79 Amendments of Antolín SÁNCHEZ PRESEDO related to 2009/0144(COD)
Amendment 146 #
Proposal for a regulation
Title
Title
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL establishing a European Supervisory Authority on Securities and Markets Authority
Amendment 159 #
Proposal for a regulation
Recital 21 a (new)
Recital 21 a (new)
(21a) Furthermore, the Declaration on strengthening the financial system adopted on the summit of G-20 Leaders held in London on 2 April 2009 called for "[setting] guidelines for, and support the establishment, functioning of, and participation in, supervisory colleges, including through ongoing identification of the most systemically important cross- border firms".
Amendment 180 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation establishes a European Supervisory Authority on Securities and Markets Authority ("the Authority").
Amendment 184 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The Authority shall act within the scope of this Regulation and Directive 97/9/EC, Directive 98/26/EC, Directive 2001/34/EC, Directive 2002/47/EC, Directive 2002/87/EC, Directive 2003/6/EC, Directive 2003/71/EC, Directive 2004/25/EC, Directive 2004/39/EC, Directive 2004/109/EC, Directive 2005/60/EC, Directive 2009/65/EC, Directive 2002/65/EC, Directive 2006/49/EC (without prejudice to the competence of the European Banking Authority in terms of prudential supervision), Directive … [future AIFM Directive], and Regulation … [future CRA Regulation], including all directives, regulations, and decisions based on these acts, and of any further CommunityUnion act which confers tasks on the Authority.
Amendment 187 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be toAuthority shall promote financial sustainability and a strong European financial market with the objective of contributeing to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 188 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning and competitiveness of the internal market, on the basis of financial inclusion and a level playing field, preventing and correcting systemic and cross-border risk, and including in particular a high, effective and, consistent and European level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 192 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors and other stakeholders as well as public finances, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 194 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets and its sustainable interaction with real economy, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 195 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding thereducing the procyclicality of finance and, in general, safeguarding the short, medium and long term stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 196 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordinationfostering a smooth implementation of monetary policy in the markets and ensuring the traceability of credit as well as the control on banking deposits and institutional funds. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 202 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, (vi) achieving the goals of the EMU and. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 208 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination and (vi) strengthening international supervisory coordination and cooperation, enhancing global competitiveness and supporting the financial development of the less advanced economies. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 210 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective harmonisation and application of the CommunityEuropean Union law referred to in Article 1(2) above, fostering supervisory integration and convergence and providing opinions to the European Parliament, the Council, and the Commission and undertaking an economic analysis of markets to promote the achievement of the Authority's objectives.
Amendment 212 #
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Amendment 213 #
Proposal for a regulation
Article 1 – paragraph 6
Article 1 – paragraph 6
Amendment 215 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 217 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point 2 a (new)
Article 2 – paragraph 1 – subparagraph 1 – point 2 a (new)
(2a) Systemic risk is a risk of disruption to financial services that is caused by an important impairment of all or parts of the financial system and has the potential to have serious negative consequences for the real economy. All types of financial institutions and intermediaries, markets, infrastructures and instruments can potentially be systemically important to some degree.
Amendment 218 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point 2 b (new)
Article 2 – paragraph 1 – subparagraph 1 – point 2 b (new)
(2b) Cross border risk is a risk caused by economic imbalances or financial failures in all or parts of the European Union that have the potential to have significant negative consequences for the transactions between economic operators of two or more Member States, for the functioning of the internal market, or for the public finances of the EU or any of its Member States. All types of economic and financial risks can potentially be cross border relevant to some degree.
Amendment 220 #
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. National supervisory authorities shall act, as members of the Authority, with European dimension.
Amendment 223 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. TIn order to ensure a effective and consistent European supervision of financial institutions the Authority shall have the following tasks:
Amendment 225 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point a
Article 6 – paragraph 1 – subparagraph 1 – point a
(a) contribute to the establishment of high quality common regulatory and supervisory standards and practices, in particular by providing opinions to the CommunityEuropean Union institutions and by developing guidelines, recommendations, and draft technical standards which shall be based on the present Regulation and the legislation referred to in Article 1(2);
Amendment 226 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point b
Article 6 – paragraph 1 – subparagraph 1 – point b
(b) contribute to a consistent application of Communitystandards and EU legislation, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of the present Regulation and the legislation referred to in Article 1(2), preventing regulatory arbitrage, mediating and settling disagreements between competent authorities, promotensuring a coherent functioning of colleges of supervisors and taking actions, inter alia, in emergency situations;
Amendment 237 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point g a (new)
Article 6 – paragraph 1 – subparagraph 1 – point g a (new)
(ga) take over, as appropriate, all existing tasks from the Committee of European Securities Regulators;
Amendment 238 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point g b (new)
Article 6 – paragraph 1 – subparagraph 1 – point g b (new)
(gb) publish and regularly update information relating to its field of activities on its website, in order to ensure easily accessible information to the public;
Amendment 242 #
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – point f a (new)
Article 6 – paragraph 2 – subparagraph 1 – point f a (new)
(fa) promote a coordinated action between competent authorities, as specified in the Article 16, including the activation of their powers as members of the Authority to achieve a common EU response to deal with systemic and cross border risks;
Amendment 255 #
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 2
Article 6 – paragraph 3 – subparagraph 2
For that purpose, the Authority shall have appropriate European powers of investigation and enforcement as specified in the relevant legislation, as well as the possibility of charging fees.
