1219 Amendments of Elisa FERREIRA
Amendment 12 #
2016/0010(CNS)
Proposal for a directive
Recital 2
Recital 2
(2) As Multi National Enterprise (MNE) Groups are active in different countries, they have the possibility of engaging in aggressive tax planning practices that are not available for domestic companies. When MNEs do so, purely domestic companies, normally small and medium- sized enterprises (SMEs) may be particularly affected as their tax burden is higher than that of MNE Groupsy pay an effective rate of tax that is much closer to statutory rates than MNEs, resulting in distortions to, and malfunctions of, the internal market. On the other hand, all Member States may suffer revenue losses and there is the risk of competition to attract MNE Groups by offering them further tax benefits. There is therefore a problem for the proper functioning of the Internal Market.
Amendment 26 #
2016/0010(CNS)
Proposal for a directive
Recital 4
Recital 4
(4) Increased transparency towards tax authorities could have the effect of giving MNE Groups an incentive to abandon certain practices and pay their fair share of tax in the country where profits are made. It would also increase the 'peer pressure' between Member States and would focus the attention of financial markets on the fiscal accountability of MNEs. Enhancing transparency for MNE Groups is therefore an essential part of tackling base erosion and profit shifting.
Amendment 31 #
2016/0010(CNS)
Proposal for a directive
Recital 4 b (new)
Recital 4 b (new)
(4b) When extending the automatic exchange of information at Union and global levels, due regard should be had to the European Parliament report on the proposal for a directive of the European Parliament and of the Council amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement and Directive 2013/34/EU as regards certain elements of the corporate governance statement.
Amendment 32 #
2016/0010(CNS)
Proposal for a directive
Recital 4 c (new)
Recital 4 c (new)
(4c) Due regard should also be had to the European Parliament resolution of 25 November 2015 on tax rulings and other measures similar in nature or effect.
Amendment 33 #
2016/0010(CNS)
Proposal for a directive
Recital 4 d (new)
Recital 4 d (new)
(4d) When extending the automatic exchange of information at Union and global levels, due regard should also be had to the European Parliament resolution of 16 December 2015 with recommendations to the Commission on bringing transparency, coordination and convergence to corporate tax policies in the Union.
Amendment 39 #
2016/0010(CNS)
Proposal for a directive
Recital 7
Recital 7
(7) In order to enhance the efficient use of public resources and reduce the administrative burden for MNE Groups, the reporting obligation should only apply to MNE Groups with annual consolidated group revenue exceeding a certain amountEUR 40 million, in line with the definition of a large undertaking in Directive 2013/34/EU of the European Parliament and of the Council on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, and consistent with the proposed country-by-country reporting in the revision of Directive 2007/36/EC. The Directive should ensure that the same information is collected and made available to tax administrations in a timely manner throughout the EU.
Amendment 46 #
2016/0010(CNS)
Proposal for a directive
Recital 9
Recital 9
(9) The Commission should establish a legal framework for Member States shouldto lay down rules on penalties applicable to infringements of national provisions adopted pursuant to this Directive and should ensure that those penalties are effective, proportionate and dissuasive and that they are implemented.
Amendment 47 #
2016/0010(CNS)
Proposal for a directive
Recital 9 a (new)
Recital 9 a (new)
(9a) Member States should ensure that they maintain or increase the level of human, technical and financial resources dedicated to the automatic exchange of information and data processing within tax administrations.
Amendment 54 #
2016/0010(CNS)
Proposal for a directive
Recital 12
Recital 12
(12) TIn the absence of a Union definition of permanent establishment, the mandatory automatic exchange of country- by-country reports between Member States should in each case include the communication of a defined set of basic information that would be accessible to thoseall Member States in which, on the basis of the information in the country- by-country report, one or more entities of the MNE Group are either resident for tax purposes, or are subject to tax with respect to the business carried out through a permanent establishment of an MNE Group.
Amendment 63 #
2016/0010(CNS)
Proposal for a directive
Recital 14 a (new)
Recital 14 a (new)
(14a) In the event that a Member State determines that another Member State persistently fails to automatically provide country-by-country reports, it should in the first instance consult that Member State and, if that does not lead to resolution of the problem, it should report that Member State to the Commission and an appropriate penalty should be imposed.
Amendment 67 #
2016/0010(CNS)
Proposal for a directive
Recital 15 a (new)
Recital 15 a (new)
(15a) This Directive is a crucial step in going beyond the OECD BEPS Action Plan, as recalled by the European Parliament in its recommendations to the Commission in order to promote transparency, coordination and convergence to corporate tax policies in the Union. In particular, it is to be considered as the first move towards the implementation of a public country-by- country reporting for MNE Groups. However, it falls short of what the European Parliament has asked on several occasions, through its reports on Directive 2007/36/EC, the report of the TAXE special committee and in the European Parliament’s resolution of 16 December 2015 with recommendations to the Commission on bringing transparency, coordination and convergence to corporate tax policies in the Union.
Amendment 71 #
2016/0010(CNS)
Proposal for a directive
Recital 18
Recital 18
(18) The scope of mandatory exchange of information should therefore be extended to include the automatic exchange of information of the country-by-country report. In order to enhance transparency for citizens, the Commission should publish the country-by-country reports, based on the information contained in the centralised register of country-by-country reports. In doing so, the Commission should comply with the provisions of this Directive on confidentiality.
Amendment 94 #
2016/0010(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2011/16/EU
Article 8aa – paragraph 2
Article 8aa – paragraph 2
2. The competent authority of a Member State where the Country-by-Country Report was received pursuant to paragraph 1 shall, by means of automatic exchange, communicate the report to any otherll Member State in which, on the basis of the information in the country-by-country report, one or more Constituent Entities of the MNE Group of the Reporting Entity are either resident for tax purposes, or are subject to tax with respect to the business carried out through a permanent establishment within the deadline laid down in paragraph 4s. The competent authority of the Member State must communicate the country-by-country report to the Commission, which is responsible for the centralised register of country-by-country reports, available to its competent services.
Amendment 96 #
2016/0010(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2011/16/EU
Article 8aa – paragraph 2 a new
Article 8aa – paragraph 2 a new
2a. The competent authority of a Member State to which the country-by-country report was sent pursuant to paragraph 1 shall, within 24 months after the end of the reporting fiscal year, communicate the report to any state belonging to the category of least developed countries (as defined by the United Nations), in which, on the basis of information contained in the statement by country, one or more constituent entities of multinational enterprises are resident for tax purposes, or are subject to tax with respect to the business carried out through a permanent establishment.
Amendment 99 #
2016/0010(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2011/16/UE
Article 8aa – paragraph 3 – point b a (new)
Article 8aa – paragraph 3 – point b a (new)
(ba) the future European tax identification number (TIN) referred to in the Commission's 2012 Action Plan to strengthen the fight against fraud and tax evasion.
Amendment 103 #
2016/0010(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
4a. In order to enhance transparency for citizens, the Commission shall publish the country-by-country reports, based on the information contained in the centralised register of country-by-country reports. In doing so, the Commission shall comply with the provisions of Article 23a on confidentiality.
Amendment 104 #
2016/0010(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2 a (new)
Article 1 – paragraph 1 – point 2 a (new)
Directive 2011/16/UE
Article 17 – paragraph 4
Article 17 – paragraph 4
(2a) Article 17(4) is deleted;
Amendment 129 #
2016/0010(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2011/16/EU
Article 25a
Article 25a
The Commission shall establish a legal framework for Member States shallto lay down the rules on penalties applicable to infringements of national provisions adopted pursuant to this Directive and concerning Article 8aa, and shall take all measures necessary to ensure that they are implemented. The penalties provided for shall be effective, proportionate and dissuasive. Member States shall by 31 December 2016 notify the Commission of those rules and of those measures and shall notify it without delay of any subsequent amendment affecting them.
Amendment 133 #
2016/0010(CNS)
Proposal for a directive
Annex – Annex III – Section I – paragraph 4
Annex – Annex III – Section I – paragraph 4
4. "Excluded MNE Group" means, with respect to any Fiscal Year of the Group, a Group having total consolidated group revenue of less than EUR 750 000 000 or an amount in local currency approximately equivalent to EUR 750 000 000 as of January 2015 during the Fiscal Year immediately preceding the Reporting Fiscal Year as reflected in its Consolidated Financial Statements for such preceding Fiscwhich does not qualify as a large undertaking as defined in Article 3(4) of Directive 2013/34/EU of the European Parliament and of the Council, meaning an undertaking which on its balance sheet dates exceeds at least two of the three following thresholds: (a) balance sheet total: EUR 20 000 000; (b) net turnover: EUR 40 000 000; (c) average number of employees during the financial Yyear: 250.
Amendment 138 #
2016/0010(CNS)
Proposal for a directive
Annex – Annex III – Section II – paragraph 1 – point b – point i
Annex – Annex III – Section II – paragraph 1 – point b – point i
Amendment 139 #
2016/0010(CNS)
Proposal for a directive
Annex – Annex III – Section II – paragraph 1 – subparagraph 2
Annex – Annex III – Section II – paragraph 1 – subparagraph 2
Where there are more than one Constituent Entities of the same MNE Group that are resident for tax purposes in the Union and one or more of the conditions set out in point (b) apply, the MNE Group mayhas to designate one of such Constituent Entities to file the country-by-country report conforming to the requirements of Article 8aa(1) with respect to any Reporting Fiscal Year within the deadline specified in Article 8aa(1) and to notify the Member State that the filing is intended to satisfy the filing requirement of all the Constituent Entities of such MNE Group that are resident for tax purposes in the Union. That Member State shall, pursuant to Article 8aa(2), communicate the country-by- country report received to any otherll Member State in which, on the basis of the information in the country-by-country Report, one or more Constituent Entities of the MNE Group of the Reporting Entity are either resident for tax purposes, or are subject to tax with respect to the business carried out through a permanent establishments.
Amendment 141 #
2016/0010(CNS)
Proposal for a directive
Annex – Annex III – Section II – paragraph 2
Annex – Annex III – Section II – paragraph 2
Amendment 150 #
2015/2221(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes that an increase in capital requirements, beyond a certain threshold, may in the short term create unintended consequences and induce banks to curtail the supply of credit, and therefore looks forward to an overall stabilisation of the level of capital;
Amendment 244 #
2015/2221(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Encourages the conclusion of a memorandum of understanding (MoU) on mutual cooperation and data sharing between the SRB and the ECBSSM as single supervisor, in order to increase efficiency and avoid double reporting for banks, while allowing the SRB to have access to the data necessary to fulfil its institutional mandate;
Amendment 265 #
2015/2221(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
35. Calls on Member States to fully and swiftly implement the Bank Recovery and Resolution Directive (BRRD) and the intergovernmental agreement (IGA) on transfer and mutualisation of contributions to the Single Resolution Fund; regrets the decision to set up the fund through an IGA rather than through Union law; calls for a quick integration of the IGA into the framework of EU law as stated in the 5 Presidents' report.
Amendment 284 #
2015/2221(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
36. Stresses the need, as a consequence of the existence of the national compartments in the SRF, to rapidly put in place an adequate bridge financing mechanism in order to provide the fund, if necessary, with sufficient resources in the period before its completion and guarantee the effective separation between banks and sovereigns; recalls that the Eurogroup and the Ecofin ministers identified, in their statement of 18 December 2013, the possibility of having recourse to both national sources and the European Stability Mechanism (ESM), and considers the latter the most effective and credible solution, which could be implemented either through a swift revision of the ESM treaty or through appropriate implementation of the provisions of Article 13 thereof;
Amendment 296 #
2015/2221(INI)
Motion for a resolution
Paragraph 37
Paragraph 37
37. WelcomNotes, nonetheless, the progress made so far in securing public bridge finECOFIN statement of 8 December 2015 that promises a harmonised Loan facility Agreement between the Single Resolution Board and all Member States participating in the Bancking to help ensure the availability of funds for concrete resolution through national resources; underlines, however, that the specificities of the arrangements currently being discussed (uncommitted credit lines, prior national approval, staggered payments) may reduce the usefulness of public bridge financingUnion, that will provide from the beginning of 2016, a national individual credit line to the SRB to back every national compartment in the SRF in case of funding shortfalls; notes that the maximum aggregate amount of these credit lines is EUR 55bn and that the whole system of credit lines is fiscally neutral; questions however the appropriateness of this arrangement in severing the link between banks and national budgets;
Amendment 312 #
2015/2221(INI)
Motion for a resolution
Paragraph 38
Paragraph 38
38. Recalls that the credibility of the BU, and in particular of bail-in and single resolution provisions, requires a common backstop in order to be able to support the SRF, if necessary, beyond its capacity of EUR 55 billion, and considers that its setting-up should start swiftly and be based on the ESM; welcomes in that context the ECOFIN statement of 8 December 2015 that reiterates its commitment to develop this common backstop urging the Council to ensure its full operation ability as soon as possible;
Amendment 332 #
2015/2221(INI)
Motion for a resolution
Paragraph 40
Paragraph 40
40. Welcomes the Commission’s announcement regarding the presentation of a legislative proposal for the first steps towards a European Deposit Insurance Scheme (EDIS) by establishing a reinsurance mechanism at EU level for the national deposit guarantee schemes immediately but regrets that a truly common DGS will only be in place in 2024;
Amendment 24 #
2015/2147(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Considers that for an effective establishment of a Digital Single Market, end-users must be confident that consistent protection standards are safeguarded and businesses need to be assured that they can rely on a common and fair regulatory framework that enforces similar rules for similar services;
Amendment 93 #
2015/2147(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls on the Commission to assess the levels of transparency, use of information and abusive use of personal data on online platforms, and to propose adequate regulation if needed;
Amendment 107 #
2015/2147(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Stresses that consumers should enjoy the same level of protection regardless of what products and where they purchase them, i.e., on e-commerce platforms or in traditional commerce.
