Activities of Pervenche BERÈS related to 2008/0191(COD)
Plenary speeches (1)
Credit requirements directives: Directives 2006/48/EC and 2006/49/EC - Community programme for financial services, financial reporting and auditing
Amendments (31)
Amendment 27 #
Proposal for a directive – amending act
Recital 1
Recital 1
(1) Article 3 of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions allows Member States to provide for special prudential regimes for credit institutions which are permanently affiliated to a central body since 15 December 1977, provided that those regimes were introduced in national laws no later than 15 December 1979. Those time limits prevent Member States, especially those which have acceded to the European Union since 1980, to introduce the same regimes for similar affiliations of credit institutions which have been set up later on their territories. It is therefore appropriate to remove the time limits set out in Article 3, in order to ensure equal conditions for competition between credit institutions in Member States. The Committee of European Banking Supervisors should provide for non- binding guidelines in order to enhance the convergence of supervisory practices in this regard.
Amendment 33 #
Proposal for a directive – amending act
Recital 5
Recital 5
(5) For the purpose of strengthening the crisis management framework of the Community, it is essential that competent authorities coordinate their actions with other competent authorities and where appropriate with central banks in an efficient way. In order to strengthen the efficiency of prudential supervision of parent credit institutions authorised in the Community and to allow competent authorities to better carry out the supervision of a banking group on a consolidated basis, supervisory activities should be coordinated in a more effective manner. Therefore, Colleges of Supervisors should be established. The establishment of colleges should not affectoverhaul the rights and responsibilities of the competent authorities under Directive 2006/48/EC. Their establishment should be an instrument for stronger cooperation whereby competent authorities reach agreement on key supervisory tasks. The colleges should facilitate the handling of ongoing supervision and emergency situations. The consolidating supervisor may, in association with the other members of the college, decide to organise meetings or activities that are not of general interest and therefore streamline the attendance as appropriate.
Amendment 35 #
Proposal for a directive – amending act
Recital 7
Recital 7
(7) Competent authorities should be able to participate in colleges established for the supervision of credit institutions the parent institution of which is situated in a third country. The Committee of European Banking Supervisors should provide, where necessary, for non-binding guidelines and recommendations in order to enhance the convergence of supervisory practices pursuant to Directive 2006/48/EC. In order to avoid inconsistencies and regulatory arbitrage, which could result from differences in the approaches and rules applied by the various colleges and application of discretion by Member States, guidelines on the proceedings of rules governing colleges should be developed by the Committee of European Banking Supervisors.
Amendment 37 #
Proposal for a directive – amending act
Recital 8 a (new)
Recital 8 a (new)
Amendment 42 #
Proposal for a directive – amending act
Recital 8 b (new)
Recital 8 b (new)
(8b) In its Communication of 29 October 2008 entitled 'From financial crisis to recovery: A European framework for action' , the Commission set up a group of experts, chaired by Jacques de Larosière, to consider the organisation of EU financial institutions to ensure prudential soundness, the orderly functioning of markets and stronger EU cooperation on financial stability oversight, early warning mechanisms and crisis management, including the management of cross-border and cross- sectoral risks, and also to look at cooperation between the European Union and other major jurisdictions to help safeguard financial stability at the global level.
Amendment 50 #
Proposal for a directive – amending act
Recital 15
Recital 15
(15) It is important to remove misalignment between the interest of firms that 're-package' loans into tradable securities and other financial instruments (originators) and firms that invest in these securities or instruments (investors). It is therefore important for originators to retain exposure to the risk of the loans in question. In particular where credit risk is transferred by securitisation, investors should make their decisions only after conducting thorough due diligence, for which they need adequate information about the securitisations. The measures to address the potential misalignment of these structures need to be consistent and coherent in all relevant financial sector regulation. The Commission should put forward appropriate legislative proposals to ensure such consistency and coherence.
