Activities of Peter SKINNER related to 2009/0143(COD)
Plenary speeches (1)
European Insurance and Occupational Pensions Authority (A7-0170/2010, Peter Skinner) (vote)
Reports (1)
REPORT Report on the proposal for a regulation of the European Parliament and of the Council establishing a European Insurance and Occupational Pensions Authority PDF (956 KB) DOC (1 MB)
Amendments (18)
Amendment 186 #
Proposal for a regulation
Recital 32
Recital 32
(32) Where appropriate, tThe Authority should consult interested parties on technical standards, guidelines and recommendations and provide them with a reasonable opportunity to comment on proposed measures. For reasons of efficieBefore adopting draft technical standards, guidelines and recommendations the Authority should carry out an impact assessment with a view to ensuring that the best practices for high-quality regulation are met. To provide effective external assistancye, an Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group should be established for that purpose, representing in balancedappropriate proportions CommunityUnion insurance and reinsurance firms and insurance intermediaries as well as occupational pension funds (including as appropriate institutional investors and other financial institutions which themselves use financial services), trade unions, academics and consumers and other retail users of the insurance, reinsurance and occupational pension services, including SMEs. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group should actively work as an interface with other user groups in the financial services area established by the Commission or Communityby EU legislation.
Amendment 193 #
Proposal for a regulation
Recital 37
Recital 37
(37) A full time Chairperson, selected by the Board of Supervisors through an open competition,European Parliament from a short-list drawn up by the Board of Supervisors should represent the Authority. The management of the Authority should be entrusted to an Executive Director, who should have the right to participate in meetings of the Board of Supervisors and the Management Board without the right to vote.
Amendment 201 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting policyholders and other beneficiaries, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, whilst taking account of the need to enhance competition and innovation within the internal market and to ensure global competitiveness, and (vi) preventing regulatory arbitrage and contributing to a level playing field. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community lawEU legislation referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission, and undertaking economic analyses of markets to promote the achievement of the Authority’s objectives. It shall have regard to internationally agreed standards and practices.
Amendment 304 #
Proposal for a regulation
Article 9 – paragraph 7 a (new)
Article 9 – paragraph 7 a (new)
7a. Decisions adopted under paragraph 6 shall apply to all relevant financial institutions which are active in the non- compliant jurisdiction.
Amendment 342 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a competentnational supervisory authority disagrees on the procedure or content of an action or inaction by another competentnational supervisory authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by competentnational supervisory authorities from more than one Member State, the Authority,and does not assign ultimate responsibility to the group supervisor, the Authority, on its own initiative or at the request of one or more of the competentnational supervisory authorities concerned, may take the lead in assisting the authorities in reaching an agreement in accordance with the procedure set out in paragraph 2.
Amendment 362 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Evolution of the Authority The Authority shall evolve according to the best practices recognised at Union and international level. One such approach could be the establishment of a new level of direct supervision by the Authority. To avoid international distortions and to strengthen the European System of Financial Supervision, the introduction of direct supervision should be carefully evaluated and considered in order to add value to the supervision of large financial institutions, many of which are global in nature and operate in the Union. This applies, above all, to those large financial institutions with wholesale banking or other activities that could pose systemic risk to the internal market, and those systemic financial institutions defined and identified at an international level. This issue shall be further studied in the first review of this Regulation, as provided for in Article 66, which should take place no later than three years after its entry into force.
Amendment 370 #
Proposal for a regulation
Article 13 – paragraph 2 a (new)
Article 13 – paragraph 2 a (new)
2a. The delegation of responsibilities shall result in the reallocation of the competencies laid down in the legislation referred to in Article 1(2). The law applicable in the jurisdiction of the delegated authority shall govern the procedure, enforcement and administrative and judicial review relating to the delegated responsibilities.