Amendment 71 #
2015/2140(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Welcomes the regular dialogue which the Commission conducts with the European Parliament on competition matters, and; calls again for fundamental legislative directives and guidelines to be adopted within the co-decision procedure and; calls in particular for a strict separation between those departments whichthat draw up guidelines to be strictly separated from those whichand those that have the responsibility to apply those guidelines in specific cases;
Amendment 178 #
2015/2140(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that, in the digital economy, in the past assessment of mergers and takeovers has been predominantly on the basis of the turnover of the businesses in question, which is inadequate because; stresses that businesses with low turnovers and substantial start-up losses may also have a large customer base and significant market strength, as the Commission’s unconditional approval of the takeover of WhatsApp by Facebook proves;
Amendment 201 #
2015/2140(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses that the temporary State aid inregime established for the financial sector for the stabilisation of the global financial system was necessary but that on completion of the Banking Union must be quickly reduced or totally removed and scrutinised;
Amendment 217 #
2015/2140(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Welcomes the investigations initiated by the Commission in 2014 into unlawful State aid through unfair tax competition and calls on Member States in future to present the Commission with information about their taxation practice in good timein several Member States and extended to all the 28 EU countries in 2015; regrets that the Commission has in the latest mandates opened only a very limited number of investigations into potential tax related state aid cases, in spite of the well- founded suspicions that have been made public in the meantime; calls on the Commission to use the outcome of the current investigations to establish more precise and effective guidelines for tax- related state aids, to make use of its full powers under EU competition rules to tackle harmful tax practices and to sanction Member States and companies found to be involved in such practices ; calls moreover on Member States to exchange information in due time on all the relevant information about their taxation practices with the Commission and the other Member States on and, ultimately, to comply with the obligation to declarenotify special arrangements to the detriment ofhat may affect other Member States;
Amendment 233 #
2015/2140(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Stresses that State aid proceedings alone cannot put a permanent stop to the unfair tax competition in a number of Member States of the European Union; considers that further tangible results are required in the fight against unfair tax practices, such as a consolidated basis of calculation for capital gains, a review of the VAT Directive in order to prevent fraud, and the obligation on large interfor multinational companies to report their turnover and profits on a transparent ‘country by country’ basis and; callings on Member States to introduce greater transparency into their tax practices and mutual reporting requirements;
Amendment 249 #
2015/2140(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Considers that healthyfair tax competition is one of the constitutive elements of the EU internal market of the Union bu; stresses therefore that unfair tax competition must be prevented through minimum rates of corporate taxation and harmonised tax bases;
Amendment 258 #
2015/2140(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Considers that in view of an estimated volume of tax fraud and tax avoidance, according to The European Commission, of up to one btrillion euros a year in the EU, both the Member States must ultimatelyand the EU must tackle and restrict this practice in a coordinated way;
Amendment 267 #
2015/2140(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Welcomes the intention of the Competition Commissioner to reorganise the control of the State aid rules as part of the efforts to ensure a fair tax burden for all; Expects that prior to this reorganisation there will be an unconditional and complete evalucalls therefore in this context on the Commission to consider strengthening of its resources both in financial and in staff terms, to be able to pursue all the necessary investigation ands; calls on themoreover on Member States to abandon their current blockade mentality that prevents progress in this area;
Amendment 278 #
2015/2140(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Calls on the Commission to modify without delay the existing rules, in order to allow the amounts recovered following an infringement of EUthe EU tax-related State aid rules to be returned to the Member States which have suffered from an erosion of their tax bases and not to the Member State which granted the illegal tax-related State aid, as is currently the case, whichas this rule provides an additional incentives to tax dodging;
Amendment 5 #
2015/2127(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Takes note of the 2014 EIB Annualctivity Report and the increase by 6.92% to EUR 80.3 billion in the EIB Group’s lending; is very concerned at the increasingbout still very high unemployment, inequality and poverty levels, as well as weak investment in Europe and the continuous uncertainty in the financial markets, also in view of a worsening global economic outlook;
Amendment 18 #
2015/2127(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Regrets that overall EU investment in 2013 decreased by 13% compared with the pre- crisis period with investment in some countries decreasing 25% and even by as much as 60% in others, creating a dangerous investment imbalance in the EU; is of the opinion that this constitutes a major challenge for the EIB Group and will require extraordinary efforts from its side for the years to come, as part of an overall EU effort to implement a renewed long-term strategy for sustainable, convergent and inclusive growth;
Amendment 27 #
2015/2127(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Notes the urgent need for an increase in EIB lending activityGroup investment activity, including innovative financial instruments with greater additional risk-bearing capacity, and for the improvement of its activity in line with Protocol (No 28) on Economic, Social and Territorial Cohesion;
Amendment 43 #
2015/2127(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Calls on the EIB Group to re-examine its strategic planning programme, given the high degree of concentration of funding for the four biggest economies in the EU accounting for more than 45%, and the disproportionate rise in unemployment levels and investment gaps in some other countries which remains at alarming levels, and which could hamper economic convergence in the EU and further damage growth prospects and social cohesion in specific countries and regions in the EU;
Amendment 60 #
2015/2127(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Takes note ofWelcomes the establishment of the European Fund for Strategic Investment (EFSI) and emphasises the need for the EFSI to function in an effective, transparent and fair way, to honour fully the requirement of additionality, and to take into account that priority should be given to projects in strategic sectors, countries in adjustment programmewhere investment gaps have widened most during the economic crisis and regions which have difficulties in attracting funding because of their high risk environment; their geographical or historical disadvantage translates into a higher high risk profile in an economic environment marked by uncertainty; Regrets the selection procedure used to appoint the Managing Director and the Deputy Managing Director and stresses the need to finalise as soon as possible the inter-institutional agreement between the EIB and the Parliament on reporting and on the selection procedure for both positions;
Amendment 69 #
2015/2127(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Urges the EIB Group to develop an increased focus on economic and labour market resilience in the context of technological changes, environmental constraints, globalisation and demographic trends; calls on it to prioritise investment operations with high potential in terms of job creation and environmental sustainability, particularly in areas of greatest need, and to expand its cooperation with other development banks in this direction;
Amendment 70 #
2015/2127(INI)
Draft opinion
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Calls on the EIB Group to consider strengthening non-financial criteria in its project assessment models, giving greater weight to projects' contribution to sustainable and inclusive development and cohesion in line with Protocol (No 28) on Economic, Social and Territorial Cohesion, while aiming at maximum transparency;
Amendment 87 #
2015/2127(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Calls on the EIB to refrain from cooperating with financial partners with a negative track record and to enforce prevention measures against tax havens, fraud and evasion as well as aggressive tax avoidance; calls for these prevention measures to include ensuring that no EIB funding can go to ultimate beneficiaries or financial intermediaries which make use of tax havens or harmful tax practices;
Amendment 88 #
2015/2127(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Calls on the EIB Group to refrain from cooperating with financial partners with a negative track record, particularly in the field of corporate taxation, and to enforce prevention measures against tax havens, tax fraud and tax evasion as well as aggressive tax avoidance; requests a list of outstanding EIB Group transactions involving counterparts established in jurisdictions featuring on the Commission's list of "top 30" tax havens around the world;
Amendment 91 #
2015/2127(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Calls on the EIB to adopt an effective and up-to-date Responsible Taxation Policy, to be overseen by a Tax Unit and detailed within an Annual Tax Report; calls for this policy to include regular country tax assessments in order to identify problematic jurisdictions; calls for this policy to involve the EIB actively using its relocation clause and systematically publishing the domicile of funds which benefit from EIB support, as well as the domicile of the ultimate beneficiaries of the funds if they are supported by financial intermediaries;
Amendment 112 #
2015/2127(INI)
Draft opinion
Paragraph 8
Paragraph 8
8. Calls on the EIB Group to further enhance transparency and access to information both internafor the Parliament and other EU institutions as welly ands for the public, especially regarding the selection, monitoring and evaluation of activities and programmes;
Amendment 127 #
2015/2127(INI)
Draft opinion
Paragraph 9
Paragraph 9
9. Requests the EIB to increase its reporting to Parliament regarding its decisions, progress achieved and the impact of its lending activities within and outside the EU; requests that this include regular reports to the European Parliament and other stakeholders on the implementation of its Non-Compliant Jurisdiction Policy, including the number of applications which have been turned down for failing to comply with this policy, as well as the number of relocations which have been requested and implemented.
Amendment 128 #
2015/2127(INI)
Draft opinion
Paragraph 9
Paragraph 9
9. Requests the EIB Group to increase its reporting to Parliament regarding its decisions, progress achieved and the impact of its lending activities within and outside the EU; calls on the EIB Group to engage in deeper dialogue with the Parliament on all its activities within the same scheme for reporting and accountability as set out in the EFSI regulation and to fully comply with the spirit and letter of the EFSI regulation, notably concerning inter-institutional cooperation with the Parliament.
Amendment 24 #
2015/2115(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the current recovery is mainly supported by private consumption, while private and public investment in the euro area continues to stagnate at levels significantly below those registered before the start of the crisis;
Amendment 37 #
2015/2115(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas financial fragmentation is still a major problem, with Micro, Small and Medium-sized Enterprises (MSMEs) suffering higher borrowing costs than the bigger companies, particularly in the countries hit more by the crisis; whereas facilitating credit flow to MSMEs is fundamental as they represent 99% of all businesses in the Union and account for 80% of jobs in the Union and thus they have a key role in generating economic growth, in job creating and in narrowing social disparities;
Amendment 44 #
2015/2115(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the Single Supervisory Mechanism (SSM), the first pillar of the Banking Union, became fully operational on 4 November 2014 with the transfer to the ECB of supervision of the 130 biggest banks of the euro area, and the Single Resolution Mechanism (SRM), the second pillar of the Banking Union, entered into force at the beginning of 2015; stresses the need to complete the Banking Union framework with the development of the Banking Union 3rd pillar - a European Deposit Guarantee Scheme;
Amendment 52 #
2015/2115(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Recalls that the modest recovery expected for the coming years in the euro area will not be sufficient to reduce the high unemployment rates recorded in many euro area Member States or to reduce the burden of debt; stresses the need to improve the conditions for both public and private investment aimed at boosting growth and job creation, and calls for further efforts to ensure the financing of the real economy;
Amendment 54 #
2015/2115(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Although it regrets the slow reaction of the ECB on taking measures, welcomes the measures taken in 2014 and encourages further effort by the ECB aimed at reviving aggregate demand , increasing low cost lending to the real economy and facilitate growth;
Amendment 62 #
2015/2115(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Deplores the existing gap between financing rates granted to SMEs and those granted to bigger companies; considers that this long-standing problem is not appropriately addressed by the recent measures implemented by the ECB to boost bank lending; deplores also the financing gap between credit conditions for the real economy across Member States.
