BETA

36 Amendments of Anne SANDER related to 2017/0230(COD)

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Recital 12 a (new)

(12a) In exceptional cases, there may be a need to urgently amend specific provisions of a delegated act that has entered into force, where those provisions are proving deficient or causing a serious detriment or threat, including in cases where such provisions are not yet applicable. This may occur for example where full compliance with requirements set forth in delegated acts cannot be timely met by market participants by the required application date due to serious operational challenges, or where the practical application of requirements set forth in delegated acts reveals conceptual flaws in their calibration or unintended consequences. In view of the time required for such amendment to be performed, there may be cases where the application of the deficient provision needs to be suspended while remedial action is being taken by the Commission with the help of the Authority, where applicable. The Authority should therefore be entrusted with the elaboration of an effective legal instrument designed to swiftly suspend the application of all or parts of a delegated act, including the date of application thereof, for a limited period of time.

2018/09/11
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Recital 12 b (new)

(12b) As a body with highly specialised expertise, it is efficient and appropriate to entrust the Authority with the elaboration of draft suspensory technical standards, whenever there is an urgency to suspend the application of a particular provision of a delegated act, or the entirety thereof. The suspension of the act should be meant to prevent any disturbance to the internal market for financial services or within one or more Member States. Draft suspensory technical standards may in particular be proposed where the application of all or parts of a delegated act poses a threat to investor protection, market confidence, the orderly functioning and integrity of financial markets or commodity markets, the stability of the whole or part of the financial system in the Union, or to the conditions for neutral competition for financial market participants in the Union in the context of the worldwide application of international standards.

2018/09/11
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Recital 12 c (new)

(12c) This Regulation should set out the objectives, content and duration of the draft suspensory technical standards that the Authority should be allowed to submit to the Commission, as well as the procedure for the Commission to adopt them. An appropriate level of control by co-legislators should be ensured by way of an objection period, while delays should be kept as short as practicable to ensure swift intervention in situations of emergency. The Authority should be able to submit a suspensory technical standard to renew the suspension provided for in a previous suspensory technical standard, using the same procedure, but such renewal should only be performed once to avoid the postponement of a delegated act or parts thereof over a disproportionately long period.

