1084 Amendments of Luis GARICANO
Amendment 14 #
2022/2006(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the Council, the Commission and the Eurogroup should remain accountable to the European Parliament throughout all stages of the European Semester process for it to benefit from a high level of democratic legitimacy and transparency;
Amendment 155 #
Amendment 157 #
2022/2006(INI)
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8b. Highlights the work of the European Parliament´s Working Group on the scrutiny of the Recovery and Resilience Facility, a novel structure to monitor the implementation of the EU´s recovery funds;
Amendment 158 #
2022/2006(INI)
Motion for a resolution
Paragraph 8 c (new)
Paragraph 8 c (new)
8c. Invites the Commission to keep both co-legislators equally well informed on all aspects relating to the application of the EU economic governance framework, including on its preparatory stages;
Amendment 159 #
2022/2006(INI)
Motion for a resolution
Paragraph 8 d (new)
Paragraph 8 d (new)
8d. Calls to enhance the European Stability Mechanism´s accountability towards the European Parliament;
Amendment 170 #
2022/2006(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Reiterates the need for the completion of the Banking Union, with the appropriate safeguards, in order to reduce the risk of a return of the "doom loop" that led to the financial crisis, ensure a level playing field, promote fair competition, facilitate the expansion of pan-European banking and reinforce the stability of the euro area as a whole;
Amendment 176 #
2022/2006(INI)
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9b. Highlights the benefits that a fully- fledged capital markets union would bring to the EU and its citizens, 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. the real economy and the promotion of sustainable investments;
Amendment 180 #
2022/2006(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Highlights that the RRF presents an unprecedented and unique opportunity for all Member States to address key structural challenges and investment needs and insists that all recovery and resilience plans address all requirements of the RRF Regulation, in particular the six pillars; recalls that each national recovery and resilience plan is adopted through a Council decision following an assessment by the European Commission, and should therefore be rooted in transparency and collegiality; highlights the interplay between the European Semester and the RRF; calls on the Member States to make the most of this opportunity and to use it to transform their economies and make them sustainable, more competitive and more resilient to future shocks; highlights the role of the European Parliament in the implementation of the RRF, as enshrined inis of the view that the RRF should serve as an inspiration for the review of the framework for macroeconomic governance, notably in identifying common structural challenges and investment needs, and in strengthening the role of the European Parliament; stresses the importance of implementing investment policies and sustainable reforms in line with the European priorities identified in the RRF to deliver growth and jobs and enable Member States to accelerate their green and digital transitions and close their investment gap in climate, environment, research, infrastructure, digitisation and defence; calls for reflection on the use of common European bond issuance to finance common European investment needs, based on the experience of the RRF Regulation;
Amendment 5 #
2021/2251(INI)
Motion for a resolution
Citation 23 a (new)
Citation 23 a (new)
Amendment 9 #
2021/2251(INI)
Motion for a resolution
Recital A (new)
Recital A (new)
A. whereas Russia’s aggression in Ukraine on February 24 2022 has led the European Union to impose unprecedented economic sanctions; whereas the conflict generated by Russia has led a high number of Ukrainian citizens to leave Ukraine and to travel and settle in the EU; whereas the military invasion will generate economic and social consequences on the European continent, in particular on Eastern Europe countries;
Amendment 12 #
2021/2251(INI)
Motion for a resolution
Recital B (new)
Recital B (new)
Amendment 15 #
2021/2251(INI)
Motion for a resolution
Recital C (new)
Recital C (new)
Amendment 18 #
2021/2251(INI)
Motion for a resolution
Recital D (new)
Recital D (new)
Amendment 63 #
2021/2251(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that, according to the Commission, the real GDP of the EU-27 could be around 1.5 % higher in 2024 than without NGEU investments19 , when implemented effectively; notes, furthermore, that the Commission forecasts that RRF grants will fund 24 % of total recovery support measures in 2022; highlights that Russia’s aggression in Ukraine will have economic and social consequences over the continent, particularly in Eastern Europe, that might influence the forecasts; __________________ 19 European Commission discussion paper 144, Quantifying Spillovers of Next Generation EU Investment, July 2021. https://ec.europa.eu/info/sites/default/files/ economy-finance/dp144_en.pdf
Amendment 70 #
2021/2251(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Reiterates the importance of the successful implementation by the Member States of national recovery and resilience plans (NRRPs) in order to ensure a long- term impact on the EU economy and society; recalls that the RRF is a performance-based mechanism, whereby funding is disbursed upon completion of milestones and targets related to measures; urges the Commission to use all lessons learned from the creation and implementation of the RRF to shape the new EU economic governance framework;
Amendment 122 #
2021/2251(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Reminds all Member States and the Commission that the current war in Ukraine poses a serious threat to the EU recovery and resilience strategy; urges the European Commission to explore ways in which unused loans could be requested to tackle the economic, social and energy consequences following Russia’s aggression in Ukraine on February 24 2022;
Amendment 131 #
2021/2251(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Tasks the Commission with analysing the reasons why the Member States have not requested loans to the full extent of their allocation; calls on the Commission, where relevant, to come forward with targeted measures to incentive the optimal use of the resources available under the RRF, taking into account the new financial needs caused by the Russian invasion of Ukraine and the side-effects of sanctions on Russia;
Amendment 143 #
2021/2251(INI)
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10 b. Recalls that, under Article 21 of the Recovery and Resilience Facility, objective circumstances allow a Member State to make a reasoned request to the Commission to make a proposal to amend or replace the approved plan; recalls that objective circumstances do not include political developments in Member States and insists that the Commission should apply a strict definition of the objective circumstances that justify such an amendment;
Amendment 154 #
2021/2251(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Looks forward to more granular and disaggregated data allowing for a better understanding of the additionality impacts of the RRF; urges the Member States to provide detailed, transparent and timely information information to the Commission in order to ensure effective reporting of the impact of the RRF;
Amendment 214 #
2021/2251(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Notes that all approved NRRPs expect to achieve the digital target of at least 20 % set out in the RRF Regulation and that the overall digital expenditure of all approved NRRPs reaches almost 29 % or EUR 130 billion; notes that countries have taken different approaches to supporting SMEs and highlights different initiatives such as measures for tax relief, voucher schemes and R&D incentives, digitalisation and aggregators for available technologies and services to SMEs, or speeding of fund distribution to companies;
Amendment 217 #
2021/2251(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Underlines the importance that the NRRPs dedicate almost 50 % of total expenditure or EUR 203 billion to measures to benefit the well-functioning of the single market, improving the business environment and promoting private investments; calls on the Member States to lift all unnecessary obstacles that would prevent SMEs from accessing the relevant RRF funding; asks Member States to implement the NRRPS according to a transparent schedule to allow the private sector to plan their activities and projects according to the relevant reforms and funding;
Amendment 238 #
2021/2251(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Notes that approved NRRPs envisage expenditure on healthcare-related measures of EUR 37 billion, which corresponds to 8 % of total NRRP expenditure; expects these healthcare- related measures to contribute to increasing the resilience of healthcare systems and their preparedness for future crises; is concerned that many Member States did not include sufficient measures to make mental health care accessible and affordable for all age groups, especially in early ages and highlights that mental health should represent an integral part of the EU’s socio-economic recovery from the pandemic and an occupational health priority, in particular in educational and workplace environments;
Amendment 242 #
2021/2251(INI)
Motion for a resolution
Paragraph 24 b (new)
Paragraph 24 b (new)
24 b. Highlights that the pandemic led the Union to prioritize reforms and investments to improve the resilience of public institutions to shocks; stresses that plans also aim to increase the capacity of public administrations to manage European funds effectively at national, regional and local levels; regrets that progress in this area is too slow, especially at regional and local levels, risking the effective and timely use of the funds assigned to each Member State in the context of the RRF;
Amendment 252 #
2021/2251(INI)
Motion for a resolution
Paragraph 25 c (new)
Paragraph 25 c (new)
25 c. Notes that in total so far, Member States have put forward 228 measures with a focus on supporting children and youth; notes that 74% of the measures focus on general, vocational and higher education and training capacity, as well as accessibility; affordability, quality and inclusiveness; including digitisation and infrastructure; further notes that 14% of the measures are dealing with early childhood education and care, early school leaving and child poverty; notes that 12% of the measures focus on tackling youth unemployment through job creation, hiring, job transition incentives and support for self-employment;
Amendment 285 #
2021/2251(INI)
Motion for a resolution
Paragraph 29 d (new)
Paragraph 29 d (new)
29 d. Recalls that the EU objective to have 5G connectivity in all populated areas of the EU by 2030 is of utmost importance but at the same time particularly challenging to achieve; recalls that scattered and inconsistent approaches between Member States risk countries being left behind and the digital gap between them being exacerbated; notes that several RRPs contain investment proposals in 5G connectivity and recalls that Member States should complement these investments with measures for mobile broadband and infrastructure expansion;
Amendment 286 #
2021/2251(INI)
Motion for a resolution
Paragraph 29 e (new)
Paragraph 29 e (new)
29 e. Highlights that synergies between RRF and other Union funding programmes are essential in order to ensure a proper recovery and consolidated resilience of the Union; regrets that some Member States have postponed the presentation of their Operational Programmes for the implementation of the EU structural funds for the period 2021-2027; calls on the Commission to assess the causes of these delays and to address them;
Amendment 287 #
2021/2251(INI)
Motion for a resolution
Paragraph 29 f (new)
Paragraph 29 f (new)
29 f. Underlines the need for complementarity with other EU sources of finance to ensure synergies in EU spending efforts, in particular with cohesion policy funds which cover similar objectives to the RRF but with a focus on more long-term structural actions; calls on Member States and cohesion managing authorities to ensure that the Partnership Agreements are linked to and in complementarity with the RRPs.
Amendment 290 #
2021/2251(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Notes the Commission assessment that all NRRPs address at least a significant subset of challenges identified in the relevant European Semester recommendations but that not all challenges are addressed, such as sustainability of public finances, tax evasion, tax administration and tax avoidance ensuring stability on the housing market and tackling homelessness, equal access to childcare, structural policies that consolidate competition, public administration red tape and malfunctions of state-owned enterprises, ensuring access to independent civil justice and tackling shadow economy and corruption;
Amendment 315 #
2021/2251(INI)
Motion for a resolution
Paragraph 32 d (new)
Paragraph 32 d (new)
32 d. Urges the Commission to ensure that the evaluation of the milestones and targets achieved by the Member States as part of their NRRP will be based on rigurous quantitative and qualitative assessment; is concerned that a simple quantitative evaluation of the milestones and targets achieved would lead to a box ticking dynamic in Member States, which would then miss a historical opportunity for long-term structural reforms;
Amendment 316 #
2021/2251(INI)
Motion for a resolution
Paragraph 32 e (new)
Paragraph 32 e (new)
32 e. Urges Member States to publish periodically up-to-date data on the funds transfered to final recipients, thereby enabling the accurate monitoring of the NRRP implementation;
Amendment 358 #
2021/2251(INI)
Motion for a resolution
Paragraph 34 e (new)
Paragraph 34 e (new)
34 e. Encourages the Commission to explore ways to include local and regional governments, as well as civil society organisations in the monitoring of the RRF implementation;
Amendment 373 #
2021/2251(INI)
Motion for a resolution
Paragraph 36 a (new)
Paragraph 36 a (new)
36 a. Calls on the Commission to explore and present different scenarios on how to use the RRF experience to improve the EU economic governance framework; emphasises that, in order to ensure proper democratic legitimacy, such framework needs to overcome shortcomings in parliamentary accountability and lack of democratic oversight;
Amendment 375 #
2021/2251(INI)
Motion for a resolution
Paragraph 36 b (new)
Paragraph 36 b (new)
36 b. Highlights that the revision of EU economic governance framework will be the opportunity to draw lessons from successes but also failures of the RFF; encourages the Commission to properly think about involvement of local and regional authorities and civil society organisations in any future economic coordination mechanism that will guide investments in EU Member States;
Amendment 380 #
2021/2251(INI)
Motion for a resolution
Paragraph 36 f (new)
Paragraph 36 f (new)
36 f. Considers an immediate and temporary ban of all fossil fuel imports from Russia a strategic and moral obligation and clear signal towards Putin's regime to stop the war in Ukraine; points out that such action carries significant costs, which will affect Member States to different degrees, depending on their fiscal space, energy dependence, and trade balance with Russia; holds that, even while the Next Generation EU funds have not yet been fully exhausted, the protection of the fiscal space of severely affected Member States requires a new EU Unity Fund, financed by raising grants and loans at the EU-level; suggests an allocation proportionally to the effects of the war, sanctions and energy supply disruptions on Member States’ economy with the aim of investing in energy efficiency and independence and of shielding people and businesses from severe socio-economic impacts;
Amendment 43 #
2021/2203(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Condemns in the strongest possible terms the Russian Federation’s military aggression against and invasion of Ukraine, as well as the involvement of Belarus in this aggression; calls on the EIB to be highly vigilant and follow closely new sanctions and measures agreed by the Member States; believes that in order to ensure full consistency with the aim of EU sanctions all efforts must be made by the EIB and its intermediaries to prevent direct and indirect financing of persons and entities linked to Russian and Belarusian executive and legislative bodies;
Amendment 47 #
2021/2203(INI)
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5 b. Calls on the Commission and the Member States to swiftly implement a reporting mechanism with the purpose of informing competent authorities about any and all assets held by Russian and Belarusian natural and legal persons linked to the Putin and Lukashenka regimes in the possession of European financial institutions, including the EIB Group; believes that a failure to report such information by the EIB´s intermediaries or other European financial institutions should be considered an objective reason for the EIB to break any and all contractual links; calls, furthermore, for the extension of the scope of the individual sanction lists to current and past beneficiaries of close connections with the Russian and Belarusian government, not only those responsible for actions against Ukraine;
Amendment 52 #
2021/2203(INI)
Motion for a resolution
Paragraph 5 c (new)
Paragraph 5 c (new)
Amendment 54 #
2021/2203(INI)
Motion for a resolution
Paragraph 5 d (new)
Paragraph 5 d (new)
5 d. Appreciates the committed readiness of the EIB to finance reconstruction of critical infrastructure needs in Ukraine, including new postwar economic and social projects, such as schools, social housing and hospitals; recognizes that the EIB will play a crucial role in implementing a reconstruction plan for Ukraine when the war is over;
Amendment 7 #
2021/2184(INI)
Motion for a resolution
Citation 10 a (new)
Citation 10 a (new)
— having regard to the document 'ECB Banking Supervision: SSM Supervisory Priorities 2022-2024'36b; _________________ 36b https://www.bankingsupervision.europa.e u/banking/priorities/pdf/ssm.supervisory_ priorities2022~0f890c6b70.en.pdf
Amendment 8 #
2021/2184(INI)
Motion for a resolution
Citation 10 b (new)
Citation 10 b (new)
— having regard to the study requested by the ECON Committee entitled ‘The digital euro: policy implications and perspectives’36a _________________ 36a https://www.europarl.europa.eu/RegData/ etudes/STUD/2022/703337/IPOL_STU(20 22)703337_EN.pdf
Amendment 39 #
2021/2184(INI)
B. whereas the BUanking Union is open to all EU Member States;
Amendment 51 #
2021/2184(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the problems of the banking sector may worsen after the temporary support measures introduced during the COVID-19 crisis are liftbanking sector has remained resilient over the course of the pandemic, the lifting of the temporary support measures introduced during the COVID-19 crisis may expose the sector to vulnerabilities that will need to be closely monitored and managed;
Amendment 61 #
2021/2184(INI)
Motion for a resolution
Recital D
Recital D
D. whereas some financial institutions in the BUanking Union are heavily invested in the debt of their own home sovereign;
Amendment 69 #
2021/2184(INI)
Motion for a resolution
Recital E
Recital E
E. whereas the role of the banking sector is crucial to the recovery and transition to a low-carbon-neutral and digitalised economy;
Amendment 71 #
2021/2184(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Amendment 85 #
2021/2184(INI)
Motion for a resolution
Recital G
Recital G
G. whereas there is a need for an effective and robust anti-money laundering supervision; ory framework throughout the European banking sector and weaknesses in the framework must be addressed;
Amendment 110 #
2021/2184(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Recalls that one goal of the BUanking Union is the security of the banking system and the prevention of bank bailouts by taxpayers; supports efforts to strengthen the BUanking Union; stresses that a solid BUanking Union will result in increased confidence in the banking sector;
Amendment 115 #
2021/2184(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Considers that the BU should be built in a friendly and attractive way, including for Member States outsideanking Union should be completed as soon as possible, as a means to improve the stability of the euro area, to promote the international role of the euro, areand to complement the Capital Markets Union;
Amendment 124 #
2021/2184(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that theNotes that European banks entered the Covid-19 crisis with strong capital positions as a result of the regulatory reforms adopted in the wake of the previous global financial crisis; Stresses that the banking sector maintained relatively good performance of banks during the COVID- 19 crisis ias related toa result of the policies implemented by the Member States during the pandemic, as well as to temporary measures introduced under Regulation (EU) 575/2013 (Capital Requirements Regulation), and additional capital space provided by the ECB;
Amendment 133 #
2021/2184(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Notes that there is a prospect of gradually phasing out emergency measures and returning to pre-COVID-19 capital requirements;
Amendment 137 #
2021/2184(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recalls the key role ofplayed by the EU banking sector in financing the recovery of the Europeancontinuing to support the real economy during the pandemic and now in financing the recovery of the European economy and the transition to a digitalised and carbon- neutral economy;
Amendment 149 #
2021/2184(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that the EBA, the ECB and the SRB still see many problems in the banking system, such as high stocks of non-performing loans (NPLs), exposures to sectors which are sensitive to the COVID- 19 crisis, deficiencies in risk management, and discrepancies in the implementation of International Financial Reporting Standard 9 (IFRS 9); underlines with concern that these problems are likely tomay increase after the withdrawal of the emergency measures; welcomes in this regard, the 2022-2024 supervisory priorities of the ECB that fully acknowledge the potential risks posed to banks as the economy emerges from the pandemic and the focus of their supervisory activities on these vulnerabilities36c; _________________ 36c https://www.bankingsupervision.europa.e u/banking/priorities/html/ssm.supervisory _priorities2022~0f890c6b70.en.html
Amendment 161 #
2021/2184(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Considers the reduction of NPLs should remain a priority; warns that their number is likely to increase rapidly after the withdrawal of emergency support measures; draws attention to the importance of prudential compliance, early identification and proactive management of NPLs;
Amendment 162 #
2021/2184(INI)
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5 b. Welcomes the adoption of the Directive (EU) 2018/063 on credit purchasers, credit servicers and the recovery of collateral as a means to prevent future increases of non- performing banks in the balance sheets of EU banks;
Amendment 166 #
2021/2184(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Supports ongoing work on the implementation of the Basel III rules; stresses that the international standards must be implemented in the EU in a timely manner whilst ensuring that the EU banking sector remains competitive vis-à-vis its global competitors; highlights the persistent out-performing of EU banks by US banks, with recent figures showing that the median return on equity of US banks was over 5% higher than that of EU banks36d; _________________ 36d European Central Bank, Financial Stability Review, November 2021, p9, Chart 4, https://www.ecb.europa.eu/pub/pdf/fsr/ecb .fsr202111~8b0aebc817.en.pdf
Amendment 183 #
2021/2184(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that the banking sector is adapting to the challenges of digitalisation; stresses the need for further investments, research and adequate regulations; appreciates the work on the digital finance package; considers that the priorityies should be customer safety, inclusiveness and technological neutrality; observes with interest the work on the digital euro;
Amendment 201 #
2021/2184(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 207 #
2021/2184(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 218 #
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 BUeuro area; 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 to ensure the prevention of the so-called 'doom-loop'; takes note of the work of the Basel Committee on Banking Supervision (BCBS) on sovereign risk in this regard, and stresses that the EU regulatory framework on prudential treatment of sovereign debt should be consistent with international standards; calls for further reflection and discussion on the creation of a European safe asset based on the experience of the issuance of recovery bonds;
Amendment 256 #
2021/2184(INI)
13. Recalls that the impact of special measures during the pandemic should be taken into account in the assessment of the current condition of banks; stresses that these measures distort the picture, as the decline in real economic activity does not fully translate into banks’ balance sheets;
Amendment 261 #
2021/2184(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Draws attention to the dangers of a very loose monetary policy stimulating inflation; points out the need for the gradual tightening of monetary policy, and welcomes the remarks made by President Lagarde in the last monetary dialogue, where she stated that the ECB will use any tools and instruments needed in order to ensure that its monetary policy is transmitted;
Amendment 269 #
2021/2184(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Highlights the disparity in interest rates offered across the EU with banks in some Member States charging double the euro area average; acknowledges that these disparities are, inter alia, a result of legacy issues stemming from the financial crisis; urges the Commission and banking supervisors to consider measures to ease the burden on mortgage holders and SMEs in these Member States to ensure that all citizens and businesses can access much needed capital at fair and competitive rates;
Amendment 279 #
2021/2184(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Indicates that the trend towardsneed for cross- border consolidation in the banking sector is likely to increasehas become more pressing as a result of the pandemic; recognises the challenges posed to banking supervision by large systemically important institutions, whose possible problems may affect financial stability in many jurisdictions;
Amendment 286 #
2021/2184(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes the problems and challenges related to home/host issuStresses the need for improvements in the cross-border provision of services to create a truly EU- wide banking sector and to improve the competitiveness of the sector and consumer choice; notes the problems and challenges related to home/host issues that have hindered the ability to offer cross- border services; points out that greater market integration requires credible safeguards in EU law for host Member States;
Amendment 300 #
2021/2184(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses the need for effective anti- money laundering supervision; notwelcomes the Commission’s adoption of the anti- money laundering (AML) package of proposals; highlights that the establishment of an anti-money laundering authority (AMLA) at EU level will significantly increase the quality of the supervision over EU banks and ensure consistent supervision across the EU;
Amendment 307 #
2021/2184(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Underlines the need to protect consumersat it should be borne in mind that the ultimate beneficiaries of a complete Banking Union should be the consumers and businesses of the real economy; highlights in this regard, that all measures taken towards the completion of the Banking Union should ensure that consumers are adequately protected from abuses and harmful practices;
Amendment 319 #
2021/2184(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Welcomes the activities of the SRB in 2021, including the further completion of the Single Resolution Fund; takes note of the SRB’s work programme for the coming years, which includes making the effective resolution of all banks under the SRB possible by 2023; calls for the SRB to be entrusted with coordination powers over national authorities;
Amendment 327 #
2021/2184(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Supports the specification of the public interest assessment criteria so that the SRM is applied in a more consistent and predictable manner and relies on objective thresholds; calls for the public interest assessment to be positive for all banks supervised by the Single Supervision Mechanism and cross-border groups; proposes that an alternative liquidation regime for small and medium- sized banks be considered; asks for a more proportionate setting of the minimum requirement for own funds and eligible liabilities (MREL) level;
Amendment 344 #
2021/2184(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21 a. Welcomes the adoption of the so- called “Daisy Chain” proposal by the Commission as a means to improve the resolution framework and creating a supervisory level playing field for the different resolution strategies;
Amendment 9 #
2021/2162(INI)
Motion for a resolution
Recital A
Recital A
A. whereas, following the entry into force of the multiannual financial framework (MFF) for 2021-2027, the Commission published a roadmap and launched a public consultation with a view to aligning the Financial Regulation, where appropriate, with the rules agreed by the legislator as part of the MFF 2021-2027 package, and to proposing limited and targeted improvements required by the evolving situation, for instance following the COVID-19 crisis or in the context of the growing opportunities for digitalisation, as well as improvements regarding crisis management, administrative simplifications for EU funds recipients, and protection of EU financial interests in accordance with the general principles embedded in the Union Treaties, in particular the values laid down in Article 2 TEU, as well as in accordance with the principle of sound financial management enshrined in Article 317 TFEU and in the Rule of Law Conditionality Regulation;
Amendment 18 #
2021/2162(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Believes that the revision should seek to modernise the rules applicable to the EU budget in line with its latest evolutions and in line with the budgetary principles, and to increase respect of the EU values, protection of the financial interests of the EU, parliamentary oversight, democratic accountability and the ability to respond to citizens’ needs quickly, particularly in times of crises;
Amendment 22 #
2021/2162(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is of the opinion that, while a global overhaul of the rules applicable to the budget is not needed at this time, the Financial Regulation must be subject to targeted improvements; red tape reduction and simplifications, in particular where they increase transparency and democratic scrutiny; increase the accessibility to the EU funding for the citizens, SMEs, local and regional authorities;
Amendment 31 #
2021/2162(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that the number and scope of off-budget instruments have grown significantly in the past decade, and that NGEU has taken this practice to the next level, by greatly, if temporarily, increasing the magnitude of the EU budget in the form of external assigned revenue, and creating liabilities until 2058 through borrowing for lending and borrowing for direct EU expenditure; warns that these developments put at risk central budgetary principles such as unity and budgetary accuracy, equilibrium and universality; notes that NGEU, financed through the EU budget is the largest amount the EU has ever proposed to redress its economy after the impact of COVID-19 pandemic; expresses its confidence that in crises, innovative instruments like NGEU will be used in order to enable the European Union to act and support its Member States; invites the Commission to propose a more transparent system of governance for the off-budget instruments, that involves both arms of budgetary authority, the European Parliament and the Council; warns that the risks of fraud and misuse of these funds is significant; calls that the modifications of the Financial Regulation should reinforce the link between NGEU- funded recovery measures and the EU's objectives and values;
Amendment 47 #
2021/2162(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Notes with concern the increasing use of the Article 122 TFEU for setting new mechanisms and bodies with budgetary implications to the EU budget under which the Parliament’s role is limited to mere right to information and calls on ensuring an appropriate role of the Parliament in the budgetary scrutiny of such initiatives;
Amendment 57 #
2021/2162(INI)
8. Calls for the revision of reporting requirements on the Commission’s debt management strategy, including maturity and schedule of payments and including the role of new own resources in the repayment of the debt, to adapt them to the increased complexity and risk of borrowing and lending operations;
Amendment 68 #
2021/2162(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Emphasises the clear link between respect for the rule of law and the efficient implementation of the Union budget in accordance with the article 2 TEU and the principles of sound financial management: economy, efficiency and effectiveness, as laid down in the Financial Regulation; recalls that, upon adoption of the Conditionality Regulation, Parliament, the Council and the Commission agreed to consider including the content of the Conditionality Regulation into the Financial Regulation upon its next revision and urges the Commission to make this proposal; calls on the Commission to examine possibilities to strengthen coherence between the two instrumenall EU instruments that allow the protection of the financial interests of the Union, the respect of the EU values and rule of law, including the recommendations from the rule of law reports;
Amendment 77 #
2021/2162(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses that it is important to know who benefits from EU funds in order to protect the financial interests of the EU and to detect fraud, corruption and conflicts of interest in particular; notes that data for identifying economic operators and their beneficial owners is not easily, or not at all, accessible12 ; considers that the centralisation of the information in a single, interoperable EU database with information on direct and ultimate beneficiaries would overcome the identified fragmentation and lack of transparency; notes that digitalisation of the management of EU funds coupled with a comprehensive definition of conflict of interest at the European level will increase the efficiency for the protection of the financial interests of the EU; _________________ 12Study on the largest 50 beneficiaries in each EU Member State of CAP and Cohesion Funds, requested by the CONT Committee, PE 679.107 - May 2021.
Amendment 83 #
Amendment 84 #
2021/2162(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Regrets that the Commission did not plan to conduct an impact assessment for the modification of the Financial Regulation, despite that while the proposal will only target specific modifications, there is no clear evidence that the final text of this revision or future modifications cannot have any direct economic, environmental and social impacts; recalls that according to the European Court of Auditors, an impact assessment could have provided clear information on the accessibility of EU funds for EU citizens, which the revision of the Financial Regulation needs to improve;
Amendment 113 #
Amendment 114 #
2021/2162(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Emphasises that the rules of implementation of the budget must reflect a clear methodology for climate mainstreaming that allow for effective and efficient tracking of funds used in tackling climate change for both climate mitigation and adaptation strands; requests the Commission to introduce the necessary provisions in the Financial regulation; the modifications should also be consistent with the modifications made so far to help the tracking of climate spending in the EU budget;
Amendment 115 #
Amendment 116 #
2021/2162(INI)
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14 b. Underlines the importance of accurate monitoring of expenditure contributing to halting and reversing the decline of biodiversity, on the basis of an effective, transparent and comprehensive methodology to be set out by the Commission, in cooperation with the European Parliament and the Council; calls on the Commission to speed up its work in this regard and introduce provisions related to the biodiversity spending tracking in the Financial regulation;
Amendment 122 #
2021/2162(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. SuggeInsists that the Financial Regulation be revised to guarantee the appropriate role of Parliament in the setting up, supervision and scrutiny of any new trust fund, including in the drawing up of the constitutive agreement and the mobilisation of the Union’s contribution, the implementation, continuation and possible liquidation; reiterates that Parliament should be involved as observer, and able to monitor the activities of the governing bodies of a trust fund; stresses that timely, regular and figure- based information on the implementation of a trust fund is essential to allow Parliament to exercise its democratic oversight and scrutiny role;
Amendment 126 #
2021/2162(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16 a. Calls on the Commission to ensure that Union trust funds bring clear visibility for the Union and to raise awareness of their results and achievements by reinforcing provisions on efficiency incommunication to citizens and stronger synergies between the communication activities, in a similar vein as on the ESI funds;
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 33 #
2021/2074(INI)
Motion for a resolution
Recital B
Recital B
B. whereas although tax policy largely remains a Member State responsibility, the single market requires a minimum degree of coordinharmonization in setting tax policy1 ; _________________ 1 As laid down in Articles 110-118 TFEU.
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 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 108 #
Amendment 110 #
2021/2074(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. NotHighlights that the fragmentation of national tax policies can have a distortive effect on the EU single market and be harmful for the EU economy; welcomes that the EU has developed coordination mechanisms such as peer review procedures within the Code of Conduct Group (CoC) and country-specific recommendations in the context of the European Semester; points out that the Commission has recommended to six Member States that they curb aggressive tax planning as part of the 2020 country- specific recommendationsbelieves that both these mechanisms need to be reformed; underlines that within the CoC 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 European Parliament’s position from October 2021 calling for the reform of the criteria, the scope and governance of the CoC to ensure fair taxation within the European Union; points out that the Commission has recommended to six Member States that they curb aggressive tax planning as part of the 2020 country- specific recommendations (CSRs), recalls that the Recovery and Resilience Facility and CSRs, including those related to taxation, are intricately linked, as set out in the regulation on establishing a Recovery and Resilience Facility;
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 124 #
2021/2074(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Highlights that, in order to maximise the impact, the ideal level for tax policy coordination is on the international stage through the G20/OECD; notes that EU tax proposals based on internationalhowever recognizes that international negotiations in the field of taxation often face difficulties to reach a consensus and agreements have historically been more likely to be adopted by the Council therefore slow to address the shortcomings of the international tax system; recommends in this case that the European Union should lead by example to address these shortcomings without prejudice to ongoing international negotiations;
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 13 #
2021/2061(INI)
Motion for a resolution
Citation 19 a (new)
Citation 19 a (new)
– having regard to the Commission’s Communication of 6 December 2017 Further Steps Towards Completing Europe’s Economic and Monetary Union: A Roadmap (COM(2017)821),
Amendment 20 #
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, primarily, serves to ensure sound public finances, to prevent excessive macroeconomic imbalances, to support structural reforms and to boost investment;
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 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 148 #
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; warns against taking back fiscal support too soon as this could permanently damage the European economy; 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 differentiated in 2022, duly taking into account the state of the recovery, fiscal sustainability and the need to reduce economic, social and territorial divergences;
Amendment 163 #
2021/2061(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that Member States, especially those with higher debt levels, should use all of the RRF to´s financial allocation to provide additional investment to support the recovery, while pursuing a prudent fiscal policy; stresses the importance of the Member States using the potential of the RFF to; stresses the importance of taking full advantage of the RRF´s potential to address critical bottlenecks, support the necessary structural changes and the transformation into more globally competitive, future-proof, agile industreconomies; 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 financesclosely monitored;
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 187 #
2021/2061(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Welcomes the European Green Deal as the EU’s new sustainable growth strategy bringing together four dimensions: environment, productivity, stability and fairness, enabled by digital and green technologies, an innovative industrial base and strategic autonomy;
Amendment 194 #
2021/2061(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Highlights that the RRF is an unprecedented opportunity for all Member States to address key structural challenges and investment needs, while embracing the green and digital transitions; Reiterates Parliament´s calls for the Commission to ensure balance between reforms and investments and consistency of the national plans, including new reforms, with existing achievements and challenges identified in the relevant CSR1a; _________________ 1a (2021/2738(RSP), paragraph 29.
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 209 #
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 public finance resource management is crucial; 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; 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 met5a; _________________ 5a (2021/2738(RSP), paragraph 42.
Amendment 227 #
2021/2061(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes the fact that the updated New European Industrial Strategy, the European Digital Strategy and all the other relevant strategies set out the framework forCommission´s intentions to speeding up Europe’s recovery and transition towards a cleaner, more digital, and more resilient economic and industrial model, as well as for building a stronger and more resilient single market;
Amendment 233 #
2021/2061(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Highlights that tackling structural challenges is crucial for a sustainable recovery and continued growth, and that implementing reforms to address structural vulnerabilities is key not only to improving the ability to withstand and cope with existing challenges but also to accomplishing the twin transitions in a sustainable and fair manner; Insists that all reforms and investments must be linked to milestones, targets and costing that are relevant, clear, detailed and adequately monitored, and in particular that ensure full compliance with the RRF Regulation and the EU acquis, representing clear commitments from Member States2a; is concerned about the fact that many national recovery and resilience plans focus on short-term investments3a; insists that the Commission devote particular attention to ensuring that the proposed reforms are genuine, new and more ambitious, starting as soon as possible4a; _________________ 2a (2021/2738(RSP), paragraph 35. 3a (2021/2738(RSP), paragraph 17. 4a (2021/2738(RSP), paragraph 28.
Amendment 242 #
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 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 is essential to make full use of this opportunity;
Amendment 289 #
Amendment 291 #
2021/2061(INI)
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20b. Recalls the urgent need to complete and reinforce EMU´s architecture with a view to protecting citizens and reduce pressure on public finances during external shocks so as to overcome social and economic imbalances, by completing the Banking Union and the Capital Markets Union and advancing towards a credible fiscal capacity and a European Unemployment Reinsurance Scheme;
Amendment 295 #
2021/2061(INI)
Motion for a resolution
Paragraph 20 c (new)
Paragraph 20 c (new)
20c. Calls on the European Commission to extend, without weakening the current EU economic governance process, the European Semester by complementing the current approach, based on fiscal and budgetary discipline, with climate and environmental discipline; calls therefore on the European Commission to develop a new climate indicator, mirroring the economic indicators, to assess the discrepancy between the structure of Member States’ budget and a Paris-aligned scenario for each of their national budgets; stresses the need for this indicator to provide Member States with an indication on their trajectory of temperature under the framework of the Paris Agreement, thus enabling the extended European Semester to provide recommendations about the decrease of their climate debt;
Amendment 37 #
2021/2010(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Considers that protecting and developing start-ups and SMEs offering digital services by providing them with a fair fiscal environment is of the utmost importance; calls, therefore, for a design of the EU digital levy that will not target companies with less than EUR 750 million of worldwide revenue and less than EUR 40 million of taxable revenue within the Union, and that will generate substantial revenue based on a meaningful scope of digital services, such as advertising and the sale of data for instance;
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 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 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 201 #
2021/2010(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Regrets 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; calls onurges 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 reached;
Amendment 218 #
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 ofcalls on the Commission to explore the possibility offered by the Treaties of avoiding a legal base requiring unanimity in the Council; recalls in this respect 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’;
Amendment 333 #
2021/0342(COD)
Proposal for a regulation
Recital 15
Recital 15
Amendment 696 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 41
Article 1 – paragraph 1 – point 41
Regulation (EU) No 575/2013
Article 122a – paragraph 3 – point a – introductory part
Article 122a – paragraph 3 – point a – introductory part
(a) where the purpose of a specialised lending exposure is to finance the acquisition of physical assets, including ships, aircraft, satellites, railcars, and fleets, and the income to be generated by those assets comes in the form of cash flows generated by the specific physical assets that have been financed and pledged or assigned to the lender by one or several third parties (‘object finance exposures’), institutions shall apply the followinga risk weights: of 100%.
Amendment 702 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 41
Article 1 – paragraph 1 – point 41
Regulation (EU) No 575/2013
Article 122a – paragraph 3 – point a – point i
Article 122a – paragraph 3 – point a – point i
Amendment 707 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 41
Article 1 – paragraph 1 – point 41
Regulation (EU) No 575/2013
Article 122a – paragraph 3 – point a – point ii
Article 122a – paragraph 3 – point a – point ii
Amendment 716 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 41
Article 1 – paragraph 1 – point 41
Regulation (EU) No 575/2013
Article 122a – paragraph 3 – point c – introductory part
Article 122a – paragraph 3 – point c – introductory part
(c) where the purpose of a specialised lending exposure is to finance a projectsingle project, either in the form of construction of a new capital installation or refinancing of an existing installation, with or without improvements, in particular projects for the development or acquisition of large, complex and expensive installations, including power plants, chemical processing plants, mines, transportation infrastructure, environment, and telecommunications infrastructure, and the income to be generated by the project is the money generated by the contracts for the output of the installation obtained from one or several parties which are nofinanced project serves both as the primary source of repayment uander management control of the sponsor as security for the loan (‘project finance exposures’), institutions shall apply the following risk weights:
Amendment 1184 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 193
Article 1 – paragraph 1 – point 193
Amendment 1194 #
2021/0342(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 193
Article 1 – paragraph 1 – point 193
Regulation (EU) No 575/2013
Article 461a – paragraph 1 a (new)
Article 461a – paragraph 1 a (new)
By 31 December 2025, the Commission shall submit a report to the European Parliament and to the Council, on the implementation of the international standards on own funds requirements for market risk in other jurisdictions. This report may be accompanied by a legislative proposal, if appropriate, in order to ensure a global level playing field.
Amendment 1224 #
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
Article 465 – paragraph 3
Amendment 1271 #
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 4
Article 465 – paragraph 4
Amendment 1285 #
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
Article 465 – paragraph 5
Amendment 1436 #
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 495d – title
Article 495d – title
Amendment 1440 #
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 495d – paragraph 1
Article 495d – paragraph 1
Amendment 1450 #
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 495d – paragraph 2
Article 495d – paragraph 2
Amendment 95 #
2021/0341(COD)
Proposal for a directive
Recital 5
Recital 5
(5) Concerning mergers and divisions, the Directive (EU) 2017/1132 lays down harmonised rules and procedures, in particular for cross-border mergers and divisions of limited liability companies. Therefore, the assessment procedure by the competent authorities stipulated in this directive should be complementary to the Directive (EU) 2017/1132 and should not contradict any of its provisions. In case of those cross-border mergers and divisions which fall under the scope of Directive 2017/1132, the motivated opindecision issued by the competent supervisory authority should be part of the assessment of the compliance with all relevant conditions and the proper completion of all procedures and formalities required for the pre-merger or pre-division certificate. The motivated opindecision should therefore be transferred to the designated national authority responsible for issuing the pre-merger or pre-division certificate under Directive 2017/1132.
Amendment 98 #
2021/0341(COD)
Proposal for a directive
Recital 8
Recital 8
(8) In order to ensure proportionality and avoid undue administrative burden, those additional powers of competent authorities should be applicable only to operations deemed material. Only operations consisting in mergers or divisions should be treated automatically as material operations, as the newly created entity can be expected to present a significantly different prudential profile from the entities initially involved in the merger or division. Also, mergers or division should not be concluded by entities undertaking them before a prior positive opinionapproval is received from the competent authorities. Other operations (including acquisition of holding and transfers of assets and liabilities), when considered material, should be assessed by the competent authorities based on a tacit approval procedure.
Amendment 102 #
2021/0341(COD)
Proposal for a directive
Recital 20
Recital 20
(20) WBy way of derogation, restricted only to those limited situations where the legal system of the Member State does not allow the administrative penalties provided for in this Directive, the rules on administrative penalties may be exceptionally applied in such a manner that the penalty is initiated by the competent authority and imposed by judicial authorities. Therefore, it is necessary that those Member States still ensure that the application of the rules and penalties has an effect equivalent to the administrative penalties imposed by the competent authorities. When imposing such penalties, judicial authorities should take into account the recommendation by the competent authority initiating the penalty. TIn any case, the penalties imposed should be effective, proportionate and dissuasive.
Amendment 119 #
2021/0341(COD)
Proposal for a directive
Recital 38
Recital 38
(38) The purpose of assessing the suitability of members of management bodies is to ensure that those members are qualified for their role and are of good repute. Having the primary responsibility for assessing the suitability of each member of the management body, institutions should carry out the suitability assessment, followed by a verification by the competent authorities that may perform it before or after the member of the management body takes up the position. However, due to the risks posed by large institutions resulting in particular from potential contagion effects, unsuitable members of management body should be prevented from influencing the running of such large institutions with potential serious detrimental effects. It is therefore appropriate that, safe in exceptional circumstances, the competent authorities assess the suitability of members of the management body of large institutions before those members exercise their duties. This should not interfere with any statutory rights of certain bodies or legal entities to appoint representatives to supervised entities’ management bodies under applicable national law. In these cases, appropriate safeguards should be in place to ensure the suitability of these representatives.
Amendment 124 #
2021/0341(COD)
Proposal for a directive
Recital 43
Recital 43
(43) Upon becoming bound by the output floor laid down in Regulation (EU) No 575/2013, the nominal amount of an institution’sThe additional own funds requirement set by thean institution’s competent authority in accordance with Article 104(1), point (a), of Directive 2013/36/EU to address risks other than the risk of excessive leverage should not immediately increase as a result, all else being equal. Furthermore, in such casebe increased by the institution's becoming bound by the output floor laid down in Regulation (EU) No 575/2013, all else being equal. Furthermore, upon the institution's becoming bound by the output floor, the competent authority should review the institution’s additional own funds requirement and assess, in particular, whether and to what extent such requirement captures model riskrisks of excessive variability or lack of comparability of risk weights from the use of internal models by the institution. Where that is the case, the institution’s additional own funds requirement should be regarded as overlapping with the risks captured by the output floor in the own funds requirement of the institution and, consequently, the competent authority should reduce that requirement to the extent necessary to remove any such overlap for as long as the institution remains bound by the output floor.