Amendment 72 #
2015/2115(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that private and public investment in the euro area remains significantly below its levels prior to the current crisis;
Amendment 73 #
2015/2115(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that private and public investment in the euro area remains significantly below its levels prior to the current crisis;
Amendment 106 #
2015/2115(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 108 #
2015/2115(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 131 #
2015/2115(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Stresses that the ECB needs to create further incentives for the banks to transfer liquidity to the real economy;
Amendment 132 #
2015/2115(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 144 #
2015/2115(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses that the high and divergent levels of public and private indebtedness in some Member States are obstacles to the correct transmission of monetary policy, and that the non-conventional monetary policy implemented by the ECB is not able, by itself alone, to change this situation;
Amendment 149 #
2015/2115(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 158 #
2015/2115(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Considers that the existing flexibility within the Stability and Growth Pact rules could be used to better address the weak recovery in some Member States; recalls that monetary policy alone cannot stimulate aggregate demand unless it is complemented by adequate fiscal policies;
Amendment 167 #
2015/2115(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 187 #
2015/2115(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Believes that in order to foster economic recovery and to reduce unemployment levels in the European Union greater focus should be placed on aggregate demand policies; notes that fiscal consolidation policies did not produce its intended results;
Amendment 199 #
2015/2115(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses that the ECB’s supervisory role and its monetary policy function must not be confused and should not generate any conflict of interest in its execution of its principal functions;
Amendment 209 #
2015/2115(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Deplores the fact that the ECB has exceeded even a broad interpretation of its Treaty-based mandate, inter alia in its role in the Troika and Quadriga; urges the ECB to take a step backwards and reinforce its independence from political decisions, abiding byTakes note of the ECJ judgment in Case C-62/14 of 16 June 2015, especially its paragraph 102, as well as the opinion expressed by Advocate-General Cruz Villalón in the same case, especially its paragraphs 227 and 263 and calls ECB to take that into consideration when taking its actions;
Amendment 215 #
2015/2115(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Underlines the need for democratic accountability in view of the new responsibilities conferred on the ECB regarding supervisory tasks, as well as its involvement in the Troika and Quadriga programmes, while also stressing the ECB’s independence in the field of monetary policy and the need to avoid any conflict of interest in the execution of its functions;
Amendment 228 #
2015/2115(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Calls for a thorough assessment of the Troika’s modus operandi and of the ECB’s involvement in the Troika and Quadriga frameworks, with a view to clarifying and redefining the scope of responsibilities and ensuring greater democratic accountability in the adoption and implementation of bailout programmes; invites the Council to reconsider the involvement of the ECB and IMF in the Troika;
Amendment 234 #
2015/2115(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 260 #
2015/2115(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Believes that the current structure of the Banking Union shouldmust be complemented in the future withand urges for immediate establishment of a sSingle mechanism to guarantee bank deposits, aimed at avoiding capital flight in the event of a future banking crisisDeposit Guarantee Scheme; highlights, in this respect, even though late, the call by the ECB President towards this direction on the monetary dialogue on 23 September 2015;
Amendment 283 #
2015/2115(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Welcomes the capital market union project and its potential contribution to reducing excessive dependence of euro area economies on the banking system and stresses the necessity to create a single supervisor for capital markets as the ECB is for the banking system;
Amendment 99 #
2015/2106(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Underlines the need to take stock of the financial services framework; notes that similar exercises are being undertaken in other jurisdictions, notably in the US; stresses the fact that this stocktaking exercise should not undermine the legislative achievements obtained so far and should not be seen as an exercise leading to deregulation;
Amendment 147 #
2015/2106(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses the need for consistency in the risk-based approach, including sovereign exposures; supports the work of the BCBS and ESRB in this regard;
Amendment 173 #
2015/2106(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Reiterates the need to work on a Pan European Pension Product (PEPP), which will attract more retirement savings and foster the supply of long-term capital, whilst contributing to the delivery of adequate, safe and sustainable pensions for the European citizens throughout the EU;
Amendment 194 #
2015/2106(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls for an appropriate division of competences between EU and national level, bearing in mind that national supervisors have more knowledge of local market characteristics; is concerned about the effect of a one-size-fits-all supervisory approach on smaller and primarily nationally active entities within the Single Supervisory Mechanism (SSM)acknowledges the benefits of European supervision in creating a level playing field and breaking the sometimes too close links between national supervisors and the financial entities they supervise; it is crucial to ensure the use of a common framework to guarantee the full implementation of the single market;
Amendment 201 #
2015/2106(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes the achievements in establishing a banking union; stresses that the next step has to be its full implementation, including full capitalisation of national Deposit Guarantee Schemes (DGS) and the Single Resolution Fund (SRF); emphasises the aim ofthe setting up of the third pillar namely a European Deposit Guarantee Schemes (DGS) and the full implementation of the other two pillars, including the Single Resolution Fund (SRF) and the Banking Structural Reform; emphasises the aim of reducing systemic risks through joint action while avoiding moral hazard and ensuring that risk-takers bear the costs when their risks materialise;
Amendment 252 #
2015/2106(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Recalls that developing a quality securitisation market in the EU requires adequate control mechanisms and supervision at the European level;
Amendment 259 #
2015/2106(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Underlines the need to streamline the content and frequency of reporting requirements, also by providing entities with one point of contact, in order to avoid any duplication of requirements and reporting channels; calls on the Commission, ESAs and SSM to examine which data are actually needed, to align templates and to provide simplifications and, for SMEs, exemptionin particular, for SMEs;
Amendment 299 #
2015/2106(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Believes that the ESAs should be involved in the discussions on global regulatory principles within the international standard setting bodies; this would be key to ensure that European positions are properly reflected and precious know-how be taken on board;
Amendment 320 #
2015/2106(INI)
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26a. Calls on the Commission for regular reports on the state of transposition of the legislation agreed, and where applicable, the infringement proceedings brought upon Member States and to report back to the European Parliament;
Amendment 321 #
2015/2106(INI)
Motion for a resolution
Paragraph 26 b (new)
Paragraph 26 b (new)
26b. Stresses that ensuring transparency, simplicity, accessibility and fairness across the internal market should be part of the better regulation agenda for consumers;
Amendment 336 #
2015/2106(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Welcomes the objectives of the better regulation agenda; underlines the role of REFITsuggests that a stocktaking of financial regulation takes place under the REFIT exercise of the European Commission in achieving an efficient and effective financial services regulation;
Amendment 343 #
2015/2106(INI)
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29a. Underlines that for a coherent development of a Single Rule Book the Commission needs to better consider in impact assessments the existing interactions and overlaps between new proposals and existing legislation;
Amendment 348 #
2015/2106(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Believes that the ESAs and SSM have a crucial role to play in achieving the objectives of better regulation and supervision; highlights ESAs and SSM role in reducing uncertainty and regulatory arbitrage and in fostering mutually beneficial cooperation among market participants; stresses that the ESAs and SSM, in pursuing this role, have to be adequately funded and staffed; deplores therefore the recent cuts in both the funding and the staff of the agencies;
Amendment 369 #
2015/2106(INI)
Motion for a resolution
Paragraph 37
Paragraph 37
37. Reminds the ESAs that technical standards, guidelines and recommendations are bound by the principle of proportionality; calls on the ESAs to adopt a restrictive approach to the extent and number of guidelines, particularly where they are not explicitly empowered in the basic act; notes that such a restrictive approach is also required in view of the ESAs’ resources and the need to prioritise their tasks;
Amendment 396 #
2015/2106(INI)
Motion for a resolution
Paragraph 42
Paragraph 42
42. Stresses that the impact of individual legislative measures differs from their cumulative impact; calls on the Commission services, in corpooperation with the ESAs, SSM and ESRB, to conduct a comprehensive quantitative and qualitative assessment every five years of the cumulative impact of the EU financial services regulation at EU and Member State levelupon financial markets and its participants at EU and Member State level, and to report back to the European Parliament;
Amendment 417 #
2015/2106(INI)
Motion for a resolution
Paragraph 43 – indent 4
Paragraph 43 – indent 4
– the possibilities to benefits to the real economy, namely on SMEs and consumers,
Amendment 423 #
2015/2106(INI)
Motion for a resolution
Paragraph 43 – indent 9
Paragraph 43 – indent 9
– the interdependencies with international standards and the comparison of existing and implementation levels of regulation between the EU and other major jurisdictions, and its effects on the global competitiveness of European businesses;
Amendment 426 #
2015/2106(INI)
Motion for a resolution
Paragraph 43 – indent 9 a (new)
Paragraph 43 – indent 9 a (new)
– the capacity of ESAs to fulfil the tasks given to them under the current legislative framework and on the steps needed to improve the framework especially the financing of the ESAs in the near future,
Amendment 430 #
2015/2106(INI)
Motion for a resolution
Paragraph 43 a (new)
Paragraph 43 a (new)
43a. Stresses the fact that deregulation should not be an objective of such exercise but to reinforce the coherence and consistency of the existing regulation; additionally the assessment of existing regulatory loopholes needs to be addressed;
Amendment 3 #
2015/2060(INI)
Motion for a resolution
Citation 9 a (new)
Citation 9 a (new)
Amendment 25 #
2015/2060(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas recognising the important work being done by all the international bodies, consistency in financial and operating procedures is fundamental in ensuring an international level playing field. The participation of the ESAs on international fora will help to ensure such consistency;
Amendment 93 #
2015/2060(INI)
Motion for a resolution
Paragraph 9 – indent 1
Paragraph 9 – indent 1
- Calls on the Commission to draw on existing best practices at European and national levels to draft a European code of conduct on transparency and accountability designed to guide the action of European representatives in international organisations; requests that the European Parliament should be closely associated in the drafting process;
Amendment 102 #
2015/2060(INI)
Motion for a resolution
Paragraph 9 – indent 2
Paragraph 9 – indent 2
- Recommends, on the basis of the code, working towards global standards of transparency and accountability, regarding the statute, financing and operation of those organisations (including their rela, their interactions with the sector concernedauthorities, stakeholders and the public, their communication and access to their documents) as well as their dialogue with the authorities;
Amendment 108 #
2015/2060(INI)
Motion for a resolution
Paragraph 9 – indent 2 a (new)
Paragraph 9 – indent 2 a (new)
- Requests that the transparency of international organisations is strengthened, notably by setting up mandatory transparency registers to monitor exchanges with stakeholders and civil society;
Amendment 110 #
2015/2060(INI)
Motion for a resolution
Paragraph 9 – indent 2 b (new)
Paragraph 9 – indent 2 b (new)
- Recommends that the dialogue between international organisations and stakeholders needs to be diversified, notably by fostering the dialogue with the civil society and NGOs such as consumer organisations;
Amendment 112 #
2015/2060(INI)
Motion for a resolution
Paragraph 9 – indent 2 d (new)
Paragraph 9 – indent 2 d (new)
- Calls on the European institutions and agencies as well as Member States to promote accountability of each and every international organisation towards democratically elected bodies;
Amendment 120 #
2015/2060(INI)
Motion for a resolution
Paragraph 9 – indent 3
Paragraph 9 – indent 3
- Calls for a formalised and regular ‘financial dialogue’ to be organised in - and with - the European Parliament for the purpose of establishing guidelines regarding the adoption of European positions in the run- up to major international negotiations, making sure that these positions are known and ensuring follow-up; the European institutions, the Member States and, where appropriate, the heads of the international organisations concerned would be invited to attend; the nature (public or in camera) and frequency of this dialogue would depend on practical requirements;
Amendment 142 #
2015/2060(INI)
Motion for a resolution
Paragraph 9 – indent 6
Paragraph 9 – indent 6
- Urges the Commission to use its right of initiative to propose, in accordance with Article 138(2) TFEU and the undertakings given by its President to the European Parliament in 2014, appropriate measures to ensure unified representation of the Union within international financial institutions and conferences; considers it imperative to progress towards single representation of the euro area within the IMF, the first step being to group member countries within specific constituencies and then within a single constituency, without prejudice to the creation of a single European Union constituency in the long term; points out that, under Protocol N° 14 of the Treaty, closer coordination between Member States is the responsibility of the Euro Group;
Amendment 177 #
2015/2060(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Welcomes the role of international bodies in developing standards for the application of common principles and rules; stresses that, involving the ESAs as the relevant European Supervisory Bodies in the concerned discussions at international level, will have the added benefit of strengthening the contribution of European specific expertise when developing international standards;
Amendment 24 #
2015/2010(INL)
Motion for a resolution
Recital E
Recital E
E. whereas the investigations carried out under the TAXE Committee revealunderlined that the practice of tax rulings does not exclusively take place in Luxembourg but is common across the Unionin several countries across the Union, including Belgium, Ireland, the Netherlands and the United Kingdom, ; whereas the practice of tax rulings can be used legitimately to provide legal certainty for business, but is nevertheless open to potential abuse; whereas regard is had to the report from the Organisation for Economic Cooperation and Development (OECD) published on 12 February 2013 entitled ‘'Addressing Base Erosion and Profit Shifting’' proposed new international standards to combat base erosion and profit shifting (BEPS); whereas regard is also had to the Communiqué issued following the Meeting of Finance Ministers and Central Bank Governors of the G20 which took place on [to be inserted];
Amendment 40 #
2015/2010(INL)
Motion for a resolution
Recital G a (new)
Recital G a (new)
Ga. whereas the overall loss in State revenues due to tax avoidance from corporate taxation is generally compensated for by either raising the overall level of taxation, cutting public services, or increased national borrowing - hence damaging other taxpayers and posing issues of social justice;
Amendment 41 #
2015/2010(INL)
Motion for a resolution
Recital H
Recital H
H. whereas a study2 estimates that revenue losses for the Union due to tax avoidance from corporate taxation could amount to around EUR 50-70 billion, a year, this figure representing the sum lost to profit shifting; whereas the same study estimates that those revenue losses for the Union due to tax avoidance from corporate taxation could in reality amount to around EUR 160-190 billion if special tax arrangements, inefficiencies in collection and other such activities were taken into account; __________________ 2 European added value of legislative report on bringing Transparency, coordination and convergence to corporate tax policies in the European Union’ by Dr Benjamin Ferrett, Daniel Gravino and Silvia Merler – To be published.
Amendment 56 #
2015/2010(INL)
Motion for a resolution
Recital N
Recital N
N. whereas the Union has been a pioneer in the global fight against aggressive tax planning, notably in promoting progress at OECD level on the BEPS project ; whereas the Union should continue to play a pioneering role as the BEPS project develops, seeking to prevent the damage that BEPS can cause both to Member States and also to developing countries around the world;
Amendment 86 #
2015/2010(INL)
Motion for a resolution
Recital T – point i
Recital T – point i
(i) whereas increased transparency regarding the activities of large multinational companies, and in particular regarding profits made, taxes on profit paid, subsidies received and tax returns, is essential for ensuring that tax administrations tackle BEPS efficiently; whereas one vital form for this transparency to take is country-by-country reporting; whereas any Union proposals for country-by-country reporting should in the first instance be based on the OECD guidelines template; whereas it is possible for the Union to go further than the OECD guidelines and make such country-by- country reporting mandatory and public, and the European Parliament voted in favour of full public country-by- country reporting in its amendments adopted on 8 July 20154 on the proposal for a revised Shareholder Rights Directive; whereas the European Commission conducted a consultation on this subject between 17 June and 9 September 2015 in order to explore different options for the implementation of country-by-country reporting5 ; whereas 88% of those who responded publicly to that consultation said that they supported public disclosure of tax-related information by enterprises; __________________ 4 Texts adopted of 8.7.2015, P8_TA(2015)0257. 5 http://ec.europa.eu/finance/consultations/2 015/further-corporate-tax- transparency/index_en.htm.
Amendment 96 #
2015/2010(INL)
Motion for a resolution
Recital T – point ii
Recital T – point ii
(ii) whereas paying a fair share of taxes on profits made should be an important element of any company's corporate social responsibility (CSR) policy, and information about taxes being paid in different countries should form part of the CSR section of a company's annual report; whereas while a small minority of some companies within the Union have already begun to demonstrate that they are fully tax compliant by applying for and promoting their ownership of a 'Fair Tax Payer' label6 , most firms disregard the issue of fair taxation in their annual reporting; whereas firms and citizens alike across the Union would benefit from wider take-up of such labels by companies who are fully tax compliant in order to set a high standard for others to emulate; __________________ 6 Such as the Fair Tax Mark: http://www.fairtaxmark.net/.