2018/09/11
Committee: ECON

Alain LAMASSOURE, Anne SANDER

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

Regulation (EU) No 1093/2010
New article 14a

(60) The following Article 14a is inserted: "Article 14a Suspensory technical standards 1. In exceptional circumstances, and if the conditions set out in paragraph 2 are met, the Authority may develop draft suspensory technical standards with regard to any provision contained in a delegated act adopted under Article 290 TFEU in the areas set out in the legislative acts referred to in Article 1(2). Suspensory technical standards shall only be used to suspend the application of all or parts of a delegated act. Their content shall specify which provisions are subject to the suspension and the date when such suspension expires. The duration of such suspension shall not exceed nine months. The Authority shall submit its draft standards to the Commission for endorsement. In case of endorsement, the Commission shall adopt the suspensory technical standard by means of a delegated act under Article 290 TFEU. 2. The Authority may develop a suspensory technical standard only where the following conditions are met : (a) one or more provisions of a delegated act create(s) a serious detriment or threat to any of the following: market confidence, investor protection, the orderly functioning and integrity of financial markets or commodity markets, the stability of the whole or part of the financial system in the Union, or the conditions for neutral competition for financial market participants in the Union in the context of the worldwide application of international standards; and (b) the suspension of the provision(s) concerned does not have a detrimental effect on the efficiency of financial markets or on investor protection which is disproportionate to its benefits. The Authority shall explain in its draft suspensory technical standards why it considers that the conditions of this paragraph are met. 3. Where the Authority submits a draft suspensory technical standard, the Commission shall immediately forward it to the European Parliament and the Council. Within one month of receipt of a draft suspensory technical standard, the Commission shall decide whether to endorse it. Where the Commission intends not to endorse a draft suspensory technical standard, it shall send it back to the Authority, explaining why it does not endorse it. Within a period of two weeks, the Authority may amend the draft suspensory technical standard and resubmit it in the form of a formal opinion to the Commission. The Authority shall send a copy of its formal opinion to the European Parliament and to the Council. If, on the expiry of that two-week period, the Authority has not submitted an amended draft suspensory technical standard, or has submitted a draft suspensory technical standard that is not amended in a way consistent with the Commission’s proposed amendments, the Commission may adopt the suspensory technical standard with the amendments it considers relevant, or reject it. The Commission may not change the content of a draft suspensory technical standard prepared by the Authority without prior coordination with the Authority, as set out in this Article. 4. The European Parliament or the Council may object to a suspensory technical standard within a period of two weeks from the date of notification of the suspensory technical standard adopted by the Commission. At the initiative of the European Parliament or the Council that period shall be extended by two weeks. If, on the expiry of the period referred to in subparagraph 1, neither the European Parliament nor the Council has objected to the suspensory technical standard, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein. The suspensory technical standard may be published in the Official Journal of the European Union and enter into force before the expiry of that period if the European Parliament and the Council have both informed the Commission of their intention not to raise objections. If either the European Parliament or the Council objects to a suspensory technical standard within the period referred to in subparagraph 1, it shall not enter into force. In accordance with Article 296 TFEU, the institution which objects shall state the reasons for objecting to the suspensory technical standard. 5. At the request of the Commission or on its own initiative, the Authority may submit a draft suspensory technical standard to the Commission to renew the suspension provided for in the initial suspensory technical standard for a period of time not exceeding nine months, in accordance with the conditions set out in paragraphs 3 and 4. The Authority may only renew such suspension once." Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32010R1093)

2018/09/14
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point b a (new)

Regulation (EU) No 1093/2010
Article 29 – paragraphs 2a and 2b (new)

(11a) The following paragraphs 2a and 2b are added to Article 29: "2a. When developing interpretative tools to ensure convergence, such as Q&As, the Authority shall seek stakeholders’ views, when they can have a material impact on the market, either directly or through the competent authorities. When considering the materiality of Q&A, the Authority shall take into account the impact on procedural, IT, business model, and other operational changes an institution may have to adopt. 2b. Within 2 months of the issuance of a Q&A by the Authority, each competent authority shall confirm whether it complies or intends to comply with that Q&A. The Authority shall publish the fact that a competent authority does not comply or does not intend to comply with that Q&A."

2018/09/14
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point a

Regulation (EU) No 1093/2010
Article 33 – paragraph 2

2. The Authority shall ~~assist~~provide technical advice to the Commission in preparing equivalence decisions pertaining to regulatory and supervisory regimes in third countries ~~following a specific request for advice from the Commission or where required to do so by the acts referred to in Article 1(2)~~.;

2018/09/14
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point b

Regulation (EU) 1093/2010
Article 33 – paragraph 2a – subparagraph 1a (new)

For the purpose of monitoring developments and practices referred to in the first subparagraph, the Authority shall pay particular attention to any divergence in the interpretation or practical application of third-country rules previously assessed as equivalent to EU rules by the Commission in an equivalence decision, having due regard to the guidance the Authority provides by way of guidelines, recommendations, opinions or questions and answers

2018/09/14
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 1 – paragraph 1 – point 30

Regulation (EU) No 1093/2010
Article 45 – paragraph 1

1. The Executive Board shall be composed of the Chairperson and three full time members. The Chairperson shall assign clearly defined policy and managerial tasks to each of the full time members~~. One of the full time members shall be assigned~~, in particular responsibilities for budgetary matters ~~and~~, for matters relating to the work programme of the Authority ~~("Member in charge ")~~, and for convergence matters. One of the full time members shall act as a Vice Chairperson and carry out the tasks of the Chairperson in his or her absence or reasonable impediment, in accordance with this Regulation.