Amendment 127 #
2021/0341(COD)
Proposal for a directive
Recital 44
Recital 44
(44) Similarly, upon becoming bound by the output floor, the nominal amount of an institution’s CET1 capital required under the systemic risk buffer should not increase where there has been no increase in the macroprudential or systemic risks associated with the institution. In such cases, the institution’smay increase. As a rule, competent orand designated authorityies, as applicable, should review the calibration of the systemic risk buffer rates and make sure that they remain appropriate and do not double-count thenot impose systemic risk buffer requirements for risks thatwhich are already fully covered by virtue of the fact that the institution is bound by the output floor. More in general, competent and designated authorities, as applicable, should not impose systemic rthe output floor, regardless of whether or not an institution isk buffer requirements for risks which are already fully covereound by the output floor.
Amendment 129 #
2021/0341(COD)
Proposal for a directive
Recital 45
Recital 45
Amendment 144 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point g
Article 1 – paragraph 1 – point 1 – point g
Directive 2013/36/EU
Article 3 – paragraph 1 – point 68
Article 3 – paragraph 1 – point 68
(68) ‘periodic penalty payments’ means daily penalties, aimed at ending ongoing breaches and compelling legal or natural person to return to compliance with their obligations under this Directive and Regulation (EU) No 575/2013national provisions transposing this Directive, obligations under Regulation (EU) No 575/2013, or obligations arising from a decision issued by the competent authority;
Amendment 161 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b – point -i (new)
Article 1 – paragraph 1 – point 4 – point b – point -i (new)
Directive 2013/36/EU
Article 21a – paragraph 2 –subparagraph 1 – introductory part
Article 21a – paragraph 2 –subparagraph 1 – introductory part
(-i) in the first subparagraph, the introductory part is replaced by the following: ‘For the purposes of paragraph 1, financial holding companies, and mixed financial holding companies referred to therein shall provide the consolidating supervisor determined in accordance with Article 111 and, where different, the competent authority in the Member State where they are established with the following information: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101’ Or. en
Amendment 163 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b – point ii
Article 1 – paragraph 1 – point 4 – point b – point ii
Directive 2013/36/EU
Article 21a – paragraph 2 – subparagraph 2
Article 21a – paragraph 2 – subparagraph 2
‘Where the approval or the exemption from approval of a financial holding company or mixed financial holding company referred to in paragraphs 3 and 4 takes place concurrently with the assessment referred to in Article 22 and8, Article 22 or Article 27a, the competent authority for the purposes of that Article shall coordinate, as appropriate, with the consolidating supervisor and, where different, the competent authority in the Member State where the financial holding company or mixed financial holding company is established. In that case, tThe assessment period referred to in Article 22(32), second subparagraph, and Article 27a(63) shall be suspended for a period exceeding 20 working day until the procedure set out in this Article is complete.’;
Amendment 164 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b a (new)
Article 1 – paragraph 1 – point 4 – point b a (new)
Directive 2013/36/EU
Article 21a – paragraph 3 – point c
Article 21a – paragraph 3 – point c
(c) the criteriab a) paragraph 3, point (c) is replaced by the following: ‘(c) the criteria regarding shareholders and members of credit institutions set out in Article 14 and the requirements laid down in Article 121 are complied with. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101’ Or. en
Amendment 165 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b b (new)
Article 1 – paragraph 1 – point 4 – point b b (new)
Amendment 172 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b c (new)
Article 1 – paragraph 1 – point 4 – point b c (new)
Directive 2013/36/EU
Article 21a – paragraph 10 – subparagraph 1
Article 21a – paragraph 10 – subparagraph 1
Amendment 179 #
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/EU established or situated in the Union approaches an undertaking established in a third country 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 182 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 6 a (new)
Article 1 – paragraph 1 – point 6 a (new)
Directive 2013/36/EU
Article 22 – paragraph 2 – subparagraph 1 a (new)
Article 22 – paragraph 2 – subparagraph 1 a (new)
Amendment 184 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 6 b (new)
Article 1 – paragraph 1 – point 6 b (new)
Directive 2013/36/EU
Article 23 – paragraph 1 – subparagraph 1 a (new)
Article 23 – paragraph 1 – subparagraph 1 a (new)
Amendment 186 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 6 c (new)
Article 1 – paragraph 1 – point 6 c (new)
Directive 2013/36/EU
Article 23 – paragraph 2 – subparagraph 1 a (new)
Article 23 – paragraph 2 – subparagraph 1 a (new)
Amendment 187 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 6 d (new)
Article 1 – paragraph 1 – point 6 d (new)
Directive 2013/36/EU
Article 23 – paragraph 5 a (new)
Article 23 – paragraph 5 a (new)
Amendment 188 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Chapter 3 – Title
Chapter 3 – Title
Acquisition or divesture of a qualifyingmaterial holding
Amendment 189 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27a – paragraph 1
Article 27a – paragraph 1
1. Member States shall require any institution, parent financial holding companies in a Member State, parent mixed financial holding companies in a Member State, EU parent financial holding companies and EU parent mixed financial holding companies, or other financial holding companies or mixed financial holding companies required to seek for approval in accordance with Article 21a(1) on a sub-consolidated basis or any financial holding company or mixed financial holding company within the scope of Article 21a(1) (the “acquirer”) to notify their competent authority where they intend to acquire, directly or indirectly, a qualifying holding which exceeds 15% of the eligible capital of the acquirer on a consolidated basis (the “proposed acquisition”), indicating the size of the intended holding and the relevant information, as specified in Article 27b(5).
Amendment 190 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27a – paragraph 2 – subparagraph 2
Article 27a – paragraph 2 – subparagraph 2
By way of derogation from the paragraph 2 of this Article, and of Article 22(2)revious subparagraph, when the proposed acquisition referred to in paragraph 1 of this Article or in Article 22(1) is deemed complex by the competent authorities, acknowledgment of the receipt of the notification or of any additional information shall be done promptly and in any event within ten working days following the receipt of that notification.
Amendment 191 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
3. The competent authorities shall have 60 working days from the date of the written acknowledgement of receipt of the notification and from the receipt of all documents, including those required by the Member State to be attached to the notification in accordance with Article 27b(45) (the “assessment period”), to carry out the assessment provided for in Article 27b(1) (the “assessment”).
Amendment 192 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27a – paragraph 3 – subparagraph 2
Article 27a – paragraph 3 – subparagraph 2
If the proposed acquisition consists inof a qualifying holding in a credit institution as referred in Article 22(1), the acquirer shall also still be subject to the notification requirement and the assessment under that Article. In this event, the period for the competent authority to carry out both assessments referred to in the first subparagraph and in Article 22(2) shall expire only when the later of the relevant assessment periods expires.
Amendment 193 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27a – paragraph 8
Article 27a – paragraph 8
Amendment 194 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27a – paragraph 12
Article 27a – paragraph 12
12. Member States may not impose requirements for notification to, or approval by, competent authorities of direct or indirect acquisitions or capital that are more stringent than those set out in this Article 89 of Regulation (EU) No 575/2013.
Amendment 195 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27b – paragraph 2
Article 27b – paragraph 2
2. For the purposes of assessing the criterion laid down in paragraph 1, point (c), and criterion laid down in Article 23(1), point (e), competent authorities shall consult, in the context of their verifications, the authorities competent for the supervision of the undertakings in line with Directive (EU) 2015/849.
Amendment 197 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27b – paragraph 3 – subparagraph 2
Article 27b – paragraph 3 – subparagraph 2
For the purposes of this paragraph and Article 23(2), and with regard to the criterion laid down in paragraph 1, point (c), an objection in writing by the authorities competent for the supervision of the undertakings under Directive (EU) 2015/849 shall constitute a reasonable ground for opposition.
Amendment 198 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27b – paragraph 6
Article 27b – paragraph 6
6. Notwithstanding Article 27a, paragraphs 2 to 7, where two or more proposals to acquire qualifying holdings in the same entity have been notified, the competent authority shall treat the acquirers in a non- discriminatory manner.
Amendment 199 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27b – paragraph 7 – subparagraph 1 – point a
Article 27b – paragraph 7 – subparagraph 1 – point a
(a) the minimum list of information to be provided to the competent authorities at the time of the notification referred to in Article 23(1), Article 27a(1), Article 27f(1) and Article 27k(1);
Amendment 204 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27c – paragraph 2
Article 27c – paragraph 2
2. The competent authorities shall seek to coordinate their assessments and ensure the consistency of their decisions. To this end, the decision by the competent authority of the acquirer shall indicate any views or reservations made by the other relevant competent authority that has authorised the credit institution controlled by the parent undertaking in which the acquisition is proposed.
Amendment 205 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27d – paragraph 1
Article 27d – paragraph 1
Member States shall require any institutions, parent mixed financial holding companies in a Member State, EU parent or any financial holding companies and EU parenty or mixed financial holding companies, as well as financial holding companies and mixed financial holding companies,y within the scope of Article 21a(1) to notify the competent authorities where they intend to dispose, directly or indirectly, of a qualifying holding that exceeds 15% of their eligible capital of the acquirern a consolidated basis. That notification shall be made in writing and in advance of the divestiture, indicating the size of the holding concerned.
Amendment 206 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27e – paragraph 1
Article 27e – paragraph 1
Where the acquirer fails to notify the proposed acquisition in advance in accordance with Article 27a(1) or has acquired a qualifying holding as referred to that Article despite the competent authorities’ opposition, Member States shall require those competent authorities to take appropriate measures. Such measures may include injunctions, periodic penalty payments and penalties, in accordance with Articles 65 to 72, against members of the management body and senior management. Where a qualifying holding is acquired despite opposition by the competent authorities, Member States shall, without prejudice to potential penalties, provide either for exercise of the corresponding voting rights to be suspended or for votes cast to be declared null and void.
Amendment 207 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
(a) the intended operation shall be deemed material for an institution where it is at least equal to 10 % of its total assets or liabilities, where the intended operation is performed between entities of the same group, the intended operation is deemed material for an institution where it is at least equal to 15 % of its total assets or liabilitie on a consolidated basis;
Amendment 212 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27h – paragraph 3
Article 27h – paragraph 3
3. The competent authorities shall seek to coordinate their assessments, and ensure the consistency of their decisions, and. Moreover, the competent authorities shall indicate in their decisions any views or reservations made by the competent authority supervising other entities involved in the intended operation.
Amendment 213 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
1. Member States shall require any institutions, parent financial holding companies in a Member State, parent mixed financial holding companies in a Member State, EU parent financial holding companies, EU parent mixed financial holding companies, or financial holding companies and mixed financial holding companies required to seek for approval in accordance with Article 21a(1) on a sub-consolidated basis or any financial holding company or mixed financial holding company within the scope of Article 21a(1) (the ‘financial stakeholders’) carrying out a merger or division (the “proposed operation”), to notify in advance of the completion of the proposed operation the competent authorities which will be responsible for the supervision of the entities resulting from such proposed operation, indicating the relevant information, as specified in accordance with Article 27l(4).
Amendment 215 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27k – paragraph 1 – subparagraph 2
Article 27k – paragraph 1 – subparagraph 2
Amendment 217 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27k – paragraph 1 – subparagraph 3
Article 27k – paragraph 1 – subparagraph 3
Amendment 218 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27k – paragraph 5
Article 27k – paragraph 5
5. The proposed operations shall not be completed before the issuance of a positive opinionn approval by the competent authorities.
Amendment 220 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27k – paragraph 6 – subparagraph 1
Article 27k – paragraph 6 – subparagraph 1
6. The competent authorities shall, within two working days from the completion of their assessment, issue in writing a motivated positive or negative opindecision to the financial stakeholders. Subject to national law, an appropriate statement of the reasons for the opindecision may be made accessible to the public at the request of the financial stakeholders. This shall not prevent a Member State from allowing the competent authority to publish such information in the absence of a request by the financial stakeholder.
Amendment 222 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27k – paragraph 6 – subparagraph 2
Article 27k – paragraph 6 – subparagraph 2
The financial stakeholders shall transmit the motivated opindecision issued by their competent authorities under the first subparagraph to the authorities in charge, under the national corporate and/or civil law, of the scrutiny of the proposed operation.
Amendment 224 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27k – paragraph 7
Article 27k – paragraph 7
7. When the proposed operation involves only financial stakeholders from the same group, and the competent authorities do not oppose the proposed operation within the assessment period in writing, the opinproposed operation shall be deemed to be positiapproved.
Amendment 226 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27k – paragraph 8
Article 27k – paragraph 8
8. The positive opinion issued by the competent authority may be limicompetent authorities may fix a maximum period for concluding the proposed operation and extend in timt where appropriate.
Amendment 228 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27l – paragraph 3 – subparagraph 1
Article 27l – paragraph 3 – subparagraph 1
3. The competent authorities may issue a negative opinion tooppose the proposed operation only if the criteria set out in paragraph 1 are not met or where the information provided by the financial stakeholder is incomplete despite a request made in accordance with Article 27k.
Amendment 231 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27l – paragraph 3 – subparagraph 2
Article 27l – paragraph 3 – subparagraph 2
With regard to the criterion laid down in paragraph 1, point (f), an objection in writing by the authorities competent for the supervision of the undertakings in line with Directive (EU) 2015/849 shall constitute a reasonable ground for negative opinthe competent authorities to oppose the proposed operation.
Amendment 233 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27m – paragraph 3
Article 27m – paragraph 3
3. The competent authorities shall seek to coordinate their assessments, and ensure the consistency of their opinions, anddecisions. Moreover, the competent authorities shall indicate in their opindecisions any views or reservations made by the competent authority supervising other financial stakeholders.
Amendment 235 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Directive 2013/36/EU
Article 27n – paragraph 1
Article 27n – paragraph 1
Member States shall require that, where the financial stakeholders fail to provide prior notification of the proposed operation in accordance with Article 27k(1) or have carried out the proposed operation as referred to in that Article without prior positive opinionapproval by the competent authorities, the competent authorities shall take appropriate measures. Such measures may consist in injunctions, periodic penalty payments, penalties, subject to Articles 65 to 72, against members of the management body and managers of the financial stakeholders or of the entity resulting from the proposed operation.;
Amendment 260 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 48a – paragraph 1 – point a
Article 48a – paragraph 1 – point a
(a) the total value of the assets booked or originated by the third country branch in the Member State is equal to or higher than EUR 5 billion, as reported for the immediately preceding annual reporting period in accordance with Section II, Sub- section 4;
Amendment 276 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 48i – paragraph 1
Article 48i – paragraph 1
1. Member States shall require third country branches to maintain a registry book enabling those branches to track and keep a comprehensive and precise record of all the assets and liabilities originated by and associated with the activities of the third country branch in the Member State and to manage those assets and liabilities autonomously within the branch. The registry book shall provide sufficient information on the risks generated by the third country branch and on how they are managed.
Amendment 296 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 48k – paragraph 3 – subparagraph 1 – point b
Article 48k – paragraph 3 – subparagraph 1 – point b
(b) where Article 111 does not apply to the relevant third country group, the competent authority that would become the consolidated supervisor of that third country group in the Union in accordance with that Article, should the third country branches be treated as subsidiary institutions of the same consolidated group of entities;
Amendment 301 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 48k – paragraph 5 – subparagraph 3
Article 48k – paragraph 5 – subparagraph 3
For the purposes of point (a), the assets held or originated in both the third country branches and the assets held in subsidiary institutions of the third country group shall be included in the calculation.
Amendment 306 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 48l – paragraph 1 – subparagraph 1 – point a– introductory part
Article 48l – paragraph 1 – subparagraph 1 – point a– introductory part
(a) the assets and liabilities held on their books in accordance with Article 48i, or originated by the third country branch, with a breakdown that singles out:
Amendment 308 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Directive 2013/36/EU
Article 48l – paragraph 2 – point f a (new)
Article 48l – paragraph 2 – point f a (new)
(f a) the direct provision of cross-border investment services in the Union by the head undertaking and by the subsidiaries of the head undertaking established in a third country, and the investment services that are provided in the Union by the head undertaking and by the subsidiaries of the head undertaking established in a third country on the basis of reverse solicitation.
Amendment 310 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
3 a. The competent authorities of third country branches shall share with the competent authorities of the EU subsidiaries of the same third country groups the information obtained in accordance with Article 48l(1) and (2).
Amendment 318 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
(a a) carrying out any of the activities referred to in Article 4(1), point (1)(b) of Regulation (EU) No 575/2013, meeting at least one of the thresholds indicated in that Article without being authorised as a credit institution;
Amendment 353 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 15 – point b
Article 1 – paragraph 1 – point 15 – point b
Directive 2013/36/EU
Article 78 – paragraph 1 – subparagraph 2
Article 78 – paragraph 1 – subparagraph 2
Institutions shall submit the results of their calculations referred to in the first subparagraph together with an explanation of the methodologies used to produce them and any qualitative information, as requested by EBA, that can explain the impact of these calculations on own funds requirements, to the competent authorities at least annually, but with the possibility forunless EBA to conducts the exercise biennially after the exercise has run five times, while the frequency of the submission may differ in relation to the different approaches referred to in points (a), (b) and (c) of the first subparagraph.
Amendment 416 #
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 – paragraph 2 – subparagraph 2
Article 91 a – paragraph 2 – subparagraph 2
However, where it is strictly necessary to replace a member of the management body immediately, the entities may assess theconduct a lighter suitability assessment of such replacement members after they have taken up their positions. before they have taken up their positions. A complete assessment shall be carried out as soon as possible after the replacement members have taken up their positions. EBA shall issue guidelines specifying the conditions for conducting a lighter assessment, including guidance on the cases that might be considered urgent. The entities shall be able to duly justify such immediate replacement.
Amendment 428 #
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 1
Article 91 b – paragraph 3 – subparagraph 1
3. Competent authorities shall acknowledge incomplete the suitability assessment writing the receipt of the application and the documentation required in accordance with paragraph 2 within two working dayshin 80 working days (“assessment period”) as from the date of the written acknowledgement of receipt of the complete application and underlying documentation.
Amendment 447 #
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 from the entities or other authorities or which conduct interviews or hearings, may extend the assessment period for a maximum of 40 working days. However, the assessment period shall not exceed 120 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. Failure by the entities to provide the requested information within this deadline shall result in the procedure being closed without any further assessment by the competent authority. The closure of the procedure shall be without prejudice to the possibility by the entity to submit a new application.
Amendment 481 #
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 10 – subparagraph 1
Article 91 b – paragraph 10 – subparagraph 1
10. EBA shall develop draft implementing technical standards on standard forms, templates and procedures for the provision of the information referred to in paragraph 2. When developing the draft implementing technical standards, EBA shall take into account existing practices and tools.
Amendment 499 #
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 d – paragraph 8 – subparagraph 1
Article 91 d – paragraph 8 – subparagraph 1
8. EBA shall develop draft implementing technical standards on standard forms, templates and procedures for the provision of the information referred to in paragraph 2. When developing the draft implementing technical standards, EBA shall take into account existing practices and tools.
Amendment 537 #
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 1a (new)
Article 104 a – paragraph 6 – subparagraph 1a (new)
As soon as the competent authority has completed the review in point (b), point (a) shall no longer apply. In subsequent years, competent authorities will take the above into account in the context of the regular supervisory review and evaluation process.
Amendment 539 #
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 2
Article 104 a – paragraph 6 – subparagraph 2
For the purposes of this Article and Articles 131 and 133 of this Directive, an institution shall be considered as bound by the output floor when the institution’s total risk exposure amount calculated in accordance with Article 92(3), point (a), of Regulation (EU) No 575/2013 exceeds its un-floored total risk exposure amount calculated in accordance with Article 92(4) of that Regulation.
Amendment 540 #
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 a (new)
Article 104 a – paragraph 6 a (new)
6a. The EBA shall, by 30 June 2023, issue guidelines complementing its guidelines on the Supervisory Review and Evaluation Process, which shall further specify how to operationalise the requirements set out in paragraph 6, and in particular: (a) how competent authorities shall reflect in their supervisory review and evaluation process the fact that an institution has become bound by the output floor; (b) how competent authorities and institutions shall communicate and disclose the impact on supervisory requirements of an institution becoming bound by the output floor.
Amendment 546 #
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
Amendment 549 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 30 – point b
Article 1 – paragraph 1 – point 30 – point b
Directive 2013/36/EU
Article 131 – paragraph 5 a – subparagraph 2
Article 131 – paragraph 5 a – subparagraph 2
Amendment 554 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 31 – point b
Article 1 – paragraph 1 – point 31 – point b
Directive 2013/36/EU
Article 133 – paragraph 2 a
Article 133 – paragraph 2 a
Amendment 558 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 31 – point c
Article 1 – paragraph 1 – point 31 – point c
Directive 2013/36/EU
Article 133 – paragraph 8 – point c
Article 133 – paragraph 8 – point c
Amendment 560 #
2021/0341(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 31 – point d
Article 1 – paragraph 1 – point 31 – point d
Directive 2013/36/EU
Article 133 – paragraph 9 – point g
Article 133 – paragraph 9 – point g
Amendment 44 #
2021/0296(COD)
Proposal for a directive
Recital 13
Recital 13
(13) It is necessary to ensure the suitability and effectiveness of the recovery and resolution framework while avoiding unnecessary administrative burdens and costs on undertakings and authorities. The implementation of such recovery and resolution framework should therefore be proportionate to the nature, scale and complexity of the undertaking concerned, and of its activities and services. In addition, the differences between pre- emptive recovery on the one hand and resolution on the other should be taken into account. Regarding the scope of the recovery and resolution planning requirements, authorities should determine, on the basis of a harmonised set of risk-based criteria, which undertakings are subject to the planning requirements. To foster trust in the insurance and reinsurance single market and to foster a level playing field, a minimum degree of preparedness should be achieved through laying down a minimum market coverage level. That minimum market coverage level should however take into account the differences between recovery on the one hand and resolution on the other, and the existence or absenceset of quantitative criteria. Regarding the scope of the resolution planning requirements, authorities should determine which undertakings are subject to the planning requirements on the basis of athe public interest for taking resolution aassessment or the existence of critical functions.
Amendment 79 #
2021/0296(COD)
Proposal for a directive
Article 2 – paragraph 2 – point 27
Article 2 – paragraph 2 – point 27
(27) ‘group resolution authority’ means the resolution authority in the Member State in which the group supervisor is situlocated;
Amendment 141 #
2021/0296(COD)
Proposal for a directive
Article 9 – paragraph 9
Article 9 – paragraph 9
9. EIOPA shall, by [PO – add 18 months after entry into force], issue guidelines in accordance with Article 16 of Regulation (EU) No 1094/2010 to specify further criteria for the identification of critical functions and the determination of the public interest assessment by resolution authorities.
Amendment 168 #
2021/0296(COD)
Proposal for a directive
Article 26 – paragraph 2 – subparagraph 2
Article 26 – paragraph 2 – subparagraph 2
The conversion of eligible liabilities into capital instruments shall not apply to insurancemay be applied to insurance claims where the resolution authority is able to demonstrate that such measure ensures a better protection of policy holders compared to a write down of their claims.
Amendment 187 #
2021/0296(COD)
Proposal for a directive
Article 70 – paragraph 8 a (new)
Article 70 – paragraph 8 a (new)
8 a. A resolution authority shall only take independent resolution actions or measures other than those proposed in the group resolution scheme in relation to an insurance or reinsurance undertaking or an entity referred to in of Article 1(1), points (b) to (e) when such independent resolution actions or measures would have no detrimental impact on other Member States as regards fiscal resources, insurance guarantee schemes or any other financing arrangements.
Amendment 188 #
2021/0296(COD)
Proposal for a directive
Article 71 – paragraph 4 a (new)
Article 71 – paragraph 4 a (new)
4 a. A resolution authority shall only take independent resolution actions or measures other than those proposed in the group resolution scheme in relation to an insurance or reinsurance undertaking or an entity referred to in of Article 1(1), points (b) to (e) when such independent resolution actions or measures would have no detrimental impact on other Member States as regards fiscal resources, insurance guarantee schemes or any other financing arrangements.
Amendment 237 #
2021/0250(COD)
Proposal for a directive
Recital 12
Recital 12
(12) The Member States remain the best placed to identify, assess, understand and decide how to mitigate risks of money laundering and terrorist financing affecting them directly. Therefore, each Member State should take the appropriate steps in an effort to properly identitfy, assess and understand its money laundering and terrorist financing risks, as well as risks of non- implementation and evasion of targeted financial sanctions and to define a coherent national strategy to put in place actions to mitigate those risks. Such national risk assessment should be updated regularly and should include a description of the institutional structure and broad procedures of the Member State's AML/CFT regime, as well as the allocated human and financial resources to the extent that this. National risk assessments should remain up to date. Based on the identification of country- specific risks and for justified reasons, the Commission should be able to request Member States to review their risk assessment inf ormation is available. der to reduce money laundering and terrorist financing risks in the Union. Following a request by the Commission, Member States should promptly review their risk assessment and share the results of such a review, including a summary for public release, which should not contain classified information.
Amendment 240 #
2021/0250(COD)
Proposal for a directive
Recital 12
Recital 12
(12) The Member States remain the best placed to identify, assess, understand and decide how to mitigate risks of money laundering and terrorist financing affecting them directly. Therefore, each Member State should take the appropriate steps in an effort to properly identity, assess and understand its money laundering and terrorist financing risks, as well as risks of non-implementation and evasion of targeted financial sanctions and to define a coherent national strategy to put in place actions to mitigate those risks. Such national risk assessment should be updated regularly and should include a description of the institutional structure and broad procedures of the Member State's AML/CFT regime, as well as the allocated human and financial resources to the extent that this information is available.
Amendment 246 #
2021/0250(COD)
Proposal for a directive
Recital 17
Recital 17
(17) In order to reflect the latest developments at international level, and ensure a comprehensive framework for implementing targeted financial sanctions, multiple requirements hasve been introduced by this Directive to prevent, identify, understand, manage and mitigate risks of potential non- implementation or evasion of proliferation financing-related targeted financial sanctions at Union level and at Member State level.
Amendment 256 #
2021/0250(COD)
Proposal for a directive
Recital 22
Recital 22
(22) The accuracy of data included in the beneficial ownership registers is fundamental for all of the relevant authorities and other persons allowed access to that data, and to make valid, lawful decisions based on that data. Therefore, Member States should ensure that entities in charge of the central registers verify, at the time of submission of the beneficial ownership information and on a regular basis thereafter, that that information is adequate, accurate and up to date. Member States should ensure that entities in charge of central registers have at their disposal state-of- the-art technology to carry out automated verifications in a manner that safeguards fundamental rights and avoids discriminatory outcomes. Furthermore, where sufficient reasons arise, after careful analysis by the registrars, to doubt the accuracy of the beneficial ownership information held by the registers, legal entities and legal arrangements should be required to provide additional information on a risk-sensitive basis. In addition, it is important that Member States entrust the entity in charge of managing the registers with sufficient powers to verify beneficial ownership and the veracity of information provided to it, and to report any suspicion to their FIU. Such powers should extend to the conduct of inspections at the premises of the legal entities and, where applicable, to obliged entities, in accordance with applicable Union law. Similarly, such powers should extend to representatives of foreign legal persons and foreign legal arrangements in the Union, where there are such representatives.
Amendment 263 #
2021/0250(COD)
Proposal for a directive
Recital 22 a (new)
Recital 22 a (new)
(22a) Where a verification carried out at the time of submission of the beneficial ownership information leads an entity in charge of the register to conclude that there are inconsistencies or errors in that information, or where that information otherwise fails to fulfil the necessary requirements, Member States should ensure that such entity is able to withhold the certification of registration and any legal effects thereof or, where the inconsistencies are detected at a later stage, determine the invalidation of specific legal acts or transactions carried out by the legal entities or express trusts or similar legal arrangements, until the beneficial owner information provided is in order.
Amendment 265 #
2021/0250(COD)
Proposal for a directive
Recital 22 b (new)
Recital 22 b (new)
(22b) Beneficial ownership registers are well placed to identify, in a rapid and efficient manner, those individuals who ultimately own or control legal entities and arrangements, including individuals designated in relation to targeted financial sanctions. Timely detection of such ownership structures contributes to improving the understanding of the exposure to risks of evasion of targeted financial sanctions, and to the adoption of mitigating measures to reduce such risks. It is therefore important that registers be required to screen the beneficial ownership information they hold against designations in relation to targeted financial sanctions, both immediately upon such designation and regularly thereafter, in order to detect whether changes in the ownership or control structure of the legal entity or arrangement are conducive to risks of evasion of targeted financial sanctions. Entities in charge of beneficial ownership registers should promptly share such findings with competent authorities, including FIUs and AML/CFT supervisors, for the purposes of ensuring compliance with targeted financial sanctions.
Amendment 268 #
2021/0250(COD)
Proposal for a directive
Recital 27 a (new)
Recital 27 a (new)
(27a) FIUs, other competent authorities, self-regulatory bodies and obliged entities should have prompt, unrestricted and free access to beneficial ownership information through the European Central Platform for the purposes of fulfilling their duties of combating money laundering and terrorism financing and carrying out due diligence.
Amendment 269 #
2021/0250(COD)
Proposal for a directive
Recital 28
Recital 28
(28) Public access toregisters of beneficial ownership are important tools for advancing the fight against money laundering and terrorism financing, corruption, tax abuse and other financial crimes. Public access to beneficial ownership information can allows greater scrutiny of information by civil society, including by the press or civil society organisations, and contributes to preserving trust in the integrity of the financial system. It can contributes to combating the misuse of corporate and other legal entities and legal arrangements for the purposes of money laundering or terrorist financing, both by helping investigations and through reputational effects, given that anyone who could enter into a business relationship is aware of the identity of the beneficial owners. It mayAs such, public information can be a deterrent against such misuse. It also facilitates the timely and efficient availability of information for obliged entities as well as authorities of third countries involved in combating such offences. Publicly available beneficial ownership data can also reduce the cost and complexity of due diligence and risk management for the private sector, thereby levelling the playing field and increasing competitiveness. The access to that information would also helps investigations on money laundering, associated predicate offences and terrorist financing.
Amendment 275 #
2021/0250(COD)
Proposal for a directive
Recital 30
Recital 30
(30) Confidence in financial markets from investors and the general public depends in large part on the existence of an accurate disclosure regime that provides transparency in the beneficial ownership and control structures of corporate and other legal entities as well as certain types of trusts and similar legal arrangements. Member States should therefore allow access to beneficial ownership information in a sufficiently coherent and coordinated way, by establishing confidence rules of access by the public, so that third parties are able to ascertain, throughout the Union, who are the beneficial owners of corporate and other legal entities, as well as, provided that there is a legitimate interest, of certain types of trusts and similar legal arrangements.
Amendment 276 #
2021/0250(COD)
Proposal for a directive
Recital 31
Recital 31
(31) With regard to corporate and other legal entities, a fair balance should be sought in particular between the general public interest in the prevention of money laundering and terrorist financing and the data subjects’ fundamental rights. The set of data to be made available to the public should be limited, clearly and exhaustively defined, and should be of a general nature, so as to minimise the potential prejudice to the beneficial owners. At the same time, information made accessible to the public should not significantly differ from the data currently collected. In order to limit the interference with the right to respect for their private life in general and to protection of their personal data in particular, that information should relate essentially to the status of beneficial owners of corporate and other legal entities and should strictly concern the sphere of economic activity in which the beneficial owners operate. In cases where the senior managing official has been identified as the beneficial owner only ex officio and not through ownership interest held or control exercised by other means, this should be clearly visible in the registers and a suspicious transaction report should be filed.
Amendment 278 #
2021/0250(COD)
Proposal for a directive
Recital 32
Recital 32
(32) In case of express trusts and similar legal arrangements, the information should also be accessible to any member of the general public, provided that the legitimate interest can be demonstrated. This should include situations where natural or legal persons file a request in relation to a trust or similar legal arrangement which holds or owns a controlling interest in a legal entity incorporated or created outside the Union through direct or indirect ownership, including through bearer shareholding, or through control via other means. The interpretation of the legitimate interest by the Member States should not restrict the concept of legitimate interest to cases of pending administrative or legal proceedings, and should enable to take into account the preventive work in the field of anti-money laundering and its predicate offences and counter-terrorist financing undertaken by non- governmental organisations and investigative journalists. While trusts and other legal arrangements can be used in complex corporate structures, their primary objective remains the management of individual wealth. In order to adequately balance the legitimate aim of preventing the use of the financial system for the purposes of money laundering or terrorist financing, which public scrutiny enhances, and the protection of fundamental rights of individuals, in particular the right to privacy and protection of personal data, it is necessary to provide for the demonstration of a legitimate interest in accessing beneficial ownership information of trusts and other legal arrangementsRegisters should share enough data with the public to allow them to participate in oversight, such as red-flagging suspicious patterns that law enforcement officials can take forward.
Amendment 279 #
2021/0250(COD)
Proposal for a directive
Recital 33
Recital 33
(33) In order to ensure that the information available to the public allows the correct identification of the beneficial owner, a minimum set of data should be accessible to the public. Such data should allow for the unequivocal identification of the beneficial owner, whilst minimising the amount of personal data publicly accessible. In the absence of information pertaining to the name, the month and year of birth and the country of residence and nationality of the beneficial owner, it would not be possible to establish unambiguously who the natural person being the beneficial owner is. Similarly, the absence of information on the nature and extent of beneficial interest held, including information on ownership and control chain, would make it impossible to determine why that natural person should be identified as being the beneficial owner. Therefore, in order to avoid misinterpretations of the beneficial ownership information publicly available and to ensure a proportionate disclosure of personal data consistent across the Union, it is appropriate to lay down the minimum set of data that can be accessed by the public.
Amendment 281 #
2021/0250(COD)
Proposal for a directive
Recital 35
Recital 35
(35) Moreover, with the aim of ensuring a proportionate and balanced approach and to guarantee the rights to private life and personal data protection, it should be possible for Member States tocan provide for exemptions to the disclosure of the personal information on the beneficial owner through the registers of beneficial ownership information and to access to such information, in exceptional circumstances, where that information would expose the beneficial owner to a disproportionate risk of fraud, kidnapping, blackmail, extortion, harassment, violence or intimidation. It should also be possible for Member States to require online registration in order to identify any person who requests information from the register, as well as the payment of a fee for access to the information in the registerSuch exemptions should be granted by competent authorities on a case by case basis and upon a detailed analysis of the nature of the exceptional circumstances in each case.
Amendment 283 #
2021/0250(COD)
Proposal for a directive
Recital 35 a (new)
Recital 35 a (new)
(35a) Currently certain Member States require online registration in order to identify any person who requests information from the register, as well as the payment of a fee to obtain the information from the register. Identification of users can be a legitimate requirement but it should not lead to discrimination based on their country of residence or nationality. Furthermore, requirements linked to registration or to fees to be paid can impede access to the beneficial owner registers and may undermine their public character.
Amendment 284 #
2021/0250(COD)
Proposal for a directive
Recital 35 b (new)
Recital 35 b (new)
(35b) In order to enhance the detection and investigation of money laundering and financial crime and enable public scrutiny, central registers of beneficial owners need to be accessible to the public in open repositories and made available for downloads in machine-readable formats. It should, however, be possible for the Member States to provide for differentiation of the type of data available to the public and to the law enforcement authorities. By virtue of article 18 TFEU, access to information contained in central registers cannot be prohibited on grounds of nationality or residency.
Amendment 285 #
2021/0250(COD)
Proposal for a directive
Recital 36
Recital 36
(36) Directive (EU) 2018/843 achieved the interconnection of Member States’ central registers holding beneficial ownership information through the European Central Platform established by Directive (EU) 2017/1132 of the European Parliament and of the Council30 . It is essential that the European Central Platform serves as a central search service making available all information related to beneficial ownership to competent authorities, self-regulatory bodies and obliged entities. Continued involvement of Member States in the functioning of the whole system should be ensured by means of a regular dialogue between the Commission and the representatives of Member States on the issues concerning the operation of the system and on its future development. The European Parliament should be informed about the evolution of this dialogue. _________________ 30 Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017 relating to certain aspects of company law (OJ L 169, 30.6.2017, p. 46).
Amendment 289 #
2021/0250(COD)
Proposal for a directive
Recital 40
Recital 40
(40) In order to respect privacy and protect personal data, the minimum data necessary for the carrying out of AML/CFT investigations should be held in centralised automated mechanisms for bank and payment accounts, such as registers or data retrieval systems. It should be possible for Member States to determine which data it is useful and proportionate to gather, taking into account the systems and legal traditions in place to enable the meaningful identification of the beneficial owners. When transposing the provisions relating to those mechanisms, Member States should set out retention periods equivalent to the period for retention of the documentation and information obtained within the application of customer due diligence measures. It should be possible for Member States to extend the retention period on a general basis by law, without requiring case-by-case decisions. The additional retention period should not exceed an additional five years. That period should be without prejudice to national law setting out other data retention requirements allowing case-by-case decisions to facilitate criminal or administrative proceedings. Access to those mechanisms should be on a need-to- know basis.
Amendment 292 #
2021/0250(COD)
Proposal for a directive
Recital 41
Recital 41
(41) Through the interconnection of Member States’ centralised automated mechanisms, the national FIUs and other competent national authorities designated according to Directive 2019/1153 1a would be able to obtain swiftly cross-border information on the identity of holders of bank and payment accounts and safe deposit boxes in other Member States, which would reinforce their ability to effectively carry out financial analysis and, detect, investigate or prosecute criminal offences, as well as cooperate with their counterparts from other Member States. Direct cross-border access to information on bank and payment accounts and safe deposit boxes would enable the Financial Intelligence Units to produce financial analysis within a sufficiently short timeframe to detect potential money laundering and terrorist financing cases and guarantee a swift law enforcement action. _________________ 1a Directive (EU) 2019/1153 of the European Parliament and of the Council of 20 June 2019 laying down rules facilitating the use of financial and other information for the prevention, detection, investigation or prosecution of certain criminal offences, and repealing Council Decision 2000/642/JHA, OJ L 186, 11.7.2019, p. 122–137.
Amendment 293 #
2021/0250(COD)
Proposal for a directive
Recital 42
Recital 42
(42) In order to respect the right to the protection of personal data and the right to privacy, and to limit the impact of cross- border access to the information contained in the national centralised automated mechanisms, the scope of information accessible through the bank account registers (BAR) central access point would be restricted to the minimum necessary in accordance with the principle of data minimisation in order to allow the identification of any natural or legal persons holding or controlling payment accounts and bank accounts identified by IBAN and safe-deposit boxes. Furthermore, only FIUsIUs and the other competent authorities designated according to Directive 2019/1153 should be granted immediate and unfiltered access to the central access point. Member States should ensure that the FIUs’ staff maintain high professional standards of confidentiality and data protection, that they are of high integrity and are appropriately skilled. Moreover, Member States should put in place technical and organisational measures guaranteeing the security of the data to high technological standards.
Amendment 295 #
2021/0250(COD)
Proposal for a directive
Recital 44
Recital 44
(44) Real estate is an attractive commodity for criminals to launder the proceeds of their illicit activities, as it allows obscuring the true source of the funds and the identity of the beneficial owner. Proper and timely identification of natural or legal person owning land and real estate by FIUs and other competent authorities is important both for detecting money laundering schemes as well as for freezing and confiscation of assets. It is therefore important that Member States provide FIUs and competent authorities with access to information whichthrough a single access point in each Member State. This should allows the timely identification in a timely manner of natural or legal persons owning real estate andsuch land and real estate, including through registers or electronic data retrieval systems, as well as information relevant for the identification of the beneficial owner and the risk and suspicion of the transaction. Access to such data should be ensured by means of an interconnection system that introduces a real estate data single access point to be developed and operated by the Commission.
Amendment 299 #
2021/0250(COD)
Proposal for a directive
Recital 44 a (new)
Recital 44 a (new)
(44a) Certain goods registered under national law can be attractive commodities for criminals to launder the proceeds of their illicit activities. Member States should provide for systems to aggregate information on ownership of those goods, for example watercraft and aircraft. Member States should also consider aggregating, through registers or other systems, information on ownership of certain goods of high value, particularly insured goods. Proper and timely identification of natural persons who are beneficial owners of those goods by FIUs and other competent authorities is important both for detecting money laundering schemes and for freezing assets. It is therefore important for Member States to provide FIUs and competent authorities with access to information which allows the identification in a timely manner of natural or beneficial ownership of certain goods and to information relevant for the identification of the risk and suspicion of transactions. AMLA shall develop draft regulatory standards by [1year after the date of entry into force of this Directive] for a specific set of assets, which shall include at a minimum, personal vehicles, aircrafts, watercrafts, jewellery and certain types of artwork.
Amendment 301 #
2021/0250(COD)
Proposal for a directive
Recital 44 a (new)
Recital 44 a (new)
(44a) An electronic system integrating information on beneficial ownership, bank account and crypto-asset wallets, land and real estate, and beneficial ownership data of relevant high value goods or assets should be established through a single interface. For this purpose, technical measures and specifications should be developed.
Amendment 312 #
2021/0250(COD)
Proposal for a directive
Recital 50 a (new)
Recital 50 a (new)
(50a) For FIUs to carry out their tasks effectively, given the cross-border nature of many transactions, they must cooperate with each other and with competent authorities, including law enforcement, but also tax and customs authorities, Europol and the European Anti-Fraud Office, in a more meaningful and efficient manner. Cooperation with FIUs of third countries is also essential in order to fight money laundering and terrorist financing at a global level and to comply with international AML/FT standards. Member States shall enable, through their legislation, such cooperation and empower their FIUs to enter into effective cooperation arrangements.
Amendment 313 #
2021/0250(COD)
Proposal for a directive
Recital 51
Recital 51
(51) FIUs should use secure facilities, including protected channels of communication, to cooperate and exchange information amongst each other via the FIU.net and, when available, its one-stop- shop. In this respect, a system for the exchange of information between FIUs of the Member States (‘FIU.net’) should be set up. The system should be managed and hosted by AMLA. The FIU.net should be used by FIUs to cooperate and exchange information amongst each other and may also be used, where appropriate, to exchange information with FIUs of third countries and with other authorities and Union bodies. The functionalities of the FIU.net should be used by FIUs to their full potential. Those functionalities should allow FIUs to match their data with data of other FIUs in an anonymous way with the aim of detecting subjects of the FIU's interests in other Member States and identifying their proceeds and funds, whilst ensuring full protection of personal data.
Amendment 315 #
2021/0250(COD)
Proposal for a directive
Recital 52
Recital 52
(52) It is important that FIUs cooperate and exchange information effectively with one another. In this regard, AMLA should develop FIU.net into a one-stop-shop for obliged entities to submit multi-country suspicious transaction and activity reports and receive feedback from the relevant FIUs. AMLA should furthermore provide the necessary assistance, not only by means of coordinating joint analyses of cross- border suspicious transaction reports, but also by developing draft regulatory technical standards concerning the format to be used for the exchange of information between FIUs and guidelines in relation to the relevant factors to be taken into account when determining if a suspicious transaction report concerns another Member State as well as on the nature, features and objectives of operational and of strategic analysis.
