treaty be amended to align it with the goals of the Green Deal and the pillar of social rights and supp through large international digital corporations; highlights the positive effects that SMEs have on the economy and society, and the necessity to have a level playing field fort the Union´s strategic autonomy in key sectorm; underlines the difficulties that overregulation brings especially for SMEs;
Amendment 62 #
2022/2048(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Points out that the EU’s response to the Russian war of aggression against Ukraine is a test of the effectiveness of the EU’s foreign, security and defence policy and of its role as a credible foreign policy player, a reliable international partner and a credible security and defence actor; notes that the response of the EU to this provocations is closely watched by many autocracies around the world and will have a decisive influence in shaping their behaviour on the international stage;
Amendment 75 #
2022/2048(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Underscores that the tectonic shift in the geopolitical landscape caused by the war in Ukraine and other international challenges, such as increasing Sino- Russian cooperation; calls for a swifter and more resolute implementation of the concept of strategic sovereignty and for a geopolitical awakening of the EU;
Amendment 94 #
2022/2048(INI)
Motion for a resolution
Paragraph 4 – indent 1
Paragraph 4 – indent 1
- redefining and strengthening the EU’s institutional and decision-making arrangements in foreign and security policy, by adopting qualified majority voting,
Amendment 98 #
2022/2048(INI)
Motion for a resolution
Paragraph 4 – indent 2
Paragraph 4 – indent 2
- putting the concept of strategic sovereignty into practice while reducing strategic dependencies with non- democratic regime,
Amendment 101 #
2022/2048(INI)
Motion for a resolution
Paragraph 4 – indent 3
Paragraph 4 – indent 3
- building strategic partnerships for a better world with democratic like-minded partners and consolidating the transatlantic alliance,
Amendment 127 #
2022/2048(INI)
Motion for a resolution
Paragraph 6 – point a
Paragraph 6 – point a
(a) switching progressivelyas soon as possible to qualified majority voting for decisions in areas of the CFSP that do not have military or defence implications, as well as for other EU external policy tools such as the EU Global Human Rights Sanctions Regime, by using the passerelle clauses provided for in the Treaties;
Amendment 133 #
2022/2048(INI)
Motion for a resolution
Paragraph 6 – point a – point i (new)
Paragraph 6 – point a – point i (new)
i) Strive to achieve a genuine military and defence union that is interoperable and complementary to the NATO Alliance and that can act independently when needed;
Amendment 193 #
2022/2048(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Welcomes the shift in the Member States’ approaches, moving towards creating more EU strategic sovereignty by adopting the Versailles Declaration of 11 March 2022 and the Strategic Compass on 21 March 2022, which highlight the need to strengthen EU defence capabilities and to contribute positively to global and transatlantic security, in close collaboration and complementarity with NATO;
Amendment 235 #
2022/2048(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Stresses that further cooperation with democratic partners is needed to secure the strategic resources used in the manufacturing of batteries, chips, semiconductors and other critical technologies and to decrease dependencies on non-democratic regimes for the supply of these resources;
Amendment 301 #
2022/2048(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Takes note of the outcome of the EU-China Summit, and is deeply concerned by the outcome of the 20th National Congress of the Chinese Communist Party that highlights Xi Jinping’s geopolitical ambitions; reiterates its requests for a renewed and more assertive EU-China strategy; underscores the necessity of ensuring that any support to Russia’s war in Ukraine and any circumvention of the effects of the sanctions against Russia by China must have consequences for its relations with the EU;
Amendment 322 #
2022/2048(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls on the Commission and the VP/HR to establish strategic cooperation with Taiwan; calls on all competent EU institutions to urgently elaborate a scenario-based strategy for tackling security challenges in Taiwan;
Amendment 340 #
2022/2048(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls for a stronger partnership between the EU and Japan in the Indo- Pacific, in connectivity, R&D, frontier technologies, and resource analysis/mapping and in defending the multilateral rules-based order;
Amendment 355 #
2022/2048(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Points out that relations with India are increasingly important and are deepening through the ongoing trade negotiations; stresses that EU-India cooperation should be expanded;
Amendment 502 #
2022/2048(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Highlights the specific contribution of the European Parliament to the EU’s foreign and security policy through its parliamentary diplomacy assets; calls for the establishment of a fully-fledged Security and Defence Committee and for closer Parliamentary scrutiny on matters of strategic relevance in European foreign affairs;
Amendment 10 #
2022/2037(INI)
Motion for a resolution
Citation 10
Citation 10
— having regard to Articles 123(1), 125, 127(1) and (2), 130, 282(2) and 284(3) of the Treaty on the Functioning of the European Union,
Amendment 34 #
2022/2037(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas the primary objective of the ECB is to maintain price stability, which it has defined as 2% inflation over the medium term;
Amendment 37 #
2022/2037(INI)
Motion for a resolution
Recital C b (new)
Recital C b (new)
C b. whereas the ECB is politically independent, so that neither EU institutions and agencies, nor governments of the Members States, shall seek to influence the ECB;
Amendment 60 #
2022/2037(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Expresses its deep concern about the historically high and increasing levels of inflation throughout the eurozone; recalls that the ECB is the institution responsible for maintaining price stability;
Amendment 64 #
2022/2037(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Highlights that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate; stresses that this independence must remain untouched at all times; emphasises that this independence requires the ECB to refrain from taking political decisions;
Amendment 70 #
2022/2037(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Welcomes the Republic of Croatia as the 20th member country of the euro area; stresses that participation in the monetary union comes with the responsibilities enshrined in the Stability and Growth Pact;
Amendment 89 #
2022/2037(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
Amendment 93 #
2022/2037(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. WelcomNotes President Lagarde’s statement that the current geopolitical crisis requires us to progress on EU fiscal integration; recalls that the Economic and Monetary Union cannot function smoothly without a fiscal capacity at European levelrequires solid fiscal policies in Member States in order to be able to respond to external shocks;
Amendment 101 #
2022/2037(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 122 #
2022/2037(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Takes note ofWelcomes recent ECB monetary policy decisions to raise rates by 50 and 75 basis points in July and September 2022; is concerned about the implications of such policy decisions for growth and employment; notes that inflation is currently much higher than the ECB’s target rate of 2%; encourages the ECB to take all measures necessary to bring inflation back to its target level; regrets in this regard that monetary policy is still accommodative;
Amendment 124 #
2022/2037(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Takes note ofWelcomes recent ECB monetary policy decisions to raise rates by 50 and 75 basis points in July and September 2022; is concerned about the implications of such policy decisions for growth and employmentstresses that further measures must be taken to respond to the rising inflation;
Amendment 138 #
2022/2037(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Observes that there is little evidence that rising inflation is spurring a wage-price spiral, not least given the extent of wage restraint in recent yearsWarns of a wage-price spiral when inflation expectations and therefore wages are increasing extensively;
Amendment 159 #
2022/2037(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. WelcomeRegrets the ECB’s decision not to engage in quantitative tightening; stresses that quantitative easing amounts economically to monetary financing, which is prohibited by article 123(1) TFEU, if the ECB does not shrink back its balance sheet;
Amendment 161 #
2022/2037(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. WelcomesIs alarmed by the ECB’s decision not to engage in quantitative tightening;
Amendment 168 #
2022/2037(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; notesis alarmed by the ECB’s decision on 15 June 2022 to apply flexibility in reinvesting redemptions that are due under the pandemic emergency purchase programme; welcomes the launch of the Transmission Protection Instrument to support the effective transmission of monetary policy across the euro area; insists that the ECB has to follow the market neutrality principle;
Amendment 170 #
2022/2037(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; notes the ECB’s decision on 15 June 2022 to apply flexibility in reinvesting redemptions that are due under the pandemic emergency purchase programme; welcomes the launch of the Transmission Protection Instrument to support the effective transmission of monetary policy across the euro area;
Amendment 177 #
2022/2037(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12 a. Regrets the launch of the Transmission Protection Instrument; calls on the ECB to respect the spirit of the prohibition of monetary financing; calls on the ECB to respect the capital key when executing its monetary operations in order to prevent uneven financial support to Member States;
Amendment 180 #
2022/2037(INI)
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12 b. Stresses that diverging interest rates in the eurozone are the result of increasing risk premia on government bonds in some Member States; stresses that the Transmission Protection Instrument would merely conceal the symptoms of loose fiscal policy; calls on Member States to conduct fiscally responsible fiscal policies and reduce their debt to sustainable levels;
Amendment 198 #
2022/2037(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Recalls that the Treaty on the Functioning of the European Union requiresstates that the ECB toshall support the general economic policies of the Union, without prejudice to its primary objective of maintaining price stability;
Amendment 204 #
2022/2037(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 207 #
2022/2037(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. CRecalls on the ECB to coordinate with the European Parliament to specify the secondary objectives; suggests taking advantage of this resolution to specify and prioritise the policy areas where the ECB is expected to deliver onthat according to Article 127 TFEU, the secondary objectives are "without prejudice to the objective of price stability"; and reminds that price stability its secondary objectivesfar from being reached;
Amendment 218 #
2022/2037(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Considers high levels of sustainable growth and investment to be key economic goals; calls on the ECB to consider how its monetary policy stance will impact thostresses that these objectives are best achieved when the free market operates in a stable macroeconomic environment based objectin predictable price levels;
Amendment 226 #
2022/2037(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Underlines the pivotal role of small and medium-sized enterprises (SMEs) in the EU’s economy and economic and social convergence and employment; is especially concerned about the effect that the COVID-19 pandemic and the Russian war of aggression in Ukraine have on SMEs;
Amendment 233 #
2022/2037(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Reaffirms that achieving the Union’s climate goals and ensuring a just transition are one of the top priorities of the EU’s general economic policies, which the ECB is expected to support through maintaining price stability and a stable macroeconomic environment that stimulates investment in clean technologies, as well as preventing distortions in the signalling function of prices that ensures an efficient allocation of resources;
Amendment 237 #
2022/2037(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Considers that the ECB should contribute to reducing inequality; calls on the ECB to ensure that the costs of its monetary policy operations are not disproportionately borne by lower income strata; invites the ECB to assess the effects of italls on the ECB to refrain from taking politically motivated decisions and stick to its mandate of maintaining price stability; stresses that overstepping this mandate touches monetary policy decisions on employment the political independence of the central bank;
Amendment 246 #
2022/2037(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Stresses that addressing the climate emergency and the euro area’s dependence on fossil fuels touches not only upon the ECB’s secondary mandate, but also its primary mandate, given the serious threat these issues pose tothe best way the ECB can contribute to mitigating climate change is to ensure price stability and a stable macroeconomic environment that encourages green investment; invites the ECB to assess to what extent climate change affects its ability to maintain price stability;
Amendment 256 #
2022/2037(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. WelcomNotes the Governing Council’s decision to take further steps to include climate change considerations in the Eurosystem’s monetary policy framework;
Amendment 263 #
2022/2037(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. WelcomNotes the ECB’s announcement to decarbonise its corporate bond holdings; calls for the ‘tilting’ of the ECB’s portfolio to be swift rather than gradual; stresses that the ECB’s asset purchasing programs constitute unconventional monetary policy which should be employed during unprecedented economic circumstances only; stresses furthermore that these holdings are a by-product of the past fight against low inflation and that making investments does not constitute an objective of monetary policy;
Amendment 265 #
2022/2037(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Welcomes the ECB’s announcement to decarbonise its corporate bond holdings; calls for the ‘tilting’ of the ECB’s portfolio to be swift rather than gradualtherefore on the reduction of the bond holdings;
Amendment 270 #
2022/2037(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 278 #
2022/2037(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. RegretNotes that the climate roadmap does not include greening of the ECB’s targeted long-term refinancing operations; stresses that providing cheap liquidity to financial institutions investing in brown activities works against the fight against inflation and is not consistent with the objectives of the Paris Agreementits independence requires refraining from taking political decisions such as diverging from the market neutrality principle; notes, furthermore, that the concept of market neutrality is related to the principle of an open market economy with free competition;
Amendment 286 #
2022/2037(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 302 #
2022/2037(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Welcomes the ECB climate risk stress test aimed at assessing the climate risk preparedness of the European banking sector; is concerned that the results published on 8 July 2022 show that banks do not have robust climate risk stress- testing frameworks and lack the relevant data; calls on the ECB to use all its available tools to ensure that banks take climate risk seriously in order to mitigate the financial risks resulting from climate change;
Amendment 326 #
2022/2037(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Welcomes the ECB’s progress on the digital euro project, as well as the dialogue with Parliament in this regard; looks forward to the Governing Council reaching a decision on launching the digital euro; insists that the digital Euro must not replace cash as means of payment;
Amendment 327 #
2022/2037(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Welcomes the ECB’s progress on the digital euro project, as well as the dialogue with Parliament in this regard; looks forward to the Governing Council reaching a decision on launching the digital euro; highlights the expected benefits such as efficiency gains and increased financial inclusion;
Amendment 331 #
2022/2037(INI)
Motion for a resolution
Paragraph 31 a (new)
Paragraph 31 a (new)
31 a. Calls on the ECB to take duly into account privacy concerns around the digital euro and stresses that its development should be in line with EU privacy standards;
Amendment 332 #
2022/2037(INI)
Motion for a resolution
Paragraph 31 a (new)
Paragraph 31 a (new)
31 a. Expresses concern about the steadily increasing divergence of TARGET2 balances within the ESCB; notes that the interpretation of these divergences is contested;
Amendment 334 #
2022/2037(INI)
Motion for a resolution
Paragraph 31 b (new)
Paragraph 31 b (new)
31 b. Warns against the increased ability for the ECB to impose negative interest rates on digital euro accounts held at the central bank; insists that the digital euro will serve as complementary to physical cash and that it should not replace cash entirely;
Amendment 335 #
2022/2037(INI)
Motion for a resolution
Paragraph 31 b (new)
Paragraph 31 b (new)
31 b. Reminds the ECB that Cash Payments are still a very important form of payments, and that it should not further reduce the amount of denominations in circulation;
Amendment 338 #
2022/2037(INI)
Motion for a resolution
Paragraph 31 c (new)
Paragraph 31 c (new)
Amendment 340 #
2022/2037(INI)
Motion for a resolution
Paragraph 31 c (new)
Paragraph 31 c (new)
31 c. Strongly regrets the ECB’s decision to involve Amazon in testing prototype interfaces for a digital euro; stresses that Amazon is a potential competitor in this field and that it should therefore not be placed in such a position, especially since Amazon does not receive any monetary compensation for this assignment; stresses furthermore that outsourcing the digital euro infrastructure to a US tech company weakens the EU's strategic autonomy;
Amendment 341 #
2022/2037(INI)
Motion for a resolution
Paragraph 31 d (new)
Paragraph 31 d (new)
31 d. Welcomes the ECB’s achievement to lower its carbon emissions by 10.7% between 2020 and 2021; encourages the ECB to continue its steps to reduce its carbon emissions further by 46.2% (relative to 2019 levels) by 2030;
Amendment 342 #
2022/2037(INI)
Motion for a resolution
Paragraph 31 e (new)
Paragraph 31 e (new)
31 e. Supports the aim of the ECB to increase female representation by encouraging women to advance in this field; therefore welcomes initiatives such as the ECB Women in Economics Scholarship;
Amendment 45 #
2022/2006(INI)
Motion for a resolution
Recital F
Recital F
F. whereas the post-pandemic economic recovery requires the fast and efficient implementation of the temporary Recovery and Resilience Facility (RRF); whereas all recovery and resilience plans should address each of the six pillars and the general and specific objectives of the RRF Regulation and respect its horizontal principles;
Amendment 49 #
2022/2006(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas the RRF Regulation stipulates that the debt issued to finance the Recovery and Resilience Fund is to be repaid by 2058, in a manner that ensures the steady and predictable reduction of liabilities;
Amendment 59 #
2022/2006(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes that the European economy is recovering faster than expected from the devastating impact of the global pandemic; underlines the crucial importance that timely policy interventions have played and will continue to play in mitigating the impact of the pandemic on the European economy; recalls fiscal consolidation and a sound and sane economy for future investments as the underlying reason behind establishing the RRF;
Amendment 68 #
2022/2006(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Is concerned about emerging new variants, localised pandemic lockdowns, increased energy prices, inflationary pressure and the interest rate increases by the ECB to be expected as a result, supply-side disruptions and emerging labour shortages; notes that these risks could hamper economic growth prospects in the coming months and delay the transition to a more sustainable and future- proof economy;
Amendment 85 #
2022/2006(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recognises that the crisis triggered by the COVID-19 pandemic has been especially severe for enterprises, mostly small and medium-sized enterprises (SMEs), in tourism, hospitality and culture; recognises the notion of European solidarity underpinning the establishment of the RRFthis must be taken into account by the Member States while spending the funds to truly alleviate the impact on citizens of the pandemic-induced economic crisis;
Amendment 91 #
2022/2006(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recognises that the crisis triggered by the COVID-19 pandemic has been especially severe for enterprises, mostly small and medium-sized enterprises (SMEs), in tourism, hospitality and, culture and sport; recognises the notion of European solidarity underpinning the establishment of the RRF;
Amendment 100 #
2022/2006(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Points out that not only the successful roll- out of the RRF will help to make EU economies and societies more sustainable, inclusive, resilient and better prepared for the green and digital transitions; but also an efficient and transparent monitoring of the national plans which ensures that funds are used to modernise member state economies;
Amendment 112 #
2022/2006(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes that the general escape clause of the Stability and Growth Pact will continue to be applied in 2022 and iappreciates its expected to be deactivated as of 2023ion in 2023 the latest;
Amendment 113 #
2022/2006(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes that the general escape clause of the Stability and Growth Pact will continue to be applied in 2022 and is expected towill be deactivated as of 2023 at the latest;
Amendment 124 #
2022/2006(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that the review of the EU’s economic governance framework is necessary; agrees with the European Fiscal Board on the importance of having a clear pathway towards a reviewed fiscal framework, preferably prior to the deactivation of the general escape clauseMaastricht criteria should continue to be valid and applicable, and should still serve as a point of reference for the EU and the euro area;
Amendment 125 #
2022/2006(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that the review of the EU’s economic governance framework is necessary; agrees with the European Fiscal Board on the importance of having a clear pathway towards a reviewed fiscal framework, preferably prior to the deactivation of the general escape clause however this must not be a condition for its deactivation;
Amendment 130 #
2022/2006(INI)
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Calls on the Commission to ensure compliance of the Member States with the rules of the fiscal pact and make it a condition for accessing cohesion funds;
Amendment 131 #
2022/2006(INI)
Motion for a resolution
Paragraph 7 c (new)
Paragraph 7 c (new)
7c. Suggests automatic sanctions against member states that persistently violate the principles of public budget management, including non-financial sanctions, such as the suspension of the right to vote in the Council of Economics and Finance Ministers;
Amendment 146 #
2022/2006(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Reiterates its stance that a proper and credible economic governance framework is a necessary requirement for sustainable fiscal policies, debt and deficit trajectories ensuring credible paths of debt reduction; stresses the importance of a sustainable debt level for the real economy;
Amendment 156 #
2022/2006(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Notes that the Commission, the President of the Council and the President of the Eurogroup should regularly appear before the competent Committee of the European Parliament to provide information and exchange views on the latest economic and political events;
Amendment 195 #
2022/2006(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Recalls that Member States, in their recovery and resilience plans, are required to effectively address all challenges identified in the relevant CSRs, including the fiscal aspects thereof; encourages the European Commission to make sure that this requirement is adhered to when scrutinising the RRPs and their implementation;
Amendment 200 #
2022/2006(INI)
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Asks the Commission to thoroughly assess the arrangements proposed by the Member States to prevent, detect and correct corruption, fraud and conflicts of interest when using the funds provided under the RRF and to give a particular attention in this context that the national plans include all necessary reforms, together with relevant milestones and targets, in particular related to the relevant CSRs, where appropriate;
Amendment 202 #
2022/2006(INI)
Motion for a resolution
Paragraph 10 c (new)
Paragraph 10 c (new)
10c. urges the Commission to monitor very carefully the risks to EU financial interests in the implementation of the RRF of any breach or potential breach of the principles of the rule of law, with a detailed and in particular attention to public procurement; expects the Commission not to proceed with any payments under the RRF if milestones linked to measures to prevent, detect and correct corruption, fraud and conflicts of interest when using the funds provided under the RFF are not met;
Amendment 226 #
2022/2006(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Is concerned that the Commission identified macroeconomic vulnerabilities related to imbalances and excessive imbalances in 12 Member States; is worried that the nature and source of Member States’ imbalances remain largely the same as before the pandemic and that the pandemic could also be exacerbating imbalances and economic divergences; highlights in this regards again the importance of a general compliance with the fiscal rules to either maintain or achieve a fiscal sustainability and consolidation; calls on the Member States to take advantage of the unprecedented opportunity provided by the RRF to significantly reduce existing macroeconomic imbalances, in particular by including ambitious reform measures in the national plans of all Member States; stresses that sound execution and close monitoring is essential to make full use of this opportunity;
Amendment 244 #
2022/2006(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Recognises the importance of the macroeconomic imbalance procedure in identifying, preventing and addressing macroeconomic imbalances in the EU; highlights that continuous monitoring and, vigilance and sanctions as a measure of last resort will be needed and that Member States should address emerging imbalances through reforms that enhance economic and social resilience and promote the digital transformation and green and just transitions;
Amendment 79 #
2022/0413(CNS)
Proposal for a directive
Recital 9
Recital 9
(9) At international level, the Organisation for Economic Co-operation and Development (OECD) Crypto-Asset Reporting Framework28 aims at introducing greater tax transparency on crypto-assets and its reporting. Union rules should take into account the framework developed by the OECD in order to increase effectiveness of information exchange and to reduce the administrative burden. Member States should use the Commentaries on the Model Competent Authority Agreement and the Crypto- Asset Reporting Framework, developed by the OECD, in order to ensure consistent implementation and application of this Directive. __________________ 28 https://www.oecd.org/tax/exchange-of- tax-information/crypto-asset-reporting- framework-and-amendments-to-the- common-reporting-standard.pdf
Amendment 87 #
2022/0413(CNS)
Proposal for a directive
Recital 14
Recital 14
(14) The Directive applies to crypto- assets service providers regulated by and authorised under Regulation XXX and to crypto-asset operators that are not. Both are referred to as reporting crypto-asset service providers as they are required to report under this Directive. The general understanding of what constitutes crypto- assets is very broad and includes those crypto-assets that have been issued in a decentralised manner, as well as stablecoins, including e-money tokens as defined in Regulation XXX, and certain non-fungible tokens (NFTs). Crypto-assets that are used for payment or investment purposes are reportable under this Directive. Therefore, reporting crypto-asset service providers should consider on a case-by-case basis whether crypto-assets can be used for payment and investment purposes, taking into account the exemptions provided in Regulation XXX, in particular in relation to a limited network and certain utility tokens..
Amendment 94 #
2022/0413(CNS)
Proposal for a directive
Recital 26
Recital 26
(26) It is crucial to reinforce the provisions of Directive 2011/16/EU concerning the information to be reported or exchanged to adapt to new developments of different markets and consequently effectively tackle identified conducts for tax fraud, tax avoidance and tax evasion. Those provisions should reflect the developments observed in the internal market and at international level leading to an effective reporting and exchange of information. Consequently, the Directive includes among others the latest additions to the Common Reporting Standard of the OECD, the integration of e-money and central bank digital currency provisions, a clear and harmonised framework for compliance measures, and the extension of the scope of cross-border rulings to high net worth individuals. Member States should use the Commentaries on the Model Competent Authority Agreement and the Common Reporting Standard, developed by the OECD, in order to ensure consistent implementation and application of this Directive.
Amendment 100 #
2022/0413(CNS)
Proposal for a directive
Recital 29
Recital 29
(29) The Tax Identification Number (‘TIN’) is essential for Member States to match information received with data present in national databases. It increases Member States’ capability of identifying the relevant taxpayers and correctly assessing the related taxes. Therefore, it is important that Member States require that TIN is indicated in the context of exchanges related to financial accounts, advance cross-border rulings and advance pricing agreements, country-by-country reports, reportable cross-border arrangements, and information on sellers on digital platforms and crypto-assets. However, when the TIN is not available, such an obligation may not be fulfilled by the competent authorities of Member States .
Amendment 105 #
2022/0413(CNS)
Proposal for a directive
Recital 35 a (new)
Recital 35 a (new)
(35a) Information acquired through the reporting or the exchange of information under Directive 2011/16/EU should be effectively used by each Member State. Therefore, a mechanism ensuring effective use, including risk analysis of the data, should be introduced in each Member State.
Amendment 111 #
2022/0413(CNS)
Proposal for a directive
Recital 39
Recital 39
(39) In order to ensure compliance witha proper enforcement of the rules under theis Directive 2011/16/EU, Member States should lay down the rules on penalties, and other compliance measures that should be effective, proportionate and dissuasive. Each Member State should apply those rules in accordance with their national laws and the provisions set forth in this Directpplicable to infringements of national provisions on mandatory exchange of information reported by crypto-asset service providers, that should be effective, proportionate and dissuasive.
Amendment 113 #
2022/0413(CNS)
Proposal for a directive
Recital 40
Recital 40
Amendment 116 #
2022/0413(CNS)
Proposal for a directive
Recital 41
Recital 41
Amendment 119 #
2022/0413(CNS)
Proposal for a directive
Recital 42 a (new)
Recital 42 a (new)
(42a) Following the judgment of the Court of Justice of the European Union in Case C-694/20, Directive 2011/16/EU should be amended in such a manner that its provisions do not have the effect of requiring a lawyer acting as an intermediary, where he or she is exempt from the reporting obligation, on account of the legal professional privilege by which he or she is bound, to notify any other intermediary who is not his or her client of that intermediary’s reporting obligations while preserving the obligation of intermediaries to notify without delay his or her client of his or her reporting obligations.
Amendment 120 #
2022/0413(CNS)
Proposal for a directive
Recital 44 a (new)
Recital 44 a (new)
(44a) International data exchange for tax purposes constitutes a necessary instrument to fight tax fraud in a globalized world. Given that there is an EU-wide standard for personal data protection, uniform rules regarding exchanges with third countries and ensuring data protection in international exchanges of tax information, both by the transferring Member States and by the receiving jurisdiction, should be established.
Amendment 154 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 3 a (new)
Article 1 – paragraph 1 – point 3 a (new)
Directive 2011/16/EU
Article 8ab – paragraph 5 – subparagraph 1
Article 8ab – paragraph 5 – subparagraph 1
(3a) in Article 8ab, paragraph 5, the first subparagraph is replaced by the following: "5. Each Member State may take the necessary measures to give intermediaries the right to a waiver from filing information on a reportable cross-border arrangement where the reporting obligation would breach the legal professional privilege under the national law of that Member State. In such circumstances, each Member State shall take the necessary measures to require any intermediaries to notify, without delay, any othery that has been granted a waiver to notify, without delay, his or her client, if such client is an intermediary or, if there is no such intermediary, if such client is the relevant taxpayer, of their reporting obligations under paragraph 6. " Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02011L0016-20230101)
Amendment 161 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2011/16/EU
Article 8ad – paragraph 4 a (new)
Article 8ad – paragraph 4 a (new)
4a. The Commission shall not have access to information referred to in points (a) and (b) of paragraph 3 of this Article.
Amendment 164 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2011/16/EU
Article 8ad – paragraph 6
Article 8ad – paragraph 6
Amendment 182 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 7 – point c
Article 1 – paragraph 1 – point 7 – point c
Directive 2011/16/EU
Article 16 – paragraph 7
Article 16 – paragraph 7
7. The competent authority of each Member State shall put in place an effective mechanism to ensure the assessmentuse of data acquired through the reporting or the exchange of information under Articles 8 to 8ad within the scope of this Directive as well as to put in place procedures for the systematic risk analysis of the data.;
Amendment 185 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 9 – point a
Article 1 – paragraph 1 – point 9 – point a
Directive 2011/16/EU
Article 21 – paragraph 5a – subparagraph 2
Article 21 – paragraph 5a – subparagraph 2
The competent authorities of all Member States shall have access to the information recorded in that directory. The Commission shall alsoOn information communicated according to Article 8ad(2) and (3), the competent authority of a Member State shall, however, have access to theonly to information recorded in that directory for the purposes of complying wiconcerning persons resident in that Member State. The Commission shall also have access to the its obligations under this Dnformation recorded in that directiveory, however with the limitations set out in Article 8a(8), Article 8ab(17) and Article 8ad(8), and only for the purpose of collecting statistics. The necessary practical arrangements shall be adopted by the Commission in accordance with the procedure referred to in Article 26(2).
Amendment 191 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Directive 2011/16/EU
Article 23 – paragraph 3
Article 23 – paragraph 3
3. Member States shall communicate to the Commission a yearly assessment ofassess the effectiveness of the automatic exchange of information referred to in Articles 8 to 8ad as well as the practical results achieved, including in combatting tax evasion and tax avoidance, and shall inform the Commission once a year. The Commission shall, by means of implementing acts, adopt the form and the conditions of communication for that yearly assessment. Those implementing acts shall be adopted in accordance with the procedure referred to in Article 26(2). The Commission shall also examine and evaluate the compliance cost that can result from a possible over-reporting situation.
Amendment 197 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 11 a (new)
Article 1 – paragraph 1 – point 11 a (new)
Directive 2011/16/EU
Article 24 – paragraph 2 a (new) and 2 b (new)
Article 24 – paragraph 2 a (new) and 2 b (new)
(11a) In Article 24, the following paragraphs 2a and 2b are added: "Article 24 Exchange of information with third countries 2a. The processing of personal data for the purposes of the exchange of tax relevant information with third countries, based on an international agreement, shall be deemed of public interest under Regulation (EU) 2016/679 of the European Parliament and of the Council. 2b. In case of an automatic exchange, Member States shall ensure that the level of protection of natural persons guaranteed by Regulation (EU) 2016/679 is not undermined. "
Amendment 198 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2011/16/EU
Article 25a – title
Article 25a – title
Article 25a Penalties and other compliance measures
Amendment 200 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2011/16/EU
Article 25a – paragraph 1
Article 25a – paragraph 1
1. Member States shall lay down rules on penalties applicable to infringements of national provisions adopted pursuant to this Directive and concerning Article 8(3a), Articles 8aa to 8ad and shall take all necessary measures to ensure that they are implemented and enforced. Penalties and compliance measures provided for shall be effective, proportionate and dissuasive.
Amendment 204 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2011/16/EU
Article 25a – paragraph 2
Article 25a – paragraph 2
Amendment 207 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2011/16/EU
Article 25a – paragraph 3
Article 25a – paragraph 3
Amendment 224 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2011/16/EU
Article 25a – paragraph 4
Article 25a – paragraph 4
Amendment 228 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2011/16/EU
Article 25a – paragraph 5
Article 25a – paragraph 5
Amendment 229 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2011/16/EU
Article 25a – paragraph 6
Article 25a – paragraph 6
Amendment 235 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 15
Article 1 – paragraph 1 – point 15
Directive 2011/16/EU
Article 27c – paragraph 1
Article 27c – paragraph 1
For taxable periods starting on or after 1 January 2026, Member States shall ensure that the TIN of reported individuals or entities issued by the Member State of residence, where available, is included in the communication of the information referred to in Article 8(1) and (3a), Article 8a(6), Article 8aa(3), Article 8ab(14), Article 8ac(2) and Article 8ad(3). The TIN shall be provided even when it is not specifically required by those Articles.
Amendment 243 #
2022/0413(CNS)
Proposal for a directive
Annex III
Annex III
Directive 2011/16/EU
Annex VI – Section I – point A – subparagraph 1
Annex VI – Section I – point A – subparagraph 1
1. an Entity authorised under Regulation XX;in accordance with Article 63 of Regulation XXX or allowed to provide Crypto-Asset Services following a notification to a Member State in accordance with Article 60 of Regulation XXX; or not an Entity authorised by a Member State in accordance with Article 63 of Regulation XXX or allowed to provide Crypto-Asset Services following a notification to a Member State in accordance with Article 60 of Regulation XXX, and it is:
Amendment 246 #
2022/0413(CNS)
Proposal for a directive
Annex III
Annex III
Directive 2011/16/EU
Annex VI – Section II – point B a (new)
Annex VI – Section II – point B a (new)
Ba. Notwithstanding subparagraph A(1), the place of birth is not required to be reported unless the Reporting Crypto- Asset Service Provider is otherwise required to obtain and report it under domestic law.
Amendment 247 #
2022/0413(CNS)
Proposal for a directive
Annex III
Annex III
Directive 2011/16/EU
Annex VI – Section II – point C
Annex VI – Section II – point C
C. The information listed in paragraph 3 shall be reported by 31 January0 September of the calendar year following the year to which the information relates. The first information shall be reported for the relevant calendar year or other appropriate reporting period as from 1 January 2026.
Amendment 249 #
2022/0413(CNS)
Proposal for a directive
Annex III
Annex III
Directive 2011/16/EU
Annex VI – Section IV – point A – subparagraph 5
Annex VI – Section IV – point A – subparagraph 5
5. For the purposes of this Directive, ‘Electronic Money’ or ‘E-money’ means Electronic Money or E-money as is defined in Directive 2009/110/EC. For the purposes of this Directive, tany Crypto-Asset that is: (a) a digital representation of a single Fiat Currency; (b) issued on the receipt of funds for the purpose of making payment transactions; (c) represented by a claim on the issuer denominated in the same Fiat Currency; (d) accepted in payment by a natural or legal person other than the issuer; and (e) by virtue of regulatory requirements to which the issuer is subject, redeemable at any time and at par value for the same Fiat Currency upon request of the holder of the product. The term ‘Electronic money’ or ‘E-money’ does not include a product created for the sole purpose of facilitating the transfer of funds from a customer to another person pursuant to instructions of the customer. A product is not created for the sole purpose of facilitating the transfer of funds if, in the ordinary course of business of the transferring Entity, either the funds connected with such product are held longer than 60 days after receipt of instructions to facilitate the transfer, or, if no instructions are received, the funds connected with such product are held longer than 60 days after receipt of the funds.
Amendment 250 #
2022/0413(CNS)
Proposal for a directive
Annex III
Annex III
Directive 2011/16/EU
Annex VI – Section IV – point A – subparagraph 6
Annex VI – Section IV – point A – subparagraph 6
Amendment 257 #
2022/0413(CNS)
Proposal for a directive
Annex III
Annex III
Directive 2011/16/EU
Annex VI – Section IV – point C – point 4
Annex VI – Section IV – point C – point 4
4. ‘Reportable Retail Payment Transaction’ means a Transfer of Reportable Crypto-Assets in consideration of goods or services for a value exceeding EURUSD 50 000 (or the equivalent amount in any other currency).
Amendment 47 #
2022/0408(COD)
Proposal for a directive
Recital 3
Recital 3
(3) Insolvency proceedings ensure the orderly winding down or restructuring of companies or entrepreneurs in financial and economic distress. These proceedings are key in financial investments, as they determine the final recovery value of such investments. Diverging rules among Member States have contributed to increasing legal uncertainty and unpredictability about insolvency proceedings’ outcome, so raising barriers especially for cross-border investments in the internal market. This uncertainty acts as a disincentive which obstructs the freedom of establishment of undertakings and the willingness to entrepreneurship thus harming the proper functioning of the internal market. Small and medium- sized enterprises, in particular, often lack the necessary resources to assess risks related to cross-border activities. Large divergences in recovery value and time required to complete insolvency proceedings across the Union have negative repercussions on cost predictability for creditors and investors in cross-border situations in the internal market.
Amendment 50 #
2022/0408(COD)
Proposal for a directive
Recital 4
Recital 4
(4) The integration of the internal market in the area of insolvency laws pursued by this Directive is a key tool for a more efficient functioning of the capital markets in the European Union, including greater access to corporate financing, while also preventing the build-up of non- performing loans (NPL). Therefore, it is necessary to set out minimum requirements in targeted areas of national insolvency proceedings, which have a significant impact on the efficiency and length of such proceedings, especially on cross-border insolvency proceedings.
Amendment 71 #
2022/0408(COD)
Proposal for a directive
Article 6 – paragraph 2 – subparagraph 1 – point b
Article 6 – paragraph 2 – subparagraph 1 – point b
(b) that creditor knew, or should have known, that the debtor was unable to pay its mature debts or that a request for the opening of insolvency proceedings has been submitted.
Amendment 75 #
2022/0408(COD)
Proposal for a directive
Article 8 – paragraph 1 – subparagraph 1 – point b
Article 8 – paragraph 1 – subparagraph 1 – point b
(b) the other party to the legal act knew or should have known of the debtor’s intent to cause a detriment to the general body of creditors.
Amendment 91 #
2022/0408(COD)
Proposal for a directive
Article 23 – paragraph 1
Article 23 – paragraph 1
Member States shall ensure that during the preparation phase, where the debtor is in a situation of likelihood of insolvency or is insolvent in accordance with national law, the debtor can benefit from a stay of individual enforcement actions in accordance with Articles 6 and 7 of Directive (EU) 2019/1023, where it facilitatesnecessary for the seamless and effective roll- out of the pre-pack proceedings. The monitor shall be heard prior to the decision on the stay of individual enforcement actions.
Amendment 98 #
2022/0408(COD)
Proposal for a directive
Article 27 – paragraph 1 – subparagraph 2 a (new)
Article 27 – paragraph 1 – subparagraph 2 a (new)
This does not apply to credit and financial service contracts.
Amendment 99 #
2022/0408(COD)
Proposal for a directive
Article 27 – paragraph 2 – subparagraph 2 a (new)
Article 27 – paragraph 2 – subparagraph 2 a (new)
Subparagraph 1 shall not apply to executory contracts regarding lease and tenancy agreements entered into by the debtor as a landlord or tenant concerning other property transferred to a third party who financed its acquisition or production as security.
Amendment 137 #
2022/0408(COD)
Proposal for a directive
Article 46 – paragraph 1
Article 46 – paragraph 1
Amendment 138 #
2022/0408(COD)
Proposal for a directive
Article 48 – paragraph 2
Article 48 – paragraph 2
(2) The assets of the insolvency estate shall include assets in the possessionwhich were the property of the debtor at the time of the opening of simplified winding-up proceedings, assets acquired after the submission of the request for opening of such proceedings and assets recovered through avoidance actions or other actions.
Amendment 5 #
2022/0404(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point a
Article 1 – paragraph 1 – point 2 – point a
Directive 2009/65/EU
Article 52 – paragraph 1 − subparagraph 2
Article 52 – paragraph 1 − subparagraph 2
The risk exposure to a counterparty of the UCITS in a derivative or repurchase agreement transaction that is not centrally cleared through a CCP authorised in accordance with Article 14 of Regulation (EU) No 648/2012 or recognised in accordance with Article 25 of that Regulation, shall not exceed either:;
Amendment 218 #
2022/0403(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) To ensure that clients are aware of their options and can take an informed decision as where to clear their derivative contracts, clearing members and clients that provide clearing services in both Union and recognised third-country CCPs should inform their clients about the option to clear a derivative contract in a Union CCP so that clearing in those services identified as of substantial systemic importance is reduced in Tier 2 CCPs in order to ensure the financial stability of the Union. Clearing members must respect the wishes of the clients on where to clear the clients' derivatives.
Amendment 238 #
2022/0403(COD)
Proposal for a regulation
Recital 38
Recital 38
(38) To mitigate potential risks for the financial stability of the Union, or of one or more of its Member States, CCPs and clearing houses should not be allowed to be clearing members of other CCPs nor should CCPs be able to accept to have other CCPs as clearing members or indirect clearing members. This exclusion should not affect interoperability arrangements, or other arrangements such as cross- margining and sponsored-memberships or sponsored access, between CCPs.
Amendment 243 #
2022/0403(COD)
Proposal for a regulation
Recital 50 a (new)
Recital 50 a (new)
(50a) (51) To further enhance the attractiveness of CCPs established in the Union, the opening hours of TARGET2 should be extended beyond the current constraints. This will allow clearing members established in the Union to fulfil their margin obligations in EUR, lowering the current dependency on USD for margin calls occurring beyond the closing time of TARGET2.
Amendment 461 #
2022/0403(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 25
Article 1 – paragraph 1 – point 25
Regulation (EU) No 648/2012
Article 26
Article 26
1. A CCP shall have robust governance arrangements, which include a clear organisational structure with well- defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks to which it is or might be exposed, and adequate internal control mechanisms, including sound administrative and accounting procedures. AWithout prejudice to interoperability arrangements, or other arrangements such as cross- margining and sponsored-memberships or sponsored access, between CCPs, a CCP shall not be or become a clearing member, a client, or establish indirect clearing arrangements with a clearing member with the aim to undertake clearing activities at a CCP.;
Amendment 463 #
2022/0403(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 29 – point a
Article 1 – paragraph 1 – point 29 – point a
Regulation (EU) No 648/2012
Article 37
Article 37
1. A CCP shall establish, where relevant per type of product cleared, the categories of admissible clearing members and the admission criteria, upon the advice of the risk committee pursuant to Article 28(3). Such criteria shall be non- discriminatory, transparent and objective so as to ensure fair and open access to the CCP and shall ensure that clearing members have sufficient financial resources and operational capacity to meet the obligations arising from participation in a CCP. Criteria that restrict access shall be permitted only to the extent that their objective is to control the risk for the CCP. TWithout prejudice to interoperability arrangements, or other arrangements such as cross- margining and sponsored- memberships or sponsored access, between CCPs, the criteria shall ensure that CCPs or clearing houses cannot be clearing members, directly or indirectly, of the CCP.;
Amendment 470 #
2022/0403(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 30 – point a a (new)
Article 1 – paragraph 1 – point 30 – point a a (new)
Regulation (EU) No 648/2012
Article 38 – paragraph 7
Article 38 – paragraph 7
(a a) "7. A CCP shall provide its clearing members with information on the initial margin models it uses. That information shall: (a) clearly explain the design of the initial margin models and how ithey operates; (b) clearly describe the key assumptions and limitations of the initial margin model and the circumstances under which those assumptions are no longer valid; (c) be documented. " Or. en (02012R0648-20220812)
Amendment 482 #
2022/0403(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 33 – point a
Article 1 – paragraph 1 – point 33 – point a
Regulation (EU) No 648/2012
Article 46 – paragraph 1
Article 46 – paragraph 1
1. A CCP shall accept highly liquid collateral with minimal credit and market risk to cover its initial and ongoing exposure to its clearing members. A CCP may accept public guarantees or public bank or uncollateralised commercial bank guarantees, provided that they are unconditionally available upon request within the liquidation period referred to in Article 41. Where bank guarantees are provided to a CCP, that CCP shall take them into account when calculating its exposure to the bank that is also a clearing member. The CCP shall apply adequate haircuts to asset values and guarantees to reflect the potential for their value to decline over the interval between their last revaluation and the time by which they can reasonably be assumed to be liquidated. It shall take into account the liquidity risk following the default of a market participant and the concentration risk on certain assets that may result in establishing the acceptable collateral and the relevant haircuts. When revising the level of the haircuts it applies to the assets it accepts as collateral, the CCP shall take into account any potential procyclicality effects of such revisions.;
Amendment 487 #
2022/0403(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 33 a (new)
Article 1 – paragraph 1 – point 33 a (new)
Regulation (EU) No 648/2012
Article 48 – paragraph 6
Article 48 – paragraph 6
(33 a) Paragraph 6 is amended: "6. Where assets and positions are recorded in the records and accounts of a CCP as being held for the account of a defaulting clearing member’s client in accordance with Article 39(3), the CCP shall, at least, contractually commit itself to trigger the procedures for the transfer of the assets and positions held by the defaulting clearing member for the account of the client to another clearing member designated by the client, on the client’s request or unless the client objects before the transfer of assets and positions is concluded and without the consent of the defaulting clearing member. That other clearing member shall be obliged to accept these assets and positions only where it has previously entered into a contractual relationship with the client by which it has committed itself to do so. When designating a clearing member, the client shall contractually designate an alternative clearing member to be used in case their positions need to be transferred in the event of default. If the transfer to that other clearing member has not taken place for any reason within a predefined transfer period specified in its operating rules, the CCP may take all steps permitted by its rules to actively manage its risks in relation to those positions, including liquidating the assets and positions held by the defaulting clearing member for the account of the client. " Or. en (02012R0648-20220812)
Amendment 488 #
2022/0403(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 33 b (new)
Article 1 – paragraph 1 – point 33 b (new)
Regulation (EU) No 648/2012
Article 48 – paragraph 6
Article 48 – paragraph 6
(33 b) A subparagraph is added to Article 48(6) "6. Where assets and positions are recorded in the records and accounts of a CCP as being held for the account of a defaulting clearing member’s client in accordance with Article 39(3), the CCP shall, at least, contractually commit itself to trigger the procedures for the transfer of the assets and positions held by the defaulting clearing member for the account of the client to another clearing member designated by the client, on the client’s request and without the consent of the defaulting clearing member. That other clearing member shall be obliged to accept these assets and positions only where it has previously entered into a contractual relationship with the client by which it has committed itself to do so. If the transfer to that other clearing member has not taken place for any reason within a predefined transfer period specified in its operating rules, the CCP may take all steps permitted by its rules to actively manage its risks in relation to those positions, including liquidating the assets and positions held by the defaulting clearing member for the account of the client. client. a. In the case of default of an existing clearing member and for the purposes of porting clients from the defaulting clearing members towards an alternative clearing member, such alternative clearing member, the client subject to porting and the CCP shall be temporary waived from the requirements of Directive (EU) 2015/849, Directive (EU) 2018/843 and Directive (EU) 2019/1153. The alternative clearing member shall we temporarily waived from the requirements of capital for clearing members towards clients under Regulation (EU) No 575/2013. " Or. en (02012R0648-20220812)
Amendment 490 #
2022/0403(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34 -a (new)
Article 1 – paragraph 1 – point 34 -a (new)
Regulation (EU) No 648/2012
Article 48 – paragraph 5
Article 48 – paragraph 5
(34 a) "5. Where assets and positions are recorded in the records and accounts of a CCP as being held for the account of a defaulting clearing member’s clients in accordance with Article 39(2), the CCP shall, at least, contractually commit itself to trigger the procedures for the transfer of the assets and positions held by the defaulting clearing member for the account of its clients to another clearing member designated by all of those clients, on their request or unless all clients object before the transfer of assets and positions is concluded and without the consent of the defaulting clearing member. That other clearing member shall be obliged to accept those assets and positions only where it has previously entered into a contractual relationship with the clients by which it has committed itself to do so. When designating a clearing member, clients shall contractually designate an alternative clearing member to be used in case their positions need to be transferred in the event of default. If the transfer to that other clearing member has not taken place for any reason within a predefined transfer period specified in its operating rules, the CCP may take all steps permitted by its rules to actively manage its risks in relation to those positions, including liquidating the assets and positions held by the defaulting clearing member for the account of its clients. " Or. en (02012R0648-20220812)
Amendment 495 #
2022/0403(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34 – point a
Article 1 – paragraph 1 – point 34 – point a
Regulation (EU) No 648/2012
Article 49 – paragraph 1 a – subparagraph 2
Article 49 – paragraph 1 a – subparagraph 2
Where a CCP considers that the change to the models referred to in paragraph 1 it intends to adopt is not significant as referred to paragraph 1gin the below list, the CCP shall request that the application be subject to a non-objection procedure under paragraph 1b. In that case, the CCP may start applying such change before the decision of the CCP’s competent authority and ESMA pursuant to paragraph 1b. A change shall be considered as non- significant where one of the following conditions is met: a) the change leads to a decrease or increase of the margin requirements greater than 10% and lower than 20%; b) The CCP intends to offer a new clearing member access model, or to offer clearing services with a non-materially different risk profile and characteristics than the current ones, c) The list of eligible collateral is extended to accept collateral with a materially different risk profile: a. new asset class; b. new category of issuer, such as corporate or sovereign, or level of credit risk.