2018/09/14
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 1 – paragraph 1 – point 30

Regulation (EU) No 1093/2010
Article 45 – paragraph 2 – subparagraph 2

TAfter submission to the Board of Supervisors and if no objection is expressed by the Board on the shortlist of candidates, the Commission shall submit the shortlist to the European Parliament for approval. Following the approval of that shortlist, the Council shall adopt a decision to appoint the full time members of the Executive Board including the Member in charge. The Executive Board shall be balanced and proportionate and shall reflect the Union as a whole.

2018/09/14
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 1 – paragraph 1 – point 31

Regulation (EU) No 1093/2010
Article 45a – paragraph 4 – subparagraph 2

The Executive Board shall meet prior to every meeting of the Board of Supervisors and as often as the Executive Board deems necessary. It shall meet at least ~~five times a ye~~twice a month, and report regularly to the Board.

2018/09/14
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 1 – paragraph 1 – point 31

Regulation (EU) No 1093/2010
Article 45a – paragraph 5

5. ~~The members of the Executive Board may, subject to the rules of procedure, be assisted by advisers or experts.~~ The non-voting participants shall not attend any discussions within the Executive Board relating to individual financial institutions.;

2018/09/14
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 2 – paragraph 1 – point 6 a (new)

Regulation (EU) No 1094/2010
Article 14 a (new)

(6a ) The following Article 14a is inserted: "Article 14a Suspensory technical standards 1. In exceptional circumstances, and if the conditions set out in paragraph 2 are met, the Authority may develop draft suspensory technical standards with regard to any provision contained in a delegated act adopted under Article 290 TFEU in the areas set out in the legislative acts referred to in Article 1(2). Suspensory technical standards shall only be used to suspend the application of all or parts of a delegated act. Their content shall specify which provisions are subject to the suspension and the date when such suspension expires. The duration of such suspension shall not exceed nine months. The Authority shall submit its draft standards to the Commission for endorsement. In case of endorsement, the Commission shall adopt the suspensory technical standard by means of a delegated act under Article 290 TFEU. 2. The Authority may develop a suspensory technical standard only where the following conditions are met : (a) one or more provisions of a delegated act create(s) a serious detriment or threat to any of the following: market confidence, investor protection, the orderly functioning and integrity of financial markets or commodity markets, the stability of the whole or part of the financial system in the Union, or the conditions for neutral competition for financial market participants in the Union in the context of the worldwide application of international standards; and (b) the suspension of the provision(s) concerned does not have a detrimental effect on the efficiency of financial markets or on investor protection which is disproportionate to its benefits. The Authority shall explain in its draft suspensory technical standards why it considers that the conditions of this paragraph are met. 3. Where the Authority submits a draft suspensory technical standard, the Commission shall immediately forward it to the European Parliament and the Council. Within one month of receipt of a draft suspensory technical standard, the Commission shall decide whether to endorse it. Where the Commission intends not to endorse a draft suspensory technical standard, it shall send it back to the Authority, explaining why it does not endorse it. Within a period of two weeks, the Authority may amend the draft suspensory technical standard and resubmit it in the form of a formal opinion to the Commission. The Authority shall send a copy of its formal opinion to the European Parliament and to the Council. If, on the expiry of that two-week period, the Authority has not submitted an amended draft suspensory technical standard, or has submitted a draft suspensory technical standard that is not amended in a way consistent with the Commission’s proposed amendments, the Commission may adopt the suspensory technical standard with the amendments it considers relevant, or reject it. The Commission may not change the content of a draft suspensory technical standard prepared by the Authority without prior coordination with the Authority, as set out in this Article. 4. The European Parliament or the Council may object to a suspensory technical standard within a period of two weeks from the date of notification of the suspensory technical standard adopted by the Commission. At the initiative of the European Parliament or the Council that period shall be extended by two weeks. If, on the expiry of the period referred to in subparagraph 1, neither the European Parliament nor the Council has objected to the suspensory technical standard, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein. The suspensory technical standard may be published in the Official Journal of the European Union and enter into force before the expiry of that period if the European Parliament and the Council have both informed the Commission of their intention not to raise objections. If either the European Parliament or the Council objects to a suspensory technical standard within the period referred to in subparagraph 1, it shall not enter into force. In accordance with Article 296 TFEU, the institution which objects shall state the reasons for objecting to the suspensory technical standard. 5. At the request of the Commission or on its own initiative, the Authority may submit a draft suspensory technical standard to the Commission to renew the suspension provided for in the initial suspensory technical standard for a period of time not exceeding nine months, in accordance with the conditions set out in paragraphs 3 and 4. The Authority may only renew such suspension once." Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32010R1094)

