14 Amendments of Jean-Paul GAUZÈS related to 2009/0099(COD)
Amendment 75 #
Proposal for a directive – amending act
Recital 4 a (new)
Recital 4 a (new)
Amendment 108 #
Proposal for a directive – amending act
Recital 26 a (new)
Recital 26 a (new)
Amendment 111 #
Proposal for a directive – amending act
Recital 26 b (new)
Recital 26 b (new)
(26b) The Basel Committee is undertaking a comprehensive impact assessment in 2010 in order to calibrate the changes to the capital framework in late 2010. By 30 June 2011, the Commission should report to the European Parliament and the Council about internationally agreed changes to the proposals resulting from this recalibration exercise and bring forward a proposal to amend elements of this Directive to reflect those changes.
Amendment 112 #
Proposal for a directive – amending act
Recital 26 c (new)
Recital 26 c (new)
(26c) The Basel Committee is conducting impact studies on the capital charges for securitisation positions in the trading book and on the capital charges for correlation trading portfolios. Because of (i) a desire to achieve agreement as quickly as possible on comprehensive structural reforms of the regulatory capital rules; (ii) uncertainty regarding the quantum of incremental capital charges required as a result of the changes subject to the impact studies; (iii) the incremental quantum of incremental capital required as the result of additional regulatory capital changes in the process of adoption (including reforms to tier 1 and tier 2 instruments and the introduction of new liquidity ratios); (iv) the practical limits on the amount of additional capital that credit institutions can raise in the capital markets in the immediate to medium term; and (v) the essential requirement from a public policy standpoint that credit institutions continue to make new credit available to their commercial and retail customers in significant volumes during the period of decreasing leverage of credit institutions resulting from the increased capital requirements, it is appropriate that the implementation of this Directive occur over a transitional period and that implementation should be deferred until 2012 and certain positions held on 31 December 2009 should be grandfathered to allow for their run off.
Amendment 140 #
Proposal for a directive – amending act
Article 2 - point 3 a (new)
Article 2 - point 3 a (new)
Directive 2006/49/EC
Article 41 – paragraph 1 – point h a (new)
Article 41 – paragraph 1 – point h a (new)
(3a) In Article 41(1), the following point is added: "(ha) technical adaptations to take account of the measures agreed at international level as far as the methodology and, if appropriate, minimum levels referred to in point 5l of Annex V, are concerned.”
Amendment 143 #
Proposal for a directive – amending act
Article 2 – point 3 a (new)
Article 2 – point 3 a (new)
Directive 2006/49/EC
Article 51 a (new)
Article 51 a (new)
(3a) The following article is inserted: "Article 51a By 30 June 2011, the Commission shall review and report, as a result of the impact assessment and internationally agreed re-calibration, Annex I, II, V and VII and submit that report to the European Parliament and the Council together with any appropriate legislative proposals."
Amendment 146 #
Proposal for a directive – amending act
Article 3 – paragraph 1 – subparagraph 1
Article 3 – paragraph 1 – subparagraph 1
1. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by 31 December 2010 at the latest. They1 January 2011. In derogation from the first subparagraph, Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with the amendments introduced by Annex II, point 1 and 3(c) to (i) of this Directive by 1 January 2012. Member States shall forthwith communicate to the Commission the text of those provisions and a correlation table between those provisions and this Directive.
Amendment 154 #
Proposal for a directive – amending act
Annex I – point 1
Annex I – point 1
Directive 2006/48/EC
Annex V – section 11 – point 22 – introductory part
Annex V – section 11 – point 22 – introductory part
22. When establishing and applying the remuneration policies for those categories of staff, including senior management, whose professional activities have a material impact on their risk profile, credit institutions shall comply with the following principles in a way that is appropriate to their size, internal organisation and the nature, the scope and the complexity of their activities:
Amendment 170 #
Proposal for a directive – amending act
Annex I – point 1
Annex I – point 1
Directive 2006/48/EC
Annex V – section 11 – point 22 – point f
Annex V – section 11 – point 22 – point f
(f) Ffixed and variable components of total remuneration are appropriately balanced; the fixed component represents a sufficiently high proportion of the total remuneration to allow the operation of a fully flexible bonusvariable remuneration policy, including the possibility to pay no bonus; variable remuneration, while credit institutions ensure that total variable remuneration does not limit their ability to strengthen their capital base;
Amendment 177 #
Proposal for a directive – amending act
Annex I – point 1
Annex I – point 1
Directive 2006/48/EC
Annex V – section 11 – point 22 – point h a (new)
Annex V – section 11 – point 22 – point h a (new)
(ha) at least 50 % of the variable remuneration component is made in shares or share-linked instruments of the credit institution, subject to the legal structure of the credit institution concerned, or, for non-listed credit institutions, in other non-cash instruments where appropriate and those shares, share-linked instruments and non- cash instruments are subject to an appropriate retention policy designed to align incentives with the longer-term interests of the credit institution;
Amendment 189 #
Proposal for a directive – amending act
Annex I – point 2 – point b a (new)
Annex I – point 2 – point b a (new)
Directive 2006/48/EC
Annex VI – part 1 – section 12 – point 68 – point d
Annex VI – part 1 – section 12 – point 68 – point d