Amendment 502 #
2022/0403(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34 – point b
Article 1 – paragraph 1 – point 34 – point b
Regulation (EU) No 648/2012
Article 49 – paragraph 1 g – point a
Article 49 – paragraph 1 g – point a
(a) the change leads to a decrease or increase of the total pre-funded financial resources, including margin requirements, default fund and skin-in-the-game, greater than 1520 %;
Amendment 506 #
2022/0403(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34 – point b
Article 1 – paragraph 1 – point 34 – point b
Regulation (EU) No 648/2012
Article 49 – paragraph 1 g – point b
Article 49 – paragraph 1 g – point b
Amendment 155 #
2022/0051(COD)
Proposal for a directive
Recital 21
Recital 21
(21) Under this Directive, EU companies with more than 51000 employees on average and a worldwide net turnover exceeding EUR 15300 million in the financial year preceding the last financial year should be required to comply with due diligence. As regards companies which do not fulfil those criteria, but which had more than 250 employees on average and more than EUR 40 million worldwide net turnover in the financial year preceding the last financial year and which operate in one or more high-impact sectors, due diligence should apply 2 years after the end of the transposition period of this directive, in order to provide for a longer adaptation period. In order to ensure a proportionate burden, companies operating in such high- impact sectors should be required to comply with more targeted due diligence focusing on severe adverse impacts. Temporary agency workers, including those posted under Article 1(3), point (c), of Directive 96/71/EC, as amended by Directive 2018/957/EU of the European Parliament and of the Council103, should be included in the calculation of the number of employees in the user company. Posted workers under Article 1(3), points (a) and (b), of Directive 96/71/EC, as amended by Directive 2018/957/EU, should only be included in the calculation of the number of employees of the sending company. __________________ 103 Directive (EU) 2018/957 of the European Parliament and of the Council of 28 June 2018 amending Directive 96/71/EC concerning the posting of workers in the framework of the provision of services (OJ L 173, 9.7.2018, p. 16).
Amendment 307 #
2022/0051(COD)
Proposal for a directive
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) the company had more than 51000 employees on average and had a net worldwide turnover of more than EUR 15300 million in the last financial year for which annual financial statements have been prepared;
Amendment 309 #
2022/0051(COD)
Proposal for a directive
Recital 21
Recital 21
(21) Under this Directive, EU companies with more than 51000 employees on average and a worldwide net turnover exceeding EUR 15300 million in the financial year preceding the last financial year should be required to comply with due diligence. As regards companies which do not fulfil those criteria, but which had more than 250 employees on average and more than EUR 40 million worldwide net turnover in the financial year preceding the last financial year and which operate in one or more high-impact sectors, due diligence should apply 2 years after the end of the transposition period of this directive, in order to provide for a longer adaptation period. In order to ensure a proportionate burden, companies operating in such high- impact sectors should be required to comply with more targeted due diligence focusing on severe adverse impacts. Temporary agency workers, including those posted under Article 1(3), point (c), of Directive 96/71/EC, as amended by Directive 2018/957/EU of the European Parliament and of the Council103, should be included in the calculation of the number of employees in the user company. Posted workers under Article 1(3), points (a) and (b), of Directive 96/71/EC, as amended by Directive 2018/957/EU, should only be included in the calculation of the number of employees of the sending company. _________________ 103 Directive (EU) 2018/957 of the European Parliament and of the Council of 28 June 2018 amending Directive 96/71/EC concerning the posting of workers in the framework of the provision of services (OJ L 173, 9.7.2018, p. 16).
Amendment 374 #
2022/0051(COD)
Proposal for a directive
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) the company had more than 51000 employees on average and had a net worldwide turnover of more than EUR 15300 million in the last financial year for which annual financial statements have been prepared;
Amendment 396 #
2022/0051(COD)
Proposal for a directive
Article 3 – paragraph 1 – point g
Article 3 – paragraph 1 – point g
(g) ‘valuesupply chain’ means activities related to the production of goods or the provision of services by a company, including the development of the product or the service and the use and disposal of the product as well as the related activities of upstream and downstream established business relationshippartners of the company. As regards companies within the meaning of point (a)(iv), ‘valuesupply chain’ with respect to the provision of these specific services shall only include the activities of the clients receiving such loan, credit, and other financial services and of other companies belonging to the same group whose activities are linked to the contract in question. The value chain of such regulated financial undertakings does not cover SMEs receiving loan, credit, financing, insurance or reinsurance of such entities;
Amendment 500 #
2022/0051(COD)
Proposal for a directive
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
1 a. For the purpose of fulfilling the obligation in paragraph 1, companies may map all areas of their own operations, those of their subsidiaries and, where related to their supply chains, those of their established business partners. Based on the results of that mapping, companies may carry out an in-depth assessment of the areas where adverse impacts were identified to be most likely to be present or most significant.
Amendment 513 #
2022/0051(COD)
Proposal for a directive
Article 6 – paragraph 2 a (new)
Article 6 – paragraph 2 a (new)
2 a. Member States shall ensure that companies, when fulfilling the obligation in paragraph 1, are obliged to assess indirect business partners in-depth only when the companies have factual knowledge of actual or potential adverse impacts arising from the activities of the respective indirect business partner.
Amendment 576 #
2022/0051(COD)
Proposal for a directive
Article 20 a (new)
Article 20 a (new)
Article 20a 20a. The sanctions provided for include the temporary or permanent exclusion from State aid.
Amendment 590 #
2022/0051(COD)
Proposal for a directive
Article 29 – paragraph 1 – point a
Article 29 – paragraph 1 – point a
(a) whether the thresholds regarding the number of employees and net turnover laid down in Article 2(1) need to be lowermodified;
Amendment 849 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 1 – introductory part
Article 22 – paragraph 1 – introductory part
1. Member States shall ensure that a companies arey is liable for damages to an injured person if:
Amendment 852 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 1 – point a
Article 22 – paragraph 1 – point a
(a) theit intentionally or negligently failed to comply with thean obligations laid down in Articles 7 and 8or 8 that has protective effect towards the injured person and;
Amendment 853 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 1 – point b
Article 22 – paragraph 1 – point b
(b) as a result of this failure an adverse impact that should have been identifieddeath, personal injury, prevented, mitigated, brought to an end or its extent minimised through the appropriate measures laid down in Articles 7 and 8 occurred and led to damagestriction of personal liberty, or damage to or destruction of any item of property was caused.
Amendment 862 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
Amendment 863 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
Amendment 869 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 2 – point a (new)
Article 22 – paragraph 2 – point a (new)
(a) the industry or sector initiative is based on a multi-stakeholder approach;
Amendment 870 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 2 – point a a (new)
Article 22 – paragraph 2 – point a a (new)
(a a) the implemented standard was set up and is able to ensure that companies are regularly in full compliance with the obligations laid out in Article 7 and 8; and
Amendment 871 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 2 – point a b (new)
Article 22 – paragraph 2 – point a b (new)
(a b) the implemented standard was approved by a competent public authority at the time of the death, personal injury, restriction of personal liberty or damage to or destruction of any item of property.
Amendment 872 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 2 – subparagraph 2
Article 22 – paragraph 2 – subparagraph 2
Amendment 879 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 3
Article 22 – paragraph 3
Amendment 880 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 3
Article 22 – paragraph 3
3. The civil liability of a company for damages arising under this provision shall be without prejudice to the civil liability of its subsidiaries or of any direct and indirect business partners in the value chain.A company shall also only be liable in cases of intent or gross negligence if it has obtained certification by an independent certification entity that it is regularly in full compliance with the obligations laid down in Article 7 and 8 and:
Amendment 883 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 3 – point a (new)
Article 22 – paragraph 3 – point a (new)
(a) the independent certification entity has at the time of the issuance of the certification to the company been approved by a competent public authority to issue said certifications;
Amendment 884 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 3 – point a a (new)
Article 22 – paragraph 3 – point a a (new)
(aa) the independent certification entity is not directly or indirectly controlled by the company that mandated the certification; and
Amendment 885 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 3 – point a b (new)
Article 22 – paragraph 3 – point a b (new)
(ab) the certification was obtained within the last five years prior to the death, personal injury, restriction of personal liberty, damage to or destruction of any item of property and has not been revoked during this time.
Amendment 886 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 4
Article 22 – paragraph 4
Amendment 888 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 4
Article 22 – paragraph 4
4. The civil liability rulesof a company for damages arising under this Directiveprovision shall be without prejudice to Union or national rules on civil liability related to adverse human rights impacts or to adverse environmental impacts that provide for liability in situations not covered by or providing for stricter liability than this Directivethe civil liability of its subsidiaries or of any direct and indirect business partners in the value chain.
Amendment 891 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 5
Article 22 – paragraph 5
Amendment 892 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 5
Article 22 – paragraph 5
5. Member States shall ensure that theNo punitive damages shall be awarded under this provision. The calculation of damages and the general prerequisites and conditions of civil liability not provided for in this provisions of national law transposing this Article is of overriding mandatory application in cases where the law applicable to claims to that effect is not the law of a Member Stat shall be governed by the substantive law of the respective Member State. The civil liability under this provision shall be without prejudice to any applicable Union or national liability that provides for liability in situations not covered by or providing for stricter liability than this Directive.
Amendment 893 #
2022/0051(COD)
Proposal for a directive
Article 22 – paragraph 5 a (new)
Article 22 – paragraph 5 a (new)
5 a. Member States shall ensure that the liability provided for in provisions of national law transposing this Article is of overriding mandatory application in cases where the law applicable to claims to that effect is not the law of a Member State.
Amendment 912 #
2022/0051(COD)
Proposal for a directive
Article 25
Article 25
Amendment 918 #
2022/0051(COD)
Proposal for a directive
Article 26
Article 26
Amendment 928 #
2022/0051(COD)
Proposal for a directive
Article 29 – paragraph 1 – point a
Article 29 – paragraph 1 – point a
(a) whether the thresholds regarding the number of employees and net turnover laid down in Article 2(1) need to be lowermodified;
Amendment 151 #
2022/0032(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) Member States are primarily responsible for sustaining a strong Union industrial, competitive, sustainable and innovative base. However, the nature and scale of the innovation challenge in the semiconductor sector requires action to be taken collaboratively at Union level. The Union shall also ensure that the sector does not develop monopolistic structures.
Amendment 212 #
2022/0032(COD)
Proposal for a regulation
Article 7 – paragraph 4 – point f a (new)
Article 7 – paragraph 4 – point f a (new)
(f a) the threat that ECIC would pose to a competitive market.
Amendment 118 #
2021/2185(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Reiterates the importance of the Commission and the Member States launching a post-COVID-19 roadmap for better targeted State aid in order to promote competitiveness and growth and ensure high-quality jobs; calls for a steady phasing-out of the State aid as the pandemic becomes manageable;
Amendment 127 #
2021/2185(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Emphasises the importance of safeguarding the competitiveness of European companies in a globalised arena, of striving for reciprocity, and of ensuring fair competition for regional markets in the single market; acknowledges the rationale behind the Important Projects of Common European Interest (IPCEI) is that state interventions are justified in the clear presence of well documented market failures;
Amendment 129 #
2021/2185(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Emphasises the importance of safeguarding the competitiveness of European companies in a globalised arena, of striving for reciprocity, and of ensuring fair competition for regional markets in the single market; Reiterates that the allocation of State aid to IPCEI shall as a rule of thumb be spent on research and development and not on production capacities;
Amendment 131 #
2021/2185(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Emphasises the importance of safeguarding the competitiveness of European companies in a globalised arena, of striving for reciprocity, and of ensuring fair competition for regional markets in the single market; further emphasises that to achieve this goal, State aid must only be allocated to European companies in extraordinary cases;
Amendment 185 #
2021/2185(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Welcomes the recent judgment by the General Court of the EU3 , which confirms the Commission’s assessment as regards a dominant market position and is proof and an example of the effective application of traditional EU competition rules in the context of a digital economy; Notes the lengthy legal process for the Google Shopping case and calls for additional resources for the enforcement authorities; __________________ 3Judgment of the General Court of 10 November 2021, Google and Alphabet v Commission, T-612/17, ECLI:EU:T:2021:763.
Amendment 194 #
2021/2185(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Supports the review of EU competition law instruments as outlined in the Commission communication of 18 November 2021; recalls, however, that this should not exclude the development of new tools where necessary; Calls for a swift return to the pre-pandemic rules for competition policy and state aid as economic activities stabilise after the pandemic;
Amendment 198 #
2021/2185(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Welcomes the ongoing review of State aid rules, which aims to ensure consistency with both established and new regulatory principles relevant to the twin transition; Reiterates that the green transition and the fulfilment of the European Climate Law can only truly be achieved with private investments;
Amendment 216 #
2021/2185(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Takes note of the Commission’s initiative to revise the State aid rules in the field of climate, environmental protection and energy (CEEAG) to align them with the European Green Deal and supports the adoption of new guidelines in that regard; Asserts that State aid can complement but never substitute private investments in technologies needed for the green transition;
Amendment 174 #
2021/2184(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Supports ongoing work on thea reasonable and careful implementation of the Basel III rules, that respects the specifications and diversity of the EU banking markets and systems;
Amendment 221 #
2021/2184(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Is concerned about the rising level of sovereign debt on the balance sheets of banks in the BU; notes that government bonds are not risk-free assets and that risks are differentiated; emphasises that the issue of regulatory treatment of sovereign exposures requires an in-depth examination of the consequences of different approaches; highlights that this is the key to break up the 'doom loop' between banks and sovereigns;
Amendment 367 #
2021/2184(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Notes the ongoing discussion of various concepts for the EDIS, including exceptions for well established institutional protection schemes;
Amendment 383 #
2021/2184(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Considers that the main obstacles for EDIS are concerns about risks in some banking systems; stresses that the successful implementation of credible and effective risk reduction measures could enable an agreement on EDIS;
Amendment 387 #
2021/2184(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Recalls that comparable and low NPL rates are a necessary precondition to the implementation of EDIS;
Amendment 468 #
2021/2182(INI)
Motion for a resolution
Paragraph 32 a (new)
Paragraph 32 a (new)
32 a. Notes with serious concern the recent display of force and escalating tensions in the regional hotspots such as South and East China Sea and Taiwan Strait; underlines that the peace and stability in the Indo-Pacific regions is of great importance for the EU and its Member States; expresses grave concern over China’s continued military manoeuvers in the Taiwan Strait, including those aimed at Taiwan or taking place in Taiwan’s Air Defence Identification Zone; calls on the PRC to stop such military sabre-rattling that pose serious threats to the peace and stability across the Taiwan Strait and the Indo- Pacific region; reiterates that the relationship between China and Taiwan should be developed constructively through dialogues, without coercion or destabilizing tactics by either side; stresses the opposition to any unilateral action that may undermine the status quo of the Taiwan Strait and that any change to cross-strait relations must not be made against the will of Taiwan’s citizens;
Amendment 5 #
2021/2074(INI)
Motion for a resolution
Citation 5 a (new)
Citation 5 a (new)
— having regard to the Commission communication of 18 May 2021 on Business taxation for the 21st century,
Amendment 17 #
2021/2074(INI)
Motion for a resolution
Citation 5 b (new)
Citation 5 b (new)
— having regard to European Parliament’s report on the implementation of the EU requirements for exchange of tax information: progress, lessons learnt and obstacles to overcome (2020/2046(INI)),
Amendment 19 #
2021/2074(INI)
Motion for a resolution
Citation 5 c (new)
Citation 5 c (new)
— having regard to the Commission’s action plan for fair and simple taxation supporting the recovery strategy (COM(2020) 312 final),
Amendment 25 #
2021/2074(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the issue of harmful tax practices is debated in the report of its Committee on Economic and Monetary Affairs of 21 July 2021 onEuropean Parliament in its resolution of 7 October 2021 put forward proposals to reforming the EU policy on harmful tax practices, (including the reform of the Code of Conduct Group) on Business Taxation;
Amendment 39 #
2021/2074(INI)
Motion for a resolution
Recital C
Recital C
C. whereas tax policy fragmentation creates various obstacles for companies and citizens in the single market, including legal uncertainty, red tape, the risk of double taxation and difficulties claiming tax refunds; whereas these obstacles discourage cross-border economic activity in theand can distort the EU single market; whereas policy fragmentation also creates risks for tax authorities such as double non- taxation and arbitrage possibilities (such as tax planning);
Amendment 70 #
2021/2074(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Recalls that Member States are free to decide on their own economic policies which can lead to policy fragmentation in the field of taxation and an un-level playing field within the Union and in particular their own tax policies; recalls, however, that Member States must exercise this competence consistently with Union law thereby allowing for fair competition and avoiding any distortion of the EU single market;
Amendment 72 #
2021/2074(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Recalls that Member States are free to decide on their own economic policies and in particular their own tax policies; emphasises that it logically follows that decisions in the Council regarding tax matters require unanimity; recalls, however, that Member States must exercise this competence consistently with Union law;
Amendment 90 #
2021/2074(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that tax base harmonisation such as the common corporate tax base or the ‘Business in Europe: Framework for Income Taxation’ could reduce the cost of tax compliance for SMEs that operate in more than one Member StateWelcomes the Commission’s Communication on Business taxation for the 21st century stating that “the lack of a common corporate tax system in the Single Market acts as a drag on competitiveness (...) and that it creates a competitive disadvantage compared to third country markets”; stresses that tax base harmonisation such as the common corporate tax base or the ‘Business in Europe: Framework for Income Taxation’ could reduce the cost of tax compliance for SMEs that operate in more than one Member State; looks forward to the European Commission’s proposal on BEFIT expected in 2023 and calls on Member States to swiftly agree on an ambitious proposal for a single EU corporate tax rulebook providing for a fairer allocation of taxing rights between Member States;
Amendment 92 #
2021/2074(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that tax base harmonisation such as the common corporate tax base or the ‘Business in Europe: Framework for Income Taxation’ could reduce the cost of tax compliance for SMEs that operate in more than one Member State; stresses that its proposed introduction must not lead to direct or indirect taxation of companies by the EU;
Amendment 114 #
2021/2074(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Reminds that since 2011 the Directive on Administrative Cooperation (DAC) lays down the rules for cooperation between Member States’ tax authorities with the aim of ensuring the proper functioning of the single market; welcomes that since 2011 the scope of the Directive has been continuously widened to new domains in order to curb tax fraud and tax avoidance; welcomes the European Parliament’s implementation report adopted in September 2021 identifying shortcomings in the effective implementation of DAC by Member States and highlighting the need to strengthen the exchange of information between national tax authorities;
Amendment 136 #
2021/2074(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Points out that in areas of high importance for the functioning of the single market, such as taxation, and the capital markets union, more harmonisation is warranted either through better Member State coordination or EU action;
Amendment 137 #
2021/2074(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Stresses that Member States still use various criteria to determine tax residence status, creating a risk of double taxation or double non-taxation; recalls in this regard the July 2020 Commission’s action plan announcing a Commission’s legislative proposal in 2022/2023 clarifying where taxpayers active cross- borders in the EU are to be considered residents for tax purposes; looks forward to this Commission’s proposal which should aim at ensuring a more consistent determination of tax residence within the Single Market;
Amendment 146 #
2021/2074(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Welcomes the historic agreement reached within the OECD/G20 Inclusive Framework on the reform of the international tax system based on the two- pillar solution with the aim to ensure a fairer distribution of profits and taxing rights among countries with respect to the largest and most profitable multinational companies, and that Multinational Enterprises (MNEs) be subject to a minimum 15% tax rate; calls on the Commission, as soon as the OECD has developed its model rules, to publish the legislative proposals to implement the international agreement into EU law; calls on the Council to swiftly adopt such proposals to have it effective in 2023;
Amendment 4 #
2021/2063(INI)
Motion for a resolution
Citation 7
Citation 7
— having regard to Articles 123, 125, 127(1) and (2), 130 and 284(3) of the Treaty on the Functioning of the European Union (TFEU),
Amendment 14 #
2021/2063(INI)
Motion for a resolution
Citation 11 a (new)
Citation 11 a (new)
— having regard to the ECB's study "The use of cash by Households in the euro area" published in November 2017,
Amendment 15 #
2021/2063(INI)
Motion for a resolution
Citation 11 b (new)
Citation 11 b (new)
— having regard to the ECB's study "Inflation measurement and its assessment in the ECB’s monetary policy strategy review" published in September 2021,
Amendment 50 #
2021/2063(INI)
Motion for a resolution
Recital E
Recital E
E. whereas, without prejudice to the objective of price stability, the ECB should support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 TEU; whereas these objectives include the promotion of peoples’ well-being, economic, social and territorial cohesion, balanced economic growth, a highly competitive social market economy aiming at full employment and social progress, and a high level of protection and improvement of the quality of the environment;
Amendment 87 #
2021/2063(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is deeply concerned about the unprecedented healthcare, social and economic crisis caused by the COVID-19 pandemic, resulting in a sharp contraction of the euro area economy, a sharp increase in economic and social inequalities, and rapidly deteriorating labour market conditions; is especially concerned about the effect that the COVID-19 pandemic had on SMEs; notes that euro area activity is expected to rebound, although the speed, scale and evenness of the rebound remains highly uncertain;
Amendment 92 #
2021/2063(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Stresses that sustainable growth, resilience and price stability cannot be achieved by monetary policy alone and that supportive and discretionary fiscal policy and socially balanced and productivity-enhancing reforms and investments are also necessary; acknowledges President Lagarde’s call for full alignment of fiscal and monetary policies in tackling the COVID-19 crisis;
Amendment 113 #
2021/2063(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Underlines the importance of a centralstability-oriented fiscal capacity capable ofthat can providinge a counter-cyclical stabilisation function and facilitates timely and adequate support in the event of economic shocks;
Amendment 117 #
2021/2063(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 127 #
2021/2063(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Welcomes the ECB’s substantially eased monetary policy stance in response to the COVID-19 crisis, which includes the introduction of the pandemic emergency purchase programme (PEPP), the relaxation of the eligibility and collateral criteria and the offer of new longer-term refinancing operations; welcomes, moreover, the ECB’s decision to maintain instruments, such as forward guidance, asset purchases and longer-term refinancing operations, as an integral part of its toolkitrecommends that a close watch be kept on rising inflation and, therefore, that unconventional monetary policy measures be scaled back;
Amendment 132 #
2021/2063(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Calls on the ECB to monitor the proportionality of quantitative easing to the risks on its balance sheets, asset price inflation and the potential misallocation of resources; notes that, in using this tool, the ECB is also encouraging Member States to run up greater debts, which is unfair on future generations;
Amendment 138 #
2021/2063(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. WelcomNotes the ECB’s decision to continue to conduct net asset purchases at a significantly higher pace under the PEPP until at least the end of March 2022; questions, however, whether this is necessary from a monetary policy perspective in times of significantly rising inflation;
Amendment 149 #
2021/2063(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. WelcomNotes the ECB’s expectation that monthly net asset purchases under the asset purchase programme (APP) will continue to run for as long as necessary to reinforce the accommodative impact of its policy rates; notes, however, that the need for the APP when the inflation rate is above target is questionable;
Amendment 176 #
2021/2063(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. NotWelcomes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term and its commitment to maintain a persistently accommodative monetary policy stance in order to meet its inflation target; notes with concern that inflation rose to a decade-high 3.4 % in August 2021September 2021, ranging from 0.6 % to 6.4 % in the different member states; calls on the ECB to evaluate and address this upward trend and its consequences morevery attentively;
Amendment 177 #
2021/2063(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes the ECB’s decision on a new symmetric inflation target of 2 % over the medium term and its commitment to maintain a persistently accommodative monetary policy stance in order to meet its inflation target; notes with concern that inflation rose to a decade-high 3 % in August 2021; calls on the ECB to evaluate and resolutely address this upward trend and its consequences more attentively;
Amendment 189 #
2021/2063(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. NotWelcomes the ECB’s decision to include the costs related to owner-occupied housing in the HICP to better represent the inflation rate that is relevant for households;
Amendment 192 #
2021/2063(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13 a. Takes note of potential HICP measurement biases including the Quality Adjustment bias; invites the ECB to provide more transparency about the Quality Adjustments in different Member States and their effects on the measured inflation;
Amendment 194 #
2021/2063(INI)
Motion for a resolution
Paragraph 13 b (new)
Paragraph 13 b (new)
13 b. Notes the impact of long-term low interest rates; underlines that low interest rates, on the one hand, offer opportunities to consumers, companies, including SMEs, workers and borrowers, who can benefit from stronger economic momentum, lower unemployment and lower borrowing costs; recognises the diverging distributional consequences of the ECB’s policies; calls on the ECB to examine the impact of its policies on wealth inequality; regrets, on the other hand, the increase of unviable and highly indebted business, the reduced incentive for governments to pursue growth and sustainability-enhancing reforms, as well as detrimental effects on insurers and pension funds, and stresses the financial burden this places on many citizens across the Union;
Amendment 195 #
2021/2063(INI)
Motion for a resolution
Paragraph 13 b (new)
Paragraph 13 b (new)
13 b. Warns, however, against the risk of excessive valuations on bond markets, which risk being difficult to handle if interest rates start to rise again, particularly for countries involved in an excessive deficit procedure or those with high levels of debt;
Amendment 197 #
2021/2063(INI)
Motion for a resolution
Paragraph 13 c (new)
Paragraph 13 c (new)
13 c. Asks the ECB to monitor the proportionality of quantitative easing to the risks in its balance sheets, asset price inflation and the potential misallocation of resources;
Amendment 209 #
2021/2063(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Welcomes the ECB's efforts to monitor and reduce ist Environmental Footprint;
Amendment 218 #
2021/2063(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Agrees with the ECB that tackling the climate emergency touches not only upon its secondary but also upon its primary mandate, given that climate change and, its consequences and the political measures to combat climate change pose a threat to price stability;
Amendment 238 #
2021/2063(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Believes that the market neutrality principle falls short of the commitments under the Paris Agreement and the EU’s objective of achieving climate neutrality by 2050 at the latest; notes that the ECB has already deviated from market neutrality in several instancesis pivotal, as the ECB is not subject to the same democratic oversight as parliaments and governments and must therefore remain as apolitical as possible;
Amendment 281 #
2021/2063(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 304 #
2021/2063(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Welcomes the ECB’s decision to launch a 24-month investigation phase of a digital euro project; calls on the ECB to effectively address the expectations and concerns raised during the public consultation on a digital euro; insists that this digital Euro must not replace cash as means of payment;
Amendment 306 #
2021/2063(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22 a. Reminds the ECB that Cash Payments are still a very important form of payments, and that it should not further reduce the amount of denominations in circulation;
Amendment 326 #
2021/2063(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Expresses concern about the steadily increasing divergence of TARGET2 balances within the ESCB; notes that the interpretation of these divergences is contested;
Amendment 347 #
2021/2063(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Reiterates that the nomingrets with strong concerns thati onsly 2 of the Executive Board members should be prepared carefully and take a gender- balanced approach, with full transparency and together w25 Members of the ECB's Governing Council are women, despite repeated calls from the European Parliament, and from senior figures in the ECB including iths Parliament, in line with the Treresident Christine Lagarde, to improve gender balance in EU economic and monetary affairs nominatieons;
Amendment 350 #
2021/2063(INI)
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29a. Points out that the rotation principle as applied on the ECB's Governing Council allocates only four votes to the five largest euro area countries, which account for more than 80 % of euro area GDP, but 11 to the 14 remaining countries, although they generate less than 20 % of euro area GDP; asks the ECB to draw up a proposal to make the allocation of voting rights on the ECB Governing Council more democratic, and recommends that votes be weighted according to shares in the capital of the ECB;
Amendment 22 #
2021/2061(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the European Semester plays an essential role in coordinating economic and budgetary policies in the Member States, which is a process designed primarily to safeguard budgetary sustainability;
Amendment 74 #
2021/2061(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes that the European economy is recovering faster than expected from the devastating impact of the global pandemic; remains concerned about low growth potential compared to other regions in the post-pandemic recovery;
Amendment 88 #
2021/2061(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Points out that the roll-out of the temporary Recovery and Resilience Facility (RRF) will help to make EU economies and societies more sustainable, inclusive, resilient and better prepared for the green and digital transitions; notes that the facility, which is the centrepiece of NextGenerationEU, will provide large- scale financial support to Member States of up to EUR 672.5 billion in grants and loans to finance reforms and investments;
Amendment 93 #
2021/2061(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Recalls that the debt issued to finance the Recovery and Resilience Fund is to be repaid by 2058, in a manner that ensures the steady and predictable reduction of liabilities;
Amendment 95 #
2021/2061(INI)
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Is pleased that economic growth levels are rebounding even though the resources of the RRF have not yet been invested, demonstrating the resilience of the European economy;
Amendment 97 #
2021/2061(INI)
Motion for a resolution
Paragraph 3 c (new)
Paragraph 3 c (new)
3c. Recognizes the European solidarity underlying the establishment of the RRF; stresses in this regard the importance of Country Specific Recommendations linked to the approval of national recovery and resilience plans;
Amendment 101 #
2021/2061(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Is pleased that, according to the Commission, economic activity in the EU is expected to pick up in all Member States, with acceleration as of the second half of 2021, as containment measures are gradually relaxed and vaccination progresses, reflecting the growth impulse stemming from the expected implementation of the national recovery and resilience plans; remains concerned, however, that the speed of the recovery will vary across Member States and regions;
Amendment 119 #
2021/2061(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Reiterates its stance that a proper and credible economic governance framework is a necessary requirement for sustainable fiscal policies, debt and deficit trajectories ensuring credible paths of debt reduction; stresses the importance of a sustainable debt level for the real economy;
Amendment 122 #
2021/2061(INI)
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Notes that the EU should strive for a "Maastricht 2.0", namely automatic sanctions against Member States that persistently violate the principles of public budget management, including non- financial sanctions, such as the suspension of the right to vote in the Council of Economic and Finance Ministers; calls on the Commission to ensure compliance of the Member States with the rules of the fiscal pact and make it a condition for accessing cohesion funds; calls furthermore on making the indicator for fiscal sustainability ("S2"), calculated by the European Commission, a binding component of the assessment of national budgets within the framework of the Stability and Growth Pact;
Amendment 128 #
2021/2061(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Is concerned that according to the baseline scenario of the Commission’s latest Debt Sustainability Monitor, the debt ratio in the euro area is to peak at 104.6 % in 2024 and 2025, while the debt ratio in the Union is to peak at 96.5 % in 2024, before declining once again; is concerned that these figures are well above the Maastricht criteria;
Amendment 142 #
2021/2061(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Notes that the more highly indebted Member States are receiving a disproportionate volume of funding under the Recovery and Resilience Facility; is concerned that rewarding debt may give rise to a moral hazard problem;
Amendment 146 #
2021/2061(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Highlights that fiscal policy should remain agile and adjust to the evolving situation as warranted, and that a premature withdrawal of fiscal support should be avoided; further highlights the expectation that economic activity will gradually normalise in the second half of 2021 and agrees that Member States’ fiscal policies should become more differentiat reduced in 2022, duly taking into account the state of the recovery, fiscal sustainability and the need to reduce economic, social and territorial divergences;
Amendment 159 #
2021/2061(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that Member States with high debt should use the RRF to finance additional investment to support the recovery, while pursuinge a prudent fiscal policy; stresses the importance of the Member States using the potential of the RFF to support the necessary structural changes and the transformation to more globally competitive, future-proof, agile industries; agrees that the growth of nationally financed current expenditure should be kept under control and be limited for Member States with high debt, allowing fiscal measures to maximise support to the recovery without pre-empting future fiscal trajectories and creating a permanent burden on public finances;
Amendment 167 #
2021/2061(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that Member States with high debt should use the RRF to finance additional investment to support the recovery in order to benefit from a lower interest rate, while pursuing a prudent fiscal policy; stresses the importance of the Member States using the potential of the RFF to support the necessary structural changes and the transformation to more globally competitive, future-proof, agile industries; agrees that the growth of nationally financed current expenditure should be kept under control and be limited for Member States with high debt, allowing fiscal measures to maximise support to the recovery without pre-empting future fiscal trajectories and creating a permanent burden on public finances;
Amendment 174 #
2021/2061(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Points out that persistently low interest rates make national budgets look better than they would during periods of normal interest rates;
Amendment 175 #
2021/2061(INI)
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Warns against underestimating the burden of debt on future generations; stresses the importance of the principle of intergenerational justice;
Amendment 184 #
2021/2061(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes that environmental sustainability, productivity, fairness, fiscal discipline and macroeconomic stability remain the guiding principles of the EU’s economic agenda; stresses, furthermore, that the digital transformation of our societies, businesses and economies is crucial in order to increase Europe’s productivity and competitiveness for a robust recovery, in line with the Digital Decade;
Amendment 192 #
2021/2061(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 198 #
2021/2061(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Highlights that the RRF is an unprecedented and unique opportunity for all Member States to address key structural challenges and investment needs, while embracing the green and digital transitions;
Amendment 215 #
2021/2061(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls for a focus on fiscal structural reforms, including reforms enhancing efficient spending, and acknowledges that high-quality, efficient and digital public finance resource management is crucial;
Amendment 243 #
2021/2061(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Is concerned that the Commission identified macroeconomic vulnerabilities related to imbalances and excessive imbalances in 12 Member States; is particularly worried that the nature and source of Member States’ imbalances remain largely the same as prior to the pandemic; calls on the Member States to take advantage of the unprecedentedique opportunity provided by the RRF to significantly reduce existing macroeconomic imbalances;
Amendment 288 #
2021/2061(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Stresses in this regard that the RRF loans available raise national debt levels in some Member States, increasing the importance of fiscal discipline in the medium term;
Amendment 294 #
2021/2061(INI)
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20b. Recalls that the EU's debts need to be proportionately included in the assessment of the fiscal sustainability of the individual Member States;
Amendment 366 #
2021/2037(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19 a. Expresses grave concern over China’s expansionist policies in the South China Sea, East China Sea and Taiwan Strait, especially China’s continued military provocation aimed at Taiwan, with Chinese military aircraft intruding Taiwan’s Air Defence Identification Zone on regular basis; underlines that the status quo across Taiwan Strait, freedom of navigation in the Indo-Pacific region are of critical importance to the EU and its Member States; reiterates strong opposition to any unilateral actions that could escalate tensions and undermine the status quo; encourages that cross- strait relations should be developed constructively, without destabilising initiatives or coercion by either side, and that any change to cross-strait relations must not be made against the will of Taiwan’s citizens;
Amendment 369 #
2021/2037(INI)
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19 b. Urges the Commission to come up with concrete proposals and action to facilitate Taiwan’s full participation as an observer in the meetings, mechanism and activities of the World Health Organization, the International Civil Aviation Organization (ICAO), and the United Nations Framework Convention on Climate Change (UNFCCC);
Amendment 436 #
2021/2037(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Considers it necessary to conclude a Bilateral Investment Agreement with Taiwan in parallel with the CAI and in line with the EU's One China policy, which would ensure that stability is safeguarded in the region and the right to Taiwan’s democratic existence is reaffirmed;
Amendment 439 #
2021/2037(INI)
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30 a. urges the Commission to move forward with the Bilateral Investment Agreement with Taiwan and start the impact assessment, public consultation and scoping exercise with Taiwan before the end of 2021;
Amendment 493 #
2021/2037(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
36. Calls for defence cooperation among the Member States to be strengthened and for the Member States to invest in stronger cooperation with other democratic players such as Japan, India, South Korea, Australia and, New Zealand and Taiwan;
Amendment 25 #
2021/2010(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas OECD/G20 Base Erosion and Profit Shifting (BEPS) final report from 2015 concludes that the digital economy increasingly is becoming the economy itself, why it would be difficult, if not impossible, to ring-fence the digital economy from the rest of the economy for tax purposes;
Amendment 65 #
2021/2010(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Regrets the shortcomings of the international tax system, which is unfit for properly addressing the challenges of globalisation and digitalisation; calls for an international agreement aiming for a fair and effective tax system; stresses that the European Union and its Member States should take the lead in responding to those shortcomings;
Amendment 85 #
2021/2010(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that on average digital business models face significantly lower effective tax rates than traditional business models which rely on physical presence; regrets that tax avoidance linked to aggressive tax planning is not only detrimental to the collection of public revenues but also puts businesses, especially SMEs, at a disadvantage, while creating barriers for new local entrants; highlights the need to consider potential SME entry-barriers when proposing regulation in the digital area in order to avoid creating a sector with only a few big actors;
Amendment 97 #
2021/2010(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Welcomes the efforts in the G20/OECD IF to reach a global consensus on a multilateral reform of the international tax system to address the challenges of the digitalised economy; regrets, however, the missed deadline fixed on the end of the year 2020 to reach an agreement; acknowledges the progress of discussions on the proposals at technical level, despite the delays caused by the COVID-19 pandemic, and calls for a swift agreement by mid-2021; highlights the value of the G20/OECD IF for guaranteeing multilateral solutions and finding support at the global and EU level;
Amendment 125 #
2021/2010(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Calls on the Commission and the Council to intensify the dialogue with the new US administration on digital tax policy with the aim of finding a common approach in the framework of the G20/OECD IF negotiations before June 2021; calls on the Council to oppose the ‘safe harbour’ clause, proposed by the US administration, which risks undermining the reform efforts; welcomes the recent declaration of the new US Secretary of the Treasury Janet Yellen to re-engage actively in OECD negotiations with the view to achieve an agreement;
Amendment 155 #
2021/2010(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Insists therefore that, regardless of the progress of the negotiations at the G20/OECD IF, the EU should stand ready to roll out its own solutions for taxing the digital economy by the end of 2021; calls on the Commission to present proposals by June 2021, while anticipating their compatibility with the reform by the G20/OECD IF to be agreed onrespect the interinstitutional agreement on budgetary matters of 16 December 2020 by presenting its proposals for a digital levy by June 2021, while anticipating their compatibility with the reform by the G20/OECD IF if there is an agreement on it; calls upon the Council to adopt such proposals as quickly as possible with a view to its introduction by 1 January 2023 at the latest; stresses the need to create a level playing field for providers of traditional services and digital services in the EU by ensuring that the latter are taxed at an adequate rate; invites the Commission to consider in particular introducing a European Digital Services Tax as a necessary first step;
Amendment 177 #
2021/2010(INI)
12. Understands that some Member States consider the taxation of digital economy an urgent issue and have therefore introduced digital services taxes at national level; recalls that these national measures should be phased out once a multilateral solution is found; calls on Member States to refrain from introducing national solutions unilaterally, as they create a risk of fragmentation of the single market; recalls that although taxation is primarily a Member State competence, they and is therefore inconsistent with decision-making by qualified majority voting, it must be exercise itd in coherence with the common principles of EU law in order to ensure coherence between national frameworks, thereby allowing for fair competition and avoiding a negative impact on the overall coherence of EU taxation principles;
Amendment 182 #
2021/2010(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. UnderstandWelcomes that some Member States consider the taxation of digital economy an urgent issue and that some have therefore introduced digital services taxes at national level; recalls that these national measures should be phased out once a multilateral solution is found; calls on Member States to refrain from introducing national solutions unilaterally, as they create a risk of fragmentation of the single market; recalls that although taxation is primarily a Member State competence, they must exercise it in coherence with the common principles of EU law in order to ensure coherence between national frameworks, thereby allowing for fair competition and avoiding a negative impact on the overall coherence of EU taxation principlesrecognizes that while creating a risk of fragmentation of the single market, these national measures also generate a positive pressure on international negotiations ; recalls that although taxation is primarily a Member State competence, they must exercise it in coherence between national frameworks, thereby allowing for fair competition; underlines that the multiplication of national measures makes a coordinated European solution all the more pressing;
Amendment 202 #
2021/2010(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. RegretNotes that the Council did not agree on any of the Commission’s related proposals, i.e. the digital services tax, the significant digital presence or the CCTB and CCCTB; recalls on the Member States to reconsider their position on these proposals, and to consider all options provided for by the Treaties if no unanimous agreement can be reachedimportance of reaching an agreement at OECD-level in order to avoid potential trade wars; highlights that taxation is a member state competence;
Amendment 217 #
2021/2010(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls for a stronger role for Parliament in legislative procedures in the area of taxation; takes note of the Commission’s proposed roadmap to qualified majority voting in its communication entitled ‘Toward a more efficient and democratic decision-making in EU tax policy’Recalls that taxation is a member state competence;
Amendment 230 #
2021/2010(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 31 #
2021/0434(CNS)
Proposal for a directive
Recital 1
Recital 1
(1) Ensuring fair and effective taxation in the internal market and tackling tax avoidance and evasion remain high political priorities in the Union. While recent years saw important progress in this area, especially with the adoption of Council Directive 2016/116410 concerning anti-tax avoidance and the expansion of scope of Council Directive 2011/16/EU11 on administrative cooperation in the field of taxation, further measures are necessary to tackle specifically identified practices of tax avoidance and evasion including through the misuse of shell entities, which are not fully captured by the existing legal framework of the Union. In this regard, the Pandora Papers’ revelations reported on the creation of shell companies with the purpose of moving money between bank accounts, avoiding taxes and carrying out financial crimes, including money laundering, and circumventing EU sanctions for Russian oligarchs. In particular, multinational groups often create undertakings with no minimal substance, to lower their overall tax liability, including by shifting profits away from certain high-tax Member States in which they carry out economic activity and create value for their business. This proposal complements the progress achieved in corporate transparency through requirements concerning beneficial ownership information introduced by the anti-money laundering framework, which address situations where undertakings are created to conceal true ownership, whether of the undertakings themselves or of the assets they manage and own, such as real estate or property of high value. __________________ 10 Council Directive (EU) 2016/1164 of 12 July 2016 laying down rules against tax avoidance practices that directly affect the functioning of the internal market (OJ L 193, 19.7.2016, p. 1). 11 Council Directive 2011/16/EU of 15 February 2011 on administrative cooperation in the field of taxation and repealing Directive 77/799/EEC (OJ L 64, 11.3.2011, p. 1).
Amendment 43 #
2021/0434(CNS)
Proposal for a directive
Recital 4 a (new)
Recital 4 a (new)
(4a) To ensure the effective implementation of the Directive, the rules must be proportional to avoid excessive administrative burden on companies with legitimate activities, especially SMEs, while avoiding that shell-entities fall through the cracks; the quality and completeness of data are therefore essential in order to reap the greatest benefits from this Directive.
Amendment 44 #
2021/0434(CNS)
Proposal for a directive
Recital 4 b (new)
Recital 4 b (new)
(4b) Given the increased flow of reported-information this Directive will generate in addition to the data currently transmitted by companies, Member States should ensure that national tax administrations have the capabilities to process that information in the most efficient way.
Amendment 66 #
2021/0434(CNS)
Proposal for a directive
Recital 13 a (new)
Recital 13 a (new)
(13a) The European Commission and Member States should make sure that these tax consequences are articulated in a consistent manner in relation to existing bilateral tax conventions concluded between Member States and third countries.
Amendment 70 #
2021/0434(CNS)
Proposal for a directive
Recital 15
Recital 15
(15) Directive 2011/16/EU should therefore be amended accordingly. Considering that the Directive 2011/16/EU on Administrative Cooperation (DAC) laid down the rules and procedures for cooperation between Member States on the exchange of information between tax administrations of the Member States, notably the automatic exchange of information on income and assets, this Directive should therefore be amended accordingly allowing Member States to automatically exchange the information received in the framework of this Directive.
Amendment 96 #
2021/0434(CNS)
Proposal for a directive
Article 6 – paragraph 1 – point c – introductory part
Article 6 – paragraph 1 – point c – introductory part
(c) in the preceding two tax years, the undertaking outsourced to a third party the administration of day-to-day operations and the decision- making on significant functions.
Amendment 105 #
2021/0434(CNS)
Proposal for a directive
Article 6 – paragraph 2 – point b
Article 6 – paragraph 2 – point b
Amendment 112 #
2021/0434(CNS)
Proposal for a directive
Article 6 – paragraph 2 – point e
Article 6 – paragraph 2 – point e
Amendment 171 #
2021/0434(CNS)
Proposal for a directive
Article 12 – paragraph 1 a (new)
Article 12 – paragraph 1 a (new)
In cooperation with Member States, the Commission shall ensure that those tax consequences are well articulated in relation to existing bilateral tax conventions with third countries so that they receive the information on the presumed shell-companies.
Amendment 184 #
2021/0434(CNS)
Proposal for a directive
Article 14 – paragraph 2
Article 14 – paragraph 2
Member States shall ensure that those penalties include an administrative pecuniary sanction of at least 5% of the undertaking’s turnover or assets in the relevant tax year, if the undertaking that is required to report pursuant to Article 6 does not comply with such requirement for a tax year within the prescribed deadline or makes a false declaration in the tax return under Article 7.
Amendment 102 #
2021/0385(COD)
Proposal for a regulation
Title 1
Title 1
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) No 600/2014 as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, and optimising the trading obligations and prohibiting receiving payments for forwarding client orders (Text with EEA relevance)
Amendment 110 #
2021/0385(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) Article 4 of Regulation (EU) No 600/2014 allows competent authorities to waive the pre-trade transparency requirements for market operators and investment firms operating a trading venue who determine their prices by reference to the midpoint price of the primary market or the most relevant market in terms of liquidity. As there is no justification for excluding the smallest orders from a transparent order book and in order to increase pre-trade transparency and thereby reinforce the price formation process, that waiver should be applicable to orders with a size greater than or equal toof a minimum at twice the standard market size. Further clarifications should be provided by ESMA. Where the consolidated tape for shares and exchange- traded funds (ETFs) will provide bid and offer prices from which a midpoint can be derived, the reference price waiver should also be available for systems deriving the midpoint price from the consolidated tape.
Amendment 115 #
2021/0385(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) Dark trading is trading without pre- trade transparency, using the reference price waiver laid down in Article 4(1), point (a) of Regulation (EU) No 600/2014 and the negotiated trade waiver laid down in Article 4(a) point (a), point (i) of that Regulation. The use of both waivers is capped by the double volume cap (‘DVC’). The DVC is a mechanism that limits the level of dark trading to a certain proportion of total trading in an equity instrument. The amount of dark trading in an equity instrument on an individual venue may not exceed 4% of total trading in that instrument in the Union. When this threshold is breached, dark trading in that instrument on that venue is suspended. Secondly the amount of dark trading in an equity instrument in the Union may not exceed 8% of total trading in that instrument in the Union. When this threshold is breached all dark trading in that instrument is suspended. The venue specific threshold leaves room for continued use of those waivers on other platforms on which trading in that equity instrument is not yet suspended, until the Union wide threshold is breached. This causes complexity in terms of monitoring the levels of dark trading and of enforcing the suspension. To simplify the double volume cap while keeping its effectiveness, the new single volume cap should rely solely on the EU-wide threshold. That threshold should be lowered to 7 % to compensate for a potential increase of trading under those waivers as a consequence of abolishing the venue specific threshold. ESMA should be empowered to determine the DVC based on market conditions, the price formation process and liquidity available in the market.
Amendment 119 #
2021/0385(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) To ensure an adequate level of transparency, the price and the volume of a non-equity transaction should be published as close to real time as possible and only be delayed until maximally the end -of the- second-day trading day. However, in order not to expose liquidity providers in non-equity instruments to undue risk, it should be possible to mask volumes of transactions for a short period of time, which should not be longer than twofour weeks. The exact calibration of the various buckets corresponding to different time deferrals should be left to ESMA due to the technical expertise required to specify the calibration as well as due to the need to allow for the flexibility to amend the calibration. Those deferrals should be based on the liquidity of the non-equity instrument, the size of the transaction and, for bonds, the credit rating and it should no longer include the size specific to the instrument concerned.
Amendment 127 #
2021/0385(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) In order to reinforce the price formation process and to maintain a level playing field between trading venues and systematic internalisers, Article 14 of Regulation (EU) No 600/2014 requires systematic internalisers to make public all quotes in equity instruments placed by that systematic internaliser below the standard market size. Systematic internalisers are free to decide which sizes they quote, as long as they quote at a minimum size of 10% of the standard market size. That possibility, however, has led to very low levels of pre-trade transparency provided by systematic internalisers in equity instruments, and has hampered the achievement of a level playing field. It is therefore necessary to require systematic internalisers to publish firm quotes relating to a minimum of twice the standard market size. ESMA should be empowered to determine the threshold in accordance with Article 4(6) point f.
Amendment 132 #
2021/0385(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) In order to create a level playing field, in addition to the obligation to publish firm quotes relating to a minimum of twice the standard market size, systematic internalisers should also no longernot be allowed to match at midpoint below twice the standard market size. It should furthermore be clarified that systematic internalisers should be allowed to match at midpoint in so far as they comply with the tick-size rules in accordance with Article 49 of Directive 2014/65/EU when they trade above twice the standard market size but below the large in-scale threshold. When systematic internalisers trade above a large in-scale threshold, they should continue to be allowed to match at midpoint without complying with the tick- size regime. In order to clarify, ESMA should be empowered to determine the size appropriate for the market conditions.