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 2 – paragraph 1 – point 13 – point b a (new)

Regulation (EU) 1094/2010
Article 29 – paragraphs 2 a (new) and 2 b (new)

~~(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32010R1094)~~(ba) The following paragraphs 2a and 2b are added : "2a. When developing interpretative tools to ensure convergence, such as Q&As, the Authority shall seek stakeholders’ views, when they can have a material impact on the market, either directly or through the competent authorities. When considering the materiality of Q&A, the Authority shall take into account the impact on procedural, IT, business model, and other operational changes an institution may have to adopt. 2b. Within 2 months of the issuance of a Q&A by the Authority, each competent authority shall confirm whether it complies or intends to comply with that Q&A. The Authority shall publish the fact that a competent authority does not comply or does not intend to comply with that Q&A." Or. en

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 2 – paragraph 1 – point 20 – point a

Regulation (EU) No 1094/2010
Article 33 – paragraph 2

2. The Authority shall ~~assist~~provide technical advice to the Commission in preparing equivalence decisions pertaining to regulatory and supervisory regimes in third countries ~~following a specific request for advice from the Commission or where required to do so by the acts referred to in Article 1(2)~~.;

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 2 – paragraph 1 – point 20 – point b

Regulation (EU) No 1094/2010
Article 33 – paragraph 2 a – subparagraph 1 a (new)

For the purpose of monitoring developments and practices referred to in the first subparagraph, the Authority shall pay particular attention to any divergence in the interpretation or practical application of third-country rules previously assessed as equivalent to EU rules by the Commission in an equivalence decision, having due regard to the guidance the Authority provides by way of guidelines, recommendations, opinions or questions and answers.

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 2 – paragraph 1 – point 33

Regulation (EU) No 1094/2010
Article 45 – paragraph 1

1. The Executive Board shall be composed of the Chairperson and three full time members. The Chairperson shall assign clearly defined policy and managerial tasks to each of the full time members~~. One of the full time members shall be assigned~~, in particular responsibility for budgetary matters ~~and~~, for matters relating to the work programme of the Authority ~~("Member in charge")~~, and for convergence matters. One of the full time members shall act as a Vice Chairperson and carry out the tasks of the Chairperson in his or her absence or reasonable impediment, in accordance with this Regulation. .

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 2 – paragraph 1 – point 33

Regulation (EU) No 1094/2010
Article 45 – paragraph 2 – subparagraph 2

TAfter submission to the Board of Supervisors and if no objection is expressed by the Board on the Shortlist of candidates, the Commission shall submit the shortlist to the European Parliament for approval. Following the approval of that shortlist, the Council shall adopt a decision to appoint the full time members of the Executive Board including the Member in charge.

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 2 – paragraph 1 – point 34

Regulation (EU) No 1094/2010
Article 45 a – paragraph 4 – subparagraph 2

The Executive Board shall meet prior to every meeting of the Board of Supervisors and as often as the Executive Board deems necessary. It shall meet at least ~~five times a ye~~twice a month, and report regularly to the Board.