(ba) Point 68(d) is replaced by the following: "(d) loans secured by residential real estate or shares in Finnish residential housing companies as referred to in point 46 up to the lesser of the principal amount of the liens that are combined with any prior liens and 80 % of the value of the pledged properties or by senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities governed by the laws of a Member State securitising residential real estate exposures. In the event of such senior units being used as collateral, the special public supervision to protect bond holders as provided for in Article 52(4) of Directive 2009/65/EC shall ensure that the assets underlying such units shall, since their inclusion in the cover pool be at least 90 % composed of residential mortgages that are combined with any prior liens up to the lesser of the principal amounts due under the units, the principal amounts of the liens, and 80 % of the value of the pledged properties, that the units qualify for the credit quality step 1 as set out in this Annex and that such units do not exceed 20 % of the nominal amount of the outstanding issue. Exposures caused by transmission and management of payments of the obligors of, or liquidation proceeds in respect of, loans secured by pledged properties of the senior units or debt securities shall not be comprised in calculating the 90 % limit;"
Amendment 190 #
Proposal for a directive – amending act
Annex I – point 2 - point b b (new)
Annex I – point 2 - point b b (new)
Directive 2006/48/EC
Annex VI – part 1 – section 12 – point 68 – point e
Annex VI – part 1 – section 12 – point 68 – point e
(bb) Point 68(e) is replaced by the following: "(e) loans secured by commercial real estate or shares in Finnish housing companies as referred to in point 52 up to the lesser of the principal amount of the liens that are combined with any prior liens and 60 % of the value of the pledged properties or by senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities governed by the laws of a Member State securitising commercial real estate exposures. In the event of such senior units being used as collateral, the special public supervision to protect bond holders as provided for in Article 52(4) of Directive 2009/65/EC shall ensure that the assets underlying such units shall, since their inclusion in the cover pool be at least 90 % composed of commercial mortgages that are combined with any prior liens up to the lesser of the principal amounts due under the units, the principal amounts of the liens, and 60 % of the value of the pledged properties, that the units qualify for the credit quality step 1 as set out in this Annex and that such units do not exceed 20 % of the nominal amount of the outstanding issue. The competent authorities may recognise loans secured by commercial real estate as eligible where the Loan to Value ratio of 60 % is exceeded up to a maximum level of 70 % if the value of the total assets pledged as collateral for the covered bonds exceed the nominal amount outstanding on the covered bond by at least 10 %, and the bondholders' claim meets the legal certainty requirements set out in Annex VIII. The bondholders' claim must take priority over all other claims on the collateral. Exposures caused by transmission and management of payments of the obligors of, or liquidation proceeds in respect of, loans secured by pledged properties of the senior units or debt securities shall not be comprised in calculating the 90 % limit;"
Amendment 191 #
Proposal for a directive – amending act
Annex I – point 2 - point b a (new)
Annex I – point 2 - point b a (new)
Directive 2006/48/EC
Annex VI – part 1 – section 12 – point 68 – paragraph 3
Annex VI – part 1 – section 12 – point 68 – paragraph 3
(ba) In point 68, the third paragraph is replaced by the following: "[...] The 20 % limit for senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities as specified in points (d) and (e) does not apply, provided that: (i) those senior units have a credit assessment by a nominated ECAI which is the most favourable category of credit assessment made by the ECAI in respect of covered bonds; (ii) the securitised residential or commercial real estate exposures were originated by a member of the same consolidated group of which the issuer of the covered bonds is also a member or by an entity affiliated to the same central body to which the issuer of the covered bonds is also affiliated (that common group membership or affiliation to be determined at the time the senior units are made collateral for covered bonds); and (iii) a member of the same consolidated group of which the issuer of the covered bonds is also a member or an entity affiliated to the same central body to which the issuer of the covered bonds is also affiliated retains the whole first loss tranche supporting those senior units."
Amendment 207 #
Proposal for a directive – amending act
Annex II – point 1 – point a a (new)
Annex II – point 1 – point a a (new)
Directive 2006/49/EC
Annex I – point 14 a (new)
Annex I – point 14 a (new)
(aa) The following point is inserted: "14a. By way of derogation from point 14, an institution may determine the specific risk capital charge for the correlation trading portfolio as follows: the institution computes (i) the total specific risk capital charges that would apply just to the net long positions of the correlation trading portfolio and (ii) the total specific risk capital charges that would apply just to the net short positions of the correlation trading portfolio. The larger of these total amounts shall be the specific risk capital charge for the correlation trading portfolio. For the purpose of this Directive, the correlation trading portfolio shall consist of securitisation positions and nth-to-default credit derivatives that meet the following criteria: (a) the positions are neither re- securitisation positions, nor options on a securitisation tranche, nor any other derivatives of securitisation exposures that do not provide a pro-rata share in the proceeds of a securitisation tranche; and (b) all reference instruments are single- name instruments, including single- name credit derivatives, for which a liquid two- way market exists. This shall also include commonly traded indices based on these reference entities. A two-way market is deemed to exist where there are independent bona fide offers to buy and sell so that a price reasonably related to the last sales price or current bona fide competitive bid and offer quotations can be determined within one day and settled at such price within a relatively short time conforming to trade custom. Notwithstanding the exclusion of re- securitisation positions, [options on securitisation positions] or other derivatives on securitisation positions and leveraged super senior tranches in point (a), the specific risk capital charge for correlation trading set out in this paragraph shall apply to such excluded positions provided these positions were held on a firm trading book at 31 December 2009."