Amendment 54 #
Proposal for a directive – amending act
Recital 19
Recital 19
Amendment 57 #
Proposal for a directive – amending act
Recital 19 a (new)
Recital 19 a (new)
(19a) The specific characteristics of microcredit and of microfinance institutions should be taken into account in the risk assessment. Furthermore, given the low development of microcredit, the development of adequate rating systems should be promoted. The development of microcredit through guarantee funds with lower own capital requirements should be authorised and promoted. Prudential regulation and supervision of microfinance institutions should be proportionate to their activities and size, with a differentiation to be made between these institutions and those also collecting savings. Finally, the supervision should be adapted to the development of standard rating systems adapted to the reality and risks of microcredit activities and the possibility to extend certain forms of saving to non- banking microfinance institutions should not be excluded.
Amendment 59 #
Proposal for a directive – amending act
Recital 19 b (new)
Recital 19 b (new)
(19b) In order to ensure financial stability, the Commission should put forward appropriate legislative proposals to regulate credit-default swaps (CDS). CDS on European entities should be processed through a European clearing house (CCP) to mitigate the counterparty risks and more generally to reduce the overall risks. Only CCP-cleared CDS should benefit from favourable capital requirement treatment.
Amendment 60 #
Proposal for a directive – amending act
Recital 19 c (new)
Recital 19 c (new)
(19c) When providing investment advice or portfolio management, the credit institution should obtain the necessary information regarding the client's or potential client's knowledge and experience in the investment field relevant to the specific type of product or service, its financial situation, and its investment objectives so as to enable the credit institution to recommend to the client or potential client the investment services and financial instruments that are suitable for him.
Amendment 61 #
Proposal for a directive – amending act
Article 1 – point 3
Article 1 – point 3
Directive 2006/48/EC
Article 40 – paragraph 3
Article 40 – paragraph 3
3. The competent authorities in one Member State shall take into account to the potential impact of their decisions on the stability of the financial system and the real economy in all other Member States concerned and, in particular, in emergency situations.
Amendment 63 #
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2006/48/EC
Article 42a – paragraph 1 – subparagraph 2 – point b
Article 42a – paragraph 1 – subparagraph 2 – point b
(b) the likely impact of a suspension or closure of the operations of the credit institution on liquidity and the payment and clearing and settlement systems in the host Member State;
Amendment 65 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 2006/48/EC
Article 42b – paragraph 1
Article 42b – paragraph 1
1. In the exercise of their duties, competent authorities shall contribute to and take into account the convergence in respect of supervisory tools and supervisory practices in the application of the laws, regulations and administrative requirements adopted pursuant to this Directive. For that purpose, Member States shall ensure that the competent authorities participate in the activities of the Committee of European Banking Supervisors and take into account its non- binding guidelines and recommendations.
Amendment 67 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 2006/48/EC
Article 42b – paragraph 2
Article 42b – paragraph 2
2. The Committee of European Banking Supervisors shall report to the Council, the European Parliament and the European Commission on the progress made towards supervisory convergence every three years starting from 31 December 2010.
Amendment 68 #
Proposal for a directive – amending act
Article 1 – point 6 – point a
Article 1 – point 6 – point a
Directive 2006/48/EC
Article 49 – paragraph 1 – point a
Article 49 – paragraph 1 – point a
(a) the ECB, central banks and other bodies with a similar function in their capacity as monetary authorities when this information is relevant for the exercise of their respective statutory tasks, including the conduct of monetary policy, the oversight of liquidity, payments and securities settlement systems, systemic risks and the safeguarding of financial stability ; and
Amendment 69 #
Proposal for a directive – amending act
Article 1 – point 6 – point b
Article 1 – point 6 – point b
Directive 2006/48/EC
Article 49 – paragraph 3 a
Article 49 – paragraph 3 a
In an emergency situation as referred to in Article 130(1), Member States shall allow competent authorities to communicate information to the ECB and central banks in the Community when this information is relevant for the exercise of their respective statutory tasks, including the conduct of monetary policy, the oversight of liquidity, payments and securities settlement systems, systemic risks and the safeguarding of financial stability.
Amendment 70 #
Proposal for a directive – amending act
Article 1 – point 7
Article 1 – point 7
Directive 2006/48/EC
Article 50 – paragraph 2 a
Article 50 – paragraph 2 a
In an emergency situation as referred to in Article 130(1), Member States shall allow competent authorities to disclose informationcommunicate on request all relevant information and shall communicate on their own initiative all essential information for the purpose of their task to the departments referred to in the first paragraph in all Member States concerned.