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 2 – paragraph 1 – point 34

Regulation (EU) No 1094/2010
Article 45 a – paragraph 5

5. ~~The members of the Executive Board may, subject to the rules of procedure, be assisted by advisers or experts.~~ The non-voting participants shall not attend any discussions within the Executive Board relating to individual financial institutions.;

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 6 a (new)

Regulation (EU) No 1095/2010
Article 14 a (new)

(6a) the following Article 14a is inserted: "Article 14a Suspensory technical standards 1. In exceptional circumstances, and if the conditions set out in paragraph 2 are met, the Authority may develop draft suspensory technical standards with regard to any provision contained in a delegated act adopted under Article 290 TFEU in the areas set out in the legislative acts referred to in Article 1(2). Suspensory technical standards shall only be used to suspend the application of all or parts of a delegated act. Their content shall specify which provisions are subject to the suspension and the date when such suspension expires. The duration of such suspension shall not exceed nine months. The Authority shall submit its draft standards to the Commission for endorsement. In case of endorsement, the Commission shall adopt the suspensory technical standard by means of a delegated act under Article 290 TFEU. 2. The Authority may develop a suspensory technical standard only where the following conditions are met : (a) one or more provisions of a delegated act create(s) a serious detriment or threat to any of the following: market confidence, investor protection, the orderly functioning and integrity of financial markets or commodity markets, the stability of the whole or part of the financial system in the Union, or the conditions for neutral competition for financial market participants in the Union in the context of the worldwide application of international standards; and (b) the suspension of the provision(s) concerned does not have a detrimental effect on the efficiency of financial markets or on investor protection which is disproportionate to its benefits. The Authority shall explain in its draft suspensory technical standards why it considers that the conditions of this paragraph are met. 3. Where the Authority submits a draft suspensory technical standard, the Commission shall immediately forward it to the European Parliament and the Council. Within one month of receipt of a draft suspensory technical standard, the Commission shall decide whether to endorse it. Where the Commission intends not to endorse a draft suspensory technical standard, it shall send it back to the Authority, explaining why it does not endorse it. Within a period of two weeks, the Authority may amend the draft suspensory technical standard and resubmit it in the form of a formal opinion to the Commission. The Authority shall send a copy of its formal opinion to the European Parliament and to the Council. If, on the expiry of that two-week period, the Authority has not submitted an amended draft suspensory technical standard, or has submitted a draft suspensory technical standard that is not amended in a way consistent with the Commission’s proposed amendments, the Commission may adopt the suspensory technical standard with the amendments it considers relevant, or reject it. The Commission may not change the content of a draft suspensory technical standard prepared by the Authority without prior coordination with the Authority, as set out in this Article. 4. The European Parliament or the Council may object to a suspensory technical standard within a period of two weeks from the date of notification of the suspensory technical standard adopted by the Commission. At the initiative of the European Parliament or the Council that period shall be extended by two weeks. If, on the expiry of the period referred to in subparagraph 1, neither the European Parliament nor the Council has objected to the suspensory technical standard, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein. The suspensory technical standard may be published in the Official Journal of the European Union and enter into force before the expiry of that period if the European Parliament and the Council have both informed the Commission of their intention not to raise objections. If either the European Parliament or the Council objects to a suspensory technical standard within the period referred to in subparagraph 1, it shall not enter into force. In accordance with Article 296 TFEU, the institution which objects shall state the reasons for objecting to the suspensory technical standard. 5. At the request of the Commission or on its own initiative, the Authority may submit a draft suspensory technical standard to the Commission to renew the suspension provided for in the initial suspensory technical standard for a period of time not exceeding nine months, in accordance with the conditions set out in paragraphs 3 and 4. The Authority may only renew such suspension once. " Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32010R1095)

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 11 – point b a (new)

Regulation (EU) No 1095/2010
Article 29 – paragraphs 2 a (new) and 2 b (new)

