89 Amendments of Stasys JAKELIŪNAS
Amendment 9 #
2020/2176(DEC)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Recalls its resolution of 13 January 2020 on institutions and bodies of the EMU: preventing post-public employment conflicts of interest; calls upon the Authority to ensure that its internal procedures for dealing with conflicts of interest are in line with the Ombudsman’s recommendations following her inquiry into the EBA Executive Director’s move to a finance lobby group, if they are not yet fully aligned; calls further upon the authority to consider extending the 12-month mandatory cooling-off period for senior staff members that contemplate a move that may give rise to post-public employment conflicts of interest;
Amendment 21 #
2020/2176(DEC)
6 a. Acknowledges the inquiry into dividend arbitrage trading schemes such as cum-ex or cum-cum, as requested by the European Parliament1a; expresses its satisfaction with the thoroughness of this investigation into the integrity of a specific area of financial markets activity; _________________ 1a https://www.europarl.europa.eu/doceo/doc ument/TA-8-2018-0475_EN.html
Amendment 24 #
2020/2176(DEC)
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6 b. Acknowledges the Authority's report on the role of the German financial supervisor BaFin and the German Financial Reporting Enforcement Panel (FREP) in the Wirecard accounting scandal, which revealed major weaknesses in market and institutional oversight, especially with respect to investor protection and market integrity; suggests that the Authority reflect the lessons from this scandal in its guidelines and peer reviews of the implementation of those guidelines;
Amendment 8 #
2020/2175(DEC)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Recalls its resolution of 13 January 2020 on institutions and bodies of the EMU: preventing post-public employment conflicts of interest; calls upon the Authority to ensure that its internal procedures for dealing with conflicts of interest are in line with the Ombudsman’s recommendations following her inquiry into the EBA Executive Director’s move to a finance lobby group, if they are not yet fully aligned; calls further upon the authority to consider extending the 12-month mandatory cooling-off period for senior staff members that contemplate a move that may give rise to post-public employment conflicts of interest;
Amendment 21 #
2020/2175(DEC)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Calls on the Authority to address the long-term systemic challenges arising from the low real interest rate environment, which are particularly relevant for funded pension schemes, some life insurance and insurance-based investment products, and to inquire into potential solutions at EU level that would benefit consumers/investors and ensure financial stability of service providers;
Amendment 23 #
2020/2175(DEC)
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6 b. Asks the Authority to address proactively sustainability and heterogeneity issues of private funded pension schemes in the EU in a way that protects consumers/investors as well as market integrity;
Amendment 20 #
2020/2174(DEC)
Draft opinion
Paragraph 3
Paragraph 3
3. Recalls its resolution of 13 January 2020 on institutions and bodies of the EMU: preventing post-public employment conflicts of interest; calls upon the Authority to ensure that its internal procedures for dealing with conflicts of interest are in line with the Ombudsman’s recommendations following her inquiry into the EBA Executive Director’s move to a finance lobby group, if they are not yet fully aligned; calls further upon the Authority to enforce it Ethics Guide so as to protect the integrity of the institution and establish fair and responsible practices;
Amendment 29 #
2020/2174(DEC)
Draft opinion
Paragraph 4
Paragraph 4
4. Acknowledges that the composition of the Board of Supervisors seems appropriate to deal with the EBAs’ rulemaking responsibilities, but less so for their supervisory roles; recalls, in this context, the Authority’s new mandate in the fight against money laundering and terrorist financing; stresses further that the Authority should make full use of the powers granted to it under Chapter II of Regulation (EU) No 1093/2010 to ensure that all assignments and tasks are carried out properly and on time, and to ensure attainment of the tasks and objectives set out in that same Chapter, particularly with regard to consumer protection in the fast-growing area of digital finance, including neobanks;
Amendment 31 #
2020/2174(DEC)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
Amendment 41 #
2020/2174(DEC)
Draft opinion
Paragraph 7
Paragraph 7
7. Notes that after the completed relocation from London to Paris following the withdrawal of the United Kingdom from the European Union, a provision of 10,1 million euros is made for the lease of the EBA’s London office; suggests that an audit be conducted once all the costs and consequences of the move are clear in order to identify best practices and areas for improvement .
