BETA

Activities of Pervenche BERÈS related to 2010/0199(COD)

Plenary speeches (1)

Investor-compensation schemes (debate)
2016/11/22
Dossiers: 2010/0199(COD)

Amendments (42)

Amendment 51 #
Proposal for a directive
Recital 8
(8) As the compensation coverage under Directive 94/19/EC is now higher than the one under this Directive, it is necessary to provide the highest protection to investors in cases where both Directives 94/19/EC and 97/9/EC could cover assets held by banks . Therefore, in those cases, the investor should be compensated under Directive 94/19/EC.deleted
2011/03/02
Committee: ECON
Amendment 54 #
Proposal for a directive
Recital 12
(12) The minimum level of compensation was established in 1997 and has not been modified since then. This level should be increased to EUR 5100 000 in order to take into account developments in the financial markets and in the Union legislative framework. This amount takes into account the effects of inflation in the Union and the need to better align the level of compensation with the average value of investments held by retail clients in the Member States. In order to increase the protection provided to investors, it is necessary to remove the existing option for Member States to limit or exclude from cover funds in currencies other that those of the Member States.
2011/03/02
Committee: ECON
Amendment 56 #
Proposal for a directive
Recital 13
(13) In order to ensure investors receive the compensation provided for under this Directive and a comparable level of investor protection across Member States, it is necessary to introduce common rules governing the funding of the schemes. The schemes should be financed in proportion to their liabilities. An appropriate level of pre-funding should be ensured and the schemes should have in place adequate arrangements to assess and reach their target funding level prior to the occurrence of any loss event relevantInvestment firms and UCITS should therefore be obliged to contract with an insurance company ensuring the compensation provided for under this Directive 97/9/EC. A common minimum target fundinsurance level should be reached within a tenfive-year period.
2011/03/02
Committee: ECON
Amendment 58 #
Proposal for a directive
Recital 16
(16) In order to ensure that investors receive compensation in due time a last resort borrowing mechanism among national schemEuropean reserve fund among insurance companies in the Union should be established. The system should include the possibility for scheminsurance companies to borrow funds from other schemes reserve in the exceptional case they face a temporary lack of funding. For this purpose, a portion of ex-ante funding in each scheme should be available for lending to other schemes.
2011/03/02
Committee: ECON
Amendment 59 #
Proposal for a directive
Recital 22
(22) Directive 97/9/EC allows Member States to exclude professional and institutional investors from cover but the relevant list is not aligned with the classification of clients of investment firms under Directive 2004/39/EC. In order to ensure consistency between Directives 97/9/EC and 2004/39/EC, to simplify the assessment for compensation schemes and to limit the possible exclusion, in the case of enterprises, only to large undertakings, Directive 97/9/EC should refer to investors who are considered as professional clients according to Directive 2004/39/EC. In order to ensure an appropriate level of protection for all relevant investors, Member States should have the right to include micro-entities, non-profit organisations and public local authorities in order to bring them within the scope of this Directive.
2011/03/02
Committee: ECON
Amendment 60 #
Proposal for a directive – amending act
Article 1 – point 1 – point a
Directive 97/9/EC
Article 1 – point 2
2. 'investment business' shall mean investment services and activities as defined in Article 4(1)(2) of Directive 2004/39/EC and the ancillary service referred to in point 1 of Section B of the Annex I to Directive 2004/39/EC of the European Parliament and of the Council; subject to the financial instruments having been issued in the Union.
2011/03/02
Committee: ECON
Amendment 61 #
Proposal for a directive – amending act
Article 1 – point 1 – point b
Directive 97/9/EC
Article 1 – point 4
4. 'investor' means, in relation to investment business, any person including as legal persons micro-entities, non-profit organisations and public local authorities who has entrusted money or instruments to an investment firm, and in relation to the activities of UCITS, a unit holder or share holder in a UCITS (hereinafter “unit holder”);
2011/03/02
Committee: ECON
Amendment 62 #
Proposal for a directive – amending act
Article 1 – point 2 – point a
Directive 97/9/EC
Article 2 – paragraph 1 –subparagraph 1
1. Each Member State shall ensure that within its territory one or ma compulsorey investor- compensation schemes aresurance system is introduced and officially recognized. Except in the circumstances envisaged in the second subparagraph and in Article 5(3), no investment firm authorized in that Member State or UCITS authorized in that Member State may carry on investment business or carry on activities as a UCITS, unless it belongs to such a schemecontracts an insurance for investment compensation.