Amendment 135 #
2021/0385(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) Market participants need core market data to be able to make informed investment decisions. Pursuant to the current Article 27h of Regulation (EU) 600/2014, sourcing core market data about certain financial instruments directly from trading venues and APAs requires that consolidated tape providers enter into separate licensing agreements with all those data contributors. That process is burdensome, costly and time consuming. It has been one of the obstacles to consolidated tape providers emerging on a cross market basis. This obstacle should be removed in order to enable consolidated tape providers to obtain the market data and to overcome licencing issues. Trading venues and APAs, or investment firms and systematic internalisers without intervention of APAs (‘market data contributors’) should be required to submit their market data to consolidated tape providers, and to use harmonised templates respecting high–quality data standards to do so. Only CTPs selected and authorised by ESMA should be able to collect harmonised market data from the individual data sources in accordance with the mandatory contribution rule. To make the market data useful for investors, market data contributors should be required to provide the CTP with market data as close as technically possible to real time.no later than one minute after the transaction
Amendment 138 #
2021/0385(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) Title II and III of Regulation (EU) 600/2014 require trading venues, APAs, investment firms and systematic internalisers (‘market data contributors’) to publish pre-trade data on financial instruments, including bid and offer prices and post-trade data on transactions, including the price and volume at which a transaction in a specific instrument has been concluded. Market participants are not obliged to use the consolidated core market data provided by the CTP. The requirement to publish those pre-trade and post-trade data should therefore remain applicable to enable market participants to access market data. However, to avoid undue burden on market data contributors, it is appropriate to align the requirement for market data contributors to publish data as much as possible with the requirement to contribute data to the CTP, which will require only post-trade data.
Amendment 145 #
2021/0385(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) Competition among consolidated tape providers ensures that the consolidated tape is provided in the most efficient way and under the best conditions for users. However, no entity has, up until now, applied to act as a consolidated tape provider. It is therefore considered appropriate to empower ESMA to periodically organise a competitive selection procedure to select a single entity which is able to provide the consolidated tape for each specified asset class. Taking into account the novelty of the proposed scheme, ESMA should only mandate the provision of post-trade transparency data for the first selection procedure that it runs in relation to shares. At least 18 months before the launch of the second selection procedure, ESMA should submit a report to the Commission assessing whether there is market demand for extending the data contributed to the tape to pre-trade data. On the basis of such a report, the Commission should be empowered, by way of a delegated act, to further specify the depth of pre-trade data to the tapebonds, taking into account the set- up costs. ESMA should prioritise the selection and authorisation of a consolidated tape provider for bonds.
Amendment 153 #
2021/0385(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) Competition among consolidated tape providers ensures that the consolidated tape is provided in the most efficient way and under the best conditions for users. However, no entity has, up until now, applied to act as a consolidated tape provider. It is therefore considered appropriate to empower ESMA to periodically organise a competitive selection procedure to select and authorize a single entity which is able to provide the consolidated tape for eachper specified asset class. Taking into account the novelty of the proposed scheme, ESMA should only mandate the provision of post-trade transparency data for the first selection procedure that it runs in relation to shares. At leastprioritize the selection and authorization of the provider for the consolidated tape for bonds. After 182 months before the launch of the second selection procedure, ESMA should submit a report to the Commission assessing whether there is market demand for extending the data contributed to the tape to pre-trade data. On the basis of such a report, the Commission should be empowered, by way of a delegated act, to further specify the depth of pre-trade data to the tapeof operation of the CTP for bonds, ESMA shall provide the Commission with a motivated opinion on the effectiveness of the CTP for bond. Based on this opinion, in case the CTP for bonds has satisfied the political objectives, ESMA shall start the selection and authorization procedures for the providers for the other relevant asset classes in the following order: Shares, ETFs and OTC derivatives.
Amendment 156 #
2021/0385(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) According to data presented in the impact assessment accompanying the proposal for this Regulation, the expected revenue generation for the consolidated tape will vary depending on the precise features of the tape. The expected revenue of the CTP should significantly exceed the cost of its production, and therefore help to build a solid revenue participation scheme whereby the CTP and the market data contributors share aligned commercial interests. This principle should not prevent CTPs from making a necessary margin to maintain a viable business model and from using the core market data to offer further analytics or other services aimed to increase the revenue pool.
Amendment 161 #
2021/0385(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) There is an objective difference between a venue of primary admission and other trading venues that serve as secondary trading markets. A venue of primary admission admits companies to the public markets, playing a crucial role in the life of a share and for the share’s liquidity. This is particularly true in the case of shares listed on smaller regulated markets which remain typically traded mostly on the venue of primary admission. When the pre-trade transparent trading of a certain share takes place exclusively or predominantly on the venue of primary admission, such smaller venue plays a more important role in the price formation for that share. The core market data a smaller regulated market contributes to the consolidated tape therefore plays a more determining role in the price formation for the shares this venue admits to trading. A preferential treatment in the revenue participation scheme is therefore considered appropriate to allow these smOn that note, the CT can offer more visibility to the smaller exchanges. Therefore, it is important for aller exchanges to maintain their local admissions and safeguard a rich and vibrant ecosystemcontribute to the tape, which is, moreover, fully in line with the objectivesidea of the Capitinternal Mmarkets Union.
Amendment 163 #
2021/0385(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) Small regulated markets are regulated markets which admit shares of issuers for which trading in the secondary market tends to be less liquid than the trading of shares admitted to trading on larger regulated markets. In order to avoid that lower trading volumes (or nominal values) penalise smaller exchanges in the revenue participation scheme designed for the consolidated tape for shares, data from trades in these less liquid shares should attract a higher remuneration than their notional trading value would indicate. Whether a shareThe desired outcome would be to provide end investors with a truly consolidated overview of the trading opportunities available in the Union and to increase the overall domestic and international attractiveness of the Union capital markets, isn less liquid should be determinedine with the objectives onf the basis of the proportion of pre-trade transparent liquidity displayed by the regulated market that admits the less liquid share, Capital Markets Union, and to include small regulated markets in the picture crelative to the average daily trading turnover in that shared by the consolidated tape.
Amendment 168 #
2021/0385(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) Given the novelty of the consolidated tape in the context of the EU financial markets, ESMA should be entrusted with providing the European Commission with an assessment of the revenue participation scheme designed for regulated markets in the context of the consolidated tape for shares. This report should be prepared on the basis of at least 12 months of operation of the CTP and subsequently at the request of the Commission, where deemed necessary or appropriate. The assessment should focus in particular on whether the participation of small regulated markets in the revenue of the CTP is fair and effective in safeguarding the role that these markets play in their local financial ecosystem. The Commission should be empowered to revise the mechanism of allocation by way of a delegated act, where necessary or appropriate.
Amendment 172 #
2021/0385(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) Financial intermediaries should strive to achieve the best possible price and the highest possible likelihood of execution for trades that they execute on behalf of their clients. To that end,ensure that the best execution requirement described in Article 27 of Directive 2014/65/EU can be met financial intermediaries should select the trading venue or counterparty for executing their client trades solely on the basis of achieving best execution for their clients. It should be incompatible with that principle of best execution that a financial intermediary receives a payment from a trading counterpart in exchange for ensuring the execution of client trades. Investment firms should be therefore be prohibited from receiving such payment.
Amendment 181 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point c
Article 1 – paragraph 2 – point c
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 35
Article 2 – paragraph 1 – point 35
(35) ‘consolidated tape provider’ or ‘CTP’ means a person authorised in accordance with Title IVa, Chapter 1 of this Regulation to provide the service of collecting market data for shares, ETFs, bonds or derivatives, from market data contributors, and of consolidating those data into a continuous electronic live data stream providing core market data per share, ETF, bond or derivatives and of providing them to user of market data;;
Amendment 183 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a
Article 2 – paragraph 1 – point 36 b – point a
Amendment 184 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Amendment 192 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (ii)
Article 2 – paragraph 1 – point 36 b – point a - point (ii)
Amendment 196 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (iii)
Article 2 – paragraph 1 – point 36 b – point a - point (iii)
Amendment 199 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Amendment 202 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (v)
Article 2 – paragraph 1 – point 36 b – point a - point (v)
Amendment 204 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vi)
Article 2 – paragraph 1 – point 36 b – point a - point (vi)
Amendment 206 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vii)
Article 2 – paragraph 1 – point 36 b – point a - point (vii)
Amendment 208 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Amendment 211 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 2
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 2
Amendment 214 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 3
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 3
Amendment 217 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 4
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 4
Amendment 219 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 5
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 5
Amendment 222 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a– point viii
Article 2 – paragraph 1 – point 36 b – point a– point viii
Amendment 226 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point b – introductory part
Article 2 – paragraph 1 – point 36 b – point b – introductory part
(b) all of the following data on nbon- equitieds:
Amendment 231 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 3 – point a
Article 1 – paragraph 3 – point a
Regulation (EU) No 600/2014
Article 4 – paragraph 1– point a
Article 4 – paragraph 1– point a
Amendment 232 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 3 – point b
Article 1 – paragraph 3 – point b
Regulation (EU) No 600/2014
Article 4 – paragraph 2 – subparagraph 1 – point a – point iii
Article 4 – paragraph 2 – subparagraph 1 – point a – point iii
Amendment 234 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 3 – point b a (new)
Article 1 – paragraph 3 – point b a (new)
Regulation (EU) No 600/2014
Article 4 – paragraph 6 – subparagraph 1 – point f (new)
Article 4 – paragraph 6 – subparagraph 1 – point f (new)
(b a) in paragraph 6, the following point is added: "(b a) the minimum size of an order that may be matched using the trading methodology referred to in paragraph 1(a), which shall not be lower than twice the standard market size."
Amendment 239 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 4 – point b
Article 1 – paragraph 4 – point b
Regulation (EU) No 600/2014
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Trading venues shall suspend their use of the waivers referred to in Article 4(1), point (a), and 4(1), point (b)(i) where the percentage of volume traded in the Union in a financial instrument carried out under those waivers exceeds 7% of the total volume traded in that financial instrument in the Union as determined by ESMA according to Article 5 (9) of this regulation. Trading venues shall base their decision to suspend the use of those waivers on the data published by ESMA in accordance with paragraph 4, and shall take such decision within two working days after this publication of those data and for a period of six months.;
Amendment 256 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 6
Article 1 – paragraph 6
Regulation (EU) No 600/2014
Article 11
Article 11
Amendment 267 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 6 a (new)
Article 1 – paragraph 6 a (new)
Regulation (EU) No 600/2014
Article 11
Article 11
Amendment 283 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 8 – point a
Article 1 – paragraph 8 – point a
Regulation (EU) No 600/2014
Article 14 – paragraph 2
Article 14 – paragraph 2
2. This Article and Articles 15, 16 and 17 shall apply to systematic internalisers when they deal in sizes up to twiche the standard market sizereshold determined by ESMA in accordance with Article 4(6)(f). Systematic internalisers shall not be subject to this Article and Articles 15, 16 and 17 when they deal in sizes above twice the standard market sizehat threshold.
Amendment 287 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 8 – point a
Article 1 – paragraph 8 – point a
Regulation (EU) No 600/2014
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Systematic internalisers are allowed to quote any size. The minimum quoting size shall be at least the equivalentthe minimum of twice the standard market size of a share, depositary receipt, ETF, certificate, or other financial instrument that is similar to those financial instruments and that is traded on a trading venue. For a particular share, depository receipt, ETF, certificate or other financial instrument that is similar to those financial instruments and that is traded on a trading venue, each quote shall include a firm bid and offer price, or firm bid and offer prices for a size or sizes which could be up to twice the standard market size for the class of shares, depositary receipts, ETFs, certificates or financial instruments that are similar to those financial instruments, to whhe minimum of twiche the financial instrument belongsstandard market size. The price or prices shall reflect the prevailing market conditions for that share, depositary receipt, ETF, certificate or financial instrument that is similar to those financial instruments.;
Amendment 310 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 9
Article 1 – paragraph 9
Regulation (EU) No 600/2014
Article 17a – paragraph 2
Article 17a – paragraph 2
2. The application of the tick sizes set in accordance with Article 49 of Directive 2014/65/EU shall not prevent systematic internalisers from matching orders large in scale at mid-point within the current bid and offer prices. Matching orders at mid- point within the current bid and offer prices below large in scale but above twiche the standard market sizereshold determined by ESMA in accordance with Article 4(6)(f) shall be allowed in so far as those tick sizes are complied with.;
Amendment 319 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 10
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22 a – paragraph 1
Article 22 a – paragraph 1
1. Market data contributors shall, with regard to shares, ETFs and bonds that are traded on a trading venue, and with regard to OTC derivatives as defined in Article 2(7) of Regulation (EU) No 648/2012 that are subject to the clearing obligation as referred to in Article 4 of that Regulation,bonds provide the CTP with all the market data as set out in Article 22b(2) as needed for the CTP to be operational. Those market data shall be provided in a harmonised format, through a high quality transmission protocol, and as close to real- time as is technically possibleno later than one minute after the transaction by all trading venues.
Amendment 347 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 10
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22b – paragraph 1
Article 22b – paragraph 1
1. The Commission shall set up an expert stakeholder group by [OP add 3 months as of entry into force] to provide advice on the quality and the substance of market data, the common interpretation of market data and the quality of the transmission protocol referred to in Article 22a(1). TESMA should work closely with the expert stakeholder group which shall provide advice on a yearly basis. That advice shall be made public.
Amendment 349 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 10
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22b – paragraph 2 – first subparagraph
Article 22b – paragraph 2 – first subparagraph
2. The Commission shall be empowered to adESMA should developt delegated acts in accordance with Article 50 to specify the quality and the substance of the market data and the quality of the transmission protocolraft regulatory standards.
Amendment 351 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 10
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22b – paragraph 2 – second subparagraph – introductory part
Article 22b – paragraph 2 – second subparagraph – introductory part
Those delegated actregulatory technical standards shall in particular specify all of the following:
Amendment 353 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 10
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22b – paragraph 2 – third subparagraph
Article 22b – paragraph 2 – third subparagraph
ESMA shall submit those draft regulatory technical standards to the Commission by […]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. For the purposes of the first subparagraph, the Commission shall take into account the advice from ESMA and from the technical expert group established in accordance with paragraph 2, international developments, and standards agreed at Union or international level. The Commission shall ensure that the delegated actregulatory technical standards adopted take into account the reporting requirements laid down in Articles 3, 6, 8, 10, 14, 18, 20, 21 and 27g.
Amendment 360 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 11 b (new)
Article 1 – paragraph 11 b (new)
Regulation (EU) No 600/2014
Article 26 – paragraph 1
Article 26 – paragraph 1
(11 b) in Article 26, paragraph 1, is replaced by the following: "1. Investment firms which execute transactions in financial instruments shall report complete and accurate details of such transactions to the competent authority as quickly as possible, and no later than the close of the following working day. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20220228)Following an impact assessment of the European Commission, further alignements to other regulations such as UCITS, AIFMD or EMIR can be advantageous. However, additional reporting and unproportionate requirements shall not be the outcome of such a review. Or. en
Amendment 362 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – title
Article 27da – title
Article 27da Selection process for the authorisation of a single consolidated tape provider for each asset clasbonds
Amendment 367 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 1
Article 27da – paragraph 1
1. By [OP insert date 3 months as of entry into force], ESMA shall organise a selection procedure for the appointment of the CTP for a five year term. ESMA shall organise a separate selection procedure for each of the following asset classes: shares, exchange traded funds, bonds and derivatives (or relevant subclasses of derivatives).term deemed appropriate keeping in mind the set-up costs which will be incurred by the CTP. ESMA should organise a separate selection procedure for bonds
Amendment 370 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 2 – introductory part
Article 27da – paragraph 2 – introductory part
2. For each of the asset classebonds referred to in paragraph 1, ESMA shall assess the applications on the basis of the following criteria:
Amendment 392 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 3
Article 27da – paragraph 3
3. The first selection procedure organised for shares shall only invite bids for the provision of a consolidated tape containing one minute delayed post trade data. Prior to subsequent selection procedures, ESMA shall assess market demand and revenue impacts on regulated markets and based on that assessment, report to the Commission on the opportunity of adding best bids and offers and corresponding volumes to the tape as well as on the possible improvement to the tape, including on the speed of publication. Based on that report and on the experience gained further to the first selection procedure, the Commission is empowered to adopt a delegated act specifying the appropriate level of pre- trade data to be contributed to the CTPmeasures for improving the data tape.
Amendment 398 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 4
Article 27da – paragraph 4
4. The selection of the CTP for sharebonds shall, in addition to the criteria in paragraph 2, consider the revenue participation scheme, and in particular the formula, applicable to regulated markets that are market data contributors. ESMA shall, when considering the competing tenders, select the CTP for sharebonds that offers the revenue participation scheme that provides regulated markets, in particular smaller regulated markets, with the highest amount of revenue that remains for distribution once deducted operating costs and a small incentivising margin which is deemed appropriate and reasonable margin. This revenue shall be distributed in accordance with Article 27h(1)(c), and in a manner commensurate to the market data contributed according to Article 22a.
Amendment 407 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 5
Article 27da – paragraph 5
5. ESMA shallould adopt a fully reasoned decision selecting and authorising the entities operating the consolidated tapes within 3 months as of initiation of the selection procedure referred to in paragraph 2. Such reasoned decision shall specify the conditions under which the CTPs shall operate, and in particular the level of fees referred to in paragraph 2, point (g) and for sharebonds the level of the participation referred to in paragraph 3, in particular for smaller regulated markets.
Amendment 415 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 16
Article 1 – paragraph 16
Regulation (EU) No 600/2014
Article 27h – paragraph 1 – subparagraph 1 – point c
Article 27h – paragraph 1 – subparagraph 1 – point c
(c) in the case of market data concerning shares, redistribute part of their revenues for the purposes of covering the cost related to mandatory contribution and of ensuring a fairreasonable level of participation for regulated markets, and in particular smaller regulated markets, in the revenue generated by the consolidated tape, in accordance with Article 27da(4);
Amendment 420 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 16
Article 1 – paragraph 16
Regulation (EU) No 600/2014
Article 27h – paragraph 1 – subparagraph 1 – point d
Article 27h – paragraph 1 – subparagraph 1 – point d
(d) make consolidated core market data, for the provision of which the CTP is selected in accordance with Article 27da, available in accordance with the data quality requirements set out in Article 22b to users into a continuous electronic data stream on non-discriminatory terms as close to real time as technically possibleno later than one minute after the transaction;
Amendment 426 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 16
Article 1 – paragraph 16
Regulation (EU) No 600/2014
Article 27h – paragraph 1 – second subparagraph
Article 27h – paragraph 1 – second subparagraph
For the purpose of establishing the participarevenue redistribution in point (c), the revenue of the CTP shall be allocated among regulated markets according to a formula that reflects the proportion of pre-trade transparent liquidity in shares displayed by a regulated market relativcore market data provided while taking into account the ratio of market data revenue to the aoverage daily turnover in these shares in the Unionll revenue within the legal group structure.
Amendment 435 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 16
Article 1 – paragraph 16
4. After 12 months of full operation of the CTP for sharebonds, ESMA shall provide the Commission with a motivated opinn evaluation on the effectiveness and fairness of the level of participation of regulated markets in the revenues generated by the CTP as set out in accordance with the second subparagraph of paragraph 1. The Commission may request ESMA to provide further opinionassessments, where necessary or appropriate. The Commission shall be empowered to adopt a delegated act in accordance with Article 50 to revise the allocation key for the revenue redistribution, where appropriate.;
Amendment 446 #
2021/0385(COD)
Proposal for a regulation
Article 1 – paragraph 26
Article 1 – paragraph 26
Regulation (EU) No 600/2014
Article 39 a (new)
Article 39 a (new)
Amendment 24 #
2021/0384(COD)
Proposal for a directive
Recital 7
Recital 7
(7) Article 27(3) and 27 (6) of Directive 2014/65/EU contains the requirement for execution platforms to publish a list of details relating to best execution. Factual evidence and feedback from stakeholders has shown that those reports are rarely read and do not enable investors or any users of those reports to make meaningful comparisons based on the information provided in those reports. As a consequence, Directive (EU) 2021/338 of the European Parliament and of the Council21 suspended the reporting requirement under Article 27 (3) for two years in order for that requirement to be reviewed. Regulation (EU) XX/XXXX22 has amended Regulation (EU) No 600/2014 to remove the obstacles that have prevented the emergence of a consolidated tape. Among the data that the consolidated tape is expected to provide are post-trade information regarding all transactions in financial instrumentsxed income. That information can be used for proving best execution. The reporting requirement laid down in Article 27(3) and 27 (6) of Directive 2014/65/EU will therefore no longer be relevant and should therefore be deleted. __________________ 21 Directive (EU) 2021/338 of the European Parliament and of the Council of 16 February 2021 amending Directive 2014/65/EU as regards information requirements, product governance and position limits, and Directives 2013/36/EU and (EU) 2019/878 as regards their application to investment firms, to help the recovery from the COVID-19 crisis (OJ L 68, 26.2.2021, p. 14). 22 COM 727
Amendment 30 #
2021/0384(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2014/65/EU
Article 2 – paragraph 1 – point d – point ii
Article 2 – paragraph 1 – point d – point ii
(ii) are members of or participants in a regulated market or an MTF with the exception for non-financial entities who execute transactions on a trading venue for the purpose of commercial activity or treasury financing activity;
Amendment 33 #
2021/0384(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 3 a (new)
Article 1 – paragraph 1 – point 3 a (new)
Directive 2014/65/EU
Article 4 – paragraph 1 – point 20
Article 4 – paragraph 1 – point 20
Amendment 39 #
2021/0384(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 4 – point –a 1 (new)
Article 1 – paragraph 1 – point 4 – point –a 1 (new)
Directive 2014/65/EU
Article 27 – paragraph 1 – subparagraph 2
Article 27 – paragraph 1 – subparagraph 2
Amendment 41 #
2021/0384(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 4 – point a
Article 1 – paragraph 1 – point 4 – point a
Directive 2014/65/EU
Article 27 – paragraph 3
Article 27 – paragraph 3
(a) paragraph 3 is deleted;replaced by the following: "3. Member States shall require that for financial instruments subject to the trading obligation in Articles 23 and 28 Regulation (EU) No 600/2014 that following execution of a transaction on behalf of a client the investment firm shall inform the client where the order was executed. "
Amendment 42 #
2021/0384(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 4 – point a a (new)
Article 1 – paragraph 1 – point 4 – point a a (new)
Directive 2014/65/EU
Article 27 – paragraph 6
Article 27 – paragraph 6
(a a) paragraph 6 is deleted
Amendment 317 #
2021/0342(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) Regulation (EU) No 575/2013 enables institutions to calculate their capital requirements either by using standardised approaches, or by using internal model approaches. Internal model approaches, approved by national competent authorities, allow institutions to estimate most or all the parameters required to calculate capital requirements on their own, whereas standardised approaches require institutions to calculate capital requirements using fixed parameters, which are based on relatively conservative assumptions and laid down in Regulation (EU) No 575/2013. The Basel Committee decided in December 2017 to introduce an aggregate output floor. That decision was based on an analysis carried out in the wake of the financial crisis of 2008-2009, which revealed that internal models tend to underestimate the risks that institutions are exposed to, especially for certain types of exposures and risks, and hence, tend to result in insufficient capital requirements. Compared to capital requirements calculated using the standardised approaches, internal models produce, on average, lower capital requirements for the same exposures.
Amendment 370 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b
Article 1 – paragraph 1 – point 1 – point b
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 18 – introductory part
Article 4 – paragraph 1 – point 18 – introductory part
(18) ‘ancillary services undertaking’ means an undertaking that is not an SSPE or a CIU the principal activity of which, whether provided to undertakings inside the group or to clients outside the group, is ancillary to the principal activity of one or more institutions and the competent authority considers to be any of the following:
Amendment 376 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b
Article 1 – paragraph 1 – point 1 – point b
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 18 – point b
Article 4 – paragraph 1 – point 18 – point b
(b) operational leasing, factoring, the management of unit trusts, the ownership or management of property, the provision of data processing services or any other activity that is ancillary to bankingthe principal activity of one or more institutions;
Amendment 377 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b
Article 1 – paragraph 1 – point 1 – point b
(b) operational leasing, factoring, the management of unit trusts, the ownership or management of property, the provision of data processing services or any other activity that is ancillary to banking;
Amendment 382 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point e
Article 1 – paragraph 1 – point 1 – point e
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 26 – point a
Article 4 – paragraph 1 – point 26 – point a
(a) the undertaking is not an institution, a pure industrial holding company, an insurance holding company, an owner or manager of property, or a mixed- activity insurance holding company as defined in Article 212(1), points (f) and (g), of Directive 2009/138/EC; ;
Amendment 399 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point l
Article 1 – paragraph 1 – point 1 – point l
(52d) ‘environmental, social or governance (ESG) risk’ means the risk of losses arising from any negative financial impact on the institution stemming from the current or prospective impacts of environmental, social or governance (ESG) factors on the institution’s counterparties or invested assets; in this context, ESG risks are drivers of the existing risk categories, such as credit risk, operational risk and market risk;
Amendment 432 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point t
Article 1 – paragraph 1 – point 1 – point t
Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 79
Article 4 – paragraph 1 – point 79
(79) ‘ADC exposures’ or ‘land acquisition, development and construction exposures’ means exposures to corporates or special purpose entities financing any land acquisition for development and construction purposes, or financing development and construction of any residential or commercial immovable property excluding where the loan is below 80% of the property value;;
Amendment 485 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 11 a (new)
Article 1 – paragraph 1 – point 11 a (new)
Regulation (EU) No 575/2013
Article 46 – paragraph 2 a (new)
Article 46 – paragraph 2 a (new)
Amendment 501 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 12 a (new)
Article 1 – paragraph 1 – point 12 a (new)
Regulation (EU) No 575/2013
Article 48 – paragraph 1 a (new)
Article 48 – paragraph 1 a (new)
Amendment 647 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 27 – point a a (new)
Article 1 – paragraph 1 – point 27 – point a a (new)
Regulation (EU) No 575/2013
Article 104a – paragraph 2 – subparagraph 1 a (new)
Article 104a – paragraph 2 – subparagraph 1 a (new)
(a a) in paragraph 2, the following subparagraph is inserted: Internal transfers of positions between a well identified central treasury management desk and market making desk shall not be considered as reclassification of position if: (a) the transfer of positions is done at arm's length; (b) the scope of the positions transferred is limited to assets eligible to liquidity buffer and financial instruments where such assets are the underlying instruments; (c) positions transferred to treasury shall not have been held by the market making desk for a duration that exceeds the usual holding period of the market making desk set in line with Article 103.
Amendment 660 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 575/2013
Article 111 – paragraph 2 – point ea (new)
Article 111 – paragraph 2 – point ea (new)
(e a) 0% for items in bucket 6
Amendment 662 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
575/2013
Article 111 – paragraph 2a (new)
Article 111 – paragraph 2a (new)
2 a. By way of derogation from paragraph 2, unconditionally cancellable commitments in accordance with Article 5, point 10, shall be assigned a credit conversion factor of 0%.
Amendment 670 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 575/2013
Article 111 – paragraph 4
Article 111 – paragraph 4
4. For contractual arrangements offered by an institution, but not yet accepted by the client, that would become commitments if accepted by the client, and contractual arrangements that would qualify as commitments but meet the conditions for not being treated as commitments, the percentage applicable to that type of contractual arrangement shall be that provided for in accordance with paragraph 2.deletion
Amendment 785 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 44
Article 1 – paragraph 1 – point 44
Regulation (EU) No 575/2013
Article 124 – paragraph 2 – point a – introductory part
Article 124 – paragraph 2 – point a – introductory part
(a) where the exposure is secured by a non-IPRE residential property or is secured by a IPRE residential property that meets any of the following conditions, the exposure shall not qualify as an IPRE exposure and shall be treated in accordance with Article 125(1) where the exposure meets any of the following conditions:
Amendment 798 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 44
Article 1 – paragraph 1 – point 44
Regulation (EU) No 575/2013
Article 124 – paragraph 2 – point b
Article 124 – paragraph 2 – point b
(b) where the exposure is secured by an IPRE residential property and the exposure does not meet any of the conditions laid down in point (a), points (i) to (iv), the exposure shall be treated in accordance with Article 125(2);
Amendment 806 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 44
Article 1 – paragraph 1 – point 44
Regulation (EU) No 575/2013
Article 124 – paragraph 3 – point a – point iii – introductory part
Article 124 – paragraph 3 – point a – point iii – introductory part
(iii) the immovable property is either residential property under construction or it is land upon which a residential property is planned to be constructed where that plan has been legally approved by all relevant authorities concerned, as applicable, and where any of the following conditions is met:
Amendment 808 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 44
Article 1 – paragraph 1 – point 44
Regulation (EU) No 575/2013
Article 124 – paragraph 3 – point a – point iii – indent 2
Article 124 – paragraph 3 – point a – point iii – indent 2
— a central government, regional government or local authority or a public sector entity, exposures to which are treated in accordance with Articles 115(2) and 116(4), respectively, has the legal powers and ability to ensure that the property under construction will be finished within a reasonable time frame and is required to or has committed in a legally binding manner to do so where the construction would otherwise not be finished within a reasonable time frame; alternatively, there is an equivalent legal mechanism to ensure that the property under construction is completed within a reasonable timeframe;
Amendment 821 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 45
Article 1 – paragraph 1 – point 45
Regulation (EU) No 575/2013
Article 125 – paragraph 2 a (new)
Article 125 – paragraph 2 a (new)
2 a. Institutions may apply the derogation referred to in the second subparagraph of paragraph 2 also in cases where competent authorities of a third country which apply supervisory and regulatory arrangements at least equivalent to those applied in the Union as decided in accordance with Article 107(4), publish corresponding loss rates for exposures secured by residential immovable property situated within the territory of their country or where a competent authority of a Member State publishes such information for a third country jurisdiction provided the availability of valid statistical data.
Amendment 824 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 46
Article 1 – paragraph 1 – point 46
Regulation (EU) 575/2013
Article 126 – paragraph 2 a (new
Article 126 – paragraph 2 a (new
2 a. Institutions may apply the derogation referred to in the second subparagraph of paragraph 2 also in cases where competent authorities of a third country jurisdiction, which apply supervisory and regulatory arrangements at least equivalent to those applied in the Union as decided in accordance with Article 107(4), publish corresponding loss rates for exposures secured by commercial immovable property situated within the territory of their country or where a competent authority of a member state publishes such information for a third country jurisdiction provided the availability of valid statistical data.
Amendment 831 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 47
Article 1 – paragraph 1 – point 47
Regulation (EU) No 575/2013
Article 126a – paragraph 2 –introductory part
Article 126a – paragraph 2 –introductory part
2. ADC exposures to residential property, however, may be risk weighted at 100 %, provided that, where applicable, the institution applies sound origination and monitoring standards which meet the requirements of Articles 74 and 79 of Directive 2013/36/EU and where at least one of the following conditions is met:
Amendment 832 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 47
Article 1 – paragraph 1 – point 47
Regulation (EU) No 575/2013
Article 126a – paragraph 2 –introductory part
Article 126a – paragraph 2 –introductory part
2. ADC exposures to residential property, however, may be risk weighted at 100 %, provided that, where applicable, the institution applies sound origination and monitoring standards which meet the requirements of Articles 74 and 79 of Directive 2013/36/EU and where at least one of the following conditions is met:
Amendment 833 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 47
Article 1 – paragraph 1 – point 47
Regulation (EU) No 575/2013
Article 126a – paragraph 2 – introductory part
Article 126a – paragraph 2 – introductory part
2. ADC exposures to residential property, however, may be risk weighted at 100 %, provided that, where applicable, the institution applies sound origination and monitoring standards which meet the requirements of Articles 74 and 79 of Directive 2013/36/EU and where at least one of the following conditions is met:
Amendment 835 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 47
Article 1 – paragraph 1 – point 47
Regulation (EU) No 575/2013
Article 126a – paragraph 2 –point a
Article 126a – paragraph 2 –point a
(a) legally binding pre-sale or pre-lease contracts, for which the purchaser or tenant has made a substantial cash deposit which is subject to forfeiture if the contract is terminated, or where the financing is ensured in an equivalent manner, amount to a significant portion of total contracts;
Amendment 839 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 47
Article 1 – paragraph 1 – point 47
Regulation (EU) No 575/2013
Article 126a – paragraph 2 –point b
Article 126a – paragraph 2 –point b
(b) the obligor has substantial equity at risk, which is represented as an appropriate amount of obligor-contributed equity to the residential property's appraised value upon completion.
Amendment 840 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 47
Article 1 – paragraph 1 – point 47
Regulation (EU) No 575/2013
Article 126a – paragraph 2 –point b a (new)
Article 126a – paragraph 2 –point b a (new)
(b a) the exposure-to-value does not exceed 80 %.
Amendment 846 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 50 a (new)
Article 1 – paragraph 1 – point 50 a (new)
Regulation (EU) No 575/2013
Article 129 – paragraph 1 – point c
Article 129 – paragraph 1 – point c
(50 a) in Article 129( 1), point (c) is replaced by the following: ‘(c) exposures to credit institutions that qualify for credit quality step 1 or credit quality step 2 or credit risk assessment grade A, or exposures to credit institutions that qualify for credit quality step 3 or credit risk assessment grade B where those exposures are in the form of: (i) short-term deposits with an original maturity not exceeding 100 days, where used to meet the cover pool liquidity buffer requirement of Article 16 of Directive (EU) 2019/2162; or (ii) derivative contracts that meet the requirements of Article 11(1) of that Directive, where permitted by the competent authorities;’ (iii) guarantees, where permitted by the competent authority " Or. en (https://eur-lex.europa.eu/eli/reg/2019/2160/oj)
Amendment 847 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 50 b (new)
Article 1 – paragraph 1 – point 50 b (new)
Regulation (EU) No 575/2013
Article 129 – paragraph 1a
Article 129 – paragraph 1a
(50 b) Article 129(1a) is replaced by the following: " 1a. For the purposes of point (c) of the first subparagraph of paragraph 1, the following shall apply: (a) for exposures to credit institutions that qualify for credit quality step 1, the exposure shall not exceed 15 % of the nominal amount of outstanding covered bonds of the issuing credit institution; (b) for exposures to credit institutions that qualify for credit quality step 2 or credit risk assessment grade A, the exposure shall not exceed 10 % of the nominal amount of outstanding covered bonds of the issuing credit institution; (c) for exposures to credit institutions that qualify for credit quality step 3 or credit risk assessment grade B that take the form of short-term deposits, as referred to in point (c)(i) of the first subparagraph of paragraph 1 of this Article, or the form of derivative contracts, as referred to in point (c)(ii) of the first subparagraph of paragraph 1 of this Article, or the form of guarantees, as referred to in point (c)(iii) of the first subparagraph of paragraph 1 of this Article, the total exposure shall not exceed 8 % of the nominal amount of outstanding covered bonds of the issuing credit institution; the competent authorities designated pursuant to Article 18(2) of Directive (EU) 2019/2162 may, after consulting EBA, allow exposures to credit institutions that qualify for credit quality step 3 or credit risk assessment grade B in the form of derivative contracts or guarantees, provided that significant potential concentration problems in the Member States concerned due to the application of credit quality step 1 and 2 requirements or credit risk assessment grade A referred to in this paragraph can be documented; (d) the total exposure to credit institutions that qualify for credit quality step 1, 2 or 3 shor credit risk assessment grade A or B all not exceed 15 % of the nominal amount of outstanding covered bonds of the issuing credit institution and the total exposure to credit institutions that qualify for credit quality step 2 or 3 or credit risk assessment grade A and B shall not exceed 10 % of the nominal amount of outstanding covered bonds of the issuing credit institution. : " Or. en (https://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32019R2160&from=EN)
Amendment 848 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 50 c (new)
Article 1 – paragraph 1 – point 50 c (new)
Regulation (EU) No 575/2013
Article 129 – paragraph 4 –subparagraph 1a (new)
Article 129 – paragraph 4 –subparagraph 1a (new)
Amendment 849 #
2021/0342(COD)
Proposal for a regulation
Article 1 – point 50 a (new)
Article 1 – point 50 a (new)
Regulation (EU) No 575/2013
Article 129 – paragraph 4 – table 6a
Article 129 – paragraph 4 – table 6a
Amendment 850 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 50 d (new)
Article 1 – paragraph 1 – point 50 d (new)
Regulation (EU) No 575/2013
Article 129 – paragraph 5 – subparagraph 1 a (new)
Article 129 – paragraph 5 – subparagraph 1 a (new)
(50 d) in Article 129(5) the following subparagraph is added: Exposures in the form of derivatives for hedging purposes as referred to in Articles 11 and 4 of Directive (EU) 2019/2162 shall be assigned the same risk weight that the derivative counterparty would assign to the covered bonds. " Or. en (https://eur-lex.europa.eu/eli/reg/2019/2160/oj)
Amendment 874 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 52
Article 1 – paragraph 1 – point 52
Regulation (EU) No 575/2013
Article 133 – paragraph 7a (new)
Article 133 – paragraph 7a (new)
7 a. Equity exposures which represent a strategic investment for institutions shall be assigned a risk weight of 100%. Other equity investments shall be assigned the following risk weights: a) 100% for participations by collective investment undertakings in an entity established specifically to hold ownership rights in real estate property b) 150% for participations in an entity established specifically to finance or operate physical structures or facilities, systems and networks. The entity must provide or support basic public services (e.g. financing of broadband and energy networks, transport infrastructure, education, etc.) c) 160% for equity investments held in CIU, if the individual underlying is an equity investment equal to or smaller than 10% of the CIU’s NAV according to the documented intention of investment diversification d) 170% for investments with the intent to hold for a period of at least 10 years d) 200% for investments in the form of publicly quoted shares listed in appropriately diversified indices investment for institutions shall be assigned a risk weight of 100%. For the purposes of this paragraph, a strategic equity investment is an equity investment which has a long-term nature proven by a holding period of at least 6 years or documented intention of a holding intention of at least 6 years; and where there is no intention to make a short-term profit by selling the equity exposure .
Amendment 898 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 61 – point c
Article 1 – paragraph 1 – point 61 – point c
Regulation (EU) No 575/2013
Article 147 – paragraph 3 a
Article 147 – paragraph 3 a
3a. Exposures to regional governments, local authorities or public sector entities shall all be assigned to the exposure class referred to in paragraph 2, point (a1), irrespective of the treatment such exposures would receive under Articles 115 or 116.;. By derogation from the first sentence, exposures treated according to Articles 115 or 116 shall be assigned to the exposure class referred to in paragraph 2, point (a).
Amendment 911 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 63 – point a
Article 1 – paragraph 1 – point 63 – point a
Regulation (EU) No 575/2013
Article 150 – paragraph 1 – subparagraph 3
Article 150 – paragraph 1 – subparagraph 3
Amendment 913 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 63 – point a a (new)
Article 1 – paragraph 1 – point 63 – point a a (new)
Regulation (EU) No 575/2013
Article 150 – paragraph 1 – subparagraph 2a (new)
Article 150 – paragraph 1 – subparagraph 2a (new)
Amendment 931 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 74 – point a – point iii a (new)
Article 1 – paragraph 1 – point 74 – point a – point iii a (new)
Regulation (EU) No 575/2013
Article 161 – paragraph 1 –point d
Article 161 – paragraph 1 –point d
"d) covered bonds and derivatives eligible for the treatment set out in Article 129(4) or (5) may be assigned an LGD value of 11,25%; " Or. en (32013R0575)
Amendment 936 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 75 – point a
Article 1 – paragraph 1 – point 75 – point a
Regulation (EU) No 575/2013
Article 162 – paragraph 1 – subparagraph 1
Article 162 – paragraph 1 – subparagraph 1
1. For exposures for which an institution has not received permission of the competent authority to use own estimates of LGD, the maturity value (‘M’) shall be 2,5 years, except for exposures arising from securities financing transactions, for which M shall be 0,5 years. and except for self-liquidating short-term trade finance transactions connected to the exchange of goods or services, including corporate purchased receivables, for which M shall be effective, the effective maturity M as set out in paragraph 2, taking into account the provisions laid out in paragraph 3 of this Article.
Amendment 947 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 75 – point c – point ii – indent 2
Article 1 – paragraph 1 – point 75 – point c – point ii – indent 2
Regulation (EU) No 575/2013
Article 162 – paragraph 3 – subparagraph 2 – point e
Article 162 – paragraph 3 – subparagraph 2 – point e
(e) issued as well as confirmed letters of credit that are short term that is with a, namely that they have a residual maturity below 1 year, and are self- liquidating.;
Amendment 999 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 103 – point a – point i
Article 1 – paragraph 1 – point 103 – point a – point i
Regulation (EU) No 575/2013
Article 208 – paragraph 3 – point b – subparagraph 1 a
Article 208 – paragraph 3 – point b – subparagraph 1 a
Amendment 1000 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 103 – point a – point i
Article 1 – paragraph 1 – point 103 – point a – point i
Regulation (EU) No 575/2013
Article 208 – paragraph 3 – point b – subparagraph 1 a
Article 208 – paragraph 3 – point b – subparagraph 1 a
Amendment 1026 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 118 – point b
Article 1 – paragraph 1 – point 118 – point b
Regulation (EU) No 575/2013
Article 229 – paragraph 1 – point b – point ii
Article 229 – paragraph 1 – point b – point ii
(ii) the value is adjusted to take into account the potential for the current market price to be significantly above the value that would be sustainable over the life of the loan;
Amendment 1030 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 118 – point b
Article 1 – paragraph 1 – point 118 – point b
Regulation (EU) No 575/2013
Article 229 – paragraph 1 – subparagraph 1 a (new)
Article 229 – paragraph 1 – subparagraph 1 a (new)
For the purposes of point a, the value of residential real estate in well-developed and mature property markets may be assessed by means of a desktop valuation.
Amendment 1042 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 312
Article 312
The own funds requirement for operational risk shall be the product of business indicator component calculated in accordance with Article 313, and the internal loss multiplier calculated in accordance with Article 315b.
Amendment 1051 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 131
Article 1 – paragraph 1 – point 131
Regulation (EU) No 575/2013
Article 314 – paragraph 3 – subparagraph 6 a (new)
Article 314 – paragraph 3 – subparagraph 6 a (new)
By way of derogation from this requirement, institutions may exclude fees collected in connection with the conclusion of a transaction giving access to contractual savings schemes leading to a mortgage loan with fixed interest rates and which fees' are passed through to the sales force as acquisition costs immediately after they have been settled when considering the services component.
Amendment 1109 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 139 a (new)
Article 1 – paragraph 1 – point 139 a (new)
Regulation (EU) No 575/2013
Article 325u – paragraph 4 – point c a (new)
Article 325u – paragraph 4 – point c a (new)
(139 a)In article 325u(4), the following point is added: (ca) the instrument aims solely at hedging the market risks of the trading book that generate own funds requirement for residual risks, provided that the institution has demonstrated to the satisfaction of the competent authority that the instrument should be treated as a hedging position.
Amendment 1110 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 139 b (new)
Article 1 – paragraph 1 – point 139 b (new)
Regulation (EU) No 575/2013
Article 325u – paragraph 5 a (new)
Article 325u – paragraph 5 a (new)
(139 b)in article 325u, the following paragraph is added : 5a. For the purposes of paragraph 4, point (ca), EBA shall issue guidelines in accordance with Article16 of Regulation (EU) No 1093/2010 to specify the conditions that the competent authority has to assess to determine that an instrument is a hedging position.
Amendment 1113 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 143 a (new)
Article 1 – paragraph 1 – point 143 a (new)
Regulation (EU) No 575/2013
Article 325ae – paragraph 3 – subparagraph 1 a (new)
Article 325ae – paragraph 3 – subparagraph 1 a (new)
(143a) in Article 325ae(3), the following subparagraph is added: "The domestic currency of the institution referred to in the first subparagraph may also include currencies that the institution has acquired permission by the national competent authority to classify as a domestic currency in accordance with the provision in Article 325bd(new5a).”
Amendment 1117 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 153 a (new)
Article 1 – paragraph 1 – point 153 a (new)
Regulation (EU) No 575/2013
Article 325bd – paragraph 5 a (new)
Article 325bd – paragraph 5 a (new)
Amendment 1126 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 159 – point a – point i
Article 1 – paragraph 1 – point 159 – point a – point i
Regulation (EU) No 575/2013
Article 325bp – paragraph 5 – point a
Article 325bp – paragraph 5 – point a
"(a) the default probabilities shall be floored at 0,03 %; 1% for covered bond issuers and 0,03 % for all other issuers; exposures which would receive a 0 % risk- weight under the Standardised Approach for credit risk in accordance with Chapter 2 of Title II shall not be floored; " Or. en (32013R0575)
Amendment 1132 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 166 – point b
Article 1 – paragraph 1 – point 166 – point b
Regulation (EU) No 575/2013
Article 382 – paragraph 4 a
Article 382 – paragraph 4 a
4a. By way of derogation from paragraph 4, an institution may choose to calculate an own funds requirements for CVA risk, using any of the applicable approaches referred to in Article 382a, for those transactions that are excluded in accordance with paragraph 4, where the institution uses eligible hedges determined in accordance with Article 386 to mitigate the CVA risk of those transactions. For this purpose, an institution may separate the own funds requirements for CVA risk of those transactions between variability of the counterparty credit spread and variability of the exposure component of CVA risk. Institutions shall establish policies to specify where they choose to satisfy their own funds requirements for CVA risk for such transactions.
Amendment 1137 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 169
Article 1 – paragraph 1 – point 169
Regulation (EU) No 575/2013
Article 383b – paragraph 8 – introductory part
Article 383b – paragraph 8 – introductory part
8. The bucket-specific sensitivity shall be calculated in accordance with paragraphs 5, 6 and 7 for each bucket within a risk class. Once the bucket- specific sensitivity has been calculated for all buckets, weighted sensitivities to all risk factors across buckets shall be aggregated in accordance with the following formula, using the corresponding correlations for weighted sensitivities in different buckets set out in Articles 383l, 383n, 383q, 383u and 383qw, giving rise to the risk-class specific own funds requirements for delta or vega risk:
Amendment 1138 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 169
Article 1 – paragraph 1 – point 169
Regulation (EU) No 575/2013
Article 383d – paragraph 1
Article 383d – paragraph 1
1. The foreign exchange delta risk factors to be applied by institutions to instruments in the CVA portfolio sensitive to foreign exchange spot rates shall be the spot foreign exchange rates between the currency in which an instrument is denominated and the institution's reporting currency or the institution's base currency where the institution is using a base currency in accordance with Article 325q (7). There shall be one bucket per currency pair, containing a single risk factor and a single net sensitivity.
Amendment 1143 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 169
Article 1 – paragraph 1 – point 169
Regulation (EU) No 575/2013
Article 383l – paragraph 3 a (new) and 3 b (new)
Article 383l – paragraph 3 a (new) and 3 b (new)
3a. The correlation parameter γbc = 50 % shall be used to aggregate general interest risk factors belonging to different buckets. 3b. The correlation parameter γbc = 80 % shall be used to aggregate general interest rate risk factors based on a currency as referred to in Article 325av (3) and a general interest rate risk factor based on the euro.
