24 Amendments of Antolín SÁNCHEZ PRESEDO related to 2008/2148(INI)
Amendment 5 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
Amendment 15 #
Motion for a resolution
Recital C
Recital C
C. whereas the current financial crisis, which was triggered by US subprime mortgages and products derived from the latter, has spread worldwide due to the increasingly integrated and contagious nature of markets, demanding the intervention of public authorities and indicating that existing financial market regulation and supervision could not cope with it and a significant reform is therefore welcome,
Amendment 24 #
Motion for a resolution
Recital F
Recital F
F. whereas the possibility to transfer credit risk, without a parallel transfer of capital requirements and other regulatory obligations, through an origination and distribution model has weakened incentives to evaluate and monitor risk and undermined the useful effect of regulation,
Amendment 28 #
Motion for a resolution
Recital G
Recital G
G. whereas lack of liquidity control, pro- cyclical behaviour, herding, inadequate risk management, irresponsible lending, excessive debt (leverage), and illiquid and complex financial instruments pose significant risks to economic stability and financial stabilecurity,
Amendment 31 #
Motion for a resolution
Recital H
Recital H
H. whereas current financial regulation and innovation, which was designed to diminish and diversify risk at the micro level, has led to risk concentration and has exacerbatednot prevented the increase and concentration of risk at the macro level, thus amplifying systemic risk,
Amendment 92 #
Motion for a resolution
Annex – recommendation 1 – point 1.1 – point c
Annex – recommendation 1 – point 1.1 – point c
(c) ensure that the rules are anti-cyclical and take into account cumulative effects and liquidity risk;
Amendment 132 #
Motion for a resolution
Annex – recommendation 1 – point 1.3 – point a
Annex – recommendation 1 – point 1.3 – point a
(a) Securitisation: Require originators to assess and monitor risk and retain a significant portion of the debt or mortgage backed securities or other assets originated by them on their books.
Amendment 189 #
Motion for a resolution
Annex – recommendation 3 – introductory part
Annex – recommendation 3 – introductory part
The European Parliament considers that the legislative act(s) to be adopted should aim to regulateintegrate and complete the current regulatory and supervision system by means of the following guidelines:
Amendment 191 #
Motion for a resolution
Annex – recommendation 3 – point 3.1 – title
Annex – recommendation 3 – point 3.1 – title
3.1. Supervision of large cross-border financial groups:
Amendment 192 #
Motion for a resolution
Annex – recommendation 3 – point 3.1 – point a
Annex – recommendation 3 – point 3.1 – point a
(a) By Autumn 2008 a regulation shall require colleges ofa coherent supervisorsy for the [40 - 50] largest cross-border financial groups or holdings operating in the EU. The regulation should contain clear criteria for identifying the cross-border financial groups or holdings for which such colleges will be mandatoryramework for all international and cross-border financial groups within the EU.
Amendment 195 #
Motion for a resolution
Annex – recommendation 3 – point 3.1 – point a a (new)
Annex – recommendation 3 – point 3.1 – point a a (new)
(aa) The ordinary supervision of financial groups should be developed in an integrated and holistic way. The competent national supervisory authorities, according to sector regulation, should act under a European perspective, settling in a flexible way the common questions following the principle "joint problem- joint decision" and coordinating its actions within colleges of supervisors.
Amendment 196 #
Motion for a resolution
Annex – recommendation 3 – point 3.1 – point a b (new)
Annex – recommendation 3 – point 3.1 – point a b (new)
(ab) The regulation should enable the establishment of colleges of supervisors; they should cooperate in macroprudential supervision issues at European level of the financial groups or portfolio managers that operate in the EU.
Amendment 219 #
Motion for a resolution
Annex – recommendation 3 - point 3.2
Annex – recommendation 3 - point 3.2
Amendment 230 #
Motion for a resolution
Annex – recommendation 3 – point 3.3 – title
Annex – recommendation 3 – point 3.3 – title
3.3. Configuration of EU supervision: supervisory committees
Amendment 235 #
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point a
Annex – recommendation 3 – point 3.3 − point a
(a) By Autumn 2008 a regulation shall require transforming the existing Lamfalussy Level 3 committees into a configurationhe set up of EUa supervision and giving the Lamfalussy Level 3 committees the status ofory framework at EU level that integrates the action of the different supervisory agencies withuthorities and executive board (similar to the Eurosystem) and appropriate staffing and resourcesstablishes the European Financial Supervision Commission.
Amendment 238 #
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point a a (new)
Annex – recommendation 3 – point 3.3 − point a a (new)
(aa) The current Lamfalussy Level 3 committees should keep their functions and should assume the new macroprudential supervision issues, integrating to this effect the ordinary sections of the European Financial Supervision Commission that should have legal personality.
Amendment 241 #
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point b
Annex – recommendation 3 – point 3.3 − point b
(b) In addition to the advisory tasks the sections of the supervisory agenciesstructure shall be given the task (and the tools and resources) to mediate and guarantee coherence between the supervision of their respective groups, and to ensure macrosupervisory convergence and a level playing field in the implementation and enforcement of EU legislation in the sector.
Amendment 251 #
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point d
Annex – recommendation 3 – point 3.3 − point d
(d) The supervisory agenciesEuropean Financial Supervision Commission should present an annual work plan. Parliament, the Council and the Commission should approve the annual work plans and reports.
Amendment 263 #
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point f − point ii
Annex – recommendation 3 – point 3.3 − point f − point ii
(ii) issue recommendations on specific macrosupervisory practice issues;
Amendment 265 #
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point f − point iii
Annex – recommendation 3 – point 3.3 − point f − point iii
(iii) issue guidelines to ensure coherence and streamline the supervisory practices of the colleges;
Amendment 268 #
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point f − point iv
Annex – recommendation 3 – point 3.3 − point f − point iv
(iv) design common reporting standards and data provision requirements for cross- border groups, preferably in a multi purpose format such as XBRL (Extensible Business Reporting Language);
Amendment 276 #
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point g
Annex – recommendation 3 – point 3.3 − point g
(g) The regulation should also provide for a presidium for the configuration of EU supervisionEuropean Financial Supervision Commission will have a presidium consisting of five persons. It should be composed of the chairs of the three supervisory agenciesections. An independent chair and vice chair should be appointed for a five-year term by the Commission after consultation of Parliament and Council. The vice chair of the CCMC should act as the vice chairwill chair the Board of Appeal, extraordinary mixed character section that will settle the conflicts among groups belonging to different sectors in order to ensure maximum coherence within the conditions of inter-sectoral competition.
Amendment 285 #
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point h − point i
Annex – recommendation 3 – point 3.3 − point h − point i
(i) ensure coordination and coherence between the agenciesections and sectors;
Amendment 307 #
Motion for a resolution
Annex – recommendation 3 – point 3.4 − point b
Annex – recommendation 3 – point 3.4 − point b
(b) The oversight body should be composed of the chairs of the three Lamfalussy Level 3 supervisory committees, the chair of the presidium, the and vice-chair of the CCMCpresidium, a representative of the European System of Central Banks (which is composed of all EU central banks) and a representative of the Eurosystem and the (Vice)President of the ECB charged with prudential supervision. The ECB ((Vice)- President) could chair the oversight body and the chair of the presidium of the configuration of EU supervision could be vice-chair.