Amendment 18 #
2020/2034(INL)
Motion for a resolution
Citation 3 e (new)
Citation 3 e (new)
– having regard to the study requested by the European Parliament's Committee on Economic and Monetary Affairs ‘Crypto-assets: Key developments, regulatory concerns and responses’ of April 2020,
Amendment 19 #
2020/2034(INL)
Motion for a resolution
Citation 3 f (new)
Citation 3 f (new)
– having regard to the study requested by the European Parliament's Committee on Internal Market and Consumer Protection ‘Consumer Protection Aspects of Financial Services’ of February 2014,
Amendment 24 #
2020/2034(INL)
Motion for a resolution
Citation 17 a (new)
Citation 17 a (new)
– having regard to the Financial Action Task Force’s ‘Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers’ of June 2019,
Amendment 33 #
2020/2034(INL)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Amendment 47 #
2020/2034(INL)
Motion for a resolution
Recital G
Recital G
G. whereas digital finance has a strong cross-border element, which goes beyond the Union level and therefore international cooperation as well as an efficient and effective Union supervision in this field is essential;
Amendment 50 #
2020/2034(INL)
Motion for a resolution
Recital H
Recital H
H. whereas, according to market 1a data , at the beginning ofs of June 2020, over 5,1600 crypto- assets exist globally, with a total market capitalisation exceeding USD 2560 billion,2 ; _________________ 65% of which is made up of Bitcoin alone; _________________ 1a https://coinmarketcap.com 2 https://www.europarl.europa.eu/RegData/et udes/STUD/2020/648779/IPOL_STU(202 0)648779_EN.pdf
Amendment 51 #
2020/2034(INL)
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas, according to market data, stablecoins have reached a total market capitalisation of EUR 10 billion in June 2020 from 1.5 billion in January 2018 and, despite their still limited reach compared to other cryptocurrencies, have the potential to rapidly reach a global scale and a wide mass user base, especially if adopted by big tech companies exploiting their networks;
Amendment 52 #
2020/2034(INL)
Motion for a resolution
Recital H b (new)
Recital H b (new)
Amendment 55 #
2020/2034(INL)
Motion for a resolution
Recital I
Recital I
I. whereas experts of the European Central Bank (ECB) noted in their publication of 20193 , that even though crypto-assets are highly speculative, they do not represent an immediate threat to financial stability due to the current limited size of crypto-asset networks, whereas such state of play is subject to change in case of large scale adoption; _________________ 3 https://www.ecb.europa.eu/pub/economic- bulletin/articles/2019/html/ecb.ebart20190 5_03~c83aeaa44c.en.html#toc4
Amendment 57 #
2020/2034(INL)
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas, as pointed out in the EBA report, financial institutions are currently engaging in relatively limited crypto-assets related activities, but their interest is likely to grow particularly in the context of the increasing use of DLT- based solutions; whereas such activities include holding or gaining exposure to crypto-assets, underwriting ICOs, or offering services in relation to crypto- assets such as providing custody wallet or exchanges; whereas the current prudential rules are not well suited to capturing the high volatility and high risks of crypto-assets;
Amendment 64 #
2020/2034(INL)
Motion for a resolution
Recital I b (new)
Recital I b (new)
Ib. whereas initial coin offerings (ICOs) could provide an alternative source of funding for innovative businesses and start-ups at the early phase of their developments, but they also expose investors to high risks of losses due to their highly speculative nature and vulnerability to frauds; whereas the BIS Annual Economic Report 2018 found that at least 22,5% of ICOs have turned out to be fraudulent Ponzi schemes;
Amendment 66 #
2020/2034(INL)
Motion for a resolution
Recital I c (new)
Recital I c (new)
Ic. whereas crypto-assets have the potential to reduce transactions costs in a safe manner in an increasingly digitally surveyed world if subject to a stringent, fit for purpose and risk-based regulatory regime;
Amendment 70 #
2020/2034(INL)
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas the Wirecard scandal highlights the high risks for consumer investor protection and financial fraud posed by using sandboxes and by light oversight and regulation in order to foster innovation in the area of FinTech;
Amendment 112 #
2020/2034(INL)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the commitment of the Commission to finalising an Action Plan on FinTech by Q3 of 2020; considers that a Commission proposal on crypto-assets, as well as a cross-sectoral financial services act on operational and cyber resilience, are timely and necessary due to recent developments in the markets; requests that the Commission submits on the basis of Article 114 respective legislative proposal following the recommendations set out in the Annex hereto;
Amendment 118 #
2020/2034(INL)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Considers that FinTech will be integral to the success of the Capital Markets Union (CMU), subject to an appropriate regulatory framework and consumer protection provisions, and encourages the Commission to consider how to harness the benefits of FinTech in driving forward capital market integration in the Union;
Amendment 128 #