Amendment 1144 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 169
Article 1 – paragraph 1 – point 169
Regulation (EU) No 575/2013
Article 383o – paragraph 1 – table 3 – row 9 a (new)
Article 383o – paragraph 1 – table 3 – row 9 a (new)
9 Other sector 5,0% 9a (new) Covered bonds issued by 1,0% credit institutions established in Member States 10 Qualified indices 1,5%
Amendment 1146 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 171 b (new)
Article 1 – paragraph 1 – point 171 b (new)
Regulation (EU) No 575/2013
Article 415 – paragraph 3 – subparagraph 1 – point b
Article 415 – paragraph 3 – subparagraph 1 – point b
(171 b)Article 415(3), first subparagraph, point (b) is replaced by the following: "(b) additional liquidity monitoring metrics required, to allow competent authorities to obtain a comprehensive view of an institution's liquidity risk profile, proportionate to the nature, scale and complexity of an institution's activities Article 430 No. 6 requires the application of the reporting requirements in a “proportionate manner”. In addition, the findings of the EBA’s Cost of Compliance study reveal further possibilities to apply such proportionate measures.The revision of existing reporting requirements for SNCI at Level 2 does not lead to the expected relief. As the Commission asked for a cost reduction of ideally 20 % in Article 430 (8), the Commission should ensure simplifications of reporting directly in the level 1 text.For SNCI the reporting of ALLM does entail an administrative burden, even after the reduction of; in this context, institutions which qualify as small and non-complex institutions are to be subject to reduced reporting requirements and only report a maturity ladder; institutions which do not qualify as large institutions are to fulfil their reporting requirements by EBA.The levels and information on ALLM are hence not significant for an European based analysis. (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02013R0575- on a quarterly basis. " Or. enJustification 20220410&from=EN)
Amendment 1152 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 176
Article 1 – paragraph 1 – point 176
Regulation (EU) No 575/2013
Article 430 – paragraph 1 – point h
Article 430 – paragraph 1 – point h
Amendment 1156 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 177a (new)
Article 1 – paragraph 1 – point 177a (new)
Regulation (EU) No 575/2013
Article 430a – paragraph 3
Article 430a – paragraph 3
(177 a) in Article 430a, paragraph 3 is replaced by the following: "3. The competent authorities shall publish annually on an aggregated basis the data specified in points (a) to (f) of paragraph 1, together with historical data, where available, for each national immovable property market for which such data has been collected. A competent authority shall, upon the request of another competent authority in a Member State or EBA provide to that competent authority or EBA more detailed information on the condition of the residential property or commercial immovable property markets in that Member State. " Or. en (02013R0575)
Amendment 1160 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 180 a (new)
Article 1 – paragraph 1 – point 180 a (new)
Regulation (EU) No 575/2013
Article 433b – paragraph 1 – subparagraph 1a (new)
Article 433b – paragraph 1 – subparagraph 1a (new)
(180 a)in Article 433b(1), the following subparagraph is added: "Non-listed small and non-complex institutions shall not be required to disclose the information of paragraph 1 of this Article or any other disclosure requirements set out in this Regulation."
Amendment 1163 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 182
Article 1 – paragraph 1 – point 182
Regulation (EU) No 575/2013
Article 434 – paragraph 1 – subparagraph 1
Article 434 – paragraph 1 – subparagraph 1
1. ILarge institutions and other than small and non-complexinstitutions that are listed institutions shall submit all the information required under Titles II and III in electronic format to EBA no later than the date on which institutions publish their financial statements or financial reports for the corresponding period, where applicable, or as soon as possible thereafter. EBA shall also publish the submission date of this information.
Amendment 1166 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 182
Article 1 – paragraph 1 – point 182
Regulation (EU) No 575/2013
Article 434 – paragraph 2
Article 434 – paragraph 2
2. Large institutions and other institutions that are not large institutions or small and non-complexlisted institutions shall submit to EBA the disclosures referred to in Article 433a and Article 433c respectively, but not later than on the date of the publication of financial statements or financial reports for the corresponding period or as soon as possible thereafter. If disclosure is required to be made for a period when an institution does not prepare any financial report, the institution shall submit to EBA the information on disclosures as soon as practicable.
Amendment 1176 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 189
Article 1 – paragraph 1 – point 189
Regulation (EU) No 575/2013
Article 449a – paragraph 1
Article 449a – paragraph 1
Institutions other than small and non- complex institutions shall disclose information on ESG risks, including physical risks and transition risks.
Amendment 1178 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 189
Article 1 – paragraph 1 – point 189
Regulation (EU) No 575/2013
Article 449a – paragraph 2
Article 449a – paragraph 2
The information referred to in the first paragraph shall be disclosed on an annual basis by small and non-complex institutions and on a semi-annual basis by other institutions.
Amendment 1180 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 189
Article 1 – paragraph 1 – point 189
Regulation (EU) No 575/2013
Article 449a – paragraph 3
Article 449a – paragraph 3
EBA shall develop draft implementing technical standards specifying uniform disclosure formats for ESG risks, as laid down in Article 434a, ensuring that they are consistent with and uphold the principle of proportionality.’ For small and non-complex institutions, the formats shall not require disclosure of information beyond the information required to be reported to competent authorities in accordance with Article 430(1), point (h).;
Amendment 1231 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 3 – subparagraph 1
Article 465 – paragraph 3 – subparagraph 1
3. By way of derogation from Article 92(5)(a), point (i), parent institutions, parent financial holding companies or parent mixed financial holding companies, stand-alone institutions in the EU or stand- alone subsidiary institutions in Member States may, until 31 December 203240, assign a risk weight of 65 % to exposures to corporates for which no credit assessment by a nominated ECAI is available provided that that entity estimates the PD of those exposures, calculated in accordance with Part Three, Title II, Chapter 3, is no higher than 0,5 %.
Amendment 1236 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 3 – subparagraph 1
Article 465 – paragraph 3 – subparagraph 1
3. By way of derogation from Article 92(5)(a), point (i), parent institutions, parent financial holding companies or parent mixed financial holding companies, stand-alone institutions in the EU or stand- alone subsidiary institutions in Member States may, until 31 December2032, assign a risk weight of 65 % to exposures to corporates for which no credit assessment by a nominated ECAI is available provided that that entity estimates the PD of those exposures, calculated in accordance with Part Three, Title II, Chapter 3, is no higher than 0,5 %.
Amendment 1248 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 3 – subparagraph 2
Article 465 – paragraph 3 – subparagraph 2
Amendment 1253 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 3 – subparagraph 2
Article 465 – paragraph 3 – subparagraph 2
EBA shall monitor the use of the transitional treatment laid down in the first subparagraph and the availability of credit assessments by nominated ECAIs for exposures to corporates. EBA shall report its findings to the Commission by 31 December 20328.
Amendment 1254 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 3 – subparagraph 2
Article 465 – paragraph 3 – subparagraph 2
EBA shall monitor the use of the transitional treatment laid down in the first subparagraph and the availability of credit assessments by nominated ECAIs for exposures to corporates. EBA shall report its findings to the Commission by 31 December 2028.
Amendment 1259 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 3 – subparagraph 3
Article 465 – paragraph 3 – subparagraph 3
Amendment 1265 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 3 – subparagraph 3
Article 465 – paragraph 3 – subparagraph 3
On the basis of that report and taking due account of the related internationally agreed standards developed by the BCBS, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal by 31 December 2031, to terminate this derogation, on the basis of finding that external ratings provide sufficient coverage for corporates.
Amendment 1269 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 3 – subparagraph 3
Article 465 – paragraph 3 – subparagraph 3
On the basis of that report and taking due account of the related internationally agreed standards developed by the BCBS, the Commission shall, where appropriate, submit to the European Parliament anthe Commission may adopt a delegated act in accordance with Article 462 to extend the transitional treatment referred to in the Council a legislative proposal by 31 December 2031first sub- paragraph by up to ten years.
Amendment 1295 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 1 – introductory part
Article 465 – paragraph 5 – subparagraph 1 – introductory part
5. By way of derogation from Article 92(5)(a), point (i), Member States may, allow parent institutions, parent financial holding companies or parent mixed financial holding companies, stand- alone institutions in the EU or stand-alone subsidiary institutions in Member States to assign the following risk weights provided that all the conditions in the second subparagraph are met.
Amendment 1306 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 1 – point a
Article 465 – paragraph 5 – subparagraph 1 – point a
(a) until 31 December 2032, aA risk weight of 10 % to the part of the exposures secured by mortgages on residential property up to 55 % of the property value remaining after any senior or pari passu ranking liens not held by the institution have been deducted,
Amendment 1307 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 1 – point a
Article 465 – paragraph 5 – subparagraph 1 – point a
(a) until 31 December 2032, a risk weight of 10 % to the part of the exposures secured by mortgages on residential property up to 55 % of the property value remaining after any senior or pari passu ranking liens not held by the institution have been deducted,
Amendment 1317 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 1 – point b
Article 465 – paragraph 5 – subparagraph 1 – point b
(b) until 31 December 2029, aA risk weight of 45% to any remaining part of the exposures secured by mortgages on residential property up to 80 % of the property value remaining after any senior or pari passu ranking liens not held by the institution have been deducted, provided that the adjustment to own funds requirements for credit risk referred to in Article 501 is not applied.
Amendment 1319 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 1 – point b a (new)
Article 465 – paragraph 5 – subparagraph 1 – point b a (new)
(b a) A risk weight of 30 % to the part of the exposures secured by mortgages on commercial property up to 55 % of the property value remaining after any senior or pari passu ranking liens not held by the institution have been deducted,
Amendment 1329 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 2 – point c – introductory part
Article 465 – paragraph 5 – subparagraph 2 – point c – introductory part
(c) for the qualifying exposures the institution has both the following claims in the event of the default or non-payment of the obligor:
Amendment 1331 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 2 – point c – point i
Article 465 – paragraph 5 – subparagraph 2 – point c – point i
(i) a claim on the residential immovable property securing the exposure;
Amendment 1333 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 2 – point c – point ii
Article 465 – paragraph 5 – subparagraph 2 – point c – point ii
(ii) a claim on the other assets and income of the obligor;
Amendment 1334 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 2 – point d
Article 465 – paragraph 5 – subparagraph 2 – point d
Amendment 1336 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraphs 3 to 6
Article 465 – paragraph 5 – subparagraphs 3 to 6
Amendment 1337 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 3 – introductory part
Article 465 – paragraph 5 – subparagraph 3 – introductory part
Amendment 1346 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 3 – point a
Article 465 – paragraph 5 – subparagraph 3 – point a
Amendment 1349 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 3 – point b
Article 465 – paragraph 5 – subparagraph 3 – point b
Amendment 1354 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 3 – point c
Article 465 – paragraph 5 – subparagraph 3 – point c
Amendment 1365 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 5
Article 465 – paragraph 5 – subparagraph 5
Amendment 1380 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 196
Article 1 – paragraph 1 – point 196
Regulation (EU) No 575/2013
Article 465 – paragraph 5 – subparagraph 6
Article 465 – paragraph 5 – subparagraph 6
Amendment 1408 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 199
Article 1 – paragraph 1 – point 199
Regulation (EU) No 575/2013
Article 495a – paragraph 3
Article 495a – paragraph 3
3. By way of derogation from Article 133, institutions may continue to assign the same risk weight that was applicable as of [OP please insert the date = one day before the date of entry into force of this amending Regulation] to equity exposures to entities of which they have been a shareholder at [adoption date] for six consecutive years and over which they - or together with the network the institutions belong to - exercise significant influence in the meaning of Directive 2013/34/EU, or the accounting standards to which an institution is subject under Regulation (EC) No 1606/2002, or a similar relationship between any natural or legal person or network of institutions and an undertaking.
Amendment 1412 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 199
Article 1 – paragraph 1 – point 199
Regulation (EU) No 575/2013
Article 495a – paragraph 3 a (new)
Article 495a – paragraph 3 a (new)
3 a. By way of derogation from Article 133, institutions may continue to assign the same risk weight that was applicable as of [OP please insert the date = one day before the date of entry into force of this amending Regulation] to equity exposures to entities of which they have been a shareholder at [adoption date] for six consecutive years and meet the following conditions: - The entity is owned in a partnership between other institutions or entities in the financial sector - The entity is a credit institution or a financial institution -The shareholders buy or convey services or products produced by the entity - The partnership between shareholders put together the main part of the board of directors of the entity with rep- resentatives from the shareholders - The shareholders of the entity possess the equity investment with the intention om establishing a long term business relationship - Acquisition of equity in the entity must be approved by the management of the shareholder institutions or entities in the financial sector. For the purposes of this Article, a long term equity investment follows the definition in article 133(4).
Amendment 1426 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 199
Article 1 – paragraph 1 – point 199
Regulation (EU) No 575/2013
Article 495c – paragraph 1 – introductory part
Article 495c – paragraph 1 – introductory part
1. By way of derogation from Article 230, the applicable value of Hc corresponding to ‘other physical collateral’ for the exposures referred to in Article 199(7) where the propertyasset leased corresponds to the ‘other physical collateral’ type of funded credit protection, shall be the value of Hc for ‘other physical collateral’ provided for in Article 230(2), Table 1, multiplied by the following factors:
Amendment 1430 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 199
Article 1 – paragraph 1 – point 199
Regulation (EU) No 575/2013
Article 495c – paragraph 2 – subparagraph 1
Article 495c – paragraph 2 – subparagraph 1
2. EBA shall prepare a report on the appropriate calibrations of risk parameters associated with movable leasing exposures under the IRB Approach, andfor different asset categories under the IRB, in particular on the LGDs and Hc provided for in Article 230. The report shall also propose risk weights calibrations for leasing under the Standardised Approach (SA) that more adequately reflect its risk profile. EBA shall in particular include in its report data on average numbers of defaults and realised losses observed in the Union for exposures associated with different types of leased propertieassets and different types of institutions practicing leasing activities.
Amendment 1458 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 199 a (new)
Article 1 – paragraph 1 – point 199 a (new)
Regulation (EU) No 575/2013
Article 495da (new)
Article 495da (new)
Article 495da By way of derogation from Article 122 (2), institutions may assign a risk weight of 65% to exposures to corporates for which no credit assessment by a nominated ECAI is available provided that the PD of those exposures is not higher than 0.4%. When estimating the respective PD, the following conditions shall be met and be subject to supervisory review: a) the requirements in Article 178 concerning the definition of default, b) the qualitative requirements laid down in Part III, Title II, Chapter III, Section 6 with regard to the rating process.
Amendment 1459 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 199 a (new)
Article 1 – paragraph 1 – point 199 a (new)
Regulation (EU) No 575/2013
Article 495db (new)
Article 495db (new)
Article 495db By way of derogation from Article 125 (1), point (a), institutions may assign a risk weight of 10% to the part of the exposures secured by mortgages on residential property up to 55% of the property value. For the purposes of assigning the risk weights in accordance with the first subparagraph, all of the following conditions shall be met: (a) over the last six years the institution’s losses on the part of such exposures up to 55 % of the property value do not exceed on average 0,25 % of the total amount, across all such exposures, of credit obligations outstanding in a given year; (b) for the qualifying exposures the institution can take the following recourse action in the event of the default or non- payment of the obligor: (i) a recourse to the residential immovable property securing the exposure; (ii) a recourse to the other assets and income of the obligor.
Amendment 1487 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 201 – point a
Article 1 – paragraph 1 – point 201 – point a
Regulation (EU) No 575/2013
Article 501a – paragraph 1 – point a
Article 501a – paragraph 1 – point a
‘(a) the exposure is assigned toincluded either in the corporate exposure class referred to eior in ther in Article 112, point (g), or in Article 147(2), point (c)frastructure finance and object finance exposures class, with the exclusion of exposures in default;’
Amendment 1540 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 205a (new)
Article 1 – paragraph 1 – point 205a (new)
Regulation (EU) No 575/2013
Article 519da (new)
Article 519da (new)
(205a) the following article is inserted: ‘Article 519da Proportionality EBA shall assess the extent to which the requirements of this Regulation, of Directive 2013/36/EU and of the delegated acts adopted by the Commission on the basis thereof address the financial stability relevance of Less Significant Institutions (LSIs), within the meaning of Article 6(4) of Regulation (EU) No 1024/2013, and shall report its findings to the Commission by 31 December 2023. The report to be produced shall cover: (a) an assessment of the relevance of LSIs at institution level for maintaining financial stability. That assessment shall include categorisation of LSIs by regionality. In that connection, EBA shall identify at what (EU) territorial unit level (local, regional, national) default by an individual LSI would have negative consequences for the financial stability of the Member State concerned; (b) an assessment of the proportionality of the requirements for the various categories of LSIs for maintaining financial stability; (c) recommendations as to how requirements can be varied so as to reflect the differing degrees of financial stability relevance of categories of LSIs, to the extent that is necessary, without jeopardising the financial soundness of the institution concerned.’
Amendment 1544 #
2021/0342(COD)
Proposal for a regulation
Annex – table –column 2 – row 8
Annex – table –column 2 – row 8
Regulation (EU) No 575/2013
Annex 1
Annex 1
Amendment 1554 #
2021/0342(COD)
Proposal for a regulation
Annex – table – column 2 - row 13 -a (new)
Annex – table – column 2 - row 13 -a (new)
Regulation (EU) No 575/2013
Annex 1
Annex 1
Performance bonds, bid bonds, warranties and standby letters of credit related to particular transactions and similar transaction- related contingent items;
Amendment 1559 #
2021/0342(COD)
Proposal for a regulation
Annex – table – column 2 – row 15
Annex – table – column 2 – row 15
Regulation (EU) No 575/2013
Annex I
Annex I
Amendment 133 #
2021/0341(COD)
Proposal for a directive
Recital 46 a (new)
Recital 46 a (new)
(46 a) In general, the EBA shall duly take into account the proportionality principle with regard to the design of guidelines. Requirements for small, non- complex institutions and other institutions with simple business models should be formulated in a principle-oriented manner only and reflect the lower risk of such institutions.
Amendment 135 #
2021/0341(COD)
Proposal for a directive
Recital 46 b (new)
Recital 46 b (new)
(46 b) Investments shall only be risk- weighted according to their fundamental credit, market and operational risk and not on the basis on whether these investments are aligned with environmental, social or governance criteria.
Amendment 139 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point -1 a (new)
Article 1 – paragraph 1 – point -1 a (new)
Directive 2013/36/EU
Article 2 – paragraph 5 – point 5
Article 2 – paragraph 5 – point 5
"(5) in Germany, the ‘Kreditanstalt für Wiederaufbau’, ‘Landwirtschaftliche Rentenbank’, ‘Bremer Aufbau-Bank GmbH’, ‘Hamburgische Investitions- und Förderbank’, ‘Investitionsbank Berlin’, ‘Investitionsbank des Landes Brandenburg’, 'Investitionsbank Sachsen– Anhalt', ‘Investitionsbank Schleswig- Holstein’, ‘Investitions- und Förderbank Niedersachsen – NBank’, ‘Investitions- und Strukturbank Rheinland- Pfalz’, ‘Landeskreditbank Baden- Württemberg – Förderbank’, ‘LfA Förderbank Bayern’, ‘NRW.BANK’, ‘Saarländische Investitionskreditbank AG’, ‘Sächsische Aufbaubank – Förderbank’, ‘Thüringer Aufbaubank’, undertakings which are recognised under the ‘Wohnungsgemeinnützigkeitsgesetz’ as bodies of State housing policy and are not mainly engaged in banking transactions, and undertakings recognised under that law as non-profit housing undertakings; " Or. en ((Directive (EU) 2019/878))
Amendment 150 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2013/36/EU
Article 4 – paragraph 4 – subparagraph 3 – point b – point i
Article 4 – paragraph 4 – subparagraph 3 – point b – point i
Amendment 178 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2013/36/EU
Article 21c – paragraph 2
Article 21c – paragraph 2
2. Where a retail client, an eligible counterparty or a professional client within the meaning of Sections I and II of Annex II to Directive 2014/65/EUclient or counterparty established or situated in the Union approaches an undertaking established in a third country or a third-country branch in a member state at its own exclusive initiative for the provision of any service or activity referred to in Article 47(1), the requirement laid down in paragraph 1 of this Article shall not apply to the provision to that person of the relevant service or activity, including a relationship specifically related to the provision of that service or activity. Without prejudice to intragroup relationships, where a third country undertaking, including through an entity acting on its behalf or having close links with such third-country undertaking or any other person acting on behalf of such undertaking, solicits clients or potential clients in the Union, it shall not be deemed to be a service provided at the own exclusive initiative of the client.
Amendment 237 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 47 – title
Article 47 – title
Article 47 Scope and definitions
Amendment 244 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 47 – paragraph 1 – point a
Article 47 – paragraph 1 – point a
(a) any of the activities listed in points 1,2,3 and 6 of Annex I to this Directive by an undertaking established in a third country that would be required to be authorised as a credit institution under this Directive as a result of carrying out those activities if it were established in that Member State.;
Amendment 247 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 47 – paragraph 1 – point b
Article 47 – paragraph 1 – point b
Amendment 251 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 47 – paragraph 2
Article 47 – paragraph 2
Amendment 257 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 47a (new)
Article 47a (new)
Amendment 267 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 48c – paragraph 1
Article 48c – paragraph 1
1. Member States shall require that third country undertakings establish a branch in their territory before commencing or continuing the activities referred to in Article 47(1) in their territory. The establishment of a third country branch shall be subject to prior authorisation in accordance with this Chapter. The first sentence of the first sub-paragraph of this paragraph shall not apply to the provision of any service or activity referred to in Article 47(1) at the exclusive initiative of a client or counterparty in the Union as described in Article 21c(1) and (2).
Amendment 331 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Directive 2013/36/EU
Article 73 – paragraph 1 – subparagraph 1
Article 73 – paragraph 1 – subparagraph 1
Institutions shall have in place sound, effective and comprehensive strategies and processes to assess and maintain on an ongoing basis the amounts, types and distribution of internal capital that they consider adequate to cover the nature and level of the risks to which they are or might be exposed in the short, medium and long term time horizon, including environmental, social and governance risks.’;”
Amendment 333 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2013/36/EU
Article 74 – paragraph 1 – subparagraph 1 – point b
Article 74 – paragraph 1 – subparagraph 1 – point b
(b) effective processes to identify, manage, monitor and report the risks they are or might be exposed to in the short, medium and long term time horizon, including environmental, social and governance risks;
Amendment 336 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point a
Article 1 – paragraph 1 – point 14 – point a
Directive 2013/36/EU
Article 76 – paragraph 1
Article 76 – paragraph 1
1. Member States shall ensure that the management body approves and at least every two years reviews the strategies and policies for taking up, managing, monitoring and mitigating the risks the institution is or might be exposed to, including those posed by the macroeconomic environment in which it operates in relation to the status of the business cycle, and those resulting from the current, short, medium and long-term impacts of environmental, social and governance factors.;
Amendment 338 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b
Article 1 – paragraph 1 – point 14 – point b
Directive 2013/36/EU
Article 76 – paragraph 2 – subparagraph 2
Article 76 – paragraph 2 – subparagraph 2
Member States shall ensure that the management body develops specific plans and quantifiable targets to monitor and address the risks arising in the short, medium and long-term from the misalignment of the business model and strategy of the institutions, with the relevant Union policy objectives or broader transition trends towards a sustainable economy in relation to, in determining the business strategy, the management body takes into account the impact of environmental, social and governance factors.;
Amendment 356 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 17
Article 1 – paragraph 1 – point 17
Directive 2013/36/EU
Article 87 a – paragraph 2
Article 87 a – paragraph 2
2. The strategies, policies, processes and systems referred to in paragraph 1 shall be proportionate to the scale, nature and complexity of the environmental, social and governance risks of the business model and scope of the institution’s activities, and consider short, medium and a long-term horizon of at least 10 years.
Amendment 358 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 17
Article 1 – paragraph 1 – point 17
Directive 2013/36/EU
Article 87 a – paragraph 4
Article 87 a – paragraph 4
4. Competent authorities shall assess and monitor developments of institutions’ practices concerning their environmental, social and governance strategy and risk management, including the plans to be prepared in accordance with Article 76, as well as the progress made and the risks to adapt their business models to the relevant policy objectives of the Union or broader transition trends towards a sustainable economy, taking into account, for example, sustainability related product offering, transition finance policies, and related loan origination policies, and environmental, social and governance related targets and limits.
Amendment 367 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 17
Article 1 – paragraph 1 – point 17
Directive 2013/36/EU
Article 87 a – paragraph 5 – subparagraph 1 – point b
Article 87 a – paragraph 5 – subparagraph 1 – point b
Amendment 370 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 17
Article 1 – paragraph 1 – point 17
Directive 2013/36/EU
Article 87 a – paragraph 5 – subparagraph 1 – point c
Article 87 a – paragraph 5 – subparagraph 1 – point c
(c) qualitative and quantitative criteria for the assessment of the impact of environmental, social and governance risks on the financial stability of institutions in the short, medium and long term;
Amendment 373 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b
Article 1 – paragraph 1 – point 18 – point b
Directive 2013/36/EU
Article 88 – paragraph 3
Article 88 – paragraph 3
Amendment 401 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Directive 2013/36/EU
Article 91 a to 91 d
Article 91 a to 91 d
Amendment 402 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Amendment 438 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Directive 2013/36/EU
Article 91 b – paragraph 3 – subparagraph 2
Article 91 b – paragraph 3 – subparagraph 2
Competent authorities shall complete the assessment referred to in paragraph 1 within 820 working days (‘assessment period’) as from the date of the written acknowledgement referred to in the first subparagraph of this paragraph.
Amendment 451 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Directive 2013/36/EU
Article 91 b – paragraph 4
Article 91 b – paragraph 4
4. Competent authorities that request from the entities additional information or documentation, including interviews or hearings, may extend the assessment period for a maximum of 40 working days. However, the assessment period shall not exceed 1260 working days. Request for additional information or documentation shall be made in writing and shall be specific. The entities shall acknowledge receipt of request for additional information or documentation within two working days and provide the requested additional information or documentation within 10 working days as of the date of the written acknowledgement of the request from competent authorities.
Amendment 534 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 26 – point b
Article 1 – paragraph 1 – point 26 – point b
Directive 2013/36/EU
Article 104 a – paragraph 6 – subparagraph 1 – point b
Article 104 a – paragraph 6 – subparagraph 1 – point b
(b) the institution’s competent authority shall, without undue delay, and no later than by the end date of the next review and evaluation process, review the additional own funds it required from the institution in accordance with Article 104(1), point (a), and remove any parts thereof that would (i) double-count the risks that are already fully covered by the fact that the institution is bound by the output floor. , (ii) be considered covered due to the overcapitalisation stemming from the Output Floor, even if not explicitly related to the Output Floor objectives. The institution's competent authority shall also provide a quantified breakdown of the above assessment to the institution.
Amendment 548 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 30 – point a
Article 1 – paragraph 1 – point 30 – point a
Directive 2013/36/EU
Article 131 – paragraph 5 – subparagraph 2
Article 131 – paragraph 5 – subparagraph 2
Where an O-SII becomes bound by the output floor, the following shall apply: (a) the nominal amount of the institution’s O-SII buffer shall not increase as a result of the institution becoming bound by the output floor; (b) its competent or designated authority, as applicable, shall review the institutions O-SII buffer requirement to make sure that its calibration remains appropriate.;
Amendment 66 #
2021/0296(COD)
Proposal for a directive
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2 a. Member States may provide for exemptions from the provisions of this Directive for undertakings within the meaning of paragraph 1 of this Article, provided it is ensured that the objectives of this Directive are still adequately met and, in particular, that the continuity of insurance relationships is guaranteed in the event of a failure of an undertaking. For this purpose, Member States may, inter alia, require the establishment, maintenance or modification of a national insurance guarantee scheme.
Amendment 177 #
2021/0296(COD)
Proposal for a directive
Article 33 a (new)
Article 33 a (new)
Article 33 a Transfer to Existing National Insurance Guarantee Schemes Instead of applying the provisions of Articles 32 and 33 of this Directive, Member States may, while ensuring the interests of policy holders, provide for a transfer of portfolios to an appropriate national insurance guarantee scheme, while ensuring continuity of insurance relationships. Member States may require the establishment, maintenance or modification of an appropriate national insurance guarantee scheme for that purpose.
Amendment 305 #
2021/0295(COD)
Proposal for a directive
Recital 82 a (new)
Recital 82 a (new)
(82 a) Article 19a(5) of Directive 2013/34/EU should be amended so that low-risk profile undertakings as defined in Article 29a may limit their sustainability reporting according to the simplified SME sustainability reporting standards.
Amendment 311 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2009/138/EC
Article 4 – paragraph 1 – point c
Article 4 – paragraph 1 – point c
(c) where the undertaking belongs to a group, the total of the technical provisions of the group defined as gross of the amounts recoverable from reinsurance contracts and special purpose vehicles does not exceed EUR 25 million; (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02009L0138-20210630)100 000 000; Or. en
Amendment 556 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 36
Article 1 – paragraph 1 – point 36
Directive 2009/138/EC
Article 77 – paragraph 5 a (new)
Article 77 – paragraph 5 a (new)
5a. The Cost-of-Capital rate referred to in paragraph 5 shall be assumed to be equal to 4,5%.
Amendment 566 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 37
Article 1 – paragraph 1 – point 37
Directive 2009/138/EC
Article 77a – paragraph 2 – subparagraph 1
Article 77a – paragraph 2 – subparagraph 1
2. For the purpose of paragraph 1, second subparagraph, any parameters determining the speed of the convergence of the forward rates towards the ultimate forward rate of the extrapolation may be chosen such that on [OP please insert date = application date] the risk-free interest rate term structure is sufficiently similar to the risk-free interest rate term structure on that date determined in line with the rules for the extrapolation applicable on [OP please insert date = one day before date of application]. Those parameters of the extrapolation shall be decreased linearly at the beginning of each calendar year, during a transitional period. The final parameters of the extrapolation shall be applied as of 1 January 2032The extrapolated risk-free rate shall be determined as follows: rFSP+h = FSP+h√((1+rFSP)FSP * exp(h*fh)) - 1 Where: fh = ln(1+UFR) + [(LLFR - ln(1+UFR)] * ((1-exp(-a*h)/(a*h)) (a) UFR is the Ultimate Forward Rate (b) a is the convergence speed parameter (c) LLFR is the Last Liquid Forward Rate (d) FSP is the First Smoothing Point The convergence speed parameter a shall be set at 18%.
Amendment 714 #
2021/0295(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 60 a (new)
Article 1 – paragraph 1 – point 60 a (new)
Directive 2009/138/EC
Article 186 – paragraph 1
Article 186 – paragraph 1
(60a) in paragraph 1 of Article 186, the following subparagraphs are added: ‘The right of cancellation shall expire no later than twelve months after the cancellation period provided for in the first subparagraph expired. If the insurance undertaking has provided the policyholder with the information required for the commencement of the cancellation period within twelve months from the day referred to in the first subparagraph, pursuant to the first subparagraph, the cancellation period shall commence on the day upon which the policyholder receives that information.’
Amendment 804 #
2021/0295(COD)
Proposal for a directive
Article 1 a (new)
Article 1 a (new)
Article 1 a Transitional provisions 1. With regard to contracts that have been concluded prior to [enter date of implementation for Member States of the changes to the Directive 2009/138/EC], the Member States may determine that a continuing right of cancellation that does not expire earlier shall expire twelve months after the end of the cancellation period referred to in Article 186 (1) (1). Member States which make use of this option shall ensure that the right of cancellation pursuant to this provision does not expire prior to [enter date 12 months after the date of implementation for Member States of the changes to the Directive 2009/138/EC]. 2. Member States which make use of the option provided for in the first paragraph shall notify the Commission accordingly.
Amendment 349 #
2021/0240(COD)
Proposal for a regulation
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
The choice of the location of the seat of the Authority shall comply with the following conditions: (a) it shall not affect the Authority’s execution of its tasks and powers, the organisation of its governance structure, the operation of its main organisation, or the main financing of its activities; (b) it shall ensure that the Authority is able to recruit the high-qualified and specialised staff it requires to perform the tasks and exercise the powers provided by this Regulation; (c) it shall ensure that it can be set up on site upon the entry into force of this Regulation; (d) it shall ensure appropriate accessibility of the location, the existence of adequate education facilities for the children of staff members, appropriate access to the labour market, social security and medical care for both children and spouses. (e) it shall enable close cooperation with EU institutions or agencies with relevant experience in the field of direct and indirect supervision. (f) it shall ensure sustainability and digital connectivity with regard to infrastructure and working conditions.
Amendment 148 #
2021/0239(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) Directive (EU) 2015/849 set out to mitigate the money laundering and terrorist financing risks posed by large cash payments by including persons trading in goods among obliged entities when they make or receive payments in cash above EUR 10 000, whilst allowing Member States to introduce stricter measures. Such approach has shown to be ineffective in light of the poor understanding and application of AML/CFT requirements, lack of supervision and limited number of suspicious transactions reported to the FIU. In order to adequately mitigate risks deriving from the misuse of large cash sums, a Union-wide limit to large cash transactions above EUR 10 000 should be laid down. As a consequence, persons trading in goods should no longer be subject to AML/CFT obligations.
Amendment 244 #
2021/0239(COD)
Proposal for a regulation
Recital 94
Recital 94
(94) The use of large cash payments is highly vulnerable to money laundering and terrorist financing; this has not been sufficiently mitigated by the requirement for traders in goods to be subject to anti- money laundering rules when making or receiving cash payments of EUR 10 000 or more. At the same time, differences in approaches among Member States have undermined the level playing field within the internal market to the detriment of businesses located in Member States with stricter controls. It is therefore necessary to introduce a Union-wide limit to large cash payments of EUR 10 000. Member States should be able to adopt lower thresholds and further stricter provisionsenforce anti-money laundering rules across the EU.
Amendment 250 #
2021/0239(COD)
Proposal for a regulation
Recital 95
Recital 95
Amendment 916 #
2021/0239(COD)
Proposal for a regulation
Article 59
Article 59
Amendment 923 #
2021/0239(COD)
Proposal for a regulation
Article 59 – paragraph 1
Article 59 – paragraph 1
Amendment 932 #
2021/0239(COD)
Proposal for a regulation
Article 59 – paragraph 2
Article 59 – paragraph 2
Amendment 948 #
2021/0239(COD)
Proposal for a regulation
Article 63 – paragraph 1 – point b
Article 63 – paragraph 1 – point b
Amendment 126 #
2021/0214(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) The CBAM seeks to replace these existing mechanisms by addressing the risk of carbon leakage in a different way, namely by ensuring equivalent carbon pricing for imports and domestic products. To ensure a gradual transition from the current system of free allowances to the CBAM, the CBAM should be progressively phased in while free allowances in sectors covered by the CBAM are phased out until they are completely eliminated. The combined and transitional application of EU ETS allowances allocated free of charge and of the CBAM should in no case result in more favourable treatment for Union goods compared to goods imported into the customs territory of the Union and should remain WTO-compliant. The transition period should provide regulatory certainty to resource- and energy-intensive industries and a predictable timeline for all stakeholders. The Commission should also review the financial measures to compensate for indirect emission costs with a view to phasing them out as CBAM indirect emissions are phased in. The Commission should ensure this phase out design guarantees a level playing field for the EU industry and takes into account EU electricity market specificities.
Amendment 133 #
2021/0214(COD)
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) The phasing-out of free allowances should be accompanied by the introduction of support measures for exports that would remain WTO- compliant and consistent with the EU’s environmental objectives. These measures should include partial export rebates based on the existing benchmark logic of most-carbon-efficient producers, not refunding more than the current level of free allowances, in order to maintain strong decarbonisation incentives while ensuring a level playing field for EU exports.
Amendment 164 #
2021/0214(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) The GHG emissions to be regulated by the CBAM should correspond to those GHG emissions covered by Annex I to the EU ETS in Directive 2003/87/EC, namely carbon dioxide (‘CO2’) as well as, where relevant, nitrous oxide (‘N2O’) and perfluorocarbons (‘PFCs’). The CBAM should initially apply to direct emissions of those GHG from the production of goods up to the time of import into the customs territory of the Union, and after the end of a transition period and upon further assessment, as well to indirect emissions, mirroring the scope of the EU ETS.
Amendment 184 #
2021/0214(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) In terms of sanctions, Member StatesCBAM Authority should apply penalties to infringements of this Regulation and ensure that they are implemented. The amount of those penalties should be identical to penalties currently applied within the Union in case of infringement of EU ETS according to Article 16(3) and (4) of Directive 2003/87/EC.
Amendment 189 #
2021/0214(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) Whilst the ultimate objective of the CBAM is a broadcomplete product coverage, it would be prudent to start with a selected number of sectors with relatively homogeneous products where there is a risk of carbon leakage. Union sectors deemed at risk of carbon leakage are listed in Commission Delegated Decision 2019/70842 . _________________ 42 Commission Delegated Decision (EU) 2019/708 of 15 February 2019 supplementing Directive 2003/87/EC of the European Parliament and of the Council concerning the determination of sectors and subsectors deemed at risk of carbon leakage for the period 2021 to 2030 (OJ L 120, 8.5.2019, p. 2).
Amendment 196 #
2021/0214(COD)
Proposal for a regulation
Recital 29 a (new)
Recital 29 a (new)
(29a) The Commission should present, before the end of the transitional period, a binding calendar on the extension to the rest of goods at risk of carbon leakage. The calendar should contain specific implementation dates and should be aligned with EU climate ambitions.
Amendment 197 #
2021/0214(COD)
Proposal for a regulation
Recital 34
Recital 34
(34) However, aluminium products should be included in the CBAM as they are highly exposed to carbon leakage. Moreover, in several industrial applications they are in direct competition with steel products because of characteristics closely resembling those of steel products. Inclusion of aluminium is also relevant as the scope of the CBAM may be extended talso cover alsos indirect emissions in the future.
Amendment 198 #
2021/0214(COD)
Proposal for a regulation
Recital 38
Recital 38
(38) As importers of goods covered by this Regulation should not have to fulfil their CBAM obligations under this Regulation at the time of importation, specific administrative measures should be applied to ensure that the obligations are fulfilled at a later stage. Therefore, importers should only be entitled to import CBAM goods after they have been granted an authorisation by competent authorities responsible for the application of this Regulationthe CBAM Authority.
Amendment 206 #
2021/0214(COD)
Proposal for a regulation
Recital 44
Recital 44
(44) In order to give the authorised declarants flexibility in complying with their CBAM obligations and allow them to benefit from fluctuations in the price of EU ETS allowances, the CBAM certificates should be valid for a period of two years from the date of purchase. The authorised declarant should be allowed to re-sell to the national aCBAM Authority a portion of the certificates bought in excess. The authorised declarant should build up during the year the amount of certificates required at the time of surrendering, with thresholds set at the end of each quarter.
Amendment 208 #
2021/0214(COD)
Proposal for a regulation
Recital 50
Recital 50
(50) A transitional period should apply during the period 2023 until 2025. A CBAM without financial adjustment should apply, with the objective to facilitate a smooth roll out of the mechanism hence reducing the risk of disruptive impacts on trade. Declarants should have to report on a quarterly basis the actual embedded emissions in goods imported during the transitional period, detailing direct and indirect emissions as well as any carbon price paid abroad. To avoid excessive administrative burden for enterprises, in particular SMEs, the CBAM Authority should provide them with technical advice and assistance in order to facilitate their adaptation to the new obligations established by this Regulation.
Amendment 210 #
2021/0214(COD)
Proposal for a regulation
Recital 51
Recital 51
(51) To facilitate and ensure a proper functioning of the CBAM, the Commission should provide support to the competent authorities responsible for the application of this RegulationCBAM Authority in carrying out theirits obligations.
Amendment 214 #
2021/0214(COD)
Proposal for a regulation
Recital 52
Recital 52
(52) The Commission should evaluate the application of this Regulation before the end of the transitional period, or after a demand from the European Parliament, the Council or the CBAM Authority, and report to the European Parliament and the Council. The report of the Commission should in particular focus on possibilities to enhance climate actions towards the objective of a climate neutral Union by 2050. The Commission should, as part of that evaluation, initiate collection of information necessary to possibly extend the scope to indirect emissions, as well as to other goods and services at risk of carbon leakageother goods and services resulting from activities listed in Directive 2003/87/EC, as well as to goods further down the value chain, in particular downstream products using goods covered by this Regulation, and to develop methods of calculating embedded emissions based on the environmental footprint methods47 . _________________ 47 Commission Recommendation 2013/179/EU of 9 April 2013 on the use of common methods to measure and communicate the life cycle environmental performance of products and organisations (OJ L 124, 4.5.2013, p. 1).
Amendment 255 #
2021/0214(COD)
Proposal for a regulation
Article 1 – paragraph 3
Article 1 – paragraph 3
3. The mechanism will progressively become an alternative to the mechanisms established under Directive 2003/87/EC to prevent the risk of carbon leakage, notably the allocation of allowances free of charge and the financial measures to compensate for indirect emission costs in accordance with Article 10a and 10b of that Directive.
Amendment 267 #
2021/0214(COD)
Proposal for a regulation
Article 2 – paragraph 12 a (new)
Article 2 – paragraph 12 a (new)
12a. The Commission may adopt delegated acts in accordance with Article 28 with a view to modifying the list in Annex I.
Amendment 269 #
2021/0214(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 11
Article 3 – paragraph 1 – point 11
(11) ‘competent aCBAM Authority’ means the authority, designated by each Member Stateappointed by the Commission in accordance with Article 11 of this Regulation;
Amendment 272 #
2021/0214(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 16
Article 3 – paragraph 1 – point 16
(16) ‘embedded emissions’ mean direct emissions released during the production of goods, calculated pursuant to the methods set out in Annex III, and indirect emissions pursuant to the methods to be defined by the Commission in accordance with Article 7(6);
Amendment 274 #
2021/0214(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
Goods shall only be imported into the customs territory of the Union by a declarant that is authorised by the competent aCBAM Authority in accordance with Article 17 (‘authorised declarant’).
Amendment 275 #
2021/0214(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Any declarant shall, prior to importing goods as referred to in Article 2, apply to the competent authority at the place where it is establishedCBAM Authority, for an authorisation to import those goods into the customs territory of the Union.
Amendment 277 #
2021/0214(COD)
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. By way of derogation from paragraph 1, where transmission capacity for the import of electricity is allocated via explicit capacity allocation, the person to which capacity has been allocated for import and which nominates this capacity for import shall, for the purposes of this Regulation, be regarded as an authorised declarant in the Member State where the person declares the import of electricity. Imports are to be measured per border for time periods not longer than one hour and no deduction of export or transit in the same hour is possible.
Amendment 279 #
2021/0214(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point f
Article 5 – paragraph 3 – point f
(f) information necessary to demonstrate the declarant’s financial and operational capacity to fulfil its obligations under this Regulation and, if decided by the competent aCBAM Authority on the basis of a risk assessment, supporting documents confirming that information, such as the profit and loss account and the balance sheet for up to the three last financial years for which the accounts were closed;
Amendment 283 #
2021/0214(COD)
Proposal for a regulation
Article 5 – paragraph 5
Article 5 – paragraph 5
5. The authorised declarant shall inform the competent aCBAM Authority without delay of any changes of the information provided under paragraph 3, arising after the decision was taken, which may influence the decision taken pursuant to Article 17 or content of the authorisation in accordance with Article 17.
Amendment 285 #
2021/0214(COD)
Proposal for a regulation
Article 5 – paragraph 6
Article 5 – paragraph 6
6. The Commission is empowered to adopt implementing acts, concerning the standard format of the application and the delays and procedure to be followed by the competent aCBAM Authority when processing applications for authorisation in accordance with paragraph 1 and the rules for identification by the competent aCBAM Authority of the declarants for the importation of electricity. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 29(2).
Amendment 289 #
2021/0214(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. By 31 May of each year, each authorised declarant shall submit a declaration (‘CBAM declaration’), for the calendar year preceding the declaration, to the competent aCBAM Authority.
Amendment 290 #
2021/0214(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Embedded emissions in goods shall be calculated pursuant to the methods set out in Annex III and implementing acts adopted in accordance with paragraph 6.
Amendment 291 #
2021/0214(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. EDirect embedded emissions in goods other than electricity shall be determined based on the actual emissions in accordance with the methods set out in Annex III, points 2 and 3. When actual emissions cannot be adequately determined, the embedded emissions shall be determined by reference to default values in accordance with the methods set out in Annex III, point 4.1.
Amendment 292 #
2021/0214(COD)
Proposal for a regulation
Article 7 – paragraph 3
Article 7 – paragraph 3
3. EDirect embedded emissions in imported electricity shall be determined by reference to default values in accordance with the method set out in Annex III, point 4.2, unless the authorised declarant chooses to determine the embedded emissions based on the actual emissions in accordance with that annex, point 5.
Amendment 293 #
2021/0214(COD)
Proposal for a regulation
Article 7 – paragraph 3 a (new)
Article 7 – paragraph 3 a (new)
3a. Indirect embedded emissions in goods other than electricity shall be calculated pursuant to paragraph 6.
Amendment 294 #
2021/0214(COD)
Proposal for a regulation
Article 7 – paragraph 4
Article 7 – paragraph 4
4. The authorised declarant shall keep records of the information required to calculate the embedded emissions in accordance with the requirements laid down in Annex IV. Those records shall be sufficiently detailed to enable verifiers accredited pursuant to Article 18 to verify the embedded emissions in accordance with Article 8 and Annex V and to enable the competent aCBAM Authority to review the CBAM declaration in accordance with Article 19(1).
Amendment 297 #
2021/0214(COD)
Proposal for a regulation
Article 7 – paragraph 6
Article 7 – paragraph 6
6. The Commission is empowered to adopt implementing acts concerning detailed methodologies and calculations of indirect emissions and rules regarding the elements of the calculation methods set out in Annex III, including determining system boundaries of production processes, emission factors, installation-specific values of actual emissions and default values and their respective application to individual goods as well as laying down methods to ensure the reliability of data on the basis of which the default values shall be determined, including the level of detail and the verification of the data. Where necessary, those acts shall provide that the default values can be adapted to particular areas, regions or countries to take into account specific objective factors such as geography, natural resources, market conditions, prevailing energy sources, or industrial processes. The implementing acts shall build upon existing legislation for the verification of emissions and activity data for installations covered by Directive 2003/87/EC, in particular Implementing Regulation (EU) No 2018/2067.
Amendment 312 #
2021/0214(COD)
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
6. The records referred to in paragraph 5, point (c), shall be sufficiently detailed to enable the verification in accordance with paragraph 5, point (b), and to enable any competent athe CBAM Authority to review, in accordance with Article 19(1), the CBAM declaration made by an authorised declarant to whom the relevant information was disclosed in accordance with paragraph 8.
Amendment 318 #
Amendment 319 #
Amendment 321 #
2021/0214(COD)
Proposal for a regulation
Article 11 – paragraph 1 – introductory part
Article 11 – paragraph 1 – introductory part
1. Each Member State shall designate the competent aThe Commission shall appoint the CBAM Authority to carry out the obligations under this Regulation and inform the Commission thereof.
Amendment 324 #
2021/0214(COD)
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1
Article 11 – paragraph 1 – subparagraph 1
Amendment 327 #
2021/0214(COD)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
Amendment 336 #
2021/0214(COD)
Proposal for a regulation
Article 12
Article 12
Amendment 338 #
2021/0214(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Amendment 339 #
2021/0214(COD)
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
All information acquired by the competent aCBAM Authority in the course of performing its duty which is by its nature confidential or which is provided on a confidential basis shall be covered by an obligation of professional secrecy. Such information shall not be disclosed by the competent aCBAM Authority without the express permission of the person or authority that provided it. It may be shared with customs authorities, the Commission and the European Public Prosecutors Office and shall be treated in accordance with Council Regulation (EC) No 515/97.
Amendment 341 #
2021/0214(COD)
Proposal for a regulation
Article 14 – title
Article 14 – title
14 NationalCBAM registriesy and central database
Amendment 345 #
2021/0214(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. The competent authority of each Member StateCBAM Authority shall establish a nationalCBAM registry of declarants authorised in that Member Stateauthorised declarants in the form of a standardised electronic database containing the data regarding the CBAM certificates of those declarants, and to provide for confidentiality in accordance with the conditions set out in Article 13.
Amendment 349 #
2021/0214(COD)
Proposal for a regulation
Article 14 – paragraph 2 – point d
Article 14 – paragraph 2 – point d
(d) the number, the price of sale, the date of purchase, the date of surrender, or the date of re-purchase, or that of the cancellation by the competent aCBAM Authority, of CBAM certificates for each authorised declarant.
Amendment 356 #
2021/0214(COD)
Proposal for a regulation
Article 14 – paragraph 4
Article 14 – paragraph 4
4. The CommissionBAM Authority shall establish a central database accessible to the public containing the names, addresses and contact details of the operators and the location of installations in third countries in accordance with Article 10(2). An operator may choose not to have its name, address and contact details accessible to the public.
Amendment 358 #
2021/0214(COD)
Proposal for a regulation
Article 15
Article 15
Amendment 365 #
Amendment 367 #
2021/0214(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. The competent aCBAM Authority shall assign to each authorised declarant a unique CBAM account number.
Amendment 370 #
2021/0214(COD)
Proposal for a regulation
Article 16 – paragraph 3
Article 16 – paragraph 3
3. The competent aCBAM Authority shall set up the account as soon as the authorisation referred to in Article 17(1) is granted and notify the authorised declarant thereof.
Amendment 372 #
2021/0214(COD)
Proposal for a regulation
Article 16 – paragraph 4
Article 16 – paragraph 4
4. If the authorised declarant has ceased its economic activity or its authorisation was revoked, the competent aCBAM Authority shall close the account of that declarant.