~~(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32010R1095)~~(ba) The following new paragraphs 2a and 2b are added: "2a. When developing interpretative tools to ensure convergence, such as Q&As, the Authority shall seek stakeholders’ views, when they can have a material impact on the market, either directly or through the competent authorities. When considering the materiality of Q&A, the Authority shall take into account the impact on procedural, IT, business model, and other operational changes an institution may have to adopt. 2b. Within 2 months of the issuance of a Q&A by the Authority, each competent authority shall confirm whether it complies or intends to comply with that Q&A. The Authority shall publish the fact that a competent authority does not comply or does not intend to comply with that Q&A." Or. en

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 15

Regulation (EU) No 1095/2010
Article 31 a – paragraph 1

1. The Authority shall on an ongoing basis coordinate supervisory actions of competent authorities with a view to promoting supervisory convergence in the fields of delegation and outsourcing of activities by financial market participants as well as in relation to risk transfers conducted by them, in accordance with paragraphs 2, 3 and 4use its powers under this Regulation to promote supervisory convergence amongst competent authorities with regard to the delegation and outsourcing of activities by financial market participants that are under the supervision of the competent authorities in accordance with the acts referred to in Article 1(2).

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 15

Regulation (EU) No 1095/2010
Article 31 a – paragraph 2 – subparagraph 1

2. The competent authorities shall notify the Authority where they intend to carry out an authorisation or registration related to a financial market participant which is under supervision of the competent authority concerned in accordance with the acts referred to in Article 1(2) and where the business plan of theo that end, the Authority shall develop guidelines addressed to the competent authorities on the supervision and enforcement of the conditions under which financial market participant ~~entails the~~s may outsourc~~ing~~e or delegat~~ion of~~e a material part of ~~its~~their activities or any of the key functions or the risk transfer of a material part of ~~its~~their activities into third countries~~, to benefit from the EU passport while essentially performing substantial activities or functions outside the Union. The notification to the Authority shall be suffici~~. The guidelines shall be published by [enter date 1 year after entlry ~~detailed to allow for a proper assessment by the Authority~~into force of this Regulation].

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 15

Regulation (EU) No 1095/2010
Article 31 a – paragraph 2 – subparagraph 2

Where the Authority considers it necessary to issue an opinion to a competent authority regarding the non- compliance of an authorisation or registration notified pursuant to the first subparagraph with Union law or guidelines, recommendations or opinions adopted by the Authority, the Authority shall inform that competent authority thereof within 20 working days of the receipt of the notification by that competent authority. In that case the competent authority concerned shall await the opinion of the Authority before carrying out the registration or authorisation.deleted

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 15

Regulation (EU) No 1095/2010
Article 31 a – paragraph 2 – subparagraph 3

At the request of the Authority, the competent authority shall within 15 working days of the receipt of such a request provide information related to its decisions to authorise or register a financial market participant which is under its supervision in accordance with the acts referred to in Article 1(2).deleted

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 15

Regulation (EU) No 1095/2010
Article 31 a – paragraph 3 – subparagraph 1

3. A financial market participant shall notify the competent authority of the outsourcing or delegation of a material part of its activities or any of its key functions, and the risk transfer of a material part of its activities, to another entity or its own branch established in a third country. ~~The competent authority concerned shall inform the Authority of such notifications on a semi-annual basis.~~

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 15

Regulation (EU) No 1095/2010
Article 31 a – paragraph 3 – subparagraph 2

Without prejudice to Article 35, at the request of the Authority, ~~the~~any competent authority shall provide information in relation to the outsourcing, delegation or risk transfer arrangements by financial market participants under its supervision.