Amendment 317 #
2021/0250(COD)
Proposal for a directive
Recital 54
Recital 54
(54) The movement of illicit money traverses borders and may affect different Member States. The cross-border cases, involving multiple jurisdictions, are becoming more and more frequent and increasingly significant, also due to the activities carried out by obliged entities on a cross-border basis. In order to deal effectively with cases that concern several Member States, FIUs should be able to go beyond the simple exchange of information for the detection and analysis of suspicious transactions and activities and share the analytical activity itself. FIUs have reported certain important issues which limit or condition the capacity of FIUs to engage in joint analysis. Carrying out joint analysis of suspicious transactions and activities will enable FIUs to exploit potential synergies, to use information from different national and EU sources, to obtain a full picture of the anomalous activities and to enrich the analysis. FIUs should be able to conduct joint analyses of suspicious transactions and activities and to set up and participate in joint analysis teams for specific purposes and limited period with the assistance of AMLA. The participation of third parties may be instrumental for the successful outcome of joint analyses. Therefore, FIUs may invite third parties to take part in the joint analysis where such participation would fall within the respective mandates of those third parties.
Amendment 331 #
2021/0250(COD)
Proposal for a directive
Recital 75
Recital 75
(75) The new fully-integrated and coherent anti-money laundering and counter-terrorist financing policy at Union level, with designated roles for both Union and national competent authorities and with a view to ensure their smooth and constant cooperation. In that regard, cooperation between all national and Union AML/CFT authorities is of the utmost importance and should be clarified and enhanced. Internally, it remains the duty of Member States to provide for the necessary rules to ensure that policy makers, the FIUs, supervisors, including AMLA, and other competent authorities involved in AML/CFT, as well as tax authorities and law enforcement authorities when acting within the scope of this Directive, have effective mechanisms to enable them to cooperate and coordinate, including with other EU bodies and through a restrictive approach to the refusal by competent authorities to cooperate and exchange information at the request of another competent authority.
Amendment 335 #
2021/0250(COD)
Proposal for a directive
Recital 83
Recital 83
(83) Supervisors should be able to cooperate and exchange confidential information, regardless of their respective nature or status. To this end, they should have an adequate legal basis for exchange of confidential information and for cooperation. Exchange of information and cooperation with other authorities competent for supervising or overseeing obliged entities under other Union acts should not be hampered unintentionally by legal uncertainty which may stem from a lack of explicit provisions in this field. Clarification of the legal framework is even more important since prudential supervision has, in a number of cases, been entrusted to non-AML/CFT supervisors, such as the European Central Bank (ECB). When imposing administrative sanctions and supervisory measures on obliged entities, or performing other tasks necessitating coordination between supervisors and non-AML/CFT authorities, the authorities concerned should take into account the differences between their respective supervisory mandates and cooperate accordingly.
Amendment 336 #
2021/0250(COD)
Proposal for a directive
Recital 84
Recital 84
(84) The effectiveness of the Union AML/CFT framework relies on the cooperation between a wide array of competent authorities. To facilitate such cooperation, AMLA should be entrusted to develop guidelines in coordination with the ECB, the European Supervisory Authorities, Europol, Eurojust, and the European Public Prosecutor’s Office on cooperation between all competent authorities at national and EU level. Such guidelines should also describe how authorities competent for the supervision or oversight of obliged entities under other Union acts should take into account money laundering and terrorist financing concerns in the performance of their duties.
Amendment 340 #
2021/0250(COD)
Proposal for a directive
Recital 91
Recital 91
(91) In order to ensure uniform conditions for the implementation of this Directive, implementing powers should be conferred on the Commission in order to lay down a methodology for the collection of statistics, establish the format for the submission of beneficial ownership information, define the technical conditions for the interconnection of beneficial ownership registers and of bank account registers and data retrieval mechanisms, define the technical conditions for the connection of the Member States' mechanisms to the single access point on land and real estate, as well as to adopt implementing technical standards specifying the format to be used for the exchange of the information among FIUs of the Member States. Those powers should be exercised in accordance with Regulation (EU) No 182/2011 of the European Parliament and of the Council39 . _________________ 39 Regulation (EU) No 182/2011 of the European Parliament and of the Council of 16 February 2011 laying down the rules and general principles concerning mechanisms for control by the Member States of the Commission’s exercise of implementing powers (OJ L 55, 28.2.2011, p. 13).
Amendment 344 #
2021/0250(COD)
Proposal for a directive
Article 1 – paragraph 1 – point c
Article 1 – paragraph 1 – point c
(c) the set-up and access toaccess to information on beneficial ownership, bank account ands, land or real estate registerand certain goods;
Amendment 345 #
2021/0250(COD)
Proposal for a directive
Article 2 – paragraph 2 – point 7
Article 2 – paragraph 2 – point 7
(7) ‘entity operating on a cross-border basis’ means an obliged entity having at least one establishment in another Member State or in a third country, or is operating under the freedom to provide services;
Amendment 346 #
2021/0250(COD)
Proposal for a directive
Article 2 – paragraph 2 – point 8 a (new)
Article 2 – paragraph 2 – point 8 a (new)
(8a) "relevant high value goods or assets” means the following tangible or intangible assets, provided their estimated value is above EUR 250.000 or the equivalent in national currency, at the time of acquisition: (a) watercrafts; (b) aircrafts; (c) motor vehicles; (d) works of art and other cultural goods, including virtual ones; (e) jewellery, precious metals and stones; (f) financial and insurance products and crypto-assets.
Amendment 363 #
2021/0250(COD)
Proposal for a directive
Article 4 – paragraph 2 – subparagraph 1 (new)
Article 4 – paragraph 2 – subparagraph 1 (new)
Host Member States may subject providers of gambling services to licensing or registration in accordance with national law where they operate in their territory under the freedom to provide services.
Amendment 367 #
2021/0250(COD)
Proposal for a directive
Article 4 a (new)
Article 4 a (new)
Amendment 368 #
2021/0250(COD)
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Member States may require electronic money issuers as defined in Article 2(3) of Directive 2009/110/EC44 , payment service providers as defined in Article 4(11) of Directive (EU) 2015/2366 and crypto-assets service providers operating through agents, a distributor, or through any other natural or legal person which acts on their behalf, located in the host Member State and operating under either the right of establishment or the freedom to provide services, and whose head office is situated in another Member State, to appoint a central contact point in their territory. That central contact point shall ensure, on behalf of the entity operating on a cross-border basis, compliance with AML/CFT rules and shall facilitate supervision by supervisors, including by providing supervisors with documents and information on request. _________________ 44 Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267, 10.10.2009, p. 7).
Amendment 396 #
2021/0250(COD)
Proposal for a directive
Article 7 – paragraph 2 – point d
Article 7 – paragraph 2 – point d
(d) the risks of non-implementation and evasion of proliferation financing- related targeted financial sanctions.
Amendment 400 #
2021/0250(COD)
Proposal for a directive
Article 7 – paragraph 3
Article 7 – paragraph 3
3. The Commission shall make recommendations to Member States on the measures suitable for addressing the identified risks. Member States shall endeavour to follow these recommendations. In the event that Member States decide not to apply any of the recommendations in their national AML/CFT regimes, they shall notify the Commission thereof and provide a justification stating legitimate reasons for such a decision.
Amendment 403 #
2021/0250(COD)
Proposal for a directive
Article 7 – paragraph 4
Article 7 – paragraph 4
4. By [3 years after the date of transposition of this Directive], AMLA, in cooperation with other EU bodies involved in the AML/CFT framework such as Europol, shall issue an opinion addressed to the Commission on the risks of money laundering and terrorist financing affecting the Union. Thereafter, AMLA shall issue an opinion every two years.
Amendment 408 #
2021/0250(COD)
Proposal for a directive
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. Each Member State shall carry out a national risk assessment to identify, assess, understand and mitigate the risks of money laundering and terrorist financing, as well as risks of non-implementation and evasion of targeted financial sanctions affecting it. It shall keep that risk assessment up to date and review it at least every four years. Based on the identification of emerging risks, including country-specific ones, the Commission may request Member States to review their risk assessment. Following a request by the Commission, Member States shall promptly review their risk assessment and share its results in accordance with paragraph 5.
Amendment 414 #
2021/0250(COD)
Proposal for a directive
Article 8 – paragraph 1 – subparagraph 1
Article 8 – paragraph 1 – subparagraph 1
Each Member State shall also take appropriate steps to prevent, identify, assess, understand and mitigate the risks of non- implementation and evasion of proliferation financing-related targeted financial sanctions.
Amendment 416 #
2021/0250(COD)
Proposal for a directive
Article 8 – paragraph 2
Article 8 – paragraph 2
2. Each Member State shall designate an authority or establish a mechanism to coordinate the national response to the risks referred to in paragraph 1. The identity of that authority or the description of the mechanism shall be notified to the Commission, AMLA, Europol, and other Member States.
Amendment 420 #
2021/0250(COD)
Proposal for a directive
Article 8 – paragraph 4 – point b a (new)
Article 8 – paragraph 4 – point b a (new)
Amendment 426 #
2021/0250(COD)
Proposal for a directive
Article 8 – paragraph 4 – point c a (new)
Article 8 – paragraph 4 – point c a (new)
(ca) identify patterns of money laundering/terrorism financing and assess trends for the associated risks at national level;
Amendment 427 #
2021/0250(COD)
Proposal for a directive
Article 8 – paragraph 4 – point d
Article 8 – paragraph 4 – point d
(d) decide on the allocation and prioritisation of resources to combat money laundering and terrorist financing as well as non-implementation and evasion of proliferation financing-related targeted financial sanctions;
Amendment 429 #
2021/0250(COD)
Proposal for a directive
Article 8 – paragraph 4 – point f
Article 8 – paragraph 4 – point f
(f) make appropriate information available promptly to competent authorities and to obliged entities to facilitate the carrying out of their own money laundering and terrorist financing risk assessments as well as the assessment of risks of evasion of proliferation financing- related targeted financial sanctions referred to in Article 8 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final].
Amendment 434 #
2021/0250(COD)
Proposal for a directive
Article 8 – paragraph 4 – subparagraph 1
Article 8 – paragraph 4 – subparagraph 1
In the national risk assessment, Member States shall describe the institutional structure and broad procedures of their AML/CFT regime, including, inter alia, the FIU, tax authorities and prosecutors, the level of AML/CFT cooperation at European and international level, as well as the allocated human and financial resources to the extent that this information is available.
Amendment 439 #
2021/0250(COD)
Proposal for a directive
Article 8 – paragraph 5
Article 8 – paragraph 5
5. Member States shall make the results of their national risk assessments, including their updates, available to the Commission, to AMLA and to the other Member States. Any Member State may provide relevant additional information, where appropriate, to the Member State carrying out the national risk assessment. A summary of the results of the assessment shall be made publicly available. That summary shall not contain classified information. The information contained therein shall not permit the identification of any natural or legal person.
Amendment 447 #
2021/0250(COD)
Proposal for a directive
Article 9 – paragraph 2 – point b
Article 9 – paragraph 2 – point b
(b) data measuring the reporting, investigation and judicial phases of the national AML/CFT regime, including the number of suspicious transaction reports made to the FIU and the value of such transactions, the follow-up given to those reports, the information on cross- border physical transfers of cash submitted to the FIU in accordance with Article 9 of Regulation (EU) 2018/1672 together with the follow-up given to the information submitted and, on an annual basis, the number of cases investigated, the number of persons prosecuted, the number of persons convicted for money laundering or terrorist financing offences, the types of predicate offences identified in accordance with Article 2 of Directive (EU) 2018/1673 of the European Parliament and of the Council45 where such information is available, and the value in euro of property that has been frozen, seized or confiscated; _________________ 45 Directive (EU) 2018/1673 of the European Parliament and of the Council of 23 October 2018 on combating money laundering by criminal law (OJ L 284, 12.11.2018, p. 22).
Amendment 451 #
2021/0250(COD)
Proposal for a directive
Article 9 – paragraph 2 – point e a (new)
Article 9 – paragraph 2 – point e a (new)
Amendment 452 #
2021/0250(COD)
Proposal for a directive
Article 9 – paragraph 2 – point g a (new)
Article 9 – paragraph 2 – point g a (new)
(ga) the number of discrepancies reported to the central register referred to in Article 10, including measures or sanctions imposed by the entity in charge of the central register, the number of on- site and off-site inspections, types of recurrent discrepancies and patterns identified in the verification process by entities in charge of the central register;
Amendment 457 #
2021/0250(COD)
Proposal for a directive
Article 9 – paragraph 3 – introductory part
Article 9 – paragraph 3 – introductory part
3. Member States shall ensure that the statistics referred to in paragraph 2 are collected and transmitted to the Commission on an annual basis. The statistics referred to in paragraph 2, points (a), (c), (d) and (f), shall also be transmitted to AMLA.
Amendment 461 #
2021/0250(COD)
Proposal for a directive
Article 9 – paragraph 6
Article 9 – paragraph 6
6. The Commission shall publish a biennial report summarising and explaining the statistics referred to in paragraph 2, which shall be made available on its website and shall be submitted to the European Parliament and to the Council.
Amendment 464 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 1 – introductory part
Article 10 – paragraph 1 – introductory part
1. Member States shall ensure that beneficial ownership information referred to in Article 44 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] and information on nominee arrangements referred to in Article 47 of that Regulation is held in a central register in the Member State where the legal entity is incorporated or where the trustee or person holding an equivalent position in a similar legal arrangement is established or resides. Such requirement shall not apply to companies listed on a regulated market that are subject to disclosure requirements equivalent to the requirements laid down in this Directive or subject to equivalent international standards.
Amendment 469 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
The beneficial ownership information contained in the central registers may be collected in accordance with national systemsa uniform format.
Amendment 470 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 1 – subparagraph 1 a (new)
Article 10 – paragraph 1 – subparagraph 1 a (new)
Member States shall also ensure that beneficial ownership information of legal entities incorporated outside the Union or of express trusts or similar legal arrangements administered outside the Union are held in the central register under the conditions laid down in Article 48 of Regulation [(please insert reference - proposal for Anti-money Laundering Regulation - COM/2021/420final].
Amendment 473 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where there are reasons to doubt the accuracy of the beneficial ownership information held by the central registers, Member States shall ensure that legal entities and legal arrangements are required to provide additional information on a risk-sensitive basis, includingthe entity in charge of the central register is empowered to request from corporate and legal entities, the trustees of any express trust and persons holding an equivalent position in a similar legal arrangement, as well as their legal and beneficial owners, any information and documents necessary to identify and verify their beneficial owners, including proofs of existence and ownership, resolutions of the board of directors and minutes of their meetings, partnership agreements, trust deeds, power of attorney or other contractual agreements and documentation.
Amendment 476 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 3 – introductory part
Article 10 – paragraph 3 – introductory part
3. WIn addition to the STRs filed on the grounds laid out in Articles 17 and 45 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420] , where no person is identified as beneficial owner pursuant to Article 45(2) and (3) of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final], the central register shall include:
Amendment 482 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 3 – point a
Article 10 – paragraph 3 – point a
(a) a statement accompanied by a justification, that there is no beneficial owner or that the beneficial owner(s) could not be identified and verified, accompanied by supporting documents and a justification;
Amendment 487 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 4
Article 10 – paragraph 4
4. The Commission is empowered to adopt, by means of implementing acts, the format for the submission of beneficial ownership information referred to in Article 44 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation] to the central register. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 54(2).
Amendment 490 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 5 – introductory part
Article 10 – paragraph 5 – introductory part
5. Member States shall require that the beneficial ownership information held in the central registers is adequate, accurate and up-to-date, and shall put in place mechanisms to this effect. For that purpose, Member State shall apply at least the following requirements:
Amendment 496 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 5 – point a
Article 10 – paragraph 5 – point a
(a) obliged entities shall report to the entity in charge of the central registers any discrepancies they find between the beneficial ownership information available in the central registers and the beneficial ownership information available to them pursuant to Article 18 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation], transmitting to the central register the relevant beneficial ownership information they have gathered.
Amendment 501 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 5 – point b
Article 10 – paragraph 5 – point b
(b) competent authorities, if appropriate and to the extent that this requirement does not interfere unnecessarily with their functions, shall report to the entity in charge of the central registers any discrepancies they find between beneficial ownership information available in the central registers and the beneficial ownership information available to them.
Amendment 505 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 5 – subparagraph 1 (new)
Article 10 – paragraph 5 – subparagraph 1 (new)
Member States shall ensure that beneficial ownership information held in their central registers is machine-readable and made available to competent authorities and the public through Application Programming Interfaces (APIs).
Amendment 507 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 5 a (new)
Article 10 – paragraph 5 a (new)
5a. Member States shall ensure that the entity in charge of the beneficial ownership register verifies whether beneficial ownership information held in the register concerns persons or entities designated in relation to targeted financial sanctions. Such verification shall take place immediately upon the designation and at regular intervals.
Amendment 509 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 5 b (new)
Article 10 – paragraph 5 b (new)
5b. Member States shall ensure that the entity in charge of the beneficial ownership register includes a specific mention in the register with regard to the information on the legal person where: (a) a legal person included in the register is subject to targeted financial sanctions; (b) a legal person included in the register is controlled by a person subject to targeted financial sanctions; (c) a beneficial owner of the legal person is subject to targeted financial sanctions; The mention shall remain publicly available in the register until the concerned targeted financial sanctions are removed.
Amendment 516 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 7
Article 10 – paragraph 7
7. Member States shall ensure that the entity in charge of the central registers takes appropriate actions to cease the discrepancies, including amending the information included in the central registers where the entity is able to identify and verify the beneficial ownership information. A specific mention of the fact that there are discrepancies reported shall be included in the central registers and visible at least to competent authorities and obliged entitiesuntil the discrepancy is resolved and visible to any person or entity granted access under Articles 11 and 12.
Amendment 520 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 8
Article 10 – paragraph 8
8. In the case of corporate and other legal entities, and, where the trustee is an obliged entity as listed in Article 3, point 3 of Regulation[please insert reference - proposal for Anti-Money Laundering Regulation -COM/2021/420 final], Member States shall ensure that the entity in charge of the central beneficial ownership register is empowered to request documents, carry out checks, including on-site investigations at the premises or registered office of the legal entity, in order to establishat the premises of relevant obliged entities as listed in Article 3 of Regulation[please insert reference - proposal for Anti-Money Laundering Regulation -COM/2021/420 final],in accordance with national law, or at the premises of the legal entities’ representatives in the Union in order to identify and verify the current beneficial ownership of the entity and to verify that the information submitted to the central register is accurate, adequate and up-to- date. The right of the central register to verify such information shall not be restricted, obstructed or precluded in any manner and the central register shall be empowered to request information from other entities, including in other Member States and third countries, in particular through the establishment of cooperation agreements.
Amendment 526 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 8 a (new)
Article 10 – paragraph 8 a (new)
8a. Member States shall ensure that entities in charge of central registers have at their disposal necessary automated technology to carry out verifications as referred to in paragraphs 5, 5a and 5b. Those verifications shall include, in particular, cross-checking beneficial ownership information with other public and private databases, checking supporting documents, detecting errors and inconsistencies, identifying patterns associated with legal entities being used for illicit purposes and carrying out occasional sample testing through a risk based approach. Verifications as referred to in this paragraph shall include measures to safeguard fundamental rights, such as human oversight and the avoidance of discriminatory outcomes.
Amendment 530 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 8 b (new)
Article 10 – paragraph 8 b (new)
8b. Where a verification as referred to in paragraph 8a is carried out when the beneficial ownership information is submitted, and it leads an entity in charge of a central register to conclude that there are inconsistencies or errors in that information, or where that information otherwise fails to fulfil the requirements laid down in paragraph 5, Member States shall ensure that such entity is able to withhold the certification of registration and any legal effects thereof, in particular the legal constitution of the entity, until the beneficial owner information provided is in order.
Amendment 531 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 8 c (new)
Article 10 – paragraph 8 c (new)
8c. Where a verification as referred to in paragraph 8a is carried out after the submission of the beneficial ownership information, and it leads an entity in charge of a central register to conclude that there are inconsistencies or errors in that information, or where that information otherwise fails to fulfil the requirements laid down in paragraph 5, Member States shall ensure that its competent authorities, including FIUs in accordance with Article 20, are able to invalidate specific legal acts or transactions carried out by the legal entity, express trust or similar legal arrangements in question, until the beneficial owner information provided is in order.
Amendment 533 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 9
Article 10 – paragraph 9
9. Member States shall ensure that the entity in charge of the central register is empowered to impose effective, proportionate and dissuasive measures or sanctions for failures to provide the register with accurate, adequate and up-to-date information about their beneficial ownership. Sanctions shall include monetary penalties and restrictions in the access to certain professions and in the exercise of certain functions within a legal entity or arrangement, restrictions in the exercise of ownership rights of a legal entity or in the ability to receive dividends, suspending or discontinuing activities. In the event of repeated failures to ensure that the register contains up-to-date, accurate and adequate information, sanctions shall be increased to ensure compliance. By [1 year after entry into force of this Directive], AMLA shall adopt draft regulatory technical standards regarding indicators to classify the level of gravity of breach and criteria for such repeated failures and submit them to the Commission for adoption. The Commission is empowered to supplement this Directive by adopting the regulatory standards referred to in the first subparagraph in accordance with Articles 38 to 41 of Regulation [please insert reference - proposal for establishment of an Anti-Money Laundering Authority - COM/2021/421 final].
Amendment 537 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 10
Article 10 – paragraph 10
10. Member States shall ensure that if, in the course of the checks carried out pursuant to this Article, or in any other way, the entities in charge of the beneficial ownership registers discover facts that could be related to money laundering or to terrorist financing, they shall promptly inform the FIU within 48 hours.
Amendment 539 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 10 a (new)
Article 10 – paragraph 10 a (new)
10a. Entities in charge of central registers shall be operationally independent and autonomous and shall have the authority and capacity to carry out their functions free of political, government or industry influence or interference. Staff of those entities shall be of high integrity, be appropriately skilled and maintain high professional standards, including standards of confidentiality, data protection and standards addressing conflicts of interest.
Amendment 541 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 11
Article 10 – paragraph 11
11. The central registerbeneficial ownership central registers in Member States shall be interconnected via the European Central Platform established by Article 22(1) of Directive (EU) 2017/1132.
Amendment 542 #
2021/0250(COD)
Proposal for a directive
Article 10 – paragraph 12
Article 10 – paragraph 12
12. The information referred to in paragraph 1 shall be available through the national registers and through the system of interconnection of central beneficial ownership registers for at least five years and no more than 10 years after the corporate or other legal entity has been struck off from the register, without prejudice to other data retention requirements allowing case-by-case decisions to facilitate criminal or administrative proceedings.
Amendment 548 #
2021/0250(COD)
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Member States shall ensure that competent authorities, including procurement agencies, have timely, unrestricted and free access to the information held in the interconnected central registers referred to in Article 10, without alerting the entity or arrangement concerned.
Amendment 579 #
2021/0250(COD)
Proposal for a directive
Article 12 – paragraph 2 a (new)
Article 12 – paragraph 2 a (new)
2a. Users from other Member States should not be prevented from accessing the central registers.
Amendment 583 #
2021/0250(COD)
Proposal for a directive
Article 13 a (new)
Article 13 a (new)
Article 13a Evaluation of the functioning of beneficial owners registers By [3 years after the entry into force of this Directive], the Commission, in cooperation with AMLA, will conduct an assessment of the functioning of the beneficial owners registers established in Member States, as well as of the interconnected system for searches through the European Central Platform. On the basis of this assessment, the Commission shall present to the Council and the European Parliament a report with recommendations for improvement of the central registers established at national level, as well as for the interconnexion through the European Central Platform. The report should also address the opportunity of establishing a central register at EU level.
Amendment 585 #
2021/0250(COD)
Proposal for a directive
Chapter II – Section 2 – title
Chapter II – Section 2 – title
2 Bank account and crypto-asset wallet information
Amendment 586 #
2021/0250(COD)
Bank account and crypto-asset wallet registers and electronic data retrieval systems
Amendment 587 #
2021/0250(COD)
Proposal for a directive
Article 14 – paragraph 1 – introductory part
Article 14 – paragraph 1 – introductory part
1. Member States shall put in place centralised automated mechanisms, such as a central registers or central electronic data retrieval systems, which allow the identification, in a timely manner, of any natural or legal persons holding or controlling payment accounts and bank accounts identified by IBAN, as defined by Regulation (EU) No 260/2012 of the European Parliament and of the Council47 , and safe-deposit boxes held by a credit or financial institution within their territory, and crypto-asset wallets. _________________ 47 Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 (OJ L 94, 30.3.2012, p. 22).
Amendment 590 #
2021/0250(COD)
Proposal for a directive
Article 14 – paragraph 2
Article 14 – paragraph 2
2. Member States shall ensure that the information held in the centralised mechanisms referred to in paragraph 1 is directly accessible in an immediate and unfiltered manner to national FIUs. The information shall also be directly accessible toin an immediate and unfiltered manner to other national competent authorities for fulfilling their obligations under this Directive and applicable Union law.
Amendment 593 #
2021/0250(COD)
Proposal for a directive
Article 14 – paragraph 3 – point c
Article 14 – paragraph 3 – point c
(c) for the bank or payment account: the IBAN number, or an equivalent identification number, and the date of account opening and closing, if applicable;
Amendment 594 #
2021/0250(COD)
Proposal for a directive
Article 14 – paragraph 3 – point d
Article 14 – paragraph 3 – point d
(d) for the safe-deposit box: name of the lessee complemented by either the other identification data required under Article 18(1) of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation] or a unique identification number and the duration of the lease period.;
Amendment 596 #
2021/0250(COD)
Proposal for a directive
Article 14 – paragraph 3 – point d a (new)
Article 14 – paragraph 3 – point d a (new)
(da) for the customer, crypto-asset wallet holder and any person purporting to act on behalf of the customer: the name, complemented by either the other identification data required under Article 18 (1) of Regulation [please insert reference to the AMLR] or a unique identification number;
Amendment 597 #
2021/0250(COD)
Proposal for a directive
Article 14 – paragraph 3 – point d b (new)
Article 14 – paragraph 3 – point d b (new)
(db) for the beneficial owner of the customer or crypto-asset wallet holder: the name, complemented by either the other identification data required under Article 18 (1) of Regulation [please insert reference to the AMLR] or a unique identification number.
Amendment 599 #
2021/0250(COD)
Proposal for a directive
Article 14 – paragraph 6 – introductory part
Article 14 – paragraph 6 – introductory part
6. Member States shall ensure that the information referred to in paragraph 3 is available through the single access point interconnecting the centralised automated mechanisms. Member States shall take adequate measures to ensure that only the information referred to in paragraph 3 that is up to date and corresponds to the actual bank account or the actual crypto-asset wallet information is made available through their national centralised automated mechanisms and through the single access point interconnecting the centralised automated mechanisms referred to in this paragraph. The access to that information shall be grantMember States shall take adequate measures to ensure that the historical information on closed customer-account holders, bank or payment accounts and safe-deposit boxes is made available through their national centralised automated mechanisms and through the single access point interconnecting the centralised automated mechanisms referred to in this paragraph for a period of at least 5 years after the closure, without prejudice to other data retention requirements allowing case-by- case decisions to facilitate criminal or administrative proceedings. The access to that information shall be deemed in accordance with data protection rules.
Amendment 606 #
2021/0250(COD)
Proposal for a directive
Article 14 – paragraph 7 – subparagraph 1
Article 14 – paragraph 7 – subparagraph 1
Member States shall ensure that the staff of the national FIUscompetent authorities having access through the single access point maintain high professional standards of confidentiality and data protection, are of high integrity and are appropriately skilled.
Amendment 612 #
2021/0250(COD)
Proposal for a directive
Article 15 – paragraph 1 – point b
Article 15 – paragraph 1 – point b
(b) the common criteria according to which beneficial ownership information is available through the system of interconnection of registers, depending on the level of access granted by Member States;
Amendment 615 #
2021/0250(COD)
Proposal for a directive
Article 15 – paragraph 1 – point e
Article 15 – paragraph 1 – point e
(e) the technical modalities to implement the different types of access to information on beneficial ownership in accordance with Articles 11 and 12 of this Directive, including the authentication of users through the use of electronic identification means and relevant trust services as set out in Regulation (EU) 910/2014. These modalities should ensure that users from other Member States are not prevented from accessing the information;
Amendment 623 #
2021/0250(COD)
Proposal for a directive
Chapter II – Section 3 – title
Chapter II – Section 3 – title
3 RLand and real estate registers
Amendment 624 #
Amendment 630 #
2021/0250(COD)
Proposal for a directive
Article 16 – paragraph 1 – introductory part
Article 16 – paragraph 1 – introductory part
1. Member States shall provide FIUs and other competent authorities with access to informationdirect, unrestricted and free access to information via a single access point in each Member State which allows the identification, in a timely manner, of any natural or legal person owning land or real estate, including through registers or electronic data retrieval systems where such registers or systems are available. Competent authorities shall also have access to information allowing the identification and analysis of transactions involving land or real estate, including their economic value and details of the natural or legal persons involved in those transactions including, where available, whether the natural or legal person owns, sells or acquires land or real estate on behalf of a legal arrangement.
Amendment 634 #
2021/0250(COD)
Proposal for a directive
Article 16 – paragraph 1 – subparagraph 1
Article 16 – paragraph 1 – subparagraph 1
FIUs, national asset recovery offices and other competent AML/CFT authorities shall be granted direct and immediate access to the information referred to in the first subparagraph.
Amendment 643 #
2021/0250(COD)
Proposal for a directive
Article 16 a (new)
Article 16 a (new)
Amendment 644 #
2021/0250(COD)
Proposal for a directive
Article 16 a (new)
Article 16 a (new)
Article 16a Access to beneficial ownership information of certain assets 1. Member States shall provide competent authorities with real-time access to information to the beneficial owners of legal persons or arrangements owning high-value assets, in particular: (a) Tangible assets such as watercrafts, aircrafts, personal vehicles, works of art, jewellery. (b) Intangible assets such as financial products and crypto assets. The Commission shall adopt by [2 years after the entry into force of this Directive] an implementing act laying down a list of specific high-value assets which this Directive applies The list of high-value assets shall be reviewed every three years thereafter. 2. Member States shall ensure that information referred to in paragraph 1 is available to competent authorities, either through registers or electronic data retrieval systems. FIUs shall be granted direct and immediate access to the information referred to in this first subparagraph.
Amendment 645 #
2021/0250(COD)
Proposal for a directive
Article 16 b (new)
Article 16 b (new)
Amendment 648 #
2021/0250(COD)
Proposal for a directive
Chapter II – Section 3 a (new)
Chapter II – Section 3 a (new)
Amendment 651 #
2021/0250(COD)
Proposal for a directive
Article 17 – paragraph 2
Article 17 – paragraph 2
2. The FIU shall be the single central national unit responsible for receiving and analysing suspicious transactions and other information relevant to money laundering, its predicate offences or terrorist financing submitted by obliged entities in accordance with Article 50 or reports submitted by obliged entities in accordance with Article 59(4), point (b), of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] and other information relevant to money laundering, its predicate offences or terrorist financing, as well as by customs authorities pursuant to Article 9 of Regulation (EU) 2018/1672.
Amendment 652 #
2021/0250(COD)
Proposal for a directive
Article 17 – paragraph 2 a (new)
Article 17 – paragraph 2 a (new)
Amendment 656 #
2021/0250(COD)
Proposal for a directive
Article 17 – paragraph 3 – subparagraph 1 a (new)
Article 17 – paragraph 3 – subparagraph 1 a (new)
Dedicated, secure and protected channels should be used for the dissemination.
Amendment 658 #
2021/0250(COD)
Proposal for a directive
Article 17 – paragraph 3 – subparagraph 2
Article 17 – paragraph 3 – subparagraph 2
By [1 year after the date of transposition of this Directive], AMLA shall issue guidelines addressed to FIUs on the nature, features and objectives of operational and of strategic analysis, in particular the need to further provide these analyses to investigative and prosecution services combating money laundering, associated predicate offences, and terrorism financing.
Amendment 659 #
2021/0250(COD)
4. Each FIU shall be operationally independent and autonomous, which means that it shall have the authority and capacity to carry out its functions freely, including the ability to take autonomous decisions to analyse, request and disseminate specific information, in accordance with paragraph 3, disseminate specific information in accordance with applicable Union law. It shall be free from any undue political, government or industry influence or interference.
Amendment 662 #
2021/0250(COD)
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 1 (new)
Article 17 – paragraph 5 – subparagraph 1 (new)
AMLA shall develop guidelines to determine the appropriate levels of funding and resources needed for FIUs to carry out their functions.
Amendment 669 #
2021/0250(COD)
Proposal for a directive
Article 17 – paragraph 7
Article 17 – paragraph 7
7. Each Member States shall ensure that its FIU is able to make arrangements or engage independently with other domestic competent authorities and relevant EU bodies involved in AML/CFT, pursuant to Article 45 on the exchange of information.
Amendment 673 #
2021/0250(COD)
Proposal for a directive
Article 17 – paragraph 7 a (new)
Article 17 – paragraph 7 a (new)
7a. AMLA shall coordinate the organisation of periodical peer reviews of FIUs for the purposes of assessing whether the requirements set out in this article have been fulfilled.
Amendment 674 #
2021/0250(COD)
Proposal for a directive
Article 18 – paragraph -1 (new)
Article 18 – paragraph -1 (new)
-1. Member States shall ensure that their FIUs, regardless of their organisational status, have prompt access to any information they require to fulfil their tasks. This shall include financial, administrative and law enforcement information.
Amendment 677 #
2021/0250(COD)
Proposal for a directive
Article 18 – paragraph 1 – introductory part
Article 18 – paragraph 1 – introductory part
1. In particular, Member States shall ensure that their FIUs have:
Amendment 682 #
2021/0250(COD)
Proposal for a directive
Article 18 – paragraph 1 – point a – introductory part
Article 18 – paragraph 1 – point a – introductory part
(a) immediate and, with the exception of point (ii), direct access to at least the following financial information:
Amendment 686 #
2021/0250(COD)
Proposal for a directive
Article 18 – paragraph 1 – point a – point ii
Article 18 – paragraph 1 – point a – point ii
Amendment 691 #
2021/0250(COD)
Proposal for a directive
Article 18 – paragraph 1 – point a – point vi a (new)
Article 18 – paragraph 1 – point a – point vi a (new)
(via) information on public procurements or contracts.
Amendment 693 #
2021/0250(COD)
Proposal for a directive
Article 18 – paragraph 1 – point b – point ii
Article 18 – paragraph 1 – point b – point ii
(ii) data from the single access point referred to in Article 16 relating to national real estate registers, land registers or electronic data retrieval systems and land and cadastral registers;
Amendment 701 #
2021/0250(COD)
Proposal for a directive
Article 18 – paragraph 1 – point c – introductory part
Article 18 – paragraph 1 – point c – introductory part
(c) direct or indirect access to the following law enforcement information:
Amendment 721 #
2021/0250(COD)
Proposal for a directive
Article 19 – paragraph 1 – introductory part
Article 19 – paragraph 1 – introductory part
1. Member States shall ensure that FIUs respond in a timely manner, and in any case no later than in seven days, to reasoned requests for information by other competent authorities in their respective Member State or Union authorities, including AMLA, competent for investigating or prosecuting criminal activities when such requests for information are motivated by concerns relating to money laundering, its predicate offences or terrorist financing or when this information is necessary for the competent authority to perform its tasks under this Directive. The decision on conducting the dissemination of information shall remain with the FIU.
Amendment 722 #
2021/0250(COD)
Proposal for a directive
Article 19 – paragraph 1 – introductory part
Article 19 – paragraph 1 – introductory part
1. Member States shall ensure that FIUs respond in a timely manner, and in any case no later than seven days, to reasoned requests for information by other competent authorities in their respective Member State or Union authorities competent for investigating or prosecuting criminal activities when such requests for information are motivated by concerns relating to money laundering, its predicate offences or terrorist financing or when this information is necessary for the competent authority to perform its tasks under this Directive. The decision on conducting the dissemination of information shall remain with the FIU.
Amendment 724 #
2021/0250(COD)
Proposal for a directive
Article 19 – paragraph 1 – subparagraph 1
Article 19 – paragraph 1 – subparagraph 1
Where there are objective grounds for assuming that the provision of such information would have a negative impact on ongoing investigations or analyses, or, in exceptional circumstances, where disclosure of the information would be clearly disproportionate to the legitimate interests of a natural or legal person or irrelevant with regard to the purposes for which it has been requested, the FIU shall be under no obligation to comply with the request for informamay only refuse the request for information by means of a written and duly justified response that shall also be transmitted to AMLA for the purpose of identifying trends and any possible impediments to cooperation that may warrant, if appropriate, future legislative action.
Amendment 727 #
2021/0250(COD)
Proposal for a directive
Article 19 – paragraph 2
Article 19 – paragraph 2
2. Competent authorities, including AMLA, shall provide feedback to the FIU about the use madeand usefulness of the information provided in accordance with this Article and Article 17, and about the outcome of the investigations performed on the basis of that information. Such feedback shall be provided as soon as possible and in any case, at least on an annual basis, in such a way as to inform the FIU about the actions taken by the competent authorities on the basis of the information provided by the FIU and allow the FIU to executimprove its operational analysis function.
Amendment 732 #
2021/0250(COD)
Proposal for a directive
Article 20 – paragraph 1 – introductory part
Article 20 – paragraph 1 – introductory part
1. Member States shall ensure that FIUs are empowered to take urgent action, directly or indirectly, where there is a suspicion that a transaction is related to money laundering or terrorist financing, to suspend or withhold consent to a transaction that is proceeding. Such suspension shall be imposed on the obliged entity within 48 hours of receiving the suspicious transaction report, in order to analyse the transaction, confirm the suspicion and disseminate the results of the analysis to the competent authorities and AMLA, where relevant. In cases covered by Article 52 [please insert reference to AMLR], such suspension shall be imposed on the obliged entity within 48 hours of receiving the suspicious transaction report. Member States shall ensure that subject to national procedural safeguards, the transaction is suspended for a period of a maximum of 15 calendar days from the day of the imposition of such suspension to the obliged entity.
Amendment 738 #
2021/0250(COD)
Proposal for a directive
Article 20 – paragraph 1 – subparagraph 1
Article 20 – paragraph 1 – subparagraph 1
The FIU shall be empowered to impose such suspension, directly or indirectly, at the request of an FIU from another Member State or AMLA within 48 hours, for the periods and under the conditions specified in the national law of the FIU receiving the request.
Amendment 742 #
2021/0250(COD)
Proposal for a directive
Article 20 – paragraph 2 – introductory part
Article 20 – paragraph 2 – introductory part
2. Where there is a suspicion that several transactions involving a bank or payment account are related to money launderinga bank, payment or crypto-assets account or another business relation may be used for money laundering, associated predicate offences, or terrorist financing, Member States shall ensure that the FIU is empowered to take urgent action, directly or indirectly, to suspend the use of a bank or payment account in order to analyse the transactions performed through the accountthe account or business relationship, in order to perform the analyses, confirm the suspicion and disseminate the results of the analysis to the competent authorities to allow for the adoption of appropriate measures.
Amendment 747 #
2021/0250(COD)
Proposal for a directive
Article 20 – paragraph 3
Article 20 – paragraph 3
3. Member States shall provide for the effectiv, where applicable, for the possibility for the person whose bank or paymen, payment or crypto- asset account is affected to challenge the suspension before a court in accordance with procedures provided for in national law.
Amendment 748 #
2021/0250(COD)
Proposal for a directive
Article 20 – paragraph 3 a (new)
Article 20 – paragraph 3 a (new)
3a. FIUs shall be empowered to monitor, during a specified period, the transactions or activities that are being carried out through one or more identified bank accounts or other business relationships. FIUs shall be empowered to give instructions to obliged entities in order to ensure that obliged entities carry out such specific monitoring and report the results to the competent FIU.
Amendment 751 #
2021/0250(COD)
Proposal for a directive
Article 20 – paragraph 4
Article 20 – paragraph 4
4. FIUs shall be empowered to impose the suspensions and monitoring measures referred to in paragraphs 1, 2 and 2, directly or indirectly3a, at the request of an FIU from another Member State or a third country, under the conditions specified in the applicable Union law and the national law of the FIU receiving the request. The receiving FIU shall promptly inform the FIU of the requesting Member State of the measures it has taken pursuant to its request. Where an FIU decides to suspend or prohibit a transaction in accordance with paragraph 1, or to suspend a bank or payment account in accordance with paragraph 2, this information shall be made available to all FIUs through FIU.net.
Amendment 753 #
2021/0250(COD)
Proposal for a directive
Article 20 – paragraph 4 – subparagraph 1 (new)
Article 20 – paragraph 4 – subparagraph 1 (new)
In order to bring together all relevant information, and with the aim of better detecting suspicious activities or transactions, FIUs may use state-of-the- art technology that, by default, anonymously matches subject-matter data with that of other FIUs, encompassing data of suspended or prohibited transactions, and suspended bank or payment accounts.
Amendment 754 #
2021/0250(COD)
Proposal for a directive
Article 20 – paragraph 4 a (new)
Article 20 – paragraph 4 a (new)
4a. By [2 years after the date of entry into force of this Directive], AMLA shall develop draft implementing technical standards and submit them to the Commission for adoption. Those draft implementing technical standards shall specify the format to be used for the exchange of the information referred to in paragraph 1 and 2, and set the criteria for determining whether a suspension concerns another Member State. The Commission is empowered to adopt the implementing technical standards referred to in this paragraph in accordance with Article 42 of Regulation [please insert reference – proposal for establishment of an Anti-Money Laundering Authority - COM/2021/421 final].
Amendment 756 #
2021/0250(COD)
Proposal for a directive
Article 21 – paragraph 1 – point c a (new)
Article 21 – paragraph 1 – point c a (new)
(ca) feedback received from competent authorities;
Amendment 773 #
2021/0250(COD)
Proposal for a directive
Article 22 – paragraph 1
Article 22 – paragraph 1
Member States shall ensure that FIUs cooperate with each other and with their counterparts in third countries to the greatest extent possible and in a timely manner, regardless of their organisational status. To this end, they should provide for effective arrangements for cross-border and international cooperation.