2011/03/02
Committee: ECON
Amendment 67 #
Proposal for a directive – amending act
Article 1 – point 2 – point c
Directive 97/9/EC
Article 2 – paragraph 2a – subparagraph 1 – point b
(b) return to investors any instruments belonging to them and held, administered or managed on their behalf in connection with investment business, provided that the investment firm's or third party's inability is the result of fraud, administrative malpractice, operational error or bad advice.
2011/03/02
Committee: ECON
Amendment 69 #
Proposal for a directive – amending act
Article 1 – point 2 – point c
Directive 97/9/EC
Article 2 – paragraph 2a – subparagraph 1 – point b a (new)
(ba) meet indemnity claims concerning misselling or bad advice recognised by a court order.
2011/03/02
Committee: ECON
Amendment 71 #
Proposal for a directive – amending act
Article 1 – point 2 – point c
Directive 97/9/EC
Article 2 – paragraph 2a – subparagraph 2
Member States shall ensure that the compulsory insurance schemes provide coverage where financial instruments or monies are held, administered or managed for or on behalf of an investor, irrespective of the type of investment business being carried on by the firm and of whether or not the firm is acting in accordance with any restriction set out in its authorisation.
2011/03/02
Committee: ECON
Amendment 74 #
Proposal for a directive – amending act
Article 1 – point 2 – point c
Directive 97/9/EC
Article 2 – paragraph 2b – subparagraph 1 – introductory part
A schemecompulsory insurance system shall also provide coverage for UCITS unit holders in accordance with Article 4 where either of the following conditions is met first:
2011/03/02
Committee: ECON
Amendment 81 #
Proposal for a directive – amending act
Article 1 – point 4 – point a
Directive 97/9/EC
Article 4 – paragraph 1 – subparagraph 1
1. Member States shall ensure that schemes provide for coverage of EUR 5100 000 for each investor in respect of the claims referred to in Article 2(2a) or (2c).
2011/03/02
Committee: ECON
Amendment 87 #
Proposal for a directive – amending act
Article 1 – point 4 – point a
Directive 97/9/EC
Article 4 – paragraph 1 – subparagraph 2
Members States which provide for coverage of more than EUR 5100 000 at the time of adoption of this Directive, may maintain that level of coverage for no longer than 3 years from the date for the transposition of this Directive. After that date, those Member States shall ensure that the level of coverage is EUR 5100 000.
2011/03/02
Committee: ECON
Amendment 89 #
Proposal for a directive – amending act
Article 1 – point 4 – point a
Directive 97/9/EC
Article 4 – paragraph 1 – subparagraph 5
Without prejudice to the fourth subparagraph, Member States shall adjust the coverage levels converted into another currency to the amount referred to in this paragraph every five years. Member States may make an earlier adjustment of coverage levels, after having consulted the Commission, following the occurrence of unforeseen events such as currency fluctuations.
2011/03/02
Committee: ECON
Amendment 93 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 1
1. Member States shall ensure that schemes have in place adequate systems to determine their potential liabilities. Member States shall ensure that compensation schemes are adequately financed in proportion to their liabilities. Member States should provide ESA (ESMA) and ESA (EIOPA) on a regular basis with relevant information concerning the potential liabilities and the correlated proportional financing.
2011/03/02
Committee: ECON
Amendment 96 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 2 – subparagraph 1
Member States shall ensure that each scheme establishes a target fund level of at least 0.5% of the value of the monies and financial instruments held, administered or managed by the investment firms or UCITS that are covered by the protection of the investor compensation scheme. The value of the covered monies and financial instruments shall be calculated every year as at 1 January.deleted
2011/03/02
Committee: ECON
Amendment 105 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 2 – subparagraph 2
The Commission shall adopt, by means of delegated acts in accordance with Article 13a and subject to the conditions of Articles 13b and 13c, measures to determine the method to calculate the value of monies and financial instruments covered by the protection of the investor compensation schemesurance contracts in order to determine the target fundinsurance level to be established by the scheminsurance companies and to modify the target fundinsurance level taking account of the developments in financial markets.