2020/2034(INL)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Highlights the importance for the Commission to closely align its work with international fora and regulatory bodies in developing international standards given the cross-jurisdictional nature of digital finance, without prejudice to the EU ability to adopt stronger regulatory and supervisory provisions;
Amendment 134 #
2020/2034(INL)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Calls on the Commission to deploy a proportionate, risk-based, cross-sectorial and holistic approach to its work on FinTech;
Amendment 143 #
2020/2034(INL)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission to act as first mover in order to create a favourablesustainable and lawful environment for European FinTech hubs and firms to scale up;
Amendment 151 #
2020/2034(INL)
Motion for a resolution
Paragraph 6 – point a
Paragraph 6 – point a
a. the same activities and services and their associated similar risks should be subject to the same rules;
Amendment 162 #
2020/2034(INL)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Points out that the Union level measures should not stifle opportunities for businesses to grow andgislation should be adapted and updated to take account of the rapid developments in the expanding markets of crypto-assets and ICOs; emphasises that the current legal uncertainty creates risks to consumer and investor protection and prevents real opportunities for businesses to grow and a sustainable ecosystem for digital finance to develop within the Union;
Amendment 177 #
2020/2034(INL)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Highlights the importance of the triangle of trulest, identity verification and data in order to ensure that operators, consumers and supervisors are able to have confidence in digital finance’ activities are subject to appropriate safeguards and restrictions, consumers are adequately protected and aware of risks and supervisors are able to monitor developments and take appropriate actions in the area of digital finance, while preserving the integrity of existing capital markets;
Amendment 181 #
2020/2034(INL)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Points out that the financial supervisory framework across Member States is currently structured on four different approaches: institutional, functional, and integrated and Twin Peaks, which results in major fragmentation and lack of convergence in the EU financial regulatory and supervisory architecture; in order to address this issue and reduce regulatory and supervisory arbitrage opportunities, calls on the Commission to launch a new consultation on the review of the European system of financial supervision with a main goal to create a Twin Peaks- based, efficient and harmonised supervisory framework;
Amendment 195 #
2020/2034(INL)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Considers that developing a comprehensive pan- European taxonomy for crypto-assets is desirable as aa necessary step towards fostering a EU common understanding, facilitating collaborationestablishing an adequate regulatory regime, facilitating a coordinated approach across jurisdictions and providing greater legal and 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, including stablecoins, bearing in mind in particular their borderless nature; cautions, however, that developing an open-ended taxonomy template may be more appropriate for this evolving market segment and the potential systemic risks for financial stability and fair competition; considers, however, that developing an open-ended taxonomy template at EU level taking account of this evolving market segment should be a priority and serve as a basis for appropriate legislative and regulatory actions;
Amendment 203 #
2020/2034(INL)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Notes that in the absence of a common EU regulatory approach for crypto-assets, Member States have already started adopting unilateral legislative and supervisory actions and face increasing pressure to act due to consumer protection concerns; points out that divergent interpretations and an uncoordinated approach across Member States can lead to market fragmentation, increase legal uncertainty, undermine the level playing field and provide opportunities for regulatory arbitrage;
Amendment 209 #
2020/2034(INL)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Believes, therefore, that any further categorisation should be balancedcomprehensive and flexible in order to givebe adaptable to evolving business models and cyber risks, while giving space for innovation in the sector whiland at the same time ensuring that risks can be identified and addressed at an early stage;
Amendment 219 #
2020/2034(INL)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Further stresses that clear guidanceity on the applicable regulatory and prudential processes is needed in order to provide regulatory certainty regarding crypto- and an adequate prudential treatment regarding high- risk crypto-assets, taking account of their high volatility and speculative nature, as well as to ensure stronger supervisory convergence in this area; underlines in particular the need for a targeted review of the CRR/CRD framework and a common approach to the accounting treatment of crypto-assets;
Amendment 223 #
2020/2034(INL)
11a. Considers that until a EU taxonomy is available, regulated and licensed financial institutions should be subject to a temporary ban of crypto- assets related activities in consideration of the high risks to consumer and investors protection, financial stability, and market integrity and reputation, with the exception of small-scale or prototype activities subject to the approval of competent authorities; points out that once such taxonomy is established in EU law, such institutions should carry out activities related to high-risk crypto-assets only subject to strong safeguards and tight limits, based on an assessment of the potential risk of the activities under the most conservative assumptions;