Amendment 100 #
2015/2010(INL)
Motion for a resolution
Recital T – point iii
Recital T – point iii
(iii) whereas increased transparency would also be achieved if Member States inform each other and the Commission of any new allowance, relief, exception, incentive or similar measure that could have a material impact on their effective tax rate; whereas such notification would help Member States in identifying harmful tax practices; whereas such notifications could also apply to tax advisory firms whenever they propose a new 'tax optimisation' scheme;
Amendment 101 #
2015/2010(INL)
Motion for a resolution
Recital T – point iii a (new)
Recital T – point iii a (new)
(iiia) whereas on 9 April 2015 the Commission put forward a proposal for a Directive on Single-Member Limited Liability Companies; whereas such a proposal would considerably raise the risk of multinational companies setting up single-member companies with the specific aim of avoiding tax, and so should not be pursued;
Amendment 116 #
2015/2010(INL)
Motion for a resolution
Recital T – point vi
Recital T – point vi
(vi) whereas progress in the fight against tax avoidance and aggressive tax planning can only be monitored with a harmonised methodology that can be used to estimate the size of the direct and indirect tax gaps in all Member States, and across the Union as a whole; whereas an estimate of the tax gap should only represent the start of providing further information on tax matters, and Member States should also use the data arising from automatic exchange of information to reveal the size and source of the offshore assets in their finance sectors;
Amendment 122 #
2015/2010(INL)
Motion for a resolution
Recital T – point vii
Recital T – point vii
(vii) whereas the current Union-wide legal framework to protect whistleblowers is insufficient, and there exists significant variation between the ways in which different Member States provide protection for whistleblowers; whereas in the absence of such protection, those employees who hold vital information will understandably be reluctant to come forward and therefore that information will not be made available; whereas since whistleblowers helped to mobilise public attention on the issue of unfair taxation, Member States should consider measures that will protect such activity; whereas it would therefore be appropriate to offer Union-wide protection for whistleblowers who report suspected misconduct, wrongdoing, fraud or illegal activity to national regulators or, in cases of persistently unaddressed misconduct, wrongdoing, fraud or illegal activity that could affect the public interest, to the public as a whole; whereas such protection should be coherent with the overall legal system;
Amendment 148 #
2015/2010(INL)
Motion for a resolution
Recital U – point ii
Recital U – point ii
(ii) whereas despite the work of the Code of Conduct Group on harmful corporate taxation, aggressive tax planning measures continue to exist throughout the Union; whereas therefore the functioning of the Group and its decision-making procedures needs to be improved and made to be more transparent, and also to be able to take positions on issues arising from tax policies in more than one Member State without a small minority of Member States blocking decision-making by the Group;
Amendment 161 #
2015/2010(INL)
Motion for a resolution
Recital U – point vii
Recital U – point vii
(vii) whereas the Commission decided to prolong the mandate of the Platform for Tax Good Governance - which was due to expire in 2016 - as well as expand its scope and enhance its working methods; whereas the Platform can help deliver on the new Action Plan to strengthen the fight against tax fraud and tax evasion, facilitate discussions on Member States' tax rulings in light of the proposed new information exchange rules, and provide feedback on new anti-avoidance initiatives; whereas however the Commission needs to boost the profile, broaden the membership and increase the effectiveness of the Platform for Tax Good Governance;
Amendment 166 #
2015/2010(INL)
Motion for a resolution
Recital U – point ix
Recital U – point ix
(ix) whereas, in addition to the issues mentioned in this report, the Commission should clearly set out how it will implement all 15 of the OECD/G20 BEPS project deliverables, setting an ambitious and concrete deadline for an Anti-BEPS Directive no later than the end of 2016, so as to encourage other countries to follow the Union's lead in the implementation of the Action Plan; whereas the Commission should also and consider in which areas in which the Union should go further than the minimum standards which the OECD recommends;
Amendment 179 #
2015/2010(INL)
Motion for a resolution
Recital V – point i
Recital V – point i
(i) whereas aggressive tax planning practices may sometimes arise from the cumulative benefits of double taxation treaties concluded by different Member States, perversely resulting in double non- taxation instead; whereas the proliferation of double tax treaties signed up to by individual Member States with third countries may lead to opportunities for new loopholes; whereas, in line with Action 15 of the OECD/G20 BEPS project, there is a need to develop a multilateral instrument for amending bilateral tax treaties; whereas, in line with the Union approach on trade agreements, there is a need for Member States to agree principles and practices for a common approach to negotiating (or renegotiating) double taxation treaties that are fair to developing countries;
Amendment 184 #
2015/2010(INL)
Motion for a resolution
Recital V – point ii
Recital V – point ii
(ii) whereas the Union should have its own up to date listdefinition of 'tax havens';
Amendment 194 #
2015/2010(INL)
Motion for a resolution
Recital V – point vii
Recital V – point vii
(vii) whereas the Commission's ongoing investigations into alleged breaches of the Union state aid rules have revealed a degree of uncertainty regarding the way in which those rules should be applied; whereas to rectify this, the Commission should publish bindingstate aid guidelines to clarify how it will determine instances of tax-related state aid, thereby providing more legal certainty for companies and Member States alike;
Amendment 199 #
2015/2010(INL)
Motion for a resolution
Recital V – point ix a (new)
Recital V – point ix a (new)
(ixa) whereas it is currently possible for profits made within the Union to be shifted between Member States, and then to leave the Union altogether without being taxed once within the Union; whereas if such profits leave the Union for a jurisdiction classified as a tax haven then the Union should be able to levy a withholding tax on such profits;
Amendment 200 #
2015/2010(INL)
Motion for a resolution
Recital V – point ix b (new)
Recital V – point ix b (new)
(ixb) whereas tax advisors play a crucial role in facilitating aggressive tax planning, by helping companies to establish complex legal structures in order to take advantage of the mismatches and loopholes that arise from different tax systems; whereas a fundamental review of the corporate tax system cannot occur without investigating the practices of these advisory firms; whereas such an investigation must include consideration of the conflict of interest inherent in such firms, which simultaneously provide advice to national governments on setting up tax systems and advice to companies on how best to optimise their tax liabilities within such systems;
Amendment 220 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 1 – title
Annex – title 1 – subtitle 1 – title
Recommendation A1. CMandatory, public country-by-country reporting for all sectors by multinational companies
Amendment 223 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 1 – introductory part
Annex – title 1 – subtitle 1 – introductory part
The European Parliament calls once again on the European Commission to bring forward a legislative proposal by June 2016take all the necessary steps in order to introduce country-by-country reporting (CBC-R) for multinational companies in all sectors.
Amendment 230 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 1 – indent 1
Annex – title 1 – subtitle 1 – indent 1
This proposalmeasure should be developed on the basis of the requirements put forward by the OECD in its CBC-R data template published in September 2014 (Action 13 of the OECD/G20 BEPS project).
Amendment 231 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 1 – indent 2 – introductory part
Annex – title 1 – subtitle 1 – indent 2 – introductory part
When developing the proposalis measure, the Commission should also consider:
Amendment 232 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 1 – indent 2 – point 1
Annex – title 1 – subtitle 1 – indent 2 – point 1
the results of the Commission’s consultation into CBC-R, conducted between 17 June and 9 September 2015, which examined different options for the possible implementation of CBC-R in the Union and its outcome, which showed a significant majority of public replies in favour of public CBC-R with larger scope than the one foreseen by the OECD;
Amendment 234 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 1 – indent 2 – point 2
Annex – title 1 – subtitle 1 – indent 2 – point 2
o the proposals for full public CBC-R outlined in the revised Shareholder Rights Directive as voted for by the European Parliament on 8 July 20151 and the ongoing trilogues on this Directive. __________________ 1 Texts adopted of 8.7.2015, P8_TA(2015)0257.
Amendment 240 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 2 – indent 2 a (new)
Annex – title 1 – subtitle 2 – indent 2 a (new)
Companies should be motivated by this ‘Fair Tax Payer’ label to make paying a fair share of taxes an essential part of their corporate social responsibility policy, and report on their stance on taxation matters in their annual report.
Amendment 255 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 3 – indent 2 a (new)
Annex – title 1 – subtitle 3 – indent 2 a (new)
In addition, the Commission should oblige Member States to publish information on all tax breaks and subsidies which they provide for corporations.
Amendment 257 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 3 – indent 2 b (new)
Annex – title 1 – subtitle 3 – indent 2 b (new)
The Commission should also consider obliging tax advisory firms to notify national tax authorities whenever they develop and begin promoting a new ‘tax optimisation’ scheme intended to help companies reduce their overall tax liabilities.
Amendment 259 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 3 a (new)
Annex – title 1 – subtitle 3 a (new)
Recommendation 3a. Withdrawal of the proposal regarding Single-Member private limited liability companies (SUP) The European Parliament calls on the European Commission to withdraw its proposal for a Directive on Single- Member private limited liability companies (SUP) from 9 April 2015. • The decision to withdraw the proposal should be taken due to the significant risks of multinational companies setting up SUPs for tax avoidance purposes. • The Commission should review the 14th Company Law Directive on the cross- border transfer of company seats, as previously called for by the European Parliament in 2012 in its own initiative report (2001/2016(INI)).
Amendment 282 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 4 – indent 3 a (new)
Annex – title 1 – subtitle 4 – indent 3 a (new)
Ensuring that appropriate sanctions are applied to those Member States which do not automatically exchange information on tax rulings as they should.
Amendment 291 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 6 – indent 2
Annex – title 1 – subtitle 6 – indent 2
Work with Member States to ensure the provision of necessaryhigh quality, relevant data to be analysed using the methodology in order to produce the most accurate figures possible.
Amendment 292 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 6 – indent 3
Annex – title 1 – subtitle 6 – indent 3
Use the agreed methodology and necessaryhigh quality, relevant data in order to produce and publish, biannually, an estimate of the direct and indirect corporate tax gaps in all Member States and across the Union.
Amendment 294 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 6 – indent 3 a (new)
Annex – title 1 – subtitle 6 – indent 3 a (new)
Use the data collected by financial institutions as part of the automatic exchange of information to produce annual statistics showing the extent of each Member State’s offshore banking, including the number and value of accounts by country of residence of the account holders.
Amendment 298 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 7 – indent 1
Annex – title 1 – subtitle 7 – indent 1
Protect whistleblowers who act in the public interest only (and not also for money or any other personal agenda) in order to expose misconduct, wrongdoing, fraud or illegal activity in relation to corporate taxation in any Member State in the European Union. Such whistleblowers should be protected if they report suspected misconduct, wrongdoing, fraud or illegal activity to their relevant competent authority, and should also be protected if, in cases of persistently unaddressed misconduct, wrongdoing, fraud or illegal activity in relation to corporate taxation that could affect the public interest, they report their concerns to the public as a whole;
Amendment 312 #
2015/2010(INL)
Motion for a resolution
Annex – title 1 – subtitle 7 – indent 5
Annex – title 1 – subtitle 7 – indent 5
Such a legislative proposal could also take into consideration the Council of Europe’s ‘Recommendation CM/Rec(2014)7’1 on the protection of whistleblowers’. and Transparency International's ‘International Principles for Whistleblower Legislation: best practices for laws to protect whistleblowers and support whistleblowing in the public interest’. __________________ 1 http://www.coe.int/t/dghl/standardsetting/ http://www.coe.int/t/dghl/standardsetting/ cdcj/Whistleblowers/protecting_whistleblo wers_en.asp
Amendment 321 #
2015/2010(INL)
Motion for a resolution
Annex – title 2 – subtitle 1 – paragraph -1 (new) – introductory part
Annex – title 2 – subtitle 1 – paragraph -1 (new) – introductory part
As a preference, the introduction of a full, mandatory Common Consolidated Corporate Tax Base (CCCTB) to be introduced all at once and straight away. However, if this proves impossible, then:
Amendment 344 #
2015/2010(INL)
Motion for a resolution
Annex – title 2 – subtitle 1 – paragraph 3
Annex – title 2 – subtitle 1 – paragraph 3
During the interim period between the introduction of mandatory CCTB and that of full CCCTB, - which should be as brief as possible - a set of measures to reduce profit shifting (mainly via transfer pricing) including a Union anti-BEPS legislative proposal. These measures should not include a temporary cross-border loss offset regime ounly ifess the Commission can guarantee that it will be transparent and will not create the possibility of misuse for aggressive tax planning.
Amendment 348 #
2015/2010(INL)
Motion for a resolution
Annex – title 2 – subtitle 1 – paragraph 4
Annex – title 2 – subtitle 1 – paragraph 4
The Commission should consider to what extent it would be necessary to harmoniseproduce a single set of generally accepted accounting principles in order to prepare the underlying accounting data to be used for CCCTB purposes.
Amendment 350 #
2015/2010(INL)
Motion for a resolution
Annex – title 2 – subtitle 1 – paragraph 4 a (new)
Annex – title 2 – subtitle 1 – paragraph 4 a (new)
Any proposal for either CCTB or full CCCTB should include an Anti- Avoidance Clause.