Amendment 375 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. The competent aCBAM Authority shall authorise a declarant who submits an application for authorisation in accordance with Article 5(1), if the following conditions are fulfilled:
Amendment 381 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. Where the competent aCBAM Authority finds that the conditions listed in paragraph 1 are not fulfilled, or where the applicant has failed to provide the information listed in Article 5(3), the authorisation of the declarant shall be refused.
Amendment 385 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. If the competent aCBAM Authority refuses to authorise a declarant, the declarant requesting the authorisation may, prior to an appeal, object to the relevant authority under national law, who shall either instruct the national administrator to open the account or uphold the refusal in a reasoned decision, subject to requirements of national law that pursue a legitimate objective compatible with this Regulation and are proportionate.
Amendment 388 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 4 – introductory part
Article 17 – paragraph 4 – introductory part
4. A decision of the competent aCBAM Authority authorising a declarant shall contain the following information
Amendment 391 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 6 – introductory part
Article 17 – paragraph 6 – introductory part
6. The competent aCBAM Authority shall require the provision of a guarantee in order to authorise a declarant in accordance with paragraph 1, if the declarant was not established throughout the two financial years that precede the year when the application in accordance with Article 5(1) was submitted.
Amendment 394 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 6 – subparagraph 1
Article 17 – paragraph 6 – subparagraph 1
The competent aCBAM Authority shall fix the amount of such guarantee at the maximum amount, as estimated by the competent aCBAM Authority, of the value of the CBAM certificates that the authorised declarant have to surrender, in accordance with Article 22.
Amendment 397 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 7
Article 17 – paragraph 7
7. The guarantee shall be provided as a bank guarantee, payable at first demand, by a financial institution operating in the Union or by another form of guarantee which provides equivalent assurance. Where the competent aCBAM Authority establishes that the guarantee provided does not ensure, or is no longer certain or sufficient to ensure the amount of CBAM obligations, it shall require the authorised declarant either to provide an additional guarantee or to replace the initial guarantee with a new guarantee, according to its choice.
Amendment 400 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 8
Article 17 – paragraph 8
8. The competent aCBAM Authority shall release the guarantee immediately after 31 May of the second year in which the authorised declarant has surrendered CBAM certificates in accordance with Article 22.
Amendment 403 #
2021/0214(COD)
Proposal for a regulation
Article 17 – paragraph 9
Article 17 – paragraph 9
9. The competent aCBAM Authority shall revoke the authorisation for a declarant who no longer meets the conditions laid down in paragraph 1, or who fails to cooperate with that authority.
Amendment 410 #
2021/0214(COD)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. The competent aCBAM Authority may review the CBAM declaration within the period ending with the fourth year after the year in which the declaration should have been submitted. The review may consist in verifying the information provided in the CBAM declaration on the basis of the information communicated by the customs authorities in accordance with Article 25(2) and any other relevant evidence, and on the basis of any audit deemed necessary, including at the premises of the authorised declarant.
Amendment 412 #
2021/0214(COD)
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. Where a CBAM declaration in accordance with Article 6 has not been submitted, the competent authority of the Member State of establishment of the authorised declarantCBAM Authority shall assess the CBAM obligations of that declarant on the basis of the information at its disposal and calculate the total number of CBAM certificates due at the latest by the 31 December of the fourth year following that when the CBAM declaration should have been submitted.
Amendment 414 #
2021/0214(COD)
Proposal for a regulation
Article 19 – paragraph 3
Article 19 – paragraph 3
3. Where the competent aCBAM Authority has established that the declared number of CBAM certificates to be surrendered is incorrect, or that no CBAM declaration has been submitted pursuant to paragraph 2, it shall adjust the number of CBAM certificates due by the authorised declarant. The competent aCBAM Authority shall notify the authorised declarant of the adjustment and request that the authorised declarant shall surrender the additional CBAM certificates within one month.
Amendment 417 #
2021/0214(COD)
Proposal for a regulation
Article 19 – paragraph 5
Article 19 – paragraph 5
5. Where CBAM certificates have been surrendered in excess of the number due, the competent aCBAM Authority shall, without delay, reimburse the authorised declarant the value of CBAM certificates surrendered in excess, calculated at the average price paid for CBAM certificates by the authorised declarant during the year of import.
Amendment 419 #
2021/0214(COD)
Proposal for a regulation
Article 19 a (new)
Article 19 a (new)
Article 19 a Revenues The revenues generated by the sale of CBAM certificates shall constitute internal assigned revenue in accordance with Article 21(4) of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council. Revenues shall be assigned to the Union budget.
Amendment 421 #
2021/0214(COD)
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. The competent authority of each Member State shall sell CBAM certificates to declarants authorised in that Member StateCBAM Authority shall sell CBAM certificates to authorised declarants at the price calculated in accordance with Article 21.
Amendment 423 #
2021/0214(COD)
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
2. The competent aCBAM Authority shall ensure that each CBAM certificate is assigned a unique unit identification code upon its creation and shall register the unique unit identification number, the price and date of sale of the certificate in the nationalCBAM registry in the account of the authorised declarant purchasing it.
Amendment 431 #
2021/0214(COD)
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
1. By 31 May of each year, the authorised declarant shall surrender a number of CBAM certificates to the competent aCBAM Authority that corresponds to the embedded emissions declared in accordance with Article 6(2)(c) and verified in accordance with Article 8 for the calendar year preceding the surrender
Amendment 432 #
2021/0214(COD)
Proposal for a regulation
Article 22 – paragraph 2
Article 22 – paragraph 2
2. For the purposes of paragraph 1, the authorised declarant shall ensure that the required number of CBAM certificates is available on its account in the nationalCBAM registry. In addition, the authorised declarant shall ensure that the number of CBAM certificates on its account in the nationalCBAM registry at the end of each quarter corresponds to at least 80 per cent of the embedded emissions, determined by reference to default values in accordance with the methods set out in Annex III, in all goods it has imported since the beginning of the calendar year.
Amendment 434 #
2021/0214(COD)
Proposal for a regulation
Article 22 – paragraph 3
Article 22 – paragraph 3
3. Where the competent aCBAM Authority finds that the number of CBAM certificates in the account of an authorised declarant is not in compliance with the obligations pursuant to paragraph 2, second sentence, that authority shall notify the adjustment and request that the authorised declarant surrenders the additional CBAM certificates within one month.
Amendment 436 #
2021/0214(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The competent aCBAM Authority of each Member State shall, on request by a declarantn authorised in that Member Statedeclarant, re-purchase the excess of CBAM certificates remaining on the account of the declarant in the nationalCBAM registry after the certificates have been surrendered in accordance with Article 22. The request to re-purchase shall be submitted by 30 June of each year when CBAM certificates were surrendered.
Amendment 439 #
2021/0214(COD)
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
By 30 June of each year, the competent authority of each Member StateCBAM Authority shall cancel any CBAM certificates that were purchased during the year before the previous calendar year and that remained in the accounts in the nationalCBAM registry of the declarants authorised in that Member Statedeclarants.
Amendment 443 #
2021/0214(COD)
Proposal for a regulation
Article 25 – paragraph 1
Article 25 – paragraph 1
1. The customs authorities shall not allow the importation of goods unless the declarant is authorised by a competent aCBAM Authority at the latest at the release for free circulation of the goods.
Amendment 445 #
2021/0214(COD)
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
2. The customs authorities shall periodically communicate information on the goods declared for importation, which shall include the EORI number and the CBAM account number of the declarant, the 8-digit CN code of the goods, the quantity, the country of origin, the date of declaration and the customs procedure, to the competent authority of the Member State where the declarant has been authorisedCBAM Authority.
Amendment 447 #
2021/0214(COD)
Proposal for a regulation
Article 25 – paragraph 4
Article 25 – paragraph 4
4. The customs authorities may communicate in accordance with Article 12(1) of Regulation (EU) No 952/2013, confidential information acquired by the customs authorities in the course of performing their duty or provided on a confidential basis, to the competent authority of the Member State where the declarant has been authorised. The competent authorities of the Member StatesCBAM Authority. The CBAM Authority shall treat and exchange this information in accordance with Council Regulation (EC) No 515/97.
Amendment 448 #
2021/0214(COD)
VI Enforcement and appeals
Amendment 452 #
2021/0214(COD)
Proposal for a regulation
Article 26 – paragraph 3
Article 26 – paragraph 3
3. Payment of the penalty shall in no case release the authorised declarant from the obligation to surrender the outstanding number of CBAM certificates in a given year to the competent authority of the Member State where the declarant has been authorisedCBAM Authority.
Amendment 453 #
2021/0214(COD)
Proposal for a regulation
Article 26 – paragraph 4 – introductory part
Article 26 – paragraph 4 – introductory part
4. If the competent aCBAM Authority determines that an authorised declarant has failed to comply with the obligation to surrender CBAM certificates as specified in paragraph 1, or that a person has introduced goods into the customs territory of the Union as specified in paragraph 2, the competent aCBAM Authority shall impose the penalty and notify the authorised declarant or, in the situation under paragraph 2, the person:
Amendment 456 #
2021/0214(COD)
Proposal for a regulation
Article 26 – paragraph 4 – point a
Article 26 – paragraph 4 – point a
(a) that the competent aCBAM Authority has concluded that the authorised declarant or the person fails to comply with the obligation of surrendering CBAM certificates for a given year;
Amendment 457 #
2021/0214(COD)
(e) of the action the competent aCBAM Authority considers the authorised declarant or the person should take to comply with its obligation under point (a) depending on the facts and circumstances of the case; and
Amendment 458 #
2021/0214(COD)
Proposal for a regulation
Article 26 – paragraph 4 – point f
Article 26 – paragraph 4 – point f
(f) of the right of the authorised declarant or of the person to appeal under national rules.
Amendment 461 #
2021/0214(COD)
Proposal for a regulation
Article 26 – paragraph 5
Article 26 – paragraph 5
5. Member StatesThe CBAM Authority may decide to suspend the account of the declarant in case of repeated offences. The CBAM Authority may apply administrative or criminal sanctions for failure to comply with the CBAM legislation in accordance with their national rules in addition to penalties referred to in paragraph 2. Such sanctions shall be effective, proportionate and dissuasive.
Amendment 493 #
2021/0214(COD)
Proposal for a regulation
Article 27 a (new)
Article 27 a (new)
Article 27 a Appeals against decisions taken by the CBAM Authority 1. An appeal shall lie from decisions of the CBAM Authority that adversely affect any interested person, including decisions on penalties, circumvention and actual emission values. Those decisions shall take effect only as from the date of expiration of the appeal period of two months. The filing of the appeal shall have suspensive effect. 2. Any party to proceedings adversely affected by a decision may appeal. Any other parties to the proceedings shall be parties to the appeal proceedings as of right. 3. The Board of Appeal shall be newly set up and consist of three full members, to be respectively appointed by the Council, by the European Parliament and by the Commission. The chair will be appointed by the Council. 4. The Commission shall adopt delegated acts pursuant to Article 28, to define the composition, the appointment and the procedures of the Board of Appeal with a view to assure the independence of its members, including during the transitional period. During the transitional period the Commission will hold the functions of the Board of Appeal.
Amendment 494 #
2021/0214(COD)
Proposal for a regulation
Article 27 b (new)
Article 27 b (new)
Article 27 b Examination of appeals 1. The Board of Appeal shall examine whether the appeal is admissible. 2. In the examination of the appeal, the Board of Appeal shall invite the parties, as often as necessary, to file observations, within a period to be fixed by the Board of Appeal, on communications from the other parties or issued by itself. 3. Following the examination as to the admissibility of the appeal, the Board of Appeal shall decide on the appeal. The Board of Appeal may either exercise any power within the competence of the CBAM Authority or remit the case to the latter for further prosecution. 4. If the Board of Appeal remits the case for further prosecution to the CBAM Authority, the latter shall be bound by the line of reasoning of the Board of Appeal, in so far the facts are the same. The decisions of the Board of Appeal shall take effect only as from the date of expiry of a period of two months after the communication of the decision or, if an action has been brought before the General Court within that period, as from the date of dismissal of such action or of any appeal filed with the Court of Justice against the decision of the General Court.
Amendment 495 #
2021/0214(COD)
Proposal for a regulation
Article 27 c (new)
Article 27 c (new)
Amendment 497 #
2021/0214(COD)
Proposal for a regulation
Article 28 – paragraph 2
Article 28 – paragraph 2
2. The power to adopt delegated acts referred to in Articles 2(10), 2(11), 18(32(12a), 18(3), 27(5) and 27(5a(4) shall be conferred on the Commission for an indeterminate period of time.
Amendment 499 #
2021/0214(COD)
Proposal for a regulation
Article 28 – paragraph 3
Article 28 – paragraph 3
3. The delegation of power referred to in Articles 2(10), 2(11), 18(32(12a), 18(3), 27(5) and 27(5a(4) may be revoked at any time by the European Parliament or by the Council.
Amendment 501 #
2021/0214(COD)
Proposal for a regulation
Article 28 – paragraph 7
Article 28 – paragraph 7
7. A delegated act adopted pursuant to Articles 2(10), 2(11), 18(32(12a), 18(3), 27(5) and 27(5a(4) shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of two months of notification of that act to the European Parliament and to the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or of the Council.
Amendment 503 #
2021/0214(COD)
Proposal for a regulation
Article 30 – paragraph 1
Article 30 – paragraph 1
1. The Commission shall collect the information necessary with a view to extending the scope of this Regulation to indirect emissions and goods other than those listed in Annex I, such as downstream products using goods covered by this Regulation, and develop methods of calculating embedded emissions based on environmental footprint methods.
Amendment 512 #
2021/0214(COD)
Proposal for a regulation
Article 30 – paragraph 2
Article 30 – paragraph 2
2. Before the end of the transitional period, or at any moment at the request of the European Parliament, the Council or the CBAM Authority, the Commission shall present a report to the European Parliament and the Council on the application of this Regulation. The report shall contain, in particular, the assessment of the possibilities to further extend the scope of embedded emissions to indirect emissions and to other goods at risk of carbon leakage than those already covered by this Regulation, as well as an assessment of theapplication of this Regulation to goods resulting from activities listed in Directive 2003/87/EC other than those already covered by this Regulation, as well as an assessment of the state of implementation of the Regulation, including how it is fulfilling its objectives, and its governance system. It shall also contain the assessment of the possibility to further extend the scope to embedded emissions of transportation services as well as to goods further down the value chain andnd other services that may be subject to the risk of carbon leakage in the future as well as to goods further down the value chain, in particular downstream products using goods covered by this Regulation.
Amendment 524 #
2021/0214(COD)
Proposal for a regulation
Article 30 – paragraph 3 a (new)
Article 30 – paragraph 3 a (new)
3a. Without prejudice to paragraph 2, the report presented before the end of the transitional period shall contain a calendar to extend the scope of this Regulation to the rest of sectors listed in Commission Delegated Decision (EU) 2019/708. Such calendar must be binding and contain specific dates for implementation.
Amendment 528 #
2021/0214(COD)
Proposal for a regulation
Chapter IX – title
Chapter IX – title
IX Coordination with free allocation of allowancecarbon leakage provisions under the EU ETS
Amendment 532 #
2021/0214(COD)
Proposal for a regulation
Article 31 – paragraph 1 a (new)
Article 31 – paragraph 1 a (new)
1a. The implementation of the CBAM shall trigger the phasing-out of the free allocation of allowances until they are completely eliminated, following an appropriate transition while maintaining WTO-compliance. This phase out shall be gradual, starting from a low level and accelerating significantly once the CBAM has proven its effectiveness.
Amendment 534 #
2021/0214(COD)
Proposal for a regulation
Article 31 a (new)
Article 31 a (new)
Article 31 a Financial measures to compensate for indirect emission costs 1. The sectors covered by this Regulation will cease to qualify for the provisions under Article 10a(6) and 10(b) of Directive 2003/87/EC. The Commission shall adjust those financial measures with a view to gradually phasing them out as CBAM is phased in. The Commission shall ensure the phase out design guarantees a level playing field for the EU industry. 2. The Commission is empowered to adopt implementing acts laying down a calculation methodology for the phase out referred to in paragraph 1. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 29(2).
Amendment 535 #
2021/0214(COD)
Proposal for a regulation
Article 33 – paragraph 3
Article 33 – paragraph 3
3. The customs authorities shall, by means of the surveillance mechanism established pursuant to Article 56(5) of Regulation (EU) No 952/2013, communicate to the competent authority of the Member State of importationCBAM Authority information on imported goods, including processed products resulting from the outward processing procedure. Such information shall include the EORI number of the declarant, the 8-digit CN code, the quantity, the country of origin and the declarant of the goods, the date of declaration and the customs procedure.
Amendment 536 #
2021/0214(COD)
Proposal for a regulation
Article 35 – paragraph 1
Article 35 – paragraph 1
1. Each declarant shall, for each quarter of a calendar year, submit a report (‘CBAM report’) containing information on the goods imported during that quarter, to the competent authority of the Member State of importation or, if goods have been imported to more than one Member State, to the competent authority of the Member State at the declarant’s choiceCBAM Authority, no later than one month after the end of each quarter.
Amendment 539 #
2021/0214(COD)
Proposal for a regulation
Article 35 – paragraph 3
Article 35 – paragraph 3
3. The competent aCBAM Authority shall communicate the information referred to in paragraph 2 to the Commission at the latest two months after the end of the quarter covered by a report.
Amendment 541 #
2021/0214(COD)
Proposal for a regulation
Article 35 – paragraph 4
Article 35 – paragraph 4
4. The competent aCBAM Authority shall impose a proportionate and dissuasive penalty on declarants who fail to submit a CBAM report.
Amendment 542 #
2021/0214(COD)
Proposal for a regulation
Article 35 – paragraph 5 – introductory part
Article 35 – paragraph 5 – introductory part
5. If the competent aCBAM Authority determines that a declarant has failed to comply with the obligation to submit a CBAM report as specified in paragraph 1, the competent aCBAM Authority shall impose the penalty and notify the declarant:
Amendment 543 #
2021/0214(COD)
Proposal for a regulation
Article 35 – paragraph 5 – point a
Article 35 – paragraph 5 – point a
(a) that the competent aCBAM Authority has concluded that the declarant fails to comply with the obligation of submitting a report for a given quarter;
Amendment 544 #
2021/0214(COD)
Proposal for a regulation
Article 35 – paragraph 5 – point e
Article 35 – paragraph 5 – point e
(e) of the action the competent aCBAM Authority considers the declarant should take to comply with its obligation under point (a) depending on the facts and circumstances of the case; and
Amendment 545 #
2021/0214(COD)
Proposal for a regulation
Article 35 – paragraph 5 – point f
Article 35 – paragraph 5 – point f
(f) of the right of the declarant or to appeal under national rules.
Amendment 553 #
2021/0214(COD)
Proposal for a regulation
Annex IV – Part 1 – point 1 – point b
Annex IV – Part 1 – point 1 – point b
(b) the unique identifier assigned by the competent national aCBAM Authority;
Amendment 554 #
2021/0214(COD)
Proposal for a regulation
Annex V – Part 1 – paragraph 1 – point d – paragraph 1
Annex V – Part 1 – paragraph 1 – point d – paragraph 1
For parameters for which no such thresholds are defined, the verifier shall use expert judgement to whether misstatements, individually or when aggregated with other misstatements, justified by their size and nature, have to be considered material, i.e. and could affect the use of the report by the intended users, in particular the competent national aCBAM Authoritiesy.
Amendment 112 #
2021/0206(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) A Social Climate (‘the Fund’) should therefore be established to provide funds to the Member States to support their policies to address the social impacts of the emissions trading for buildings and road transport on vulnerable households, vulnerable micro-enterprises and vulnerable transport users. This should be achieved notably through temporary income support and measures and investments intended to reduce reliance on fossil fuels through increased energy efficiency of buildings, decarbonisation of heating and cooling of buildings, including the integration of energy from renewable sources, and granting improved access to zero- and low-emission mobility and transport to the benefit of vulnerable households, vulnerable micro-enterprises and vulnerable transport users.
Amendment 116 #
2021/0206(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) For that purpose, each Member State should submit to the Commission a Social Climate Plan (‘the Plan’). Those Plans should pursue two objectives. Firstly, they should provide vulnerable households, vulnerable micro-enterprises and vulnerable transport users the necessary resources to finance and carry out investments in energy efficiency, decarbonisation of heating and cooling, in zero- and low-emission vehicles and mobility. Secondly, they should mitigate the impact of the increase in the cost of fossil fuels on the most vulnerable and thereby prevent energy and transport poverty during the transition period until such investments have been implemented. The Plans should havinclude an investment component promoting the long-term solution of reduceing fossil fuels reliance and could envisage other measures, including temporary direct income support to mitigate adverse income effects in the shorter term.
Amendment 136 #
2021/0206(COD)
Proposal for a regulation
Recital 17
Recital 17
Amendment 158 #
2021/0206(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) The financial envelope of the Fund should, in principle, be commensurate to amounts corresponding to 25% of the expected revenues from the inclusion of buildings and road transport into the scope of Directive 2003/87/EC in the period 2026-2032. Pursuant to Council Decision (EU, Euratom) 2020/205341 , Member States should make those revenues available to the Union budget as own resources. Member States are to finance 50% of the total costs of their Plan themselves. For this purpose, as well as for investment and measures to accelerate and alleviate the required transition for citizens negatively affected, Member States should inter alia use their expected revenues from emissions trading for buildings and road transport under Directive 2003/87/EC for that purpose. If no buildings or road transport are linked to allowance-trading, then the Fund loses its raison d'être and thus becomes invalid. _________________ 41 Council Decision (EU, Euratom) 2020/2053 of 14 December 2020 on the system of oOwn rResources of the European Union and repealing Decision 2014/335/EU, Euratom (OJ L 424, 15.12.2020, p. 1).
Amendment 165 #
2021/0206(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) The financial envelope of the Fund should, in principle, be commensurate to amounts corresponding to 25% of the expected revenues from the inclusion of buildings and road transport into the scope of Directive 2003/87/EC in the period 2026-2032. Pursuant to Council Decision (EU, Euratom) 2020/205341 , Member States should make those revenues available to the Union budget as own resources. Member States are to finance 580% of the total costs of their Plan themselves. For this purpose, as well as for investment and measures to accelerate and alleviate the required transition for citizens negatively affected, Member States should inter alia use their expected revenues from emissions trading for buildings and road transport under Directive 2003/87/EC for that purpose. _________________ 41 Council Decision (EU, Euratom) 2020/2053 of 14 December 2020 on the system of oOwn rResources of the European Union and repealing Decision 2014/335/EU, Euratom (OJ L 424, 15.12.2020, p. 1).
Amendment 170 #
2021/0206(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) The Fund should support measures that respect the principle of additionality of Union funding. The Fund should not be a substitute for recurring national expenditures, except in duly justified cases.
Amendment 395 #
2021/0206(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
Amendment 472 #
2021/0206(COD)
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union, on the condition that buildings and road transport are added to the scope of Directive 2003/87/EC by then.
Amendment 474 #
2021/0206(COD)
Proposal for a regulation
Annex I – paragraph 2 – indent 2
Annex I – paragraph 2 – indent 2
Amendment 475 #
Amendment 476 #
2021/0206(COD)
Proposal for a regulation
Annex I – paragraph 7 – subparagraph 5
Annex I – paragraph 7 – subparagraph 5
Amendment 477 #
2021/0206(COD)
Proposal for a regulation
Annex I – paragraph 7 – subparagraph 6
Annex I – paragraph 7 – subparagraph 6
Amendment 478 #
2021/0206(COD)
Proposal for a regulation
Annex II
Annex II
Amendment 73 #
2021/0171(COD)
Proposal for a directive
Recital 14
Recital 14
(14) The definitions contained in this Directive determine the scope of harmonisationzation and are without prejudice to national law in the situations indicated below. The obligation on Member States to implement this Directive should therefore be limited to its scope as determined by those definitions. However, this Directive should be without prejudice to the application by Member States, in accordance with Union law, of the provisions of this Directive to areas not covered by its scope. A Member State could thereby maintain or introduce national legislation corresponding to this Directive or certain provisions of this Directive on credit agreements outside its scope, for instance on credit agreements upon the conclusion of which the consumer is requested to deposit an item as security in the creditor's safe-keeping and where the liability of the consumer is strictly limited to that pledged item. Furthermore, Member States could also apply this Directive to linked credit which does not fall within the definition of a linked credit agreement in this Directive. Thus, the provisions of this Directive on linked credit agreements could be applied to credit agreements that serve only partially to finance a contract for the supply of goods or provision of a service.
Amendment 74 #
2021/0171(COD)
Proposal for a directive
Recital 15
Recital 15
(15) A number of Member States have applied Directive 2008/48/EC to areas not covered by its scope to enhance the level of consumer protection. In fact, several of the credit agreements not falling within the scope of that Directive can be detrimental for consumers, including short-term high cost loans whose amount is typically lower than the minimum threshold of EUR 200 set out in Directive 2008/48/EC. In this context, and with the aim to ensure a high level of consumer protection and to facilitate the cross-border consumer credit market, the scope of this Directive should cover some agreements that were excluded from the scope of Directive 2008/48/EC, such as consumer credit agreements below the amount of EUR 200. Likewise, other potentially detrimental products, because of the high costs they entail or high fees in case of missed payments, should be covered by this Directive, to ensure increased transparency and better consumerHowever, to maintain the “raison d’être” of these short term/small amount credits, the extension of the scope must be accompanied by protecportion, resulting in higher consumer confidence. To this extent, leasing agreements, credit agreements in the form of an overdraft facility and where the credit has to be repaid within one month, and credit agreements where the credit is granted free of interest and without any other charges, including Buy Now Pay Later schemes, i.e. new digital financial tools that let consumers make purchases and payate requirements. This Directive should not apply to hiring or leasing agreements where an obligation to purchase them off over time, and credit agreements under the terms of which the credit has to be repaid within three months and only insignificant charges are payable should not be excluded from the scope of application of this Directivebject of the agreement is not laid down either by the agreement itself or by any separate agreement. Moreover, all credit agreement up until EUR 100 000 should be included in the scope of application of this Directive. The upper threshold of credit agreements under this Directive should be increased to take into account indexation to adjust for the effects of inflation since 2008 and in coming years.
Amendment 80 #
2021/0171(COD)
Proposal for a directive
Recital 26
Recital 26
(26) Consumers who are legally resident in the Union should not be discriminated against on ground of their nationality or place of residence, or on any ground as referred to in Article 21 of the Charter when requesting, concluding or holding a credit agreement or an agreement for the provision of crowdfunding credit services within the Union. However, these provisions are applied without prejudice to the right of creditors not to engage in certain activities in certain Member States.
Amendment 82 #
2021/0171(COD)
Proposal for a directive
Recital 30
Recital 30
(30) In order to be able to make their decisions in full knowledge of the facts, consumers should receive adequate information, for careful consideration at their own leisure and convenience, if possible at least one day prior to the conclusion of the credit agreement or of the agreement for the provision of crowdfunding credit services, including information on the conditions and cost of the credit and on their obligations, as well as adequate explanations thereof. These rules should be without prejudice to Council Directive 93/13/EEC29. __________________ 29 Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts (OJ L 95, 21.4.1993, p. 29).
Amendment 105 #
2021/0171(COD)
Proposal for a directive
Recital 47
Recital 47
(47) The assessment of creditworthiness should be based on information on the financial and economic situation, including income and expenses, of the consumer. The European Banking Authority Guidelines on loan origination and monitoring (EBA/GL/2020/06) provide guidelines on what categories of data may be used for the processing of personal data for creditworthiness purposes, which include evidence of income or other sources of repayment, information on financial assets and liabilities, or information on other financial commitments. Personal data, such as personal data found on social media platforms or health data, including cancer data, should not be used when conducting a creditworthiness assessment. Consumers should provide information about their financial and economic situation in order to facilitate the creditworthiness assessment. In principle, credit should only made available to the consumer where the result of the creditworthiness assessment indicates that the obligations resulting from the credit agreement or the agreement for the provision of crowdfunding credit services are likely to be met in the manner required under that agreement. However, should such assessment be negative, the creditor or the provider of crowdfunding credit services can exceptionally make credit available in specific and justified circumstances such as when they have a long-standing relationship with the consumer, or in case of loans to fund exceptional healthcare expenses, students loans or loans for consumers with disabilities. In such case, when deciding on whether or not to make the credit available to the consumer, the creditor or the provider of crowdfunding credit services should take into account the amount and the purpose of the credit, and the likelihood that the obligations resulting from the agreement will be met. However, a positive creditworthiness assessment should not constitute an obligation for the creditor to provide credit.
Amendment 128 #
2021/0171(COD)
Proposal for a directive
Article 2 – paragraph 2 – point c
Article 2 – paragraph 2 – point c
(c) credit agreements involving a total amount of creditless than EUR 250 ofr more than EUR 100 000;
Amendment 131 #
2021/0171(COD)
Proposal for a directive
Article 2 – paragraph 2 – point j a (new)
Article 2 – paragraph 2 – point j a (new)
(ja) Rental or leasing agreements in which an obligation to purchase the rental or leasing item is neither laid down by the agreement itself nor by any separate agreement; such an obligation shall be deemed to exist if such an obligation is decided unilaterally by the creditor.
Amendment 139 #
2021/0171(COD)
Proposal for a directive
Article 2 – paragraph 2 – point j b (new)
Article 2 – paragraph 2 – point j b (new)
Amendment 145 #
2021/0171(COD)
Proposal for a directive
Article 2 – paragraph 3
Article 2 – paragraph 3
3. Notwithstanding paragraph 2, point (c), this Directive applies to unsecured credit agreements involving a total amount of credit of more than EUR 100 000, where the purpose of those credit agreements is the renovation of a residential immovable property, provided they do not fall under the scope of different national legislation.
Amendment 171 #
2021/0171(COD)
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
Without prejudice to Directive 2005/29/EC, Member States shall require that any advertising and marketing communications concerning credit agreements or crowdfunding credit services covered by this legislation are fair, clear and not misleading. Wording in such advertising and marketing communications that may create false expectations for a consumer regarding the availability or the cost of a credit shall be prohibited.
Amendment 192 #
2021/0171(COD)
Proposal for a directive
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Member States shall ensure that clear and comprehensible general information about credit agreements or crowdfunding credit services is made available to consumers by creditors or, where applicable, by credit intermediaries or providers of crowdfunding credit services, at all times in electronic form or on request by the customer on paper or on another durable medium.
Amendment 197 #
2021/0171(COD)
Proposal for a directive
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
1. Member States shall require that the creditor and, where applicable, the credit intermediary or the provider of crowdfunding credit services provide the consumer with the pre-contractual information needed to compare different offers in order to take an informed decision on whether to conclude a credit agreement or crowdfunding credit services on the basis of the credit terms and conditions offered by the creditor or by the provider of crowdfunding credit services and, where applicable, the preferences expressed and information supplied by the consumer. Such pre-contractual information shall be provided to the consumer at least one dayin due time before he or she is bound by any credit agreement or offer, or by any agreement or offer for the provision of crowdfunding credit services.
Amendment 203 #
2021/0171(COD)
Proposal for a directive
Article 10 – paragraph 3 – subparagraph 1 – point q
Article 10 – paragraph 3 – subparagraph 1 – point q
(q) the right of early repayment, and, where applicable, information concerning the creditor's right to compensation and the way in which that compensation will be determined in accordance with Article 29;
Amendment 208 #
2021/0171(COD)
Proposal for a directive
Article 10 – paragraph 4
Article 10 – paragraph 4
Amendment 212 #
2021/0171(COD)
Proposal for a directive
Article 10 – paragraph 4 – introductory part
Article 10 – paragraph 4 – introductory part
4. At the same time as the Standard European Consumer Credit Information form is provided to the consumer, the creditor and, where applicable, the credit intermediary or the provider of crowdfunding credit services, shallmay provide the consumer with the Standard European Consumer Credit Overview form set out in Annex II, containing the following pre- contractual information:
Amendment 241 #
2021/0171(COD)
Proposal for a directive
Article 13
Article 13
Amendment 282 #
2021/0171(COD)
Proposal for a directive
Article 17 – paragraph 1
Article 17 – paragraph 1
Member States shall prohibit any sale of credit to consumers, without their prior request andor explicit agreement.
Amendment 288 #
2021/0171(COD)
Proposal for a directive
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Member States shall require that, before concluding a credit agreement, or an agreement for the provision of crowdfunding credit services, the creditor or, where applicable, the provider of crowdfunding credit services makes a thorough assessment of the consumer’s creditworthiness. That assessment shall be done in the interest of the consumer, to prevent irresponsible lending practices and over-indebtedness, and shall take appropriate and proportionate account of factors relevant to verifying the prospect of the consumer to meet his or her obligations under the credit agreement or the agreement for the provision of crowdfunding credit services, according to the nature, duration and the risk profile of the consumer.
Amendment 303 #
2021/0171(COD)
Proposal for a directive
Article 18 – paragraph 2 – subparagraph 2
Article 18 – paragraph 2 – subparagraph 2
The information obtained in accordance with this paragraph shall be appropriately verified, where necessary through reference to independently verifiable documentation or by statistical methods with automated decision-making.
Amendment 307 #
2021/0171(COD)
Proposal for a directive
Article 18 – paragraph 3 – subparagraph 2
Article 18 – paragraph 3 – subparagraph 2
Amendment 310 #
2021/0171(COD)
Proposal for a directive
Article 18 – paragraph 4 – subparagraph 1
Article 18 – paragraph 4 – subparagraph 1
4. Member States shall ensure that the creditor or the provider of crowdfunding credit services only makes the credit available to the consumer where the result of the creditworthiness assessment indicates that the obligations resulting from the credit agreement or the agreement for the provision of crowdfunding credit services are likely to be met in the manner required under that agreement. However, a positive creditworthiness assessment should not constitute an obligation for the creditor to provide credit.
Amendment 321 #
2021/0171(COD)
Proposal for a directive
Article 18 – paragraph 6
Article 18 – paragraph 6
Amendment 331 #
2021/0171(COD)
Proposal for a directive
Article 18 – paragraph 9 a (new)
Article 18 – paragraph 9 a (new)
9a. Notwithstanding the preceding paragraphs and for proportionality reasons, for credits Agreements below the amount of EUR 250 or credit agreements under the terms of which the credit has to be repaid within three months, the creditor complies with the requirements of this article through the consultation of the relevant databases referred to in article 19 of the directive.
Amendment 332 #
2021/0171(COD)
Proposal for a directive
Article 18 – paragraph 9 b (new)
Article 18 – paragraph 9 b (new)
9b. Member States shall require that each creditors, credit intermediaries and providers of crowdfunding credit services that are not credit institutions as defined in Article 4(1), point(1), of Regulation (EU) No 575/2013 , authorised to consult the relevant databases referred to in article 19, are obliged to the enrichment of them.
Amendment 343 #
2021/0171(COD)
Proposal for a directive
Article 21 – paragraph 3 a (new)
Article 21 – paragraph 3 a (new)
Amendment 352 #
2021/0171(COD)
Proposal for a directive
Article 24 a (new)
Article 24 a (new)
Amendment 359 #
2021/0171(COD)
Proposal for a directive
Article 26 – paragraph 1 – subparagraph 2 – point b
Article 26 – paragraph 1 – subparagraph 2 – point b
(b) the day on which the consumer receives the contractual terms and conditions and informationinformation of the right of withdrawal in accordance with Articles 20 and 21, if that day is later than the date referred to in point (a) of this subparagraph.
Amendment 361 #
2021/0171(COD)
Proposal for a directive
Article 26 – paragraph 1 – subparagraph 3 a (new)
Article 26 – paragraph 1 – subparagraph 3 a (new)
The period of withdrawal shall end the latest one year and 14 days after the Conclusion of the credit agreement.
Amendment 381 #
2021/0171(COD)
Proposal for a directive
Article 31
Article 31
Amendment 386 #
2021/0171(COD)
Proposal for a directive
Article 31 – paragraph 1 – introductory part
Article 31 – paragraph 1 – introductory part
1. Member States shallmay introduce caps on one or more of the following:
Amendment 426 #
2021/0171(COD)
Proposal for a directive
Article 35 – paragraph 1 – introductory part
Article 35 – paragraph 1 – introductory part
1. Member States shallmay require creditors to have adequate policies and procedures so that they make efforts to exercise, where appropriate, reasonable forbearance before enforcement proceedings are initiated. Such forbearance measures shall take into account, among other elements, the consumer’s circumstances and may consist in, among other possibilities:
Amendment 470 #
2021/0171(COD)
Proposal for a directive
Article 47 – paragraph 2
Article 47 – paragraph 2
Directive 2008/48/EC shall also continue to apply to credit agreements existing on [OP: please insert date - six12 months from the transposition deadline] until [their termination].
Amendment 472 #
2021/0171(COD)
Proposal for a directive
Article 47 – paragraph 3
Article 47 – paragraph 3
However, Articles 23 and 24, Article 25(1), second sentence, Article 25(2) and Articles 28 and 39 of this Directive shall apply to all open-end credit agreements existing on [OP: please insert date - six12 months from the transposition deadline].
Amendment 479 #
2021/0171(COD)
Proposal for a directive
Annex II
Annex II
Amendment 19 #
2020/2259(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the fiscal system must be reformed if the state is to continuemeasures to establishing the preconditions for inclusive and sustainable well-being require proportional and targeted adaptations in the fiscal system;
Amendment 29 #
2020/2259(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the economic recovery and the climate crisis have increased the need to mobilise more resources and re-evaluate the current taxation policieto abolish overly complex national taxation policies that only increase the risk of loopholes for tax evasion and distort competition in particular disadvantaging SMEs;
Amendment 35 #
2020/2259(INI)
Motion for a resolution
Recital C
Recital C
Amendment 44 #
2020/2259(INI)
Motion for a resolution
Recital C
Recital C
C. whereas tax morale is generally higher in countries that tax more heavily, which is evidence for the willingness of citizens to pay tax in return for effective public servicesthough that correlation can provide no insight as to causality9; _________________ 9 https://www.oecd- ilibrary.org/sites/0533eea9- en/index.html?itemId=/content/component/ 0533eea9-en
Amendment 56 #
2020/2259(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the 2011 EU flagship initiative for a resource-efficient Europe called for 10 % of total government taxation revenue to come from environmental taxationa contribution to government budgets from emissions pricing and, in return, for the tax burden to be lowered;
Amendment 84 #
2020/2259(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Considers that COVID-19 has given the EU a unique chance for a proper and holistic analysis of tax systems, how individual taxes interact and how they can be better coordinated to produce more flexible, resilient, green and fairer tax systems; recommends that Member States take this opportunity to build a new social-fiscal contract with citizens; underlines the fact that this will not help not only with raising revenues, but also with, rather, will help building trust and accountability between citizens and the state; points out that highly complex arrangements and the existence of a host of petty taxes reduce acceptance of taxation among the general public, and stresses the need for coordination at EU level to avoid distortions and subsequent revenue losses;
Amendment 87 #
2020/2259(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Notes with concern that, even before the Covid crisis, government spending ratios in the EU were very high by international standards, and points out that this is an indication that Member States do not have a revenue problem, but, rather, a spending problem1a; _________________ 1ahttps://data.oecd.org/gga/general- government-spending.htm
Amendment 88 #
2020/2259(INI)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Points out that taxes and taxation are primarily a Member State competence, but that the EU can play an important coordinating role;
Amendment 89 #
2020/2259(INI)
Motion for a resolution
Paragraph 1 c (new)
Paragraph 1 c (new)
1c. Points out that, inside and outside the EU, there is competition to attract businesses, that taxes are one of a number of key aspects of that competition, and that a high tax burden disincentivises firms and highly skilled workers;
Amendment 94 #
2020/2259(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Highlights that current tax systems, and the fiscal capacities of Member States, are already facing and will increasingly face severe shocks, such as the need for large public investments to sustain the economic recovery and the green transition, the ageing of our societies and the consequent reduction in the working- age population, the digital transformation of our labour markets, increased tax competition and the existing tax gap; is concerned at what were high levels of tax liabilities in some Member States even before the Covid crisis;10 _________________ 10European Commission, ‘Tax policies in the European Union’ survey, 2020, https://ec.europa.eu/taxation_customs/busi ness/company-tax/tax-good- governance/european-semester/tax- policies-european-union-survey_en
Amendment 130 #
2020/2259(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes that a significant amount of government funding is channeled through tax expenditure in the form of exemptions, deductions, credits, deferrals and reduced tax rates13 ; notes further that these overly complex national tax systems and in particular their various exemptions lead to loopholes; _________________ 13The tax-expenditure-to-GDP ratio is on average 4.5 percentage points in the EU; https://www.cepweb.org/reforming-tax- expenditures/;IMF, ‘Tax Policy for Inclusive Growth after the Pandemic’, 16 December 2020, https://www.imf.org/en/Publications/SPRO LLs/covid19-special-notes#fiscal
Amendment 167 #
2020/2259(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Highlights that environme potential taxes have the potential to cover the need for additional revenue while supporting a resilient, competitive, sustainable and carbon-free economy; calls on Member States to consider expandof a globally agreed and stringent emissions trading system (ETS) on which the price of CO2 emissions should be based. It needed to include all sectors, i.e., electricity mobility, in particular international sectors such as aviation, shipping and transport. In the long-term, forestry and agriculture need to be included as well. Additionally, the reduction of CO2 emissions ing the tax base for environmental taxes through inter alia natural resource taxes, distance-based charges in the transport sector, fuel prices, and the taxation of deforestindustrial sector must be promoted through CO2-reducing technology. Thus, distortions of competition, for example with regard to energy prices, arising from unilateral national or EU-wide regulations, landfill, incineration, pesticides and fertilizersas well as "carbon leakage" are avoided;
Amendment 172 #
2020/2259(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Highlights that environmental taxes have the potential to cover the need for additional revenue while supporting a resilient, competitive, sustainable and carbon-free economy; calls on Member States to consider expanding the tax base for environmental taxes through inter alia natural resource taxes, distance-based charges in the transport sector, fuel prices, and the taxation of deforestation, landfill, incineration, pesticides and, fertilizers and nuclear waste;
Amendment 173 #
2020/2259(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Highlights that environmental taxes have the potential to cover the need for additional revenue while supporting a resilient, competitive, sustainable and carbon-free economy; calls on Member States to consider expanding the tax base for environmental taxes through inter alia taxes on natural resource taxes, distance-based charges in the transport sector, fuel prices,extraction and consumption and the taxation of deforestation, landfill, incineration, pesticides and fertiliz points out in this connection that this must be done in a technology-neutral manners;
Amendment 233 #
2020/2259(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Welcomes the Commission’s soon- to-be-published revision of the Energy Taxation Directive17; calls on Member States to agree to quickly close tax exemptions for aviation and maritime fuels, increase minimum rates and restore the level playing field; calls on the Commission to launch a proposal for a progressive European kerosene tax; _________________ 17 OJ L 283, 31.10.2003, p. 51.
Amendment 234 #
2020/2259(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. WelcomesTakes note of the Commission’s soon- to-be-published revision of the Energy Taxation Directive17 ; callhighlights oin Member States to agree to clthe context of proposed tax exemptions for aviation and maritime fuels, increase minimum rates and restore the level playing field; callsand transport taxes the potential onf the ComEmission to launch a proposal for a progressive European kerosene taxs Trading System (ETS) that should include transportation (comprehending maritime and road transport); _________________ 17 OJ L 283, 31.10.2003, p. 51.
Amendment 238 #
2020/2259(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Calls on the Commission to seek a solution, in international fora such as the G20 and the OECD, as to how digital businesses can in effect be subject to the same taxation as SMEs, which have less scope for tax avoidance;
Amendment 2 #
2020/2254(INL)
Motion for a resolution
Citation 16 a (new)
Citation 16 a (new)
— having regard to the European Parliament’s report on the implementation of the EU requirements for exchange of tax information: progress, lessons learnt and obstacles to overcome (2020/2046(INI)),
Amendment 5 #
2020/2254(INL)
Motion for a resolution
Citation 16 b (new)
Citation 16 b (new)
— having regard to the European Parliament’s report on reforming the EU policy on harmful tax practices (including the reform of the Code of Conduct Group) (2020/2258(INI)),
Amendment 14 #
2020/2254(INL)
Motion for a resolution
Recital B
Recital B
B. whereas a swift recovery requires a strong economic and fiscal policy response through reforms and investments ensuring, inter alia: (i) an effective level playing field for businesses, including less red tape to promote competition, as well as both domestic trade and trade within the Single Market, supported by a simple, digital and more predictable tax environment; (ii) securing tax revenues for Member States to finance the recovery and reduce debt to GDP and (iii) fair taxation of businesses and citizens, enhancing transparency and both trust in society and fair competition through coordinated and digitalised reporting systems;
Amendment 21 #
2020/2254(INL)
Motion for a resolution
Recital D
Recital D
D. whereas there is a need to build more mutual trust and cooperation between the tax authorities of the Member States and share best practices across the Member States in view of consolidating and harmonising national reporting systems;
Amendment 46 #
2020/2254(INL)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Believes that the Commission’s decision to carry out initiatives aimed at enhancing cooperation among tax authorities and increased harmonisation of procedural rules across the single market is of the highest importance; welcomes the Commission’s initiative for the ‘EU cooperative compliance programme’ as a method of closer cooperation between tax authorities and business and recommends clear eligibility and functioning rules, as well as a potential expansion of the programme towards VAT-related issues;
Amendment 51 #
2020/2254(INL)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Welcomes the Commission's proposal to modernise, simplify and harmonise VAT requirements, using transaction-based 'real time' reporting and e-invoicing; notes that such reporting needs to be taxpayer-friendly while allowing tax administrations to have an overview of the various transactions in real-time, facilitating the prevention and detection of fraud and risky economic operators; considers that reporting requirements and tax forms should converge across the Member States; believes that the use of the data-mining tool Transaction Network Analysis (TNA) represents anone of the available wayoptions to reduce tax fraud and promotes its further development and sharing of best practices among Member States;
Amendment 56 #
2020/2254(INL)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recalls that any tax measures, temporary or not, should foster and not hamper the competitiveness of European businesses; stresses that the reporting requirements should not generate higher administrative costs for economic actors, notably for small and medium-sized enterprises (SMEs); notes that to effectively address lost tax revenues, better quality and possible higher quantities of data may be needed, but only data effectively used, and collected from taxpayers only once with utmost security, should be collected; notes that data should aim to simplify various obligations of taxpayers, in particular in the area of VAT returns and recapitulative statements, while artificial intelligence (AI) and various softwares should be used to maximise the effectiveness of the use of data;
Amendment 65 #
2020/2254(INL)
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4 b. Recalls that the Fiscalis program for the period 2021-2027, with a budget of EUR 269 million, aims to fight tax injustice by helping national tax authorities to cooperate better to combat tax fraud, tax evasion and aggressive tax planning;
Amendment 71 #
2020/2254(INL)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Recalls that tax transparency and certainty based on clear respective rights and duties is the main principle on which to build mutual trust between taxpayers; supports, in that context, the formalisation of the Charter on taxpayer’s rights, more consistency on tax residence rules for individuals and an increased exchange of information; believes that further development and the identification of gaps in effective European dispute resolution mechanism need to be considered;
Amendment 73 #
2020/2254(INL)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Notes that Member States are legally bound to send data only for those categories for which information is already available and as a consequence there is still a general lack of information concerning certain categories of income and assets; calls on the Commission to extend the automatic exchange of information to crypto-assets (DAC8);
Amendment 75 #
2020/2254(INL)
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6 b. Welcomes the actions undertaken by the Commission in the area of prevention and resolution of double VAT taxation disputes; notes that such disputes are likely to increase due to emerging economic trade models;
Amendment 79 #
2020/2254(INL)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that the Union decision- making process is not promoting change, as tax policy is a national prerogative and subject to unanimity; regrets that the current situation sometimes leads to an uneven or inconsistent application of tax regulations and to a delay in harmonisation of tax practices across the Union; calls on the Commission and the Member States to ensure more harmonised and consistent tax rules and their implementation, to protect the functioning of the single market and to assure the principle of “taxing where profit is generated”;
Amendment 105 #
2020/2254(INL)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
Amendment 107 #
2020/2254(INL)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses that tackling the VAT gap and tax fraud should be an urgent priority for the Union and the Member States in the post-COVID-19 economy; expresses its concern about the level of the VAT gap estimated at around EUR 140 billion in 2018, whereof EUR 50 billion is related to cross-border tax evasion and fraud; notes with concern that according to the Commission’s assessment, the VAT gap could rise to more than EUR 160 billion due to COVID-19; notes that the complex composition of the VAT gap requires multiple actions, tailored to the specific parts of the drivers behind the gap;
Amendment 108 #
2020/2254(INL)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Stresses that Member States still use various criteria to determine tax residence status, creating a risk of double taxation or double non-taxation; recalls in this regard the July 2020 Commission action plan announcing a Commission legislative proposal in 2022/2023 clarifying where taxpayers that are active across borders in the Union are to be considered residents for tax purposes; looks forward to this Commission’s proposal which should aim at ensuring a more consistent determination of tax residence within the Single Market;
Amendment 114 #
2020/2254(INL)
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10 b. Welcomes the review of the current VAT exemption on financial services, in particular following the withdrawal of the United Kingdom from the Union and the revision of the national rules in this area; stresses that the review should ensure that VAT rules on financial services are fit for current digital economy, including Fintech, and that an international level playing field is maintained for Union companies;
Amendment 128 #
2020/2254(INL)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Highlights that the current global tax environment is outdated, and can only be fully addressed on a global level; considers that athe multilateral agreement negotiatedreached at the OECD/G20 Inclusive Framework on BEPS is a unique opportunity to make international tax architecture more consistent with the development of the economy by further addressing the distortions of fair competition in the market, which was accentuated during the COVID-19 crisis and highlighted problems related to the taxing of large multinational enterprises (MNEs);
Amendment 139 #
2020/2254(INL)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes that the reduction of the estimated gap10 due to corporate tax avoidance at around EUR 35 billion per year from the previous Commission estimations of EUR 50-70 billion before anti-BEPS measures were introduced and the correlation between an improvement and the legislative efforts on tax avoidance carried out by the Commission; notes the implementation of the 2019 Anti-Tax Avoidance Directive and requests the need for an evaluation report by the Commission on its impact and implementation; stresses that situations where some firms are still able to reduce their tax bill is undermining fair competition in the single market and often harming the competitiveness of SMEs; _________________ 10 COM(2020) 312 final, page 5. There are other estimations, for example by the European Parliament, with estimated losses from financial crime, tax evasion and tax avoidance amounting to EUR 190 bn. Based on the OECD's comprehensive work in the Base Erosion Profit Shifting report (BEPS), Action 11, global revenue losses before any of the anti-BEPS measures were decided amounted to some USD 100-240 billion or 0.35 per cent of global GDP. The EU Commission estimated that some EUR 50-70 billion was attributable to the EU before the Anti-Tax Avoidance Directives I and II were agreed on by Member States.
