[ParlTrack]

Proposal for a regulation
Recital 33

(33) Member States have a core responsibility in preserving financial stability in crisis management, in particular with regard to stabilising and resolving individual ailing financial market participants. Measures by the Authority in emergency ~~or settlement~~ situations affecting the stability of a financial market participant should not impinge on the fiscal responsibilities of Member States. A mechanism should be established whereby Member States may invoke this safeguard and ultimately bring the matter before the Council for decision. It is appropriate to confer on the Council a role in this matter given the particular responsibilities of the Member States in this respect.

2010/03/23
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)

(da) cooperate closely with the ESMA unit in charge of investor protection, authorisation and monitoring of products and their commercialisation, in particular by providing the ESMA with the necessary information for the achievement of such cooperation;

2010/03/23
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 8 – paragraph 1

The Authority shall, with a view to establishing consistent, efficient and effective supervisory practices within the ESFS, and to ensuring the common, uniform and consistent application of ~~Community~~Union legislation, issue guidelines and recommendations addressed to national supervisory authorities or financial institutions. Where the Authority is empowered by legislation to develop technical standards in accordance with Article 7, it shall issue guidelines and recommendations only after the standards have been adopted.

2010/03/23
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 23 – paragraph 1

1. The Authority shall ensure that no decision adopted under Articles 10 ~~or 11~~ impinges in any way on the fiscal responsibilities of Member States.

2010/03/23
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 23 – paragraph 2

2. Where a Member State considers that a decision taken under Article 11 impinges on its fiscal responsibilities, it may notify the Authority and the Commission within one month after notification of the Authority's decision to the national supervisory authority that the decision will not be implemented by the national supervisory authority. In its notification, the Member State shall justify why and clearly demonstrate how the decision impinges on its fiscal responsibilities. In that case, the decision of the Authority shall be suspended. Within a period of one month from the notification by the Member State, the Authority shall inform the Member State as to whether it maintains its decision or whether it amends or revokes it. Where the Authority maintains its decision, the Council, acting by qualified majority as defined in Article 205 of the Treaty, shall, within two months, decide whether the Authority's decision is maintained or revoked. Where the Council decides to maintain the Authority's decision, or where it does not take a decision within two months, the suspension of that decision shall be immediately terminated.deleted

2010/03/23
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3

The ~~Council, acting by qualified majority as defined in Article 205 of the Treaty, shall, within te~~Authority shall revoke its decision wor~~king days, decide whether the Authority's decision is maintained or revoked~~ duly explain why it maintains it.

2010/03/23
Committee: ECON

6 Amendments of Pervenche BERÈS related to 2009/0143(COD)

ParlTrack - 2011-2024