2011/03/02
Committee: ECON
Amendment 109 #
Proposal for a directive – amending act
Article 1 – – point 5
Directive 97/9/EC
Article 4a – paragraph 3
3. The target fund level shall be financed prior to and irrespective of the occurrence of any event relevant under Article 2(2) or (2b). Member States shall ensure that the level of funding for each scheme is reached within a ten-year period after the entry into force of this Directive and that each scheme adopts and complies with an appropriate planning in order to fulfil this objective. Contributions collected to reach the target fund level shall only be invested in cash deposits and low-risk assets with a residual term to financial maturity of 24 months or less, which can be liquidated within a time limit not exceeding one month.deleted
2011/03/02
Committee: ECON
Amendment 111 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 3 – subparagraph 1
3. The target fundinsurance level shall be financed prior to and irrespective of the occurrence of any event relevant under Article 2(2) or (2b). Member States shall ensure that the level of funding for each schemeinsurance company is reached within a ten-five year period after the entry into force of this Directive and that each schemeinsurance company adopts and complies with an appropriate planning in order to fulfil this objective.
2011/03/02
Committee: ECON
Amendment 114 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 3 – subparagraph 2
Contributions collected to reach the target fundinsurance level shall only be invested in cash deposits and low-risk assets with a residual term to financial maturity of 24 months or less, which can be liquidated within a time limit not exceeding one month.
2011/03/02
Committee: ECON
Amendment 121 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 4
4. Member States shall ensure that the schemes may make additional calls for contribution to the members of the scheme in case the target fund level is insufficient to meet the payment of the compensation claims referred to in Article 9(2). Those additional contributions shall not exceed 0.5% of the covered monies and financial instruments as referred to in paragraph 2 of this Article. Those additional contributions shall not jeopardise the stability of the financial system of the Member State concerned and be based on affordability criteria. Member States may call for additional contributions after having consulted ESA (ESMA), ESA (EIOPA) and the ESRB.
2011/03/02
Committee: ECON
Amendment 124 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 6
6. Member States shall ensure that the cost of financing schemeinsurance contracts is ultimately borne in relation to investment business by the investment firms or third party custodians covered by the schemeinsurance contract and in relation to UCITS activities, by UCITS or their depositaries or third parties who are covered by the scheme. Regular contributions by members shall be raised annually.
2011/03/02
Committee: ECON
Amendment 125 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 7
7. Member States shall annually inform the ESMA of the target fund level, as referred to in paragraph 2, and the level of funding, as referred to in paragraph 3, of the schemes in their Member State. This information shall be confirmed by the competent authorities and shall, accompanied by this confirmation, be transmitted within 30 days from the end of each year to the ESMA. Member States shall ensure that the information referred to in the first subparagraph is published on the web-site of the Schemes at least on an annual basis.deleted
2011/03/02
Committee: ECON
Amendment 130 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 8 – subparagraph 1
Member States shall ensure that 10% of the ex-ante funding amount of the schemes referred to in Article 4a (2) is available for lending to other schemes under the conditions established in Article 4c.deleted
2011/03/02
Committee: ECON
Amendment 134 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 8 – subparagraph 2
The Commission may amend, after having consulted the ESRB, by means of delegated acts in accordance with Article 13a and subject to the conditions of Articles 13b and 13c, the percentage of the ex-ante funding amount to be made available for lending to other schemes, taking into account the developments in financial markets.
2011/03/02
Committee: ECON
Amendment 135 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4b – paragraph 1 – subparagraph 1 – introductory part
1. A schemen insurance company shall have the right to borrow from all other schemesthe European refserreve fund to in Article 2 within the Union provided that all of the following conditions are met:
2011/03/02
Committee: ECON
Amendment 138 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4b – paragraph 1 – subparagraph 1 – point a
(a) the borrowing schemeinsurance company is not able to fulfil its obligations under Article 2 (2a) or (2c) because of previous payments made to fulfil those obligations;
2011/03/02
Committee: ECON
Amendment 139 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4b – paragraph 1 – subparagraph 1 – point c
(c) the borrowing schemeinsurance company has made recourse to additional contributions referred in Article 4a(4);
2011/03/02
Committee: ECON
Amendment 140 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4b – paragraph 1 – subparagraph 1 – point d
(d) the borrowing schemeinsurance company undertakes the legal commitment that the borrowed funds will be used in order to pay claims under Article 2 (2a) and (2c);
2011/03/02
Committee: ECON
Amendment 141 #
Proposal for a directive – amending act
Article 1 – point 5
(e) a scheme that has not repaid a loan to other schemes under this Article shall neither borrow from nor lend to other schemes;deleted
2011/03/02
Committee: ECON
Amendment 142 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4b – paragraph 1 – subparagraph 1 – point f
(f) the borrowing schemeinsurance company shall state the amount of money requested;
2011/03/02
Committee: ECON
Amendment 143 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4b – paragraph 1 – subparagraph 1 – point g
(g) the borrowing schemeinsurance company informs without delay the ESMA and EIOPA and states the reasons why the above conditions are fulfilled and the amount of money requested.