Amendment 142 #
2020/2254(INL)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Welcomes the historic two-pillar agreement reached at the G7OECD/G20 levelsInclusive Framework on the allocation of taxing rights and the application of a minimum effective tax rate of at least 15% on the global profits of MNEs; notes the need for effective implementationagreement requires all participants “to remove digital services taxes and other relevant similar measures (..) and to commit to not introducing such measures in the future”; notes the need for effective implementation of the two-pillar solution with the aim of ensuring a fairer distribution of profits and taxing rights among countries with respect to the largest and most profitable multinational companies; calls on the Commission to make the necessary legislative proposals to implement the agreement into Union law as quickly as possible after the finalisation of the technical work on the OECD approach; calls on the Council to swiftly adopt such proposals to have the agreeement effective in 2023;
Amendment 5 #
2020/2223(INI)
Motion for a resolution
Citation 10 a (new)
Citation 10 a (new)
- having regard to the Council conclusions of 22 March 2019 on "Jobs, Growth and Competitiveness",
Amendment 24 #
2020/2223(INI)
Motion for a resolution
Recital C
Recital C
C. whereas smart reconciliation of the Union’s competition rules with its industrial, environmental, digital and international trade policies is essential for ensuring a level playing field in all sectors, re-shoring value chain activities and bolstering global competitiveness;
Amendment 57 #
2020/2223(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Considers that ensuring a level playing field for undertakings in the single market and in global markets also depends on decisively and effectively combating social, and environmental dumping;
Amendment 87 #
2020/2223(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Calls on the Commission to ensure that EU funding measures in response to the COVID-19 crisis, including through the Recovery and Resilience Facility, do not favour monopolistic undertakings, notably in critical sectors such as telecommunications; urges the Commission to set up an oversight mechanism to verify any potential distortions of competition derived from inappropriate use of RFF funding;
Amendment 118 #
2020/2223(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Calls on the Commission and the Member States to ensure that the public money which the Member States and the EU deploy to solve the COVID-19 crisis - including the Recovery and Resilience Facility - does not encourage the formation of monopolistic structures;
Amendment 158 #
2020/2223(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Welcomes the Commission’s White Paper on levelling the playing field as regards foreign subsidies; supports the 3 modules aiming at tackling foreign subsidies, including foreign acquisitions and public procurements; looks forward to the legislative proposal to be presented to further clarify the implementation and articulation with existing tools; recalls that the EU must ensure a level playing field with its international partners in terms of State aid and calls on the Commission to reinforce state aid chapters in future free trade agreements with more constraining rules;
Amendment 168 #
2020/2223(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Is of the opinion that the Union and the Member States need to enhance synergies between targeted EU policies and, investments to reindustrialise and re- shore jobs and value chain activitiesand competition policy to foster jobs and resilient value chains in order to achieve EU strategic autonomy in key sectors while preserving an open economy;
Amendment 195 #
2020/2223(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes the Commission’s determination to address unfair terms and practices of platforms acting as gatekeepers, act decisively, and eliminate illegitimate obstacles to online competition in the European digital single market; regrets the slowness of antitrust investigations compared to fast-moving digital markets;
Amendment 216 #
2020/2223(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Calls onWelcomes the Commission to consider proposalsproposal for a Digital Markets Act to prohibit platforms from engaging in self- preferencing, building on past antitrust cases, or operating in lines of business that depend on or interoperate with the platform, as well as to require platforms to make their services compatible with competing networks to allow for interoperability and data portability; calls on the Commission to address cases where remedies offered have clearly been ineffective to restore competition to the comparison-shopping market; stresses that enforcement of previous decisions is crucial to the effective enforcement of the Digital Markets Act and to creating a workable template to effectively address anticompetitive behaviours by online platforms;
Amendment 230 #
2020/2223(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19 a. Calls on the Commission to make a more regular use of interim measures to stop practices that would seriously harm competition and markets; Regrets that they have been used only once in 20 years;
Amendment 235 #
2020/2223(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Looks forward toWelcomes the Commissionʼs proposals for a Digital Services Act and a Digital Markets Act; notes that the Digital Markets Act is a complementary tool to competition rules and aims to ensure fair and contestable online markets; stresses the need to be consistent with competition rules, including ambitious national competition laws, to ensure an effective enforcement and clarity;
Amendment 246 #
2020/2223(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Considers that Parliament should play an active role in the political debate on competition policy, including through organisthe upcoming a public hearing with the CEOs of GAFA (Google, Amazon, Facebook, Apple); notes that Parliament should be more involved in the activity of working parties and expert groups, such as the International Competition Network (ICN) and the Organisation for Economic Cooperation and Development (OECD) as an observer to get a better knowledge of the matter and keep it updated on the developments in order to be more prepared for its role as co-legislator; stresses that the European Parliament should participate in EU Competition Weeks; Notes that the Competition Working Group is a useful vehicle to foster exchanges between the European Parliament and DG Competition on technical issues;
Amendment 253 #
2020/2223(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Stresses the importance of helping consumers and users to gain greater control over, and take responsibility for, their own data and identity, and calls for a high level of protection of personal data while increasing the levels of transparency and accountability of digital services; recalls that consumers have no other choice than giving their consent if they do not want to lose access to some services offered by online platforms;
Amendment 255 #
2020/2223(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22 a. Calls on the Commission to review its merger and acquisition guidelines when it comes to assessing personal data; calls on the Commission to fully consider personal data assets as all other traditional physical assets when it decides on digital mergers and acquisitions; Urges the European Commission to take a broader view when evaluating digital mergers and assess the damaging effects of data concentration;
Amendment 257 #
2020/2223(INI)
Motion for a resolution
Paragraph 22 b (new)
Paragraph 22 b (new)
22 b. Notes that in several specific markets for financial data (credit rating, financial indices, consolidated feeds…), there are multiple vendors and, although none of them has a dominant market share, competition remains very low; notes also that some financial market data vendors positioned as data aggregators could act as gatekeepers and as such could control access to data and restrict usage for customers; calls on the Commission to assess those oligopolistic and gatekeepers situations and develop measures restoring competition, supporting price transparency and avoiding unfair and unreasonable commercial practices;
Amendment 263 #
2020/2223(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Calls for the Union’s infrastructure capacity in critical digital sectors to be enhanced; including by encouraging fair competition and promoting fair software licensing principles in European cloud markets;
Amendment 264 #
2020/2223(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Stresses that competition and the avoidance of monopolistic structures is important in order to improve infrastructure and connectivity;
Amendment 265 #
2020/2223(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Calls on the Commission to ensure that the notion ofreview and adapt the methodology used to assess an ‘abuse of dominant position’ and theensure that the notion of ‘essential facilities’ doctrine remain fit for the purpose in the digital age;
Amendment 270 #
2020/2223(INI)
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25 a. Points out the need for the Commission to allocate adequate resources to be able to effectively enforce EU competition rules; notes the need to ensure specific expertise on digital issues and online platforms practices with behavioural economists, algorithms specialists, engineers and data scientists; underlines the need to ensure a swift cooperation with national competition authorities and build on their growing expertise;
Amendment 271 #
2020/2223(INI)
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Notes with concern an increasing fragmentation and divergence in the Member States' telecommunications policies and fears that this will undermine the common market, and calls on the Commission to prevent attempts to re- monopolise the European telecommunications markets in some Member States;
Amendment 292 #
2020/2223(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
Amendment 301 #
2020/2223(INI)
Motion for a resolution
Paragraph 27 c (new)
Paragraph 27 c (new)
27 c. Supports the carbon border adjustment mechanism to prevent carbon leakage as it helps ensure a level playing field between producers inside and outside the EU, and enhance transition to climate neutral modes of productions;
Amendment 325 #
2020/2223(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Recalls that cartels represent some of the most serious violations of competition law and monopolies the most concerning form of market concentration that the European Union has been seeking to break down by sector-specific regulation and competition law enforcement;
Amendment 333 #
2020/2223(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Suggests looking into ‘killer acquisition’ practices that could jeopardise innovation; welcomes the announcement of the European Commission to start accepting referrals from national competition authorities of mergers that are worth reviewing at the EU level; calls on the Commission to review and to issue guidelines on its referral practice based on Article 22 of Regulation 139/2004 in parallel with the obligation to inform about concentrations foreseen in the Digital Markets Act;
Amendment 337 #
2020/2223(INI)
Motion for a resolution
Paragraph 32 a (new)
Paragraph 32 a (new)
32 a. Underlines the importance of Transparency Register to ensure public scrutiny of lobbying efforts in the aim of preventing distortion of competition; calls for an enhanced EU transparency Register with information related to funding of companies or associations to prevent stakeholders from acting on behalf of other companies without specifying it;
Amendment 14 #
2020/2175(DEC)
Draft opinion
Paragraph 4
Paragraph 4
4. Acknowledges that the composition of the Board of Supervisors seems appropriate to deal with the EIOPA’s rulemaking responsibilities, but less so for their supervisory roles; Reiterates its concern that national supervisors have a decisive say in the Authority’s main governing body, which means that they are in a position to decide the scope of the Authority’s action to review their own effectiveness (peer reviews); stresses that the lack of resources prevents the Authority from fulfilling its duties independently from member states4a; _________________ 4aSee special report of the Court of auditors: “In all its activities, EIOPA relies largely on co-operation with NCAs [national comepetent authorities], but it does not always receive their full support.(...) With only 20 staff members working on oversight issues and a further seven on related topics, EIOPA is faced with a real challenge in terms of carrying out the broad range of complex tasks for which it is responsible”https://www.eca.europa.eu/Li sts/ECADocuments/SR18_29/SR_EIOPA _EN.pdf
Amendment 9 #
2020/2174(DEC)
Draft opinion
Paragraph 2
Paragraph 2
2. Shares with concern the Court’s observation that to compensate for a shortage of posts particularly in the IT sector the Authority relies on interim staff, which may cause dependencies on the interim work agencies and pose risks of inadequate supervision of complex work by external contractors and contractual litigation issues;
Amendment 19 #
2020/2174(DEC)
Draft opinion
Paragraph 3
Paragraph 3
3. Recalls its resolution of 13 January 2020 on institutions and bodies of the EMU: preventing post-public employment conflicts of interest; notes with satisfaction that the EBA acted upon the EU ombudsman’s recommendations and introduced measures on how to deal with future revolving door situations and, for instance, stands ready to forbid senior staff from taking up certain positions when they leave the EBA; warns, however, that only time will tell whether those rules will be properly enforced; 3a _________________ 3a See the Ombudsman reaction to the introduction of new measures by the EBA : https://www.ombudsman.europa.eu/en/pre ss-release/en/131984
Amendment 28 #
2020/2174(DEC)
Draft opinion
Paragraph 4
Paragraph 4
4. Acknowledges that the composition of the Board of Supervisors seems appropriate to deal with the EBAs’ rulemaking responsibilities, but less so for their supervisory roles; notes that the Authority is understaffed and not in a position to conduct EU-wide mission such as stress test exercises under the best conditions; recommends greater means for a greater autonomy from Member State’s national authorities4a _________________ 4aSee the Court of auditors’ special report : With very limited staff resources and a lot of effort the EBA coordinated the exercise involving many stakeholders and within tight deadlines. (..). Owing to the lack of resources and the current governance arrangements, the EBA was not in a position to ensure “comparability and reliability of methods, practices and results”, as envisaged in the regulation. https://op.europa.eu/webpub/eca/special- reports/eba-stress-test-10-2019/en/
Amendment 34 #
2020/2174(DEC)
Draft opinion
Paragraph 5
Paragraph 5
5. Is concerned that in contrast to the established budget, the contributions of EFTA Members’ National Competent Authorities (NCA) were not calculated according to the formula set out in that very same budget and thus reduced the payments of EU and EFTA NCAs by EUR 0.7m; notes that the calculation of pension contributions needs further clarification; calls on the Commission to ensure the receipt of missing payments
Amendment 40 #
2020/2174(DEC)
Draft opinion
Paragraph 7
Paragraph 7
7. Notes that after the completed relocation from London to Paris following the withdrawal of the United Kingdom from the European Union, a provision of 10,1 million euros is made for the lease of the EBA’s London office; notes that the new host Member State, France, contributed 2,5 million euros in January 2019 to the EBA’s running costs but the amended 2019 budget does not contain adequate information on France’s contribution.
Amendment 58 #
2020/2122(INI)
Motion for a resolution
Recital F
Recital F
F. whereas prudential supervision is necessary and the fight against fraud and anti-money laundering supervision is necessarhould be a priority;
Amendment 83 #
2020/2122(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the entry of Bulgaria and Croatia into the Banking UnionExchange Rate Mechanism (ERM II) and therefore into the Banking Union, and stresses that participation in these schemes is inextricably linked up with prudent financial policy;
Amendment 89 #
2020/2122(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recalls that the Banking Union has delivered the institutional set-up for greater market integration, through the SSM and the SRM, while a European deposit insurance scheme (EDIS) is still lacking;
Amendment 105 #
2020/2122(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Stresses the stabilising effect of small- and medium-sized banks to the EU`s economy in times of crisis;
Amendment 107 #
2020/2122(INI)
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3 b. Considers it necessary that a proportional approach is pursued and entrenched in all further steps to improve the Banking Union;
Amendment 131 #
2020/2122(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. NotWelcomes the ‘quick fix’ to the Capital Requirements Regulation31 extending transitional arrangements in order to support banks’ lending capacity32 ; _________________ 31Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1). 32Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 2020 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic (OJ L 204, 26.6.2020, p. 4).
Amendment 187 #
2020/2122(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes the interdependencies between banks and central counterparties (CCPs), highlights in this regard the risks of excessive reliance on UK CCPs and welcomes the measures setting the criteria for classifying third-country CCPs adopted by the COM during the past year;
Amendment 213 #
2020/2122(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses that ensuring proper and timely management of deteriorated exposures will be key to preventing a build-up of non-performing loans (NPLs) in the short termas a result of Covid-19 health measures, and calls for the final adoption of an adequate regime to manage the increase in NPLs;
Amendment 224 #
2020/2122(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. SRecognises the role played by banks in supporting businesses and the real economy during the pandemic, and stresses that banks should diligently assess the financial soundness and viability of businesses, proactively engage with distressed debtors to manage their exposures, and offer financing and restructuring options to viable companies;
Amendment 245 #
2020/2122(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Stresses the benefits of banking consolidation in addressing the overcapacities and fragmentation of the banking sectora diversified banking sector in Europe, composed of banks with different business models, legal structures and sizes;
Amendment 265 #
2020/2122(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Is concerned that as Member States sell increasing amounts of sovereign bonds, their share in banks’ balance sheets grows, potentially aggravating the doom loop; considers that the creation of Next Generation EU will provide high-quality European assetsunderscores the need, in this context, to modify incentives for banks so that they scale back their investment in public bonds, thus breaking the doom loop;
Amendment 277 #
2020/2122(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. NotWelcomes the efforts of the SSM to provide guidance and clarity to banks for self-assessing and appropriately reporting environmental and climate change-related risks; considers the SSM climate risk stress test an important step in evaluating banks’ practices and identifying concrete areas of improvement;
Amendment 286 #
2020/2122(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Notes the EBA’s role in leading, coordinating and monitoring the EU financial sector’s fight against money laundering and terrorist financing; and looks forward to the Commission’s proposal on Anti Money Laundering regulation;
Amendment 303 #
2020/2122(INI)
Motion for a resolution
Paragraph 28 a (new)
Paragraph 28 a (new)
28 a. Insists on holding banks solely responsible for their performance instead of letting taxpayers shoulder the burden of a crisis management framework, in particular of the new lending facility under the common backstop framework;
Amendment 317 #
2020/2122(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Considers it necessary to have in place an EU liquidation regimehat for banks for which the SRB assesses that there is no public interest in resolution are liquidated under national insolvency rules;
Amendment 337 #
2020/2122(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
33. Considers it necessary toSees merits in reviewing the public interest assessment in order to allow resolution tools to be applied to a broader group of banksenhance transparency;
Amendment 354 #
2020/2122(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
35. Notes the importance of depositors across the Banking Union enjoying the same level of protection of their savings; takes note of the Commission proposal to further strengthen citizens’ confidence in the protection of deposits by introducing an EDISthe Banking Union not being improperly used as a pretext for direct or indirect transfers;
Amendment 362 #
2020/2122(INI)
Motion for a resolution
Paragraph 35 a (new)
Paragraph 35 a (new)
35a. Notes that risk reduction, without which there can be no risk sharing, has not taken place to a sufficient extent to date, as can be seen, for example, from Member States' NPL ratios, which differ significantly;
Amendment 368 #
2020/2122(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
36. Notes the Commission’s launch of the review of the CMDI framework, including the option of a hybrid EDIS; stresses that the review must not be made at the expense of the well-functioning national Deposit Guarantee Systems and Institutional Protection Schemes;
Amendment 379 #
2020/2122(INI)
Motion for a resolution
Paragraph 36 c (new)
Paragraph 36 c (new)
36 c. Notes that further development of an EDIS should be linked to Assets Quality Reviews and risk reduction in the banking sector;
Amendment 1 #
2020/2078(INI)
Motion for a resolution
Citation 1
Citation 1
— having regard to the Treaty on the Functioning of the European Union (TFEU), in particular Articles 122(2) facilitating financial assistance to Member States in difficulties or seriously threatened with severe difficulties caused by natural disasters or exceptional occurrences beyond its control, and Article 126 stipulating that Member States must avoid excessive government deficits,
Amendment 10 #
2020/2078(INI)
Motion for a resolution
Citation 29 a (new)
Citation 29 a (new)
- having regard to the European Fiscal Boards’ Assessment of the fiscal stance appropriate for the euro area in 2021 of 1 July 2020
Amendment 12 #
2020/2078(INI)
Motion for a resolution
Citation 29 b (new)
Citation 29 b (new)
- having regard to the Commission’s communication on Economic governance review of 5 February 2020 (COM(2020)55)
Amendment 30 #
2020/2078(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas effective structural reforms, accompanied by well-targeted investments and responsible fiscal policies provide a successful compass for preparing the EU for its future and present challenges such as strengthening competitiveness while transitioning to a low carbon economy, the digitalization of our societies, the development of research & innovation, the growth of the labour market based on high quality jobs skills and continuing professional training;
Amendment 37 #
2020/2078(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas COVID-19 should not be used as a pretext to turn the EU into a transfer Union;
Amendment 42 #
2020/2078(INI)
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas Council, Commission and Eurogroup accountability to the European Parliament throughout all the stages of the European Semester process is warranted for democratic legitimacy and transparency;
Amendment 44 #
2020/2078(INI)
Motion for a resolution
Recital C c (new)
Recital C c (new)
Cc. whereas in 2019 only 5.7% of country specific recommendations have been fully implemented by Member States, 45.9 % have made at least some progress but 48.4% have not been implemented or only with limited progress;
Amendment 57 #
2020/2078(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes with great concern that, according to the Commission’s Spring 2020 economic forecast, the EU is expected to suffer the deepest recession in its history in 2020 and the euro area GDP will not return to the pre-crisis level before 2022;
Amendment 77 #
2020/2078(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Notes that governments have adopted more than 4% of euro area GDP in discretionary fiscal measures in 2020 and is of the opinion that these measures will have to be continued also in 2021. Notes that the Next Generation EU initiative may provide an additional fiscal stimulus to European economies of around 1% of GDP over the period of next four years.
Amendment 84 #
2020/2078(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recognises that the EU faces the unprecedented challenge of mitigating the social and economic consequences of the historic recession and setting the course for a rapid economic recovery linked to a sustainable and just transition and digital transformation; is convinced that, for this, a significant increase in public and private investment compared to the 2010s is indispensable and, but that the increased level of investment must be stabilised for many years to comlong-term growth depends primarily on private investment and that government spending must not jeopardise the principle of intergenerational justice;
Amendment 107 #
2020/2078(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Welcomes the swift and strong response to the crisis in the area of monetary and fiscal policy, at both EU and Member State level, as well as the European Recovery Plan; considers it essential that the recovery package is fully aligned with the EU’s new growth strategy, i.e. in accordance with the principles of the European Green Deal (EGD), the European Pillar of Social Rights (EPSR) and the United Nations Sustainable Development Goals (SDGs), and with the - the European Green Deal, which puts sustainability at the centre of its action and aims to protect women’s rights and achieve gender equality; demands that funds and resources be directed to projects and beneficiaries that comply with our Treaty- based fundamental values and that recipient firms protect their workers, pay their fair share of taxes, and refrain from paying out dividends or offering share buy- back schemes aimed at remunerating shareholders;
Amendment 117 #
2020/2078(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the activation of the general escape clause of the Stability and Growth Pact, and expects that it will remain activated at least until the end of 2021 in order to support the efforts of the Member States to recover from the pandemic crisis and strengthen their economic and social resilience; in the event of a severe economic downturn; notes that for greater effectiveness and credibility, the activation should have provided indications on the timing of and conditions for exit or review and asks the Commission to provide them, based on economic data and output; expects that it will remain activated until the European economy returns to the pre- crisis level of real GDP in order to support the efforts of the Member States to recover from the pandemic crisis and strengthen their economic and social resilience; Calls for a review of the Stability and Growth Pact following of the Covid-19 crisis, to further enable an adequate response to crises while ensuring debt sustainability in the euro area, simplifying its rules and procedures, and improving compliance with them.
Amendment 137 #
2020/2078(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Recalls the specific need to foster convergenceobjective of achieving growth in all the countries within the euro area;
Amendment 193 #
2020/2078(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Proposes a combination of expenditure rules for public non- investment expenditure and a golden rule for public investment which is central to bothensure that indebtedness does not increase beyond the end of the economic cycle; wishes to see a rapid recovery from the COVID-19 crisis and a transition to a cleaner, socially sustainable and more digital society;
Amendment 195 #
2020/2078(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Proposes a combination ofthat expenditure rules for public non- investment expenditure and a golden rule for public investment which is central to bothtake into account the need to protect and foster growth-enhancing public investment; wishes to see a rapid recovery from the COVID-19 crisis and a transition to a cleaner, socially sustainable and more digital society;
Amendment 208 #
2020/2078(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 210 #
2020/2078(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Welcomes the refocus of the European Semester Spring Package aimed at providing an immediate economic policy response to tackle and mitigate the health and socio-economic impact of COVID-19 and reboot economic activity; supports the Commission’s announcement of a reform of the European Semester to convert it into a tool to coordinate the recovery measures, framed by the principles of the EGD, the EPSR and the SDGs; is convinced that this has to include the coordination of measures concerning state aid and tax policies; underlines the need for the integration of a new set of binding sustainability and wellbeing indicators and alternative measurements of growth performance; emphasises that this must not lead to the original purpose of the European Semester being disregarded;
Amendment 224 #
2020/2078(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Recognises the role that the Commission has allotted to the European Semester in the Recovery Plan; notes, however, that the effectiveness and success of the alignment of Member States’ investment and reform programmes to the Semester process will depend on the progress of the Semester reform and the above-mentioned reformWelcomes linking the Recovery and Resilience Facility (RRF) to the European Semester process, e.g. the alignment of Member States’ investment and reform programmes to the Country specific recommendations (CSRs); is concerned about Member States’ commitment to the CSRs and requests the Commission to make its methodology of assessing the multi- annual progress on the implementation of the CSRs public; believes that linking disbursements from the RRF to the challenges identified in the CSRs, as well as monitoring the progress made ofn the Stability and Growth Pact; implementation of the reforms and investments via reporting within the European Semester will enhance this commitment.
Amendment 237 #
2020/2078(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Reiterates its call for the strengthening of Parliament’s democratic role in the economic governance framework, in any upcoming Treaty change and, in the meantime, for an Interinstcluding the policy recommendations presented in the Annual Sustainable Growth Survey, the euro area fiscal package and the Country Specific Recommendations; Notes that the President of the Council, the Commission, the President of the European Council or the President of the Eurogroup may be invited to appear before the competent Committee of the European Parliament to provide information and exchange views on an ad hoc and regular basis if the current political situational Agreement on Sustainable European G warrants it; Invites the Commission to keep both European Parliament and the Council as co-legislators equally well informed on all aspects relating to the application of the EU economic governance gfranting Parliament a right of consmework, including on preparatory stages and in view of any proposals to reform or enhance; Invites, in the interim, and in order to increase transparency and democratic control of the EU economic governance framework, the Commission, the President of the Eurogroup and the President onf the policy recommendations presented in the Annual Sustainable Growth Survey, the euro area fiscal package and the Country Specific Recommendations; Council (ECOFIN) to appear in front of the competent Committee of the European Parliament, for Economic Dialogues, during the various stages of the application and implementation of the EU economic governance framework; welcomes the commitments of the Eurogroup President to increase the transparency of the Eurogroup and therefore invites the President of the Eurogroup to appear at least twice for a regular dialogue in the competent Committee of the Parliament and if needed on an ad hoc basis; Recognises the importance of the involvement of the Eurogroup President in interparliamentary meetings on matters related to EU economic governance and the banking union;
Amendment 244 #
2020/2078(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Mandates the Committee on Economic and Monetary Affairs to take action to improve the accountability towards the European Parliament, as the experience gathered so far in applying the European Semester has shown that the current accountability set up could be enhanced in order to improve its legitimacy and effectiveness;
Amendment 269 #
2020/2078(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Recalls the urgent need to complete and rethe EMU architecture by infcorce the EMU architectureporating a procedure for withdrawal from the single currency with a view to protecting citizens and reducing pressure on public finances during external shocks so as to overcome social and economic imbalances, by creating a fiscal capacity for public investment, a macroeconomic stabilisation and cohesion function for the euro area, and a European unemployment benefit reinsurance scheme, given that flexible exchange rates help to cushion the impact of economic imbalances and make growth possible in all the Member States;
Amendment 278 #
2020/2078(INI)
17a. Points out that at times of crisis decentralised banking systems offer the whole economy, and SMEs in particular, stability; emphasises that these smaller banks must therefore be protected against over-regulation, because most regulatory costs are fixed costs;
Amendment 60 #
2020/2075(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
Amendment 70 #
2020/2075(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 77 #
2020/2075(INI)
4. Considers that economic indicators and adjustment paths need to be interpreted cautiously, and therefore calls for the code of conduct of the Stability and Growth Pact to be revised vis-à-vis the benchmarks needed to calculate such adjustment needs and paths; stresses that fiscal guidance should avoid pro-cyclical biases, promote upward convergence and counteract macroeconomic imbalances; calls for special accounting treatment for loans from Next Generation EU (NGEU) related spendingfiscal guidance must avoid pro-cyclical biases and counteract macroeconomic imbalances;
Amendment 140 #
2020/2075(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses the importance of complementarity between monetary and fiscal policies to deliver the required support post-COVID-19; considers that the low interest rate environment has implications for fiscal policy; warns against a premature tightening of monetary and fiscal policypotential risks of inflation should monetary policy remain lax for too long;
Amendment 147 #
2020/2075(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines that structural factors are likely to keep rates low in the long terminterest rate trends are primarily driven by the independent central bank; considers that macroeconomic policies should address the factors underlying secular stagnation; stresses that, to this end, more flexible labour markets, digitalisation and related productivity improvements are essential; regards the high government spending ratio as a reason for low growth in the EU;
Amendment 158 #
2020/2075(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls for an appropriate fiscal and monetary policy mix that work together towards achieving the EU’s objectives, where monetary policy must primarily pursue the objective of a stable currency;
Amendment 171 #
2020/2075(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Highlights that debt levels have increased and that some Member States already have a sizeable debt legacy; notes that circumstances have changed since the Maastricht criteria were defined and that inflation and interest rate levels are considerably lowerregards this high level of indebtedness as a violation of the principle of intergenerational fairness, and notes that the Maastricht criteria constitute a key promise to EU citizens without which a single currency would not be accepted;
Amendment 186 #
2020/2075(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that debt service costs are expected to remain low for the foreseeable future andcurrently low and that primary deficits are likely to be offset by favourable interest- growth differentials; further considers that as long as the differentials are negative it is possible to sustain and progressively reduce high debt levelshigh debt levels must be rapidly reduced as soon as the pandemic is over;
Amendment 196 #
2020/2075(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Recalls the importance of growth- enhancing policies and public investment aimed at increasing growth potential and achieving the EU’s objectives; underlines, in this context, that incentives provided by the EU influence the decisions of the Member States; points out, in this connection, that transfer mechanisms within the EU reward debt and are therefore not conducive to the ultimate goal;
Amendment 203 #
2020/2075(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Recalls the importance of growth- enhancing policies and public and private investment aimed at increasing growth potential and achieving the EU’s objectives;
Amendment 208 #
2020/2075(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Stresses the importance of pursuing a broad and transparent DSA in order to set an appropriate country-specific path, using innovative tools and techniques such as stress tests and stochastic analysis to better reflect risks to public debt dynamics; recalls that the path towards a sustainable budget must lead through a reduction in public spending;
Amendment 216 #
2020/2075(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the Commission to relaunch the debate on the reform of the economic governance of the Union with a view to coming forward with a legislative proposal by the end of 2021; calls for a rethink of EU fiscal rules, also in view of the legacies of the pandemic, and supports the EFB’s conclusion that the fiscal framework has to be adapted;
Amendment 241 #
2020/2075(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for the renewed fiscal framework to promote sustainability and cyclical stabilisation and to improve the quality of public expenditure through sustainable investments and reforms; calls for well-defined, transparent, simple, flexible and enforceable rules embedded in a credible and democratic framework that take into ac, recalls, in this count the specificities of Member States and promote upward economic and social convergenceext, that such rules are only credible if the EU and the Member States also adhere to existing rules such as the Maastricht criteria;
Amendment 293 #
2020/2075(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 319 #
2020/2075(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Stresses that on the one hand governments’ revenues are essential to guarantee the sustainability of public finances; calls on the Member States to take action to tackle tax fraud, tax avoidance, and tax evasion, as well as money laundering; emphasises on the other hand that, even before the Covid crisis, government spending ratios in the EU were very high by international standards, and points out that this is an indication that Member States do not have a revenue problem but a spending problem that needs to be addressed in the aftermath of the Covid crisis;
Amendment 323 #
2020/2075(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
Amendment 334 #
2020/2075(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 373 #
2020/2075(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Calls for the MIP to be reformed to make its indicators and recommendations more forward-looking and symmetrical with regard to over- and undershooting target values, and to focus on indicators under the control of policymakers and geared towards reducing intra-euro area imbalances; considers that greater compliance with pared-back recommendationsthe recommendations should be ambitious, that greater compliance must be achieved and that MIP-relevant country-specific recommendations should focus on policy actions that can have a direct impact on imbalances;
Amendment 425 #
2020/2075(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
33. Underlines that for better enforcement the right balance should be sought between peer support, peer pressure, financial benefits and financial consequencautonomy of decision and responsibility for decisions taken must be in the same hands and that transfers within the EU therefore limit the autonomy of decision of the receiving Member States;
Amendment 427 #
2020/2075(INI)
Motion for a resolution
Paragraph 34
Paragraph 34
Amendment 447 #
2020/2075(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
Amendment 457 #
2020/2075(INI)
Motion for a resolution
Paragraph 37
Paragraph 37
Amendment 77 #
2020/2043(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Requests that the implementation of the CBAM should lead to the progressive phasing out of the free allocation of allowances, following an appropriate transition period, since the mechanism ensures that EU producers and importers would have to deal with the same carbon costs in the EU market; notes that this phasing out should be coupled in parallel with the introduction of export rebates in order to maintain strong decarbonisation incentives, while ensuring a level playing field for EU exports;
Amendment 7 #
2020/2037(INI)
Motion for a resolution
Citation 14 a (new)
Citation 14 a (new)
- having regard to ‘A Theory of Optimum Currency Areas’ by Robert Mundell,1a _________________ 1a https://www.jstor.org/stable/1812792?seq= 1
Amendment 69 #
2020/2037(INI)
Motion for a resolution
Recital J
Recital J
J. whereas while the wider use of an international currency bears privileges and gains, it also implies global responsibilities, and dependencies and costs;
Amendment 79 #
2020/2037(INI)
Motion for a resolution
Recital K a (new)
Recital K a (new)
Ka. whereas, under the theory of optimal currency areas, such regions have the advantages of increased transparency and decreasing transaction costs, but are constrained by a monetary policy that is less focused on addressing regional differences;
Amendment 83 #
2020/2037(INI)
Motion for a resolution
Recital K b (new)
Recital K b (new)
Kb. whereas the variables relevant for European monetary policy, such as economic growth, unemployment and consumer price trends, are very heterogeneous within the EU;
Amendment 94 #
2020/2037(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Points out that, in order for the potential benefits from the strengthened role of the euro to materialise, the Union has to complete the as yet unfinished infrastructure for the common currency and make more progress on its critical functions; adds, however, that too much heterogeneity in levels of competitiveness and economic development within the currency area belies risks and, therefore, that the euro should not be introduced precipitately into other countries;
Amendment 127 #
2020/2037(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Emphasises the need for sustainable and sound fiscal and structural growth- enhancing policies that are based on a commitment to credible fiscal rules; calls for further reflection on the adequacy of the stability and growth pact framework despite the challenging circumstances; supports the plan outlined in Next Generation EU to use, in addition to monetary policy, a fiscal impulse, notably borrowing EUR 750 billion from capital markets bonds to finance the recovery and green transition, in addition to the issuance of EUR 100 billion in ‘social’ bonds under the European instrument for temporary support to mitigate unemployment risks in an emergency (SURE), which is intended to preserve employment; applauds the high level of interest that investors have demonstrated in European bonds;
Amendment 147 #
2020/2037(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Highlights that an adequate supply of safe assets is a precondition for international currency status, and expresses its regret at the limited availability of euro- denominated safe assets; underlines, therefore, the need to create European safe assets; considers that the proposed issuance of a common debt to finance recovery will provide an EU-level reserve asset benchmark and increase the supply of euro-denominated safe assets; expects the ECB to conduct an assessment of the possibility of issuing certificates of deposit under its existing legal basinotes in this regard that the ECB holds large numbers of these bonds;
Amendment 212 #
2020/2037(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Stresses the role the ECB plays in maintaining trust in the euro and safeguarding monetary sovereignty; highlights that a currency that maintains a stable value over the long term fosters such trust; welcomes the prompt measures put in place by the ECB in order to cater for euro liquidity; underlines the prominence of swap arrangements and repo lines in enhancing the international role of the euro;
Amendment 2 #
2020/2036(INI)
Motion for a resolution
Citation 3 a (new)
Citation 3 a (new)
- having regard to the Commission Communication of 9 July 2020 entitled 'Getting ready for changes. Communication on readiness at the end of the transition period between the European Union and the United Kingdom' (COM(2020) 324),
Amendment 11 #
2020/2036(INI)
Motion for a resolution
Recital A
Recital A
A. whereas all actions taken to create a Capital Markets Union (CMU) should have as their core objectives improving the range of financing options offered to companies and citizens, as well as fostering the availability of a greater range of more attractive investment offers, as their objectiveto incentivise financial participation and to turn savers into investors; whereas access to equity financing for SMEs, entrepreneurs and the social economy has become even more crucial for the COVID-19 recovery;
Amendment 29 #
2020/2036(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the actions taken so far to achieve the CMU are moving in the right direction; whereas much work nevertheless remains to be done in terms of the precision, effectiveness and simplification of the measures adopted; whereas an ambitious vision for the CMU project is essential to overcome national sensitivities and build the momentum to complete the CMU;
Amendment 42 #
2020/2036(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the social and economic crisis resulting from COVID-19 will have a particularly negative impact on SMEs and retail savers; whereas the EU’s response to COVID-19 through the European Recovery Plan should provide a large injection of capital in order to increase European enterprises’ access to finance; whereas capital market financing is needed to increase the overall financing capacity and to reduce the reliance on bank lending in the EU;
Amendment 47 #
2020/2036(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the market movements resulting from COVID-19 have acted as a real-life “stress test” on the robustness of the whole financial ecosystem, and should be followed up with a detailed assessment of the benefits and shortcomings of the existing EU rulebook on financial stability and financial supervision;
Amendment 51 #
2020/2036(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Amendment 56 #
2020/2036(INI)
Motion for a resolution
Recital C c (new)
Recital C c (new)
Cc. whereas recent announcements from the UK authorities on future regulatory divergence confirm the need for a careful assessment, in each area on a forward-looking and on-going basis, of the risks for the EU in terms of financial stability, market transparency, market integrity, investor protection and level- playing field when granting and maintaining equivalence, due to the current interconnectedness between the EU and the United Kingdom markets;
Amendment 64 #
2020/2036(INI)
Motion for a resolution
Recital C e (new)
Recital C e (new)
Amendment 67 #
2020/2036(INI)
Motion for a resolution
Recital C f (new)
Recital C f (new)
Cf. whereas bringing the Capital Markets Union project closer to EU citizens is crucial to increase their confidence in capital market and equity financing; whereas the Commission should explore further opportunities to communicate on the benefits of the CMU project, for example with a change of name highlighting the direct link between EU citizens' savings and investments in the economic growth and post-COVID recovery;
Amendment 69 #
2020/2036(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls for the removal of barriers, including the simplification of legislation where relevant and conducive to financial stability, to diversify funding sources for SMEstart-ups, SMEs and mid-caps, in order to promote SMEs’their ability to access equity markets, and to reduce the existing debt bias; points out that the current situation makes SMEs more fragile and vulnerablnotes that necessary measures include facilitating investment research, streamlining the definition of SMEs across relevant EU legislation, and easing issuance requirements to ensure that start-ups, SMEs and mid-caps find their way to public markets; calls on the Member States to rebalance debt-equity bias in taxation; points out that the current situation makes SMEs more fragile and vulnerable; calls on the introduction of an ‘SME test’ for impact assessments on each CMU initiative;
Amendment 70 #
2020/2036(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls for the removal of barriers, including the simplification of legislation , to diversify funding sources for SMEs, in order to promote SMEs’ ability to access equity markets, and to reduce the existing debt bias; points out that the current situation makes SMEs more fragile and vulnerable; stresses that this is an additional funding channel, which does not, however, call into question existing bank connections;
Amendment 120 #
2020/2036(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Requests the realignment of the treatment of cash and synthetic securitisations, of the treatment of regulatory capital and liquidity with that of covered bonds and loans, as well as with the disclosure and due diligence requirements for covered bonds and simple, transparent and standardised (STS) securitisation;
Amendment 122 #
2020/2036(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Requests the Commission to assess how targeted amendments to the Securitisation Regulation could free up financing capacity; such targeted amendments could include the realignment of the treatment of cash and synthetic securitisations, of the treatment of regulatory capital and liquidity with that of covered bonds and loans, as well as with the disclosure and due diligence requirements for covered bonds and simple, transparent and standardised (STS) securitisation;
Amendment 131 #
2020/2036(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for targeted measures within securities market legislation to expedite the recovery after the COVID-19 crisis; supports changes in the Prospectus Regulation, the Markets in Financial Instruments Directive (MIFID), the Securitisation Regulation and the Market Abuse Regulation, which reduce the bureaucratic hurdles and the associated costs and make them easier to manage in practice, so as to facilitate investments in the real economy, in particular in SMEs, and to allow newcomers and new products to enter the markets, preserving consumer protection and market integrity;
Amendment 135 #
2020/2036(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls on the Commission to explore initiatives to incentivise employee share ownership, in order to promote the direct involvement of retail savers in financing the economy; such initiatives could include the creation of specific investment vehicles regulated under the AIFM Directive, with targeted changes to ease the operations of cross-border share- ownership plans, the encouragement of programmes to raise awareness throughout the EU, and the adoption of recommendations to Member States on relevant tax incentives;
Amendment 146 #
2020/2036(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Asks the Member States to deliver on repeated calls to amend their national tax frameworks, in order to reduce tax obstacles to cross-border investments, including through harmonising withholding tax procedures, and to increas and exploring a common, standardised, EU-wide system for withholding tax relief at source, inspired from the OECD TRACE Project, to rebalance the equity-debt bias penalising the financing byof investors to long-term investment opportunities thereby improvingnovation through private investment, and to incentivise long-term investment opportunities for retail investors in order to help EU citizens gain better returns on their long-term savings for EU citizens;
Amendment 155 #
2020/2036(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Highlights the importance of increasing legal certainty for cross-border investments by making national insolvency proceedings more efficient and effective; , whilst taking into consideration the different legal systems across the Member States, and by further harmonising rules on corporate governance, including a common definition of “shareholder” to facilitate the exercise of shareholder rights and the engagement with investee companies across the EU; calls on the Commission to propose legislative initiatives and issue recommendations to Member States, as appropriate, with a specific timeline for delivery, and aiming to achieve significant progress swiftly;
Amendment 163 #
2020/2036(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses the necessity of advancing further in the implementation and the enforcement of a genuinely Single Rule Book for financial services in the internal market; calls on the Commission and the ESAs to draw conclusions on the use of supervisory convergence tools through market movements related to the COVID- 19 crisis, and to suggest legislative and non-legislative initiatives to enhance the effectiveness of these tools as appropriate;
Amendment 171 #
2020/2036(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines the need to promote pension provision, in particular third- pillar pensions; welcomes the Pan- European Personal Pension (PEPP) product; remindscalls that the tax treatment will be a key consideration for the take-up of future PEPPs; recalls the Commission recommendation of 26 June 2017, inviting Member States to ensure that PEPPs need to bare subject to the same tax treatment as national pension products to become an option for savers; recalls that a deep and competitive market for PEPP products, to the benefit of retail consumers, will only emerge if all providers can operate on a level playing field;
Amendment 176 #
2020/2036(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Encourages the Member States to promote multi-pillar pension systems, including occupational pension schemes, as a way to improve market dynamics and the incentives to and personal pension schemes, as a way to deepen the pools of European capital available for investment in strategic sectors through incentives for long-term investments; believes that private pensions should be revitalised and made more attractive; encourages the participation of investors in long-term products with tax reduction or exemption policiincentive policies promoting a level playing field across providers and product types;
Amendment 188 #
2020/2036(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Recalls that the Solvency 2 Directive requires a review by the end of 2020 and that the European Insurance and Occupational Pensions Authority (EIOPA) will provide technical advice to the Commission after consultations with different stakeholders; requests the Commission and EIOPA to consider adjusting the capital requirements for investments in equity and private debt, in particular of SMEs and mid-caps, to ensure that incentives for insurers and pension funds do not penalise equity investments; strongly calls on insurers and re-insurers to draw conclusions from the COVID-19 crisis, including on the coverage of pandemic-related risks; encourages the rapid phasing out of national exemptions and to the reduction of ‘gold-plating’ in national implementation of Solvency II, to foster harmonisation and integration of the EU insurance and re-insurance market;
Amendment 192 #
2020/2036(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Notes that oligopolistic structures have developed in the area of market data; calls on the Commission to investigate the abuse of dominant market positions by data providers,
Amendment 200 #
2020/2036(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses the need for European and national ssupervisory convergence to promote a common European model, highlights the crucial role of the European Supervisory aAuthorities to overcome their differences; calls for supervisory convergence to promote a common European model, guided by the European Securities and Market Authority (ESMA),(ESAs) in facilitating this; recalls the additional competences given and structural changes made to the ESAs by the recently adopted Regulation (EU) 2019/2175; calls on the ESAs, together with the national supervisory authorities, to implement and exercise these changes as soon as possible to allow the ESAs to act swiftly to preserve financial stability and the orderly functioning and integrity of the market, and to reduce the existing obstacles to cross-border financial operations;
Amendment 219 #
2020/2036(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Calls on the Commission to present a detailed road map to strengthen the robustness of the financial ecosystem, drawing lessons from the benefits and the shortcomings of the existing EU rulebook on financial stability and financial supervision, identified during the COVID- 19 crisis; takes note of the recent recommendations from the ESRB, notably on liquidity risks arising from margin calls and liquidity risks in investment funds;
Amendment 231 #
2020/2036(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Notes that various studies consistently show that a significant majority of retail investors mention sustainability preferences when asked about their investment preferences, and considers that this is an opportunity to further incentivise retail investors to be more active in financial markets;
Amendment 236 #
2020/2036(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Emphasises that access to financial markets should be possible for all enterprises under the ‘same business, same rules’ principle; notes that this principle is particularly relevant in the FinTech and financial innovation spaces, and that reciprocal access to financial data should be balanced with the need to have a level playing field across all providers and product types;
Amendment 241 #
2020/2036(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (PRIIPs) that should be addressed in the next reviewas soon as possible, ahead of the application of the PRIIPs rules to UCITS products; expects that Level 2 PRIIPs legislation on the Key Investor Document to respect lwill be aligned with the Level 1 text, in particular in relation to the performance scenarproviding accurate, fair, clear and non-misleading pre- contractual informatiosn; regrets the delays in the adoption of Level 2 PRIIPs legislation that will overlap with the first review of PRIIPs, and which increases legal uncertainty and costs for stakeholdermarket participants, and could reduce understanding and confidence from retail investors; calls for a more fundamental review of rules applicable to the distribution of financial products across the entirety of the retail investment space, in particular under MiFID, IDD and PRIIPs, aiming to harmonise and streamline the EU rulebook as appropriate; notes that EU rules on consumer protection should be adapted to the green and the digital transformations and put the interest of the retail investor at the forefront, regardless of the different types of providers and products;
Amendment 254 #
2020/2036(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Urges the Commission to keep an eye on the regulatory costs arising in practice and to make clear the differentiation between professional and retail investors on all levels of MIFID, making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; points out that high regulatory costs in practice make advising retail investors unattractive for banks and thus de facto excludes retail investors from securities as an investment category; requests that the Commission consider the introduction of a category of semi-professional investors to better respond to the reality of participation on the financial markets, or create an opt-in opportunity for retail investors so that they can dispense with the comprehensive notification obligation;
Amendment 268 #
2020/2036(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls for amendments to legislation to ensure access to independent advice by financial intermediaries while avoiding promotion of the institution’s own financial products and ensuringand a fair marketing of financial products;
Amendment 286 #
2020/2036(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Emphasises that financial education is a medium-term tool, which enriches the financial system and which is a good step for engaging retail investors with financial markets; notes that employee share ownership programmes are amongst the most effective means to increase financial awareness and literacy for EU adult citizens;
Amendment 290 #
2020/2036(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Urges the Member States to include financial literacy programs in school curriculain all curricula from school to university, with evolutive programs adapted to the needs of pupils and students and aimed at developing autonomy in financial matters; suggests the inclusion of this topic in the Programme for International Student Assessment (PISA) study;
Amendment 297 #
2020/2036(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Calls on the Commission to review the Council recommendation on key competences for lifelong learning and to supplement the key competences with financial knowledge;
Amendment 300 #
2020/2036(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Takes the view that the digitalisation of financial services can be a catalyst for the mobilisation of capital in the EU while reducing barriers andand could help overcome the fragmentation of the financial markets in the EU while increasing supervisory efficiency; emphasises that an EU framework with high standards of cybersecurity would be conducive to the CMU; notes that ensuring robust protection against cybersecurity threats and other threats related to digitalisation, as well as rebalancing the over-reliance on non-EU ICT services providers, or products developed by market participants based outside of the EU, by facilitating the development and scaling up of EU ICT services providers and products, are key to enhancing the EU’s financial independence and strategic autonomy;
Amendment 316 #
2020/2036(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Highlights that ‘sandboxes’ may be an adequate tool to enhance the innovation and competitiveness of the financial services sector; requests that the Commission create a pan-European ‘sandbox’ for financial servic provided that sufficient safeguards are in place to prevent potential threats to the integrity, transparency, efficiency and orderly functioning of financial markets, and to the stability of the financial system; requests that the Commission draws upon the experience gained from the European Forum for Innovation Facilitators (EFIF) to assess whether a pan-European ‘sandbox’ for financial services would provide additional benefits for financial innovation; asserts that such a pan- European ‘sandbox’ should be established within the direct supervisory remit of the joint ESAs committee, in cooperation with relevant national supervisory authorities;
Amendment 327 #
2020/2036(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Reiterates that EU legislation provides for the possibility of considering third-country rules as equivalent based on a technical, proportional and risk-based analysis, and that such decisions should be taken through a delegated act; recalls that the EU can unilaterally withdraw any equivalence decision; calls on the Commission, in cooperation with the ESAs, and where relevant with National Competent Authorities, to establish a dynamic monitoring system on equivalence regimes, in the case of third country regulatory and supervisory divergences which could entail potential risks for the EU in terms of financial stability, market transparency, market integrity, investor and consumer protection and level-playing field; highlights that the Commission should have emergency procedures in place to withdraw equivalence decisions in case of the need to swiftly act, bearing in mind the potential consequences of an emergency withdrawal of an equivalence decision;
Amendment 334 #
2020/2036(INI)
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Reiterates the need for a more streamlined and codified representation of the EU in multilateral organisations/bodies, following the European Parliament resolution of 12 April 2016 on the EU role in the framework of international financial, monetary and regulatory institutions and bodies; notes that promoting EU values and global competitiveness of the EU’s financial sector when making policy at European and international level is ever more crucial as the multilateral world order further polarises;
Amendment 42 #
2020/2034(INL)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas stablecoins have the potential to become a widely used means of payment;
Amendment 44 #
2020/2034(INL)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas the People’s Bank of China is trialling a central bank digital currency (the DCEP); highlights that the potential global use of the DCEP could have implications for international trade and consumer protection;
Amendment 119 #
2020/2034(INL)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Considers that FinTech will be integral to the success of the Capital Markets Union (CMU) and encourages the Commission to consider how to harness the benefits of FinTech in driving forward capital market integration in the Union, in particular, the participation of retail investors;
Amendment 125 #
2020/2034(INL)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Emphasises the increased importance of monitoring and reviewing measures relating to the regulation of digital finance, particularly bearing in mind the increasing relevance of this sector as the world deals with the COVID- 19 pandemic;
Amendment 126 #
2020/2034(INL)
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Encourages the relevant authorities in the Union to assess the impact of the risks and benefits of the potential global use of the DCEP and its interdependency with China's national blockchain platform;
Amendment 137 #
2020/2034(INL)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commissionommends the Commission’s initiative to establish a European Forum for Innovation Facilitators (EFIF) in April 2019; Calls on the Commission to draw upon the knowledge and experience derived from the EFIF and to act as first mover in order to create a favourable environment for European FinTech hubs and firms to scale up;
Amendment 146 #
2020/2034(INL)
Motion for a resolution
Paragraph 6 – introductory part
Paragraph 6 – introductory part
6. Stresses that lawmeasures taken should ensure that market players, from small to large, have the regulatory space to innovate and that regulation and supervision in the area of FinTech should be based on the following principles:
Amendment 171 #
2020/2034(INL)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Points out that Union level measuresmeasures adopted at EU level should not stifle opportunities for businesses to grow and develop within the Union and beyond;
Amendment 173 #
2020/2034(INL)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Notes the continually evolving methods used for money laundering and terrorist financing; emphasises, therefore, the need for the Commission’s approach to digital finance to be cognisant of this and sufficiently robust to combating ML/TF;
Amendment 202 #
2020/2034(INL)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Considers that developing a pan- European taxonomy for crypto-assets is desirable as a step towards fostering a common understanding, facilitating collaboration across jurisdictions and providing greater regulatory certainty for market participants engaged in cross border activity; recommends taking into account the importance of international cooperation and global initiatives as regards frameworks for crypto-assets, bearing in mind in particular their borderless nature; cautionproposes, however, that developing an open-ended taxonomy template may be more appropriate for this evolving market segment;
Amendment 204 #
2020/2034(INL)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Emphasises that such an open taxonomy must be based on common understandings of the various crypto- assets involved; requests, therefore that the definitions of crypto-assets and their subclasses be harmonised across EU and member states;
Amendment 206 #
2020/2034(INL)
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9b. Stresses that any definition of crypto-assets must take into account future evolution of the crypto-asset market;
Amendment 207 #
2020/2034(INL)
Motion for a resolution
Paragraph 9 c (new)
Paragraph 9 c (new)
9c. Points out that, at this stage, the use of stablecoins is not yet prominent within the Union; highlights the need for any future stablecoin-specific framework to be born out of the coming crypto-asset framework, representing an evolution of the legislation with the aim of offering the similar level of security as existing means of payments; believes that before any framework for stablecoins is developed, the architecture of this form of crypto- asset must be examined thoroughly;
Amendment 272 #
2020/2034(INL)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the Commission to propose legislative changes in the area of ICT and cyber security requirements for the Union financial sector in order to address any inconsistencies, gaps and loopholes that are found to exist in relevant law; in this regard, calls on the Commission to consider the need to have a supervisory overview of the ICT providers, noting the concentration and contagions risks that can be posed by a heavy reliance by the financial services sector on a small number of ICT and cloud computing providers;
Amendment 280 #
2020/2034(INL)
Motion for a resolution
Paragraph 16 – point a
Paragraph 16 – point a
a. modernisation of ICT governance and risk management;
Amendment 288 #
2020/2034(INL)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Calls on the Commission to enhance cooperation at international fora in order to facilitate the development of international standards as regards cloud computing and out-sourcing; points out that international standards developed in these areas could then be adopted into an EU-specific framework in order to bring oversight of cloud computing and outsourcing into line with the level of oversight of legacy systems;
Amendment 297 #
2020/2034(INL)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Recalls that the collection and analysis of data play a central role for FinTech, and therefore highlights the need for consistent, technology-neutral application of existing data laws; highlights that Artificial Intelligence is one of the key technologies as regards enhancing the Union's competitiveness on a global level;
Amendment 301 #
2020/2034(INL)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Stresses that the free flow of data within the EU is needed to scale up innovative finance; points out that cross- border data flows, including to and from third countries, must be monitored and governed by EU legislative principles on data privacy and data protection;
Amendment 306 #
2020/2034(INL)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Requests, in this regard, that the Commission examines how to ensure that digital finance entities can access on an equitable basis relevant and useful data, to help ensure thatfoster the potential of digital finance and to provide the opportunities for innovative FinTech businesses canto grow within the Union and beyond;
Amendment 309 #
2020/2034(INL)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
Amendment 316 #
2020/2034(INL)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Requests that the Commission consider a framework, based on the existing EU standard eIDAS, an infrastructure for digital onboarding and the use of digital financial identities, which would aim to harmonise these measures across the Union insofar as necessary;
Amendment 318 #
2020/2034(INL)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Points out that for KYC processes legal requirements for retail onboarding by financial institutions are different in every member state and therefore cross border onboarding with existing data sets are often not possible, which is also valid for onboarding of corporate clients and its related KYC/KYB (know your business) process; calls on the Commission to address this issue and foster the harmonisation of the KYC data required by member states;
Amendment 324 #
2020/2034(INL)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Considers that a self-sovereign identity (SSI) based on distributed ledger technologies (DLT) can be a key element in developing a range of new services and platforms for the digital single market, independent from data aggregators and avoiding intermediaries, while at the same time providing high security and data protection standards for individual EU citizens;
Amendment 361 #
2020/2034(INL)
Motion for a resolution
Annex I – part B – point 2
Annex I – part B – point 2
2. To make a legislative proposal on cyber resilience, which ensures consistent standards of ICT security across the Union financial sector. Such a framework should be future-oriented and focus on modernising the current rules applicable concerning cyber resilience, while also closing any regulatory loopholes and gaps, which may put businesses, investors and consumers at risk. Such a proposal should take due account of the risk of concentration and contagion stemming from the over reliance on a small number of ICT service providers, particularly cloud computing providers;
Amendment 5 #
2020/2023(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Stresses that the full implementation of the Withdrawal Agreement, including the Protocol on Northern Ireland, is a prerequisite for and a basic component of a futurenew partnership between the EU and the UK; expresses concern at the UK Government’s statements demonstrating a lack of political will to fully comply with its commitments under the Withdrawal Agreement, namely regarding border controls in the Irish Sea; notes that no concrete reassurances were given on this matter during the first meeting of the Joint Committee; underlines that trust between the Parties is essential in these negotiations;
Amendment 7 #
2020/2023(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Highlights the considerable level of integration and interdependence of the EU’s and UK’s economies, as well as the geographical proximity of the Parties; notes the acknowledgment of these circumstances by both Parties in the ‘Political Declaration setting out the Framework for the Future Relationship Between the EU and the UK’; recalls that the Political Declaration, based on the existing unique relationship, serves as the basis for an ambitious, broad, deep and flexible partnership;
Amendment 8 #
2020/2023(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Welcomes the fact that the Commission has presented and published a comprehensive legal proposal for a future relationnew partnership, broadly in line with its negotiating mandate and the European Parliament’s resolution, and deeply regrets the fact that the UK Government has refused to accept a similar level of transparenc; urges the Commission to continue its transparency towards the co-legislators, as well as the financial services industry and consumers, and deeply regrets the fact that the UK Government has refused to accept a similar level of transparency; stresses that clarity and certainty are crucial to business continuity and a seamless provision of services to consumers, as well as to preventing market volatility;
Amendment 12 #
2020/2023(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Reminds that after leaving, the UK is still one of our closest allies, a NATO Partner and one of the EUs biggest export markets as well as one of our most important suppliers; therefore highlights that the negotiating strategy should not endanger this close partnership;
Amendment 16 #
2020/2023(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Believes it to be in both Parties’ mutual interests to establish an ambitious futurenew 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 futurenew framework should safeguard EU financial stability, fair competition, investor and consumer protection, and the integrity of the single market, and commitments to combat climate change, while respecting the EU’s regulatory regime and decision- making autonomy;
Amendment 29 #
2020/2023(INI)
Draft opinion
Paragraph 5 b (new)
Paragraph 5 b (new)
5 b. Stresses the need to uphold common high standards in the field of state aid control and competition law; underlines that achieving a level playing field between the Parties will require a robust framework for state aid control, antitrust, and merger control that prevents unfair distortion of trade and competition;
Amendment 34 #
2020/2023(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Stresses that the resulting framework must be clear and transparent, and must not impose a disproportionate burden on small and medium-sized enterprises (SMEs);
Amendment 52 #
2020/2023(INI)
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; notes that equivalence examinations are a technical process which should be based on clear and transparent criteria; recalls that equivalence decisions are unilaterally granted and withdrawn by the European Commission, taking due account of the impact on the market and the need to preserve EU financial stability; recalls the importance of the EU maintaining its autonomy to adopt any measures for prudential reasons;
Amendment 57 #
2020/2023(INI)
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, but also highlights that this decision should be fact-based and not politicized;
Amendment 67 #
2020/2023(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Recalls, however, the limited scope of equivalence decisions, in particular in respect of retail financial services; calls on the Parties to endeavour to limit regulatory divergence in these sectors;
Amendment 71 #
2020/2023(INI)
Draft opinion
Paragraph 6 c (new)
Paragraph 6 c (new)
6 c. Recommends that the Parties establish a mechanism for continuous cooperation and dialogue amongst policy- makers, regulators and supervisors; such a mechanism would serve as a forum for enhancing regulatory alignment and sharing supervisory concerns and best practices, including on new innovative services such as crypto assets; believes it is of mutual benefit to both Parties to continue to share necessary and relevant information and data between supervisors;
Amendment 74 #
2020/2023(INI)
Draft opinion
Paragraph 6 d (new)
Paragraph 6 d (new)
6 d. Given the increasing digitisation of trade, including services, recommends that the Parties agree, as part of the governance framework of the new partnership, provisions for facilitating digital trade, addressing unjustified barriers to trade by electronic means, and ensuring an open, secure and trustworthy online environment for businesses and consumers; these provisions should facilitate necessary data flows, subject to exceptions for legitimate public policy objectives, while not undermining the EU’s personal data protection rules, and should be subject to appropriate judicial control;
Amendment 76 #
2020/2023(INI)
Draft opinion
Paragraph 6 e (new)
Paragraph 6 e (new)
6 e. Believes it is of mutual benefit to both Parties to continue to share any necessary and relevant information and data required to combat money- laundering and terrorist financing; recommends that the Parties establish a mechanism that will ensure full cooperation and communication in this regard;
Amendment 80 #
2020/2023(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Defends the need to extend the transition period in order to allow enough time to conclude the negotiations on a comprehensive futuIn light of the impact of the Covid- 19 crisis on the societies, economies and politics of the Parties, asks the European Commission to pre partnership, while safeguarding citizens’ rights, legal certainty and economic ane the scenario of a potential extension to the transition period financial stability case requested by the UK.