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 15

Regulation (EU) No 1095/2010
Article 31 a – paragraph 3 – subparagraph 3

The Authority shall monitor whether the competent authorities concerned verify that outsourcing, delegation or risk transfer arrangements referred to in the first subparagraph are concluded in accordance with Union law, comply with guidelines, recommendations or opinions from the Authority and do not prevent effective supervision by the competent authorities and enforcement in a third country.deleted

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 15

Regulation (EU) No 1095/2010
Article 31 a – paragraph 4

4. ~~The Authority may issue recommendations to the competent authority concerned, including recommendations to review a decis~~Without prejudice to Article 30, the Authority shall organize and conduct regular peer reviews of the procedures and verifications performed by competent authorities when authorizing or registering a financial market participant whose business plan entails the outsourcing or delegation of a material part of its activities or any of the key functions or t~~o withdraw an authorisation. Where the competent authority concerned does not follow the recommend~~he risk transfer of a material part of its activities into third countries. The peer reviews shall assess in particular the impact of different approaches with regard to the applications of the ~~Authority within 15 working days, the competent authority shall state the reasons and the Authority shall make its recommendation public together with those reasons.;~~guidelines referred to in paragraph 1. The report on the first review shall be published by [enter date [2/3] years after entry into application of this Regulation].

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 18 – point a

Regulation (EU) No 1095/2010
Article 33 – paragraph 2

2. The Authority shall ~~assist~~provide technical advice to the Commission in preparing equivalence decisions pertaining to regulatory and supervisory regimes in third countries ~~following a specific request for advice from the Commission or where required to do so by the acts referred to in Article 1(2)~~.;

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 18 – point b

Regulation (EU) No 1095/2010
Article 33 – paragraph 2 a –subparagraph 1 a (new)

For the purpose of monitoring developments and practices referred to in the first subparagraph, the Authority shall pay particular attention to any divergence in the interpretation or practical application of third-country rules previously assessed as equivalent to EU rules by the Commission in an equivalence decision, having due regard to the guidance the Authority provides by way of guidelines, recommendations, opinions or questions and answers.

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 32

Regulation (EU) No 1095/2010
Article 45 – paragraph 1

1. The Executive Board shall be composed of ~~the Chairperson and five full time members~~four full time members including the Chairperson. The Chairperson shall assign clearly defined policy and managerial tasks to each of the full time members~~. One of the full time members shall be assigned~~, in particular responsibilities for budgetary matters ~~and~~, for matters relating to the work programme of the Authority ~~("Member in charge")~~, and for convergence matters. One of the full time members shall act as a Vice Chairperson and carry out the tasks of the Chairperson in his or her absence or reasonable impediment, in accordance with this Regulation. The Head of the CCP Executive Session shall ~~participate as observer to all meetings~~be a member of the Executive Board.

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 32

Regulation (EU) No 1095/2010
Article 45 – paragraph 2 – subparagraph 2

TAfter submission to the Board of Supervisors and if no objection is expressed by the Board on the shortlist of candidates, the Commission shall submit the shortlist to the European Parliament for approval. Following the approval of that shortlist, the Council shall adopt a decision to appoint the full time members of the Executive Board including the Member in charge. The Executive Board shall be balanced and proportionate and shall reflect the Union as a whole.

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 33

Regulation (EU) No 1095/2010
Article 45 a – paragraph 1

1. Decisions by the Executive Board shall be adopted by simple majority of its members. Each member shall have one vote. In the event of a tie, ~~the Chairperson shall have a casting vote~~or if requested by the Chairperson or at least two Executive Board members, the decision will be referred to the Board of Supervisors.

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 33

Regulation (EU) No 1095/2010
Article 45 a – paragraph 4 – subparagraph 2

The Executive Board shall meet prior to every meeting of the Board of Supervisors and as often as the Executive Board deems necessary. It shall meet at least ~~five times a ye~~twice a month, and report regularly to the Board.

2018/09/19
Committee: ECON

Alain LAMASSOURE, Anne SANDER

Proposal for a regulation
Article 3 – paragraph 1 – point 33

Regulation (EU) No 1095/2010
Article 45 a – paragraph 5

5. ~~The members of the Executive Board may, subject to the rules of procedure, be assisted by advisers or experts.~~ The non-voting participants shall not attend any discussions within the Executive Board relating to individual financial market participants.;

2018/09/19
Committee: ECON