Amendment 257 #
Proposal for a regulation
Article 6 a (new)
Article 6 a (new)
Amendment 258 #
Proposal for a regulation
Article 7 – title
Article 7 – title
Technical standardshe Single Rule Book
Amendment 259 #
Proposal for a regulation
Article 7 – paragraph -1 a (new)
Article 7 – paragraph -1 a (new)
-1a. In order to ensure an effective and consistent European supervision of financial institutions, the Commission taking into account international principles accorded by the EU and under the EU legislation, shall adopt Regulatory and endorse Supervisory Standards to achieve a Single Rule Book for the European Financial Supervision by means of Regulations or Decisions.
Amendment 260 #
Proposal for a regulation
Article 7 – paragraph -1 b (new)
Article 7 – paragraph -1 b (new)
-1b. The Single Rule Book shall: a) Detail definitions contained in European legislation. b) Specify common elements for reporting and disclosure requirements contained in European legislation. c) Provide the necessary elements in order to ensure effective cooperation processes, including supervisory risk assessment and information sharing as requested by European legislation. d) Define appropriate regulatory and supervisory standards to deal with the early warnings and recommendations of the ESRB concerning all or a significant part of the European Union. e) Define appropriate regulatory and supervisory standards to deal with the cross border risks identified by the Authority or the European institutions in all or a significant part of the European Union. f) Define appropriate regulatory and supervisory standards regarding reporting, disclosure and prudential requirements for relevant high leveraged companies and investment vehicles operating throughout the EU to prevent systemic and correct cross border risks.
Amendment 261 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority mayshall develop technical standards in the areas specifically set out in this Regulation and in the legislation referred to in Article 1(2). The Authority shall submit its draft standards to the Commission for endorsement or at the Commission request. Technical standards shall not include policy choices and shall reflect the principle of proportionality. The Authority shall submit its draft standards to the Commission for adoption as Delegated Acts (Regulatory Standards) or endorsement as Implementing Acts (Supervisory Standards) according to the present Regulation and the legislation referred to in Article 1(2). The draft standards shall also be transmitted at the same time to the European Parliament and the Council.
Amendment 266 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Before submitting them to the Commission, the Authority shall, wh conduct open public consultations with all stakeholderes approprind analyse the potential relate,d conduct open public consultations on technical standards and analyse the potential related costs and benefitssts and benefits unless such consultations and analyses are disproportionate in relation to the scope and impact of the technical standards concerned or in relation to the particular urgency of the matter. The Authority shall also request an opinion or advice of the Securities and Markets Stakeholder Group referred to in Article 22.
Amendment 278 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 3
Article 7 – paragraph 1 – subparagraph 3
Within three months of receipt of the draft technical standards, the Commission shall decidendorse wthether to endorse the draft standards. T draft supervisory standards if they comply with European legislation. Within the same period, the Commission may extend that period by one month. The Commission may endorseadopt the draft technical standards only in part or with amendments where the Community interest so requiresy were drawn up as regulatory standards. In both cases, the Commission may extend that period by one month.
Amendment 282 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Amendment 288 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4 a (new)
Article 7 – paragraph 1 – subparagraph 4 a (new)
The Commission shall adopt the regulatory standards as delegated acts in accordance with Articles 7a to 7d of this Regulation and endorse the supervisory standards as implementing acts following a procedure pursuant Article 291 of the TFEU.
Amendment 290 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The standards shall be adopted by the Commission by means of Regulations or Decisions and published in the Official Journal of the European UnionHaving completed the due procedure the standards shall be published in the Official Journal of the European Union with the title EU Delegated Standards or EU Implementing Standards respectively.