Amendment 225 #
2020/2034(INL)
Motion for a resolution
Paragraph 11 b (new)
Paragraph 11 b (new)
11b. Considers that all agents and participants entering into transactions above a 'de minimis' threshold in crypto- assets related activities outside of the scope of the regulated and licensed financial institutions should be subject to the standards of the existing regulatory framework including AML/CFT, KYC, MiFID, Market Abuse Regulation, PSD, Short Selling Regulation, Prospectus Regulation, Central Securities Depositories Regulation, EMIR and UCITS, as applicable;
Amendment 226 #
2020/2034(INL)
Motion for a resolution
Paragraph 11 c (new)
Paragraph 11 c (new)
11c. Stresses that risks related to holdings and exposures to crypto-assets should be fully integrated in the supervisory review and evaluation process (SREP) once the taxonomy is available; highlights in this regard the need for adequate and standardised disclosure requirements of any material exposures or services related to crypto-assets;
Amendment 227 #
2020/2034(INL)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Points out that applying existing regulations to previously unregulated crypto-assets will be necessary, as will creating bespoke and stringent regulatory regimes for, including evolving crypto-asset activities, such as initial coin offerings, so as to avoid unwanted legitimisation and ensure adequate consumer protection and market integrity; stresses in particular the need to establish stringent rules regarding information to potential clients, which should be clear and not misleading, as well as suitability assessments requirements;
Amendment 240 #
2020/2034(INL)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Highlights that a common Union framework on crypto-assets should help increase consumer and investor protection, enhanfully enforce know your customer (KYC) obligations and oversight of the underlying technology;
Amendment 242 #
2020/2034(INL)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Underlines that existing gaps in the anti-money laundering (AML) framework for crypto-assets such as in the application of the KYC principle, lead to an uneven playing field between different types of financial activity; considers that AML/CTF provisions for providers of services related to crypto-assets should be enforced also for foreign providers offering their services in the Union; highlights that a comprehensive definition of ‘virtual assets’ is needed to better reflect the nature and function of crypto- assets for the purpose of AML/CTF; points out that the definition of terrorist financing shall also be updated to ensure that crypto-assets are adequately covered;
Amendment 246 #
2020/2034(INL)
Motion for a resolution
Paragraph 13 b (new)
Paragraph 13 b (new)
13b. Calls further on the Commission to expand the scope of obliged entities under the AML/CTF framework, in line with the recommendations of the Financial Action Task Force (FATF) and ESMA, to ensure that all activities involving crypto-assets, with regards to providers of virtual-to-virtual exchanges, other categories of wallet providers and initial coin offerings, are subject to the same AML/CTF obligations;
Amendment 249 #
2020/2034(INL)
Motion for a resolution
Paragraph 13 c (new)
Paragraph 13 c (new)
13c. Considers that Virtual Assets Service Providers (VASP) operating in the EU should be subject to mandatory registration or licensing requirements with the competent authorities before conducting business within the EU, including the obligation to appoint a resident executive director and have substantive management presence in the jurisdiction of registration; underlines further that, in line with FATF Guidelines, the VASP’s shall be required to seek prior approval by the competent authorities for substantive changes in shareholders, business operations and structures, to prevent criminals from owning or holding a significant controlling interest or management function in a VASP and ensure the fitness and properness of directors, managers and shareholders;
Amendment 253 #
2020/2034(INL)
Motion for a resolution
Paragraph 13 d (new)
Paragraph 13 d (new)
13d. Reiterates the need to establish a European Financial Intelligence Unit (FIU) to effectively address the AML/CTF risks arising from cross-border activities and new technologies, in particular those posed by crypto-assets;
Amendment 265 #
2020/2034(INL)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Points out that with the increasing digitalisation of financial services, as well as outsourcing to external IT solution or maintenance providers, such as cloud providers, the exposure of financial institutions and markets to disruption caused by internal failures or external attacks is becoming more pronounced and thereby that operational risks need to be thoroughly assessed in such evolving landscape to take into account and stress test plausible, but extreme scenarios;
Amendment 274 #
2020/2034(INL)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the Commission to propose legislative changes in the area of ICT and cyber security requirements for the Union financial sector, taking into account international standards, in order to address any inconsistencies, gaps and loopholes that are found to exist in relevant law;
