8 Amendments of Corien WORTMANN-KOOL related to 2010/0160(COD)
Amendment 50 #
Proposal for a regulation – amending act
Recital 15
Recital 15
(15) The European Supervisory Authority (European Securities and Markets Authority) should be able to propose to the Commission to impose periodic penalty payments. The purpose of those periodic penalty payments should be to achieve that an infringement established by the European Supervisory Authority (European Securities and Markets Authority) is put to an end, that complete and correct information which the European Supervisory Authority (European Securities and Markets Authority) has requested is supplied and that credit rating agencies and other persons submit to an investigation. Moreover, for deterrence purposes and to compel credit rating agencies to comply with the Regulation, the Commission should also be able to impose fines, following a request of the European Supervisory Authority (European Securities and Markets Authority,) should also be able to impose fines where, intentionally or negligently, specific provisions of the Regulation have been breached. The fine shall be dissuasive and proportionate to the nature and seriousness of the breach, the duration of the breach and the economic capacity of the credit rating agency concerned. Detailed criteria for establishing the amount of the fines as well as procedural aspects related to fines should be set out by the Commission in a delegated act. Member States should only remain competent for laying down and implementing the rules on penalties applicable to the infringement of the obligation of financial firms to use, for regulatory purposes only credit ratings issued by credit rating agencies registered in accordance with this Regulation.
Amendment 54 #
Proposal for a regulation – amending act
Article 1 – point 1 – point b – point i
Article 1 – point 1 – point b – point i
Regulation (EC) No 1060/2009
Article 4 – paragraph 3 – point b
Article 4 – paragraph 3 – point b
(b) the credit rating agency has verified and is able to demonstrate on an ongoing basis to the European Supervisory Authority (European Securities and Markets aAuthority (hereinafter referred to as "ESMA") that the conduct of credit rating activities by the third-country credit rating agency resulting in the issuing of the credit rating to be endorsed fulfils requirements which are at least as stringent as the requirements set out in Articles 6 to 12. In all cases, including when the credit rating agency itself applies such requirements to its activities in that third country, the endorsing credit rating agency shall remain responsible to the European Supervisory Authority (European Securities and Markets Authority) for its compliance with such requirements in accordance with paragraph 5 of this Article;
Amendment 107 #
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 a – paragraph 1
Article 36 a – paragraph 1
1. At ESMA's request, the Commission may by decisionThe European Supervisory Authority (European Securities and Markets Authority) may impose on a credit rating agency a fine where, intentionally or negligently, the credit rating agency has committed one of the breaches listed in Annex III.
Amendment 116 #
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 b – paragraph 1 – introductory part
Article 36 b – paragraph 1 – introductory part
1. At ESMA's request, the Commission may, by decision,The European Supervisory Authority (European Securities and Markets Authority) may impose on the persons referred to in Article 23a(1) periodic penalty payments in order to compel them:
Amendment 118 #
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 c – paragraph 1
Article 36 c – paragraph 1
1. Before taking decision on a fine or periodic penalty payment as provided for in Articles 36a and 36b, the CommissionEuropean Supervisory Authority (European Securities and Markets Authority) shall give the persons which are the subject of the proceedings the opportunity of being heard on the matters to which the Commission has taken objection. The CommissionEuropean Supervisory Authority (European Securities and Markets Authority) has taken objection. The European Supervisory Authority (European Securities and Markets Authority) shall base its decisions only on objections on which the parties concerned have been able to comment.
Amendment 119 #
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 c – paragraph 2
Article 36 c – paragraph 2
2. The rights of defence of the persons concerned shall be fully respected in the proceedings. They shall be entitled to have access to the CommissionEuropean Supervisory Authority (European Securities and Markets Authority)'s file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information and internal documents of the CommissionEuropean Supervisory Authority (European Securities and Markets Authority).
Amendment 121 #
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 d – paragraph 1
Article 36 d – paragraph 1
1. The CommissionEuropean Supervisory Authority (European Securities and Markets Authority) shall disclose to the public every fine and periodic penalty payment that has been imposed according to Articles 36a and 36b.
Amendment 123 #
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 e
Article 36 e
The Court of Justice shall have unlimited jurisdiction to review decisions whereby the CommissionEuropean Supervisory Authority (European Securities and Markets Authority) has fixed a fine or imposed a periodic penalty payment. It may annul, reduce or increase the fine or periodic penalty payment imposed.