Amendment 85 #
2020/2023(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Defends the need to extend the transition period, also due to the current COVID-19 crisis, in order to allow enough time to conclude the negotiations on a comprehensive future partnership, while safeguarding citizens’ rights, legal certainty and economic and financial stability.
Amendment 369 #
2020/2002(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Calls for the EU to pay particular attention to the spread of jihadism in areas such as the Indian Ocean and West Africa and to lend cooperation and establish aid programmes when required; Encourages the EU to persist with its global efforts to combat jihadism, as jihadism has a worldwide reach by exporting its ideology and thereby negatively influencing societies across the globe, including African societies;
Amendment 320 #
2020/0374(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 2 – point h a (new)
Article 2 – paragraph 1 – point 2 – point h a (new)
(ha) web browsers;
Amendment 333 #
2020/0374(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 11 a (new)
Article 2 – paragraph 1 – point 11 a (new)
(11 a) "Web browsers" are software used by users of client PCs, smart mobile devices and other devices to access and interact with web content hosted on servers that are connected to networks such as the internet, including standalone web browsers as well as web browsers integrated or embedded in software or similar;
Amendment 403 #
2020/0374(COD)
Proposal for a regulation
Article 3 – paragraph 6 – subparagraph 1 – point e a (new)
Article 3 – paragraph 6 – subparagraph 1 – point e a (new)
(ea) conditions of access to relevant data for potential competitors;
Amendment 437 #
2020/0374(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point a
Article 5 – paragraph 1 – point a
(a) refrain from combining personal data sourced from these core platform services with personal data from any other services offered by the gatekeeper or with personal data from third-party services, and from signing in end users to other services of the gatekeeper in order to combine personal data, unless the end user has been presented with the specific choice and provided consent in the sense of Regulation (EU) 2016/679. ;
Amendment 447 #
2020/0374(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point b
Article 5 – paragraph 1 – point b
(b) allow business users to offer the same products or services to end usersend users, either directly or through third party online intermediation services and at different prices or conditions, that are different frome same products or services as those offered through the online intermediation services of the gatekeeper;
Amendment 517 #
2020/0374(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point d
Article 6 – paragraph 1 – point d
(d) refrain from embedding or treating more favourably in ranking services and products offered by the gatekeeper itself or by any third party belonging to the same undertaking compared to similar services or products of third party and apply fair and non-discriminatory conditions to such ranking;
Amendment 566 #
2020/0374(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point k
Article 6 – paragraph 1 – point k
(k) apply fair and non-discriminatory general conditions of access and treatment for business users to its software application storcore platform service, in particular to its software application store, its online search engine and to its online social networking service designated pursuant to Article 3 of this Regulation.
Amendment 721 #
2020/0374(COD)
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
The Commission may conduct a market investigation with the purpose of examining whether one or more services within the digital sector should be added to the list of core platform services or to detect types of practices that may limit the contestability of core platform services or may be unfair and which are not effectively addressed by this Regulation. It shall issue a public report at the latest within 124 months from the opening of the market investigation.
Amendment 329 #
2020/0361(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point h a (new)
Article 2 – paragraph 1 – point h a (new)
(ha) ‘editorial platform’ means an intermediary service which is in connection with a press publication within the meaning of Article 2(4) of Directive (EU) 2019/790 or another editorial media service and which allows users to discuss topics generally covered by the relevant media or to comment editorial content and which is under the supervision of the editorial team of the publication or other editorial media;
Amendment 368 #
2020/0361(COD)
Proposal for a regulation
Article 11 a (new)
Article 11 a (new)
Article 11 a Exclusions Articles 12 and 13 of Section 1, and the provisions of Section 2, and Section 3 of Chapter III shall not apply to: (a) editorial platforms within the meaning of Article 2(ha) of this Regulation; (b) online platforms that qualify as micro and medium-sized enterprises within the meaning of the Annex to Recommendation 2003/361/EC.
Amendment 500 #
2020/0361(COD)
Proposal for a regulation
Article 26 – paragraph 1 – point b
Article 26 – paragraph 1 – point b
(b) any negative effects for the exercise of the fundamental rights to respect for private and family life, freedom of expression and information, freedom and pluralism of media, the prohibition of discrimination and the rights of the child, as enshrined in Articles 7, 11, 21 and 24 of the Charter respectively;
Amendment 518 #
2020/0361(COD)
Proposal for a regulation
Article 27 a (new)
Article 27 a (new)
Article 27 a Mitigation of risks for the freedom of expression and freedom and pluralism of the media 1. Very large online platforms shall ensure that the exercise of the fundamental rights of freedom of expression and freedom and pluralism of the media is always adequately and effectively protected. 2. Where very large online platforms allow for the dissemination of press publications within the meaning of Art. 2(4) of Directive (EU) 2019/790, of audiovisual media services within the meaning of Article 1(1)(a) of Directive 2010/13/EU(AVMS) or of other editorial media, which are published in compliance with applicable Union and national law under the editorial responsibility and control of a press publisher, audiovisual or other media service provider, who can be held liable under the laws of a Member State, the platforms shall be prohibited from removing, disabling access to, suspending or otherwise interfering with such content or services or suspending or terminating the service providers’ accounts on the basis of the alleged incompatibility of such content with their terms and conditions. 3. Very large online platforms shall ensure that their content moderation, their decision-making processes, the features or functioning of their services, their terms and conditions and recommender systems are objective, fair and non-discriminatory.
Amendment 531 #
2020/0361(COD)
Proposal for a regulation
Article 29 – paragraph 1 a (new)
Article 29 – paragraph 1 a (new)
1a. The parameters used in recommender systems shall always be fair and non-discriminatory.
Amendment 225 #
2020/0310(COD)
Proposal for a directive
Recital 16
Recital 16
(16) In full respect of Article 153(5) of the Treaty on the Functioning of the European Union, this Directive neither aims to harmonise the level of minimum wages across the Union nor to establish an uniform mechanism for setting minimum wages. It does not interfere with the freedom of Member States to set statutory minimum wages or promote access to minimum wage protection provided by collective agreements, according to the traditions and specificities of each country and in full respect of national competences and social partners’ contractual freedom. This Directive does not impose an obligation on the Member States where minimum wage protection is ensured exclusively via collective agreements to introduce a statutory minimum wage nor to make the collective agreements universally applicable. Also, this Directive does not establish the level of pay, which falls within the contractual freedom of the social partners at national level and within the relevant competence of Member States. The purpose of this Directive is not to impose any obligation for Member States to take measures demanding the introduction of statutory minimum wages or measures implying that the social partners have an equivalent obligation. This Directive does not oblige Member States to grant access to minimum wage protection to all workers. Such an obligation would directly interfere with Article 153(5) of the Treaty on the Functioning of the European Union. Nothing in this Directive should be construed as creating rights for individuals.
Amendment 409 #
2020/0310(COD)
Proposal for a directive
Article 1 – paragraph 1 – point b
Article 1 – paragraph 1 – point b
(b) access of workers to minimum wage protection, in the form of wages set out byby promoting access to collective agreementsbargaining or in the form of a statutory minimum wage in Member States where it exists.
Amendment 413 #
2020/0310(COD)
Proposal for a directive
Article 1 – paragraph 1 – subparagraph 1
Article 1 – paragraph 1 – subparagraph 1
This Directive shall be without prejudice to the full respect of Member States national law and legal labour market tradition and practise while ensuring the autonomy of social partners, as well as their right to negotiate and conclude collective agreements.
Amendment 421 #
2020/0310(COD)
Proposal for a directive
Article 1 – paragraph 3
Article 1 – paragraph 3
3. Nothing in this Directive shall be construed as imposing an obligation on the Member States where wage setting is ensured exclusivemainly via collective agreements to introduce a statutory minimum wage nor to make the collective agreements universally applicable or affect the contractual freedom of the social partners to negotiate, monitor and set wages through collective agreements. This Directive does not oblige Member States to grant access to minimum wage protection to all workers, nor shall it create any obligation on the Member States as regards the level or conditions for the setting of wages.
Amendment 430 #
2020/0310(COD)
Proposal for a directive
Article 1 – paragraph 3 a (new)
Article 1 – paragraph 3 a (new)
3a. Nothing in this Directive shall be construed as creating rights for individuals.
Amendment 445 #
2020/0310(COD)
Proposal for a directive
Article 3 – paragraph 1 – introductory part
Article 3 – paragraph 1 – introductory part
For the purposes of this Directive, the following definitions apply while respecting Member States national law and legal labour market practice:
Amendment 455 #
2020/0310(COD)
Proposal for a directive
Article 3 – paragraph 1 – point 3
Article 3 – paragraph 1 – point 3
(3) ‘collective bargaining’ means all negotiations which take place in accordance to Member States national law and legal labour market practice: between an employer, a group of employers or one or more employers’ organisations, on the one hand, and one or more workers’ organisations, on the other, for determining working conditions and terms of employment; and/or regulating relations between employers and workers; and/or regulating relations between employers or their organisations and a worker organisation or worker organisations;
Amendment 573 #
2020/0310(COD)
Proposal for a directive
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
2. The national criteria referred to in paragraph 1 shall include at least the following elementwhose relevance and relative weight shall be decided by Member States in accordance with their prevailing national socio-economic conditions:
Amendment 863 #
2020/0310(COD)
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Member States shall ensure that, without prejudice to specific forms of redress and dispute resolution provided for, where applicable, in collective agreements, workers, including those whose employment relationship has ended, have access to effective and impartial dispute resolution and a right to redress, including adequate compensation, in the case of infringements of their rightsexisting national law or collective agreements provide for relating to statutory minimum wages or minimum wage protection provided by collective agreements and such rights have been infringed.
Amendment 880 #
2020/0310(COD)
Proposal for a directive
Article 11 – paragraph 2
Article 11 – paragraph 2
2. Member States shall take the measures necessary to protect workers, including those who are workers’ representatives, from any adverse treatment by the employer and from any adverse consequences resulting from a complaint lodged with the employer or resulting from any proceedings initiated with the aim of enforcing compliance with the rights relating to statutory minimum wages or minimum wage protection provided by collective agreements.provided for in existing national law or collective agreements relating to minimum wage protection
Amendment 902 #
2020/0310(COD)
Proposal for a directive
Article 16 – title
Article 16 – title
Non-regression, derogation and more favourable provisions
Amendment 907 #
2020/0310(COD)
Proposal for a directive
Article 16 – paragraph 2
Article 16 – paragraph 2
2. TMember States where wage setting is ensured mainly via collective agreements shall be derogated from this Directive; while this Directive shall not affect Member States’ prerogative to apply or to introduce laws, regulations or administrative provisions which are more favourable to workers or to encourage or permit the application of collective agreements which are more favourable to workers.
Amendment 158 #
2020/0266(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) The use of ICT has in the last decades gained a pivotal role in finance, assuming today critical relevance in the operation of typical daily functions of all financial entities. Digitalisation covers, for instance, payments, which have increasingly moved from cash and paper- based methods to the use of digital solutions, as well as securities clearing and settlement, electronic and algorithmic trading, lending and funding operations, peer-to-peer finance, credit rating, insurance underwriting, claim management and back-office operations. The insurance sector has also been transformed by the use of ICT technology, from the emergence of digital insurance intermediaries operating with InsurTech to digital insurance underwriting and contract distributions. Finance has not only become largely digital throughout the whole sector, but digitalisation has also deepened interconnections and dependencies within the financial sector and with third-party infrastructure and service providers.
Amendment 170 #
2020/0266(COD)
Proposal for a regulation
Recital 17 – point 1
Recital 17 – point 1
ESAs and national competent authorities, respectively should be able to participate in the strategic policy discussions and the technical workings of the NIS Cooperation Group, respectively, exchanges information and further cooperate with the single points of contact designated under Directive (EU) 2016/1148. The competent authorities under this Regulation should also consult and cooperate with the national CSIRTs designated in accordance with Article 9 of Directive (EU) 2016/1148, in particular when finalising the Oversight plan for, or recommendations addressed to, critical ICT third-party service providers, in order to ensure that there are no inconsistencies or duplications with critical ICT third- party service providers' obligations under Directive (EU) 2016/1148.
Amendment 198 #
2020/0266(COD)
Proposal for a regulation
Recital 43
Recital 43
(43) Further reflection on the possible cCentralisation of ICT-related incident reports should be envisaged, by means of a single central EU Hub either directly receiving the relevant reports and automatically notifying national competent authorities, or merelywill be achieved with the establishment of a single central EU Hub for major ICT-related incident reporting. The new EU Hub will centralisinge reports forwarded by the national competent authorities and fulfilling a coordination role. The ESAs should be required to prepare, in consultation with ECB and ENISA, by a certain date a joint report exploring the feasibility of setting up such a central EU Hub.
Amendment 235 #
2020/0266(COD)
Proposal for a regulation
Recital 69 – point 1
Recital 69 – point 1
Technical standards should ensure the consistent harmonisation of the requirements laid down in this Regulation. As bodies with highly specialised expertise, the ESAs should be mandated to develop draft regulatory technical standards which do not involve policy choices, for submission to the Commission. Regulatory technical standards should be developed in the areas of ICT risk management, reporting, testing and key requirements for a sound monitoring of ICT third-party risk. When developing draft regulatory technical standards, the ESAs should take due consideration of their mandate in relation to proportionality aspects, and seek advice from their respective Advisory Committees on Proportionality, in particular in relation to the application of the DORA framework to SMEs and mid-caps.
Amendment 244 #
2020/0266(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) credit institutions, unless they are small and non-complex institutions as defined in Article 4 (145) of Regulation (EU)2019/876 (CRR2),
Amendment 260 #
2020/0266(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point q
Article 2 – paragraph 1 – point q
Amendment 263 #
2020/0266(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point b a (new)
Article 2 – paragraph 1 – point b a (new)
(b a) payment systems
Amendment 274 #
2020/0266(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 4
Article 3 – paragraph 1 – point 4
(4) ‘ICT risk’ means any reasonably identifiable circumstance in relation toderived from the use of network and information systems, - including a malfunction, capacity overrun, failure, disruption, impairment, misuse, loss or other type of malicious or non-malicious event - which, if materialised, may compromise the security ofr adversely affect the network and information systems, of any technology-dependant tool or process, of the operation and process’ running, or of the provision of services, thereby compromising the integrity or availability of data, software or any other component of ICT services and infrastructures, or causing a breach of confidentiality, a damage to physical ICT infrastructure or other adverse effects;
Amendment 285 #
2020/0266(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 6
Article 3 – paragraph 1 – point 6
(6) ‘ICT-related incident’ means an unforeseen identified occurrence in they event having an actual adverse effect on the security of network and information systems, whether resulting from malicious activity or not, which compromises the security of network and information systems, of the information that such systems process, store or transmit, or has adverse effects on the availability, confidentiality, continuity or authenticity of financial services provided by the financial entity;
Amendment 295 #
2020/0266(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 15
Article 3 – paragraph 1 – point 15
(15) ‘ICT third-party service provider’ means an undertaking providing digital and data services, including providers of cloud computing services, software, data analytics services, data centres, but excluding providers of hardware components and undertakings authorised under Union law which provide electronic communication services as defined referred to in point (4) of Article 2 of Directive (EU) 2018/1972 of the European Parliament and of the Council43 ; _________________ 43Directive (EU) 2018/1972 of the European Parliament and of the Council of 11 December 2018 establishing the European Electronic Communications Code (Recast)(OJ L 321, 17.12.2018, p. 36).;
Amendment 298 #
2020/0266(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 15 a (new)
Article 3 – paragraph 1 – point 15 a (new)
(15 a) ‘Intra-group ICT service provider’ means an ICT service provider that is part of a group of institutions permanently affiliated to a central body as referred to in Article 10 or 113(6) of Regulation (EU) No 575/2013 or within the same institutional protection scheme as referred to in Article 113(7) of Regulation (EU) No 575/2013 or where credit institutions are associated in a network in accordance with legal or statutory provisions as referred to in Article 400(2)(d) of that Regulation;
Amendment 315 #
2020/0266(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 25 a (new)
Article 3 – paragraph 1 – point 25 a (new)
(25 a) 'payment system' means a payment system as defined in Article 4(7) of Directive (EU) 2015/2366, with the exception of payment systems subject to ECB Regulation (EU) 795/2014.
Amendment 489 #
2020/0266(COD)
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. Financial entities shall report major ICT-related incidents to the relevant competent authoritysingle EU Hub as referred to in Article 419, within the time- limits laid down in paragraph 3.
Amendment 490 #
2020/0266(COD)
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 1
Article 17 – paragraph 1 – subparagraph 1
For the purpose of the first subparagraph, financial entities shall produce, after collecting and analysing all relevant information, an incident report using the template referred to in Article 18 and submit it to the competent authoritysingle EU Hub.
Amendment 502 #
2020/0266(COD)
Proposal for a regulation
Article 17 – paragraph 3 – introductory part
Article 17 – paragraph 3 – introductory part
3. Financial entities shall submit to the competent authoritysingle EU Hub as referred to in Article 419:
Amendment 507 #
2020/0266(COD)
Proposal for a regulation
Article 17 – paragraph 3 – point a
Article 17 – paragraph 3 – point a
(a) an initial notification, without delay, but no later than the end of the business day, or, in case of a major24 hours after the ICT- related incident that took place later than 2 hours before the end of the business day, not later than 4 hours from the beginning of the next business dais classified as major by the financial entity, or, where reporting channels are not available, as soon as they become available;
Amendment 512 #
2020/0266(COD)
Proposal for a regulation
Article 17 – paragraph 3 – point c
Article 17 – paragraph 3 – point c
(c) a final report, when the root cause analysis has been completed, regardless of whether or not mitigation measures have already been implemented, and when the actual impact figures are available to replace estimates, but not later than one month from the moment of sending the initial reportday of sending the initial report. In duly justified cases, and following agreement with the competent authority, financial entities may deviate from the deadline laid down in this point.
Amendment 520 #
2020/0266(COD)
Proposal for a regulation
Article 17 – paragraph 5
Article 17 – paragraph 5
Amendment 531 #
2020/0266(COD)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. The1. ESAs, through the Joint Committee and in consultation with ECB and ENISA, shall prepare a joint report assessing the feasibility of further centralisation of incident reporting through the establishment of a single EU Hub for major ICT-related incident reporting by financial entities. The report shall explore ways to facilitate the flow of ICT-related incident reporting, reduce associated costs and underpin thematic analyses with a view to enhancing supervisory convergence shall establish and operate a single EU Hub for major ICT-related incident reporting by financial entities.
Amendment 537 #
2020/0266(COD)
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
Amendment 538 #
2020/0266(COD)
Proposal for a regulation
Article 19 – paragraph 2 – introductory part
Article 19 – paragraph 2 – introductory part
2. The reportEU Hub shall collect and maintain incident data and shall ensure that the entities referred to in the paragraph 1 shall comprise at least the following elements:3 have direct and immediate access to the relevant information.
Amendment 541 #
2020/0266(COD)
Proposal for a regulation
Article 19 – paragraph 3
Article 19 – paragraph 3
3. The ESAs shall submitU Hub shall make the necessary information available to the following entities to enable them to fulfil their report referred to in the paragraph 1 to the Commission, the European Parliament and to the Council by xx 202x [OJ: insert date 3 years after the date of entry into force]. spective responsibilities and mandates: (a) Competent authorities as referred to in Article 41; (b) EBA, ESMA or EIOPA, as appropriate; (c) the ECB, as appropriate, in the case of financial entities referred to in points (a), (b) and (c) of Article 2(1); (d) the single point of contact designated under Article 8 of Directive (EU) 2016/1148; (e) the Single Resolution Board (SRB), for entities referred to in Article 7(2) of Regulation (EU) No 806/2014, and national resolution authorities in relation to entities referred to in Article 7(3) of Regulation (EU) No 806/2014; and (f) the relevant national CSIRT belonging to the CSIRTs network as established by Article 12 of Directive (EU) 2016/1148, in cases where the reporting entity falls within the scope of that Directive.
Amendment 544 #
2020/0266(COD)
3 a. The ESAs, through the Joint Committee and after consultation with ENISA and the ECB, shall develop common draft regulatory technical standards specifying the following: (a) modalities and operational standards for the entities referred to in paragraph 3 to access the EU Hub; (b) the terms and conditions, the arrangements and the required documentation under which access to the EU Hub is granted to the entities referred to in paragraph 3; (c) the conditions for membership of financial entities.
Amendment 593 #
2020/0266(COD)
Proposal for a regulation
Article 25 – paragraph 1 – point 8 – introductory part
Article 25 – paragraph 1 – point 8 – introductory part
8. Financial entities shall ensure that contractual arrangementtake appropriate measures such as corrective or remedial actions onr the use of ICT servicesermination of outsourcing agre terminated at least under ements if they identify any of the following circumstances:
Amendment 595 #
2020/0266(COD)
Proposal for a regulation
Article 25 – paragraph 1 – point 8 – introductory part
Article 25 – paragraph 1 – point 8 – introductory part
8. Financial entities shall ensure that contractual arrangements on the use of ICT services are terminallow the financial entity to terminate the arrangement under applicable law, after all other remedies have been exhausted, at least under the following circumstances:
Amendment 642 #
2020/0266(COD)
Proposal for a regulation
Article 27 – paragraph 2 a (new)
Article 27 – paragraph 2 a (new)
2 a. The contractual arrangements for the provision of ICT services by an ICT third-party service provider established in a third country and designated as critical pursuant to Article 28(9), shall, in addition to the provisions set out in paragraphs 2 and 2a of this Article: (a) be concluded with a legal entity in the Union of that ICT third-party service provider; and (b) guarantee that the Joint Oversight Executive Body can carry out its duties specified in Article 30 on the basis of its competences set out in Article 31. The services for which the contractual arrangements are concluded shall not be required to be performed by the legal entity located in the Union.
Amendment 652 #
2020/0266(COD)
Proposal for a regulation
Article 28 – paragraph 1 – point b
Article 28 – paragraph 1 – point b
(b) appoint either EBA, ESMA or EIOPA as Lead Overseer for each critical ICT third-party service provider, depending on whether the total value of assets of financial entities making use of the services of that critical ICT third-party service provider and which are covered by one of the Regulations (EU) No 1093/2010 (EU), No 1094/2010 or (EU) No 1095/2010 respectively, represents more than a half of the value of the total assets of all financial entities making use of the services of the, on a rotational basis, to be rotated following the annual publication of the list referred to in paragraph 6, as having the responsibility to adopt formal decisions and recommendations addressed to critical ICT third- party service providers, as evidenced by the consolidated balance sheets, or the individual balance sheets where balance sheets are not consolidated, of those financial entitieson the basis of draft decisions and recommendations from the Joint Oversight Executive Body.
Amendment 693 #
2020/0266(COD)
Proposal for a regulation
Article 30 – paragraph 3 a (new)
Article 30 – paragraph 3 a (new)
3 a. When preparing the Oversight plan, the Joint Oversight Executive body shall consult all relevant competent authorities and single points of contact referred to in Article 8 of Directive (EU) 2016/1148 to ensure that there are no inconsistencies or duplications with the critical ICT third-party service provider's obligations under Directive (EU) 2016/1148.
Amendment 700 #
2020/0266(COD)
Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 1 (new)
Article 31 – paragraph 1 – subparagraph 1 (new)
The powers referred to in the first subparagraph shall primarily be used in respect of the critical or important services provided by the critical ICT third- party service provider to financial entities, but may also be used in respect of other services provided to financial entities when necessary.
Amendment 704 #
2020/0266(COD)
Proposal for a regulation
Article 31 – paragraph 2 a (new)
Article 31 – paragraph 2 a (new)
2 a. When preparing the recommendations, the Joint Oversight Executive body shall consult all relevant competent authorities and single points of contact referred to in Article 8 of Directive (EU) 2016/1148 to ensure there are no inconsistencies or duplications with the critical ICT third-party service provider's obligations under Directive (EU) 2016/1148
Amendment 727 #
2020/0266(COD)
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. Within 30 calendar days after the receipt of the recommendations issued by Lead Overseersthe Joint Oversight Executive Body pursuant to point (d) of Article 31(1), critical ICT third-party service providers shall notify the LeadJoint Overseeright Executive Body whether they intend to follow those recommendations. Lead OverseersThe Joint Oversight Executive Body shall immediately transmit this information to competent authorities.
Amendment 730 #
2020/0266(COD)
Proposal for a regulation
Article 37 – paragraph 3
Article 37 – paragraph 3
3. Competent authorities may, in accordance with Article 44, requireThe ESAs may decide, upon recommendation from the Joint Oversight Executive Body and after consultation with the Competent authorities of the affected financial entities, to temporarily suspend, either in part or completely, the use or deployment of a service provided by the critical ICT third-party provider untilo financial entity customers exposed to the risks identified in the recommendations addressed to critical ICT third-party service providers until those risks have been addressed. Where necessary, they may require financial entitiethe critical ICT third-party service providers to terminate, in part or completely, the relevant contractual arrangements concluded with the critical ICT third-party service providerfinancial entity customers exposed to the identified risks.
Amendment 737 #
2020/0266(COD)
Proposal for a regulation
Article 37 – paragraph 4 – introductory part
Article 37 – paragraph 4 – introductory part
4. When tmaking those drecisions referred to in paragraph 3, competent authoritiesommendations, the Joint Oversight Executive Body shall take into account the type and magnitude of risk that is not addressed by the critical ICT third-party service provider, as well as the seriousness of the non-compliance, having regard to the following criteria:
Amendment 762 #
2020/0266(COD)
Proposal for a regulation
Article 56 – paragraph 2
Article 56 – paragraph 2
It shall apply from [PO: insert date - 124 months after the date of entry into force].
Amendment 22 #
2020/0265(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) A crypto-asset can be seen as an asset that depends primarily on cryptography and DLT or similar technology as part of its perceived or inherent value, that is neither issued nor guaranteed by a central bank or public authority, and that can be used as a means of exchange and/or for investment purposes.
Amendment 71 #
2020/0265(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) In order to ensure consumer protection, prospective purchasers of crypto-assets should be informed about the characteristics, functions and risks of crypto-assets they intend to purchase. When making a public offer of crypto- assets in the Union or when seeking admission of crypto-assets to trading on a trading platform for crypto-assets, issuers of crypto-assets should produce, notify to their competent authority and publish an information document (‘a crypto-asset white paper’) containing mandatory disclosures. Such crypto-asset white paper should contain general information on the issuer and offeror, when different, on the project to be carried out with the capital raised, on the public offer of crypto-assets or on their admission to trading on a trading platform for crypto- assets, on the rights and obligations attached to the crypto-assets, on the underlying technology used for such assets and on the related risks. To ensure fair and non- discriminatory treatment of holders of crypto-assets, the information in the crypto-asset white paper, and where applicable in any marketing communications related to the public offer, shall be fair, clear and not misleading.
Amendment 151 #
2020/0265(COD)
Proposal for a regulation
Article 1 – point a
Article 1 – point a
(a) transparency and disclosure requirements for the issuance, offering and admission to trading on a trading platform of crypto-assets;
Amendment 152 #
2020/0265(COD)
Proposal for a regulation
Article 1 – point b
Article 1 – point b
(b) the authorisation and supervision of crypto-asset service providers and issuers ofand offerors of both asset-referenced tokens and issuers of electronic money tokens;
Amendment 155 #
2020/0265(COD)
Proposal for a regulation
Article 1 –point c
Article 1 –point c
(c) the operation, organisation and governance of issuers and offerors of asset-referenced tokens, issuers and offerors of electronic money tokens and crypto-asset service providers;
Amendment 158 #
2020/0265(COD)
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. This Regulation applies to persons that are engaged in the issuance or offering of crypto- assets for the purpose of trading or provideing services related to crypto- assets trading in the Union.
Amendment 164 #
2020/0265(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point b a (new)
Article 2 – paragraph 2 – point b a (new)
Amendment 195 #
2020/0265(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 2
Article 3 – paragraph 1 – point 2
(2) ‘crypto-asset’ means a digital representation of value or rights for direct investment or finance purposes that use cryptography for security and are coins or tokens of distributed ledgers, and which may be transferred and stored electronically, using distributed ledger technology or similar technology;
Amendment 210 #
2020/0265(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 5
Article 3 – paragraph 1 – point 5
(5) ‘utility token’ means a type of crypto-asset that is used for purposes other than as a means of payment or exchange for external goods or services and which is intended to provide digital access to a good or service, available on DLT, and is only accepted by the issuer of that token;
Amendment 221 #
2020/0265(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 6 a (new)
Article 3 – paragraph 1 – point 6 a (new)
(6a) an 'offeror of crypto-assets' means a legal entity which offers any type of crypto-assets or asks for admission to trading of crypto-assets on a trading platform for crypto-assets;
Amendment 268 #
2020/0265(COD)
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. No issuer or offeror of crypto- assets, other than asset-referenced tokens or e-money tokens, shall, in the Union, offer such crypto-assets to the public, or seek an admission of such crypto-assets to trading on a trading platform for crypto- assets, unless that issuer or offeror:
Amendment 269 #
2020/0265(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) is a legal entity, a natural person having its residence in the Union, or other entity established or having seat in the Union and subject to the rights and obligations of the Union;
Amendment 284 #
2020/0265(COD)
Proposal for a regulation
Article 4 – paragraph 2 – point d
Article 4 – paragraph 2 – point d
(d) the crypto-assets are offered to fewer than 1500 natural or legal persons per Member State where such persons are acting on their own account;
Amendment 287 #
2020/0265(COD)
Proposal for a regulation
Article 4 – paragraph 2 – point e
Article 4 – paragraph 2 – point e
(e) over a period of 12 months, the total consideration of an offer to the public of crypto-assets in the Union does not exceed EUR 18 000 000, or the equivalent amount in another currency or in crypto- assets;
Amendment 706 #
2020/0265(COD)
Proposal for a regulation
Article 46 – paragraph 2 – point a
Article 46 – paragraph 2 – point a
(a) a description of the issuer(s) of e- money tokens, when known;
Amendment 708 #
2020/0265(COD)
Proposal for a regulation
Article 46 – paragraph 2 – point a a (new)
Article 46 – paragraph 2 – point a a (new)
(aa) a description of the offeror of e- money tokens;
Amendment 709 #
2020/0265(COD)
Proposal for a regulation
Article 46 – paragraph 2 – point b
Article 46 – paragraph 2 – point b
(b) a detailed description of the issuer’s project, and a presentation of the main participants involved in the project's design and development, when known;
Amendment 712 #
2020/0265(COD)
Proposal for a regulation
Article 46 – paragraph 2 – point f
Article 46 – paragraph 2 – point f
(f) the risks relating to the issuer of(s) of the e- money issuertokens, the offeror of the e- money tokens, the e-money tokens and the implementation of the project, including the technology;
Amendment 734 #
2020/0265(COD)
Proposal for a regulation
Article 50 – paragraph 2
Article 50 – paragraph 2
2. Competent authorities of the issuer’ or offeror's home Member State shall provide the EBA with information on the criteria referred to in Article 39(1) of this Article and specified in accordance with Article 39(6) on at least a yearly basis.
Amendment 737 #
2020/0265(COD)
Proposal for a regulation
Article 50 – paragraph 3
Article 50 – paragraph 3
3. Where the EBA is of the opinion that e-money tokens meet the criteria referred to in Article 39(1), as specified in accordance with Article 39(6), the EBA shall prepare a draft decision to that effect and notify that draft decision to the issuers or offerors of those e-money tokens and the competent authority of the issuer’ or offeror's home Member State. The EBA shall give issuers or offerors of such e- money tokens and their competent authorities the opportunity to provide observations and comments in writing prior the adoption of its final decision. The EBA shall duly consider those observations and comments.
Amendment 741 #
2020/0265(COD)
Proposal for a regulation
Article 50 – paragraph 4
Article 50 – paragraph 4
4. The EBA shall take its final decision on whether an e-money token is a significant e-money token within three months after the notification referred to in paragraph 3 and immediately notify the issuers or offerors of such e-money tokens and their competent authorities thereof.
Amendment 971 #
2020/0265(COD)
Proposal for a regulation
Article 77 – paragraph 1
Article 77 – paragraph 1
1. Issuers and offerors of crypto- assets shall inform the public as soon as possible of inside information which concerns them, in a manner that enables the public to access that information in an easy manner and to assess that information in a complete, correct and timely manner.
Amendment 978 #
2020/0265(COD)
Proposal for a regulation
Article 77 – paragraph 2 – introductory part
Article 77 – paragraph 2 – introductory part
2. Issuers and offerors of crypto- assets may, on their own responsibility, delay disclosure to the public of inside information provided that all of the following conditions are met:
Amendment 981 #
2020/0265(COD)
Proposal for a regulation
Article 77 – paragraph 2 – point a
Article 77 – paragraph 2 – point a
(a) immediate disclosure is likely to prejudice the legitimate interests of the issuers or offerors;
Amendment 989 #
2020/0265(COD)
Proposal for a regulation
Article 77 – paragraph 2 – point c
Article 77 – paragraph 2 – point c
(c) the issuers or offerors are able to ensure the confidentiality of that information.
Amendment 1144 #
2020/0265(COD)
Proposal for a regulation
Article 123 – paragraph 2 a (new)
Article 123 – paragraph 2 a (new)
2a. By way of derogation from this Regulation, crypto-assets that are issued or made available and/or traded in the EU or admitted to trading on a trading platform for crypto-assets on or after [please insert the date of entry into application of this Regulation] in accordance with the laws applicable to such crypto assets prior to the date of application of this Regulation, may continue to do so until [please insert date 18 months after the date of application of this Regulation].