Amendment 775 #
2021/0250(COD)
Proposal for a directive
Article 23 – paragraph 1
Article 23 – paragraph 1
1. A system for the exchange of information between FIUs of the Member States and for obliged entities to submit suspicious transaction and activity reports affecting more than one Member State shall be set up (‘FIU.net’). The system shall ensure thea secure communication and exchange of information and shall be capable of producing a written record under conditions that allow ascertaining authenticity. TSubject to a decision by AMLA, that system may also be used for communications with FIUs counterparts in third countries and with other authorities and Union bodies. FIU.net shall be managed by AMLA. The system shall serve as a centralised information exchange hub between obliged entities, FIUs and the Authority.
Amendment 779 #
2021/0250(COD)
Proposal for a directive
Article 23 – paragraph 2 – introductory part
Article 23 – paragraph 2 – introductory part
2. Member States shall ensure that anyFIUs shall exchange of information pursuant to Articles 24 is transmittedand 25 using the FIU.net. In the event of technical failure of the FIU.net, the information shall be transmitted by any other appropriate means ensuring a high level of data securitythrough equivalent protected channels of communication, in accordance with criteria identified by AMLA by means of guidelines.
Amendment 780 #
2021/0250(COD)
Proposal for a directive
Article 23 – paragraph 3
Article 23 – paragraph 3
3. Member States shall ensure that, in order to fulfil their tasks as laid down in this Directive, their FIUs cooperate and applicable Union law, their FIUs participate, use and cooperate to the maximum extent in the application of state-of-the-art technologies, in particular in accordance with their national lawArticle 5 (5) (e) and Article 37 of [please insert reference to AMLA Regulation].
Amendment 782 #
2021/0250(COD)
Proposal for a directive
Article 23 – paragraph 3 a (new)
Article 23 – paragraph 3 a (new)
3a. By [5 years after entry into force of this Regulation], AMLA shall ensure that obliged entities are able to use FIU.net to transmit information referred to in Article 50 (1) of [please insert reference to AMLR] to the FIU of the Member State in whose territory the obliged entity transmitting the information is established, as well as to any other FIU which is concerned by such report pursuant to Article 24 (1). At the latest by [6 years after entry into force of this Regulation], FIU.net shall be used by obliged entities to transmit the information referred to in Article 50 (1) [please insert reference to AMLR] to the FIU of the Member State in whose territory the obliged entity transmitting the information is established, as well as to any other FIU which is concerned by such report pursuant to Article 24 (1).
Amendment 785 #
2021/0250(COD)
Proposal for a directive
Article 23 – paragraph 3 a (new)
Article 23 – paragraph 3 a (new)
3a. Following a peer review in accordance with Article 17 paragraph 7a (new), AMLA may suspend access to FIU.net for a specific FIU where the report of the peer review concludes that requirements relating to the independence, integrity, professionalism, confidentiality or security of the FIU, as set out in Article17, have not been fulfilled. The decision of suspension by AMLA shall include the follow-up measures that the FIU must comply with, in order for the suspension to be lifted. AMLA shall review the actions taken by the FIU concerned no later than 3 months after issuing the decision.
Amendment 787 #
2021/0250(COD)
Proposal for a directive
Article 24 – paragraph 1 – introductory part
Article 24 – paragraph 1 – introductory part
1. Member States shall ensure that FIUs exchange, spontaneously or upon request, any information that may be relevant for the processing or analysis of information by the FIU related to money laundering, its predicate offences, or terrorist financing, and the natural or legal person involved, regardless of the type of predicate offences that may be involved, and even if the type of predicate offences that may be involved is not identified at the time of the exchange.
Amendment 788 #
2021/0250(COD)
Proposal for a directive
Article 24 – paragraph 2
Article 24 – paragraph 2
2. By [2 years after the date of entry into force of this Directive], AMLA shall develop draft implementing technical standards and submit them to the Commission for adoption. Those draft implementing technical standards shall specify the format to be used for the exchange of the information referred to in paragraph 1. , and the relevant factors to be taken into consideration when determining whether a report pursuant to Article 50(1), the first subparagraph, point (a), of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] concerns another Member State, the procedures to be put in place when forwarding and receiving that report, and the follow-up to be given.
Amendment 789 #
2021/0250(COD)
Proposal for a directive
Article 24 – paragraph 4
Article 24 – paragraph 4
Amendment 797 #
2021/0250(COD)
Proposal for a directive
Article 24 – paragraph 8
Article 24 – paragraph 8
Amendment 798 #
2021/0250(COD)
Proposal for a directive
Article 24 – paragraph 8 – subparagraph 1
Article 24 – paragraph 8 – subparagraph 1
Amendment 808 #
2021/0250(COD)
Proposal for a directive
Article 27 – paragraph 2
Article 27 – paragraph 2
2. Member States shall ensure that the requested FIU’s prior consent to disseminate the information to competent authorities is granted promptly and to the largest extent possible, regardless of the type of predicate offences and whether or not the predicate offence has been identified. The requested FIU shall not refuse its consent to such dissemination unless this would fall beyond the scope of application of its AML/CFT provisions or could lead to impairment of an investigation, or would otherwise not be in accordance with fundamental principles of national law of that Member State. Any such refusal to grant consent shall be appropriately explained. The cases where FIUs may refuse to grant consent shall be specified in a way which prevents misuse of, and undue limitations to, the dissemination of information to competent authorities.
Amendment 816 #
2021/0250(COD)
Proposal for a directive
Article 29 – paragraph 1 a (new)
Article 29 – paragraph 1 a (new)
1a. AML/CFT supervisors shall participate in, and contribute to, the activities of the European System of AML/CFT Supervision, in accordance with [please insert reference to the AMLA Regulation]. They shall in particular: (a) be able to participate in joint supervisory teams as an integral part of their tasks, as well as in other activities undertaken by AMLA pursuant to its mandate; (b) provide AMLA with the relevant data and information required to fulfil its tasks, as well as to implement AMLA´s indications in accordance with [please insert reference to the AMLA Regulation] and applicable Union law. All information obtained through the participation in AMLA´s activities shall be covered by the strictest confidentiality. The heads of the AML/CFT supervisors with the right to vote in AMLA´s General Board shall act independently and, in this role, serve the exclusive interest of the Union.
Amendment 817 #
2021/0250(COD)
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 1 (new)
Article 29 – paragraph 2 – subparagraph 1 (new)
AMLA, in cooperation with the ESAs and the ECB, shall develop guidelines to determine the appropriate levels of funding and resources needed for supervisors to carry out their functions.
Amendment 820 #
2021/0250(COD)
Proposal for a directive
Article 29 – paragraph 5 a (new)
Article 29 – paragraph 5 a (new)
5a. Member States shall ensure that their supervisors have prompt access to any information they require to fulfil their tasks. Supervisors and competent authorities, including FIUs, shall have a duty to cooperate.
Amendment 824 #
2021/0250(COD)
Proposal for a directive
Article 30 – paragraph 3
Article 30 – paragraph 3
3. Member States shall ensure that supervisors make information on persons or entities designated in relation to targeted financial sanctions is made available to the obliged entities under their supervision immediately.
Amendment 826 #
2021/0250(COD)
Proposal for a directive
Article 31 – paragraph 6 a (new)
Article 31 – paragraph 6 a (new)
6a. Member States shall ensure that Supervisors, self-regulatory bodies, and authorities overseeing self-regulatory bodies as referred to in Article 38, produce a detailed annual activity report and that a summary of that report is made publicly available. The summary of the report referred to in the first subparagraph shall present: (a) the tasks of the supervisors; (b) an overview of its supervisory activities; (c)the number of on-site and off-site supervisory actions including patterns identified after inspections; (d) the number of breaches identified on the basis of supervisory actions and sanctions or administrative measures applied by supervisory authorities and self-regulatory bodies pursuant to Section 4 of Chapter IV. The annual activity report referred to in the first subparagraph shall be transmitted to the designated authority or mechanism referred to in Article 8(2) and to AMLA. The designated authority shall provide feedback and propose possible improvements, and shall be able to make recommendations to change the allocation of supervisory responsibilities and the arrangements for carrying out supervisory tasks.
Amendment 832 #
2021/0250(COD)
Proposal for a directive
Article 33 – paragraph 2
Article 33 – paragraph 2
2. In addition to Article 5, obliged entities wishing to exercise the freedom to provide services by carrying out activities within the territory of another Member State for the first time shall notify the supervisors of the home Member State of the activities which they intend to carry out. Such notification shall also be required where provision of cross-border services is carried out by agents of the obliged entityThose supervisors shall, within three months of the receipt of the information, communicate that information to the supervisors of the host Member State. Such notification shall also be required where provision of cross-border services is carried out by agents of the obliged entity or through any natural or legal person which acts on their behalf. Such requirement shall not apply to obliged entities subject, pursuant to other Union acts, to specific notification procedures for the exercise of the freedom of establishment and to provide services.
Amendment 837 #
2021/0250(COD)
Proposal for a directive
Article 33 – paragraph 4 – subparagraph 1 a (new)
Article 33 – paragraph 4 – subparagraph 1 a (new)
Supervisors of the host Member State shall also be able to supervise, on their own initiative, compliance with national AML/CFT requirements.
Amendment 840 #
2021/0250(COD)
Proposal for a directive
Article 33 – paragraph 5
Article 33 – paragraph 5
5. Where the supervisors of the home and host Member State disagree on the measures to be taken in relation to an obliged entity, they may refer the matter to AMLA and request its assistance in accordance with Articles 5 and 10 of Regulation [please insert reference – proposal for establishment of an Anti- Money Laundering Authority - COM/2021/421 final]. AMLA shall provide its advice on the matter of disagreement within one monthsettle the disagreement on the matter within one month by means of a binding and enforceable instruction.
Amendment 844 #
2021/0250(COD)
Proposal for a directive
Article 34 – paragraph 6
Article 34 – paragraph 6
6. Member States shall ensure that the provisions of this Article also apply to thenon-financial supervisors in cases of supervision of groups of obliged entities other than credit or financial institutions. Member States shall also ensure that in cases where obliged entities other than credit and financial institutions are part of structures which share common ownership, management or compliance control, including networks or partnerships, cooperation and exchange of information between supervisors is facilitated.
Amendment 847 #
2021/0250(COD)
Proposal for a directive
Article 35 – paragraph 1
Article 35 – paragraph 1
Supervisors, including AMLA, and non- AML/CFT authorities shall inform each other of instances in which the law of a third country does not permit the implementation of the policies, controls and procedures required under Article 13 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final]. In such cases, coordinated actions may be taken by supervisors to pursue a solution. In assessing which third countries do not permit the implementation of the policies, controls and procedures required under Article 13 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final], supervisors shall take into account any legal constraints that may hinder proper implementation of those policies and procedures, including professional secrecy, an insufficient level of data protection and other constraints limiting the exchange of information that may be relevant for that purpose.
Amendment 850 #
2021/0250(COD)
Proposal for a directive
Article 36 – paragraph 3
Article 36 – paragraph 3
3. Members States may allow the establishment of AML/CFT supervisory colleges when a credit or financial institution established in the Union has set up establishments in at least two third countries. Financial supervisors may invite their counterparts in those third countries, as observers, to set up such college. The financial supervisors participating in the college shall establish a written agreement detailing the conditions and procedures of the cooperation and exchange of information.
Amendment 853 #
2021/0250(COD)
Proposal for a directive
Article 37 – title
Article 37 – title
Cooperation with financial supervisors in third countries
Amendment 856 #
2021/0250(COD)
Proposal for a directive
Article 37 – paragraph 1 – introductory part
Article 37 – paragraph 1 – introductory part
1. Member States mayshall authorise financial supervisors to conclude cooperation agreements providing for collaboration and exchanges of confidential information with their counterparts in third countries. Such cooperation agreements shall comply with applicable data protection rules for data transfers and be concluded on the basis of reciprocity and only if the information disclosed is subject to a guarantee of professional secrecy requirements at least equivalent to that referred to in Article 50(1). Confidential information exchanged in accordance with those cooperation agreements shall be used for the purpose of performing the supervisory tasks of those authorities only.
Amendment 859 #
2021/0250(COD)
Proposal for a directive
Article 37 – paragraph 1 – subparagraph 1
Article 37 – paragraph 1 – subparagraph 1
Where the information exchanged originates in another Member State, it shall only be disclosed with the explicit consent of the financial supervisor which shared it and, where appropriate, solely for the purposes for which that supervisor gave its consent.
Amendment 861 #
2021/0250(COD)
Proposal for a directive
Article 37 – paragraph 2
Article 37 – paragraph 2
2. For the purposes of paragraph 1, AMLA may lend such assistance as may be necessary toshall assess the equivalence of professional secrecy requirements applicable to the third country counterpart.
Amendment 866 #
2021/0250(COD)
Proposal for a directive
Article 37 – paragraph 3
Article 37 – paragraph 3
3. Member States shall ensure that financial supervisors notify any agreement signed pursuant to this Article to AMLA within one month of its signature.:
Amendment 868 #
2021/0250(COD)
Proposal for a directive
Article 37 – paragraph 3 – point a (new)
Article 37 – paragraph 3 – point a (new)
(a) AMLA of any intention to conclude an agreement pursuant to this Article in order to perform the assessment in accordance with paragraph 2, if needed;
Amendment 869 #
2021/0250(COD)
Proposal for a directive
Article 37 – paragraph 3 – point b (new)
Article 37 – paragraph 3 – point b (new)
(b) AMLA of any signed agreement pursuant to this Article within one month of its signature.
Amendment 870 #
2021/0250(COD)
Proposal for a directive
Article 37 – paragraph 3 a (new)
Article 37 – paragraph 3 a (new)
3a. By [1 year after the date of transposition of this Directive], AMLA shall, in consultation with the ESAs and the ECB, issue guidelines addressed so supervisors on the content of cooperation agreements pursuant to paragraph 1.
Amendment 881 #
2021/0250(COD)
Proposal for a directive
Article 38 – paragraph 3 – point b
Article 38 – paragraph 3 – point b
(b) issue instructions to a self- regulatory body for the purpose of remedying a failure to perform its functions under Article 29(1) or to comply with the requirements of paragraph 5 and 6 of that Article, or to prevent any such failures. When issuing such instructions, the authority shall consider any relevant guidance it provided or that has been provided by AMLA.
Amendment 892 #
2021/0250(COD)
Proposal for a directive
Article 39 – paragraph 6
Article 39 – paragraph 6
6. In the exercise of their powers to impose administrative sanctions and measures, supervisors shall cooperate closely, and, where relevant, also coordinate their actions with other authorities concerned, in order to ensure that those administrative sanctions or measures produce the desired results and coordinate their action when dealing with cross-border cases.
Amendment 894 #
2021/0250(COD)
Proposal for a directive
Article 40 – paragraph 1 – point d
Article 40 – paragraph 1 – point d
(d) Section 1 of Chapter II (internal controlpolicies, controls and procedures of obliges entities).
Amendment 910 #
2021/0250(COD)
Proposal for a directive
Article 41 – paragraph 1 – introductory part
Article 41 – paragraph 1 – introductory part
1. When supervisors identify breaches of requirements of the Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] which are not deemed sufficiently serious to be punished with an administrative sanction, they may decide to impose administrative measures on the obliged entity. Member States shall ensure that the supervisors are able at least to:
Amendment 915 #
2021/0250(COD)
Proposal for a directive
Article 41 – paragraph 1 – point e
Article 41 – paragraph 1 – point e
(e) where an obliged entity is subject to an authorisation, withdraw or suspend the authorisation, or propose the imposition of these or similar measures where the corresponding powers rest with another authority;
Amendment 919 #
2021/0250(COD)
Proposal for a directive
Article 41 – paragraph 1 – point f
Article 41 – paragraph 1 – point f
(f) impose a temporary ban against any person discharging managerial responsibilities in an obliged entity, or any other natural person, held responsible for the breach, from exercising managerial functions in obliged entities, or to propose the imposition of such measure or a removal of the person from a function within the obliged entity where the corresponding powers rest with another authority.
Amendment 921 #
2021/0250(COD)
Proposal for a directive
Article 42 – paragraph 1 – introductory part
Article 42 – paragraph 1 – introductory part
1. Member States shall ensure that a decision imposing an administrative sanction or measure for breach of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] against which there is no appeal shall be exhaustively published by the supervisors on their official website, in an accessible format, in the official language of the Member State in question and in English, immediately after the person sanctioned is informed of that decision. The publication shall include at least information on the type and nature of the breach and the identity of the persons responsible. Member States shall not be obliged to apply this subparagraph to decisions imposing measures that are of an investigatory nature.
Amendment 928 #
2021/0250(COD)
Proposal for a directive
Article 42 – paragraph 3
Article 42 – paragraph 3
3. Supervisors or other competent authorities shall ensure that any publication in accordance with this Article shall remain on their official website for a period of five years after its publication. However, personal data contained in the publication shall only be kept on the official website of the competent authority for the period which is necessary in accordance with the applicable data protection rules and in any case for no more than 5 year, without prejudice to other data retention requirements allowing case-by-case decisions to facilitate criminal or administrative proceedings..
Amendment 930 #
2021/0250(COD)
Proposal for a directive
Article 42 – paragraph 4 – introductory part
Article 42 – paragraph 4 – introductory part
4. Member States shall ensure that legal persons can be held liable for the breaches referred to in Article 40(1) committed for their benefitcommitted by any person, acting individually or as part of an organ of that legal person, and having a leading position within the legal person based on any of the following:
Amendment 931 #
2021/0250(COD)
Proposal for a directive
Article 42 – paragraph 5
Article 42 – paragraph 5
5. Member States shall ensure that legal persons can be held liable where the lack of supervision or control by the persons referred to in paragraph 4 of this Article has made possible the commission, by a person under their authority, of theany breaches referred to in Article 40(1) for the benefit of that legal personthis Directive.
Amendment 932 #
2021/0250(COD)
Proposal for a directive
Article 43 – paragraph 1 – introductory part
Article 43 – paragraph 1 – introductory part
1. Member States shall ensure that supervisory authorities, FIUs, as well as, where applicable, self-regulatory bodies, establish effective and reliable mechanisms to encourage the reporting of potential and actual breaches of this Directive and Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final].
Amendment 938 #
2021/0250(COD)
Proposal for a directive
Article 43 – paragraph 2 – point b
Article 43 – paragraph 2 – point b
(b) appropriate protection for employees or persons in a comparable position, of obliged entities who report breaches committed within the obliged entity, as well as for any individual who has independent knowledge or who after independent evaluation of publicly- available information provides information to the competent authorities;
Amendment 946 #
2021/0250(COD)
Proposal for a directive
Article 45 – paragraph 1
Article 45 – paragraph 1
1. Member States shall ensure that policy makers, the FIUs, supervisors, including AMLA, Europol and other competent authorities, as well as tax authorities have effective mechanisms to enable them to cooperate and coordinate domestically and at EU level concerning the development and implementation of policies and activities to combat money laundering and terrorist financing and to prevent the non- implementation and evasion of proliferation financing-related targeted financial sanctions, including with a view to fulfilling their obligations under Article 8.
Amendment 948 #
2021/0250(COD)
Proposal for a directive
Article 45 – paragraph 1 a (new)
Article 45 – paragraph 1 a (new)
Amendment 951 #
2021/0250(COD)
Proposal for a directive
Article 45 – paragraph 3 – introductory part
Article 45 – paragraph 3 – introductory part
3. Member States shall not prohibit or place unreasonable or unduly restrictive conditions on the exchange of information or assistance between competent authorities, supervisors and non- AML/CFT authorities for the purposes of this Directive. Member States shall ensure that competent authorities, supervisors and non-AML/CFT authorities do not refuse a request for assistance on the grounds that:
Amendment 954 #
2021/0250(COD)
Proposal for a directive
Article 45 – paragraph 3 – point c
Article 45 – paragraph 3 – point c
(c) there is an analysis, inquiry, investigation or proceeding underway in the requested Member State, unless the assistance would impede that analysis, inquiry, investigation or proceeding;
Amendment 957 #
2021/0250(COD)
Proposal for a directive
Article 45 – paragraph 3 – point d
Article 45 – paragraph 3 – point d
(d) the nature or status of the requesting counterpart competent authority, supervisor or non-AML/CFT authority is different from that of requested competent authority. , supervisor or non-AML/CFT authority.
Amendment 963 #
2021/0250(COD)
FIU ands, supervisory authorities, as well any other national authority competent in the field of AML/FT shall cooperate with AMLA and shall provide it with all the information necessary to allow it to carry out its duties under this Directive, under Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] and under Regulation [please insert reference – proposal for establishment of an Anti- Money Laundering Authority - COM/2021/421 final].
Amendment 964 #
2021/0250(COD)
Proposal for a directive
Article 47 – paragraph 1
Article 47 – paragraph 1
FIU ands, supervisorys and non-AML/CFT authorities shall cooperate with AMLA and shall provide it with all the information necessary to allow it to carry out its duties under this Directive, under Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] and under Regulation [please insert reference – proposal for establishment of an Anti- Money Laundering Authority - COM/2021/421 final].
Amendment 968 #
2021/0250(COD)
Proposal for a directive
Article 48 – paragraph 1
Article 48 – paragraph 1
Amendment 971 #
2021/0250(COD)
Proposal for a directive
Article 48 – paragraph 2 – introductory part
Article 48 – paragraph 2 – introductory part
2. Member States shall ensure that, where financial supervisors, non-AML/CFT authorities or FIUs identify weaknesses in the AML/CFT internal control system and application of the requirements of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] of a creditfinancial institution which materially increase the risks to which the institution is or might be exposed, the financial supervisor, non- AML/CFT authority or FIU immediately notifies the European Banking Authority (EBA) and the authority or body that supervises the credit institution affected in accordance with Directive (EU) 2013/36applicable Union law, including the ECB acting in accordance with Council Regulation (EU) 1024/201350 . _________________ 50 Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).
Amendment 972 #
2021/0250(COD)
Proposal for a directive
Article 48 – paragraph 2 – subparagraph 1
Article 48 – paragraph 2 – subparagraph 1
In the event of potential increased risk, financialthe respective supervisors shall be able to liaisecooperate and share information with the authorities supervising the institution in accordance with Directive (EU) 2013/36applicable Union law and draw up a common assessment to be notified to EBA by the supervisor who first sent the notification. AMLA shall be kept informed of any such notifications. sent to the EBA.
Amendment 974 #
2021/0250(COD)
Proposal for a directive
Article 48 – paragraph 6
Article 48 – paragraph 6
6. By [2 years after the date of transposition of this Directive], AMLA shall, in consultation with EBA and supervisors, issue guidelines on cooperation between financial supervisors and the authorities referred to in paragraphs 2, 3 and 4, including on the level of involvement of FIUs in such cooperation.
Amendment 979 #
2021/0250(COD)
Proposal for a directive
Article 50 – paragraph 2 – point b
Article 50 – paragraph 2 – point b
(b) financial supervisors and FIUcompetent authorities;
Amendment 981 #
2021/0250(COD)
Proposal for a directive
Article 50 – paragraph 2 – point c
Article 50 – paragraph 2 – point c
(c) financial supervisors and competent authorities in charge of supervising credit and financial institutions in accordance with other legislative acts relating to the supervision of credit and financial institutions, including the ECB acting in accordance with Regulation (EU) 1024/2013, whether within a Member State or in different Member States.
Amendment 984 #
2021/0250(COD)
Proposal for a directive
Article 50 – paragraph 2 – point c a (new)
Article 50 – paragraph 2 – point c a (new)
(ca) financial supervisors and the national central banks that are members of the European System of Central Banks (ESCB), and the ECB.
Amendment 988 #
2021/0250(COD)
Proposal for a directive
Article 50 – paragraph 2 – subparagraph 1
Article 50 – paragraph 2 – subparagraph 1
For the purposes of the first subparagraph, point (c), the exchange of information shall be subject to the professional secrecy requirements provided for in paragraph 1 or equivalent provisions.
Amendment 990 #
2021/0250(COD)
Proposal for a directive
Article 50 – paragraph 3 – point a
Article 50 – paragraph 3 – point a
(a) in the discharge of its duties under this Directive or under other legislative acts in the field of AML/CFT, of prudential regulation and supervision of credit and financial institutions, including sanctioning;
Amendment 991 #
2021/0250(COD)
Proposal for a directive
Article 51 – paragraph 1 – point b
Article 51 – paragraph 1 – point b
(b) supervisors and the authorities responsible by law for the supervision of financial markets, or credit or financial institutions, in the discharge of their respective supervisory functions;
Amendment 994 #
2021/0250(COD)
Proposal for a directive
Article 52 – paragraph 1 – point a a (new)
Article 52 – paragraph 1 – point a a (new)
(aa) the cooperation between the EU bodies mentioned in this Article;
Amendment 98 #
2021/0241(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) The full traceability of transfers of funds and crypto-assets can be a particularly important and valuable tool in the prevention, detection and investigation of money laundering and terrorist financing, as well as in the implementation of restrictive measures, in particular those imposed by Regulations (EC) No 2580/2001, (EC) No 881/2002 and (EU) No 356/2010, in compliance with Union regulations implementing such measures. It is therefore appropriate, in order to ensure the transmission of information throughout the payment or transfers of crypto-assets chain, to provide for a system imposing the obligation on payment service providers and crypto-asset service providers to accompany transfers of funds and crypto- assets with information on the payer and the payee , and, for transfers of crypto- assets, on the originator and the beneficiary.
Amendment 106 #
2021/0241(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) In order to reflect the special characteristics of national payment and crypto-asset transfer systems, and provided that it is always possible to trace the transfer of funds back to the payer or the transfer of crypto-assets back to the beneficiary originator, Member States should be able to exempt from the scope of this Regulation certain domestic low-value transfers of funds, including electronic giro payments, or low-value transfers of crypto- assets, used for the purchase of goods or services.
Amendment 123 #
2021/0241(COD)
Proposal for a regulation
Recital 29
Recital 29
(29) The crypto-asset service provider of the originator should ensure that transfers of crypto-assets are accompanied by the name of the originator, the originator’s account number, where such an account exists and is used to process the transaction, and the originator’s address, nationality, official personal document number, customer identification number or date and place of birth. The crypto-asset service provider of the originator should also ensure that transfers of crypto-assets are accompanied by the name of the beneficiary and the beneficiary’s account number, where such an account exists and is used to process the transaction.
Amendment 133 #
2021/0241(COD)
Proposal for a regulation
Recital 39
Recital 39
(39) The number of working days in the Member State of the payment service provider of the payer or crypto-asset service provider of the beneficiaryoriginator determines the number of days to respond to requests for information on the payer or the originator .
Amendment 134 #
2021/0241(COD)
Proposal for a regulation
Recital 39 a (new)
Recital 39 a (new)
(39a) The use of mixing and tumbling services should only be allowed in circumstances where it can be shown that the use of such services is necessary to overcome legitimate concerns, such as for privacy reasons. The receiver of crypto- assets that have been used in mixing and tumbling services should demonstrate, where necessary, the legitimacy of the practice for which the crypto-asset is used. Where the legitimacy of its use cannot be proven, the transaction should be prohibited.
Amendment 138 #
2021/0241(COD)
Proposal for a regulation
Recital 41 a (new)
Recital 41 a (new)
(41a) In order to ensure that competent authorities are able to efficiently investigate suspicious transactions and detect illicit use of crypto-assets and transfers of funds, the supervisory authorities should consider greater use of both regulatory and supervisory technology in their investigative processes.
Amendment 139 #
2021/0241(COD)
Proposal for a regulation
Recital 42 a (new)
Recital 42 a (new)
(42a) In order to rapidly address concerns about illicit transfers of funds and particularly crypto-assets, it is important that this Regulation enters into force as soon as possible. For that reason, any references to future regulations should not hinder the Union from taking action against the illicit transfer of funds and crypto-assets in the immediate term. This Regulation should be adapted to align with future legislation on Anti- Money Laundering and the Regulation on Markets in Crypto-Assets;
Amendment 142 #
2021/0241(COD)
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. This Regulation shall apply to transfers of funds, in any currency, or crypto-assets covered under the scope of Regulation [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937-COM/2020/593 final], as well as those crypto-assets which would fall under existing financial legislation as outlined in Article 2 paragraph 2 of [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937- COM/2020/593 final], which are sent or received by a payment service provider , a crypto-asset service provider, or an intermediary payment service provider established in the Union.
Amendment 153 #
2021/0241(COD)
Proposal for a regulation
Article 2 – paragraph 4 – subparagraph 4
Article 2 – paragraph 4 – subparagraph 4
This Regulation shall not apply to person- to-person transfer of crypto-assets where it is determined that these transactions are carried out by natural persons who are identifiable.
Amendment 177 #
2021/0241(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 13
Article 3 – paragraph 1 – point 13
(13) ‘person-to-person transfer of funds’ means a transaction between identifiable natural persons acting, as consumers, for purposes other than trade, business or profession;
Amendment 178 #
2021/0241(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 14
Article 3 – paragraph 1 – point 14
(14) ‘person-to-person transfer of crypto-assets’ means a transaction between identifiable natural persons acting, as consumers, for purposes other than trade, business or profession, without the use or involvement of a crypto-asset service provider or other obliged entity;
Amendment 179 #
2021/0241(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 15
Article 3 – paragraph 1 – point 15
(15) ‘crypto-asset’ means a crypto-asset as defined in Article 3(1), point 2 of Regulation [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937-COM/2020/593 final] except when falling under the categories listed in Article 2(2) of that Regulation or otherwise qualifying as fundsdigital representation of a value or a right for direct investment or finance purposes that uses cryptography for security and is in the form of a coin or a token or any other digital medium of distributed ledgers, and which may be transferred and stored electronically, using distributed ledger technology or similar technology.
Amendment 180 #
2021/0241(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 16
Article 3 – paragraph 1 – point 16
(16) ‘crypto-asset service provider ’ means a crypto-asset service provider as defined in Article 3(1), point (8) of [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937- COM/2020/593 final] where performing one or more crypto-asset services as defined in Article 3(1) point (9) of [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937- COM/2020/593 final]ny person whose occupation or business is the provision of one or more crypto-asset services to third parties on a professional basis;
Amendment 222 #
2021/0241(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point c
Article 14 – paragraph 1 – point c
(c) the originator’s address, nationality, official personal document number, customer identification number or date and place of birth.
Amendment 302 #
2021/0241(COD)
Proposal for a regulation
Article 18 a (new)
Article 18 a (new)
Article 18 a Use of mixing and tumbling services 1. Crypto-asset service providers offering mixing or tumbling services, privacy wallets, or other anonymising services for transfers of crypto-assets or other obliged entities shall request users of those services, to provide a justification of legitimate use, where appropriate, for the purposes of mitigating money laundering and terrorist financing.
Amendment 326 #
2021/0241(COD)
Proposal for a regulation
Article 27 – paragraph 2 a (new)
Article 27 – paragraph 2 a (new)
2a. The Commission shall update and align this Regulation where necessary following the entry into force of Regulation [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937-COM/2020/593 final] and Regulation [please insert reference – proposal for a regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing Directive (EU) 2015/849].
Amendment 335 #
2021/0241(COD)
Proposal for a regulation
Article 31 a (new)
Article 31 a (new)
Article 31 a Alignment with Regulation [please insert reference – proposal for a Regulation on Markets in Crypto-assets] Following the publication of Regulation [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937- COM/2020/593 final] in the Official Journal of the European Union, power is delegated to the Commission to supplement this Regulation by adopting within 3 months a delegated act aligning the definitions contained in article 3, paragraph 1, points 13, 14, 15 and 16 of this Regulation to those in the Regulation [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937- COM/2020/593 final], in case there are any discrepancies.
Amendment 338 #
2021/0241(COD)
Proposal for a regulation
Article 31 b (new)
Article 31 b (new)
Amendment 240 #
2021/0240(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) The first category of credit and financial institutionor non-financial institutions, including crypto-asset service providers, or groups of such institutions should be assessed every three years, based on a combination of objective criteria related to their cross-border presence and activity, and criteria related to their inherent ML/FT risk profile. Only large complex financial groups present in a number of Member States that could be more efficiently supervised at Union level should be included in theDuring subsequent selection process. With respect to credit institutions, minimal cross-border presence for inclusion in the selection process should be based on the number of subsidiaries and branches in different Membunds, the Authority should assess those institutions based on residual risk benchmarks in order to better States, because risky banking activitrget the riskiest of significant volume require a local presence in a form of an establishment. Other financial sector entities may, in contrast, carry out activities that can be sufficiently risky from an ML/TF perspective by means of direct provision of services, for example via a network of agents, but may not have established subsidiaries or branches in a large number of Member States. Therefore, applying the samethose obliged entities. In order to ensure that direct supervision by the Authority has added value, only cross- border criteria, that is to say the one related to freedom of establishment, would result in scoping out large financial sector entities that can have a significant risk profile in a number of Member States, without being established there. Since the volume of activities via direct provision of services is generally smaller than the volume of activities carried out in a branch or a subsidiary, it is appropriate to consider only groups that are established in at least two Member States, but provide services directly or via a network of agents in at least eight more Member Statesentities operating in a minimum number of Member States, either through having an establishment or as a result of the freedom to provide services, should fall within the remit of the Authority.
Amendment 322 #
2021/0240(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) ‘selected obliged entity’ means a credit institution, a financial or non- financial institution, or a group of credit or financial institutions at the highest level of consolidation in the Union, or a crypto- asset service provider which is under direct supervision by the Authority pursuant to Article 13 ;
Amendment 328 #
2021/0240(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
(2) ‘non-selected obliged entity’ means a credit institution, a financial or non- financial institution, or a group of credit institutions or financial institutions at the highest level of consolidation in the Union, or a crypto-asset service provider other than a selected obliged entity;
Amendment 381 #
2021/0240(COD)
Proposal for a regulation
Article 5 – paragraph 3 – introductory part
Article 5 – paragraph 3 – introductory part
3. The Authority shall perform the following tasks with respect to financial and non-financial supervisors:
Amendment 382 #
2021/0240(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point a
Article 5 – paragraph 3 – point a
(a) maintain an up-to-date list of financial and non-financial supervisors within the Union;
Amendment 383 #
2021/0240(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point b
Article 5 – paragraph 3 – point b
(b) carry out periodic reviews to ensure that all financial and non-financial supervisors have adequate resources and powers necessary for the performance of their tasks in the area of AML/CFT;
Amendment 386 #
2021/0240(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point c
Article 5 – paragraph 3 – point c
(c) perform assessments of the strategies, capacities and resources of financial supervisors in the area of AML/CFT and make the results of such assessments available to all financial and non-financial supervisors;
Amendment 387 #
2021/0240(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point d
Article 5 – paragraph 3 – point d
(d) facilitate the functioning of the colleges of financial and non-financial supervisors in the area of AML/CFT;
Amendment 390 #
2021/0240(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point f
Article 5 – paragraph 3 – point f
(f) coordinate staff and information exchanges among financial and non- financial supervisors in the Union;
Amendment 392 #
2021/0240(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point g
Article 5 – paragraph 3 – point g
(g) provide assistance to financial and non-financial supervisors, following their specific requests, including the requests to settle any disagreements on the measures to be taken in relation to an obliged entity.
Amendment 394 #
2021/0240(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point g a (new)
Article 5 – paragraph 3 – point g a (new)
(ga) ensure financial and non-financial supervisors investigate possible breaches of requirements applicable to obliged entities and impose sanctions or remedial actions in respect of such breaches.
Amendment 399 #
2021/0240(COD)
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
Amendment 548 #
2021/0240(COD)
Proposal for a regulation
Article 12 – paragraph 3 – point j
Article 12 – paragraph 3 – point j
(j) other financial and non-financial institutions.
Amendment 650 #
2021/0240(COD)
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. In order to carry out the tasks conferred on it by this Regulation, the Authority may, subject to prior notification to the financial or non-financial supervisor concerned, conduct all necessary on-site inspections at the business premises of the legal persons referred to in Article 16. Where the proper conduct and efficiency of the inspection so require, the Authority may carry out the on-site inspection without prior announcement to those legal persons.
Amendment 656 #
2021/0240(COD)
Proposal for a regulation
Article 18 – paragraph 4
Article 18 – paragraph 4
4. Staff and other accompanying persons authorised or appointed by the financial or non-financial supervisor of the Member State where the inspection is to be conducted shall, under the supervision and coordination of the Authority, actively assist the officials of and other persons authorised by the Authority. To that end, they shall enjoy the powers set out in paragraph 2. Staff of financial or non-financial supervisors of the Member State concerned shall also have the right to participate in the on-site inspections.
Amendment 657 #
2021/0240(COD)
Proposal for a regulation
Article 18 – paragraph 5
Article 18 – paragraph 5
5. Where the staff of and other accompanying persons authorised or appointed by the Authority find that a person opposes an on-site inspection ordered pursuant to this Article, the financial supervisor of the Member State concerned shall provide the necessary assistance in accordance with national law. To the extent necessary for the inspection, this assistance shall include the sealing of any business premises and books or records. Where that power is not available to the financial or non-financial supervisor concerned, it shall use its powers to request the necessary assistance of other national authorities.
Amendment 794 #
Amendment 817 #
2021/0240(COD)
Proposal for a regulation
Article 31 a (new)
Article 31 a (new)
Amendment 903 #
2021/0240(COD)
Proposal for a regulation
Article 46 – paragraph 2 – point c a (new)
Article 46 – paragraph 2 – point c a (new)
(ca) one representative from EBA, ESMA and EIOPA without the right to vote
Amendment 126 #
2021/0239(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) The main challenge identified in respect to the application of the provisions of Directive (EU) 2015/849 laying down obligations for private sector actors, the so- called obliged entities, is the lack of direct applicability of those rules and a fragmentation of the approach along national lines. Whereas those rules have existed and evolved over three decades, they are still implemented in a manner not fully consistent with the requirements of an integrated internal market. Therefore, it is necessary that rules on matters currently covered in Directive (EU) 2015/849 which may be directly applicable by the obliged entities concerned are addressed in a new Regulation in order to achieve the desired uniformity of application and to eliminate divergences and inconsistencies of implementation practices within Member States.
Amendment 130 #
2021/0239(COD)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) It is estimated by the United Nations Office of Drugs and Crime (UNODC) that between 2 and 5% of global GDP is laundered each year. Therefore, it is essential for Member States, apart from reinforcing their rules in order to prevent money laundering or terrorist financing, to use the money recovered from operations with the purpose to address challenges emerged from current and future crises.
Amendment 132 #
2021/0239(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) Since the adoption of Directive (EU) 2015/849, recent developments in the Union’s criminal law framework have contributed to strengthening the prevention and fight against money laundering, its predicate offences and terrorist financing. Directive (EU) 2018/1673 of the European Parliament and of the Council25 has led to a common understanding of the money laundering crime and its predicate offences. Directive (EU) 2017/1371 of the European Parliament and of the Council26 defined financial crimes affecting the Union’s financial interest, which should also be considered predicate offences to money laundering. Directive (EU) 2017/541 of the European Parliament and of the Council27 has achieved a common understanding of the crime of terrorist financing. As those concepts are now clarified in Union criminal law, it is no longer needed for the Union’s AML/CFT rules to define money laundering, its predicate offences or terrorist financing. Instead, the Union’s AML/CFT framework should be fully coherent with the Union’s criminal law framework with the aim to improve public safety and protection of EU citizens. _________________ 25 Directive (EU) 2018/1673 of the European Parliament and of the Council of 23 October 2018 on combating money laundering by criminal law (OJ L 284, 12.11.2018, p. 22). 26 Directive (EU) 2017/1371 of the European Parliament and of the Council of 5 July 2017 on the fight against fraud to the Union's financial interests by means of criminal law (OJ L 198, 28.7.2017, p. 29). 27 Directive (EU) 2017/541 of the European Parliament and of the Council of 15 March 2017 on combating terrorism and replacing Council Framework Decision 2002/475/JHA and amending Council Decision 2005/671/JHA (OJ L 88, 31.3.2017, p. 6).
Amendment 160 #
2021/0239(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) The FATF has developed standards for jurisdictions to identify, and assess the risks of potential non-implementation or evasion of the targeted financial sanctions related to proliferation financing, and to take action to mitigate those risks. Those new standards introduced by the FATF today do not substitute nor undermine the existing strict requirements for countries to implement targeted financial sanctions to comply with the relevant United Nations Security Council Regulations relating to the prevention, suppression and disruption of proliferation of weapons of mass destruction and its financing. Those existing obligations, as implemented at Union level by Council Decisions 2010/413/CFSP31 and (CFSP) 2016/84932 as well as by Council Regulations (EU) No 267/201233 and (EU) 2017/150934 , remain strict rule-based obligations binding on all natural and legal persons within the Union. The same approach shall apply with regard to targeted financial sanctions relating to terrorism and terrorism financing, as well as to other applicable Union targeted financial sanctions. _________________ 31 2010/413/CFSP: Council Decision of 26 July 2010 concerning restrictive measures against Iran and repealing Common Position 2007/140/CFSP (OJ L 195, 27.7.2010, p. 39). 32 Council Decision (CFSP) 2016/849 of 27 May 2016 concerning restrictive measures against the Democratic People's Republic of Korea and repealing Decision 2013/183/CFSP (OJ L 141, 28.5.2016, p. 79). 33 Council Regulation (EU) No 267/2012 of 23 March 2012 concerning restrictive measures against Iran and repealing Regulation (EU) No 961/2010 (OJ L 88, 24.3.2012, p. 1). 34 Council Regulation (EU) 2017/1509 of 30 August 2017 concerning restrictive measures against the Democratic People's Republic of Korea and repealing Regulation (EC) No 329/2007 (OJ L 224, 31.8.2017, p. 1).
Amendment 162 #
2021/0239(COD)
Proposal for a regulation
Recital 23 a (new)
Recital 23 a (new)
(23a) The Union legislation does not currently include provisions that describe the systems and controls that financial institutions, payment service providers or crypto-asset service providers should have to have in place to comply with targeted financial sanctions obligations. Where the legislation provides for certain exemptions from customer due diligence measures or from the obligation to obtain information on the payer or the payee in the context of funds transfers, there may be an apparent conflict between risk- based exemptions and the absolute requirement to comply with applicable sanctions regimes, which is an obligation of result. According to the assessment conducted by the European Banking Authority, there are different interpretations across Member States on the obligations on payment service providers to screen the payer or the payee against sanctions lists, as each payment service provider is expected to screen only its customer in some Member States, whereas, in others, each payment service provider has to screen both the payer and the payee. This situation could create regulatory arbitrage and gaps which could weaken the Union targeted financial sanctions regime. It is therefore necessary to establish common standards on the measures that financial institutions, payment service providers or crypto-asset service providers should take to comply with their financial sanctions obligations and clarify how they should comply with their obligations under the Union targeted financial sanctions regime, in particular in situations where certain exemptions from customer due measures and from the obligation to obtain information on the payer or the payee or on the originator or the beneficiary in the context of transfers of funds or crypto-assets are applied, as well as in situations where it may not be possible to identity with sufficient certainty the customer or beneficial owner, in particular when a transaction or a transfer involves an unhosted wallet or an unregulated entity.