2011/03/02
Committee: ECON
Amendment 144 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4b – paragraph 1 – subparagraph 1 – point g a (new)
(ga) insurance companies covering investment firms, UCITS, depositary and third party should contribute to a European insurance fund. That contribution should amount to 5% of the value of the insurance contracts premiums. The Commission shall adopt, by means of delegated acts measures to determine the conditions and the respective borrowing capacity by which an insurance company can benefit from the European reserve fund.
2011/03/02
Committee: ECON
Amendment 145 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4b– paragraph 1 – subparagraph 3
The other schemes shall act as lending schemes. For this purpose, Member States in which more than one scheme is established shall designate one scheme acting as the lending scheme of this Member State and inform the ESMA thereof. Member States may decide if and how the lending scheme is reimbursed by other Schemes established in the same Member State.deleted
2011/03/02
Committee: ECON
Amendment 147 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4b– paragraph 2
2. The loan shall be subject to the following conditions: (a) subject to the limit established in the following subparagraph, each scheme shall lend the amount proportionate to the amount of covered monies and financial instruments in each scheme without taking account of the borrowing scheme. The amounts shall be calculated pursuant to the latest information referred to in Article 4a (2); (b) the borrowing scheme shall repay the loan at the latest after 5 years. It may repay the loan in annual instalments. Interest shall be due only at the time of repayment; (c) the interest rate shall be equivalent to the marginal lending facility rate of the European Central Bank during the credit period. The total amount lent to each borrowing scheme shall not exceed the 20% of the total amount of the funds available at Union level for lending as referred to in Article 4a (8).deleted
2011/03/02
Committee: ECON
Amendment 148 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4b– paragraph 3 – subparagraph 1
ESA (ESMA) shall confirm that the requirembe tasked to allocate an independents referred to in paragraph 1 have been met, state the amounts to be lent by each scheme as calculated pursuant to paragraph 2(a) and the initial interest rate pursuant to paragraph 2-(c) as well as the duration of the loan. ating to any investment firm and UCITS providing investment services in order to evaluate the respective risk linked to its activity. This rating should namely take into account track-record, internal organisation, risk management policy of the investment firm and UCITS.
2011/03/02
Committee: ECON
Amendment 149 #
Proposal for a directive – amending act
Article 1 – point 5
Directive 97/9/EC
Article 4b– paragraph 5 – subparagraph 1
In order to facilitate an effective cooperation between investor- compensation schemes, the schemes, or, where appropriate, the competent authorities, shall have written cooperation agreements in place. Such agreements shall take into account the requirements set out in Directive 95/46/EC of the European Parliament and of the Council.deleted
2011/03/02
Committee: ECON
Amendment 150 #
Proposal for a directive – amending act
Article 1 – point 6
Directive 97/9/EC
Article 5 – paragraph 3 – introductory part
3. An investment firm, UCITS, depositary or third party, excluded from an investor- compensation schemesurance contract, may continue to carry on investment business, its UCITS activities or be entrusted with investors' and UCITS financial instruments under the following conditions:
2011/03/02
Committee: ECON
Amendment 151 #
Proposal for a directive – amending act
Article 1 – point 7
Directive 97/9/EC
Article 9 – paragraph 1 – subparagraph2
The fact that that period has expired may not be invoked by the scheme to deny full coverage to an investor who has been unable to assert his right to compensation in time.
2011/03/02
Committee: ECON
Amendment 157 #
Proposal for a directive – amending act
Article 1 – point 8
Directive 97/9/EC
Article 10 – paragraph 1 – subparagraph 1
1. Member States shall ensure that each investment firm or UCITS takes appropriate measures to make available to actual and intending investors the information necessary for the identification of the investor-compensation schemesurance company of which the investment firm or UCITS and its branches within the Union are members or any alternative arrangement provided for under the second subparagraph of Article 2 (1) or Article 5 (3). Investors shall be informed of the provisions of the investor- compensation schemesurance contract or any alternative arrangement applicable, including the amount and scope of the cover offered by the compensation schemeinsurance contract and any rules laid down by the Member States pursuant to Article 2(3). That information shall be made available in a readily comprehensible manner.
2011/03/02
Committee: ECON
Amendment 159 #
Proposal for a directive
Article 2 a (new)
Article 2a Reporting By 31 December 2012, ESA (ESMA) and ESA (EIOPA) shall assess the staffing and resources needs arising from the assumption of its powers and duties in accordance with this Directive and submit a report to the European Parliament, the Council and the Commission.
2011/03/02
Committee: ECON