Amendment 288 #
2020/0104(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) In order to enable measures to be taken that link the Facility to sound economic governance, with a view to ensuring uniform implementing conditions, the power should be conferred on the Council to suspend, on a proposal from the Commission and by means of implementingdelegated acts, the period of time for the adoption of decisions on proposals for recovery and resilience plans and to suspend payments under this Facility, iwhen the event of significant non-compliance in relation to the relevant cases relatedCouncil decides in accordance with Article126(8) or Article 126(11) TFEU that a Member State has not taken effective action to correct its excessive deficit; when the Council adopts two successive recommendations in the same imbalance procedure, in accordance with Article8(3) of Regulation (EU) No 1176/2011 of the European Parliament and of the Council on the grounds that a Member State has submitted an insufficient corrective action plan; where the Council adopts two the economic governance process laid down in thesuccessive decisions in the same imbalance procedure in accordance with Article 10(4) of Regulation (EU) No1176/2011 establishing noncompliance by a Member State on the grounds that it has not taken the recommended corrective action; where the Commission concludes that a Member State has not taken measures as referred to in Council Regulation(EC) No 332/200241 and as a consequence decides not to authorise the disbursement of the financial assistance granted to that Member State; ) where the Council decides that a Member State does not comply with the macroeconomic adjustment programme referred to in Article 7 of Regulation (EU) No XXX/XX472/2013 of the European Parliament and of the Council [CPR] (…). The power to lift those suspensions by means of implementing acts, on a proposal from the Commission, or with the measures requested by a Council decision adopted in accordance with Article 136(1) TFEU. The power to lift those suspensions by means of delegated acts, should also be conferred on the Councilmmission in relation to the same relevant cases.
Amendment 382 #
2020/0104(COD)
Proposal for a regulation
Recital 19
Recital 19
(19) In order to ensure a meaningful financial contribution commensurate to the actual needs of Member States to undertake and complete the reforms and investments included in the recovery and resilience plkeep moral hazard low, Member States should not receive transfers but only loans, it is appropriate to establish a maximum financial contribution available to them under the Facility as far as the financial support (i.e. the nthe amount of which is calculated from the population and corona-repayable financial support) is concerned. That maximum contribution should be calculated on the basis of the population, the inverse of the per capita Gross Domestic Product (GDP) and the relative unemployment rate of each Member Statelated indicators such as numbers of illnesses, numbers of deaths, and GDP and unemployment trends from February 2020 onwards, but which should by no means reward the absence of reforms in the past.
Amendment 481 #
2020/0104(COD)
Proposal for a regulation
Recital 29
Recital 29
(29) The request for a loan should be justified by the financial needs linked to additional reforms and investments included in the recovery and resilience plan, notably relevant for the green and digital transitions, and by therefore, by a higher cost of the plan than the maximum financial contribution (to be) allocated via the non-repayable contribution. It should be possible to submit the request for a loan together with the submission of the plan. In case the request for loan is made at a different moment in time, it should be accompanied by a revised plan with additional milestones and targets. To ensure frontloading of resources, Member States should request a loan support at the latest by 31 August 2024. For the purposes of sound financial management, the total amount of all the loans granted under this Regulation should be capped. In addition, the maximum volume of the loan for each Member State should not exceed 4.73% of its Gross National Income. An increase of the capped amount should be possible in exceptional circumstances subject to available resources. For the same reasons of sound financial management, it should be possible to pay the loan in instalments against the fulfilment of results.
Amendment 1345 #
2020/0104(COD)
Proposal for a regulation
Article 19 – paragraph 2 a (new)
Article 19 – paragraph 2 a (new)
2a. Under no circumstances should the Commission pre-finance any parts of the sums, especially if there are doubts about the rule of law in the countries concerned.
Amendment 31 #
2020/0100(COD)
(1) The Commission adopted a Communication on the European Green Deal on 11 December 20199 , drawing its roadmap towards a new growth policy for Europe and setting ambitious objectives to counter climate change and for environmental protection. In line with the objective to achieve the Union's 2030 targets for climate and energy, as established in Regulation (EU)…/… of the European Parliament and the Council [establishing the framework for achieving climate neutrality and amending Regulation (EU) 2018/1999 (European Climate Law)], and climate neutrality in the Union by 2050 in an effective and fair manner, the European Green Deal announced a Just Transition Mechanism to provide means for facing the climate challenge while leaving no one behind. The most vulnerable regions and people are the most exposed to the harmful effects of climate change and environmental degradation. At the same time, managing the transition requires significant structural changes. _________________ 9 COM(2019) 640 final.
Amendment 48 #
2020/0100(COD)
(4) A public sector loan facility (the ‘Facility’) should be provided. It constitutes the third pillar of the Just Transition Mechanism, supporting public sector entities in their investments. Such investments should meet the development needs resulting from the transition challenges described in the territorial just transition plans as adopted by the Commission. The activities envisaged for support should be consistent with and complement those supported under the other two pillars of the Just Transition Mechanism. The sectors or regions that are particularly affected by climate transition, but not specifically targeted under the first pillar, can also benefit from the Facility.
Amendment 54 #
2020/0100(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) In order to enhance the economic diversification of territories impacted by the transition, the Facility should cover a wide range of investments, on condition that they contribute to meet the development needs in the transition towards a climatethe Union’s 2030 targets for climate and energy, as established in Regulation (EU)…/… of the European Parliament and the Council[establishing the framework for achieving climate neutrality and amending Regulation (EU) 2018/1999 (European Climate Law)] and a climate- and carbon neutral economy, by 2050 as described in the territorial just transition plans. The investments supported may cover energy and transport infrastructure, district heating networks, green mobilityclean technology and infrastructure including renewable energy, supply of renewables-based hydrogen and hydrogen-based fuels and the decarbonisation of the transport, industry and building stock, sustainable district heating networks, green and sustainable mobility, investments in research and innovation activities, including in universities and public research institutions, fostering the transfer of advanced and market-ready technologies, investments in digitalisation, digital innovation and digital connectivity, including digital and precision farming, smart waste management, clean and safe water, clean energy and energy efficiency and integration measures including renovations and conversions of buildings, carbon capture and storage utilisation, support to transition to a circular economy, land restoration and decontamination, unless falling under the scope of liabilities for environmental damage in accordance with the polluter pays principle referred to in Article 191 TFEU, as well as up- and re-skilling, training and social infrastructure, including social housing. Infrastructure developments may also include solutions leading to their enhanced resilience to withstand disasters. and changing weather conditions caused by climate change. Comprehensive investment approach should be favoured in particular for territories with important transition needs. Investments in other sectors could also be supported if they are consistent with the adopted territorial just transition plans. By supporting investments that do not generate sufficient revenues, the Facility aims at providing public sector entities with additional resources necessary to address the social, economic and environmental challenges resulting from the adjustment to climate transition. In order to help identify investments with a high positive environmental impact eligible under the Facility, the EU taxonomy on environmentally sustainable economic activities may be used.
Amendment 59 #
2020/0100(COD)
(5) In order to enhance the economic diversification of territories impacted by the transition, the Facility should cover a wide range of investments, on condition that they contribute to meet the development needs in the transition towards a climate neutral economy, as described in the territorial just transition plans. The investments supported may cover energy and transport infrastructure, district heating networks, green mobility, smart waste management, clean energy and energy efficiency measures including renovations and conversions of buildings, support to transition to a circular economy, land restoration and decontamination, as well as up- and re-skilling, training and social infrastructure, including social housing. Infrastructure developments may also include solutions leading to their enhanced resilience to withstand disasters. Comprehensive investment approach should be favoured in particular for territories with important transition needs. Investments in other sectors could also be supported if they are consistent with the adopted territorial just transition plans. By supporting investments that do not generate sufficient revenues, the Facility aims at providing public sector entities with additional resources necessary to address the social, economic and environmental challenges resulting from the adjustment to climate transition. In order to help identify investments with a high positive environmental impact eligible under the Facility, the EU taxonomy on environmentally sustainable economic activities may be used.
Amendment 70 #
2020/0100(COD)
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5 a) In order to avoid stranded assets and ensuring that public funding is used most cost effectively, the beneficiary projects should have long-lasting green, sustainable effect and contribute to reaching climate neutrality by 2050
Amendment 101 #
2020/0100(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) Specific eligibility conditions and award criteria, in case demand exceeds funding resources under national allocations, should be set out in the work programme and the call for proposals. Those eligibility conditions and awardprioritisation criteria should take into account the relevance of the project in the context of the development needs described in the territorial just transition planst criteria established by Regulation (EU)…/… of the European Parliament and the Council [Regulation on establishment of a framework to facilitate sustainable investment] the ability of the project to meet the objectives and the development needs described in the territorial just transition plans, the contribution to the climate transition, the cost effectiveness of the project, the overall objective of promoting regional and territorial convergence and the significance of the grant component for the viability of the project. Union Support established by this Regulation should thus only be made available to Member States with at least one territorial just transition plan adopted. The work programme and calls for proposals will also take into account the territorial just transition plans submitted by Member States to ensure that coherence and consistency across the different pillars of the mechanism is ensured.
Amendment 107 #
2020/0100(COD)
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14 a) To protect the Union budget and honour the Union's values, Member States should uphold the Rule of Law and a generalised rule of law deficiency could be subject to the suspension of payments and commitments, reduced funding and a prohibition on concluding new commitments in accordance with the EU regulation of the European Parliament and of the Council on the protection of the Union's budget in case of generalised deficiencies as regards the rule of law in the Member States.
Amendment 130 #
2020/0100(COD)
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
The Facility shall provide support benefitting Union territories facing serious social, environmental and economic challenges deriving from the transition process towards a climate-the Union's 2030 targets for climate and energy, as established in Regulation (EU)…/… of the European Parliament and the Council [establishing the framework for achieving climate neutrality and amending Regulation (EU) 2018/1999 (European Climate Law)], and a climate- and carbon neutral economy ofin the Union by 2050.
Amendment 152 #
2020/0100(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 a (new)
Article 2 – paragraph 1 – point 6 a (new)
6 a. 'additionality’ means the support for projects that do not generate a sufficient stream of own revenues to cover investment costs and that contribute to the general objectives laid down in Article 3.
Amendment 153 #
2020/0100(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The general objective of the Facility is to address serious socio- economic challenges deriving from the transition process towards a climate-neutral economy for the benefit of the Union territories identified in the territorial just transition plans prepared by the Member States in accordance with Article 7 of Regulation [JTF Regulation]. and to contribute to the EU policy objectives, in particular the Union's 2030 targets for climate and energy, as established in Regulation (EU)…/… of the European Parliament and the Council [establishing the framework for achieving climate neutrality and amending Regulation (EU) 2018/1999 (European Climate Law)], the transition towards a climate-neutral economy in the Union by 2050, in line with the Paris Agreement objectives and responding the need to strengthen competitiveness. It should be in line with the Regulation [Regulation on the protection of the Union's budget in case of generalised deficiencies as regards the rule of law in the Member States]
Amendment 203 #
2020/0100(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point a
Article 8 – paragraph 1 – point a
(a) the projects achieve measurable impact in addressing serious social, economic or environmental challenges deriving from the transition process towards a climate-neutral economythe Union's 2030 targets for climate and energy, as established in Regulation (EU)…/… of the European Parliament and the Council [establishing the framework for achieving climate neutrality and amending Regulation (EU) 2018/1999 (European Climate Law)], and a climate- and carbon neutral economy in the Union by 2050, are in line with the Regulation (EU)…/… of the European Parliament and the Council [Regulation on establishment of a framework to facilitate sustainable investment] and benefit territories identified in a territorial just transition plan, even if they are not located in those territories;
Amendment 249 #
2020/0100(COD)
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
The Facility shall be implemented byCommission shall adopt delegated acts in accordance with Article 17 in order to establish work programmes established in accordance with Article 110 of the Financial Regulation. The work programmes shall set out the national shares of resources, including any additional resources, for each Member State in accordance with Articles 4(1) and 6(2) of this Regulation. The work programmes shall specify the criteria and conditions for the selection and, in case demand exceeds funding resources under national allocations, for the prioritisation of projects, taking into account the relevant criteria laid down by Regulation (EU) .../... [Regulation on establishment of a framework to facilitate sustainable investment], the project’s ability to meet the objectives and needs identified in the territorial just transition plans, the contribution to climate transition, the cost efficiency of the project, the overall objective of promoting regional and territorial convergence and the grant’s contribution to the viability of projects.
Amendment 274 #
2020/0100(COD)
Proposal for a regulation
Article 18 – paragraph 1 a (new)
Article 18 – paragraph 1 a (new)
1 a. Finance partners shall disclose all relevant information on each project that is either rejected or financed and make that information publicly available on their website. Information to be made publicly available under the first sentence shall not contain commercially sensitive information or personal data that are not to be disclosed under the Union data protection rules.
Amendment 44 #
2020/0066(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point -1 (new)
Article 1 – paragraph 1 – point -1 (new)
Regulation (EU) No 575/2013
Article 36 – paragraph 4 – subparagraph 1 a (new)
Article 36 – paragraph 4 – subparagraph 1 a (new)
(-1) In Article 36, the following subparagraph is inserted after the first subparagraph: “The EBA should make every effort to deliver the mandate within this deadline and justify to the European Parliament any delay. The EBA shall ensure that the calibration and methodologies envisaged by the draft regulatory technical standards do not undermine the objective of paragraph (1) of this Article for a meaningful level of exemption from deductions of prudently valued software assets.”
Amendment 110 #
2020/0066(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
Regulation (EU) 2019/876
Article 3 – paragraph 3a – points c a and c b (new)
Article 3 – paragraph 3a – points c a and c b (new)
(ca) Article 429a, as regards the discretion to temporarily exclude certain exposures from the leverage ratio, subject to the relevant central bank allowed to declare that exceptional circumstances exist no sooner than [6] months before the date of the declaration. (cb) point (117), as regards the provisions on allowing banks to net cash receivables and payables for unsettled trades, where they are settled through a delivery versus payment, or equivalent, settlement system circumstances laid down in Article 429g of Regulation (EU) No 575/2013;
Amendment 31 #
2019/2211(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the improvement in the economic situation and low interest rates provide an opportunity to implement ambitious reforms, in particular measures aimed at encouraging public investment to tackle climate change and its social consequences and create full-time jobstructural reforms;
Amendment 46 #
2019/2211(INI)
Motion for a resolution
Recital B
Recital B
Amendment 60 #
2019/2211(INI)
Motion for a resolution
Recital C
Recital C
Amendment 83 #
2019/2211(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes that, in view of the climate change emergency, the EU’s Annual Growth Survey (AGS) has now been renamed the Annual Sustainable Growth Survey (ASGS), and considers that this implies a change in the positioning of the report and the implementation of ecological indicators;
Amendment 93 #
2019/2211(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
Amendment 111 #
Amendment 117 #
2019/2211(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Considers achieving a fair transition to climate neutrality to be a major responsibility for the EU’s citizens and economy and its role in the world; calls for appropriate support and policies, with involvement for and of the public, the various sectors, regions and Member States with a view to benefiting from this transformation and making it a success; calls on the Commission to undertake an annual evaluation of the Union’s ecological debt, carbon budget and imported emissions;
Amendment 145 #
2019/2211(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Is concerned that post-crisis investment has been on a downward path in the EU in spite of historically low interest rates, currently standing at 3.4 %, with overall infrastructure investment now at about 75 % of its pre-crisis level; whereas 80 % of the shortfall is the result of cutbacks in the public sector, which have occurred particularly in countries subject to adverse macroeconomic conditions and the more severe fiscal constraints imposed on disadvantaged regions already characterised by poor infrastructure quality and weak socio- economic outcomes, but also, and surprisingly, in countries with a large fiscal space;
Amendment 154 #
2019/2211(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Emphasises that Member States must increase productivity through productive investments that can stimulate much-needed potential economic growth;
Amendment 155 #
2019/2211(INI)
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5 b. Stresses that intra-European foreign direct investment can lead to productivity gains for both the investing firm and local firms in the host regions, and helps generate economic convergence within Europe; considers that clear and enforceable rules, a level playing field and reduced compliance costs are crucial factors for attracting investment, a key component of the EU Single Market that delivers economic growth, creates jobs and secures prosperity for our citizens;
Amendment 156 #
2019/2211(INI)
Motion for a resolution
Paragraph 5 c (new)
Paragraph 5 c (new)
5 c. Highlights the urgent Need for a fully-fledged capital markets union, as better integrated financial markets could provide for further private risk-sharing and risk-reduction mechanisms, facilitate cross-border investments and access to finance for SMEs and the real economy, and promote sustainable investments
Amendment 157 #
2019/2211(INI)
Motion for a resolution
Paragraph 5 d (new)
Paragraph 5 d (new)
5 d. Considers that reforms removing disproportionate red tape to investments would both facilitate economic activity and create conditions conducive to long- term growth;
Amendment 158 #
2019/2211(INI)
Motion for a resolution
Paragraph 5 e (new)
Paragraph 5 e (new)
5 e. Stresses that increasing productivity growth requires investment in skills, innovation, Automation, digitalisation, R&D, sustainable mobility and infrastructure, and emphasises the need to invest in both physical and human capital, and thereby calls on the Member States to ensure equal access to lifelong education, upskilling and retraining to best prepare our citizens to face the challenges of the Digital age;
Amendment 159 #
2019/2211(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 175 #
2019/2211(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 192 #
2019/2211(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 207 #
2019/2211(INI)
Motion for a resolution
Subheading 4
Subheading 4
Amendment 213 #
2019/2211(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. SharesTakes note of the concern expressed in others of the EFB European Fiscal Boards’s conclusions regarding the pro- cyclical elements in the EU fiscal rules, which forced Member S; tatkes to adjust their economies in a poor or difficult economic situation, failing to improve the quality of public finance and promote investment; welcomes the EFBnote of the European Fiscal Board’s recommendation of a seven-year cycle mirroring the MFFulti-Annual Financial Framework so as to better coordinate Member States’ public accounts, and especially investmentregarding investment, thus helping them attain much-needed converge;
Amendment 218 #
2019/2211(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that the debt levels of all the Member States are above the pre-crisis level and are expected to exceed 60 % in 2021; further notes that in six Member States the ratio will be higher than 90 %; highlights the fact that the fiscal rules have not contributed to bringing down the debt levels of highly indebted countries but have, rather, increased them;
Amendment 229 #
2019/2211(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Supports flexibility in the implementation of the SGP as proposed by the Commission in 2015; considers that much more flexibility should be introduced in order to boost investment and ecological transition in the EU; calls, therefore, for the reform of the SGP and the introduction of a euro area fiscal capacityArgues that the SGP process has to be accompanied by rules that avoid pro- cyclicality and incentivize countercyclical policy measures;
Amendment 242 #
2019/2211(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 253 #
Amendment 273 #
2019/2211(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Is concerned that the low interest rates during a long growth period will lead to misperception about the high burden of indebtedness for future generations.
Amendment 278 #
2019/2211(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Recalls the importance of the efficient regulation of the banking and financial sectors in order to prevent a new crisis; believes that such regulation must integrate the ecological situation; emphasises the importance of completing the Banking Union and the need to reform the European Stability Mechanism;
Amendment 293 #
2019/2211(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15 a. Points out that macro-financial stability and sound public finances remain a precondition of sustainable growth;
Amendment 295 #
2019/2211(INI)
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15 b. Calls for those Member Stateswith high levels of deficits and public debt to undertake continuous efforts to reduce them; acknowledges the efforts made by a number of Member States to consolidate their public finances, but regrets the fact that some have missed the opportunity to carry out the necessary reforms;
Amendment 299 #
2019/2211(INI)
Motion for a resolution
Paragraph 15 c (new)
Paragraph 15 c (new)
15 c. Welcomes that some Member States with good fiscal space have consolidated even further;
Amendment 300 #
2019/2211(INI)
Motion for a resolution
Paragraph 15 d (new)
Paragraph 15 d (new)
15 d. Urges the Member States to build appropriate fiscal Buffers;
Amendment 301 #
2019/2211(INI)
Motion for a resolution
Paragraph 15 e (new)
Paragraph 15 e (new)
Amendment 302 #
2019/2211(INI)
Motion for a resolution
Paragraph 15 f (new)
Paragraph 15 f (new)
15 f. Welcomes the Commission’sefforts to encourage those Member States with current account deficits or high external debt to improve their competitiveness;
Amendment 303 #
Amendment 316 #
2019/2211(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls for the systematic inclusion of tax matters in the Country Specific Recommendations (CSRs), with the aim of ensuring economic coherence across EU Member States as well as the fairness of EU tax systems; believes that the CSRs could ensure a fair balance between sources of revenue and should also include innovative elements aiming at promoting the Green Deal; further believes that they should also support Member States in tackling tax avoidance and aggressive tax planning;
Amendment 339 #
Amendment 349 #
2019/2211(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
Amendment 357 #
2019/2211(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
Amendment 365 #
2019/2211(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 371 #
2019/2211(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 378 #
2019/2211(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 384 #
2019/2211(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
Amendment 397 #
2019/2211(INI)
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25 a. Recalls that the degree of implementation of the country-specific recommendations is too low; believes that the focus of the European Semester should be on national ownership; urges national and regional parliaments to debate country reports andcountry- specific recommendations and to engage with the relevant actors; Points out that a more streamlined and more focused European Semester could increase ownership;
Amendment 399 #
2019/2211(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
Amendment 407 #
2019/2211(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
Amendment 11 #
2019/2136(INI)
Motion for a resolution
Recital A
Recital A
A. whereas Parliament has a duty and responsibility to exercise its democratic oversight of the common foreign and security policy (CFSP) and common security and defence policy (CSDP) and should have theffective means to fulfil this role;
Amendment 29 #
2019/2136(INI)
Motion for a resolution
Recital E
Recital E
E. whereas the world is facing a global shift of powers with geopolitical competition being a leading trend in foreign politics that requires quick and adequate response mechanisms; whereas the EU is largely absent in this global shift of powers and geopolitical competition due to a lack of unity among its Member States;
Amendment 76 #
2019/2136(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Recalls that at a moment when competing powers are increasingly challenging the rules-based global order, we, as Europeans, must defend multilateralism, free and fair trade, international law, democracy, and human rights;
Amendment 100 #
2019/2136(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Reiterates the urgent need to strengthen the EU’s resilience and independence by reinforcing a CFSP which promotes peace, security, human rights and fundamental freedoms in Europe and throughout the world; believes that this reinforced CFSP should include traditional soft power but also a strong European defence capacity, an effective sanctions policy and cross-border anti- terrorism cooperation;
Amendment 111 #
2019/2136(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Believes that the European Union needs to take on a global responsible and tangible leadership role and unlock its political potential to think and act like a geopolitical power while defending and promoting its common values and interests in the world; reaffirms the need to secure ‘EU strategic autonomy’; fully supports the Commission President’s decision to transform the EU’s executive branch into a ‘geopolitical commission’; that will systematically address external action matters; welcomes the commitment of the future HRVP to coordinate the external dimensions of the Commission’s action and to ensure a better link between internal and external aspects of our policies;
Amendment 177 #
2019/2136(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Underlines that the European Union can only deliver its full potential when speaking with one voice and when decision-making is shifted step by step from the national to the supranational level, taking full advantage of the possibilities offered by the EU treaties, institutions and their procedures; stresses that the European Union should use all available means to achieve this goal, including those offered by parliamentary diplomacy;
Amendment 194 #
2019/2136(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Calls for the more effective and comprehensive sharing of information by the Commission and the European External Action Service (EEAS) to enable Parliament to exercise its scrutiny role in an efficient and timely manner, including in the field of the CFSP; welcomes the commitment of the future HRVP to better and sooner inform, involve and consult Parliament on the fundamental choices of the CFSP;
Amendment 244 #
2019/2136(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Encourages the EU to further prioritise conflict prevention and mediationBelieves that conflict prevention and mediation as well as the peaceful resolution of protracted conflicts, notably in the EU's immediate neighbourhood, should be a priority in the coming years; underlines that this approach delivers a high degree of EU added value in political, social, economic and security terms; recalls that conflict prevention and mediation activities help to assert the presence and credibility of the EU on the international scene; highlights Parliament’s valuable contribution in the field of mediation and dialogue, especially in the Western Balkan and Eastern Partnership countries, and calls for the further development of interinstitutional cooperation on mediation;
Amendment 295 #
2019/2136(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Believes that qualified majority voting (QMV) cwould make the EU’s foreign and security policy more effective and would speed up the decision-making process; calls on the Council to make regular use of QMV in the cases envisaged in Article 31(2) of the TEU and calls on the European Council to take up this initiative by making use of the ‘passerelle clause’ contained in Article 31(3) of the TEU; encourages the Council to consider extending QMV to other areas of the CFSP;
Amendment 330 #
2019/2136(INI)
23. Recalls that climate change impacts all aspects of human life, including by increasing the likelihood of conflicts and violence; stresses that climate security concerns should be integrated throughout the foreign policy portfolio; underscores the fact that the EU should develop capacities to monitor climate change- related risks, which should include conflict sensitivity and crisis prevention policies; underlines the need to develop a comprehensive approach to climate change and security; stresses the value of climate diplomacy in this regard;
Amendment 343 #
2019/2136(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Stresses that strengthening substantial relations with East and Southeast Asia is essential to the EU's rules-based, comprehensive and sustainable Connectivity Strategy; takes note of the military build-up in the region and calls for all parties involved to respect the freedom of navigation, to solve differences through peaceful means and to refrain from taking unilateral actions to change the status quo, including in the East and South China Seas and the Taiwan Strait; expresses concern that foreign interferences from autocratic regimes through disinformation and cyber-attacks on the upcoming general elections threaten Asian democracies and regional stability; reiterates its support for Taiwan’s meaningful participation in international organisations, mechanisms and activities;
Amendment 348 #
2019/2136(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Calls on the EU Member States to make multilateral nuclear disarmament an EU foreign and security policy priority; believes that the EU must continue its efforts to keep the Iran nuclear deal alive;
Amendment 385 #
2019/2136(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Recognises the important role of the civil and military missions that form part of the CSDP in maintaining peace, avoiding conflicts and strengthening international security; believes that new instruments such as the European Peace Facility could enhance solidarity and burden-sharing between Member States when it comes to contributing to CSDP operations and could more generally help increase the effectiveness of the EU’s external action;
Amendment 394 #
2019/2136(INI)
Motion for a resolution
Paragraph 28 a (new)
Paragraph 28 a (new)
28a. Stresses that the terrorist threat remains present both in Europe and beyond; strongly believes that the fight against terrorism should remain a priority for the EU in the coming years; calls on the new European Commission to present a European action plan against terrorism;
Amendment 58 #
2019/2135(INI)
4 a. Stresses that strengthening substantial relations with East and Southeast Asia is essential to the EU's rules-based, comprehensive and sustainable Connectivity Strategy; takes note of the military build-up in the region and calls for all parties involved to respect the freedom of navigation, to solve differences through peaceful means and to refrain from taking unilateral actions to change the status quo, including in the East and South China Seas and the Taiwan Strait; expresses concern that foreign interferences from autocratic regimes through disinformation and cyber-attacks on the upcoming general elections threaten Asian democracies and regional stability; reiterates its support for Taiwan’s meaningful participation in international organisations, mechanisms and activities;
Amendment 53 #
2019/2130(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Recalls the progress made regarding the implementation of the Banking Union, namely on risk reduction; stresses, however, that further progress has to be made, particularly on before risk sharing makes sense;
Amendment 68 #
2019/2130(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the support of the [incoming] President of the European Commission and the President of the ECB for the completion of the Banking Union and, more globally, the Economic and Monetary Union, through the creation of a fiscal capacity designed to provide the euro area with an adequate stabilisation function;
Amendment 82 #
2019/2130(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Recalls that the negative interest rates in the euro area create costs to banks and savers, especially if they avoid riskier investment classes, which is especially the case in many small banks;
Amendment 87 #
2019/2130(INI)
4. Notes that bank profitability has increased steadily since 2012, with return on equity surpassing 6 % since 2017; underlines that the low risk and low interest rate environment has resulted in lower costs for provisions and losses; recalls the need to continuously evaluate the levels of financing to the economy and particularly to SMEs, which includes the effects of a decentralized banking system on the financing opportunities of SMEs;
Amendment 96 #
2019/2130(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Underlines the crucial role of the banking sector in channelling funding into sustainable investments and enabling the transition to a climate-neutral economy;
Amendment 114 #
2019/2130(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Restates the importance of a market driven safe asset in the euro area as a way to help stabilise financial markets and allow banks to reduce the exposure of their balance sheets to national sovereign debt; calls on the Commission to submit a legislative proposal for the creation of a true European safe asset;
Amendment 157 #
2019/2130(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that the ratio of non- performing loans (NPLs) held by significant institutions has fallen by more than half from the start of ECB banking supervision, in November 2014, to June 2019; underlines the need to protect customers’ rights in the context of NPL transactions;
Amendment 261 #
2019/2130(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21 a. Notes that to avoid wrong incentives and to follow the principle of subsidiarity, national responsibility must continue to be a central element and that therefore European reinsurance schemes can only be called for when national resources have been exhausted;
Amendment 274 #
2019/2130(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. UrgeRequests the completion of the Banking Union through the creation of a fully mutualised EDISEuropean Deposit Reinsurance Scheme, to protect depositors against banking disruptions and to ensure confidence among depositors and investors across the Banking Union; welcomes the support of the [incoming] President of the Commission and the President of the ECB for the establishment of EDIShile allowing for exceptions for functioning institutional guarantee systems;
Amendment 28 #
2019/2129(INI)
Motion for a resolution
Recital F
Recital F
F. whereas a stronger role of the euro, and its increased use as a reserve currency, would increase the EU’s ability to frame its policy stance independently vis-à-vis the US and the Federal Reserve and would ultimately provide protection from the risk of an uncooperative US approach;
Amendment 46 #
2019/2129(INI)
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas Economic Areas that have low interest rates for a long time tend to have low growth rates and big Problems with "Zombie firms";
Amendment 50 #
2019/2129(INI)
Motion for a resolution
Recital H b (new)
Recital H b (new)
Hb. whereas the ECB stopped issuing 500 EUR bank notes in April 2019;
Amendment 87 #
2019/2129(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
Amendment 98 #
2019/2129(INI)
Motion for a resolution
Paragraph 5 – indent 1
Paragraph 5 – indent 1
Amendment 105 #
2019/2129(INI)
Motion for a resolution
Paragraph 5 – indent 2
Paragraph 5 – indent 2
Amendment 118 #
2019/2129(INI)
Motion for a resolution
Paragraph 5 – indent 3 a (new)
Paragraph 5 – indent 3 a (new)
- The respect of a market-driven economy that refrains from protectionism;
Amendment 119 #
2019/2129(INI)
Motion for a resolution
Paragraph 5 – indent 3 b (new)
Paragraph 5 – indent 3 b (new)
- The respect of the rule of law;
Amendment 125 #
2019/2129(INI)
Motion for a resolution
Paragraph 5 – indent 4
Paragraph 5 – indent 4
Amendment 128 #
2019/2129(INI)
Motion for a resolution
Paragraph 5 – indent 4 a (new)
Paragraph 5 – indent 4 a (new)
- No negative interest rates, as it makes the currency less likely to be used as a liquidity reserve;
Amendment 153 #
2019/2129(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Notes that low interest rates have led to a reduced pressure on Member States to implement structural reforms and thus are a key reason for the lack of Reforms in several Member States;
Amendment 155 #
2019/2129(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Underlines the need to monitor the impact that the current monetary policy stance might have on asset prices;
Amendment 158 #
2019/2129(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Notes that the negative effects on banks’ net interest income have been counterbalanced so far by the benefits from more bank lending and lower costs for provisions and locreates big problems especially for small banks that refrain from investing in riskier asset classes;
Amendment 163 #
2019/2129(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Underlines that a key reason for many economic crisis has been a negative real interest rate in the time before the crisis, and therefore notes that the negative real interest rates might contribute to asset price bubbles;
Amendment 167 #
2019/2129(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines that while very low or negative interest rates offer opportunities to consumers, workers and borrowers, who can benefit from stronger economic momentum, lower unemployment and lower borrowing cosit creates huge problems for small savers, pension systems and people saving for their retirements;
Amendment 176 #
2019/2129(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Underlines that cash is still an important payment method and thus calls the ECB to not ban cash payments and to continue to issue all current bank notes including the 200 EUR notes;
Amendment 179 #
2019/2129(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 191 #
2019/2129(INI)
10a. Notes that due refraining from increasing interest rates during boom times, the ECB is limited in the options to reduce interest rates in bust times.
Amendment 231 #
2019/2129(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 264 #
2019/2129(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Calls on the ECB to monitor and quantify the negative side effects of its open market policy and negative interest rate policy;
Amendment 293 #
2019/2129(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Recalls that the nominations of Executive Board members should be prepared carefully, with full transparency and together with Parliament in line with the Treaties; calls on the Council to draw up a gender-balanced shortlist for all current and upcoming vacancies and to share it with Parliament, thus allowing it to play a more meaningful advisory role in the appointment process; regrets that to date no satisfactory progress has been madhire the most qualified people no matter which gender they are;
Amendment 7 #
2019/2126(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Highlights the importance of the activities of the European Investment Bank (EIB) to increase the current levels of investment in the EU, which are below historical averages and insufficient to fulfil the EU’s sustainability, social, economic and innovation ambitions; stresses that in order to achieve these ambitions, more risk- taking by the EIB may be necessary in parallel to increasing equity and the development of expertise in innovative funding instruments; calls for adequate capitalisation of the EIB to allow for the use of innovative instruments in the financing of projects with substantial potential sustainability, social and innovation gains in the financing of projects with substantial potential sustainability, social, economic, competitiveness and innovation gains;emphasizes the impact and additionalityof EIB to investments across the EU and appreciates its openness to cooperation with partners stated in their 2019 operational plan;
Amendment 22 #
2019/2126(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Welcomes the commitment by the Commission President-elect to turn sections of the EIB into a climate bank, and the commitments from the EIB President to increase the share of EIB financing for climate action and environmental sustainability to at least 50 % by 2025 and to align all EIB financing activities with the goals of the Paris Agreement by the end of 2020 and the principles of the upcoming EU Green Deal; calls on the Commission to present an ambitious new European Sustainable Investment Plan, including additional financial commitments, as soon as possible, and to fully support the EIB in its sustainability ambitions;
Amendment 39 #
2019/2126(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Stresses that the key quantitative target of the European Fund for Strategic Investments (EFSI) of mobiliszing EUR 500 billion of additional private and public investment should be replaced by measurable targets on sustainability and social impact in future investment strategies; calls on the EIB to increase the share of EFSI and InvestEU financing to projects that substantially contribute to the EU’s sustainability and social objectiveare framed under either or both sustainability and infrastructure and social investment and skills windows; calls on the Commission to ensure that InvestEU’s sustainability-proofing methodologies are fully consistent with the EU’s sustainability objectives and that social projects evaluation criteria take into account the principles of the European Pillar of Social Rights;
Amendment 49 #
2019/2126(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Emphasizes the key role that EIB plays in EU’s objective to compete in global economy through enhanced innovation and further adoption of digital technologies; calls on the EIB to further promote and provide financial support for investment in digital technologies, digital skills of employees and entrepreneurs, digital infrastructure and capacity- building for entities that require support throughout the digitalization process;
Amendment 52 #
2019/2126(INI)
Draft opinion
Paragraph 4 b (new)
Paragraph 4 b (new)
4 b. Takes note of the results of the EIB investment report 2019/2020 with regards to the SMEs and mid-caps finance; stresses the need to develop increased efforts and methods to facilitate access to finance for SMEs and mid-caps across the EU territory and welcomes in this sense the EIB role in the SMEs window budget guarantee of the InvestEU Fund; calls on the EIB to continue and improve its work to tackle barriers to the entry and growth of young SMEs, mid- caps, start-ups and scale-ups and the disparities across countries in the external financing for EU small businesses;
Amendment 65 #
2019/2126(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Calls on the EIB group to be more transparent about its economic operations, its use of the EU budget guarantee, the additionality of EIB operations and on possible future plans for a development subsidiary at the EIB, and for the EIB group to improve its accountability on these issues; calls on the EIB to further communicate and promote through their liaison offices in the Member States its instruments to national and local public and private actors; calls for a memorandum of understanding between the EIB and Parliament to improve access to EIB documents and data related to strategic orientation and financing policies in the future in order to strengthen the Bank’s accountability.
Amendment 29 #
2019/2110(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas in 2018 only 2.8 % of country specific recommendations have been fully implemented by Member States, 36.6 % have made at least some progress but 60.6 % have not been implemented or only with limited progress;
Amendment 49 #
2019/2110(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Agrees that effective structural reforms, accompanied by well-targeted investments and responsible fiscal policies, continue to provide a successful compass for preparing the EU for its future and present challenges such as strengthening competitiveness while transitioning to a low carbon economy; the digitalization of our societies, the development of research & innovation; the growth of the labour market based on high quality jobs skills and continuing professional training;
Amendment 116 #
2019/2110(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Underlines that reforms which increase competition in product markets, promote resource efficiency, safeguard the long-term sustainability of care and pension systems, promote a better access to finance for SMEs, spin off and start- ups; improve the business environment, as well as quality of institutions, including an effective justice system, and quality and efficiency of tax collection, are essential for achieving greater economic resilience for the euro area and Member States; emphasises in this context the importance of the single market and the need for its further deepening;
Amendment 128 #
2019/2110(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Shares the view that structural and institutional features of labour and product markets and well-functioning public administrations are crucial; underlines the importance of removing disincentives to work to integrate more people in the workforce, particularly for low skilled workers, older workers, women, people with disabilities and people with a migrant background;
Amendment 150 #
2019/2110(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on Member States to support and implement EU actions to combat Aggressive Tax Planning, tax evasion, financial crime, money laundering, and social dumping;
Amendment 178 #
2019/2110(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
Agrees that the economic upswing needs to be supported by public and private investment, particularly in innovationeducation, research and innovation, the digital transition as well as sustainable transport, and energy solutions, and notes that there is still an investment gap in the euro area; welcomes the fact that in some Member States investments already exceed the pre- crisis level, and regrets that in others investment is still lagging behind or is not picking up at the necessary speed;
Amendment 191 #
2019/2110(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Underlines the importance to develop a balanced macroeconomic policy in order to reduce social and economic disparities within the European Union; to implement the Paris agreement and to promote an inclusive society;
Amendment 227 #
2019/2110(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Regrets that 60 % of CSRs in 2018 have not been implemented or only with limited progress; underlined that the CSR implementation record in 2018 is worse than in 2017;
Amendment 211 #
2018/0063A(COD)
Proposal for a directive
Recital 2
Recital 2
(2) An integrated financial system will enhance the resilience of the Economic and Monetary Union to adverse shocks by facilitating private cross-border risk- sharing, while at the same time reducing the need for public risk-sharing. In order to achieve these objectives, the Union should complete the Banking Union and further develop a Capital Markets Union (CMU). Addressing high stocks of NPLs and their possible future accumulation is essential to completstrengthening the Banking Union as it is essential for ensuring competition in the banking sector, preserving financial stability and encouraging lending so as to create jobs and growth within the Union.
Amendment 213 #
2018/0063A(COD)
Proposal for a directive
Recital 3
Recital 3
(3) In July 2017 the Council in its "Action Plan to Tackle Non-Performing Loans in Europe"25 called upon various institutions to take appropriate measures to further address the high number of NPLs in the Union and to avoid long-run increases of NPLs in the future. The Action Plan sets out a comprehensive approach that focuses on a mix of complementary policy actions in four areas: (i) bank supervision and regulation (ii) reform of restructuring, insolvency and debt recovery frameworks, (iii) developing secondary markets for distressed assets, and (iv) fostering restructuring of the banking system. Actions in these areas are to be taken at national level and at Union level where appropriate. The Commission announced a similar intention in its "Communication on completing the Banking Union" of 11 October 201726 , which called for a comprehensive package on tackling NPLs within the Union. _________________ 2511/07/2017, http://www.consilium.europa.eu/en/press/p ress-releases/2017/07/11/conclusions-non- performing-loans/pdf. 26Communication to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions on completing the Banking Union, COM(2017) 592 final, 11.10.2017.
Amendment 229 #
2018/0063A(COD)
Proposal for a directive
Recital 12 a (new)
Recital 12 a (new)
(12a) There are currently no common minimum standards at European level to regulate credit servicing activities. Moreover, no common standards are currently laid down to regulate the activities related to debt collection.
Amendment 234 #
2018/0063A(COD)
Proposal for a directive
Recital 16 a (new)
Recital 16 a (new)
(16a) Similarly, the Directive does not affect the restrictions in national laws regarding transfer of creditor´s rights under a non-performing credit agreement or the credit agreement itself that is not terminated in accordance with national civil law with the effect that all amounts payable under the credit agreement become immediately due, where this is required for the transfer to an entity outside the banking system. This way, there will be Member States where, taking into account the national rules, the acquisition of non-performing credit agreements that are not past due, are less than 90 days past due or are not terminated in accordance with national civil law by non-regulated creditors will remain limited. It is open to Member States to regulate the transfer of performing credit agreements, including by imposing requirements equivalent to those under this Directive.
Amendment 263 #
2018/0063A(COD)
Proposal for a directive
Article 1 – paragraph 1 – point a
Article 1 – paragraph 1 – point a
(a) credit servicers acting on behalf of a credit institution or a credit purchaser in respect of aof creditor's rights under a non-performing credit agreement or of the non-performing credit agreement itself issued by a credit institution or by its subsidiariesestablished in the Union, who act on behalf of a credit institution or a credit purchaser;
Amendment 270 #
2018/0063A(COD)
Proposal for a directive
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
This Directive relates to non-performing credit agreements only. Creditors shall not be allowed to transfer to third parties performing credit agreements concluded with consumers.
Amendment 281 #
2018/0063A(COD)
Proposal for a directive
Article 2 – paragraph 3 a (new)
Article 2 – paragraph 3 a (new)
3a. This Directive shall not affect the restrictions in the Member States' national laws regarding the transfer of creditor’s rights under a non-performing credit agreement that is not past due, or is less than 90 days past due or is not terminated in accordance with national civil law, or the transfer of such a non- performing credit agreement.
Amendment 285 #
2018/0063A(COD)
Proposal for a directive
Article 2 – paragraph 4 – point a
Article 2 – paragraph 4 – point a
(a) the servicing of a credit agreement carried out by a credit institution established in the Union or its subsidiaries established in the Union; an AIFM as defined in point (b) of Article 4(1) of Directive2011/61/EU; a management company as defined in point (b) of Article 2(1) in Directive 2009/65/EC; or an investment firm as defined in point (1) of Article 4(1) of Directive 2014/65/EU;
Amendment 300 #
2018/0063A(COD)
Proposal for a directive
Article 3 – paragraph 1 – point 8 – point e a (new)
Article 3 – paragraph 1 – point 8 – point e a (new)
(ea) handles any activities related to debt collection;
Amendment 315 #
2018/0063A(COD)
Proposal for a directive
Article 5 – paragraph 1 – point b – introductory part
Article 5 – paragraph 1 – point b – introductory part
(b) where the applicant is a legal person, the members of its management or administrative organ and the persons who hold qualifying holdings in the applicant, within the meaning of point (36) of Article 4(1) of Regulation (EU) No 575/2013, or where the applicant is a natural person, shall have the followre of sufficiently good repute by proving ctharacteristicst they:
Amendment 316 #
2018/0063A(COD)
Proposal for a directive
Article 5 – paragraph 1 – point b – point i
Article 5 – paragraph 1 – point b – point i
(i) are of sufficiently good reputehave a clean police record or other national equivalent in relation to serious criminal offences relating to property, to financial activities, money laundering, fraud, tax crimes, violation of professional secrecy or to physical integrity;
Amendment 319 #
2018/0063A(COD)
Proposal for a directive
Article 5 – paragraph 1 – point b – point ii
Article 5 – paragraph 1 – point b – point ii
(ii) have a clean police record or other national equivalent in relation to serious criminal offences relating to property, to financial activities or to physical integrityare not subject to any on-going insolvency procedure or have previously been declared bankrupt unless reinstated in accordance with national law;
Amendment 320 #
2018/0063A(COD)
Proposal for a directive
Article 5 – paragraph 1 – point b – point iii
Article 5 – paragraph 1 – point b – point iii
(iii) are not currently subject to any insolvency procedure or have previously been declared bankrupt unless reinstated in accordance with national law;the management, taken as a whole, has adequate knowledge and experience to conduct the business in a competent and responsible manner.
Amendment 341 #
2018/0063A(COD)
Proposal for a directive
Article 7 – paragraph 1 – point c
Article 7 – paragraph 1 – point c
(c) has ceased to engage in the activities of a credit servicer for more than six monthsone year;
Amendment 353 #
2018/0063A(COD)
Proposal for a directive
Article 9 – paragraph 2 – point d a (new)
Article 9 – paragraph 2 – point d a (new)
(da) a clause requiring the fair and diligent treatment of the borrowers.
Amendment 394 #
2018/0063A(COD)
Proposal for a directive
Article 13 – paragraph 1
Article 13 – paragraph 1
Amendment 415 #
2018/0063A(COD)
Proposal for a directive
Article 19 – paragraph 1
Article 19 – paragraph 1
1. Member States shall require a credit purchaser or, where applicable, its representative designated in accordance with Article 17, that transfers a credit agreement to anoWhen a credit purchaser transfers a creditor’s rights under a non-performing credit agreement or the non-performing credit agreements itself to another credit purchaser, Member States shall require the appointed credit servicer to inform the competent authorities of the home Member State on a quarterly basis for each transfer about the new credit purchaser’s legal entity identifier (LEI) or where such identifier does not exist about: (i) the identity of the new credit purchaser or members of the new purchaser's management or administrative organ and the persons who hold qualifying holdings in the new purchaser within the meaning of point (36) of Article 4(1) of Regulation (EU) No 575/2013; and (ii) the address of the new purchaser. Additionally, on an aggregated level, ther credit purchaser toshall inform the competent authorities referred to in Article 18(1) of the transfat least the following: (a) the aggregated outstanding balance of the creditor’s rights under the non- performing credit agreements or of the non-performing credit agreements transferred; (b) the number and size of the creditor’s rights under, the identity and address of the new credit purchaser and, where applicable, its representative designated in accordance with Article 17non-performing credit agreements or of the non-performing credit agreements transferred; (c) on whether the transfer includes creditor’s rights under non-performing credit agreements or non-performing credit agreements concluded with consumers and the types of assets securing them, when applicable.
Amendment 458 #
2018/0063A(COD)
Proposal for a directive
Article 34
Article 34
Amendment 462 #
2018/0063A(COD)
Proposal for a directive
Article 34 – paragraph 1 – point a
Article 34 – paragraph 1 – point a
(a) a clear and comprehensive description of the proposed changes;
Amendment 464 #
2018/0063A(COD)
The provision of information to individuals about the processing of personal data and the processing of such personal data and any other processing of personal data for the purposes of this Directive shall be carried out in accordance with Regulation (EU) 2016/679 and with Regulation (EC) No 45/2001. Debt collection is a legal ground for data storing and processing.
Amendment 21 #
2015/0270(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) Although Directive 2014/49/EU significantly improves the capacity of national schemes to compensate depositors, more efficient deposit guarantee arrangements are needed at the level of the Banking Union to ensure sufficient financial means to underpin the confidence of all depositors and thereby safeguard financial stability. EDIS would increase the resilience of the Banking Union against future crises by sharing risk more widely and would offer equal protection for insured depositors, supporting the proper functioning of the internal market. In order to limit the risk born by deposit holders, any form of EDIS should be linked to concrete risk-reducing measures such as the introduction of risk-weighted capital requirements to sovereign exposure;
Amendment 33 #
2015/0270(COD)
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14a) The scope of EDIS should not, at any time, cover entities that are members of institutional protection schemes as referred to in Article 113(7) of Regulation 575/2013. Including IPS within the scope of EDIS could lead to conflicts and legal uncertainty as regards contractual obligations of respective entities. Additionally, any new Union legislation should respect the integrity of systems that function without Union intervention.
Amendment 112 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 806/2014
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
2a. Any institution that falls within the scope of Article 113(7) of Regulation (EU) No 575/2013 (Capital Requirements Regulation) shall be excluded from the scope of this Regulation.
Amendment 313 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 39 a (new)
Article 1 – paragraph 1 – point 39 a (new)
Regulation (EU) No 806/2014
Article 94 – paragraph 3 a (new)
Article 94 – paragraph 3 a (new)
39a. in Article 94, the following paragraph is added: ‘3a. By 31 December eight years after entry into force of this amending Regulation the Commission shall review the functioning of EDIS I. The review shall be limited to the following: (a) the adequacy of funding mechanism and target level of EDIS I and the cases of use of the liquidity mechanism; (b) the appropriateness of an extension of EDIS I from providing liquidity support to deposit insurance mechanisms. (c) the appropriateness of introducing a publicly funded backstop mechanism or the DIF. The Commission shall submit a report to the European Parliament and the Council. Where appropriate the review shall be accompanied with a legislative proposal. The review shall not assess the scope of measures financed by EDIS I under article 41a and the entities referred to in Article 2(2), point (b)';