Amendment 163 #
2021/0239(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) In order to reflect the latest developments at international level, a requirement has been introduced by this Regulation to identify, understand, manage and mitigate risks of potential non- implementation or evasion of proliferation financing-relatedtargeted financial sanctions relating to terrorism and terrorism financing, proliferation financing and to other applicable Union targeted financial sanctions at obliged entity level.
Amendment 166 #
2021/0239(COD)
Proposal for a regulation
Recital 24 a (new)
Recital 24 a (new)
(24a) Designations made by the United Nations Security Council which impose restrictive measures in response to a threat are not immediately enforceable by the Union. Those UN sanctions become eventually applicable in the Union not immediately, but following a due process leading to the adoption of Union measures imposing targeted financial sanctions against designated persons. During the period where the information on sanctioned persons becomes public, and the actual application of EU targeted financial sanctions, there is a risk of asset flight. For this reason, some Member States decided at national level that UN designations become immediately applicable until the adoption of similar measures by the Union while other Member States may rely on preventative measures. However, there are no common rules at Union level and fragmented measures at national level. Hence, it is necessary to ensure appropriate common mitigating measures when no appropriate measures are in place at national level in order to manage the money laundering and terrorist financing risks identified following a UN designation. UN designations are made following a threat to international peace that can emanate from terrorist activities, violation of human rights and other predicate offences. Obliged entities should consider the enhanced risks of money laundering and terrorist financing posed by persons designated by the UN pending the review of this information of the Union, or before the actual entering into force of Union targeted financial sanctions. During this period time, obliged entities should report to the competent FIU any business relationship or transaction with persons considering the suspicion of money laundering, terrorist financing or predicate offence emanating from the UN listing. The FIU should decide to suspend any transaction, withhold its consent, or suspend any account until the review of the information and the adoption, or not, of targeted financial sanctions by the Union. Such measure is without prejudice of the possibility of Member States to apply temporary measures which ensure a higher level of protection of the financial system of the Union such as temporary measures applying directly UN designations pending the adoption of measures by the Union.
Amendment 167 #
2021/0239(COD)
Proposal for a regulation
Recital 24 a (new)
Recital 24 a (new)
(24a) The illegal, unprovoked and unjustified military aggression against Ukraine has been strongly condemned by the Union and has led to a severe embargo on Russian banks and oligarchs by the Member States, while also highlighting schemes of money laundering by Russian banks through EU banks services. It is important in this sense to recognize the potential that long- term maintenance of sanctions has in reducing the risk of Russian money laundering in the Union.
Amendment 168 #
2021/0239(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) It is important that obliged entities take all measures at the level of their management to implement internal policies, controls and procedures and to implement AML/CFT requirements. While a person at management level should be identified as being responsible for implementing the obliged entity’s policies, controls and procedures, the responsibility for the compliance with AML/CFT requirements should rest ultimately with the governingmanagement body of the entity. Tasks pertaining to the day-to-day implementation of the obliged entity’s AML/CFT policies, controls and procedures should be entrusted to a compliance officer.
Amendment 176 #
2021/0239(COD)
Proposal for a regulation
Recital 32 a (new)
Recital 32 a (new)
(32a) Access to basic financial products and services allows refugees and people seeking temporary or international protection to participate in the economic and social life of the Union, in line with the right to protection enshrined in Article 18 of the Charter of Fundamental Rights. At the same time, financial inclusion avoids that transactions are driven underground through informal channels, thereby making the detection and reporting of suspicious transactions more difficult. As such, financial inclusion contributes significantly to the fight against money laundering and terrorist financing. This regulation provides sufficient flexibility to financial institutions to perform the identification and verification of prospective clients who are refugees or seek protection and to adopt, in line with the risk-based approach, proportionate and effective measures to manage and mitigate risks linked to these clients. To ensure such flexibility is exploited to the fullest, financial institutions should accept documents issued by Member States stating legal residence as a valid means for the purposes of customer identity verification. In order to ensure the effective implementation of anti-money laundering/countering the financing of terrorism rules, financial institutions should address the situation of refugees and persons seeking temporary or international protection within their internal policies and procedures
Amendment 178 #
2021/0239(COD)
Proposal for a regulation
Recital 33
Recital 33
(33) Obliged entities should not be required to apply due diligence measures on customers carrying outWhereas putting a threshold for occasional or linked transactions below a certain value, unless there is suspicion of money laundering or terrorist financing. Whereas the EUR 10 000 threshold applies to most occasional transactions, obliged entities which operate in sectors or carry out transactions that present a higher risk of money laundering and terrorist financingcreates a risk that individuals performing multiple small transactions for criminal purposes would be hardly detected, obliged entities should be required to apply customer due diligence for transactions with lower thresholds. To identify the sectors or transactions as well as the adequate thresholds for those sectors or transactions, AMLA should develop dedicated draft regulatory technical standardsmeasures on customers carrying out occasional or linked transactions regardless of the amount.
Amendment 190 #
2021/0239(COD)
Proposal for a regulation
Recital 49
Recital 49
(49) In order to protect the proper functioning of the Union financial system from money laundering and terrorist financing, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union (TFEU) should be delegated to the Commission to identify third countries, whose shortcomings in their national AML/CFT regimes represent a threat to the integrity of the Union’s internal market. The changing nature of money laundering and terrorist financing threats from outside the Union, facilitated by a constant evolution of technology and of the means at the disposal of criminals, requires that quick and continuous adaptations of the legal framework as regards third countries be made in order to address efficiently existing risks and prevent new ones from arising. The Commission should take into account information from other EU bodies, such as law enforcement agencies, international organisations and standard setters in the field of AML/CFT, such as FATF public statements, mutual evaluation or detailed assessment reports or published follow-up reports, and adapt its assessments to the changes therein, where appropriate.
Amendment 197 #
2021/0239(COD)
Proposal for a regulation
Recital 52
Recital 52
(52) Countries that are not publicly identified as subject to calls for actions or increased monitoring by international standard setters might still pose a threat to the integrity of the Union’s financial system. To mitigate those risks, it should be possible for the Commission to take action by identifying, based on a clear set of criteria and with the support of AMLA and other EU bodies, such as law enforcement agencies, involved in the AML/CFT framework, third countries posing a specific and serious threat to the Union’s financial system, which may be due to either compliance weaknesses or significant strategic deficiencies of a persistent nature in their AML/CFT regime, and the relevant mitigating measures. Those third countries should be identified by the Commission. According to the level of risk posed to the Union’s financial system, the Commission should require the application of either all enhanced due diligence measures and country-specific countermeasures, as it is the case for high-risk third countries, or country-specific enhanced customer due diligence, such as in the case of third countries with compliance weaknesses.
Amendment 209 #
2021/0239(COD)
Proposal for a regulation
Recital 60 a (new)
Recital 60 a (new)
(60a) Business relationships and transactions involving high-net-worth individuals, particularly those designated by EU sanction regime or residing in high risk third countries, who present one or several factors of higher risk could seriously compromise the integrity of the Union’s financial system and cause serious vulnerabilities in the internal market. Obliged entities should therefore apply enhanced customer due diligence measures as laid down in this Regulation with respect to those individuals
Amendment 211 #
2021/0239(COD)
Proposal for a regulation
Recital 62
Recital 62
(62) Obliged entities may outsource tasks relating to the performance of customer due diligence to an agent or external service provider, such as an AML compliance entity, unless they are established in third countries that are designated as high-risk, as having compliance weaknesses or as posing a threat to the Union’s financial system. These outsourcing activities should support obliged entities, to obtain complete, timely and accurate information by using decision-making tools, such as global news, business, regulatory and legal databases. In the case of agency or outsourcing relationships on a contractual basis between obliged entities and external service providers not covered by AML/CFT requirements, any AML/CFT obligations upon those agents or outsourcing service providers could arise only from the contract between the parties and not from this Regulation. Therefore, the responsibility for complying with AML/CFT requirements should remain entirely with the obliged entity itself. The obliged entity should in particular ensure that, where an outsourced service provider is involved for the purposes of remote customer identification, the risk-based approach is respected.
Amendment 229 #
2021/0239(COD)
Proposal for a regulation
Recital 72
Recital 72
(72) There is a need to ensure a level playing field among the different types of legal forms and to avoid the misuse of trusts and legal arrangements, which are often layered in complex structures to further obscure beneficial ownership. Trustees of any express trust administered in a Member State should thus be responsible for obtaining and holding adequate, accurate and current beneficial ownership information regarding the trust, and for disclosing their status and providing this information to obliged entities carrying out costumer due diligence. Any other beneficial owner of the trust should assist the trustee in obtaining such information. AMLA shall investigate the possibility of the creation of a central European Beneficial Owners Register with uniform standards.
Amendment 230 #
2021/0239(COD)
Proposal for a regulation
Recital 73
Recital 73
(73) In view of the specific structure of certain legal entities such as foundations, and the need to ensure sufficient transparency about their beneficial ownership, such entities and legal arrangements similar to trusts should be subject to equivalent beneficial ownership requirements as those that apply to express trusts. However, these requirements shall not lead to excessive burden on civil society organisations, with a restrictive or coercive effect on their work.
Amendment 231 #
2021/0239(COD)
Proposal for a regulation
Recital 77
Recital 77
(77) Suspicious transactions, including attempted transactions, and other information relevant to money laundering, its predicate offences and terrorist financing, should be reported to the FIU, which should serve as a single central national unit for receiving and, analysing reported suspicions and for disseminating to the competent authorities the results of its analyses. FIU's shall strengthen cooperation with competent authorities to ensure that meaningful information is exchanged in a timely and constructive manner. All suspicious transactions, including attempted transactions, should be reported, regardless of the amount of the transaction. Reported information may also include threshold-based information. The disclosure of information to the FIU in good faith by an obliged entity or by an employee or director of such an entity should not constitute a breach of any restriction on disclosure of information and should not involve the obliged entity or its directors or employees in liability of any kind.
Amendment 247 #
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 5000. Member States should be able to adopt lower thresholds and further stricter provisions.
Amendment 302 #
2021/0239(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 25 – point d – point i a (new)
Article 2 – paragraph 1 – point 25 – point d – point i a (new)
(ia) other functions falling under the definition of politically exposed person, according to the country of origin;
Amendment 317 #
2021/0239(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 36 a (new)
Article 2 – paragraph 1 – point 36 a (new)
(36a) 'AML compliance entity' means an external entity or digital platform, acting in full respect of GDPR, which contributes to the effective compliance with the AML rules of the obliged entities subject to the obligations set out in this Regulation.
Amendment 343 #
2021/0239(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 3 – point e
Article 3 – paragraph 1 – point 3 – point e
(e) persons trading in luxury goods and precious metals and stones;
Amendment 360 #
2021/0239(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 3 – point k
Article 3 – paragraph 1 – point 3 – point k
(k) creditors for mortgage and consumer credits, other than credit institutions defined in Article 2(5) and financial institutions defined in Article 2(6), and credit intermediaries for mortgage and consumer credits;
Amendment 371 #
2021/0239(COD)
Amendment 373 #
2021/0239(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. With the exception of casinos, Member States may decide to exempt, in full or in part, providers of gambling services from the requirements set out in this Regulation on the basis of the proven low risk posed by the nature and, where appropriate, the scale of operations of such services, with the consent of the AML Authority.
Amendment 391 #
2021/0239(COD)
Proposal for a regulation
Article 6 a (new)
Article 6 a (new)
Article 6a Minimum requirements regarding citizenship and residence by investment schemes A Member State whose national law grants citizenship or residence rights in exchange for any kind of investment, such as capital transfers, purchase or renting of property, investment in government bonds, investment in corporate entities, donation or endowment of an activity contributing to the public good and contributions to the state budget, shall ensure that public authorities that process applications for such citizenship and residence rights carry out at least the following measures: (a) require that transactions are carried out by means of a business relationship with an obliged entity established in that Member State; (b) request information from involved obliged entities about customer due diligence measures carried out; (c) obtain and record detailed information, substantiated by verified documents, on the identity of the applicant, on any of the applicant’s business interests and employment activities in the previous 10 years and on the applicant’s source of funds and source of wealth; (d) require clearance from law enforcement authorities, substantiated by evidence of the absence of any criminal activities on the part of the applicant; (e) ensure that the applicant shall not have connections with suspicious activities, including close business relations with persons having a criminal record related to money laundering, terrorist financing or predicate offences, or with individuals designated by EU sanction regimes; (f) any applicant shall be subject to minimum physical presence requirements. The applicant's presence shall be regularly monitored by relevant authorities and non-compliance with physical presence requirements result in the non-granting or withdrawal of citizenship or residence rights.
Amendment 394 #
2021/0239(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point b
Article 7 – paragraph 1 – point b
(b) in addition to the obligation to apply targeted financial sanctions, mitigate and manage the risks of non- implementation and evasion of proliferation financing-relatedtargeted financial sanctions relating to terrorism and terrorism financing, proliferation financing and to other applicable Union targeted financial sanctions.
Amendment 408 #
2021/0239(COD)
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. Obliged entities shall take appropriate measures, proportionate to their nature and size, to identify and assess the risks of money laundering and terrorist financing to which they are exposed, as well as the risks of non-implementation and evasion of proliferation financing- relatedtargeted financial sanctions relating to terrorism and terrorism financing, proliferation financing and to other applicable Union targeted financial sanctions, taking into account:
Amendment 412 #
2021/0239(COD)
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. Obliged entities shall take appropriate measures, proportionate to their nature and size, to identify and assess the risks of money laundering and terrorist financing to which they are exposed, as well as the risks of non-implementation and evasion of proliferation financing- relatedtargeted financial sanctions relating to terrorism and terrorism financing, proliferation financing and to other applicable Union targeted financial sanctions, taking into account:
Amendment 423 #
2021/0239(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Obliged entities shall appoint one executive member of their board of directors or, if there is no board, of its equivalent governingmanagement body who shall be responsible for the implementation of measures to ensure compliance with this Regulation (‘compliance manager’). Where the entity has no governingmanagement body, the function should be performed by a member of its senior management.
Amendment 431 #
2021/0239(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The compliance manager shall be responsible for implementing the obliged entity’s policies, controls and procedures and for receiving information on significant or material weaknesses in such policies, controls and procedures. The compliance manager shall regularly report on those matters to the board of director or equivalent governingmanagement body. For parent undertakings, that person shall also be responsible for overseeing group- wide policies, controls and procedures.
Amendment 438 #
2021/0239(COD)
Proposal for a regulation
Article 9 – paragraph 3 – introductory part
Article 9 – paragraph 3 – introductory part
3. Obliged entities shall have a compliance officer, to be appointed by the board of directors or governingmanagement body, who shall be in charge of the day-to-day operation of the obliged entity’s anti- money laundering and countering the financing of terrorism (AML/CFT) policies. That person shall also be responsible for reporting suspicious transactions to the Financial Intelligence Unit (FIU) in accordance with Article 50(6).
Amendment 459 #
2021/0239(COD)
Proposal for a regulation
Article 15 – paragraph 1 – point b
Article 15 – paragraph 1 – point b
(b) when involved in or carrying out an occasional transaction that amounts to EUR 10 000 or more,regardless orf the equivalent in national currencyamount, whether that transaction is carried out in a single operation or through linked transactions, or a lower threshold laid down pursuant to paragraph 5;
Amendment 462 #
2021/0239(COD)
Proposal for a regulation
Article 15 – paragraph 1 a (new)
Article 15 – paragraph 1 a (new)
1a. By way of derogation from points (a), (b) and (c) of paragraph 1 and Article 19, and based on an appropriate risk assessment which demonstrates a low risk, obliged entities are allowed not to apply certain customer due diligence measures with respect to electronic money, where all of the following risk- mitigating conditions are met: (a) the payment instrument is not reloadable, or has a maximum monthly payment transactions limit of EUR 150 which can be used only in that Member State; (b) the maximum amount stored electronically does not exceed EUR 150; (c) the payment instrument is used exclusively to purchase goods or services; (d) the payment instrument cannot be funded with anonymous electronic money; (e) the issuer carries out sufficient monitoring of the transactions or business relationship to enable the detection of unusual or suspicious transactions.
Amendment 463 #
2021/0239(COD)
Proposal for a regulation
Article 15 – paragraph 1 b (new)
Article 15 – paragraph 1 b (new)
1b. The derogation provided for in paragraph 1a is not applicable in the case of redemption in cash or cash withdrawal of the monetary value of the electronic money, or in the case of remote payment transactions.
Amendment 465 #
2021/0239(COD)
Proposal for a regulation
Article 15 – paragraph 2
Article 15 – paragraph 2
2. In addition to the circumstances referred to in paragraph 1, credit and financial institutions and crypto-asset service providers shall apply customer due diligence when either initiating or executing an occasional transaction that constitutes a transfer of funds as defined in Article 3, point (9) of Regulation [please insert reference – proposal for a recast of Regulation (EU) 2015/847 - COM/2021/422 final], or a transfer of crypto-assets as defined in Article 3, point (10) of that Regulation, exceeding EUR 1 000 or the equivalent in national currency.
Amendment 466 #
2021/0239(COD)
Proposal for a regulation
Article 15 – paragraph 2
Article 15 – paragraph 2
2. In addition to the circumstances referred to in paragraph 1, credit and financial institutions and crypto-asset service providers shall apply customer due diligence when either initiating or executing an occasional transaction that constitutes a transfer of funds as defined in Article 3, point (9) of Regulation [please insert reference – proposal for a recast of Regulation (EU) 2015/847 - COM/2021/422 final], or a transfer of crypto-assets as defined in Article 3, point (10) of that Regulation, exceeding EUR 1 000 or the equivalent in national currency.
Amendment 484 #
2021/0239(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point c a (new)
Article 16 – paragraph 1 – point c a (new)
(ca) obtain and assess information on whether the customer or the beneficial owner is persons involved are subjected to targeted financial sanctions relating to terrorism and terrorism financing, proliferation financing and to other applicable Union targeted financial sanctions;
Amendment 485 #
2021/0239(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point d a (new)
Article 16 – paragraph 1 – point d a (new)
(da) assess whether the customer or the beneficial owner is subject to targeted financial sanctions relating to terrorism and terrorism financing, proliferation financing and to other applicable Union targeted financial sanctions.
Amendment 490 #
2021/0239(COD)
Proposal for a regulation
Article 16 – paragraph 2 a (new)
Article 16 – paragraph 2 a (new)
2a. Without prejudice to any other measures required to comply with the obligation to apply targeted financial sanctions, credit and financial institutions and crypto-asset service providers shall screen the customer’s identity as well as the beneficial owner’s identity against the relevant sanctions lists of designated persons in order to verify that the customer is not a designated individual, entity or group subject to targeted financial sanctions.
Amendment 494 #
2021/0239(COD)
Proposal for a regulation
Article 16 – paragraph 3 a (new)
Article 16 – paragraph 3 a (new)
3a. AMLA shall issue guidelines on the measures to be applied by obliged entities for assessing whether the customer or the beneficial owner is subject to targeted financial sanction, including how to identify entities controlled by persons subject to targeted financial sanctions.
Amendment 498 #
2021/0239(COD)
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. Where an obliged entity is unable to comply with the customer due diligence measures laid down in Article 16(1), it shall refrain fromnot carrying out a transaction or establishing a business relationship, and shall terminate the business relationship and consider filingfile a suspicious transaction report to the FIU in relation to the customer in accordance with Article 50.
Amendment 522 #
2021/0239(COD)
Proposal for a regulation
Article 18 – paragraph 4 – point a
Article 18 – paragraph 4 – point a
(a) the submission of the identity document, passport or equivalent and the acquisition of information from reliable and independent sources, which can also be done by electronic means, whether accessed directly or provided by the customer;
Amendment 559 #
2021/0239(COD)
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 1
Article 21 – paragraph 2 – subparagraph 1
The frequency of updating customer information pursuant to the first sub- paragraph shall be based on the risk posed by the business relationship. The frequency of updating of customer information shall pursue a risk-based approach, particularly taking into account changes of relevant circumstances and shall in any case not exceed five years.
Amendment 566 #
2021/0239(COD)
Proposal for a regulation
Article 21 a (new)
Article 21 a (new)
Amendment 571 #
2021/0239(COD)
Proposal for a regulation
Article 22 – paragraph 2 – point c a (new)
Article 22 – paragraph 2 – point c a (new)
(ca) the residual risk, taking into account a proper risk assessment, the risk mitigating measures put in place by the obliged entities, also considering innovation and technical developments to detect and prevent suspicious transactions.
Amendment 596 #
2021/0239(COD)
Proposal for a regulation
Article 24 – paragraph 3
Article 24 – paragraph 3
3. The Commission, when drawing up the delegated acts referred to in paragraph 2 shall take into account information on jurisdictions under increased monitoring by EU bodies, such as law enforcement agencies, international organisations and standard setters with competence in the field of preventing money laundering and combating terrorist financing, as well as relevant evaluations, assessments, reports or public statements drawn up by them.
Amendment 607 #
2021/0239(COD)
Proposal for a regulation
Article 25 – paragraph 2 – point a – point v
Article 25 – paragraph 2 – point a – point v
(v) requirements relating to the availability of accurate and timely information of the beneficial ownership of legal persons and arrangements to competent authoritiesheld by a public authority or body functioning as beneficial ownership mechanism that is as efficient, if the alternative mechanism is deemed appropriate by the Commission, based on the recommendation of AMLA;
Amendment 613 #
2021/0239(COD)
Proposal for a regulation
Article 25 – paragraph 2 – point c a (new)
Article 25 – paragraph 2 – point c a (new)
(ca) the recurrence of the involvement of the third country into money laundering and terrorist financing schemes in criminal analysis and investigations of Member States supported by Europol;
Amendment 624 #
2021/0239(COD)
Proposal for a regulation
Article 25 – paragraph 4
Article 25 – paragraph 4
4. The Commission, when drawing up the delegated acts referred to in paragraph 1, shall take into account in particular relevant evaluations, assessments or reports drawn up by EU bodies, such as law enforcement agencies, international organisations and standard setters with competence in the field of preventing money laundering and combating terrorist financing.
Amendment 635 #
2021/0239(COD)
Proposal for a regulation
Article 26 – paragraph 3
Article 26 – paragraph 3
3. In issuing and reviewing the guidelines referred to in paragraph 1, AMLA shall take into account evaluations, assessments or reports of EU bodies, such as law enforcement agencies, international organisations and standard setters with competence in the field of preventing money laundering and combating terrorist financing.
Amendment 651 #
2021/0239(COD)
Proposal for a regulation
Article 28 – paragraph 1
Article 28 – paragraph 1
1. In the cases referred to in Articles 23, 24, 25 and 30 to 36a, as well as in other cases of higher risk that are identified by obliged entities pursuant to Article 16(2), second subparagraph (‘cases of higher risk’), obliged entities shall apply enhanced customer due diligence measures to manage and mitigate those risks appropriately.
Amendment 690 #
2021/0239(COD)
Proposal for a regulation
Article 32 – paragraph 2 – point b
Article 32 – paragraph 2 – point b
(b) take adequate measures to establish the source of wealth and source of funds that are involved in business relationships or transactions, including occasional ones, with politically exposed persons;
Amendment 704 #
2021/0239(COD)
Proposal for a regulation
Article 36 a (new)
Article 36 a (new)
Article 36a Persons subject to restrictive measures by international organisations 1. Obliged entities shall report to the competent FIU any business relationship or transaction with persons subject to UN sanctions in the temporary period between the moment the UN designation is made publicly available and the moment targeted financial sanctions adopted by the Union become applicable. Obliged entities shall refrain from carrying out any transaction related to a person subject to UN sanctions until they have notified the competent FIU and have complied with any further specific instruction from the FIU. 2. When the competent FIU receives such a notification referred to in Paragraph 1, it shall decide to suspend any transaction, withhold its consent or suspend any account up to 10 calendar days or until the adoption of targeted financial sanctions by the Union. 3. This Article is without prejudice to the possibility of Member States to apply temporary measures which ensure a higher level of protection of the financial system of the Union such as temporary measures applying directly UN designations pending the adoption of EU targeted financial sanctions.
Amendment 707 #
2021/0239(COD)
Proposal for a regulation
Article 37 a (new)
Article 37 a (new)
Amendment 711 #
2021/0239(COD)
Proposal for a regulation
Article 38 – paragraph 4 a (new)
Article 38 – paragraph 4 a (new)
4a. Reliance on other obliged entities may also include the re-use of relevant customer due diligence information and documentation obtained and processed by that entity.
Amendment 715 #
2021/0239(COD)
Proposal for a regulation
Article 40 – paragraph 1 – subparagraph 1
Article 40 – paragraph 1 – subparagraph 1
The obliged entity shall remain fully liable for any action of agents or external service providers, including AML compliance entities, to which activities are outsourced.
Amendment 740 #
2021/0239(COD)
Proposal for a regulation
Article 40 – paragraph 3
Article 40 – paragraph 3
3. Where an obliged entity outsources a task pursuant to paragraph 1, it shall ensure that the agent or external service provider applies the measures and procedures adopted by the obliged entity. The conditions for the performance of such tasks shall be clearly specified and laid down in a written agreement between the obliged entity and the outsourced entity. The obliged entity shall perform regular controls to ascertain the effective implementation of such measures and procedures by the outsourced entity. The frequency of such controls shall be determined on the basis of the critical nature of the tasks outsourced.
Amendment 742 #
2021/0239(COD)
Proposal for a regulation
Article 40 – paragraph 4 a (new)
Article 40 – paragraph 4 a (new)
4a. Outsourced entities shall be able to sub-outsource activities, as long as the outsourced entities: (a) have laid such sub-outsourcing out in their written agreement with the obliged entity; and (b) are able to report on the effective implementation of measures by the sub- outsourced entities to the obliged entity. The obliged entity remains fully liable for any actions of the sub-outsourced entity, and the tasks undertaken by the sub- outsourced entity shall also not be undertaken in such way as to impair materially the quality of the obliged entity’s measures and procedures to comply with the requirements of this Regulation and of Regulation [proposal for a recast of Regulation (EU) 2015/847 - COM/2021/422 final].
Amendment 750 #
2021/0239(COD)
Proposal for a regulation
Article 42 – paragraph 1 – subparagraph 1
Article 42 – paragraph 1 – subparagraph 1
For the purpose of this Article, ‘control through an ownership interest’ shall mean an ownership of 25% plus one of the shares or voting rights or other ownership interest in the corporate entity, including through bearer shareholdings, on every level ofthe first level of the ownership chain, respectively 50% plus one of the shares or voting rights or other ownership interest in the corporate entity, including through bearer shareholdings, on the subsequent levels the ownership chain.
Amendment 779 #
2021/0239(COD)
Proposal for a regulation
Article 42 – paragraph 2 a (new)
Article 42 – paragraph 2 a (new)
Amendment 785 #
2021/0239(COD)
Proposal for a regulation
Article 42 – paragraph 4
Article 42 – paragraph 4
4. The Commission shall make recommendations to Member Statedecide via implementing acts on the specific rules and criteria to identity the beneficial owner(s) of legal entities other than corporate entities by [1 year6 months from the date of application of this Regulation]. In the event that Member States decide not to apply any of the recommendations, they shall notify the Commission thereof and provide a justification for such a decision.
Amendment 816 #
2021/0239(COD)
Proposal for a regulation
Article 45 – paragraph 2
Article 45 – paragraph 2
2. Where, after having exhausted all possible means of identification pursuant to Articles 42 and 43, no person is identified as beneficial owner, or where there is any doubt that the person(s) identified is the beneficial owner(s), the corporate or other legal entities shall keep records of the actions taken in order to identify their beneficial owner(s) and file a suspicious transaction report in accordance with Article 17.
Amendment 818 #
2021/0239(COD)
Proposal for a regulation
Article 45 – paragraph 2 a (new)
Article 45 – paragraph 2 a (new)
2a. Where there are reasons to doubt the accuracy of the beneficial ownership information, corporate or other legal entities shall provide to the competent authorities additional information on a risk-sensitive basis, including resolutions of the board of directors and minutes of their meetings, partnership agreements, trust deeds, power of attorney or other contractual agreements and documentation.
Amendment 821 #
2021/0239(COD)
Proposal for a regulation
Article 45 – paragraph 3 – point a
Article 45 – paragraph 3 – point a
(a) a statement, accompanied by a justification and supporting documents, that there is no beneficial owner or that the beneficial owner(s) could not be identified and verified;
Amendment 831 #
2021/0239(COD)
Proposal for a regulation
Article 48 – paragraph 1 – introductory part
Article 48 – paragraph 1 – introductory part
1. Beneficial ownership information of legal entities incorporated outside the Union or of express trusts or similar legal arrangements administered outside the Union shall be collected in accordance with national systems and held in the central register referred to in Article 10 of Directive [please insert reference – proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final] set up by the Member State where such entities or trustees of express trusts or persons holding equivalent positions in similar legal arrangements:
Amendment 840 #
2021/0239(COD)
Proposal for a regulation
Article 49 – paragraph 1
Article 49 – paragraph 1
Member States shall lay down the rules on sanctions applicable to infringements of the provisions of this Chapter in accordance with Article 40 of Directive [please insert reference – proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final] and shall take all measures necessary to ensure that they are implemented. The sanctions provided for must be effective, proportionate and dissuasive.
Amendment 845 #
2021/0239(COD)
Proposal for a regulation
Article 50 – paragraph 1 – introductory part
Article 50 – paragraph 1 – introductory part
1. Obliged entities shall report via the FIU.net one-stop-shop to the FIU all suspicious transactions, including attempted transactions.
Amendment 846 #
2021/0239(COD)
Proposal for a regulation
Article 50 – paragraph 1 – introductory part
Article 50 – paragraph 1 – introductory part
1. Obliged entities shall report to the FIU all suspicious transactions, including multi-country and attempted transactions.
Amendment 847 #
2021/0239(COD)
Proposal for a regulation
Article 50 – paragraph 1 – subparagraph 1 – point a
Article 50 – paragraph 1 – subparagraph 1 – point a
(a) reporting to the FIU via the FIU.net one-stop-shop, on their own initiative, where the obliged entity knows, suspects or has reasonable grounds to suspect that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to terrorist financing, and by responding to requests by the FIU submitted via the FIU.net one- stop-shop for additional information in such cases;
Amendment 852 #
2021/0239(COD)
Proposal for a regulation
Article 50 – paragraph 1 – subparagraph 1 – point b
Article 50 – paragraph 1 – subparagraph 1 – point b
(b) providing the FIU directly via the FIU.net one-stop-shop, at its request, with all necessary information.
Amendment 855 #
2021/0239(COD)
Proposal for a regulation
Article 50 – paragraph 1 – subparagraph 2
Article 50 – paragraph 1 – subparagraph 2
For the purposes of points (a) and (b), obliged entities shall reply to a request for information by the FIU within 5 days via the FIU.net one-stop-shop. In justified and urgent cases, FIUs shall be able to shorten such a deadline to 24 hours.
Amendment 862 #
2021/0239(COD)
Proposal for a regulation
Article 50 – paragraph 3
Article 50 – paragraph 3
3. By [two years after entry into force of this Regulation], AMLA shall develop draft implementing technical standards and submit them to the Commission for adoption. Those draft implementing technical standards shall specify the format and means to be used for the reporting of suspicious transactions pursuant to paragraph 1.
Amendment 866 #
2021/0239(COD)
Proposal for a regulation
Article 50 – paragraph 5
Article 50 – paragraph 5
5. AMLA shall issue and periodically update guidance on indicators of unusual or suspicious activity or behaviours with the assistance of other EU bodies involved in the AML/CFT framework.
Amendment 868 #
2021/0239(COD)
Proposal for a regulation
Article 50 – paragraph 6
Article 50 – paragraph 6
6. The person appointed in accordance with Article 9(3) shall transmit the information referred to in paragraph 1 of this Article to the FIU of the Member State in whose territory the obliged entity transmitting the information is established. By [6 years after entry into force of this Regulation], this information shall be transmitted using FIU.net.
Amendment 878 #
2021/0239(COD)
Proposal for a regulation
Article 54 – paragraph 5
Article 54 – paragraph 5
5. For obliged entities referred to in Article 3, points (1), (2), (3)(a) and (b), in cases relating to the same customer and the same transaction involving two or more obliged entities, and by way of derogation from paragraph 1, disclosure may take place between thwo or more relevant obliged entities provided that they are located in the Union, or with entities in a third country which imposes requirements equivalent to those laid down in this Regulation, and that they are from the same category of obliged entities and are subject to professional secrecy and personal data protection requirements, in the following cases: a) in cases related to the same customer or ultimate beneficial owner of the customer; b) in cases related to the same transaction, or series of transactions that are related; c) on the same (alleged) network of natural persons related to the same customers, ultimate beneficial owner or transactions.
Amendment 884 #
2021/0239(COD)
Proposal for a regulation
Article 54 a (new)
Article 54 a (new)
Article 54a Use of Artificial Intelligence (AI) For the purposes of AML, obliged entities shall be permitted to rely on technologies that include machine-learning, artificial intelligence or similar automated individual decision-making processes, including profiling pursuant to Article 22.2.(b) of Regulation (EU) 2016/679 in order to meet directly or indirectly the requirements of this Regulation, Regulation 2015/847, and any Regulatory Technical Standards, guidelines or other common instruments (that are directly or indirectly related to the prevention and fight against money laundering and financing terrorism) set up by AMLA related to the abovementioned regulations. Obliged entities shall inform the data subjects, for example in their privacy statements, that automated decision making including profiling pursuant to Article 22.2. b of Regulation (EU) 2016/679 is used. Such information should include the significance and the possible consequences for the data subject of such use. AML-A, in cooperation with the European Data Protection Board shall develop Regulatory Technical Standards, determining the minimum information to be provided. The logics behind such automated decision making and profiling are kept by the obliged entities and can be requested by the competent authorities. Such logics should be kept confidential by such authorities.
Amendment 885 #
2021/0239(COD)
Proposal for a regulation
Article 55 – paragraph 1
Article 55 – paragraph 1
1. To the extent that it is strictly necessary for the purposes of preventing money laundering and terrorist financing, obliged entities may processand AML compliance entities may process personal data, including special categories of personal data referred to in Article 9(1) of Regulation (EU) 2016/679 and personal data relating to criminal convictions and offences referred to in Article 10 of that Regulation subject to the safeguards provided for in paragraphs 2 and 3. On the basis of this Regulation, only to the extent that it is necessary and proportionate for the purposes of the prevention of money laundering and terrorist financing, obliged entities may share this data with other obliged entities.
Amendment 886 #
2021/0239(COD)
Proposal for a regulation
Article 55 – paragraph 1
Article 55 – paragraph 1
1. To the extent that it is strictly necessary for the purposes of preventing money laundering and terrorist financing, obliged entities may process personal data, including special categories of personal data referred to in Article 9(1) of Regulation (EU) 2016/679 and personal data relating to criminal convictions and offences referred to in Article 10 of that Regulation subject to the safeguards provided for in paragraphs 2 and 3. On the basis of this Regulation only to the extent that it is necessary and proportionate for the purposes of the prevention of money laundering and terrorist financing obliged entities may share this data with other obliged entities.
Amendment 888 #
2021/0239(COD)
Proposal for a regulation
Article 55 – paragraph 1 a (new)
Article 55 – paragraph 1 a (new)
1a. For the purpose of transaction monitoring referred to in Article 16, paragraph 1, point d of this Regulation, the processing of personal data referred to in Article 55, paragraph 1 can also be conducted by (legal) entities (“utilities”) consisting of or created by two or more obliged entities.
Amendment 900 #
2021/0239(COD)
Proposal for a regulation
Article 55 a (new)
Article 55 a (new)
Article 55a Information exchange (1) Obliged persons, competent authorities [within the meaning of Art. 2(31) of the Draft Regulation] and other public authorities of the EU and EU Member States, insofar as they act for the purpose of combating money laundering or terrorist financing, may provide each other, directly or through public-private partnerships (PPPs), insofar as they pursue the purpose of combating money laundering or terrorist financing, with information containing anomalies or unusual features indicating money laundering, one of its predicate offences or terrorist financing. The exchange of information may only take place for the purpose of combating money laundering, one of its predicate offenses or the financing of terrorism. (2) Within the framework of the exchange of information pursuant to paragraph 1, the persons referred to in paragraph 1 may also process personal data within the meaning of Art. 4 No. 1 of the General Data Protection Regulation [as defined in Art. 4 No. 2 of the General Data Protection Regulation]. Art. 14 (1) to (4) of the General Data Protection Regulation shall not apply; Art. 15, 16 and 18 of the General Data Protection Regulation shall apply subject to the consent of the competent authorities [as defined in Art. 2 (31) of the Draft Regulation]. The personal data shall be deleted after the expiration of 5 years after receipt of the data, unless there is a legal obligation or justification for the continued retention of the data. (3) Information pursuant to paragraph 1, which is related to specific facts, may only be disclosed by obligated parties, irrespective of the submission of a notification pursuant to Art. 50 et seq. Draft Regulation may only be disclosed by obligated parties to other obligated parties if the information is not disclosed to 1. the contracting party of the obligated party submitting the report, 2. the principal of a transaction related to the facts of the case, 3. the beneficial owner of the persons referred to in points 1 and 2, 4. a person who has been appointed as a representative or messenger by one of the persons mentioned in numbers 1 to 3, 5. the legal counsel mandated by any of the persons referred to in numbers 1 to 4, and 6. other third parties not mentioned in paragraph 1. (4) Information referred to in paragraph 1, for which an obliged person has made a report pursuant to Art. 50 et seq. of the Draft Regulation or on the basis of which such a report is about to be made, may be shared pursuant to paragraph 1 only if the competent authorities [within the meaning of Art. 2 par. 31 of the Draft Regulation] have previously given their consent to an exchange of information to all or selected persons referred to in paragraph 1. An information exchange pursuant to Art. 54 (2)-(6) of the Draft Regulation remains unaffected by this.
Amendment 903 #
2021/0239(COD)
Proposal for a regulation
Article 55 b (new)
Article 55 b (new)
Article 55b Exchange of data under Public Private Partnerships 1. For the purpose of combating money laundering and terrorist financing and related predicate offences, including for the fulfilment of their obligations under Chapter V of this Regulation [(reporting obligations)], obliged entities may, together with competent authorities as defined in Article 2(31) of this Regulation, including Europol, participate in cooperation arrangements established in one or across several Member States. 2. Without prejudice of Regulation 2016/679, for no other purposes than those specifically mentioned in the arrangements pursuant to this Article and to the extent it is necessary to exchange information referred to in Article 54, by way of derogation of Article 54(1) of this Regulation, obliged entities participating in such arrangements may exchange the necessary information with other participating obliged entities and the competent authorities. Within the cooperation arrangements referred to in paragraph 1 and where such arrangements involve, inter alia, cooperation and information exchange between obliged entities and the aforementioned authorities, obliged entities shall process personal data in accordance with [new article on processing of personal data for AML purposes].
Amendment 926 #
2021/0239(COD)
Proposal for a regulation
Article 59 – paragraph 1
Article 59 – paragraph 1
1. Persons trading in goods or providing services may accept or make a payment in cash only up to an amount of EUR 10 5000 or equivalent amount in national or foreign currency, whether the transaction is carried out in a single operation or in several operations which appear to be linked.
Amendment 936 #
2021/0239(COD)
Proposal for a regulation
Article 59 – paragraph 4 – point b
Article 59 – paragraph 4 – point b
(b) payments or deposits made at the premises of credit institutions. In such cases, the credit institution shall report the payment or deposit above the limit to the FIU, in particular in case of suspicious activities and transactions.
Amendment 4 #
2021/0227(BUD)
Draft opinion
Paragraph 1
Paragraph 1
1. Calls for the 2022 budget to contribute to the fulfilment of the priorities outlined in the European Semester and for its spending associated with the Recovery and Resilience Facility (RRF) to contribute to significantly address Member States’ country-specific recommendations; in this regard, calls for the Commission to make RRF payments to Member States only if relevant milestones and targets have been met;
Amendment 11 #
2021/0227(BUD)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Believes that the Union budget must be equipped with the tools to enable it to respond to multiple crises simultaneously; reiterates Parliament’s view that the 2022 budget should play a pivotal role in ensuring a positive and tangible impact on citizens’ lives; against this background, supports increases to boost investment with a particular focus on SMEs, strengthen efforts towards the green and digital transitions, give fresh opportunities to young people in particular, build a strong European Health Union; reinforces, further, priorities in the fields of security, migration, fundamental rights, while acknowledging the recent deteriorating situation in external policy and humanitarian aid and the need to be able to react swiftly to the upcoming challenges; emphasises the leading role that the European Union must play in ending the pandemic by financing vaccination through COVAX in the low income countries;
Amendment 24 #
2021/0227(BUD)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Insists on its calls for European Court of Auditors, the European Anti- Fraud Office and the European Public Prosecutor’s Office to have sufficient financial and human resources to scrutinise the unprecedented size of the Union expenditure; is concerned that the Commission and the Council have proposed only minimal increases to budgets of those institutions and bodies;
Amendment 77 #
2021/0227(BUD)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Emphasises that youth remains an overarching priority for the Union budget; reinforces therefore funding to meet increasing demand for the Erasmus+ programme by a total amount of just over EUR 137 million, as a 5% increase represents an additional 40,000 mobility exchanges; calls the Commission to present a draft amending budget so that the unspent funds from the 2021 budget should be carried over into the 2022 budget in order to help students regaining the missed opportunities due to the pandemic, so that we do not have a lost generation for Erasmus; furthermore increases the European Solidarity Corps by EUR 5 million as the economic crisis triggered by the COVID-19 pandemic should not adversely affect support for the youth;
Amendment 91 #
2021/0227(BUD)
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27 a. Regrets that the increase for EPPO budget in 2021 voted by both arms of budgetary authority is not respected the Commission; reiterates the fundamental role that EPPO plays in protecting the financial interests of the Union, including the use of funds from Next Generation EU, as well as ensuring the respect of the rule of law; invites the Commission to clarify the blockade of the 7.3 million euro and to ensure that the budget for 2021 and 2022 of EPPO will be fully respected and implemented;
Amendment 112 #
2021/0227(BUD)
Motion for a resolution
Paragraph 36
Paragraph 36
36. Strongly objects to Council’s cuts to the European Border and Coast Guard Agency (Frontex) as the agency must be adequately equipped and its staff upgraded to enable it to deliver in all areas of responsibility falling under its new mandate; decides, however, to place EUR 90 000 000 into the reserve subject to the recruitment of the remaining 20 fundamental rights monitors at AD grade, the recruitment of the three deputy executive directors and the adoption of a procedure for the implementation of Article 46 of Regulation 2019/18969 ; _________________ 9Regulation (EU) 2019/1896 of the European Parliament and of the Council of 13 November 2019 on the European Border and Coast Guard and repealing Regulations (EU) No 1052/2013 and (EU) 2016/1624 (OJ L 295, 14.11.2019, p. 1).