Amendment 352 #
2015/2010(INL)
Motion for a resolution
Annex – title 2 – subtitle 2 – indent 1 – introductory part
Annex – title 2 – subtitle 2 – indent 1 – introductory part
The Code of Conduct group (CoC Group) shall become more transparent and, more accountable, and more effective, including through:
Amendment 354 #
2015/2010(INL)
Motion for a resolution
Annex – title 2 – subtitle 2 – indent 1 – point 3 a (new)
Annex – title 2 – subtitle 2 – indent 1 – point 3 a (new)
A decision procedure by which a qualified majority of CoC Group members can decide on which action to take against tax measures of a Member State;
Amendment 367 #
2015/2010(INL)
Motion for a resolution
Annex – title 2 – subtitle 5 – indent 2 – point 3 a (new)
Annex – title 2 – subtitle 5 – indent 2 – point 3 a (new)
No decision regarding the outcome of a tax audit by a tax authority should be taken before informing the other tax authorities concerned.
Amendment 374 #
2015/2010(INL)
Motion for a resolution
Annex – title 3 – subtitle 1 – indent 1
Annex – title 3 – subtitle 1 – indent 1
The Commission should negotiate tax agreements with third countries on behalf of the EU instead of the current practice under which bilateral negotiations are conducted, which produce sub-optimal results., especially for developing countries.
Amendment 376 #
2015/2010(INL)
Motion for a resolution
Annex – title 3 – subtitle 1 – indent 2
Annex – title 3 – subtitle 1 – indent 2
A common Union multilateral double tax agreement - based on the UN model rather than the OECD model - should be introduced to replace the multitude of bilateral tax agreements agreed between Member States themselves and with other countries.
Amendment 384 #
2015/2010(INL)
Motion for a resolution
Annex – title 3 – subtitle 2 – indent 1 a (new)
Annex – title 3 – subtitle 2 – indent 1 a (new)
Those criteria should cover concepts such as banking secrecy, recording and publication of ownership of companies, trusts and foundations, the publication of company accounts, fitness for information exchange, efficiency of tax administration, promotion of tax evasion, existence of harmful legal vehicles, prevention of money laundering, automaticity of information exchange, existence of bilateral treaties, and international transparency commitments and judicial cooperation.
Amendment 386 #
2015/2010(INL)
Motion for a resolution
Annex – title 3 – subtitle 2 – indent 2 a (new)
Annex – title 3 – subtitle 2 – indent 2 a (new)
This list of tax havens should be linked to the relevant taxation legislation as a reference point for other policies and Directives, such as levying a withholding tax on financial flows to these tax havens.
Amendment 389 #
2015/2010(INL)
Motion for a resolution
Annex – title 3 – subtitle 3 – introductory part
Annex – title 3 – subtitle 3 – introductory part
The European Parliament calls on the European Commission to bring forward a proposal for a catalogue of counter- measures the Union and Member States should apply as shareholders and financers of public bodies, banks and funding programmes, to be applied to companies which use tax havens as well as to companies advising, assisting or in other ways enabling the use of tax havens in order to put in place aggressive tax planning schemes and therefore do not comply with Union tax good governance standards.
Amendment 391 #
2015/2010(INL)
Motion for a resolution
Annex – title 3 – subtitle 3 – indent 1 – point 2 a (new)
Annex – title 3 – subtitle 3 – indent 1 – point 2 a (new)
Suspending the banking or advisory licences of financial institutions, accountants, law firms or other financial advisers that have been proven to be complicit in tax fraud and tax evasion.
Amendment 398 #
2015/2010(INL)
Motion for a resolution
Annex – title 3 – subtitle 4 – indent 1
Annex – title 3 – subtitle 4 – indent 1
To adjust the definition of ‘permanent establishment’ so that companies cannot artificially avoid having a taxable presence in Member States in which they have economic activity. This definition should also address situations in which companies which engage in fully dematerialised digital activities, are considered to have a permanent establishment in a Member State if they maintain a significant digital presence in the economy of that country;
Amendment 399 #
2015/2010(INL)
Motion for a resolution
Annex – title 3 – subtitle 4 – indent 2
Annex – title 3 – subtitle 4 – indent 2
To introduce a Union definition of minimum ‘economic substance’. so as to ensure that companies are genuinely creating value and adding to the economy of the Member State in which they have a taxable presence.
Amendment 404 #
2015/2010(INL)
Motion for a resolution
Annex – title 3 – subtitle 7 – introductory part
Annex – title 3 – subtitle 7 – introductory part
The European Parliament calls on the European Commission to bring forward a proposal inat the medium termlatest by mid-2017 for:
Amendment 406 #
2015/2010(INL)
Motion for a resolution
Annex – title 3 – subtitle 7 – indent 1
Annex – title 3 – subtitle 7 – indent 1
Amendment 409 #
2015/2010(INL)
Motion for a resolution
Annex – title 3 – subtitle 7 – indent 2 a (new)
Annex – title 3 – subtitle 7 – indent 2 a (new)
Member States to be given more freedom to consider companies’ tax policies and behaviour as a factor in procurement contracts.
Amendment 417 #
2015/2010(INL)
Motion for a resolution
Annex – title 3 – subtitle 9 a (new)
Annex – title 3 – subtitle 9 a (new)
Recommendation 9a. Introduce a Union- wide withholding tax The European Parliament calls on the European Commission to bring forward a proposal by summer 2016 to: • Introduce a Union-wide withholding tax, to ensure that all profits generated within the Union are taxed at least once within the Union before they leave the Union’s borders. • This tax to only apply to profits which are leaving the Union to go to jurisdictions in which the Union cannot be confident that they are likely to be taxed (such as those countries on the proposed Union tax havens list), and where the company cannot provide evidence that due taxes over those profits were paid.
Amendment 418 #
2015/2010(INL)
Motion for a resolution
Annex – title 3 – subtitle 9 b (new)
Annex – title 3 – subtitle 9 b (new)
Amendment 424 #
2015/2010(INL)
Motion for a resolution
Annex – title 4 – subtitle 1 – indent 3 – point 1 (new)
Annex – title 4 – subtitle 1 – indent 3 – point 1 (new)
Those principles should include the circumstances in which such amnesties would either violate the provisions of the Union Treaty relating to the free circulation of capital and the freedom to provide services, or in which they would count as state aid and require notification to the Commission;
Amendment 425 #
2015/2010(INL)
Motion for a resolution
Annex – title 4 – subtitle 1 – indent 3 – point 2 (new)
Annex – title 4 – subtitle 1 – indent 3 – point 2 (new)
They should also clearly set out when the Commission would deem a corporate tax amnesty to be appropriate, and when other policy options would be preferable (including suggestions for what those alternative policy options might be);
Amendment 426 #
2015/2010(INL)
Motion for a resolution
Annex – title 4 – subtitle 1 – indent 3 – point 3 (new)
Annex – title 4 – subtitle 1 – indent 3 – point 3 (new)
They should include a requirement for Member States to inform the Commission in advance of any decision to implement a corporate tax amnesty, so as to ensure that it does not undermine the internal market or breach Union competition law;
Amendment 428 #
2015/2010(INL)
Motion for a resolution
Annex – title 4 – subtitle 1 – indent 5 – point 1 (new)
Annex – title 4 – subtitle 1 – indent 5 – point 1 (new)
This can be achieved by Member States swiftly transposing the fourth Anti-Money Laundering Directive, ensuring broad and simplified access to information contained in central registers of beneficial owners, including to civil society organisations, journalists and citizens;
Amendment 429 #
2015/2010(INL)
Motion for a resolution
Annex – title 4 – subtitle 1 – indent 5 – point 2 (new)
Annex – title 4 – subtitle 1 – indent 5 – point 2 (new)
Action should also include requiring those who provide banking services to Union-registered companies or trusts to provide direct confirmation to the relevant registering authority of the data they are required to collect and update on the beneficial owners of all companies and trusts to whom they provide services on an annual basis.
Amendment 42 #
2015/0068(CNS)
Proposal for a directive
Recital 5
Recital 5
(5) The possibility that the provision of information may be refused where it would lead to the disclosure of a commercial, industrial or professional secret or of a commercial process, or of information whose disclosure would be contrary to public policy should not apply to provisions of mandatory automatic exchange of information on advance cross- border rulings and advance pricing arrangements in order not to reduce the effectiveness of these exchanges. The limited nature of the information that is required to be shared with all Member States should ensure sufficient protection of those commercial interests.
Amendment 48 #
2015/0068(CNS)
Proposal for a directive
Recital 6
Recital 6
(6) In order to reap the benefits of the mandatory automatic exchange of advance cross-border rulings and advance pricing arrangements, the information should be communicated promptlyimmediately after and at the latest one month after the end of the quarter during which after they are issued and therefore regular intervals for the communication of the information should be established (at least twice a year).
Amendment 51 #
2015/0068(CNS)
Proposal for a directive
Recital 7
Recital 7
(7) The mandatory automatic exchange of advance cross-border rulings and advance pricing arrangements should in each case include communication of a defined set of basic information to all Member States. The Commission should adopt any measures necessary to standardise the communication of such information under the procedure laid down in Directive 2011/16/EC for establishing a standard form to be used for the exchange of information. That procedure should also be used in the adoption of any necessary measures and practical arrangements for the implementation of the information exchange.
Amendment 54 #
2015/0068(CNS)
Proposal for a directive
Recital 8
Recital 8
(8) Member States should exchange the basic information to be communicated also with the Commission. This would enable the Commission at any point in time to monitor and evaluate the effective application of the automatic exchange of information on advance cross-border rulings and advance pricing arrangements. Such communication will not discharge a Member State from its obligations to notify any state aid to the Commission.
Amendment 64 #
2015/0068(CNS)
Proposal for a directive
Recital 10
Recital 10
(10) A Member State should be able to rely on Article 5 of Directive 2011/16/EU as regards the exchange of information on request to obtain additional information, including the full text of advance cross- border rulings or advance pricing arrangements, from the Member State having issued such rulings or arrangements.
Amendment 65 #
2015/0068(CNS)
Proposal for a directive
Recital 11
Recital 11
(11) Member States should take all measures necessary to remove any obstacle that might hinder the effective and widest possible mandatory automatic exchange of information on advance cross-border rulings and advance pricing arrangements.
Amendment 75 #
2015/0068(CNS)
Proposal for a directive
Recital 15
Recital 15
(15) The existing provisions regarding confidentiality should be amended to reflect the extension of mandatory automatic exchange of information to advance cross-border rulings and advance pricing arrangements.
Amendment 85 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Article 1 – paragraph 1 – point 1 – point b
Directive 2011/16/EU
Article 3 – point 14 – introductory part
Article 3 – point 14 – introductory part
14. 'advance cross-border ruling' means any agreement, communication, or any other instrument or action with similar effects, including one issued in the context of a tax audit, which:
Amendment 87 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Article 1 – paragraph 1 – point 1 – point b
Directive 2011/16/EU
Article 3 – point 14 – point c
Article 3 – point 14 – point c
(c) relates to a cross-border transaction or to the question of whether or not activities carried on by a legal person in the other Member State create a permanent establishment, and;
Amendment 88 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Article 1 – paragraph 1 – point 1 – point b
Directive 2011/16/EU
Article 3 – point 14 – subparagraph 2
Article 3 – point 14 – subparagraph 2
The cross-border transaction may involve, but is not restricted to, the making of investments, the provision of goods, services, finance or the use of tangible or intangible assets and does not have to directly involve the person receiving the advance cross-border ruling;
Amendment 89 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Article 1 – paragraph 1 – point 1 – point b
Directive 2011/16/EU
Article 3 – point 15 – subparagraph 1
Article 3 – point 15 – subparagraph 1
'advance pricing arrangement' means any agreement, communication or any other instrument or action with similar effects, including one issued in the context of a tax audit, given by, or on behalf of, the government or the tax authority of one or more Member States, including any territorial or administrative subdivision thereof, to any person that determines in advance of cross-border transactions between associated enterprises, an appropriate set of criteria for the determination of the transfer pricing for those transactions or determines the attribution of profits to a permanent establishment.
Amendment 104 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2011/16/EU
Article 8a – paragraph 1
Article 8a – paragraph 1
1. The competent authority of a Member State issuing or amending an advance cross-border ruling or an advance pricing arrangement after the date of entry into force of this Directive shall, by automatic exchange, communicate information thereon to the competent authorities of all other Member States as well as to the European Commission.
Amendment 110 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2011/16/EU
Article 8a – paragraph 2
Article 8a – paragraph 2
2. The competent authority of a Member State shall also communicate information to the competent authorities of all other Member States as well as to the European Commission on advance cross-border rulings and advance pricing arrangements issued within a period beginning ten years before the entry into force but still valid on the date of entry into force of this Directive;
Amendment 120 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2011/16/EU
Article 8a – paragraph 3
Article 8a – paragraph 3
3. Paragraph 1 shall notalso apply in a case where an advance cross-border ruling exclusively concerns and involves the tax affairs of one where the request for an advance ruling relates to a legal structure without legal personality. In that instance, the competent authority of the Member State issuing the advance ruling shall forward the information it has to the competent authorities of all other Member States and shall arrange for the memorandum of incorporation to be transferred to the Member State or States where the incorporator more natural persons incorporators and the beneficiary or beneficiaries are resident.
Amendment 122 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2011/16/EU
Article 8a – paragraph 4 – point a
Article 8a – paragraph 4 – point a
(a) in respect of the information exchanged pursuant to paragraph 1: withinimmediately after and at the latest one month followingafter the end of the quarter during which the advance cross-border rulings or advance pricing arrangements have been issued or amended.