Amendment 376 #
Proposal for a regulation
Article 14 – paragraph 1 – point c
Article 14 – paragraph 1 – point c
(c) contribute to developingadvice to the appropriate Union and international bodies to help facilitate the development of high quality and uniform supervisory standards, including reporting and accounting standards;
Amendment 416 #
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1
Article 22 – paragraph 2 – subparagraph 1
2. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall be composed of 30 members, representing in balanced proportions Community. Not more than 15 of the members will be representatives of insurance andfirms, reinsurance firms as well as occupational pension funds, their employees as well as users of the insurance, reinsurance and occupational pension services, insurance intermediaries and occupational pension funds. Not less than five of the members shall be representatives of buy-side institutions, employees (such as trade unions) and consumers and users of the insurance, reinsurance and occupational pension services. Not less than five of the members shall be independent top- ranking academics.
Amendment 431 #
Proposal for a regulation
Article 22 – paragraph 3 a (new)
Article 22 – paragraph 3 a (new)
3a. A budget shall be allocated to members of the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group that represent non- profit organisations. This budget shall be agreed by the Board of Supervisors and shall be sufficient to cover expenses related to the organisation and attendance of preparatory meetings and the commissioning of external research and opinions.
Amendment 438 #
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group may submit opinions and advice to the Authority on any issue related to the tasks of the Authority specified, including in relation to reaching joint positions with the European Supervisory Authority (Banking) and the European Supervisory Authority (Securities and Markets) as set out in Article 42, with particular focus on the tasks set out in Articles 7 and 8.
Amendment 445 #
Proposal for a regulation
Article 22 – paragraph 5 a (new)
Article 22 – paragraph 5 a (new)
5a. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall decide on the issues relevant for consultation as well as have the possibility to influence the agenda for the meetings. All group representatives shall have the opportunity to give inputs. The final decision on the proposed agenda items shall be taken by the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group, with the right for each stakeholder sub-group to have their proposed items on the agenda. Each stakeholder sub-group shall have the freedom to submit its opinions and advice to the Authority which will not necessarily be the opinions of the majority of the stakeholder group.
Amendment 449 #
Proposal for a regulation
Article 22 – paragraph 6
Article 22 – paragraph 6
6. The Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group shall adopt its rules of procedure on the basis of the agreement of a two-thirds majority of members.
Amendment 479 #
Proposal for a regulation
Article 26 – paragraph 2 – subparagraph 1
Article 26 – paragraph 2 – subparagraph 1
2. For the purposes of Article 11, the Board of Supervisors shall convoke an independent panel to facilitate the impartial settlement of the disagreement, consisting of the Chairperson and two of its members, who are not representatives of thefour members of the Board of Supervisors. The Chairperson shall select the members of the panel drawn from the Board of Supervisors. No member of the panel from the Board of Supervisors shall be drawn from a national supervisory authoritiesy which areis partiesy to the disagreement, nor shall they have any interest in the conflict.
Amendment 496 #
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 1
Article 29 – paragraph 1 – subparagraph 1
1. The Board of Supervisors shall act on the basis of qualified majority of its members, as defined in Article 20516(4) of the Treaty on European Union and in Article 3 of the Protocol (No 36) on transitional provisions annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, for acts specified in Articles 7, 8 to 11 and all measures and decisions adopted under Chapter VI.
Amendment 512 #
Proposal for a regulation
Article 33 – paragraph 2
Article 33 – paragraph 2
2. The Chairperson shall be appointed by the Board of SupervisorsEuropean Parliament on the basis of merit, skills, knowledge of financial institutions and markets, and experience relevant to financial supervision and regulation, following an open selection procedure managed by the Board of Supervisors who shall select the three strongest candidates for consideration by the European Parliament. Before appointment, the three candidates selected by the Board of Supervisors shall be subject to confirmation by the European Parliament, who shall appoint one of them as Chairperson. The Board of Supervisors shall also elect from among its members an alternate who shall carry out the functions of the Chairperson in his absence.
Amendment 523 #
Proposal for a regulation
Chapter IV – Section 2 – title
Chapter IV – Section 2 – title
Amendment 560 #
Proposal for a regulation
Article 62 – paragraph 1 – subparagraph 1
Article 62 – paragraph 1 – subparagraph 1
1. The Commission, in close cooperation with the Committee of European Insurance and Occupational Pensions Supervisors established by Commission Decision 2009/79/EC (Level 3 Committee), shall be responsible for the administrative establishment and initial administrative operation of the Authority until the Authority has the operational capacity to implement its own budget.