Amendment 135 #
2021/0227(BUD)
Motion for a resolution
Paragraph 44
Paragraph 44
44. StressDeplores the ineed to support developing countries in improvquality of vaccination coverage ing their health systems and world; therefore stresses the need to enable accessing to COVID-19 vaccines in developing countries, particularly through the COVAX initiative, as well as supporting the improvement of their health systems; decides, therefore, to earmark the amount of EUR 1 billion under the emerging challenges and priorities cushion of NDICI-Global Europe in 2022 to this effect, including the NDICI carry- over funds from year 2021, as well as a further EUR 100 million under the line “People - Global Challenges” in addition to the pledges already made by the Commission in 2021, including the extra 200 million doses announced at the State of the Union; requests that Member States fulfil with urgency the COVAX pledges already made and invites them to commit additional EUR 2 billion, either to COVAX or in vaccine doses, in the first semester of 2022;
Amendment 152 #
2021/0227(BUD)
Motion for a resolution
Paragraph 49
Paragraph 49
49. Stresses that, given the new legislative proposals, such as and strategic initiatives arising from the European Green Deal, such as the Biodiversity Strategy to 2030, Chemical Strategy for Sustainability, Fit for 55 package, and increased Union spending due to NGEU and the Recovery and Resilience Facility, some services, in particular the Commission’s Directorate-General for Environment and the European Anti-Fraud Office (OLAF), will need staff reinforcements; asks the Commission as honest broker to reassess these needs promptly and to propose thesadequate reinforcements in its Amending letterduring the Conciliation, without undermining the actual human resources level in its other services or agencies;
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 166 #
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. The Commission should take into account the exposure of the EU producers to increased electricity prices due to the functioning of the EU energy market, amongst the various factors.
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 242 #
2021/0214(COD)
Proposal for a regulation
Recital 61 a (new)
Recital 61 a (new)
(61a) It is crucial that a level playing field in internationally operating sectors such as aviation and the maritime industry is ensured. For aviation, this concerns routes with a high share of connecting passengers to destinations outside the EEA. For the maritime sector, ships hulls and other shipbuilding equipment built outside the Union is sensitive to a potential competitive disadvantage. Both sector’s specificities will need to be considered. Therefore, the Commission should explore mechanisms to mitigate potential competitive distortion between feeder flights from EU and non- EU hubs as well as between EU and third country shipbuilding players.
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 2 #
2020/2258(INI)
Motion for a resolution
Citation 12 a (new)
Citation 12 a (new)
— having regard to the European Parliament’s position on the Commission’s proposals on the Common Corporate Tax Base (CCTB), the Common Consolidated Corporate Tax Base (CCCTB),
Amendment 3 #
2020/2258(INI)
Motion for a resolution
Citation 12 b (new)
Citation 12 b (new)
— having regard to the Commission communication of 18 May 2021 on Business taxation for the 21st century,
Amendment 65 #
2020/2258(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes the variety of EU instruments adopted to address HTP inside the Union, which include ATAD I and II, the Interest and Royalties Directive, the Parent Subsidiary Directive, the Directive on Administrative Cooperation in the Field of Taxation, and, in particular, DAC 3, 4 and 6 (on tax rulings, country-by-country reporting and mandatory disclosure rules for intermediaries), the various Commission recommendations to the Council, the CoC, and the Council recommendations in the framework of the European Semester dealing with aggressive tax planning; calls upon EU legislators to find a quick agreement on the public country-by-country (CbCR) reporting file;
Amendment 76 #
2020/2258(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Welcomes the internal and external dimension of the work conducted by the CoC Group on HTP; notes that the external dimension of HTP is mainly dealt with by the CoC Group with the application of the ‘Fair Taxation’ criterion; deplores the lack of coherence between the criteria on HTP applied to Member States and the tougher criteria, in particular on economic substance, applied to third-country jurisdictions in the listing process; notes that the influence of the Union to fight tax evasion and harmful tax practices worldwide depends on the example it sets at home;
Amendment 83 #
2020/2258(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Highlights the need to tax multinational corporations on the basis of a fair and effective formula for the allocation of taxing rights between countries; regrets in this regard that the Council did not agree on the CCTB and CCCTB proposals;
Amendment 99 #
2020/2258(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the fact that the proposal put forward by the US Administration for ‘The Made in America Tax Plan’ could facilitate a deal on Pillar II by mid-2021; calls for the European Union to quickly implement an effective minimum tax rate as soon as an agreement is reached at the OECD;
Amendment 101 #
2020/2258(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
Amendment 110 #
2020/2258(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls for the current scope of the CoC to be progressively updated in order to look into the general characteristics of a tax system to determine whether they have harmful effects; in this regard, calls upon the Council to follow-up on the July 2020 Commission Communication “Tax Good Governance in the EU and beyond” which advocates for a reform of the Code of Conduct to ensure fair taxation within the EU;
Amendment 115 #
2020/2258(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. CallsHighlights the economic substance requirement already included in the EU list’s ‘Fair Taxation’ criterion; regrets however that this criteria remains too vague, calls therefore for the adoption of a more precise definition of ‘minimum level of economic substance’ to apply as a criteria of fair taxation for the Code of Conduct, preferably based on a formulaic approach, and which would evolve progressively as reported income increases, which could be used to assess whether a tax regime is potentially harmful; highlights the economic substance requirement already included in the EU list’s ‘Fair Taxation’ criterion;
Amendment 133 #
2020/2258(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. NotWelcomes that the Commission recognises that a future minimum global taxation standard would have to be integrated into the EU actions on fair tax competition, and that if no consensus is found at global level on such a standard, it should nonetheless be included in the CoC29 to ensure that all businesses pay their fair amount of tax when they generate profits in the Single Market; calls on the Commission to already assess the legislative proposals that will be necessary to implement Pillar II at Union level, including a revision of ATAD and of the Interest and Royalties Directive, and the reform of the CoC and of the criteria in the EU listing of non-cooperative jurisdictions; _________________ 29 COM(2020)0313.
Amendment 147 #
2020/2258(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Insists that the future implementation of new EU tools against HTP should prioritise the recourse to legislative instruments and explore the provisions of the TFEU (including Article 116) allowing decision- making to be facilitatedmore efficient, such as qualified majority voting;
Amendment 166 #
2020/2258(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Welcomes the fact that the CoC has assessed 480 regimes since its creation, deeming around 13030 harmful31 ; recognises the positive effect of the Union’s work on HTP, which has led to a quasi-disappearance of preferential tax regimes within the Union; however, emphasizes the need to improve the Code’s effectiveness in light of recent tax scandals and challenges such as globalisation, digitalisation and the growing importance of intangible assets; _________________ 30Exchange of views of the Subcommittee on Tax Matters (FISC) with Lyudmila Petkova, Chair of the Code of Conduct Group, held on 19 April 2021. 31 https://data.consilium.europa.eu/doc/docu ment/ST-9639-2018-REV-4/en/pdf
Amendment 177 #
2020/2258(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. HighlighRegrets the non-binding nature of the CoC; deplores the fact that Member States could maintain a harmful regime without facing any repercussions;
Amendment 183 #
2020/2258(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls for a revision of the criteria, the governance and the scope of the CoC through a legally binding instrument that should replace the current intergovernmental arrangements and allow for a transition to qualified majority voting; calls for the Commission to explore the right legal basis offered by the Treaties to make such a proposal possible as soon as possible; requires that Parliament be included in the process of designing and adopting new policies and criteria to combat HTP;
Amendment 219 #
2020/2258(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Requires that the Chair CoC Group appear at least once a year at a public hearing before Parliament;
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 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 63 #
2020/2223(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
Amendment 77 #
2020/2223(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Welcomes the adoption of a Temporary Framework for State aid measureand its amendements established in response to the COVID-19 crisis in order to enable Member States to support companies during the pandemic; stresses the need for the Commission to support efforts for a green and digital recovery in the on-going review of State aid rules;
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 110 #
2020/2223(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Reiterates the priority of ensuring that State aid rules are strictly and impartially adhered to, including when dealing with future banking crises, so that taxpayers are protected against the burden of bank rescuecalls on the Commission to examine swiftly the discrepancies between the rules on State aid in the area of liquidation aid and the resolution regime under the Bank Recovery and Resolution Directive (‘BRR Directive’), and to revise its Banking Communication of 30 July 2013 accordingly, including in light of recent cases, taking into account the need to protect taxpayers;
Amendment 120 #
2020/2223(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 136 #
2020/2223(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. EWelcomes the Communication “European economic and financial system: fostering openness, strength and resilience” and the possibility to consider additional policy options to further deter and counteract the unlawful extra- territorial application of unilateral sanctions by third countries to EU operators; emphasises the importance of global dialogue and cooperation on competition policy enforcement;
Amendment 147 #
2020/2223(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Expresses its concern about distortive state-funded competition from Chinese and other foreign undertakings acquiring European undertakings, especially those active in innovative technologies;
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 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 212 #
2020/2223(INI)
17. Takes the view that new competition tools might be needed to deal with structural competition problems across digital markets which current rules cannot address in the most effective manner; stresses the role of the European Competition Network to share best practices in this regard;
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 224 #
2020/2223(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Considers that the structural unbundling of Big Tech monopolies is desirablea last resort solution for restoring competition in digital markets; stresses that targeted and effective behavioural remedies offer a time-efficient solution; suggests implementing participative antitrust in order to foster continuous dialogue with all undertakings, increase legal certainty and ensure effective remedies;
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 239 #
2020/2223(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20 a. Calls on the Commission to clarify the supervision of the upcoming Digital Markets Act with a special unit within the European Commission as well as an European forum, following the example of the European Competition Network, encompassing National Competition Authorities, national sectoral regulators, European Data Supervisory Board and consumer organisations in order to have a comprehensive and real time overview of online market developments and harmful practices while making the most of existing useful resources;
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 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 292 #
2020/2223(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
Amendment 300 #
2020/2223(INI)
Motion for a resolution
Paragraph 27 b (new)
Paragraph 27 b (new)
27 b. Welcomes the consultation launched on competition supporting the Green Deal to better take into account the green and sustainable efficiencies when dealing with state aid, mergers control and antitrust rules; believes that the revision of the Environment and Energy Aid Guidelines should put in place concrete incentives and conditions to continue on the path of decarbonization and revitalization of the economy by 2050 and should take into account broader policy objectives such as climate ambition, resilience and security of supply; stresses the need for the Commission to prevent any potential negative side-effects where larger companies use public aid granted in view of ‘greening’ their business models for other objectives such as reinforcing its dominant position in a given sector;
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 304 #
2020/2223(INI)
Motion for a resolution
Paragraph 28 a (new)
Paragraph 28 a (new)
28 a. Stresses the importance of state aid framework for important projects of common European interest (IPCEI) to allow massive investments in breakthrough technologies; calls on the Commission with regards to the upcoming revision of the IPCEI Communication to clarify selection rules for these projects, to revise some implementation criteria as well as to allow the possibility to more easily mobilize co-financing from the EU, in particular to facilitate the participation of partners from small Member States;
Amendment 309 #
2020/2223(INI)
Motion for a resolution
Paragraph 28 b (new)
Paragraph 28 b (new)
28 b. Calls on the Commission to inform the European Parliament on the allocation of human resources between State aid control, merger control and antitrust; acknowledges the extra workload regarding State aid control due to the pandemic but calls on the Commission to ensure a reasonable allocation of resources to ensure that all aspects of competition policy are treated equally;
Amendment 312 #
2020/2223(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Welcomes the Commission’s commitment to review its 1997 Notice 97/C 372/03 on the definition of relevant market in the Commission’s merger and antitrust enforcement; encourages the Commission, on a case-by-case basis, to take into account a longer-term vision encompassing the global dimension and potential future competition in its competitive assessments; calls on the Commission to adopt a more dynamic approach when revising the 1997 Communication on market definition, making the innovation criteria as a core element of the relevant market analysis when it comes to European merger control;
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 9 #
2020/2124(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Calls for the European Investment Bank Group to step up its efforts to support the economic recovery after the pandemic; is concerned about the meagre take uprate of the EUR25bn Pan- European Guarantee Fund, and attributes this to the Group’s risk profile; proposes therefore that the Commission and the private sector make a capital injection to the European Investment Fund so as to dilute the EIB’s controlling stake, hence allowing the Fund to support the European economy by increasing its risk appetite; highlights that this proposal would allow the Fund to invest more heavily in distressed assets, such as by building on its previous experience with financial guarantees and acting as an Asset Protection Scheme for companies affected by the pandemic.
Amendment 10 #
2020/2124(INI)
Motion for a resolution
Citation 20 a (new)
Citation 20 a (new)
— having regard to the European Parliament Resolution of 13 January 2020 on institutions and bodies of the Economic and Monetary Union: preventing post-public employment conflicts of interest;
Amendment 11 #
2020/2124(INI)
Motion for a resolution
Citation 20 b (new)
Citation 20 b (new)
— having regard to the 22 July 2016 letter from the Ombudsman to the President of the EIB on conflict of interest issues and the President of the EIB´s reply of 31 January 2017;
Amendment 12 #
2020/2124(INI)
— having regard to the Recommendation of the Ombudsman in case 2168/2019/KR on how the European Banking Authority handled the move of its former Executive Director to become CEO of a financial industry lobby;
Amendment 13 #
2020/2124(INI)
Motion for a resolution
Citation 20 d (new)
Citation 20 d (new)
— having regard to Counterbalance´s 2019 report "Is the EIB up to the task in tackling fraud and corruption? Challenges for the EU Bank’s governance framework";
Amendment 236 #
2020/2124(INI)
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30 a. Denounces the conflict of interest that has arisen as a consequence of the appointment of the former EIB Vice- president as a member of Iberdrola´s Board of Directors; notes that this post- public employment with barely any cooling-off period constitutes a risk not only to the reputation and independence of the EIB but to all EU institutions and the European project as a whole; highlights that unaddressed conflict of interest situations might not only compromise the enforcement of high ethical standards throughout European administration, but also jeopardise the right to good administration, threatening the level playing field required for the proper functioning of the single market; demands that the Ethics and Compliance Committee (ECC) explains its decision to allow such a move; recalls that the European Ombudsman found that the EBA´s decision not to forbid its Executive Director from becoming the CEO of a financial industry lobby was maladministration and that forbidding the job move would have been a necessary and proportionate measure;
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 71 #
2020/2122(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the crisis management and deposit insurance (CMDI) framework should be proportional, more efficient and more coherent, and should contribute to financial stability, the end of implicit guarantees and the protection of taxpayers;
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 161 #
2020/2122(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes the accelerated pace of digitalisation in the banking sector, while pointing to theobserving an insufficient level of investment in this area; welcomes the adoption of the digital finance package by the Commission; and, in particular, the proposal for a Digital Operational Resilience Act (DORA) in order to ensure financial entities put in place the adequate safeguards to mitigate the impact of ICT related incidents;
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 193 #
2020/2122(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Regrets the failure to ensure full gender balance in EU financial institutions and bodies and calls on all institutions and bodies to prioritise achieving full gender balance as soon as possible, including through providing gender balanced shortlists of candidates for all future appointments requiring Parliament's consent, including the ECB and the EU's top financial institutions;
Amendment 194 #
2020/2122(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Regrets the failure to ensure full gender balance in EU financial institutions and bodies; and asks for future appointments to be in line with the European Parliament resolution of 14 March 2019 on gender balance in EU economic and monetary affairs nominations;
Amendment 209 #
2020/2122(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that sound management of credit risk should remain thea key priority for the SSM;
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 249 #
2020/2122(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Stresses the benefits of banking consolidation, including across borders, in addressing the overcapacities and fragmentation of the banking sector;
Amendment 273 #
2020/2122(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Notes that the EU-wide stress test launched on 29 January 2021 aims to test capital trajectories of banks in a situation of worsening asset quality; regrets however that the sample of 51 banks selected in the exercise is too narrow; calls on the EBA to enlarge the scope in subsequent stress test exercises; stresses that in the run-up to a possible EDIS it is all the more important to build trust by running stress tests and asset quality reviews on a rolling sample of LSIs;
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 316 #
2020/2122(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Considers it necessary to have in place an EU liquidation regime for more harmonised framework, avoiding limbo situations, in the handling of banks for which the SRB assesses that there is no public interest in resolution;
Amendment 320 #
2020/2122(INI)
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30 a. Recalls the important role of the SRM to provide stability and clarity for the banking sector, investors and consumers and to protect taxpayers; calls for the SRM to be used to its full potential to ensure the orderly resolution of any failing bank with minimal costs to the tax payer and the real economy; believes that if more European banks were subject to the SRM framework then the more consistent treatment of failing banks would better protect European taxpayers, improve market discipline and reduce the burden on other solvent banks and taxpayers;
Amendment 336 #
2020/2122(INI)
33. Considers it necessary to make resolution work for more banks, which requires reviewing the public interest assessment in order to allow resolution tools to be applied to a broader group of banks;
Amendment 342 #
2020/2122(INI)
Motion for a resolution
Paragraph 34
Paragraph 34
34. Supports the idea of considering the role of group recovery and resolution plans in the crisis management framework, such that the calibration of MREL and banks’ contributions to the various safety nets would be truly risk-based, reflecting the likelihood and magnitude of the use of these safety nets under the preferred crisis management strategy;
Amendment 343 #
2020/2122(INI)
Motion for a resolution
Paragraph 34 a (new)
Paragraph 34 a (new)
34 a. Considers it necessary to align the incentives attached to the use of various existing crisis management tools, to prevent arbitrage between preventive action, resolution and liquidation; notes that it would require imposing the same burden sharing conditions in preventive interventions as in precautionary recapitalisations, since both types of tools aim at preventing the failure of a bank, and aligning burden sharing in liquidation and resolution for the granting of external funding;
Amendment 345 #
2020/2122(INI)
Motion for a resolution
Paragraph 34 b (new)
Paragraph 34 b (new)
34 b. Calls on the Commission to align the state aid framework with the reviewed CMDI framework, with a view to enforcing the necessary alignment of incentives across crisis management methods, inside and outside resolution;
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 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 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 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 203 #
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; x policies; is also convinced that the reform must extend, without weakening the current EU economic governance process, the European Semester by complementing the current approach, based on fiscal and budgetary discipline, with climate and environmental discipline; calls, therefore, on the Commission to develop a new climate indicator, mirroring the economic indicators, to assess the discrepancy between the structure of Member States’ budgets and Paris-aligned scenario for each of their national budgets; stresses the need for this indicator to provide Member States with an indication on their temperature trajectory within the framework of the Paris Agreement, thus enabling the extended European Semester to provide recommendations on the decrease of their climate debt;
Amendment 208 #
2020/2078(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
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 273 #
2020/2078(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Recalls the urgent need to complete and reinforce the EMU architecture 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,ompleting the Banking Union and the Capital Markets Union and advancing towards a credible central fiscal capacity and a European unemployment benefit reinsurance scheme;
Amendment 54 #
2020/2075(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission communication of 3 March 2021 entitled ‘One year since the outbreak of COVID- 19: fiscal policy response’ and takes note of the proposed conditions for deactivating the general escape clause (GEC); highlights that deactivation of the GEC should be conditional upon the health, social and economic situation across Member States and medium-term fiscal sustainability in order to ensure that fiscal support is provided for as long as needed;
Amendment 80 #
2020/2075(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers that economic indicators and adjustment paths need to be interpremplemented 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 spending;
Amendment 164 #
Amendment 212 #
2020/2075(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Stresses the importance of pursuincluding a broad and transparent DSAer range of variables in the fiscal rules framework 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;
Amendment 244 #
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 account the specificities of Member States and promote upward economic and social convergence within the limits of the Treaties;
Amendment 259 #
2020/2075(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Suggests focusing the fiscal targets on the achievement of a single credible debt anchor aimed at reducing high debt ratios to 60% of GDP in a realistic and reasonable period of time and differentiated according to the existing debt level of the Member States;
Amendment 267 #
2020/2075(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Proposes an expenditure rule with a ceiling20 on nominal public expenditure when a country’s public debt exceeds a certain threshold60% of GDP; _________________ 20 A ceiling fixed for 3-5 years that would depend on the expected potential output growth, expected inflation, interest-growth differentials and the distance from the debt anchor, compatible with a public deficit below 3% of GDP.
Amendment 269 #
2020/2075(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Notes that the country- specific path outcomedebt reduction speed should result from a discussion between each Member State and the Commission, after a consultation with the EFB in the context of the European Semester; considers that the expenditure rule should also include a correction mechanism to remove cyclical itemcase- by-case basis, taking into account a comprehensive independent economic judgement in the context of the European Semester exclusively based on economic considerations;
Amendment 275 #
2020/2075(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Calls in that regard to upgrade the functions of the European Fiscal Board to provide an independent assessment of the determination of the maximum expenditure growth rate based on the independent judgement of governments’ budgetary plans and macroeconomic projections to the Commission;
Amendment 276 #
2020/2075(INI)
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19b. Asks the Commission to adopt the European Fiscal Board’s recommendation. The Commission shall object to this proposal and may come up with a different recommendation after publicly providing the rationale of disagreement with the European Fiscal Board’s assessment;
Amendment 282 #
2020/2075(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Recommends, along the lines of the European Fiscal Board proposal, to establish a compensation account to record deviations from the expenditure ceiling to safeguard expenditures from past excesses and shortfalls and to increase the transparency of the framework;
Amendment 387 #
2020/2075(INI)
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29a. Considers that the assessment of compliance with the debt rule should be independent and transparent and should avoid the current re-interpretation of fiscal rules and the excessive use of discretion;
Amendment 388 #
2020/2075(INI)
Motion for a resolution
Paragraph 29 b (new)
Paragraph 29 b (new)
29b. Takes note that the mandate of the European Fiscal Board should be updated to assess the implementation of the fiscal rule with the ultimate objectives of long- term public debt sustainability and countercyclical fiscal policy, by entrusting it with proposing the discretionary decisions concerning the implementation of the European expenditure rule to the Commission;
Amendment 389 #
2020/2075(INI)
Motion for a resolution
Paragraph 29 c (new)
Paragraph 29 c (new)
29c. Asks the Commission to adopt the European Fiscal Board’s recommendation. The Commission shall object to this proposal and may come up with a different recommendation after publicly providing the rationale of disagreement with the European Fiscal Board’s assessment;
Amendment 390 #
2020/2075(INI)
Motion for a resolution
Paragraph 29 d (new)
Paragraph 29 d (new)
29d. Regrets the lack of effectivity of the current system of financial sanctions for no-compliance with the rules and calls for a credible system of disincentives if insufficient corrective measures are taken after significant deviations;
Amendment 1 #
2020/2043(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Recalls that a carbon border taxadjustment mechanism has long been a candidate for a genuine and green source of own revenue for the EU budget and was among the ‘basket’ of preferred options for new own resources taken up in Parliament’s legislative resolution of 16 September1 ; _________________ 1Texts adopted, P9_TA- PROV(2020)0220.
Amendment 14 #
2020/2043(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Acknowledges that the primary purpose of the carbon border adjustment mechanism (CBAM) must be to protect the climate, to enable internationally effective carbon pricing schemes, to mitigate the carbon leakage dilemma in the context of the Emissions Trading Scheme (ETS) and to prevent distortions to competition and trade; stresses that the CBAM will help the EU to meet its climate targets while keeping a level playing field in international trade, with the aim of galvanising the rest of the world into taking climate action in line with Paris Agreement;
Amendment 15 #
2020/2043(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Acknowledges that the introduction of the CBAM might lead to the progressive phase out of free allocation of allowances, since the mechanism would ensure that EU producers and foreign importers face the same carbon costs in the EU market; calls for the CBAM design to include a partial reimbursement of EU Allowances for exports in order to ensure a level playing field for EU goods in third markets, thus maintaining a strong incentive to decarbonise while avoiding carbon leakage;
Amendment 26 #
2020/2043(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Recalls that the Parliament, the Council and the Commission agreed on the creation of new own resources in the course of the next Multiannual Financial Framework (MFF), including the CBAM, in the Interinstitutional Agreement on budgetary discipline, on cooperation in budgetary matters and on sound financial management, as well as on new own resources, including a roadmap for the introduction of new own resources (IIA); Stresses that dedicating the financial flows resulting from the CBAM to the EU budget would help to mitigate issues of fiscal equivalence and ensure a fairly distributed impact across Member States, as well as ensuring a lean structure with minimal administrative overheads; concludes, therefore, that defining the proceeds as an EU own resource, and decreasing GNI-based contributions accordingly to first cover a share of the repayment costs of the Next Generation EU instrument, and reducing the share of GNI-based contributions in the financing of the Union's budget, would help to mutualise the budgetary impact of the CBAM in a fair way across all Member States;
Amendment 35 #
2020/2043(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Welcomes the fact that the CBAM, if used awhen it becomes a basis for an own resource, would according to the IIA, will bring the revenue side of the EU budget into closer alignment with strategic policy objectives such as the European Green Deal, the fight against climate change and the circular economy, and that it would thereby help to generate co- benefits, incentives and EU added value;
Amendment 41 #
2020/2043(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Highlights that the CBAM’s design can be fully compatible with World Trade Organization law if it is designed on the basis of the EU ETS and applies to imports embedding materials covered by the EU ETS, and thus avoid retaliation against the EU economy while raising the expected revenues;
Amendment 45 #
2020/2043(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Is determined to ensure that the CBAM-based own resource constitute universal income and that it be deemed to cover a share of the repayment costs of the Next Generation EU instrument; underlines that any earmarking of CBAM revenues would contravene the IIA, the Own Resources Decision and the Financial Regulation;
Amendment 49 #
2020/2043(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
Amendment 51 #
2020/2043(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Urges that the proposed CBAM apply to all importsany import embedding materials covered by the EU ETS be subject to the CBAM in order to avoid distortions between products in the internal market and along the value chain;
Amendment 65 #
2020/2043(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Recommends that a design be introduced that measures the carbon content of each imports through theirits basic materials composition (as outlined in the proposal from the European Economic and Social Committee); recalls that this feasible approximation would weigh each basic material covered by the EU ETS and multiply it by its carbon intensity value – which ideally should be defined at country level; stresses, however, that importers who are more carbon efficient should be allowed to demonstrate the specific carbon intensity of their products;
Amendment 73 #
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 parsymmetricallely with the introduction of partial export rebates; such export rebates should not refund 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 1 #
2020/2037(INI)
Motion for a resolution
Citation 1 a (new)
Citation 1 a (new)
— having regard to the Commission Communication of 6 December 2017 entitled ‘New budgetary instruments for a stable euro area within the Union framework’
Amendment 3 #
2020/2037(INI)
Motion for a resolution
Citation 4 a (new)
Citation 4 a (new)
— having regard to the Commission Implementing Decision (EU) 2020/1308 of 21 September 2020, notably its recitals (5) and (6)
Amendment 5 #
2020/2037(INI)
Motion for a resolution
Citation 5 a (new)
Citation 5 a (new)
— having regard to its resolution of 12 April 2016 on the EU role in the framework of international financial, monetary and regulatory institutions and bodies
Amendment 6 #
2020/2037(INI)
Motion for a resolution
Citation 7 a (new)
Citation 7 a (new)
— having regard to its resolution of 13 November 2020 on the Sustainable Europe Investment Plan - How to finance the Green Deal
Amendment 19 #
2020/2037(INI)
Motion for a resolution
Recital B
Recital B
B. whereas despite the euro area’s economic size and influence in global trade, the use of the euro lags behind the US dollar by a wide margin in terms of its use as international reserve currency, invoicing currency and share of international foreign exchange transactions and debt securities, yet it is still ahead of all other competing currencies;
Amendment 25 #
2020/2037(INI)
Motion for a resolution
Recital C
Recital C
C. whereas current geopolitical tensions and international trade challenges – including the disruption of value chains, technological developments, digital transformation, the rise of China’s economic power and the challenges posed by the US torecent divergence between the US interests and multilateralism – lead to a multipolar world economy, thus paving the way for a potential shift towards a multicurrency reserve system where the euro will offer additional currency choices for market participants globally and allow for reduced global financial risks;
Amendment 46 #
2020/2037(INI)
Motion for a resolution
Recital F
Recital F
F. whereas Brexit brings structural changes to the EU financial system and its stability, intensifying the need to continue developing the EU’s capital markets, to avoid market fragmentation and to maintain a global and cooperative mindset, while consolidating its emerging polycentric financial and capital market system; whereas scaling down of the reliance on United Kingdom market infrastructures is paramount to strengthening the international role of the euro;
Amendment 54 #
2020/2037(INI)
Motion for a resolution
Recital H
Recital H
H. whereas post-pandemic economic recovery requires the fast implementation of the EU recovery plan, which will address structural weaknesses and put in place policies to enhance growth and competitiveness; whereas such policies are paramount both to enhancing the attractiveness of the euro globally and to strengthening Europe’s economic and financial autonomy; whereas a meaningful fiscal stimulus, in conjunction with a monetary one – including a joint European effort –, will reinforce EU counter- cyclical lending capacities and consequently have a positive effect on the international position of the euro; whereas the premature withdrawal of fiscal stimulus and the lack of coordination of fiscal action can undermine the attractiveness of the euro as an international currency;
Amendment 63 #
2020/2037(INI)
Motion for a resolution
Recital I
Recital I
I. whereas new powers to issue recovery debt, including green and social bonds – which make the EU the world’s biggest issuer of such debt –, require adequate implementation and enforcement capacities so as to avoid undermining the long-term credibility of the euro as a safe asset currency;
Amendment 68 #
2020/2037(INI)
Motion for a resolution
Recital J
Recital J
J. whereas while the wider use of an international currency bears privileges and gainadvantages, it also implies global responsibilities, dependencies and costs;
Amendment 76 #
2020/2037(INI)
Motion for a resolution
Recital K
Recital K
K. whereas market-driven shifts towards strengthening the international role of the euro require a strong commitment to open and free international markets, reinforced by targeted facilitating policies that are aligned with this objective and that are part of a comprehensive road map;
Amendment 86 #
2020/2037(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Considers that strengthening the international role of the euro can generate benefits both in the short and long term; notes, however, that it also brings risks and responsibilities that must be taken into consideration in the process of complementing market forces with policy measures; underlines, in particular, that the international currency status of the euro can enhance monetary policy autonomy and reinforce its global transmission, make the euro more of an attractive investmentnder the EU monetary policy less dependent on the US-driven global financial cycle, make the euro more of an attractive currency (in terms of its use as international reserve, invoicing and share of international foreign exchange transactions and debt denomination), improve the liquidity of the monetary system, enhancing market efficiency, reducing trading and funding costs and enhancing the euro area’s resilience to financial shocks, and provide "exorbitant privilege" and lower exchange rate pass- through.
Amendment 104 #
2020/2037(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that the EU’s capacity to make the euro a widely used currency in international trade able to compete with the US dollar’s dominance, also depends on the development of strong domestic markets. Reiterates, in this context, the need to deepen and complete the Economic and Monetary Union (EMU), the Banking Union and the Capital Markets Union (CMU), with a view to enhancing the international competitiveness of European markets and the attractiveness of the euro; and ultimately the Union’s strategic autonomy; welcomes in this regard the agreement reached in the Eurogroup on the reform of the European Stability Mechanism which will play a greater role in managing the macroeconomic crisis in the euro area and will be the lender of last resort for the Single Resolution Fund.
Amendment 105 #
2020/2037(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Reiterates, in this context, the need to deepen and complete the Economic and Monetary Union (EMU), the Banking Union and the Capital Markets Union (CMU), with a view to enhancing the international competitiveness of European markets and the attractiveness of the euroincluding by advancing the Banking Union through the creation of a “safe portfolio” approach and the empowerment of the Single Resolution Board through the reform of the resolution framework and setting up a European deposit insurance, with a view to develop a single market for European banks and break the “diabolic” feedback loop between Member States and its own financial system, hence increasing the attractiveness of euro-denominated assets;
Amendment 117 #
2020/2037(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Underlines that making more progress in developing the Capital Markets Union (CMU) would increase both resilience to and independence from global developments and the attractiveness of euro-denominated assets; deplores the segmentation of the euro area’s capital markets along national lines, which has resulted in small-sized markets; considers Brexit, in that regard, as both challenge and opportunity;
Amendment 121 #
2020/2037(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Emphasises that a stronger euro at international level will strengthen the resilience of the international financial system, offering greater choice to market participants around the world and making the international economy less vulnerable to shocks related to the heavy dependence of many sectors on a single currency.
Amendment 132 #
2020/2037(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Emphasises the need for sustainacredible 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 current stability and growth pact framework despite the challenging circumstancesin light of the challenging circumstances and the legacy issues that tackling the economic crisis derived from the Covid-19 pandemic will leave for decades to come; believes in the need for a credible fiscal framework that reinforces the euro’s attractiveness by promoting structural growth, ensuring stability to improve the sustainability of Member States finances, and minimizing redenomination risk; 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 139 #
2020/2037(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Recall that making the Union the global leader and standard-setter in Green finance will strengthen the role of the euro on the international scene; Further stresses that the Commission’s decision to issue green bonds to finance the green part of the recovery plan will make it become the wold largest issuer of green bonds and thus will participate to strengthening the international role of the euro
Amendment 146 #
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 atunderlines the limited availability of euro- denominated safe assets; underlinWelcomes, therefore, the need to create European safe assets; considers that the proposed issuance of a decision to issue European common debt to finance the economic recovery, as it 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 basis; welcomes, in this context, the issuance of EUR 750 billion from capital markets bonds under the Next Generation EU plan to finance the recovery and green transition, in addition to the issuance of EUR 100billion in ‘social’ bonds under the European instrument for temporary support to mitigate unemployment risks in an emergency (SURE), which is intended to preserve employment; calls on the ESRB to update its 2018 “Report of the High-Level Task Force on Safe Assets” and for the Commission to re-evaluate its2018 impact assessment on its “Proposal for a Regulation on sovereign bond-backed securities” (SBBS);
Amendment 153 #
2020/2037(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Warns, despite the high level of interest that investors have demonstrated in European bonds, about potential negative liquidity effects that may arise as a result of the fragmentation of the European safe assets between green bonds, social bonds and “standard” bonds; acknowledges, nevertheless, the leading role of the euro as the main currency of denomination for the issuance of green bonds; considers that the consolidation of the EU role as a global hub for green finance could strengthen the euro as the currency of choice for sustainable financial products, bolstering its international role;
Amendment 160 #
2020/2037(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Takes note of the role geopolitics plays in global currency competition; underlines that, given the centrality of US dollar in international trade and as a reserve currency, the extraterritoriality of US laws seriously affects European companies and ultimately challenges the EU’s and its Member States’ sovereignty; insists that promoting a greater role for the euro in the international financial system constitutes a way to circumvent the power of US sanctions; welcomes in this regard measures already taken by the EU such as the activation of the EU’s “blocking statute” (Council Regulation (EC) No 2271/96 of 22 November 1996), the establishment of the INSTEX mechanism, as well as the initiative taken by 16 European banks to launch the European Payment Initiative which aims at creating a unified payment solution for consumers and merchants across Europe.
Amendment 161 #
2020/2037(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Takes note of the role geopolitics plays in global currency competition; acknowledges the persistence of the dollar’s hegemony as a medium of exchange, unit of account and store of value by, inter alia, the power to change the perceived costs and benefits of the available options through force, payment or persuasion, the ability to shape the structure of interaction through rules that modify the options of governments and private actors like the imposition of unilateral sanctions or by threatening trade retaliation; calls for the strengthening of the geopolitical role of the EU, in order to support, while taking full advantage, of a strengthened role of the euro
Amendment 170 #
2020/2037(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Is concerned that EMU’s lack of ability to speak as a unified voice withe EU’s fragmented institutional setting and resulting lack of ability to speak as a unified voice may undermine the credibility of EU’s monetary and fiscal policies, holding back the international institutions can hold back the international role of eurorole of euro; underlines the need to continue the fight against money laundering by setting up a European supervisor and financial intelligence unit, leaving behind the days of economic nationalism that motivates the current decentralised supervisory system; highlights the potential of integrating the European Stability Mechanism into the EU legal order, fostering the creation of a European Treasury to manage the nearly one trillion euros in European safe assets; regrets that discussions in the Council have remained at an impasse more than 3 years after the Commission’s 2017 proposal on the establishment of the European Monetary Fund;
Amendment 172 #
2020/2037(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Is concerned that EMU’s lack of ability to speak as a unified voice with international institutions can hold back the international role of euro; calls on the Commission and the Council to provide detailed answers on the actions undertaken to follow up on the Parliament’s proposals in its resolution of 12 April 2016 on the EU role in the framework of international financial, monetary and regulatory institutions and bodies;
Amendment 181 #
2020/2037(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Underlines that a strengthened international role of the euro would enhance the EU’s capability to enforce openwill contribute to the Union’s strategic autonomy ; recommends, therefore, actions intended to both design and implement policy measures that foster the international role of the euro and support market-driven shifts in this direction;
Amendment 202 #
2020/2037(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Calls on further actions to support the development of euro-benchmarks for commodity markets, and reinforce the role of the euro as a reference currency;
Amendment 205 #
2020/2037(INI)
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12b. Calls on the industry to develop a clear process to reduce their exposures and reliance on UK CCPs that are systemically important for the Union, in particular for OTC derivative exposures that are denominated in euro and other Union currencies;
Amendment 211 #
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; 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; Calls on the ECB to explore ways of strengthening the international role of the euro, as this would increase the EU’s ability to frame its policy stance independently vis-à-vis other global powers and is a key element in safeguarding European economic sovereignty; notes that making the euro more attractive as a reserve currency will further enhance its international use.
Amendment 228 #
2020/2037(INI)
Motion for a resolution
Paragraph 16 – subparagraph 1 (new)
Paragraph 16 – subparagraph 1 (new)
Stresses the need to create a euro-area budgetary capacity along with the role of a European Minister of Economy and Finance, in line with the Commission Communication of 6 December 2017.
Amendment 64 #
2020/2036(INI)
Motion for a resolution
Recital C e (new)
Recital C e (new)
Amendment 201 #
2020/2036(INI)
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 #
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 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 81 #
2020/2034(INL)
Motion for a resolution
Recital P a (new)
Recital P a (new)
Pa. whereas the Wirecard scandal reveals the shortcomings of a supervisory model primarily based on national supervisory authorities since national authorities are more likely to turn a blind eye to the failings of their own supervisees; whereas the ongoing ESMA investigation on the Wirecard scandal should identify areas where direct supervision at Union level would have prevented this failure; whereas adaptations to the Union supervisory architecture for financial reporting, financial innovation, payments, and related areas including audit and anti- money laundering/countering terrorism financing, are becoming an urgent necessity in light of the Wirecard scandal;
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 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 180 #
2020/2034(INL)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Stresses the need for European and national supervisory authorities to overcome their differences; calls for changes to the ESMA Regulation ensuring that ESMA can swiftly and decisively step in when national supervisory authorities fail to act in 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 as an ambitious reform of the governance of ESMA, including the appointment of independent Directors in the Management Board, with enhanced powers of 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 ESMA, EIOPA and EBA, with a stronger role in reducing the existing obstacles to cross-border financial operations;
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 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 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 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 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 68 #
2020/2023(INI)
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6 b. Welcomes the Parties’ commitment in the ‘Political Declaration setting out the Framework for the Future Relationship between the EU and the UK’ to endeavour to conclude the equivalence decision assessments by the end of June 2020; urges both Parties to continue their efforts to meet this objective;
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 290 #
2020/0374(COD)
5. Member States shall not impose on gatekeepers further obligations by way of laws, regulations or administrative action for the purpose of ensuring contestable and fair markets. This is without prejudice to rules pursuing other legitimate public interests, in compliance with Union law. In particular, nothing in this Regulation precludes Member States from imposing obligations, which are compatible with Union law, on undertakings, including providers of core platform services where these obligations are unrelated to the relevant undertakings having a status of gatekeeper within the meaning of this Regulation in order to protect consumers or to fight against acts of unfair competition.
Amendment 294 #
2020/0374(COD)
Proposal for a regulation
Article 1 – paragraph 5 a (new)
Article 1 – paragraph 5 a (new)
5 a. Without prejudice to the previous paragraph, if a Member State deems it necessary to maintain or introduce national provisions on grounds of major needs referred to in Article 36 TFEU, to ensure a high level of consumer protection or to fight against acts of unfair competition and unfair trading practices in business-to-business relationships, it shall notify the Commission of these provisions as well as the grounds for maintaining them.
Amendment 295 #
2020/0374(COD)
Proposal for a regulation
Article 1 – paragraph 5 b (new)
Article 1 – paragraph 5 b (new)
Amendment 296 #
2020/0374(COD)
Proposal for a regulation
Article 1 – paragraph 5 c (new)
Article 1 – paragraph 5 c (new)
5 c. When a Member State is authorised to maintain or introduce said national provisions, the Commission shall immediately examine whether to propose an adaptation to this Regulation.
Amendment 95 #
2020/0106(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) The Steering Board should set specific geographical concentration limits for the solvency support window, in line with the indicators and methodology established by the Commission, in order to ensure, respectively, that the majority of the EU guarantee under the Solvency Support Instrument supports eligible companies in Member States and sectors which have been economically most adversely affected by the COVID-19 pandemic and that the majority of that guarantee supports eligible companies in Member States where the possibility of State solvency support is most limited. The indicators and methodology established by the Commission should be consistent with the allocation key applicable to the Recovery and Resilience Facility1a.The limits shall be reviewed on a regular basis and updated to reflect any evolving COVID-19 economic impacts and/or subsequent waves of the virus. _________________ 1aCouncil Regulation []establishing a European Union Recovery Instrument to support the recovery in the aftermath of the COVID-19 pandemic
Amendment 105 #
2020/0106(COD)
Proposal for a regulation
Recital 4 b (new)
Recital 4 b (new)
(4b) The Investment Committee under the Invest EU Regulation should become responsible for granting the EU guarantee also under this Regulation once it is established. (Moved from Recital 14.)
Amendment 106 #
2020/0106(COD)
Proposal for a regulation
Recital 4 c (new)
Recital 4 c (new)
(4c) When selecting eligible companies, the Investment Committee should give due consideration to whether the company or parent company of the EU subsidiary has received foreign subsidies since the outbreak of the COVID-19 pandemic.
Amendment 107 #
2020/0106(COD)
(4d) The Steering Board should set any necessary requirements relating to the control of the beneficiary company in light of any applicable public order or security concerns.