Amendment 291 #
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2a. The Single Rule Book shall be updated regularly and shall be adapted to new European legislation.
Amendment 292 #
Proposal for a regulation
Article 7 – paragraph 2 b (new)
Article 7 – paragraph 2 b (new)
2b. In its annual report the Authority shall set out which national authorities have not complied with the regulatory and supervisory standards.
Amendment 293 #
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Amendment 294 #
Proposal for a regulation
Article 7 b (new)
Article 7 b (new)
Article 7b Revocation of the delegation 1. The delegation of power referred to in Article 7 may be revoked by the European Parliament or by the Council. 2. The institution which has commenced an internal procedure for deciding whether to revoke the delegation of power shall endeavour to inform the other institution and the Commission within a reasonable time before the final decision is taken, indicating the delegated powers which could be subject to revocation and the possible reasons for a revocation. 3. The decision of revocation shall take effect immediately or at a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union.
Amendment 295 #
Proposal for a regulation
Article 7 c (new)
Article 7 c (new)
Article 7c Objections to delegated acts 1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. At the initiative of the European Parliament or the Council this period may be extended by two months. 2. If on the expiry of that period, neither the European Parliament nor the Council has objected to the delegated act, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein. Before the expiry of that period and in exceptional and duly justified cases, the European Parliament and the Council may both inform the Commission that they do not intend to raise objections to a delegated act. In such cases, the delegated act shall be published in the Official journal of the European Union and shall enter into force on the date stated therein. 3. If the European Parliament or the Council objects to a Delegated Act, it shall not enter into force. The institution which objects shall state the reasons for objecting to the delegated act.
Amendment 299 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
The guidelines and recommendations shall be published on the website of the Authority.
Amendment 300 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
The competent authorities and financial market participants shall make every effort to comply with those guidelines and recommendations.
Amendment 301 #
Proposal for a regulation
Article 8 – paragraph 2 a (new)
Article 8 – paragraph 2 a (new)
Within two months of the issuance of a guideline or recommendation, each competent authority shall decide whether intends to comply with that guideline or recommendation. In the event that competent authority does not apply those guidelines or recommendations it shall inform the Authority of its reasons. The Authority may decide, on a case by case basis, to publish such reasons provided by a competent authority.
Amendment 302 #
Proposal for a regulation
Article 8 – paragraph 2 b (new)
Article 8 – paragraph 2 b (new)
After the issuance, all financial market participants shall report yearly, in a clear and detailed way, if they comply with that guideline or recommendation.
Amendment 303 #
Proposal for a regulation
Article 8 – paragraph 2 c (new)
Article 8 – paragraph 2 c (new)
In its annual report the Authority shall state which national authority has not complied with its issued guidelines and recommendations and outlining how the Authority intends to ensure that they follow its recommendations and guidelines in the future; it shall also include the same information for the main larger financial market participants..
Amendment 305 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Where a competent authority has not correctlyapplied or has applied the legally binding acts and legislation referred to in Article 1(2) in a way which appears to be a breach of European Union law, in particular by failing to ensure that a financial market participant satisfies the requirements laid down in that legislation, the Authority shall have the powers set out in paragraphs 2, 3 and 6 of this Article.
Amendment 310 #
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1
Article 9 – paragraph 2 – subparagraph 1
2. Upon request from one or more competent authorities, from the Commission the European Parliament, the Council, the Securities and Markets Stakeholder Group or on its own initiative and after having informed the competent authority concerned, the Authority may investigate the alleged incorrectbreach or non- application of CommunityUnion law.
Amendment 330 #
Proposal for a regulation
Article 9 – paragraph 7 a (new)
Article 9 – paragraph 7 a (new)
7a. In its annual report, the Authority shall set out which national authorities and financial market participant have not complied with the decisions referred to in paragraphs 4 and 6.
Amendment 336 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Community, the CommissionEuropean Union, the ESRB, upon its own initiative or following a request by the Authority, the Council, or the ESRB,European Parliament or a Member State may adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this regulation.
Amendment 342 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commission has adopted a decision pursuant to paragraph 1, the Authority may adopt individual decisions requiring competent authorities to take the necessary actESRB has issued a warning pursuant to paragraph 1, or when the Commission or the Council, upon its own initiative or following a request by the Authority, the European Parliament or a Member State, adopts a decision determining the existence of similar or justified circumstances where co- ordinated action by national authorities is necessary to respond to adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the European Union; the Authority may adopt, without further requirements, individual decisions in accordance with the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial market participants and competent authorities satisfy the requirements laid down in that legislation.