Amendment 124 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2011/16/EU
Article 8a – paragraph 4 – point b
Article 8a – paragraph 4 – point b
(b) in respect of the information exchanged pursuant to paragraph 2: before 31 December 2016within three months following the entry into force;
Amendment 127 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2011/16/EU
Article 8a – paragraph 5 – point b
Article 8a – paragraph 5 – point b
(b) the content of the advance cross-border ruling or advance pricing arrangement, including a description of the relevant business activities or transactions or series of transactions;
Amendment 129 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2011/16/EU
Article 8a – paragraph 5 – point d
Article 8a – paragraph 5 – point d
(d) the identification of the other Member States likely to be directly or indirectly concerned by the advance cross-border ruling or advance pricing arrangement;
Amendment 130 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2011/16/EU
Article 8a – paragraph 5 – point e
Article 8a – paragraph 5 – point e
(e) the identification of any person, other than a natural person, in the other Member States likely to be directly or indirectly affected by the advance cross-border ruling or advance pricing arrangement (indicating to which Member State the affected persons are linked).
Amendment 131 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2011/16/EU
Article 8a – paragraph 5 – point e a (new)
Article 8a – paragraph 5 – point e a (new)
(ea) as soon as it is available, the European Tax identification Number (TIN) as outlined in the Commission's Action Plan on the fight against tax fraud and tax evasion of 2012.
Amendment 135 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2011/16/EU
Article 8a – paragraph 5 a (new)
Article 8a – paragraph 5 a (new)
5a. Member States shall require each issuer to annually publicly disclose, specifying by Member State and by third country in which it has a subsidiary, the following information on a consolidated basis for the financial year : (a) name(s), nature of activities and geographical location, (b) turnover, (c) number of employees on a full-time equivalent basis, (d) profit or loss before tax, (e) tax on profit or loss, (f) public subsidies received.
Amendment 136 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2011/16/EU
Article 8a – paragraph 6
Article 8a – paragraph 6
6. To facilitate the exchange the Commission shall adopt any measures and practical arrangements necessary for the implementation of this Article, including measures to standardise the communication of the information set out in paragraph 5 of this Article, as part of the procedure for establishing the standard form provided in Article 20(5). In Member States where decentralised territorial or administrative bodies are endowed with fiscal-related competences, the Commission shall assist member states to ensure that they meet their responsibility to provide training and support to these bodies.
Amendment 138 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2011/16/EU
Article 8a – paragraph 8
Article 8a – paragraph 8
8. Member States – or their territorial or administrative bodies including local authorities if applicable – may, in accordance with Article 5, request additional information, including the full text of an advance cross- border ruling or an advance pricing arrangement, from the Member State which issued it.
Amendment 139 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Directive 2011/16/EU
Article 8a – paragraph 8 a (new)
Article 8a – paragraph 8 a (new)
8a. A minimum tax rate shall be established.
Amendment 157 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Directive 2011/16/EU
Article 20 – paragraph 5
Article 20 – paragraph 5
5. The automatic exchange of information on advance cross-border rulings and advance pricing arrangements pursuant to Article 8a shall be carried out using a standard form once that form has been adopted by the Commission in accordance with the procedure referred to in Article 26(2).
Amendment 161 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2011/16/EU
Article 21 – paragraph 5
Article 21 – paragraph 5
5. TOn 31 December 2016 at the latest, the Commission shall develop a secure central directory where information to be communicated in the framework of Article 8a of this Directive mayust be recorded in order to satisfy the automatic exchange provided for in paragraphs 1 and 2 of Article 8a. The Commission shall have access to the information recorded in this directory. The necessary practical arrangements shall be adopted by the Commission in accordance with the procedure referred to in Article 26(2).
Amendment 173 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 8 a (new)
Article 1 – paragraph 1 – point 8 a (new)
The following Article is inserted: “Article 23b The Commission must examine all sanctions to be established in instances of refusal or omission of information exchange.”
Amendment 174 #
2015/0068(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 8 b (new)
Article 1 – paragraph 1 – point 8 b (new)
Directive 2011/16/EU
Article 23 c (new)
Article 23 c (new)
The following Article is inserted: “Article 23c The Commission should accommodate and extend the working methods and the established criteria in the code of conduct in order to fight against the emergence of new forms of harmful fiscal practices within the present economic environment.”
Amendment 88 #
2015/0009(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) The economic and financial crisis has led to a lowering of the level of investments within the Union. IAccording to the Commission, investment has fallen by approximately 15% since its peak in 2007. The Union suffers in particular from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on Member States. This lack of investment, and the decline has been especially dramatic in Greece, Ireland, Spain, Portugal, and Italy. The Union suffers in particular from a lack of investment as a consequence of fiscal constraints on Member States and sluggish growth, thereby resulting in market uncertainty regarding the economic future. This lack of investment, which has been particularly severe in Member States most affected by the crisis, slows economic recovery and negatively affects job creation, long-term growth prospects and competitiveness.
Amendment 139 #
2015/0009(COD)
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) On 13 January 2015, the European Commission presented a Communication on how it will apply the existing rules of the Stability and Growth Pact, with a view to outline the conditions of use ot the flexibility offered in the existing rules of the Stability and Growth Pact.
Amendment 251 #
2015/0009(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal and economic value. In particular, the EFSI should target projects that promote job creation, long- term sustainable growth and competitiveness, notably where such projects have the highest incremental value. The EFSI should support a wide range of financial products, including equity, debt or guarantees, to best accommodate the needs of the individual project. This wide range of products should allow the EFSI to adapt to market needs whilst encouraging private investment in the projects. The EFSI should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money and as a means of further enhancing cohesion across the Union. The requirement for consistency with State aid principles should contribute to such effective and strategic use.
Amendment 298 #
2015/0009(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) The EFSI should target projects with a higher sectoral and regional risk-return profile than existing EIB and Union instruments to ensure additionality over existing operations. The EFSI should finance projects across the Union, includingparticularly in the countries most affected by the financial crisis. The EFSI should only be used where financing is not available from other sources on reasonable terms. Market based incentives and the additionality provided by the EFSI should ensure that the EFSI targets socially and economically viable projects without any sectorial or regional pre-allocation and any use of price discrimination among sovereigns in particular to address high investment needs or market failures.
Amendment 315 #
2015/0009(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are potentially viable, which means that are expected to be economically and technically viable, which may but cannot find private capital financing without the support of EFSI guarantee. Such investment should entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing. The EFSI should not aim at simply reducing the cost of capital for investments that would find private financing also in absence of EU guarantee.
Amendment 328 #
2015/0009(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) Decisions on the use of the EFSI support for infrastructure and large mid- cap projects should be made by anthe Steering Board, following a proposal by the Investment Committee. The Investment Committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projects. The Investment Committee should be accountable to athe Steering Board of the EFSI, who should supervise the fulfilment of the EFSI's objectivesich shall also determine the strategic orientation of the EFSI. To effectively benefit from the experience of the EIF, the EFSI should support funding to the EIF to allow the EIF to undertake individual projects in the areas of small and medium enterprises and small mid-cap companies.
Amendment 389 #
2015/0009(COD)
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) The financial contributions to the EFSI of the Member States and their national promotional institutions or banks, including their potential participation in investment platforms, shall not be taken into account by the Commission when defining the fiscal adjustments under the preventive and corrective arms of the Pact.
Amendment 425 #
2015/0009(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) The EIB should be responsible for all the analytical and financial evaluation of the projects that are applying for the use of the EU guarantee. Furthermore, the EIB should regularly evaluate activities supported by the EFSI with a view to assessing their relevance, performance and impact and to identifying aspects that could improve future activities. Such evaluations should contribute to accountability and analysis of sustainability.
Amendment 763 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The EFSI Agreement shall provide that the EFSI shall be governed by a Steering Board, which shall determine the strategic orientation, the strategic asset allocation, paying particular attention to those countries where the highest investment gaps and financial market failures have emerged, and operating policies and procedures, including the investment policy of projects that EFSI can support and the risk profile of the EFSI, in conformity with the objectives under Article 5(2). The Steering Board shall elect one of its members to be Chairpersonalso approve the support of the EU guarantee for operations in line with Article 5 for each project, following a proposal from the Investment Committee; specify policies regarding eligible investment platforms and be the competent body for approving the eligibility of investment platforms and national promotional banks and permitting them to use the designation of 'EFSI' or 'European Fund for Strategic Investments'. The Steering Board shall determine the EU guarantee pricing policies having due regard to the need to address investment gaps and financial fragmentation in the EU.
Amendment 768 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
1a. When establishing the investment policy and risk policy for the EFSI support, the Steering Board shall pay particular attention to suboptimal investment situations and to the prevailing business cycle conditions across Europe.
Amendment 769 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
1a. When establishing the investment policy and risk policy for the EFSI support, the Steering Board shall take into account the need to avoid an excessive exposure within a given sector or concentration in an already developed geographic area
Amendment 797 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 1
Article 3 – paragraph 3 – subparagraph 1
When other parties accede to the EFSI Agreement in accordance with Article 1(2), the number of members and votes within the Steering Board shall be allocated based on the respectivrecalculated taking into account the size of contributions from contributors in the form of cash or guarantees. The number of members and votes of the Commission and the EIB, while respecting the following conditions: a) The voting rights of the Commission and the EIB, together, shall always represent at least 51% of total votes. b) Individual third parties accoreding to paragraph 2, shall be recalculated accordinglythe EFSI agreement shall have a minimum contribution of EUR 250 000 000 in order to have a seat at the Steering Board but, regardless of their capital contribution, shall never have voting rights representing more than 10% of total votes.
Amendment 833 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 1
Article 3 – paragraph 5 – subparagraph 1
The EFSI Agreement shall provide that the EFSI shall have an Investment Committee, which shall be responsible for examining potential operations in line with the EFSI investment policies and approvingposing to the Steering Board the support of the EU guarantee for operations in line with Article 5, irrespective of their geographic location.
Amendment 885 #
2015/0009(COD)
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. When carrying out their duties, the members of the Investment Committee shall be independent and shall not take instructions from the EIB, the Union institutions, Member States or any other public or private body. EIB staff shall always assist with analytical, logistical, and administrative support. However, no project assessment conducted by EIB staff shall be binding on the Investment Committee.
Amendment 913 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – introductory part
Article 5 – paragraph 2 – subparagraph 1 – introductory part
The EU guarantee shall be granted for EIB financing and investment operations approved by the Investment Committee referred to in Article 3(5) or funding to the EIF in order to conduct EIB financing and investment operations in accordance with Article 7(2). In addition, the EU guarantee shall be granted for support of dedicated investment platforms and national promotional banks, via the EIB, that invest in operations meeting the requirements of this Regulation. In that case, the Steering Board shall specify policies regarding eligible investment platforms and shall be the competent body for approving the eligibility of investment platforms and national promotional banks and permitting them to use the designation of 'EFSI' or 'European Fund for Strategic Investments'. The operations concerned shall be consistent with Union policies and support any of the following general objectives:
Amendment 1016 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
Amendment 1046 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. The EFSI shall target projects with a higher sectoral and regional risk profile than existing EIB and Union instruments so as to ensure additionality over existing operations. The EFSI shall support projects which fulfil the following criteria: a) the pursuit of the Union objective of smart, sustainable, long-term and inclusive growth and having high additional societal and economic value, the highest possible incremental positive impact on quality job creation, and enhance economic, social and territorial cohesion; b) a focus on operations that could not have been carried out using the Union budget or by the ordinary activity of the EIB, nor financed by the market; c) be viable from an economic perspective, according to a comprehensive assessment in which not only the project itself but also its overall dynamic impact on the economy and its ability to trigger subsequent investments, such as from the private sector, is to be carried out; d) would not have received financing from any other existing Union fund due to a non-availability of the required financing in the market; e) has a higher sectoral and regional risk profile than projects supported under existing EIB activity, taking account of the fact that real additionality can only be ensured when financial resources are concentrated on projects not financed otherwise and where they are most needed; the design of the appropriate measures is to be elaborated under the procedures of Article 3(1);
Amendment 1054 #
2015/0009(COD)
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. The EFSI shall target projects which take into account the rate of unemployment, especially of young people, and the evolution of the investment level in the NUTS 2 region concerned.
Amendment 1079 #
2015/0009(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
For the purposes of Article 5(2), the EIB shall usoperationally manage the EU Guarantee towards risk coverage for instruments as a rule on a portfolio basis.