Amendment 126 #
2020/0106(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Deal and the Strategy on shaping Europe’s digital future. SDue to the interconnectedness of the Union economy, support to cross-border activities should also be targeted to prevent potential spill-over effects and to maximise the benefits of cross-border supply chains.
Amendment 130 #
2020/0106(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) The financing and investment operations should be fully aligned with current policy priorities and targets of the Union such as the European Green Deal and the Strategy on shaping Europe’s digital future. Support to cross-border activities should also be targeted.
Amendment 144 #
2020/0106(COD)
Proposal for a regulation
Recital 14
Recital 14
Amendment 146 #
2020/0106(COD)
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14a) Support granted under the solvency support window should include provisions to ensure that efforts to curb tax avoidance, money laundering, fraud and abuse are pursued and that proper functioning of the internal market is maintained. As such, entities benefitting from support, or financial intermediaries or approved eligible vehicles carrying out projects under the solvency support window shall not be established, incorporated, or be controlled by shareholders in jurisdictions listed under the relevant Union policy on non- cooperative jurisdictions, or jurisdictions identified as high-risk third countries that have strategic deficiencies in their national anti-money laundering and counter terrorist financing regimes, pursuant to Directive (EU) 2015/849. The EIB should regulatory report to the European Parliament and Council on the continuous measures being taken to detect and prevent fraud.
Amendment 152 #
2020/0106(COD)
(16a) In order to supplement the non- essential elements of this Regulation in relation to determining the Member States and sectors economically most hit and the Member States where the possibility of State solvency support is more limited, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of establishing indicators and a methodology for the application thereof. The indicators and methodology established by the Commission should be consistent with the allocation key applicable to the Recovery and Resilience Facility. It is of particular importance that the Commission carryout appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making. In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts.
Amendment 157 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) 2015/1017
Article 3 – paragraph 1 – point c
Article 3 – paragraph 1 – point c
(c) the solvency of companies established in a Member State and operating in the Union that have been adversely affected by the COVID-19 pandemic.
Amendment 161 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) 2015/1017
Article 5 – paragraph 1 – subparagraph 3 – indent 3
Article 5 – paragraph 1 – subparagraph 3 – indent 3
– support to funds, special purpose vehicles, investment platforms or other arrangements under the solvency support window. , especially those facilitating investment in Member States and sectors most adversely affected by the COVID-19 pandemic.
Amendment 163 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4 a (new)
Article 1 – paragraph 1 – point 4 a (new)
Regulation (EU) 2015/1017
Article 5 – paragraph 2 – subparagraph 1
Article 5 – paragraph 2 – subparagraph 1
(4a) In Article 5, the first subparagraph of paragraph 2 is amended as follows: "In line with the investment guidelines laid down in Annex II, the Steering Board shall adjust the project mix as regards sectors and countries, on the basis of an ongoing monitoring of the developments of market conditions in the Member States and of the investment environment to help overcome market failures and sub-optimal investment situations including problems resulting from financial fragmentation and, for the purposes of the solvency support window, to take into account the impact of a prolongation or resurgence of the COVID-19 pandemic. When carrying out that adjustment, the Steering Board shall avoid an approach which would be riskier than necessary. " Or. en (32015R1017)
Amendment 174 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7 a (new)
Article 1 – paragraph 1 – point 7 a (new)
Regulation (EU) 2015/1017
Article 7 – paragraph 7
Article 7 – paragraph 7
(7a) Paragraph 7 of Article 7 is amended as follows: "The EFSI Agreement shall provide that the EFSI is to have an investment committee, which is to be responsible for examining potential projects in line with the EFSI investment policies and for approving the support of the EU guarantee for EIB operations for projects that comply with the requirements of Articles 6 and 9, irrespective of the geographic location, in accordance with Article 8, of such projects, with the exception of projects under the solvency support window for which geographical location is a relevant factor for consideration. Furthermore, the Investment Committee shall be the competent body for approving operations with investment platforms and national promotional banks or institutions. " Or. en (32015R1017)
Amendment 177 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7 a (new)
Article 1 – paragraph 1 – point 7 a (new)
Regulation (EU) 2015/1017
Article 7 – paragraph 8 – subparagraph 3 – point l a (new)
Article 7 – paragraph 8 – subparagraph 3 – point l a (new)
(7a) In the third subparagraph of Article 7(8), the following point is added: "(la) tourism and hospitality;"
Amendment 179 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) 2015/1017
Article 8 – paragraph 3
Article 8 – paragraph 3
Notwithstanding the first paragraph, only companies established in a Member State and operating in the Union can be supported by the financing and investment operations under the solvency support window. The Steering Committee shall determine any necessary requirements relating to the ultimate control of the company being supported in light of any applicable public order or security concerns.
Amendment 189 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10 a (new)
Article 1 – paragraph 1 – point 10 a (new)
Regulation (EU) 2015/1017
Article 9 – paragraph 2 – subparagraph 3 – point g – subpoint iv
Article 9 – paragraph 2 – subparagraph 3 – point g – subpoint iv
(vi) tourism; 10a) In the third subparagraph of Article 9(2), point (g)(vi) is amended as follows: "(vi) tourism and hospitality;" Or. en (32015R1017)
Amendment 213 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 25 – point -a (new)
Article 1 – paragraph 1 – point 25 – point -a (new)
Regulation (EU) 2015/1017
Article 14 – paragraph 1 – subparagraph 1
Article 14 – paragraph 1 – subparagraph 1
(-a) in paragraph 1, the first subparagraph is amended as follows: "The European Investment Advisory Hub (EIAH) shall have as its objective to build upon existing EIB and Commission advisory services in order to provide advisory support for the identification, preparation and development of investment projects and to act as a single technical advisory hub for project financing within the Union. Such support shall include the provision of targeted support on the use of technical assistance for project structuring, on the use of innovative financial instruments, on the use of public-private partnerships and on the provision of information, as appropriate, on relevant issues relating to Union law, and for the purposes of the solvency support window, on the setting up, structuring and management of special purpose vehicles, funds, investment platforms and other vehicles, taking into account the specificities and needs of Member States with less developed financial markets, as well as the situation in different sectors. " Or. en (32017R2396)
Amendment 215 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 25 – point b a (new)
Article 1 – paragraph 1 – point 25 – point b a (new)
Regulation (EU) 2015/1017
Article 14 – paragraph 6 a
Article 14 – paragraph 6 a
(ba) paragraph 6a is amended as follows: "In order to develop a wide geographic outreach of the advisory services across the Union and to successfully leverage local knowledge about the EFSI, a local presence of the EIAH shall be ensured where necessary, taking into account existing support schemes, with a view to providing tangible, proactive, tailor-made assistance on the ground. It shall be established in particular in Member States or regions that face difficulties in developing projects under the EFSI and, for the purposes of the solvency support window, in Member States most adversely economically affected by the COVID-19 pandemic. The EIAH shall assist in the transfer of knowledge to the regional and local level with a view to building up regional and local capacity and expertise. " Or. en (32017R2396)
Amendment 221 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 27
Article 1 – paragraph 1 – point 27
Regulation (EU) 2015/1017
Article 16 – paragraph 2 – subparagraph 2 (new)
Article 16 – paragraph 2 – subparagraph 2 (new)
Operations under the solvency support window shall be reported on separately, as appropriate and as set out in the guarantee agreement. and shall additionally include:
Amendment 222 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 27 b (new)
Article 1 – paragraph 1 – point 27 b (new)
Regulation (EU) 2015/1017
Article 16 – paragraph 2 – subparagraph 2 – point a (new)
Article 16 – paragraph 2 – subparagraph 2 – point a (new)
(27b) In the second subparagraph of Article 16(2), the following point is added: ‘(a) a description of the measures taken to detect and prevent fraudulent practices and money-laundering in the investment chain of the EIB investment operations in accordance with Article 21;’
Amendment 223 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 27 c (new)
Article 1 – paragraph 1 – point 27 c (new)
Regulation (EU) 2015/1017
Article 16 – paragraph 2 – subparagraph 2 – point b (new)
Article 16 – paragraph 2 – subparagraph 2 – point b (new)
(27c) In the second subparagraph of Article 16(2), the following point is added: ‘(b) an assessment of the compliance with and contribution to the European Green Deal and the commitments under the Paris Agreement;’
Amendment 224 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 27 d (new)
Article 1 – paragraph 1 – point 27 d (new)
Regulation (EU) 2015/1017
Article 16 – paragraph 2 – subparagraph 2 – point c (new)
Article 16 – paragraph 2 – subparagraph 2 – point c (new)
(27d) In the second subparagraph of Article 16(2), the following point is added: ‘(c) an assessment of the contribution to the digital transformation of the Union economy.’
Amendment 238 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – Section 6 – point d – indent 3
Annex II – Section 6 – point d – indent 3
– The funds, special purpose vehicles or investment platforms shall provide financing on commercial terms or on terms consistent with the State aid Temporary Framework12 , while paying due regard to the European nature of the Solvency Support Instrument and to the funds’ and other vehicles’ independent management. Member States involved in the funds, special purpose vehicles or investment platforms shall do so in accordance with the requirements in Annex III of this Regulation. _________________ 12Communication from the Commission: Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak (C(2020)1863), as amended by C(2020) 3156 final.
Amendment 244 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – Section 6 – point d – indent 5
Annex II – Section 6 – point d – indent 5
– Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible, with minimum high- level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should include adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including lighproportionater provisions for SMEs. Companies with a certain level of exposure to a pre-defined list of environmentally harmful activities, in particular the sectors covered by the EU Emissions Trading System (EU ETS), shall be encouraged to put in place, in the future, green transition plans. Companies shall also be encouraged to advance in their digital transformation. Technical assistance shall be available to assist companies for the purpose of these transitions.
Amendment 246 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – Section 6 – point d – intend 5
Annex II – Section 6 – point d – intend 5
– Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible, with minimum high- level social and environmental safeguards in line with guidance provided by the Steering Board. Such guidance should include adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including lighter provisions for SMEs. Companies with a certain level of exposure to a pre-defined list of environmentally harmful activities, in particular the sectors covered by the EU Emissions Trading System (EU ETS), shall be encouraged to put in place, in the future,put in place green transition plans. Companies shall also be strongly encouraged to advance in their digital transformation. Technical assistance shall be available to assist companies for the purpose of these transitions.
Amendment 253 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 4
Article 1 – paragraph 1 – point 31 – point 4
Regulation (EU) 2015/1017
Annex II – Section 8 – point b – subparagraph 2
Annex II – Section 8 – point b – subparagraph 2
The Steering Board shall set specific diversification and concentration limits under the Solvency Support Window to ensure that the respective requirements of Article 9(2a)(b) and (c) are fulfilled, whilst avoiding excessive concentration in a limited number of Member States. The Steering Board shall regularly, and at least on a quarterly basis, take stock of the economic impact of the Covid-19 pandemic on Member States and sectors. On this basis, the Steering Board may decide to modify these limits, after consulting the Investment Committee.
Amendment 255 #
2020/0106(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 31 a (new)
Article 1 – paragraph 1 – point 31 a (new)
Regulation (EU) 2015/1017
Annex III (new)
Annex III (new)
Amendment 193 #
2020/0104(COD)
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) In order to safeguard the sustainable character of the investments, it is of crucial importance to make sure funded projects are of European added value and generate appreciable impact in terms of innovation, growth and creation of jobs. Therefore, consumptive expenditures and regular ongoing budgetary expenditures shall not be eligible for funding.
Amendment 205 #
2020/0104(COD)
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) Appropriate guidelines should be set out, as an annex to this Regulation, to serve as non-binding guidance to help Member States identify areas of spending eligible under the European priority areas identified in the six pillars structure of the Regulation.
Amendment 206 #
2020/0104(COD)
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) The European Court of Auditors' Special report 16/2020 on the European Semester calls on the Commission to strengthen the link between the Country Specific Recommendations and the distribution of EU funds.
Amendment 207 #
2020/0104(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) Against this background, it is necessary to strengthen the current framework for the provision of support to Member States and provide direct financial support to Member States through an innovative tool. To that end, a Recovery and Resilience Facility (the ‘Facility’) should be established under this Regulation to provide effective financial and significant support to step up the implementation of reforms and related public investments in the Member States. The Facility should be comprehensive and should also benefit from the experience gained by the Commission and the Member States from the use of the other instruments and programmes. In order to reap the greatest benefits from the Recovery and Resilience Facility and fulfil its goals to the maximum degree, the incentives should be designed in a way to encourage full implementation of the recovery and resilience plan. Therefore, pay-out of the funds should be proportionate to the level of completion of the recovery and resilience plan and the pay-out should only take place after the completion of the relevant milestones has been verified by the Commission.
Amendment 224 #
2020/0104(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) The types of financing and the methods of implementation under this Regulation should be chosen on the basis of their ability to achieve the specific objectives of the actions, particularly addressing the challenges identified in the context of the European Semester, and to deliver results, taking into account, in particular, the costs of controls, the administrative burden, and the expected risk of non- compliance. This should include consideration of the use of lump sums, flat rates and unit costs, as well as financing not linked to costs as referred to in Article 125(1)(a) of the Financial Regulation.
Amendment 235 #
2020/0104(COD)
Proposal for a regulation
Recital 10 b (new) s
Recital 10 b (new) s
(10b) In order to meaningfully contribute to the economic recovery, the Facility shall not finance recurring national expenditure and adhere to the general principle of additionality.
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 320 #
2020/0104(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) The Facility’s general objective should be the promotion of economic, social and territorial cohesion. For that purpose, it should contribute to improving the resilience and adjustment capacity of the Member States, mitigating the social and economic impact of the crisis, and supporting the green and digital transitions aimed at achieving a climate neutral Europe by 2050, thereby restoring the growth potential and long-term competitiveness of the economies of the Union in the aftermath of the crisis, fostering employment creation and to promoting sustainable growth.
Amendment 332 #
2020/0104(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) To ensure its contribution to the objectives of the Facility, the recovery and resilience plan should comprise measures for the implementation of reforms and public investment projects through a coherent recovery and resilience plan. The recovery and resilience plan should be consistent with the relevant country- specific challenges and priorities identified in the context of the European Semester, with the national reform programmes, the national energy and climate plans, the just transition plans, and the partnership agreements and operational programmes adopted under the Union funds. To boost actions that fall within the priorities of the European Green Deal and the Digital AgendaIn addition, the recovery and resilience plans should be consistent with the principle of European added-value and the principle of additionality. To boost actions that fall within the priorities of the European Green Deal, the Digital Agenda, the Industrial and SMEs strategies, the European Skills Agenda, the Child Guarantee and Youth Guarantee, the plan should also set out measures that are relevant founder the green and digital transitions. The measures should enable a swift deliver of targets, objectives and contributions set out in national energy and climate plans and updates thereof. All supported activities should be pursued in full respect of the climate and environmental priorities of the Union. six policy areas identified in this Regulation. All supported activities should be pursued in full respect of the climate and environmental priorities of the Union. At least 37% of the recovery and resilience plans should be dedicated to mainstreaming climate actions, with at least 20% of the plan contributing to the green transition pillar. At least 20% of each plan shall contribute to investing in digital technologies, infrastructure and processes investing in digital technologies, infrastructure and processes and at least 20% of the amount of each plan shall contribute to tackling the risk of long- lasting damage to young people’s labour market prospects and to their overall well- being through comprehensive employment, education and skills solutions and responses targeting young people. The recovery and resilience plans should be consistent with the EU Gender Equality Strategy 2020-2025. The recovery and resilience plans shall be consistent with the duty to respect and promote the values enshrined in Article 2 TEU. The recovery and resilience plans shall contribute to convergence and the reduction of regional disparities and in this sense Pan-European projects are particularly encouraged.
Amendment 350 #
2020/0104(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) To ensure its contribution to the objectives of the Facility, the recovery and resilience plan should comprise measures for the implementation of reforms and public investment projects through a coherent recovery and resilience plan. TIt is of utmost importance that the recovery and resilience plan should be consistent with the relevant country- specific challenges and priorities identified in the context of the European Semester,. The plan should also be consistent with the national reform programmes, the national energy and climate plans, the just transition plans, and the partnership agreements and operational programmes adopted under the Union funds. To boost actions that fall within the priorities of the European Green Deal and the Digital Agenda, the plan should also set out measures that are relevant for the green and digital transitions. The measures should enable a swift deliver of targets, objectives and contributions set out in national energy and climate plans and updates thereof. All supported activities should be pursued in full respect of the climate and environmental priorities of the Union.
Amendment 370 #
2020/0104(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) To inform the preparation and the implementation of the recovery and resilience plans by Member States, the Council should be able to discuss, within the European Semester, the state of recovery, resilience and adjustment capacity in the Union. To ensure appropriate evidence, this discussion should be based on the Commission’s strategic and analytical information available in the context of the European Semester and, if available, on the basis of the information on the implementation of the plans in the preceding years. All relevant information shall be made available by the Commission to the European Parliament and the Council simultaneously and on equal terms. A Recovery and Resilience dialogue modelled on the existing monetary dialogue should be held in the relevant committees of the EP in order to ensure transparency and accountability.
Amendment 401 #
2020/0104(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) In order to ensure the national ownership and a focus on relevant reforms and investments, Member States wishing to receive support should submit to the Commission a recovery and resilience plan that is duly reasoned and substantiated. Those plans should be drawn based on a multilevel dialogue with municipalities, local and regional authorities, social partners, civil societies organisations, including youth organisations, and other relevant stakeholders in order to ensure the largest consensus possible. Information on how these consultations have been performed should be made available. The recovery and resilience plan should set out the detailed set of measures for its implementation, including targets and milestones, and the expected impact of the recovery and resilience plan on growth potential, job creation and economic and social resilience; it should also include measures that are relevant for the green and the digital transitions; it should also include an explanation of the consistency of the proposed recovery and resilience plan with the relevant country-specific challenges and priorities identified in the context of the European Semester. Close cooperation between the Commission and the Member States should be sought and achieved throughout the process.
Amendment 405 #
2020/0104(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) In order to ensure the national ownership and a focus on relevant reforms and investments, Member States wishing to receive support should submit to the Commission a recovery and resilience plan that is duly reasoned and substantiated. The plan should be drawn up based on a multilevel dialogue with local authorities, social partners, civil society organisations and other relevant stakeholders in order to ensure the largest consensus possible. The recovery and resilience plan should set out the detailed set of measures for its implementation, including targets and milestones, and the expected impact of the recovery and resilience plan on growth potential, job creation and economic and social resilience; it should also include measures that are relevant for the green and the digital transithe six areas identified in this Regulations; it should also include an explanation of the consistency ofway the proposed recovery and resilience plan with the relevant country-specific challenges and priorities identifiedexpected to contribute to effectively address with challenges identified in the country-specific recommendations addressed to the Member State concerned or in other relevant documents officially adopted by the Commission in the context of the European Semester. Close cooperation between the Commission and the Member States should be sought and achieved throughout the process.
Amendment 419 #
2020/0104(COD)
Proposal for a regulation
Recital 21 a (new)
Recital 21 a (new)
(21a) After receiving the annual recovery and resilience plans, and by no later than 31 May (31 March in 2021) the Commission by means of a delegated act will assess the global impact of these plans on the fulfilment of Union's objectives and priorities in accordance with the Annual Sustainable Growth Strategy and calculate the global financial contributions and loans resulting from these plans and the impact and the allocation of funds from the Union budget.
Amendment 499 #
2020/0104(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) For the purpose of sound financial management, specific rules should be laid downa Delegated act should lay down specific rules for budget commitments, payments, suspension, cancellation and recovery of funds. To ensure predictability, it should be possible for Member States to submit requests for payments on a biannual basis. Payments should be made in instalments and be based on a positive assessment by the Commission of the implementation of the recovery and resilience plan by the Member State. Suspension and cancellation of the financial contribution should be possible when the recovery and resilience plan has not been implemented in a satisfactory manner by the Member State. Appropriate contradictory procedures should be established to ensure that the decision by the Commission in relation to suspension, cancellation and recovery of amounts paid respects the right of Member States to provide observations.
Amendment 524 #
2020/0104(COD)
Proposal for a regulation
Recital 36
Recital 36
(36) Pursuant to paragraphs 22 and 23 of the Interinstitutional Agreement for Better Law-Making of 13 April 2016, there is a need to evaluate the Recovery and Resilience Facility established by this Regulation on the basis of information collected through specific monitoring requirements, while avoiding overregulation and administrative burdens, in particular on Member States. These requirements, where appropriate, should include measurable indicators, as a basis for evaluating the effects of the instruments on the ground. A dedicated scoreboard, aligned on the social and macroeconomic scoreboards, should be set up to this effect.
Amendment 1081 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 2 a (new)
Article 16 – paragraph 2 a (new)
2a. The Commission shall assess whether the recovery and resilience plan complies with the horizontal requirements set out in Article 4a: - whether the investment projects are part of the strategic investment plans of third countries, falling within the scope of the factors likely to affect security or public order to be taken into account by Member States and the Commission under Article 4 Regulation 2019/452; - whether the measures included in the recovery and resilience plan do not substitute recurring national budgetary expenditure and respect the principle of additionality of Union funding; - whether the recovery and resilience plan adheres with the principles EU Gender Equality Strategy 2020-2025; - whether the recovery and resilience plan will generate European added value. - whether the recovery and resilience plan adheres to the minimum allocations set out in Article 4a; Where the recovery and resilience plan does not comply with the horizontal requirements enlisted above, the plan will not be considered eligible for funding. The Member State concerned may make a request for technical support as part of the Technical Support Instrument, in order to allow for a better preparation of the proposal in the subsequent cycles.
Amendment 1082 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 2 a (new)
Article 16 – paragraph 2 a (new)
2a. The Commission shall assess whether the recovery and resilience plan complies with the horizontal requirements set out in Article 14(1a): - whether the investment projects are part of the strategic investment plans of third countries, falling within the scope of the factors likely to affect security or public order to bet taken into account by Member States and the Commission under Article 4 of Regulation 2019/452; - whether the measures included in the recovery and resilience plan do not substitute recurring national budgetary expenditure and respect the principle of additionality of Union funding; - whether the recovery and resilience plan adheres to the minimum allocation set out in Article 14(1a); Where the recovery and resilience plan does not comply with the horizontal requirements enlisted above, the plan will not be considered eligible for funding. The Member State concerned may make a request for technical support as part of the Technical Support Instrument, in order to allow for a better preparation of the proposal in the subsequent cycles.
Amendment 1090 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – introductory part
Article 16 – paragraph 3 – introductory part
3. The Commission shall assess the importeffectiveness, efficiency, relevance and coherence of the recovery and resilience plan and its contribution to the green and digital transitions, and for that purpose, shall take into account the following criteriaelements:
Amendment 1094 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point a
Article 16 – paragraph 3 – point a
Amendment 1108 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point a a (new)
Article 16 – paragraph 3 – point a a (new)
(a a) whether the recovery and resilience plan adheres to the minimum allocation set in Article 14(1) for the European priority areas listed in Article 3;
Amendment 1109 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point a a (new)
Article 16 – paragraph 3 – point a a (new)
(a a) Effectiveness:
Amendment 1111 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point a b (new)
Article 16 – paragraph 3 – point a b (new)
(a b) whether the recovery and resilience plan is expected to have a lasting impact on the Member State concerned;
Amendment 1112 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point a c (new)
Article 16 – paragraph 3 – point a c (new)
(a c) whether the arrangements proposed by the Member States concerned are expected to ensure an effective monitoring and implementation of the recovery and resilience plan, including the envisaged timetable, milestones and targets, and the related indicators;
Amendment 1113 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point a e (new)
Article 16 – paragraph 3 – point a e (new)
(a e) whether the plan contains measures that effectively contribute to the green and the digital transitions or to addressing the challenges resulting from them;
Amendment 1114 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point a f (new)
Article 16 – paragraph 3 – point a f (new)
(a f) whether the recovery and resilience plan is expected to effectively contribute to strengthen the growth potential, job creation, and economic and social resilience of the Member State, mitigate the economic and social impact of the crisis, and contribute to enhance economic, social and territorial cohesion;
Amendment 1115 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point b
Article 16 – paragraph 3 – point b
Amendment 1133 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point b a (new)
Article 16 – paragraph 3 – point b a (new)
(b a) Efficiency:
Amendment 1136 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point b b (new)
Article 16 – paragraph 3 – point b b (new)
(b b) whether the justification provided by the Member State on the amount of the estimated total costs of the recovery and resilience plan submitted is reasonable and plausible and is commensurate to the expected impact on the economy and employment;
Amendment 1146 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point c
Article 16 – paragraph 3 – point c
Amendment 1151 #
Amendment 1152 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point c b (new)
Article 16 – paragraph 3 – point c b (new)
(c b) whether the recovery and resilience plan is expected to contribute to effectively address challenges identified in the relevant country-specific recommendations addressed to the Member State concerned or in other relevant documents officially adopted by the Commission in the European Semester;
Amendment 1153 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point d
Article 16 – paragraph 3 – point d
Amendment 1172 #
Amendment 1173 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point d b (new)
Article 16 – paragraph 3 – point d b (new)
(d b) whether the recovery and resilience plan contains measures for the implementation of reforms and public investments projects that represent coherent actions;
Amendment 1175 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point d c (new)
Article 16 – paragraph 3 – point d c (new)
(d c) whether the reform commitments represent a comprehensive reform package;
Amendment 1176 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point e
Article 16 – paragraph 3 – point e
Amendment 1186 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point f
Article 16 – paragraph 3 – point f
Amendment 1190 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point g
Article 16 – paragraph 3 – point g
Amendment 1199 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 3 – point g a (new)
Article 16 – paragraph 3 – point g a (new)
(g a) whether the recovery and resilience plan is expected to contribute to effectively address challenges identified in the relevant country-specific recommendations addressed to the Member State concerned or in other relevant documents officially adopted by the Commission in the European Semester;
Amendment 1214 #
2020/0104(COD)
Proposal for a regulation
Article 16 – paragraph 5 a (new)
Article 16 – paragraph 5 a (new)
5a. When assessing Member States’ resilience and recovery programmes, the Commission shall encourage and give priority to projects that are of a cross- border nature and link several Member States. In its dialogue with Member States, the Commission shall encourage synergies between the recovery plans of different Member States.
Amendment 1215 #
2020/0104(COD)
Proposal for a regulation
Article 16 a (new)
Article 16 a (new)
Article 16 a Decision process 1. After receiving the annual national recovery and resilience plans of each Member State, the Commission shall provide to the European Parliament and the Council by means of a delegated act and no later than 31 May, a report consolidating the information of these national plans and assessing the impact of the proposed measures in the Union's economy and in what concerns the objectives of the Annual Sustainable and Growth Strategy. This report shall among others: (a) reflect how the Recovery and Resilience Facility delivers on the EU objectives of competitive sustainability and green transition, the digital transformation, economic and social cohesion and the European Pillar of Social Rights and institutional resilience; (b) the total amount of financial contribution and loans from the Facility committed and paid to Member States, and the volume of proceeds assigned to the Facility, broken down by budget line.
Amendment 1239 #
2020/0104(COD)
Proposal for a regulation
Article 17 – paragraph 3 – introductory part
Article 17 – paragraph 3 – introductory part
3. The financial contribution referred to in paragraph 1 shall be determined based on the assessment under the criteria set out in Article 16(3), as developed in Annex II, as well as on the basis of the estimated total costs of the recovery and resilience plan proposed by the Member State concerned, as assessed under the criteria set out in Article 16(3). The amount of financial contribution shall be set as follows:
Amendment 1241 #
2020/0104(COD)
Proposal for a regulation
Article 17 – paragraph 3 – point a
Article 17 – paragraph 3 – point a
(a) where the recovery and resilience plan complies satisfactorily with the criteria set out in Article 16(3), and the amount of the estimated total costs of the recovery and resilience plan is equal to, or higher than, the maximum financial contribution for that Member State referred to in Article 10, the financial contribution allocated to the Member State concerned shall be equal to the total amount of the maximum financial contribution referred to in Article 10, while taking into account that each grading of B entails a reduction of 5% of the maximum financial contribution;
Amendment 1246 #
2020/0104(COD)
Proposal for a regulation
Article 17 – paragraph 3 – point a
Article 17 – paragraph 3 – point a
(a) where the recovery and resilience plan complies satisfactorily with the criteria set out in Article 16(3) with the maximum possible scores, and the amount of the estimated total costs of the recovery and resilience plan is equal to, or higher than, the maximum financial contribution for that Member State referred to in Article 10, the financial contribution allocated to the Member State concerned shall be equal to the total amount of the maximum financial contribution referred to in Article 10;
Amendment 1249 #
2020/0104(COD)
Proposal for a regulation
Article 17 – paragraph 3 – point b
Article 17 – paragraph 3 – point b
(b) where the recovery and resilience plan complies satisfactorily with the criteria set out in Article 16(3), and the amount of the estimated total costs of the recovery and resilience plan is lower than the maximum financial contribution for that Member State referred to in Article 10, the financial contribution allocated to the Member State shall be equal to the amount of the estimated total costs of the recovery and resilience plan, while taking into account that each grading of B entails a reduction of 5% of the maximum financial contribution;
Amendment 1254 #
2020/0104(COD)
Proposal for a regulation
Article 17 – paragraph 3 – point b
Article 17 – paragraph 3 – point b
(b) where the recovery and resilience plan complies satisfactorily with the criteria set out in Article 16(3) with the maximum possible scores, and the amount of the estimated total costs of the recovery and resilience plan is lower than the maximum financial contribution for that Member State referred to in Article 10, the financial contribution allocated to the Member State shall be equal to the total amount of the estimated total costs of the recovery and resilience plan;
Amendment 1255 #
2020/0104(COD)
Proposal for a regulation
Article 17 – paragraph 3 – point b a (new)
Article 17 – paragraph 3 – point b a (new)
(b a) where the recovery and resilience plan complies satisfactorily with the criteria set out in Article 16(3) without the highest scores possible, the financial contribution allocated to the Member State as set out in either 17(3)(a) or 17(3)(b), which respectively depend on whether the estimated total costs are higher, equal or lower than the maximum financial contribution for the Member State referred to in Article 10, shall be reduced proportionally according to the grading criteria specified in Annex II.
Amendment 1315 #
2020/0104(COD)
Proposal for a regulation
Article 18 – paragraph 1 a (new)
Article 18 – paragraph 1 a (new)
1a. Where the recovery and resilience plan of a Member State was determined to be compliant satisfactorily as per Article 16(3) without the highest possible scores, the Member State concerned may make reasoned request to the Commission to amend or replace the decisions referred to in Article 17(3). To that effect, the Member State may propose a modified or a new recovery and resilience plan.
Amendment 1332 #
2020/0104(COD)
Proposal for a regulation
Article 18 a (new)
Article 18 a (new)
Article 18 a Programme European Added Value (1) Until 31 July 2022 the Commission shall launch public tenders for projects of European added value. (2) The maximum co-financing rate for project proposals shall be no higher than 50%. (3) The maximum amount receivable for individual project proposals shall be no higher than 5 000 000 000 EUR. (4) The Commission shall assess suitable projects within three months of receiving the proposal. (5) The Commission shall assess the project proposals received applying comparable standards to those outlined for the assessment of the national recovery and resilience plans. (6) The Commission shall assess the eligibility against the criteria outlined in Article 18b.
Amendment 1333 #
2020/0104(COD)
Proposal for a regulation
Article 18 b (new)
Article 18 b (new)
Article 18 b Programme European Added Value - Eligibility Projects under this framework shall maximise Union added value and impact and shall support Union policy goals of strategic European interest that have a cross-border dimension, shall encompass at the least two Member States and strengthen the long-term competitiveness of the Union as a whole.
Amendment 1346 #
2020/0104(COD)
Proposal for a regulation
Article 19 – paragraph 3 – introductory part
Article 19 – paragraph 3 – introductory part
3. Upon completion of the relevant agreed milestones and targets indicated in the recovery and resilience plan as approved in the implementing act of the Commission, the Member State concerned shall submit to the Commission a duly justified request for payment of the financial contribution and, where relevant, of the loan tranche. Such requests for payment may be submitted by the Member States to the Commission on a biannual basis. The Commission shall assess, within two months of receiving the request, the fulfilment of the following criteria: (1) whether the relevant milestones and targets set out in the decision referred to in Article 17(1) have been satisfactorily implemented. For the purpose of the assessment, the operational arrangement referred to in Article 17(6) shall also be taken into account. The Commission may be assisted by experts. (2) whether, after the establishment of this Facility, Member State has not repealed, in a way that circumvents the essence of the recommendation, previous reforms adopted following the guidance of the European Semester. (3) whether the recipients have fulfilled their obligation under Article 26(1).
Amendment 1362 #
2020/0104(COD)
Proposal for a regulation
Article 19 – paragraph 3 – subparagraph 1
Article 19 – paragraph 3 – subparagraph 1
Where the Commission makes a positive assessment of the three criteria, it shall adopt a decision authorising the disbursement of the financial contribution in accordance with the Financial Regulation.
Amendment 1369 #
2020/0104(COD)
Proposal for a regulation
Article 19 – paragraph 4 a (new)
Article 19 – paragraph 4 a (new)
4a. Uncommitted funds shall be made available for Pan-European projects under the Multiannual Financial Framework that contribute to convergence and reduce regional disparities.
Amendment 1382 #
2020/0104(COD)
Proposal for a regulation
Article 19 – paragraph 8 a (new)
Article 19 – paragraph 8 a (new)
8a. The Commission shall lay down, by means of a delegated act to be adopted before the approval of the recovery and resilience plans as per Article 17, specific rules on budget commitments, payments, suspension, cancellation and recovery of funds for the purpose of sound financial management. Respecting the right of Member States to provide observations, appropriate contradictory procedures shall be established should the Commission find that a recovery and resilience plan has not been implemented in a satisfactory manner. The Commission, in close cooperation with national competent authorities, OLAF, the EPPO and the European Court of Auditors, will ensure the financial interest of the Union, as derived from this Facility, is protected.
Amendment 1387 #
2020/0104(COD)
Proposal for a regulation
Article 19 a (new)
Article 19 a (new)
Article 19 a Recovery and Resilience Dialogue 1. In order to enhance the dialogue between the Union institutions, in particular the European Parliament, the Council and the Commission, and to ensure greater transparency and accountability, the competent committees of the European Parliament may invite representatives of the Council and its preparatory bodies, of the Commission, and, where appropriate, of the Eurogroup, to appear before it to discuss all measures taken pursuant to this Regulation and those adopted under Council Regulation XXX[EURI ]. 2. In order to ensure greater transparency and accountability, the competent committee(s)of the European Parliament may invite Member States representatives responsible of the recovery and resilience plan and, where appropriate, the national Independent Fiscal Institutions, to appear before the committees to present the recovery and resilience plan and the measures provided for and to be taken pursuant to this Regulation. 3. The Commission shall made available to the Council and the European Parliament, simultaneously, all information provided by the Member States relevant for the institutions to perform their mandates under this Regulation. Sensitive or confidential information may be transmitted subject to specific confidentiality obligations. 4. Information transmitted by the Commission to Council or any of its preparatory bodies in the context of this Regulation or its implementation shall simultaneously be made available to the European Parliament, subject to confidentiality arrangements if necessary. Relevant outcomes of discussions held in Council preparatory bodies shall be shared with the Parliament relevant committees.
Amendment 1401 #
2020/0104(COD)
Proposal for a regulation
Article 20 – paragraph 1 a (new)
Article 20 – paragraph 1 a (new)
Independent fiscal institutions, as defined by Council Directive 2011/85/EU, shall, on a biannual basis, complement and assess such reports focusing on the reliability of the information, data and forecasts provided, as well as the performance and the general progress made in the achievement of the recovery and resilience plans.
Amendment 1420 #
2020/0104(COD)
Proposal for a regulation
Article 21 a (new)
Article 21 a (new)
Article 21 a Recovery and Resilience Scoreboard 1. The Commission shall establish a Recovery and Resilience Scoreboard, fully aligned with the Social and Macroeconomic Scoreboards, displaying the status of implementation of the agreed reforms through the recovery and resilience plans of each Member State. 2. The scoreboard shall include key indicators aligned with the indicators of the Social and Macroeconomic Scoreboard, such as social, economic and environmental indicators, that evaluate the progress registered by the Recovery and Resilience Plans in each of the six areas that define the scope of this Regulation. 3. The Scoreboard will indicate the degree of fulfilment of the relevant milestones of the recovery and resilience plans and the identified shortcomings in their implementation, as well as the recommendations of the Commission to address the respective shortcomings. 4. The Scoreboard will also summarise the main recommendations addressed to the Member States as regards their recovery and resilience plans and shall also formulate Medium- Term Social Objectives for each Member State. 5. The Scoreboard will serve as a basis of a permanent exchange of best practices between Member States which will materialise in the form of a structured dialogue organised on a regular basis. 6. The Scoreboard will be permanently updated and will be publicly available on the Commission’s website. It will indicate the status of payment claims, payments, suspensions and cancellations of financial contributions. 7. The Commission will present the scoreboard in a hearing organised by the competent committee of the Parliament.
Amendment 1428 #
2020/0104(COD)
Proposal for a regulation
Article 22 – paragraph 1 – point c
Article 22 – paragraph 1 – point c
(c) ensure close cooperation between those responsible for implementation, control and supervision at Union, national and, where appropriate, regional levels to achieve the objectives of the instruments established under this Regulation.
Amendment 1433 #
2020/0104(COD)
Proposal for a regulation
Article 23 – paragraph 1 a (new)
Article 23 – paragraph 1 a (new)
1a. For such purposes, Member States shall: a) trace, collect and store information on the recipients of funding under this Facility; b) provide the Commission with the necessary information to assess payment requests as per Article 19, including audit reports, data on the final beneficiaries of the projects or investments, financial statements, impact assessments and any other relevant information. With regards to investment projects, Member States shall include a report conducted by an independent panel of experts evaluating each project's efficiency, efficacy, suitability and adequacy to the corresponding recovery and resilience plan; c) accompany each payment request with a signed and solemn declaration by the competent national authority confirming effective implementation in accordance with the principle of sound financial management and ensuring compliance with the relevant EU rules, in particular on avoidance of conflict of interest, fraud prevention and avoidance of corruption and double funding; d) impose the obligation to all final recipients of funds under the Facility to grant the Commission, OLAF, the EPPO and the Court of Auditors the necessary rights to carry out investigations, including on-the-spot checks and inspections, in accordance with Article 129 (1) Regulation 2018/1046.
Amendment 1472 #
2020/0104(COD)
Proposal for a regulation
Article 24 – paragraph 3 – point b a (new)
Article 24 – paragraph 3 – point b a (new)
(b a) details on the progress in the achievement of the milestones of the recovery and resilience plans as well on the complementarity of the plans with existing Union programmes.
Amendment 1477 #
2020/0104(COD)
Proposal for a regulation
Article 24 – paragraph 3 – point b b (new)
Article 24 – paragraph 3 – point b b (new)
(b b) a list of the ultimate beneficiaries of the funds from the Facility.
Amendment 1478 #
2020/0104(COD)
Proposal for a regulation
Article 24 – paragraph 3 – point b c (new)
Article 24 – paragraph 3 – point b c (new)
(b c) relevant details on the implementation of the Facility in the Member States, including detailed information on the amounts committed and paid to Member States, the status of implementation of the milestones agreed, as well as all relevant information to ensure full transparency and disclosure on the Facility.