Amendment 72 #
Proposal for a directive – amending act
Article 1 – point 8 – point a
Article 1 – point 8 – point a
Directive 2006/48/EC
Article 57 – point a
Article 57 – point a
(a) capital within the meaning of Article 22 of Directive 86/635/EEC, in so far as it has been paid up, plus the related share premium accounts, it fully absorbs losses in going concern situations, and in the event of bankruptcy or liquidation ranks after all other claims. pari passu with ordinary shares on a going concern basis and in the event of bankruptcy or liquidation ranks pari passu with ordinary shares. Original own funds referred to in this subparagraph may include instruments providing preferential rights of dividend payment on a non-cumulative basis, provided that they are included in Article 22 of Directive 86/635/EEC, rank pari passu with ordinary shares during bankruptcy or liquidation, and fully absorb losses on a going-concern basis pari passu with ordinary shares. Original own funds referred to in this subparagraph also include any other instrument under credit institutions' statutory terms taking into account the specific constitution of mutuals, cooperative societies and similar institutions and which are deemed equivalent to ordinary shares in terms of their capital qualities. Instruments that do not rank pari passu with ordinary shares during liquidation or that do not absorb losses on a going concern basis pari passu with ordinary shares are included in the category of hybrids referred to in Article 57(ca).
Amendment 84 #
Proposal for a directive – amending act
Article 1 – point 13 a (new)
Article 1 – point 13 a (new)
Directive 2006/48/EC
Article 74 – paragraph 2 – subparagraph 2 a (new)
Article 74 – paragraph 2 – subparagraph 2 a (new)
13a. In Article 74(2), the following subparagraph is added: "For the communication of these calculations by credit institutions, the competent authorities shall, by 30 June 2011, apply uniform formats, frequencies and dates of reporting. To facilitate this, the Committee of European Banking Supervisors shall, by 31 December 2009, elaborate guidelines to introduce, within the Community, a uniform reporting format."
Amendment 133 #
Proposal for a directive – amending act
Article 1 – point 21 – point d
Article 1 – point 21 – point d
Directive 2006/48/EC
Article 113 – paragraph 4 – point f
Article 113 – paragraph 4 – point f
(f) asset items constituting claims on and other exposures to institutions, provided that these exposures do not constitute such institutions' own funds, do not last longer than the following business day and are denominated in a currency of the Member State exercising this option, provided that such currency is not the euro.
Amendment 240 #
Proposal for a directive – amending act
Article 1 – point 28 – point a – point i
Article 1 – point 28 – point a – point i
Directive 2006/48/EC
Article 129 – paragraph 1 – point b
Article 129 – paragraph 1 – point b
(b) planning and coordination of supervisory activities in going concern situations, including in relation to the activities referred to in Articles 123, 124, and 136, in Chapter 5 and in Annex V, in cooperation with the competent authorities and central banks involved;
Amendment 245 #
Proposal for a directive – amending act
Article 1 – point 28 – point b
Article 1 – point 28 – point b
Directive 2006/48/EC
Article 129 – paragraph 3 – subparagraph 2
Article 129 – paragraph 3 – subparagraph 2
For the purposes of point (a), the joint decision shall be reached sixthree months after submission by the consolidating supervisor of a report containing the risk assessment of the group in accordance with Articles 124 and 123 to the other relevant competent authorities.
Amendment 250 #
Proposal for a directive – amending act
Article 1 – point 28 – point b
Article 1 – point 28 – point b
Directive 2006/48/EC
Article 129 – paragraph 3 – subparagraph 5
Article 129 – paragraph 3 – subparagraph 5
Amendment 254 #
Proposal for a directive – amending act
Article 1 – point 28 – point b
Article 1 – point 28 – point b
Directive 2006/48/EC
Article 129 – paragraph 3 – subparagraph 5
Article 129 – paragraph 3 – subparagraph 5
In the absence of such a joint decision between the competent authorities within sixthree months, the consolidating supervisor shall make its own decision on the application of Articles 74(2), 123, 124 and 136(2). The decision shall be set out in a document containing the fully reasoned decision and shall take into account the views and reservations of the other competent authorities expressed during the six three-months period. The decision shall be provided to the other competent authorities by the consolidating supervisor.