Amendment 1371 #
2015/0009(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. In its financing and investment operations, the EIB shall not support any activities carried out for illegal purposes, including money laundering, financing of terrorism, tax fraud and tax evasion, corruption, or fraud affecting the financial interests of the Union. In particular the EIB shall not participate in any financing or investment operation through a vehicle located in a non-cooperative jurisdiction, in line with: - where there are no or nominal taxes, - where there its policy towards weakly regulated or non-coopera lack of effective exchange of information with foreign tax authorities, - where there is a lack of transparency in legislative, jurisdictions based on policies of the Union, the Organisation for Economic Cooperation and Development or thdicial or administrative provisions, - where there is no requirement for a substantive local presence, or - which acts as an offshore Ffinancial Action Task Force. centre
Amendment 76 #
2014/2145(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. Whereas there have been substantial revisions in the potential growth estimates in successive Commission's forecasts;
Amendment 77 #
2014/2145(INI)
Motion for a resolution
Recital A b (new)
Recital A b (new)
Ab. whereas the concept of potential GDP growth – which underpins the Medium- Term Objectives, the expenditure benchmark, and the definition of severe economic downturn – remains unclear and questionable;
Amendment 97 #
2014/2145(INI)
Motion for a resolution
Recital B e (new)
Recital B e (new)
Be. whereas sixteen Member States have a debt-to-GDP ratio above the 60% threshold;
Amendment 100 #
2014/2145(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas in the Stability and Growth Pact Article 5 of Regulation 1466/97 it is stated that "the Council and the Commission shall also examine whether the stability programmes facilitate the achievement of sustained and real convergence within the euro area...";
Amendment 101 #
2014/2145(INI)
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. Whereas, according to the AGS 2015, "unemployment reached 24.6 million people in August 2014 – 5 million are aged between 15 and 24. Long-term unemployment is very high. Unemployment rates strongly vary across Member States, from 5.1% in Germany and 5.3% in Austria to 24.8% in Spain and 26.8% in Greece in 2014.";
Amendment 116 #
2014/2145(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the adjustment period the euro area has been going through since 2010, including with the intervention of the troika, has led to stagnation and deflation;
Amendment 130 #
2014/2145(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. Whereas the European Parliament has stated in its Report with recommendations to the Commission on the report of the Presidents of the European Council, the European Commission, the European Central Bank and the Eurogroup "Towards a genuine Economic and Monetary Union" (2012/2151(INI)) that "The ESM should evolve towards Community-method management and be made accountable to the European Parliament.";
Amendment 405 #
2014/2145(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Believes that structural reforms should have a positive socioeconomic return including an impact on long term competitiveness, convergence and contribute to increased administrative capacity;
Amendment 469 #
2014/2145(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Insists that the Annual Growth Survey (AGS) and euro area recommendation must be better designed and put to better use to allow for a global economic debate, notably as regards convergence in the euro area; proposes that the country-specific recommendations (CSRs) should be established on the basis of striking a better balance between the AGS and the macroeconomic imbalance procedure (MIP), and suggests that the quality of the euro area recommendations should be made compulsory following a proper debate with the European Parliament, with incentives being offered so as to encourage the implementation thereofchecked against delivery and adequately negotiated with member States; a proper debate with the European Parliament is needed; requests that the excessive deficit procedure (EDP) recommendation be joined together with the CSRs;
Amendment 490 #
2014/2145(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Asks the Commission to verify whether the current 1/20 rule on debt reduction is sustainable and whether it needs torealistic in correlation with the nominal growth rate and deficit reduction beyond what is foreseen in the new matrix included for the preventive arm of the Pact in the communication on flexibility, with regard ownership of Members States, and whether the doctrine on its practical implementation in times where inflation is far from the ECB target should be reconsidered;
Amendment 548 #
2014/2145(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Asks the Commission to propose specific policy measures, instruments and procedural steps to improve the 'very asymmetric nature of the rebalancing thus far, with weak domestic demand in creditor countries sustaining persistently large current account surpluses' (MIP AMR November 2014, p.2);
Amendment 549 #
2014/2145(INI)
Motion for a resolution
Paragraph 20 b (new)
Paragraph 20 b (new)
20b. Observes that, in the euro area, the crisis has revealed that, without major macroeconomic tools at national level (exchange rate, monetary policy, more or less fiscal policy), internal devaluation could be the only solution and that it deserves being compensated at the eurozone level;
Amendment 588 #
2014/2145(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Observes that the calculation of the structural deficit or the structural budget balance is subject to significant time lags and undermined by large definition and measurement controversies;
Amendment 589 #
2014/2145(INI)
Motion for a resolution
Paragraph 24 b (new)
Paragraph 24 b (new)
24b. Takes note of the fact that the Commission communication on flexibility insists on the role of the output gap;
Amendment 603 #
2014/2145(INI)
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Calls on the Commission to launch a public debate in academic fora on the methodology used to estimate potential GDP growth and the structural budget balance, and on the usefulness, the reliability, and the consequences of these estimates for the implementation of the SGP.
Amendment 612 #
2014/2145(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Believes there is a strong need for less complexity, better ownership, more transparency and democracy in economic governance; believes that looking forward towards deeper integration cannot be achieved only by adding a new layer of rules to the already existing ones;
Amendment 278 #
2014/0091(COD)
Proposal for a directive
Recital 3
Recital 3
(3) Directive 2003/41/EC represented a first legislative step on the way to an internal marketintroduced minimum standards for occupational retirement provision organised on a European scale. A genuine internal market for occupational retirement provision remains crucial for economic growth and job creation in the European Union andThe introduction and further development of safe occupational retirement schemes in more Member States remains crucial for tackling the challenge of an ageing European society. The Directive, dating from 2003, has not been substantially amended to introduce a modern risk-based governance system also for institutions for occupational retirement provision.
Amendment 288 #
2014/0091(COD)
Proposal for a directive
Recital 4
Recital 4
(4) Action is needed to further develop complementary private retirement savings such asin the form of occupational pensions. This is important since social-security systems are coming under increasing pressure, which means that citizens will increasingly rely on occupational retirement pensions as a complement in the future, for many citizens, the occupational pension is a valuable addition to what is provided through the social-security pension system. Occupational retirement pensions should therefore be developed, without, however, calling into question the fundamental importance of social-security pension systems in terms of secure, durable and effective social protection, which should guarantee for all citizens a decent standard of living in old age and should therefore be at the centre of the objective of strengthening the European social model.
Amendment 297 #
2014/0091(COD)
Proposal for a directive
Recital 5
Recital 5
(5) This Directive respects the fundamental rights and observes the principles recognised by the Charter of Fundamental Rights of the European Union, notably, the right to protection of personal data, the right to conduct a business, the right to property, the right of collective bargaining and action and the right to a high level of consumer protection, in particular by ensuring a higher level of transparency of retirement provisioning, informed personal financial and retirement planning as well as facilitating cross-border business of institutions for occupational retirement provision and businesses. This Directive must be implemented in accordance with these rights and principles.
Amendment 302 #
2014/0091(COD)
Proposal for a directive
Recital 5 a (new)
Recital 5 a (new)
(5a) Member States should enhance the protection of pension rights of workers temporarily sent to work in another Member State.
Amendment 377 #
2014/0091(COD)
Proposal for a directive
Recital 33
Recital 33
(33) As very long-term investors with low liquidity risks, institutions for occupational retirement provision are in a position to invest in non-liquid assets such as shares as well as in instruments that have a long- term economic profile and are not traded on regulated markets, multilateral trading facilities or organised trading facilities within prudent limits. They can also benefit from the advantages of international diversification. Investments in shares in currencies other than those of the liabilities and in instruments that have a long-term economic profile and are not traded on regulated markets, multilateral trading facilities or organised trading facilities should therefore not be restricted except on prudential grounds, in line with the "prudent person" rule so as to protect the interest of members.
Amendment 384 #
2014/0091(COD)
Proposal for a directive
Recital 35 a (new)
Recital 35 a (new)
Amendment 390 #
2014/0091(COD)
Proposal for a directive
Recital 37
Recital 37
(37) Remuneration policies which encourage excessive risk-taking behaviour can undermine sound and effective risk management of institutions. Principles and disclosure requirements for remuneration policies applicable to other types of financial institutions in the Union should be made applicable also to institutions, bearing in mind, however, the particular governance structure of institutions in comparison to other types of financial institutions and the need to take account of the size, nature, scope and complexity of the activities of institutions. The provisions on remuneration should apply without prejudice to the rights, where applicable, of the social partners to conclude and enforce collective agreements, in accordance with national law and customs.
Amendment 421 #
2014/0091(COD)
Proposal for a directive
Recital 48
Recital 48
(48) For the institution's members that have not yet retired, institutions should draw up a standardised pension benefit statement containing key personal and generic information about the pension scheme. The pension benefit statement should have a standard format in order, be clear and comprehensible and contain relevant information to facilitate the understanding of pension entitlements over time and across schemes and serve labour mobility.
Amendment 436 #
2014/0091(COD)
Proposal for a directive
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
The institution’s social function and the triangular relationship between the employee, the employer and the IORP shall be adequately acknowledged and supported as a guiding principle of the Directive;
Amendment 471 #
2014/0091(COD)
Proposal for a directive
Article 13 – paragraph 1
Article 13 – paragraph 1
1. Member States shallmay allow institutions authorised or registered in their territories to transfer a, fully or a part of their pension schemes to receiving institutions authorised or registered in other Member Statesly, a pension scheme’s liabilities or technical provisions, as well as other obligations and rights and corresponding assets, or cash equivalent thereof, to receiving institutions authorised or registered in other Member States, provided that, in the case of a transfer of part of the pension scheme, the viability of both the transferred and the remaining part of the pension scheme is ensured and the rights of members are adequately protected after the transfer. The receiving institution shall operate the pension scheme in accordance with the social and labour law of the host Member State, thereby not changing the level of protection of the members and beneficiaries concerned by the transfer.
Amendment 502 #
2014/0091(COD)
Proposal for a directive
Article 14 – paragraph 5 a (new)
Article 14 – paragraph 5 a (new)
5a. The Commission shall propose any necessary measures to prevent possible distortions caused by different levels of interest rates and to protect the interest of beneficiaries and members of any scheme.
Amendment 507 #
2014/0091(COD)
Proposal for a directive
Article 15 – paragraph 2 – point a
Article 15 – paragraph 2 – point a
(a) the institution shall set up a concrete and realisable plan to re-establish the required amount of assets to cover fully the technical provisions in due time. The plan shall be made available to members or, where applicable, to their representatives and/or shall be subject to approval by the competent authorities of the home Member State;
Amendment 544 #
2014/0091(COD)
Proposal for a directive
Article 20 – paragraph 6 – subparagraph 2 – point b a (new)
Article 20 – paragraph 6 – subparagraph 2 – point b a (new)
(ba) Investing in instruments that are promoting long-term investment in the real economy in the European Union including the European Fund for Strategic Investments (EFSI), the European Long-term Investment Funds (ELTIFs) or the European Social Entrepreneurship Funds (EuSEFs);
Amendment 562 #
2014/0091(COD)
Proposal for a directive
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1a. Directive 2013/36/EU shall apply to those persons who effectively run institutions for occupational retirement provision so as to ensure a sound remuneration policy. __________________
Amendment 102 #
2013/2277(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the economic situation and recent developments in some Member States have compromised the quality oserious and previously unforeseen negative impacts on f employment, social protection and health and safety standards;
Amendment 112 #
2013/2277(INI)
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas in October 2010 Chancellor Angela Merkel and President Nicholas Sarkozy met at Deauville, prior to a EU summit, and announced that sovereign bailouts from the European Stability Mechanism would require that losses be imposed on private creditors; whereas this triggered market speculation against the euro that dramatically aggravated yields demanded from Portuguese sovereign debt, forcing Portugal to request a bailout.
Amendment 116 #
2013/2277(INI)
Motion for a resolution
Recital J
Recital J
J. whereas the Task Force for Greece was initially set up to strengthen the capacity of the Greek administration to design and implement structural reforms to improve the functioning of the economy and society and create the conditions for sustained recovery and job creation, as well as to speed up the absorption of EU Structural and Cohesion Funds in Greece and to provide critical resources to finance investment;
Amendment 203 #
2013/2277(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
Amendment 209 #
2013/2277(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Notes that tensions on the Portuguese sovereign bonds market only started in mid April 2010, that is five months after Greek sovereign bonds rates had started increasing; notes that this timing coincides with the Greek government request for financial assistance on 23rd April 2010; deplores the lack of immediate reaction from the European Council and the ECB to the situation developing on financial markets in the first months of 2010; Is of the opinion that this inaction up to May 2010 contributed to the speculative pressure on Greek bonds spilling over to Portuguese bonds.
Amendment 216 #
2013/2277(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Notes that, the EU-IMF assistance programme followed the severe impact on the Portuguese economy of the coordinated nationally based European fiscal-stimulus response to the global financial crisis which cause, in a short time, an increase in the fiscal deficit and debt levels; aggressive behaviour of financial markets, quickly drove up Portugal's refinancing costs in capital markets to unsustainable levels; notes in this context that, immediately before the crisis, in 2007, Portugal's growth rate reached 2.4%, its fiscal deficit 3.1%, its debt level 62.7% and its current account deficit 10.2% of GDP, with the unemployment rate standing at 8.1%;
Amendment 223 #
2013/2277(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that, at the beginning ofbefore the EU- IMF assistance programme, the Irish economy had just suffered a banking crisis of unprecedented dimensions, causing Irish GDP to fall by 6.3% in 2009 (1.1% in 2010) from a positive growth level of 5% of GDP in 2007, unemployment to increase from 4.7% in 2007 to 13.7% in 2010 and - its most detrimental impact - the government balance of payments to experience a deficit in 2010 of 30.6%, down from a surplus in 2007 (0.2%); further notes in the decade prior to the assistance programme that the Irish economy experienced a prolonged period of negative real interest rates;
Amendment 245 #
2013/2277(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 251 #
2013/2277(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Notes that the initial agreement between the Portuguese authorities on the one side and the EU and IMF on the other was adopted on 17 May 2011 in the relevant MoUs containing the policy conditionality for EU-IMF financial assistance; further notes that the Portuguese programme has since been reviewed regularly, leading to the combined eighth and ninth quarterly reviews of Portugal's economic adjustment programme;
Amendment 294 #
2013/2277(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Acknowledges, however, that the immense challenge the Troika faced leading to the crisis was unique as a result of the poor state of regulation of financial services, large macroeconomic imbalances, and the fact that a number of instruments such asmost traditional macroeconomic instruments such as budgetary policies and external devaluation were not available due to the constraints ofand limitations of the monetary union; notes, moreover, that time was running out, legal obstacles had to be cleared, fear of a melt-down of the euro area was palpable, political agreements had to be reached, the world economy was in a downturn, and a number of countries which were intended to contribute financial support had seen their own public and private debt increase in alarming ways;
Amendment 309 #
2013/2277(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Regrets the lack of transparency in the MoU negotiations; notes the necessity to evaluate whether fregrets that normal documents were not clearly communicated in due time to the national parliaments and the European Parliament neither adequately discussed with social partners; further notes the possibleextremely negative impact of such practices on citizens’' rights and ,the political situation within the countries concerned and trust of citizens on democracy and on the European Union project;
Amendment 320 #
2013/2277(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Regrets the absence of proposals within the MoUs to fight corruption, fraud, party clientelism and influence peddling through budget transparency, regulation of conflict of interests in decision-making, mechanisms for civic participation, tighter rules and supervision of party funding, fair taxation and effective tax collection;
Amendment 326 #
2013/2277(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Deplores that recommendations contained in MoUs mark a departure from and are in clear contradiction withe thinkinge objectives initiated by the Lisbon strategy and the Europe 2020 strategies); regrets that massive cuts in public investment did not exempt strategic investment in education and qualification, scientific research and innovation; points out however that this can be partly explained, even if not fully justified, by the fact that programmes had to be implemented under considerable time pressure in a difficult political environment; regrets however, that correction was not made in the recommendations since 2010, in spite of the several revisions made.