Amendment 378 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Evolution of the Authority The Authority shall evolve according to the best practices recognised at European and international level. One such approach could be the establishment of a new level of direct supervision by the Authority. To avoid international distortions and to strengthen the European System of Financial Supervision, the introduction of direct supervision should be carefully evaluated and considered in order to add value to the supervision of large financial institutions, many of which are global in nature and operate in the EU. This applies above all to those large financial institutions with wholesale banking or other activities that could pose systemic risk to the internal market, and those systemic financial institutions defined and identified at an international level. This issue shall be further studied in the first revision of the present Regulation, as set out in Article 66, which should take place not later than three years from its entry into force.
Amendment 382 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. Competent authorities may, by bilateral agreementagreements among them, delegate tasks and responsibilities to other competent authorities supervisory.
Amendment 383 #
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. The Authority shall facilitate the delegation of tasks and responsibilities between competent authorities by identifying those tasks and responsibilities that can be delegated or jointly exercised and by promoting best practices and by preparing appropriate multilateral frameworks.
Amendment 393 #
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 – point d
Article 14 – paragraph 1 – subparagraph 1 – point d
(d) review the application of the relevant technical standards adopted or endorsed by the Commission, guidelines and recommendations issued by the Authority and propose amendments where appropriate;
Amendment 395 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 1 – point a
Article 15 – paragraph 2 – subparagraph 1 – point a
(a) the adequacy of institutional arrangements, resourcing and staff expertiseresources and governance arrangements of the competent authority, with particular regard to the effective application of the standards and legislation referred to in Article 1(2) and to the capacity to respond to market developments;
Amendment 396 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 1 – point b
Article 15 – paragraph 2 – subparagraph 1 – point b
(b) the degree of convergence reached in the application of CommunityEuropean Union law and in supervisory practice, including technicalregulatory and supervisory standards, guidelines and recommendations adopted under Articles 7 and 8, and the extent to which the supervisory practice achieves the objectives set out in CommunityUnion law;
Amendment 397 #
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. On the basis of the peer review the Authority may issue recommendations or adopt other appropriated measures to the competent authorities concerned.
Amendment 401 #
Proposal for a regulation
Article 16 – paragraph 2 – point 3 a (new)
Article 16 – paragraph 2 – point 3 a (new)
(3a) taking all appropriate measures in situations of financial instability and crisis with a view to achieve a common response, as fast and automatically as possible, by relevant national competent supervisory authorities;
Amendment 408 #
Proposal for a regulation
Article 18 – paragraph -1 a (new)
Article 18 – paragraph -1 a (new)
The Authority shall represent the European Union in all international fora concerning regulation and supervision of the institutions falling under the legislation referred to in Article 1(2). National competent authorities may continue to contribute to such fora as pertain to national issues and issues relevant for their own functions and competences under Union law.
Amendment 447 #
Proposal for a regulation
Article 22 – paragraph 3 - subparagraph 2
Article 22 – paragraph 3 - subparagraph 2
In making its decision, the Board of Supervisors shall, to the extent possible, ensure an appropriate geographical and gender balance and representation of stakeholders across the CommunityUnion .
Amendment 470 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that the financial system internalise, with a cyclical perspective, its costs and that no decision adopted under Articles 10 or 11 impinges in any direct way on the fiscal responsibilities of Member States.
Amendment 478 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 1
Article 23 – paragraph 2 – subparagraph 1
2. Where a Member State considers thadoes not accept a decision taken under Article 11 (3) because it impinges on its fiscal responsibilities, it mayshall notify the Authority and, the Commission and the European Parliament within one month after notification of the Authority's decision to the competent authority that the decision will not be implemented by the competent authority.
Amendment 494 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Article 23 – paragraph 2 – subparagraph 5
Where the Authority maintains its decision, the Council, acting by qualified majority as defined in Article 205 of the Treaty, shall, within two months shall take a decision by a majority of the votes cast, at one of its meetings at the latest two months after the Authority has informed the Member State as set out in the previous subparagraph, as to, decide whether the Authority's decision is maintained or revoked.
Amendment 529 #
Proposal for a regulation
Article 27 – paragraph 1 a (new)
Article 27 – paragraph 1 a (new)
The members of the Board of Supervisors and their staff should not have worked or provide services to financial institutions during the 3 previous years nor should they do it in the 3 years after having left their responsibilities in the Authority.
Amendment 553 #
Proposal for a regulation
Article 31 – paragraph 1 a (new)
Article 31 – paragraph 1 a (new)
Neither Member States, European Union institutions or bodies, nor any other public or private body shall seek to influence the members of the Management Board.