Amendment 283 #
2020/2034(INL)
da. data integrity and security;
Amendment 293 #
2020/2034(INL)
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17b. Stresses the need, in order to enhance operational resilience and market integrity, for establishing clear requirements for trading platforms, as regards in particular, depending on the nature and size, robust governance arrangements, including risk-based capital requirements and adequate processes and controls against hacking or theft, due diligence requirements, assets segregation, adequate complaints handling and redress procedures to deter market abuses, as well as screening processes against the risk of fraud and manipulation;
Amendment 310 #
2020/2034(INL)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Calls on the Commission to actively promote open-source software and their role in cyber resilience, especially for their inherently high levels of transparency;
Amendment 311 #
2020/2034(INL)
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20b. Calls on the Commission to actively promote use of open source hardware and to actively work in promoting European autonomy in producing software with transparent features; underlines that European reliance on third party hardware manufacturers is a long term security liability, especially in connection with digital finance;
Amendment 325 #
2020/2034(INL)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Believes that the lack of accessible data and information regarding FinTech and crypto-assets related activities can be a detriment to growthconsumer protection, market integrity and financial stability as well as to the fight against money laundering and terrorism financing, tax evasion and tax avoidance; advocates for increased transparency and enhanced reporting of FinTechrequirements of FinTech and crypto-assets activity so as to reduce asymmetries and risks; further calls for the adoption of specific rules on market transparency and integrity;
Amendment 335 #
2020/2034(INL)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Calls for transparency of algorithms used by the financial sector, as appropriate, and supervisory disclosure of these;
Amendment 336 #
2020/2034(INL)
Motion for a resolution
Paragraph 24 b (new)
Paragraph 24 b (new)
24b. Economic, environmental and social implications Highlights the challenges and risks for financial stability and monetary transmission posed by the emergence of stablecoins with potential for global reach and mass adoption, including shifting the control of monetary policy from central banks to private companies without any accountability; welcomes in this regard the commitment of the Commission and the Council, in line with the actions taken at international level, to identify and address the legal, regulatory and oversight challenges and potential systemic risks posed by global stablecoins and other similar arrangements, before such projects can commence their operations in the EU;
Amendment 337 #
2020/2034(INL)
Motion for a resolution
Paragraph 24 c (new)
Paragraph 24 c (new)
24c. Economic, environmental and social implications Is concerned about the high environmental impact of crypto-mining based on proof of work protocols, such as Bitcoin; points out that, according to a benchmarking study presented by the Cambridge Centre for Alternative Finance, the energy consumption used by Bitcoin equals that of the whole country of Switzerland; stresses the need for new solutions aimed at mitigating the ecological footprint of mainstream crypto- assets and to ensure the shift towards energy efficient solutions, including the reuse of heat generated for other uses;
Amendment 338 #
2020/2034(INL)
Motion for a resolution
Paragraph 24 d (new)
Paragraph 24 d (new)
24d. Economic, environmental and social implications Points out that, despite the original promise of leading to decentralisation, democratisation and reducing economic inequalities, crypto-assets have been, on the contrary, associated with high levels of wealth concentration, while most crypto-assets trading occurs on centralized exchanges vulnerable to hacking and frauds;
Amendment 339 #
2020/2034(INL)
Motion for a resolution
Paragraph 24 e (new)
Paragraph 24 e (new)
24e. Economic, environmental and social implications Underlines the potential benefits of introducing a Euro virtual currency to provide cheaper, faster and more secure transactions to European citizens, while ensuring that competent authorities are equipped with the adequate tools to prevent illegal activities; invites the ECB to consider to undertake a comprehensive impact assessment regarding the possibility of introducing a Euro virtual currency;
Amendment 345 #
2020/2034(INL)
Motion for a resolution
Annex I – part A – point 2
Annex I – part A – point 2
2. To ensure that digital finance can continue to becreate a framework that allows digital finance is an innovative driver of growth and jobs across the single market in a safe and regulated environment with high standards for consumer/investor protection and market integrity;
Amendment 347 #
2020/2034(INL)
Motion for a resolution
Annex I – part A – point 2 a (new)
Annex I – part A – point 2 a (new)
2a. To ensure that activities from the field of digital finance that are economically similar to regulated activities under the current legislative framework are held to the same standards, thereby minimising the potential for regulatory arbitrage and facilitating competition on a level playing field;
Amendment 349 #
2020/2034(INL)
Motion for a resolution