Amendment 14 #
2019/2213(BUD)
C. whereas the current MFF ends at the end of 2020, and whereas 2021 should be the first year of implementation of the next one; whereas negotiations on the 2021 Union budget might run in parallel with the negotiations on the next multiannual financial framework(MFF) and the reform of the EU own resources system;
Amendment 17 #
2019/2213(BUD)
Motion for a resolution
Recital D
Recital D
D. whereas Parliament has been ready to negotiate the MFF since November 2018, but the Council has so far failed to engage in any meaningful talks with Parliament beyond minimal contact on the margins of the General Affairs Council until recently; whereas the European Council President has now started talks with the European Parliament Negotiating Team on the MFF; whereas the timeframe for reaching an agreement in the European Council has been repeatedly extended;
Amendment 49 #
2019/2213(BUD)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that reducing greenhouse gas (GHG) emissions by 55 % by 2030 represents an enormous challenge, notably with regard to building insulationtransforming towards a circular economy, resource and material efficiency, green finance and investments and ensuring building energy efficiency, developing publicsustainable transport and, achieving both an agricultural transition, a transition to renewable energy and a socially just transition; insists that in order to succeed in this unprecedented enterprise in only ten years, urgent action is needed, backed by a strong EU budget as of 2021; recalls that the next MFF shall be established for a period of at least five years in accordance with the Article 312(1) of the TFEU and will probably run from 2021 to 2027; considers the ecological transition, as well as digital development, must start now instead of 2028;
Amendment 100 #
2019/2213(BUD)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes, however, that in order to attain the 40 % GHG emissions reduction target by 2030, the Commission has estimated that it will be necessary to bridge a funding gap of at least EUR 500 billion every year, including social adaptation measures; considers that this funding gap is strongly underestimated even for the 40 % target, not to mention the 55 % target, and is yet to be addressed at EU or national level; stresses the urgent need for another quantum leap in political and financial efforts in order to achieve these objectives; expects the Commission’s proposals for climate actions and revisions of the climate and energy legislation in 2020 and 2021 to be submitted as planned; believes there is many different tools to help reducing the EU’s GHG emissions and overall carbon footprint; such tools are a carbon border adjustment mechanism (CBAM), the EU Emissions Trading System (ETS) and the EU climate law; believes that introducing genuine new own resources is key, such as revenues stemming from the future CBAM, EU ETS and plastics contribution, is essential to bridging thise financing gap; considers that a just transition requires just funding;
Amendment 139 #
2019/2213(BUD)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Reiterates that social cohesion in Europe must contribute to sustainable solutions to long-term structural demographic change; emphasises the need for financial resources for research to provide ageing populations in Europe with adequate support in terms of access to mobility, healthcare and public services;
Amendment 202 #
2019/2213(BUD)
Motion for a resolution
Paragraph 11 c (new)
Paragraph 11 c (new)
11 c. Underlines that it is of paramount importance to invest in adequate funding and staffing levels for all agencies operating in the fields of migration, security, border control and fundamental rights, in particular Europol, Eurojust, Frontex and the Fundamental Rights Agency (FRA);
Amendment 206 #
2019/2213(BUD)
Motion for a resolution
Paragraph 11 d (new)
Paragraph 11 d (new)
11 d. Stresses that the European Public Prosecutor's Office (EPPO) must be equipped with the necessary means in order to be able to thoroughly investigate and prosecute cross-border criminal activities;reminds of the important task of the EPPO to tackle the fraud with EU funds, which is important for both the citizens and the credibility of the EU; insists that its budgetary appropriations are placed under the administration heading of the MFF 2021-2027 together with the other EU bodies and institutions;
Amendment 209 #
2019/2213(BUD)
Motion for a resolution
Paragraph 11 e (new)
Paragraph 11 e (new)
11 e. Calls on the Commission to ensure that no EU funding is granted to any parties subject to the EU restrictive measures (including contractors or subcontractors, participants to workshops and/or trainings, and recipients of financial support to third parties);
Amendment 210 #
2019/2213(BUD)
Motion for a resolution
Paragraph 11 f (new)
Paragraph 11 f (new)
11 f. Calls on the Commission to allocate the necessary budget in order to ensure a bigger capacity of the EU civil protection mechanism, so that the EU will be better prepared and respond to all types of natural disasters, pandemics and emergencies, such as chemical, biological, radiological and nuclear emergencies; reiterates the importance of the EU civil protection mechanism to better protect the citizens from disasters;
Amendment 218 #
2019/2213(BUD)
Motion for a resolution
Subheading 3 b (new)
Subheading 3 b (new)
Strengthening research and innovation through Erasmus+ and Horizon Europe
Amendment 219 #
2019/2213(BUD)
11 i. Calls on a sufficient level of resources for Erasmus + to meet future demands, also taking in-to account its external dimension; highlights the need for adequate resources for vocational education and training and for making the Programme´s funding accessible for people from all backgrounds; stresses that Erasmus+ is a key flagship programme of the Union that is widely known among its citizens and has delivered tangible results with a clear European added value; calls for special emphasis to be placed to mobility actions in adult education, particularly for the senior population in the Erasmus+ programme; calls especially for the promotion of building bridges between generations through Erasmus+;
Amendment 221 #
2019/2213(BUD)
Motion for a resolution
Subheading 3 c (new)
Subheading 3 c (new)
A stronger more competitive and digitalized single market
Amendment 222 #
2019/2213(BUD)
Motion for a resolution
Paragraph 11 j (new)
Paragraph 11 j (new)
11 j. Points out that Horizon Europe provides a very strong European added value and stresses the importance of the programme for significant areas of European research such as digitalisation, technological innovation, AI and cybersecurity; recalls at the same time the important role of fundamental research in the development of the Union; stresses the importance of significantly increased allocations for Horizon Europe compared to Horizon 2020 for the budget 2021;
Amendment 223 #
2019/2213(BUD)
Motion for a resolution
Paragraph 11 i (new)
Paragraph 11 i (new)
11 i. Underlines that stepping up funding for research, innovation and development is a widely shared EU objective, given that the Europe 2020 target of 3% GDP is far from being achieved;
Amendment 224 #
2019/2213(BUD)
Motion for a resolution
Paragraph 11 k (new)
Paragraph 11 k (new)
11 k. Points out that that research, competitiveness and SMEs are key to enable economic growth and job creation; SMEs are an essential part of the Union economy and play a crucial role in delivering excellent quality investment and job creation in all Member States; sees the need to create an SME-friendly business environment with a favourable environment for innovation, as well as to support SME clusters and networks; calls, in this context, for sufficient resources to the COSME, the Single Market Programme and the InvestEU’s SMEs window, in order to further boost the programmes’ potential in promoting entrepreneurship, including women’s entrepreneurship, improving the competitiveness and access to markets of Union enterprises, and calls for emphasis to be placed on the digital transformation of SMEs;
Amendment 225 #
2019/2213(BUD)
Motion for a resolution
Paragraph 11 l (new)
Paragraph 11 l (new)
11 l. Stresses the potential for economic growth stemming from the technological transformation and calls for an appropriate role of the EU budget in supporting the digitalisation of the European industry and the promotion of digital skills and digital entrepreneurship; highlights the important role the Digital Europe programme can play in this context;
Amendment 235 #
2019/2213(BUD)
Motion for a resolution
Subheading 4 a (new)
Subheading 4 a (new)
A modern EU budget’s revenue side as a tool for undertaking our common challenges
Amendment 236 #
2019/2213(BUD)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13 a. Considers that the EU budget’s revenue side shall be seen as a tool for the achievement of EU policies; believes that new green and single market-related own resources would be complementary to the European Green Deal’s strategy for climate and environment protection and fair taxation objectives respectively;
Amendment 237 #
2019/2213(BUD)
Motion for a resolution
Paragraph 13 b (new)
Paragraph 13 b (new)
13 b. Deplores the recurring political dramas caused by the overwhelming share of national GNI contributions in the own resources system; considers, therefore, that their share should decrease to fulfil their balancing role only;
Amendment 238 #
2019/2213(BUD)
Motion for a resolution
Paragraph 13 c (new)
Paragraph 13 c (new)
13 c. Recalls that the European Parliament will not give its consent to the MFF without an agreement on the reform of the EU own resources system, including the introduction of a basket of new own resources; underlines, therefore, that the 2021 budget will have to be financed through new additional own resources in order to avoid damaging political consequences;
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 126 #
2019/2211(INI)
Motion for a resolution
Paragraph 3 – subparagraph 1 (new)
Paragraph 3 – subparagraph 1 (new)
Calls on the European Commission to extend, without weakening the current EU economic governance process, the European Semester by complementing the current approach, based on fiscal and budgetary discipline, with climate and environmental discipline; calls therefore on the European Commission to develop a new climate indicator, mirroring the economic indicators, to assess the discrepancy between the structure of Member States’ budget and a Paris- aligned scenario for each of their national budgets; stresses the need for this indicator to provide Member States with an indication on their trajectory of temperature under the framework of the Paris Agreement, thus enabling the extended European Semester to provide recommendations about the decrease of their climate debt;
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 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 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 301 #
2019/2211(INI)
Motion for a resolution
Paragraph 15 e (new)
Paragraph 15 e (new)
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 1 #
2019/2131(INI)
Motion for a resolution
Citation 4 a (new)
Citation 4 a (new)
- having regard to the regulation on promoting fairness and transparency for business users of online intermediations services (2019/1150) of June 2019;
Amendment 6 #
2019/2131(INI)
Motion for a resolution
Citation 15 a (new)
Citation 15 a (new)
- having regard to the « Strengthening strategic value chains for a future-ready EU industry » report of the Strategic Forum for Important Projects of Common European Interest;
Amendment 33 #
2019/2131(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the Commission to develop the influence of competition policy in the world, in particular by stepping up cooperation with the USA and China and by always seeking the inclusion of competition rules in EU free trade agreements and in the WTO; alerts the Commission on the paralysis it is facing as a result of being deprived of its Dispute Settlement Body;
Amendment 45 #
2019/2131(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Calls on the Commission to monitor foreign direct investment and not to limit itself to the screening mechanismensure a rapid implementation of the screening for foreign direct investments mechanism and to propose a tool to strengthen the current mechanism, whilst ensuring that the European Union remains an attractive destination for investment;
Amendment 57 #
2019/2131(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls on the Commission to better coordinate with the Member States to ensure reciprocity with third countries in public procurement and in investment policy; calls on the Member States to reach an agreement rapidly on the International Procurement Instrument first proposed by the Commission in 2012;
Amendment 62 #
2019/2131(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Invites the Commission to continue its efforts to identify subsidies distributed by our main trading partners in cooperation with Member States and stakeholders, building on the recent proposal of the Dutch government;
Amendment 63 #
2019/2131(INI)
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3 b. Calls on the Commission to guarantee a fair competition between the European Union and the United Kingdom after the Brexit in order to ensure a level playing field and avoid any dumping;
Amendment 94 #
2019/2131(INI)
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
Amendment 101 #
2019/2131(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls for a review of the 1997 communication on the definition of the relevant market (97/C 372/03) so as to move towards a longer-term vision encompassing the global dimension and potential future competition; takes note of the Commission's announced intention in this respect;
Amendment 134 #
2019/2131(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Calls on the Commission to review merger rules and strengthen antitrust action, taking into account the effects of market and network power associated with both personal and financial data; proposes that every merger in the market for such data should be subject to prior monitoringinformal declaration, regardless of thresholds;
Amendment 139 #
2019/2131(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Notes that in several specific markets for financial data (e.g. equity trading, ratings, benchmarks), oligopolistic concentration may lead to abuses of dominant positions by suppliers vis-à-vis investors and consumers of financial data; calls on the Commission to take resolute action against such abuses of dominant positions which are harmful to the fluidity of financial markets, particularly in the interests of sustainable development;
Amendment 150 #
2019/2131(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Stresses that the buying-out of start- ups by dominant players driesmight dry up innovation and threatens sovereignty, and calls on the Commission to reverse the burden of proof with regard to such buy- outkiller acquisitions;
Amendment 161 #
2019/2131(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses that some entities, benefiting from dual status as both platforms and suppliers, being at the same time "player and referee", abuse their position to impose unfair terms on competitors; calls on the Commission to penalise themenforce the necessary laws and make use of the necessary instruments to prevent these abuses;
Amendment 174 #
2019/2131(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
Amendment 176 #
2019/2131(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Draws the Commission’s attention to recent acquisitions by foreign monopolies of digital operators of health data and the privacy risks involved, over and above the damaging effects of these transactions on competition; calls on the Commission to take those aspects into account regarding the upcoming European strategy on data;
Amendment 199 #
2019/2131(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Encourages the Commission to increase freedom of choice for consumers and to set up a European cset up a proper European consumer protection authority encompassing the Consumer pProtection authorityCooperation network in order to increase freedom of choice for consumers;
Amendment 209 #
2019/2131(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. PStresses the role of fines on the reputation of the companies penalised; points out that the heavy fines imposed are not deterrent enough, often discounted in advance by businesses and ultimately passed on to consumers; calls on the Commission to make use of all existing remedies;
Amendment 223 #
2019/2131(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Stresses the slowness of the application of antitrust rules; stresses the financial and structural risk to which some actors are exposed if they initiate lengthy and costly proceedings; calls on the Commission to consider setting deadlines and fast track procedures which take into account the economic timeframe of businesses;
Amendment 228 #
2019/2131(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses the urgent need to adopt precautionaryinterim measures to adapt to the rapid development of new markets and to stop any practice which would seriously harm competition; calls on the Commission to relax the criteria for these measures in order to avoid any irreversible damage;
Amendment 233 #
2019/2131(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. DeplorWelcomes the fact that, despite repeated requests, the Commission has still not completed thEuropean Commission’s continued efforts to address abusive behavior by large platforms; calls on the Commission to revisit cases where the remedies offered have clearly been ineffective inv restigaoring competition into Google Shopping which began in 2010the market, as has been the case in Google Shopping; stresses that, in the absence of targeted and effective behavioural remedies that have been tested in advance with the undertaking which is the victim, a complete structural separation of general and specialised research services may be necessary; underlines that compared with structural remedies, behavioral remedies could offer a time- efficient solution, mitigating the possibility that competitors are forced out of the market during prolonged discussions on divestiture;
Amendment 249 #
2019/2131(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls on the Commission to make more systematic use of investigations in sectors that are essential to the everyday life of citizens, such as urban transport, online advertising, financial services and the media, in the digital age;
Amendment 287 #
2019/2131(INI)
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21 b. Calls on the Commission to include in the REFIT exercise all State Aid Guidelines that concern sectors which will be directly impacted by the Green Deal in order to check their effectiveness, relevance and that they do not have distortive effects on other sectors;
Amendment 294 #
2019/2131(INI)
22. Calls on the Commission to revise its 2013 Banking Communication and examine the discrepancies between the rules on State aid in the area of liquidation aid and the resolution regime under the Bank Recovery and Resolution Directive, and following that to revise its 2013 Banking Communication accordinglyin light of the recent cases;
Amendment 5 #
2019/2130(INI)
Motion for a resolution
Citation 10
Citation 10
— having regard to the European Banking Authority (EBA) report of DecNovember 20189 entitled ‘Risk Assessment of the European Banking System’5 ;5, _________________ 5 https://eba.europa.eu/eba-sees-further- improvesites/default/docume nts-in-eu-banks-resilience-but- highlights-challenges-connected-to- profitability-funding-and-operational-risk /files/document_library/Risk%20Analy sis%20and%20Data/Risk%20Assessment %20Reports/2019/Risk%20Assessment%2 0Report_November%202019.PDF
Amendment 14 #
2019/2130(INI)
Motion for a resolution
Citation 27 a (new)
Citation 27 a (new)
- having regard to the EBA report of November 2019 entitled 'Report on NPLs: Progress made and challenges ahead',15a _________________ 15a https://eba.europa.eu/file/233465/downloa d?token=xH5hxq39
Amendment 16 #
2019/2130(INI)
Motion for a resolution
Citation 27 b (new)
Citation 27 b (new)
- having regard to the joint advice of the European Supervisory Authorities (ESAs) to the European Commission of April 2019 on the need for improvements relating to ICT risk management requirements in the EU financial sector15b, _________________ 15bJC 2019 26, https://eba.europa.eu/file/102634/downloa d?token=ZR98JZp8
Amendment 18 #
2019/2130(INI)
Motion for a resolution
Citation 27 c (new)
Citation 27 c (new)
- having regard to the EBA report of October 2019 entitled 'Report on potential impediments to the cross-border provision of banking and payment services',15c _________________ 15c https://eba.europa.eu/file/178124/downloa d?token=7fFsD9og
Amendment 25 #
2019/2130(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas the completion of the Banking Union is a vital contributor to the international perception of the euro and its increased role in global markets;
Amendment 36 #
2019/2130(INI)
Motion for a resolution
Recital C
Recital C
C. whereas entrusting the ECB with the supervision of systemically important financial institutions has proven to be successful; whereas the ECB can exercise, where necessary, supervisory tasks in relation to all credit institutions authorised in, and branches established in, participating Member States;
Amendment 55 #
2019/2130(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Rrecalls the progress made regarding the implementation of the Banking Union, namely on risk reduction; stresses, however, that the Union and the banking sector must not become complacent and further progress has to be made, particularly onboth on risk reduction and risk sharing;
Amendment 60 #
2019/2130(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Recalls that the Banking Union is open to all Members States wishing to join; considers that the control and accountability of the Banking Union lies primarily with the participating Member States and institutions;
Amendment 70 #
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 globalbroadly, the Economic and Monetary Union, through the creation of a fiscal capacity designed to provide the euro area with an adequate stabilisation function;
Amendment 73 #
2019/2130(INI)
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2 b. Stresses that the Eurogroup is neither an institution, a body nor an agency of the European Union but an informal intergovernmental forum of discussion; regrets that Member States continue to act outside the Community framework, jeopardizing Parliament's role as co-legislator and its right for democratic oversight;
Amendment 74 #
2019/2130(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Highlights the lack of efficacy of the intergovernmental negotiations conducted thus far, most notably those involving the Budgetary Instrument for Convergence and Competitiveness and the Eurogroup's Banking Union High Level Working Group; urges negotiations to continue in an open setting that guarantees an active involvement of the European Parliament, inside the European Union's legal order; underlines the increased judicial protection these changes would result in, along with stricter transparency and access to documents requirements;
Amendment 88 #
2019/2130(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that bank profitability has increased steadily since 2012, with return on equity surpassing 6 % since 2017; highlights, however, that recent findings from the EBA state that banks' profitability has weakened and the challenges to profitability are not expected to abate in the short-term; 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;
Amendment 97 #
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; is concerned that the vulnerabilities of banks to climate-related risks may not be fully comprehended; in that regard, welcomes the EBA's commitments to include climate-risk considerations in its annual risk assessment and to introduce a dedicated climate change stress test; calls on the Commission to respond to these risks if necessary;
Amendment 113 #
2019/2130(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Restates the importance of a safe asset in the euro area as a wayUnderlines the need to pave the way for a European safe asset to help stabilise financial markets and allow banks to reduce, through diversification, the exposure of their balance sheets to their respective national sovereign debt; calls on the Commission to submit a legislative proposal for the reform of the regulatory treatment of sovereign exposures as a means to promote the market-led creation of a true European safe asset;
Amendment 116 #
2019/2130(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Restates the importance of a 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 assetbring forward a new proposal, building on existing initiatives and taking note of their limitations, which would provide an EU safe asset; urges the Commission to explore complementary measures to incentivise the market to invest in the EU safe asset; recalls the lack of appetite at present for any instrument requiring the mutualisation of debt amongst the Member States participating in the Banking Union;
Amendment 135 #
2019/2130(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Recalls the political mandate given to Commission Vice-President Dombrovskis to deliver an economy that works for people; stresses that the objective of all prospective measures or reforms should be to contribute to the stability or proper functioning of the Banking Union to the benefit of the citizen and the real economy;
Amendment 140 #
2019/2130(INI)
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7 b. Underlines that the EU banking sector hosts a plethora of banking models; stresses that all future measures and reforms should take due consideration of the diversity of the EU banking sectors and deliver proportionate measures which will maintain the competitiveness of the sector, both in the internal market and vis-à-vis global markets;
Amendment 149 #
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; highlights that the Euro area NPL average currently stands at 3.59%, down from 6.4% in December 2014; underlines the need to protect customers’ rights in the context of NPL transactions;
Amendment 152 #
2019/2130(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that the ratio of non- performing loans (NPLs) held by significant institutionEU banks 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 transactio but that there are still disparities amongst the Member States; stresses that all institutions across the EU should contribute to lowering the ratio; underlines the need to protect customers’ rights in the context of NPL transactions in the primary and secondary markets and that these rights should apply equally to existing and future loans;
Amendment 171 #
2019/2130(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that work on the implementation of the final Basel III standards has already started; recalls its resolution of 23 November 2016 on the finalisation of Basel III and the conclusions of the ECOFIN Council of 12 July 2016 and calls on the Commission to act on the recommendations therein when drafting the new legislative proposals; underlines that the Commission should ensure that implementation in the EU is proportionate, and maintains the competitiveness of the EU banking sector, both internally and vis-à-vis global competitors;
Amendment 182 #
2019/2130(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Requests increased transparency in banking supervision in order to reinforce trust from capital and financial markets, companies and citizens, as well as to ensure consistency of treatment across Member States;
Amendment 185 #
2019/2130(INI)
13. Notes that innovative financial technologies are profoundly transforming the financial sector, including banking and payment services, and welcomes the efficiencies these offer to consumers and the competition these bring to the market; highlights the need to address the challenges posed by these new technologies, such as ensuring sustainable business models that are interoperable across borders, a level playing field in terms of regulation and supervision, and cybersecurity; notes, also, the increasing reliance on cloud-computing by the banking sector and urges the Commission to respond to the Joint Advice of the ESAs on the need for legislative improvements relating to ICT risk management requirements in the EU financial sector;
Amendment 191 #
2019/2130(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. NotesRecognises the important contribution the 'shadow banking' sector can make to the establishment of the Capital Markets Union by diversifying funding channels; notes, however, that there is considerable interconnectedness between the ‘shadow banking’ sector and the ‘traditional’ banking sector, which has raisesd concerns of systemic risk given the lack of appropriate supervision of the first; calls,; in this regard, calls for the establishment of a macroprudential toolkit to counter threats to financial stability posed by the increasing role of the ‘shadow banking’ system; encourages global standards setters to work to identify and address these risks;
Amendment 203 #
2019/2130(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes the agreement on the exchange of information between the ECB and the AML/CFT supervisors; recalls its serious concern about regulatory and supervisory fragmentation in the AML/CFT area, which has failed to provide adequate oversight and responses to national supervisory authorities’ deficiencies, and is ill-suited to supervise the increasing cross-border activity in the EU; calls on the Commission to start working on the overhaul ofidentifying shortcomings in the EU AML framework, and legislation to effectively address the risks posed by cross-border illegal activityto provide clarity on the division of responsibilities and coordination of cross-border supervision, with legislative measures if necessary; reiterates the importance of a robust and coherent AML/CFT framework to the integrity of the EU financial system and the security of EU citizens;
Amendment 208 #
2019/2130(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
Amendment 218 #
2019/2130(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recalls its resthe evolution of 8 June 2011 on credit rating agencies: future perspectives; notes that the creation of a European credit rating agency would contribute to increasing competition, reducing information asymmetries and increasing transparency for marketthe EU framework for credit rating agencies; notes that sustainability ratings based on environmental, social and governance (ESG) criteria are an important complement to the credit risk assessments provided by credit ratings in channelling funds towards investments in sustainable activities; stresses the importance of ensuring that the development of a market for the provision of sustainability ratings is competitive and not concentrated with a limited number of providers;
Amendment 222 #
2019/2130(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
Amendment 223 #
2019/2130(INI)
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17 b. Notes the recent findings of the EBA highlighting remaining impediments to the cross-border provision of banking services; highlights the benefits of increased cross-border activity to market competition and the provision of services to consumers; calls on the Commission to identify and address aspects of the Single Rulebook which could be harmonised further, as well as divergent implementation of the rules across Member States; recommends that the Commission explores aspects of national insolvency regimes which could be harmonised;
Amendment 230 #
2019/2130(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Welcomes the fact that the Single Resolution Board has not been required to take resolution action in 2019; urges the Commission to review whether the legislation isand the 2013 Banking Communication on State aid are adequate to ensure that all banks could, if needed, be resolved without the need for taxpayers’ money; invites the Commission to follow up on the Financial Stability Board review of the ‘too big to fail’ legislation and consider if legislation to separate deposit-taking and investment banking should once again be considered;
Amendment 232 #
2019/2130(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18 a. Calls for reinforcing the Single Resolution Mechanism's framework in light of recent controversial cases; highlights its shortcomings as regards its complex governance, the inconsistent application of the existing crisis management tools thus leading to concerns about a level-playing field and the SRB's narrow interpretation of the public interest assessment;
Amendment 241 #
2019/2130(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Is concerned by the lack of mechanisms in the Banking Union to ensure that emergency liquidity can be provided in the event of a resolution and; highlights the importance of liquidity in resolution to the smooth continuity of services and stability of financial markets; recognises that the common backstop to the SRF would not be sufficient to serve this purpose, particularly in the event of the resolution of a G-SIB; calls on the Commission to attempt to address this gap without further delay;
Amendment 245 #
2019/2130(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Urges the operationalisationNotes the progress made by the Eurogroup in reaching an agreement on the legal framework for the common backstop to the SRF; regrets, however, its decision to postpone the final decision on the introduction of the common backstop; recalls the importance of the common backstop to the SRFas an important tool for the SRM; urges the operationalisation of the backstop as soon as practicable;
Amendment 269 #
2019/2130(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Urges the completion of the Banking Union through the creation of a fully mutualised EDIS, to protect depositors against banking disruptions and to ensure confidence among depositors and investors across the Banking Union; recognises the potential need for a pragmatic phasing in of EDIS whilst maintaining the ambition to introduce a fully mutualised framework; welcomes the support of the [incoming] President of the Commission and the President of the ECB for the establishment of EDIS;
Amendment 27 #
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 59 #
2019/2129(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Emphasises that the euro is a political project in addition to a purely economic one; stresses the irreversible nature of the single currency; draws attention to the requirement, laid down in the Treaties, for every Member State with the exception of the United Kingdom and Denmark to adopt the single currency once they have met the Maastricht convergence criteria; takes the view that participation in the Banking Union must be regarded as a benefit for those countries wishing to join the euro area;
Amendment 67 #
2019/2129(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Is concerned that after a short economic recovery, euro area growth momentum has slowed markedly to 1.2 % of GDP in the euro area and to 1.4 % of GDP for the EU-27; underlines, therefore, the need for monetary policy to remain accommodative for the foreseeable future; considers that Member States with excess budgetary capacity should use that capacity to finance investments for the future in a way which complements ECB monetary policy;
Amendment 104 #
2019/2129(INI)
Motion for a resolution
Paragraph 5 – indent 1
Paragraph 5 – indent 1
- The deepening of the European Monetary Union, including a fiscal capacity for the euro area able to providinge a counter-cyclical stabilisation function whilst ensuring that Member States follow a sound budgetary policy;
Amendment 113 #
2019/2129(INI)
Motion for a resolution
Paragraph 5 – indent 2
Paragraph 5 – indent 2
- The completion of the banking union, including a fully mutualised European deposit Reinsurance scheme setup with the appropriate safeguards, that would help reduce risks, ensure a level playing field, promote fair competition, facilitate the expansion of pan-European banking and reinforce the stability of the euro area as a whole;
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 126 #
2019/2129(INI)
Motion for a resolution
Paragraph 5 – indent 4
Paragraph 5 – indent 4
- The market-led creation of a European safe asset guaranteed by euro-area Member States to foster the integration of bond marketthrough the reform of the regulatory treatment of sovereign exposures;
Amendment 144 #
2019/2129(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that on 12 September 2019 the ECB announced a broad stimulus package including an open-ended quantitative easing programme that will run at a monthly pace of EUR 20 billion per month, a cut of 10 basis points in the deposit rate, a two-tier system for reserve remuneration, and easier terms for targeted longer-term refinancing operations (TLTRO-III); is concerned about the fact that the ECB Governing Council's decision was not taken unanimously and calls on President Lagarde to work towards bridging this divide;
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 161 #
2019/2129(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Notes that the negative effects on banks’ net interest income have been largely counterbalanced so far by the benefits from more bank lending and lower costs for provisions and losses;
Amendment 171 #
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 costs, it is being perceived in certain Member States as creating problems for small savers and pension systems;
Amendment 189 #
2019/2129(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Is concerned about the prolonged subdued inflationary pressure, the overreliance on the ECB’s monetary policy to sustain growth and its increasingly limited options under its current toolbox;
Amendment 193 #
2019/2129(INI)
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
Amendment 196 #
2019/2129(INI)
Motion for a resolution
Paragraph 10 c (new)
Paragraph 10 c (new)
10c. Underlines the importance of cooperation between central banks, both in the European Union and at a global level, for the achievement of the inflation targets in the medium term;
Amendment 205 #
2019/2129(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Recalls that, as an EU institution, the ECB is bound by the Paris Agreement on climate change and that this should be reflected in its policies, with full respect for its mandate and its independence; Considers action against climate change lies within the current ECB mandate notably regarding financial stability;
Amendment 209 #
2019/2129(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Echoes the positions expressed by Members of the ECB Executive Board on the importance of developing truly European payment systems that are immune from external disruptions(including political); calls on the ECB to continue its work on the"PEPSI" project with the aim of preserving the EU’s sovereignty, economic efficiency for all users and providers, as well as ensuring fair competition;
Amendment 216 #
2019/2129(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Takes good note of Christine Lagarde’s declaration of 4 September, in which she welcomed the ECB’s collaboration in the Network for Greening the Financial System (NGFS) and commitment to contribute to facinge the challenges which climate change poses by implementing the NGFS’s recommendations and acting oin them substantively wherever possible without underminingfull respect of the ECB’s price stability mandate and other objectives;
Amendment 236 #
2019/2129(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Is extremely worried about the risks due to the delay in setting up the banking union, and calls for the swiftCalls for the end of the Sovereign- bank doom loop and the completion of the banking union with a fully mutualisedthrough the establishment of a European deposit guaReinsurantece scheme;
Amendment 252 #
2019/2129(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Recognises the importance of small and medium-sized businesses in the EU; invites the ECB to remain attentive to access to credit for these businesses, taking into account the slow economic recovery and in the name of the principle of economic inclusion; reaffirms in this context the European Parliament’s support for investment policies under the “SME supporting factor”;
Amendment 260 #
2019/2129(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the ECB to increase its monitoring of the development of crypto- currencies and the increased risks in cyber-securirisks in cyber-security and the development of crypto-assets, especially those that are privately managed, given the challenges they pose to the European Union's monetary sovereignty;
Amendment 262 #
2019/2129(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Takes note of the remarks made by Christine Lagarde in the ECON Committee meeting of September 4th 2019 on the subject of the new regulation of cryptocurrencies that “the ECB and central banks in general should clearly monitor these developments and contribute to ongoing international work on policy responses”; asks the ECB, in collaboration with the European Commission, to assess the EU legal and regulatory framework on e-money, financial instruments and virtual currencies/assets in order to have a comprehensive framework for supervision of financial instruments, entities or infrastructures, for AML and stability purposes as well as for cross-border cooperation and coordination; ask the ECB to work with the European Commission on creating a framework for these new currencies that reconcile innovation, citizens’ needs, preservation of financial stability and the rule of law;
Amendment 266 #
2019/2129(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls on the ECB to ensure an appropriate balance between allowingppropriate regulatory constraints, allowing financial innovation in Fintech and ensuring financial stability;
Amendment 268 #
2019/2129(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Encourages the ECB to work with the European Commission and all relevant stakeholders, to foster the role of the euro as a reserve currency; considers that this can be achieved through a variety of channels such as institutional representation or well performing European financial products;
Amendment 283 #
2019/2129(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Is concerned about the reduced pressure on Member States to make structural reforms and the lack of CSR implementation, calling on the ECB to apply pressure to revert this situation;
Amendment 306 #
2019/2129(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Stresses that the ECB has improved its communication; believes however that it should continue its efforts to make its decisions available and understandable to all citizens, as well as its actions undertaken to maintain price stability in the euro area and therefore preserve the purchasing power of the common currency;
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 30 #
2019/2110(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. 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 33 #
2019/2110(INI)
Motion for a resolution
Recital F c (new)
Recital F c (new)
Fc. whereas the Commission and the European Stability Mechanism (ESM) have set out their cooperation framework, entailing ESM involvement in financial assistance to Member States and sharing of information and expertise;
Amendment 55 #
2019/2110(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Underlines that structural reforms are still needed to strengthen the European Economic and Monetary Union, notably those concerning the creation of a Central Stabilisation Function, the Reform Support Programme and a European Deposit Insurance Scheme;
Amendment 137 #
2019/2110(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
– Supports shifting the tax burden away from labour and, incentivizing a smooth transition towards a green and sustainable economy while strengthening education and training systems and investment in skills; stresses the effectiveness of flexible labour market policies;;
Amendment 155 #
2019/2110(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Reminds Member States and the Council of the need to provide ESAs with appropriate resources in light of the new and reinforced tasks entrusted to them;
Amendment 263 #
2019/2110(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Notes that the Commission, the President of the Council and the President of the Eurogroup should be invited to appear in the competent Committee of the European Parliament to provide information and exchange views on an ad hoc and regular basis if the current political situation warrants it;
Amendment 265 #
Amendment 266 #
2019/2110(INI)
Motion for a resolution
Paragraph 18 c (new)
Paragraph 18 c (new)
18c. Calls to enhance ESM accountability towards the European Parliament, in line with previous recommendations of the European Parliament;
Amendment 267 #
2019/2110(INI)
Motion for a resolution
Paragraph 18 c (new)
Paragraph 18 c (new)
18c. Calls to enhance ESM accountability towards the European Parliament, in line with previous recommendations of the European Parliament;
Amendment 268 #
2019/2110(INI)
Motion for a resolution
Paragraph 18 d (new)
Paragraph 18 d (new)
18d. Invites the Commission to keep both legislators (European Parliament and the Council) equally well informed on all aspects relating to the application of the EU economic governance framework, including on preparatory stages and in view of any proposals to reform or enhance;
Amendment 269 #
2019/2110(INI)
Motion for a resolution
Paragraph 18 e (new)
Paragraph 18 e (new)
18e. 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 of the 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;
Amendment 270 #
2019/2110(INI)
Motion for a resolution
Paragraph 18 f (new)
Paragraph 18 f (new)
18f. Underlines the importance of the Eurogroup in the de facto coordination and surveillance of the economic policies of the Euro area Member States, 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;
Amendment 271 #
2019/2110(INI)
Motion for a resolution
Paragraph 18 g (new)
Paragraph 18 g (new)
18g. 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 272 #
2019/2110(INI)
18h. 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 8 #
2019/2028(BUD)
Draft opinion
Paragraph 1
Paragraph 1
1. Calls for the 2020 budget to contribute to the fulfilment of the priorities outlined in the European Semester, namely to deliver high-quality investment and reforms that increase productivity growth, foster growth and competitiveness, continuing to ensure macro-financial stability and sound public finances, and deepening the Single Markedeepening and strengthening the Single Market, including the digital component, as well as the completion of the Economic and Monetary Union (EMU);
Amendment 9 #
2019/2028(BUD)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Reiterates Parliament’s view that the 2020 Union budget should pave the way to the 2021-2027 Multiannual Financial Framework (MFF) and provide a solid starting point for the launch of the new generation of EU programmes and policies; recalls, moreover, that 2020 is the last year of the current MFF and, therefore, the last chance for the Union to come closer to meeting the political commitments set for this period, including towards reaching the EU climate target and implementing the UN Sustainable Development Goals (SDGs); underlines that the budget 2020 should prepare the Union for an even more ambitious climate target in the 2021-2027 MFF in order to meet the expectations of the European citizens;
Amendment 20 #
2019/2028(BUD)
Draft opinion
Paragraph 2
Paragraph 2
2. Emphasises the importance of ensuring sufficient resources for the coordination and surveillance of macroeconomic policies, financial crime, anti-money laundering as well as transparent communication to EU citizens on these measures;
Amendment 20 #
2019/2028(BUD)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Strongly believes that it is imperative to rise to the climate challenge in a way that boosts employmentsustainable growth investing in R&D and innovation; is convicted of the need to support SMEs as a vector of jobs and to strengthens competitiveness; welcomes the powerful calls for action made by EU leaders at the recent UN climate change summit and the commitments made recently by several Member States to ramp up spending in areas such as energy efficiency and transport and energy infrastructure;
Amendment 23 #
2019/2028(BUD)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Underlines the necessity to boost socially balanced, sustainable economic development and growth whilst taking into account climate change and sustainability while pursuing structural reforms to modernise European economies and facilitating access to finance for SMEs, including fulfilling budgetary priorities related thereto;
Amendment 24 #
2019/2028(BUD)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Further calls for the budget to contribute to fulfilling policy priorities in terms of the completion of the Capital Markets Union, including fostering an investment environment which will improve access to finance for market participants, particularly SMEs and start- ups;
Amendment 31 #
2019/2028(BUD)
Draft opinion
Paragraph 3
Paragraph 3
3. Calls for adequate resources for the European Supervisory Authorities (ESAs) in view of their new tasks; underlines that the ESAs should continue to increase their efficiency without compromising on the quality of their work with a focus on continuous re-assessment of working methods and of effective and transparent use of human and financial resources; highlights the importance of promoting diversity in all forms, including gender balance, particularly at management level in the ESAs; emphasises that the ESAs must stick to the tasks and to the mandate assigned to them by the European legislator;
Amendment 31 #
2019/2028(BUD)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Emphasises that youth remains an overarching priority for the Union budget. Highlights that despite the positive trends towards a decline in youth unemployment rates in the Union, the lack of future opportunities for young people is a real social emergency in certain parts of the Union, with significant disparities across the Member States and regions; decides therefore to reinforce the Youth Employment Initiative (YEI) above the level proposed by the Commission, also in order to ensure a smooth transition towards the European Social Fund Plus (ESF+) in the next MFF; also reinforces the financial resources to meet future demand for Erasmus+, the primary programme for education and training, including vocational education and training, youth and sport in Europe; recalls its commitment to triple the funding for Erasmus+ in the MFF 2021-2027, while also recalling the need to secure opportunities for older people, building bridges between generations through Erasmus+, which should be more available for seniors through increased financial resources and promotional campaigns;
Amendment 7 #
2019/0161(COD)
Proposal for a regulation
Citation 2 a (new)
Citation 2 a (new)
Having regard to the Commission's Communication for a European Minister of Economy and Finance
Amendment 14 #
2019/0161(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2 a) Member States whose currency is not the euro and which participate in the exchange rate mechanism (ERM-II) should inform the Commission without delay of whether they intend to participate in the budgetary instrument for convergence and competitiveness or the convergence and reform instrument.
Amendment 16 #
2019/0161(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) At the Union level, the European Semester of economic policy coordination is the framework for the identification of national reform priorities of the Member States and for the monitoring of the implementation of those priorities. This Regulation addresses the need to establish coherence between the reform and investment priorities for the euro area as a whole and the reform and investment objectives of the individual Member States whose currency is the euro, and of ERM II Member States participating on a voluntary basis, and to ensure their consistency with the European Semester.
Amendment 19 #
2019/0161(COD)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3 a) The current architecture of the Economic and Monetary Union is intrinsically complex. To improve the efficiency and democratic accountability in the Economic and Monetary Union, Member States shall agree to the establishment of a European Minister of Economy and Finance (the Union's Finance Minister) which would preside the Eurogroup, oversee the Budgetary Instrument for Convergence and Competitiveness, and chair the Board of Governors of the European Stability Mechanism, to be integrated into the Union's legal framework through the establishment of the European Monetary Fund. The Union's Finance Minister shall be a Vice-president of the Commission and must be accountable to the European Parliament.
Amendment 23 #
2019/0161(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) On an annual basis, the Council should set out strategic orientations on the reform and investment priorities for the euro area, as part of the recommendation on the economic policy of the euro area. The strategic orientations should be adopted by the Council acting by qualified majority on a recommendation from the Commission, and after the Eurogroup has discussed the reforms and investment priorities that it considers relevant and appropriate for inclusion therein. The annual Euro Summit will play its role.
Amendment 26 #
2019/0161(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) To ensure that strategic orientations reflect the evolving experience of the implementation of the budgetary instrument for convergence and competitiveness, the Commission should, alongside its recommendation on the strategic orientations, as part of its recommendation on the economic policy of the euro area, inform the European Parliament and the Council of how the strategic orientations have been followed during the preceding years.
Amendment 30 #
2019/0161(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The Member States whose currency is the euro can decide to submit proposals for reform and investment packages under the budgetary instrument for convergence and competitiveness. To that end, and after having heard the European Parliament, the Council will adopt a Recommendation providing country-specific guidance on the objectives of reforms and investment that can be supported under the budgetary instrument for convergence and competitiveness in Member States whose currency is the euro. This Council Recommendation should be consistent with the strategic orientations adopted under this Regulation, and with the country-specific recommendations that are adopted, in parallel, under the European Semester of economic policy coordination further to discussions, where appropriate, within the relevant Treaty-based committees. The Council Recommendation shall also duly take into account any macroeconomic adjustment programme approved in accordance with the relevant provisions of Regulation (EU) No 472/2013 of the European Parliament and of the Council9 . _________________ 9 Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability (OJ L 140, 27.5.2013, p. 1).
Amendment 34 #
2019/0161(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The Council Recommendation providing country-specific guidance on the objectives of reforms and investment in Member States whose currency is the euro, adopted by qualified majority, should be based on a Commission recommendation. This process should be without prejudice to the voluntary nature of participation of Member States whose currency is the euro in the budgetary instrument for convergence and competitiveness, and without prejudice to the Commission’s prerogatives as regards its implementation. The orientation must be in coherence with the overall Union policies.
Amendment 35 #
2019/0161(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) Within the governance framework set out in this Regulation, the Council, after having heard the relevant Committee within the European Parliament, should set out the strategic orientations for the euro area as a whole and provide country- specific guidance on the objectives of reform and investment packages of the individual Member States whose currency is the euro. The governance framework should also make sure that the instrument is coherent with other Union policies. As it would be part of the Union budget, it must be in coherence with the overall Union policies and satisfy budgetary principles and requirements in terms of sound financial management, budgetary control and parliamentary accountability. The Commission implements the Union’s budget under Article 317 TFEU, which includes the management of spending programmes. The Commission responsibilities with regard to the budgetary instrument for convergence and competitiveness [within the Reform Support Programme] under Regulation (EU) XXXX/XX should not be affected.
Amendment 40 #
2019/0161(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) In order to enhance the dialogue between the Union institutions, in particular between the European Parliament, the Council and the Commission, and to ensure greater transparency and accountability in that economic dialogue, the competent committee of the European Parliament can invite the President of the Council, the Commission and, where appropriate, the President of the Eurogroup and the Union's Finance Minister to appear before the committee to discuss the measures taken pursuant to this Regulation. The use of the instrument must be in coherence with the overall Union policies and satisfy budgetary principles and requirements in terms of sound financial management, budgetary control and parliamentary accountability.
Amendment 57 #
2019/0161(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. On a recommendation from the Commission and after discussion in the Eurogrouphaving heard the European Parliament, the Council shall establish, as part of the euro-area recommendation and on an annual basis, the strategic orientations for the reform and investment priorities of the euro area.
Amendment 62 #
2019/0161(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The Council shall, on a recommendation from the Commission, and after having heard the European Parliament, adopt a recommendation addressed to all Member States whose currency is the euro providing, on an annual basis, country- specific guidance on the reform and investment objectives for the purposes of the reform and investment packages, which Member States may subsequently submit under Regulation (EU) XXXX/XX [Reform Support Programme Regulation].
Amendment 67 #
2019/0161(COD)
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
In order to enhance the dialogue between the Union institutions, in particular the European Parliament, the Council and the Commission, and to ensure greater transparency and accountability, the competent committee of the European Parliament may invite the President of the Council, the Commission and, where appropriate, the President of the Eurogroup and the Union's Finance Minister to appear before the committee to discuss the measures taken pursuant to this Regulation.
Amendment 61 #
2018/0135(CNS)
Proposal for a decision
Recital 6 a (new)
Recital 6 a (new)
(6a) The European Parliament, the Council and the Commission, through a legally binding Interinstitutional Agreement, shall agree to a calendar for the implementation of the already proposed and of additional own resources by 2028. The agreement shall ensure that new own resources reach at least 30% of the annual budget by 2028, and that the Commission makes legislative proposals to that effect.
Amendment 64 #
2018/0135(CNS)
Proposal for a decision
Recital 6 b (new)
Recital 6 b (new)
(6b) The proceeds from the sale of allowances of the Emissions Trading System, the plastic-based contribution, and the proceeds from shall be introduced as new Own Resources by January 1st, 2021. The proceeds from the Digital Services and the Common Consolidated Corporate Tax Base Taxation shall be introduced as new Own Resources by January 1st 2022, with the Commission having until June 30st 2021 to make any relevant or necessary proposals. The proceeds from the Carbon Border Adjustment Mechanism shall be introduced as new Own Resources by December 31st 2022, with the Commission having until June 30st 2021 to make any relevant or necessary proposals. The proceeds from the Financial Transaction Tax shall be introduced as new Own Resources by January 1st 2024, with the Commission having until June 30st 2022 to make any relevant or necessary proposals.
Amendment 137 #
2018/0135(CNS)
Proposal for a decision
Article 2 – paragraph 1 a (new)
Article 2 – paragraph 1 a (new)
1a. The European Parliament, the Council and the Commission, through a legally binding Interinstitutional Agreement, shall agree to a calendar for the implementation of the already proposed and of additional own resources by 1 January 2028. The agreement shall ensure that new own resources reach at least 30% of the annual budget by 2028, and that the Commission makes legislative proposals to that effect.
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 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 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.