Amendment 255 #
Proposal for a directive – amending act
Article 1 – point 28 – point b
Article 1 – point 28 – point b
Directive 2006/48/EC
Article 129 – paragraph 3 – subparagraph 6
Article 129 – paragraph 3 – subparagraph 6
Amendment 258 #
Proposal for a directive – amending act
Article 1 – point 28 – point b
Article 1 – point 28 – point b
Directive 2006/48/EC
Article 129 – paragraph 3 – subparagraph 6 a (new)
Article 129 – paragraph 3 – subparagraph 6 a (new)
All decisions shall be set out in a document, provided by the consolidating supervisor, containing the fully reasoned decision and shall take into account the views and reservations of the other competent authorities expressed during the whole decision-making period and shall be provided to the other competent authorities involved and to the EU parent credit institution. The Committee of European Banking Supervisors may disclose its advice.
Amendment 260 #
Proposal for a directive – amending act
Article 1 – point 28 – point b
Article 1 – point 28 – point b
Directive 2006/48/EC
Article 129 – paragraph 3 – subparagraph 7
Article 129 – paragraph 3 – subparagraph 7
The joint decision referred to in the first subparagraph and the decisions referred to in the sixth subparagraph shall be recognised as determinative and applied by the competent authorities in the Member State concerned. The Committee of European Banking Supervisors shall determine procedures for the convergence of supervisory practices with regard to the joint decision process referred to in this paragraph and with regard to application of Articles 123, 124 and 136(2) with a view to facilitating joint decisions.
Amendment 263 #
Proposal for a directive – amending act
Article 1 – point 29
Article 1 – point 29
Directive 2006/48/EC
Article 130 – paragraph 1 – subparagraph 1
Article 130 – paragraph 1 – subparagraph 1
1. Where an emergency situation, including adverse developments in financial markets, arises, which potentially jeopardises the liquidity and the stability of the financial system in any of the Member States where entities of a group have been authorised or where systemically relevant branches as referred to in Article 42a are established, the consolidating supervisor shall, subject to Chapter 1, Section 2, alert as soon as is practicable, the authorities referred to in the fourth subparagraph of Article 49 and in Article 50, and shall communicate all information that is essential for the pursuance of their tasks. These obligations shall apply to all competent authorities under Articles 125 and 126 and to the competent authority identified under Article 129(1).
Amendment 267 #
Proposal for a directive – amending act
Article 1 – point 30
Article 1 – point 30
Directive 2006/48/EC
Article 131a – paragraph 2 – subparagraph 5
Article 131a – paragraph 2 – subparagraph 5
The decision of the consolidating supervisor shall take account of the relevance of the supervisory activity to be planned or coordinated for those authorities, and the obligationsin particular the potential impact on the stability of the financial system and the real economy in the Member States concerned referred to in Articles 40(3) and Article 42a(2).
Amendment 271 #
Proposal for a directive – amending act
Article 1 – point 33 a (new)
Article 1 – point 33 a (new)
Directive 2006/48/EC
Article 156 – paragraph -1 (new)
Article 156 – paragraph -1 (new)
(33a) In Article 156, the following paragraph -1 is inserted: "By 31 January 2010, the Commission shall review this Directive as a whole to address how this Directive should take into account the economic cycle. The review should take into account how valuation, leverage, bank capital and provisioning may exacerbate cyclical trends, and should promote through-the- cycle provisioning. It should also tackle the issues of investment advice, specific provisions for microfinance and the regulation of CDS. The Commission shall, by 31 January 2010 submit a report on the above issues to the Parliament and to the Council with any appropriate proposals."
Amendment 275 #
Proposal for a directive – amending act
Article 1 – point 33 a (new)
Article 1 – point 33 a (new)
Directive 2006/48/EC
Article 156 – paragraph 2 a (new)
Article 156 – paragraph 2 a (new)