Annex I – part A – point 3
Annex I – part A – point 3
3. To foster a common understanding of the key issues concerning digital finance and encouragsure the harmonisation of relevant provisions, which will lead to enhanced cross border activity;
Amendment 351 #
2020/2034(INL)
Motion for a resolution
Annex I – part A – point 4
Annex I – part A – point 4
4. To increase data sharing, data integrity and security in accordance with Union principles in order to stimulate innovationenhance consumer protection and market integrity . The aim should be to facilitate access to public data across the Union, while ensuring compliance with data protection and data security standards. This would not only benefit digital finance companies, but would also be to the benefit of a number of other Union policy areas and increase market transparency;
Amendment 353 #
2020/2034(INL)
Motion for a resolution
Annex I – part B – point -1 (new)
Annex I – part B – point -1 (new)
-1. To ensure that until a EU taxonomy is available, regulated and licensed financial institutions should be subject to a temporary ban of crypto- assets related activities with the exception of small scale or prototype activities subject to approval by competent authorities, in consideration of the high risks to consumer and investors protection, financial stability, and market integrity and reputation; points out that once such taxonomy is established in EU law, such institutions should carry out activities related to high-risk crypto-assets only subject to strong safeguards and tight limits, based on an assessment of the potential risk of the activities under the most conservative assumptions. Meanwhile, all agents and participants entering into transactions above a 'de minimis' threshold in crypto-assets related activities outside of the scope of the regulated and licensed financial institutions should be subject to the standards of the existing regulatory framework including AML/CFT, KYC, PSD2, MiFID, Market Abuse Regulation, Short Selling Regulation, Prospectus Regulation, Central Securities Depositories Regulation, EMIR and UCITS, as applicable;
Amendment 354 #
2020/2034(INL)
Motion for a resolution
Annex I – part B – point 1
Annex I – part B – point 1
1. To put forward a legislative proposal for Crypto-Assets, which provides legal certainty for the treatment of Crypto- Assets while ensuring high standards of consumer and investor protection, market integrity and financial stability. Such a framework should consider a comprehensive and an open taxonomy, and aim to legislate according to the principle of the same rules applying according to the same activity and risks, both among crypto-assets as well as vis-à- vis traditional financial services. Moreover, such framework should: (a) be based on the principle of proportionality and of an adequate regulation of providers based on principles that are already in use in financial services; (b) ensure that crypto-assets that are economically similar to traditional securities, and all involved agents, are subject to existing securities markets regulations, in particular MiFID, Short Selling Regulation, Market Abuse Regulation and Prospectus Regulation, as applicable; (c) ensure that crypto-assets that are economically equivalent to traditional collective investment undertakings, and all involved agents, are subject to existing funds regulation, in particular UCITS, AIFMD and MFF, as applicable; (d) ensure that crypto-assets that are economically equivalent to traditional e- money, and all involved agents, are subject to existing payments regulation, in particular the E-Money Directive and PSD, as applicable; (e) ensure that stablecoins meet at least the standards of the E-Money Directive, in particular with regards to their redeemability at par, complemented by additional requirements to account for their potential systemic relevance; (f) consider any crypto-assets that do not belong to one of the categories above as high-risk crypto-assets; (g) ensure the adoption of specific rules on market transparency and integrity at least equivalent to those of MIFID for issuers or sponsors of crypto-assets; (h) ensure all crypto-assets service providers, including trading platforms and ICOs, are subject to AML/CTF obligations, as regards in particular conducting customer due diligence and KYC, record keeping and reporting of suspicious transactions to the competent authorities and FIUs. Crypto-assets providers shall not use or tolerate any techniques (such as cryptocurrency tumblers or mixers) that would undermine their ability to meet their AML/CFT requirements; (i) ensure that Virtual Assets Service Providers (VASP) operating in the EU are subject to mandatory registration or licensing requirements with the competent authorities before conducting business within the EU, including the obligation to appoint a resident executive director and have substantive management presence in the jurisdiction of registration. The VASP shall be required to seek prior approval by the competent authorities for substantive changes in shareholders, business operations and structures, to prevent criminals from owning or holding a significant controlling interest or management function in a VASP and ensure the fitness and properness of directors, managers and shareholders; (j) appoint a single European supervisor for oversight and registration of all crypto-assets related activities in the European Union, based on a common rulebook; (k) include legal provisions and mechanisms to ensure that the regulatory standards for crypto-assets related activities, in particular regarding consumer protection and AML/CFT, are also enforced when such activities or services are provided or operated from outside the European Union;
