Activities of Corien WORTMANN-KOOL related to 2012/2115(INI)
Shadow reports (1)
REPORT on Shadow Banking PDF (182 KB) DOC (98 KB)
Amendments (10)
Amendment 25 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission's Green Paper as a first step towards the stricter monitoring and supervision of SB; endorses the Commission's approach based on indirect regulation and appropriate extension or revision of existing regulation of SB, at the same time underlining the need for direct regulation of some of its aspects in a functional way while avoiding overlap and ensuring consistency with existing regulations;
Amendment 26 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Calls for a holistic approach to shadow banking, where both prudential and market conduct aspects are important; notes an increasing shift to market-based funding and retailization of highly complex financial products; stresses, therefore, that market conduct and consumer protection should be taken into account;
Amendment 49 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Supports, therefore, as a first step, the creation by the ECB of a central EU database on euro repo transactions, and invites the Commission to submit a legislative proposal forCalls on the Commission to quickly adopt (in early 2013) a coherent approach for central data collection, identifying data gaps and combining efforts by existing initiatives from other bodies and national authorities; invites the Commission to submit a report (by mid- 2013) covering, but not limited to, the creation of such a database by the end of 2013, after undertaking a feasibility studyquired institutional set-up (e.g. ECB, ESRB, independent central registry), content and frequency of data surveys, in particular on euro repo transactions and financial risk transfers, and the level of required resources;
Amendment 53 #
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 67 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Emphasises that some SB activities and entities may be either regulated or unregulated depending on the country; underlines the importance of a level playing field between countries, as well as between the banking sector and shadow banking entitities; notes further that the financial interdependence between the banking sector and shadow banking entities is currently excessive;
Amendment 88 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Underlines the need to improve disclosure of financial asset transfers from the balance sheet by filling the gaps in International Financial Reporting Standards; stresses the responsibility of financial gate keepers, such as accountants and internal auditors, in signaling potentially harmful developments and building up of risks;
Amendment 91 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Stresses the need to ensure that all SB entities having a bank sponsor or linked to a bank are included in the bank's balance sheet for prudential consolidation purposes; invites the Commission to examine, by the beginning of 2013, means of ensuring that entities which are not consolidated from an accounting perspective are consolidated for prudential consolidation purposes; encourages the Commission to take into account any guidance from the BCBS for the better alignment of accounting and risk-based scope of consolidation;
Amendment 98 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Underlines the need to ensure greater transparency in the structure and activities of financial institutions; invitescalls on the Commission, to taking accounte due consideration of the conclusions of the Liikanen report, to propose legislation to separate commercial and investment banks, in particular in order to avoid the financing of SB activities via savings in this respect;
Amendment 114 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Believes that incentives associated with securitisation need to be adequately addressed; invites the Commission to examine the securitisation market and to submit a legislative proposal at the latest by the beginning of 2013 for limitingemphasises that solvency and liquidity requirements for securitisations should promote a high quality and well diversified investment portfolio, thereby avoiding herding; invites the Commission to examine the securitisation market and to submit a legislative proposal that is consistent with the new BCBS securitisation framework currently under discussion, at the latest by the beginning of 2013; the proposal should cover, but not be limited to, a limit on the number of times a financial product can be securitised; calls on it to impose, particular requirements on suppliers of securitisation (e.g. originators or sponsors) to retain part of the risks associated with securitisation and of measures to achieve transparency, by the introduction of an external; calls in particular for the introduction of a consistent methodology to valuer of the underlying assets and standardisation of securitisation products as well as resolution processecross different legislations and jurisdictions;
Amendment 133 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recognises the benefits Exchange Traded Funds (ETFs) provide by giving retail investors access to a wider range of assets (such as commodities, in particular), but stresses the risks ETF carry in terms of complexity, counterparty risk, liquidity of products and possible regulatory arbitrage; invites the Commission, therefore, to submit a legislative proposal at the beginning of 2013 to tackle these potential structural vulnerabilitiwarns for the risks associated with synthetic ETFs due to their increasing opacity and complexity, in particular when synthetic ETFs are marketed to retail investors; invites the Commission, therefore, to submit a legislative proposal at the beginning of 2013 to tackle these potential structural vulnerabilities, taking into account different customer categories (e.g. retail investors, professional investors, institutional investors) and their different risk profiles;