Amendment 554 #
Proposal for a regulation
Article 31 – paragraph 1 b (new)
Article 31 – paragraph 1 b (new)
In accordance with the Staff Regulations referred to in Article 54, the members of the Management Board shall, after leaving the service, continue to be bound by the duty to behave with integrity and discretion as regards the acceptance of certain appointments or benefits.
Amendment 564 #
Proposal for a regulation
Article 34 – paragraph 1 a (new)
Article 34 – paragraph 1 a (new)
In accordance with the Staff Regulations referred to in Article 54, the Chairperson shall, after leaving the service, continue to be bound by the duty to behave with integrity and discretion as regards the acceptance of certain appointments or benefits.
Amendment 571 #
Proposal for a regulation
Article 37 – paragraph 1 a (new)
Article 37 – paragraph 1 a (new)
The Executive Director should not have worked or provide services to financial institutions during the 3 previous years nor should they do it in the 3 years after having left their responsibilities in the Authority.
Amendment 572 #
Proposal for a regulation
Article 37 – paragraph 1 b (new)
Article 37 – paragraph 1 b (new)
In accordance with the Staff Regulations referred to in Article 54, the Executive Director shall, after leaving the service, continue to be bound by the duty to behave with integrity and discretion as regards the acceptance of certain appointments or benefits.
Amendment 579 #
Proposal for a regulation
Article 40 – paragraph 2
Article 40 – paragraph 2
2. The Joint Committee shall serve as a forum in which the Authority shall cooperate regularly and closely and ensure cross-sectoral consistency with the European Insurance and Occupational Pensions Authority and the Banking Authority. ; it shall also ensure cross- sectoral supervisory consistency and coordination in particular on: – financial conglomerates – accounting and auditing; – micro-prudential analyses for financial stability; – retail investment products; – anti-money laundering measures; and – information exchange with the European Systemic Risk Board.
Amendment 596 #
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 1
Article 44 – paragraph 3 – subparagraph 1
3. Two members of the Board of Appeal and two alternates shall be appointed by the Management Board of the Authority from a short-list proposedEuropean Parliament, two members by the Council and the other two members by the Commission, following a public call for expression of interest published in the Official Journal of the European Union, and after consultation of the Board of Supervisors.
Amendment 599 #
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 2
Article 44 – paragraph 3 – subparagraph 2
Amendment 601 #
Proposal for a regulation
Article 44 – paragraph 5
Article 44 – paragraph 5
5. A member of the Board of Appeal, who was appointed by the Management Board of the Authority, may not be removed during his term of office, unless he has been found guilty of serious misconduct, and the Management Boardinstitution who appointed him/her takes a decision to that effect after consulting the Board of Supervisors.
Amendment 607 #
Proposal for a regulation
Article 47 – paragraph 1 a (new)
Article 47 – paragraph 1 a (new)
1a. Member States and the European Union institutions, as well as any natural or legal person, may lodge a direct appeal before the Court of Justice against decisions of the Authority, in accordance with Article 263 of the Treaty on the Functioning of the European Union.
Amendment 618 #
Proposal for a regulation
Article 59 – paragraph 2
Article 59 – paragraph 2
2. The Management BoardBoard of Supervisors shall decide on the internal language arrangements for the Authority.
Amendment 623 #
Proposal for a regulation
Article 62 – paragraph 3 a (new)
Article 62 – paragraph 3 a (new)
3a. The Authority shall be considered the legal successor of the Committee of European Securities Regulators. At the latest on the date of establishment of the Authority, all assets and liabilities and all pending operations of the Committee of European Securities Regulators will be automatically transferred to the Authority. The Committee of European Securities Regulator shall establish a statement showing its closing asset and liability situation as of the date of that transfer, This statement shall be audited and approved by its members and by the Commission.
Amendment 632 #
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 2
Article 66 – paragraph 1 – subparagraph 2
That report shall also evaluate the progress achievedthat has been made in the achievement of the Authority's objectives and the evolution towards regulatory and supervisory convergence in the fields of crisis management and resolution in the CommunityEuropean Union. Equally, the report shall evaluate how the system is dealing with the costs derived from its ordinary functioning and how can their full internalisation be achieved. The evaluation shall be based on extensive consultation, including with the Securities and Markets Stakeholder Group.
Amendment 635 #
Proposal for a regulation
Article 66 – paragraph 2 a (new)
Article 66 – paragraph 2 a (new)
2a. The European Parliament and the Council shall examine this Regulation on the basis of the report referred to in paragraph 1 and shall determine whether the missions and organisation of the Authority need to be reviewed.