Amendment 358 #
2020/2034(INL)
Motion for a resolution
Annex I – part B – point 1 a (new)
Annex I – part B – point 1 a (new)
1a. To strengthen the application of the AML/CTF framework to crypto-assets and close the existing loopholes, in particular: (a) adopt a comprehensive definition of crypto-assets; (b) update the definition of terrorist financing to also include assets or property within the scope; (c) incorporate under AML/CTF obligations other categories of crypto- assets service providers, namely providers of virtual-to-virtual exchanges, other categories of wallet and ICOs;
Amendment 360 #
2020/2034(INL)
Motion for a resolution
Annex I – part B – point 2
Annex I – part B – point 2
2. To make a legislative proposal on cyber resilience, which ensures consistent standards of ICT security across the Union financial sector. Such a framework should be future-oriented and focus on modernising the current rules applicable concerning cyber resilience, while also closing any regulatory loopholes and gaps, which may put businesses, investors and consumers at risk; crypto-assets trading platforms should be subject to robust governance arrangements, including risk- based requirements and adequate processes and controls against hacking or theft, due diligence requirements, assets segregation, adequate complaints handling and redress procedures to deter market abuses, as well as screening processes against the risk of fraud and manipulation;
Amendment 135 #
2020/0267(COD)
Proposal for a regulation
–
–
European Parliament rejects the proposal for a Regulation of the European Parliament and of the Council on a pilot regime for market infrastructures based on distributed ledger technology.
Amendment 15 #
2020/0265(COD)
Proposal for a regulation
–
–
The European Parliament rejects Proposal for a Regulation of the European Parliament and of the Council on Markets in Crypto-assets, and amending Directive (EU) 2019/1937.
Amendment 56 #
2019/2129(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the role of the ECB in safeguarding euro stability and stresses that the ECB’s independence is a requisite for fulfilling; notes ECB’s independence in fulfilling its mandate; stresses, however, that the measures taken by the ECB since 2008 raise serious questions whether its accountability framework its manwell adapted to these type of policies;
Amendment 66 #
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 forat while monetary policy may need to remain accommodative for the foreseeable future, it is high time for fiscal policy to play its part where there is fiscal space;
Amendment 73 #
2019/2129(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 116 #
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 insurance scheme that would reduce risks, promote fair competition, facilitate the expansion of pan-European banking and reinforce the stability of the euro area as a whole;
Amendment 132 #
2019/2129(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Welcomes the emergence of a discussion about the role of central banks and supervisors in supporting the fight against climate change and urges the ECB to contribute actively to this developing field of work.
Amendment 147 #
2019/2129(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Points out that, while the effects on the real economy have been rather limited, ECB’s liquidity operations has enabled banks to access funding at very low cost or even with negative interest rates and against lower quality of collateral; considers that this has directly subsidised their balance sheets in a framework that escapes the established democratic checks and balances for granting public subsidies; deplores the fact that the size of this subsidy, is not monitored and published and that it is free from strict conditionality in terms of whether or how it is invested; insists that any extraordinary measures of this kind should be accompanied by measures to mitigate distortions to markets and the economy;
Amendment 186 #
2019/2129(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Stresses, however that prolonged non-standard policy measures has negative side effects, including adverse distributional effects, solvency implications for some financial institutions, transfer of risks onto consumers, possible inefficiencies in the real economy, bubbles in the real estate market, and others that need to be studied and addressed;
Amendment 200 #
Amendment 214 #
2019/2129(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Takes good note ofNotes with approval Christine Lagarde’s declaration of 4 September, in which she welcomed the ECB’s collaborationmembership in the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) and commitment to contribute to facing the challenges which climate change poses bynotably endorsed "a gradual transition to eliminate carbon assets" from the ECB's portfolio; stresses that the ECB should contribute actively to the work of the NGFS and implementing the NGFS’s recommendations and acting on them substantively wherever possibleset out in its First Comprehensive Report of April 2019, without undermining the ECB’s price stability mandate and other objectives;
Amendment 217 #
