3 Amendments of Luis GARICANO related to 2020/2036(INI)
Amendment 64 #
Motion for a resolution
Recital C e (new)
Recital C e (new)
Amendment 201 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses the need for European and national supervisory authorities to overcome their differences; calls for supervisory convergence to promote a common European model, guided by the European Securities and Market Authority (ESMA), to reducework in close cooperation, particularly as regards supervisory consistency and information sharing; calls for changes to the ESMA Regulation ensuring that ESMA can directly and decisively act and step in where national supervisory authorities fail to effectively perform their duty of ensuring the prevention of preventing serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the Union; strongly calls on the Commission to present an ambitious reform of the governance of the ESMA, including the appointment of independent Directors in the Management Board, with enhanced powers on supervisory convergence for cross-border activities, direct supervision and on the prevention against serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the Union; notes that the limited impact of supervisory convergence in promoting a common European model should lead to empowering the European Securities and Market Authority (ESMA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Banking Authority (EBA), with a stronger role in reducing the existing obstacles to cross-border financial operations;
Amendment 327 #
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;