2019/2129(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Considers the review of its monetary policy framework announced by Christine Lagarde, as an opportunity for the ECB to revise its principle of market neutrality that constitutes neither a legal requirement nor an established doctrine for guiding central banks’ policies while the ECJ [Case C-62/14]has hinted in its recent decision the possibility for ECB to correct through monetary policy, the bad functioning of markets; urges, therefore, the ECB to address in line with its mandate risks to financial stability by examining the integration of climate- related risks in the collateral eligibility criteria for its liquidity operations as well as restructure its portfolio of securities held under the CSPP in order to reduce its holding of bonds linked with fossil fuel industries, and increase its holdings of bonds linked with sustainable investment; suggests, in this respect a framework of a mutually non-coercive coordination between the ECB and the European Fund for Strategic Investment(EFSI) and European Investment Bank (EIB)";
Amendment 222 #
2019/2129(INI)
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12b. Suggests that the ECB make the question how central banking and bank supervision can contribute to a sustainable economy and the fight against climate change one of its research priorities; suggests that, to that end, the ECB also cooperate with international networks other than the NGFS, especially the Sustainable Banking Network and the UN Principles for Responsible Banking initiative;
Amendment 226 #
Amendment 253 #
2019/2129(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Calls on the ECB and other European institutions to study the need for and the feasibility of moving to a more harmonised financial system supervision architecture across Member States;
Amendment 254 #
2019/2129(INI)
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15b. Stresses that the ECB's supervisory role (SSM), its responsibility for systemic stability (ESRB), and its monetary policy function should not be confused and should not generate any conflict of interest in the execution of its principal functions; further stresses the importance of exploring future institutional independence of these three functions with a democratically accountable mechanism for resolving conflicts between them;
Amendment 255 #
2019/2129(INI)
Motion for a resolution
Paragraph 15 c (new)
Paragraph 15 c (new)
15c. Calls for stronger and harmonised macro-prudential measures and macro- prudential supervision; is concerned that, as of October 2019, only four Eurozone countries have activated the option of an above-zero counter-cyclical capital buffer;
Amendment 259 #
2019/2129(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the ECB to increase its monitoring ofmonitor carefully the development of crypto- currencies andassets and the attendant risks to cyber-security which can have negative effects for the stability and safety of the fincreased risks in cyber-secuancial sector; suggests to refrain from using the term 'crypto currencies' because, as pointed out in EBA Opinion 2014/08, using the term 'currency' can be misleading for a variety of reasons;
Amendment 269 #
2019/2129(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Encourages the ECB to join efforts by other central banks to explore financial and economic risks and opportunities of central bank digital currencies;
Amendment 281 #
2019/2129(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Welcomes the introduction of the Euro short-term rate, the new overnight reference rate for euro area money markets; asks the ECB to include in its next annual report a first assessment of its evolution and functioning in the market;
Amendment 296 #
2019/2129(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Recalls that the nominations of Executive Board members should be prepared carefully, with full transparency and together with Parliament in line with the Treaties; calls on the Council to draw up a gender-balanced shortlists for all current and upcoming vacancies and to share ithem with Parliament, thus allowing it to play a more meaningful advisory role in the appointment process; recalls point 4 of the European Parliament’s Resolution 2019/2614(RSP),in which Parliament commits itself not to take into account short-lists that do not respect the principle of gender balance; regrets that to date no satisfactory progress has been made;
Amendment 299 #
2019/2129(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Reminds the newly appointed ECB President, Ms Lagarde, of the conclusions of the European Ombudsman’s case 1697/2016/ANA concerning the former ECB President Mr. Draghi's membership in the “Group of Thirty”; disagrees with the ECB’s argument that membership in such fora is necessary for the stakeholder dialogue with supervised banks (ECB, Feedback on the input provided by the European Parliament as part of its resolution on the ECB Annual Report for 2016, April 2018); calls on the ECB to respect the Ombudsman’s recommendations and to carefully review its internal policies in order to curb conflicts of interest that can arise through revolving door practices as well as the participation of members of the ECB Board and Governing Council in informal fora involving secretive discussions with senior representatives of the private sector;
Amendment 302 #
2019/2129(INI)
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
Amendment 277 #
2018/0063A(COD)
Proposal for a directive
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
2a. This Directive shall not apply to credit agreements concluded between creditors and borrowers who are consumers, secured by immovable residential property, which is the primary residence of the borrower.