Amendment 360 #
2013/2277(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Deplores that countries under such weak negotiating conditions should be forced to privatize major sectors of their economy, including utilities and quasy monopolies irrespective of the strategic character of such sectors, and of the actual institutional conditions for adequate supervision and regulation; electricity, telecommunications, communications, major infrastructures, banks, insurance companies, water and sewage became good bargains for powerful not necessarily democratic and liberal players.
Amendment 377 #
2013/2277(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Deplores that since 2008 the income distribution inequality has grown above average in the four countries and that cuts in social benefits and rising unemployment are raising poverty levels; points out the devastating impact on citizens trust and life quality of massive cuts in pensions; deplores that major and unprecedented tax increases played a major role in the adjustment programmes with major impact on the middle class and small and medium enterprises.
Amendment 398 #
2013/2277(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Points to the unacceptable level of unemployment, long term unemployment and youth unemployment in particular in the four Member States under assistance programmes; points especially to the sharp increase in youth unemployment in Greece, Cyprus and Portugal;
Amendment 409 #
2013/2277(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Regrets that forced migration from the periphery and these four countries in particular ended up in massive brain drain with the loss of national and European investment made over more than a decade in educating and training a new generation; recalls that education, training and a strong scientific and technological background were systematically identified as the critical path for the structural catching up of these economies.
Amendment 430 #
2013/2277(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Welcomes the end of the programme for Ireland and the expected end of the programme for Portugal; regrets the lack ofslower progress in Greece despite unprecedented reforms having been undertaken;
Amendment 435 #
2013/2277(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Welcomes the fact that both Ireland and Portugal achieved their first debt issues in January 2014 since the beginning of their adjustment programme; believes that sustainable growth and job creation are necessary in order to secure a lasting return to market financing for these countries;
Amendment 475 #
2013/2277(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Notes that financial assistance achieved in the short run the avoidance of a disorderly default on sovereign debt that would have had extremely severe economic and social consequences, as well as spill-over effects for other countries of an incalculable magnitude, and possibly the forced exit of countries from the euro area; further notes that there is no guarantee this will be avoided in the long run; also notes that the financial assistance and adjustment programme in Greece have not prevented an orderly default nor contagion of the crisis to other Member States; deplores the economic and social downturn spiral which became evident when the fiscal and macroeconomic corrections were put into place;
Amendment 490 #
2013/2277(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Notes that from the onset the Troika published comprehensive documents on the diagnosis, the strategy to overcome the problems, a set of policy measures elaborated together with the national government concerned, and economic forecasts, all of which are updated on a regular basis; Regrets, however, that it has always been impossible to adequate discuss the reasons for higher than expected economic and social impact of measures, alternative measures, the huge and persistent deviations of achieved values versus forecasts as well as the assumptions of such forecast
Amendment 495 #
2013/2277(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Deplores however the sometimes over- optimistic assumptions made by the Troika, especially as far as growth and unemployment is concerned, but also the insufficient recognition of political resistance to change in some Member States; deplores the fact that this also affected the Troika’'s analysis of the interplay between fiscal consolidation and growth; notes that as a result fiscal targets could not be fulfilled;
Amendment 518 #
2013/2277(INI)
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Notes that the most relevant instrument to stabilize sovereign debt was a consequence not of the adjustment programmes but rather of the non- conventional measures by the ECB, in particular, the announcements during the summer of 2012.
Amendment 550 #
2013/2277(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Considers that too little attention has been given to alleviating the negative impact of adjustment strategies in the programme countries or correcting their massive non forecasted recessionary impacts;
Amendment 595 #
2013/2277(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Notes that the Troika’'s mandate has been perceived as being unclear and ,lacking transparency and democratic oversight;
Amendment 639 #
2013/2277(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Takes note of the dual role of the Commission in the Troika as both an agent of Member States and an EU institution; warns that conflicts of interests may therefore exist within the Commission between its role in the Troika and its responsibility as a guardian of the Treaties, especially in policies such as competition and state aid,state aid and respect for the Treaty of Fundamental Rights;
Amendment 682 #
2013/2277(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
35. Points to the generally weak democratic accountability of the Troika in programme countries at national level; notes however that this democratic accountability varies between countries, depending also on the will of national executives;
Amendment 707 #
2013/2277(INI)
Motion for a resolution
Paragraph 37 b (new)
Paragraph 37 b (new)
37b. Calls for the current troïka setting to be discontinued;
Amendment 774 #
2013/2277(INI)
Motion for a resolution
Paragraph 39
Paragraph 39
39. Stresses that the ESM should evolve towards Community-method management as provided for in the ESM Treaty andDemands the ESM to be immediately integrated in the European Union's legal framework; demands that the ESM beis made accountable to the European Parliament including with respect to decisions to grant financial assistance, in order to exert democratic accountability over the ESM; calls for the decision to disburse loan tranches to member state under assistance to be subject to co- decision rules; calls for the ESM to be accountable to both the European Parliament and the European Council; calls for the ESM to be further developed, with increased lending and borrowing capacities and joint and several guaranties from the euro area member states.
Amendment 798 #
2013/2277(INI)
Motion for a resolution
Paragraph 41
Paragraph 41
41. Calls for thea real involvement of social partners in the design and implementation of adjustment programmes, current and future; Deplores the troika's refusal to accept the agreement reached by social partners in Portugal on the minimum wage; Calls for any assistance mechanism of the European Union to actively seek the conclusion of social agreements by social partners, and to respect them once concluded ;
Amendment 826 #
2013/2277(INI)
Motion for a resolution
Paragraph 42 a (new)
Paragraph 42 a (new)
42a. Calls for memoranda to be revised within the frame of the community legislation so as to promote credible and sustainable consolidation strategy, and serve the objectives of the Union growth strategy and stated social cohesion and employment objectives; demands in particular that fiscal adjustment timeframes are prolonged; calls for revised memoranda to restore the principles of upward convergence and cohesion on which the EU was founded, as well as the principles contained in the Charter of fundamental right of the European Union;
Amendment 827 #
2013/2277(INI)
Motion for a resolution
Paragraph 42 b (new)
Paragraph 42 b (new)
42b. Strongly reject the Commission proposal for bilateral contractual arrangements, which represents the extension of the troika system to all member states of the euro area;
Amendment 24 #
2013/2166(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas the Advisory Scientific Committee has played an important and constructive role driving the ESRB's agenda, in particular by encouraging the ESRB to focus on controversial and fundamental issues;
Amendment 94 #
2013/2166(INI)
Motion for a resolution
Recital U a (new)
Recital U a (new)
Ua. whereas the stakeholder groups of the ESAs have provided the opportunity for a dialogue with a broader group of economic and societal stakeholders, but progress has to be made regarding their composition;
Amendment 182 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 2
Annex – paragraph 2 – indent 2
– enhancing the powers of the chairpersons of all three ESAs to take technical and operational decisions or to request information from other supervisory authorities without requiring consent by the respective Boards of Supervisors and authorise the delegation to the Chair of further competences of the Board;
Amendment 190 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 2 a (new)
Annex – paragraph 2 – indent 2 a (new)
– enhancing the ESA’s operational and organisational roles by chairing ESA internal standing committees and working groups and participating as full members of these;
Amendment 214 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 6 a (new)
Annex – paragraph 2 – indent 6 a (new)
– enhancing the ESAs’ existing data collecting powers ensuring a smooth flow of individual company data from the competent authorities, making redundant the need to justify the need for the data on a case-by-case basis;
Amendment 258 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 11 a (new)
Annex – paragraph 2 – indent 11 a (new)
– establishing a stakeholder group with the ESRB, composed of a broad scope of sectors of the economy and the society, in particular small and medium sized enterprises, trade unions, and providers and consumers of financial services;
Amendment 259 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 11 b (new)
Annex – paragraph 2 – indent 11 b (new)
– providing the Advisory Scientific Committee of the ESRB with more resources to enable its members to devote more time to giving their valuable intellectual input to the ESRB;
Amendment 260 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 11 c (new)
Annex – paragraph 2 – indent 11 c (new)
– strengthening the ESA’s supervisory role by establishing regular assessments of the competent authorities on their supervisory practices by means of onsite visits leading to dialogue on – if appropriate – concrete recommendations;
Amendment 261 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 11 d (new)
Annex – paragraph 2 – indent 11 d (new)
– enhancing the ESA’s independent challenging role vis-à-vis the competent authorities by broadening the role in general support of an independent assessment of supervisory practices;
Amendment 274 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 14 a (new)
Annex – paragraph 2 – indent 14 a (new)
– rebalancing the composition of the stakeholder groups at the ESA’s in favour of the consumers and non-industry stakeholders;
Amendment 116 #
2013/2134(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Welcomes the use by the Commission of the margin of manoeuvre offered by the revised SGP to extend the deadlines for the correction of excessive deficits in seven procedures; calls on the Commission and the Council to ensure that the content and the calendar of the fiscal adjustment path are adapted to the specificity of each country and, particularly in ‘deficit’ countries, include the aforementioned margin of manoeuvre and the full use of structural funds, sound and sustainable structural reforms and the identification of investments (namely in the CSR) essential to boost competitiveness; calls onwelcomes the Commission to clarify as a matter of urgency the ways in whichstatement that already in this year's budgetary execution assessment, as well as in the analysis of the national budgets for 2014, the Commission will try to accommodate, under certain conditions, non-recurrent, public investment programmes with a proven impact on the sustainability of public finances; asks however for further clarifications on the concrete operational framework to be given, as soon as possible, to the European Parliament.
Amendment 164 #
2013/2134(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Agrees that the ECB's action has ‘decisively contributed to the stability of the euro area’, limiting speculation on sovereign debt; considers, however, that insufficient growth and high (and still growing) levels of private and public debt in many Member States mean that ‘a carefully managed process of deleveraging’ is required; calls onwelcomes the Commission, therefore, to quickly deliver its 2-pack commitments to Parliament in order declaration setting up the high-level group to deepen the analysis on the partial substitution of national debt issuance through joint issuance in the form of a redemption fund and eurobills;
Amendment 188 #
2013/2134(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. UrgWelcomes the Commission to submit a's legislative proposal to create a Single Resolution Mechanism (including a Single European Authority and an industry financed Single European Fund), which is essential for completing the Banking Union; urges the Council to rapidly conclude negotiations with Parliament on the Deposit Guarantee Schemes Directive and on the Banking Recovery and Resolution Directive (to be negotiated in parallel);
Amendment 141 #
2013/0306(COD)
Proposal for a regulation
Article 9 – paragraph 1 – point c
Article 9 – paragraph 1 – point c
(c) the issuer of the money market instrument has been awarded one of the two highest internal rating grades according to the rules laid down in Articles 16 to 19 of this Regulation.
Amendment 203 #
2013/0306(COD)
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. Each issuer of a money market instrument in which a MMF intends to invest shall be assigned an internal rating pursuant to the internal assessment procedure.
Amendment 431 #
2013/0253(COD)
Proposal for a regulation
Article 12 – paragraph 3
Article 12 – paragraph 3
3. The Commission and the Board shall balance the objectives referred to in paragraph 2 as appropriate to the nature and circumstances of each case.
Amendment 464 #
2013/0253(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. The Commission and the Board shall take a resolution action in relation to a financial institution, when the conditions specified in Article 16(2) are met with regard to both the financial institution and with regard to the parent undertaking.
Amendment 468 #
2013/0253(COD)
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
2. The Commission and the Board shall take a resolution action in relation to a parent undertaking referred to in point (b) of Article 2, when the conditions specified in Article 16(2) are met with regard to both that parent undertaking and with regard to one or more subsidiaries which are institutions.
Amendment 472 #
2013/0253(COD)
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. By way of derogation from paragraph 2 and notwithstanding the fact that a parent undertaking may not meet the conditions established in Article 16(2), the Commission and the Board may take resolution action with regards to that parent undertaking when one or more of the subsidiaries which are institutions comply with the conditions established in Article 16(2) and action with regard to that parent undertaking is necessary for the resolution of one or more subsidiaries which are institutions or for the resolution of the group as a whole.
Amendment 478 #
2013/0253(COD)
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
Article 15 – paragraph 1 – introductory part
When applying the bail-in tool to an institution under resolution, and without prejudice to liabilities excluded from the bail-in tool under Article 24(3), the Commission and the Board shall decide on, and the Board and the national resolution authorities of the participating Member States shall exercise the write down and conversion powers to claims following a reverse order of priority to the following order for normal insolvency procedures:
Amendment 516 #
2013/0253(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. Where the ECB or a national resolution authoritya competent authority, including the ECB, assesses that the conditions referred to in points (a) and (b) of paragraph 2 are met in relation to an entity referred to in Article 2, it shall communicate that assessment without delay to the Commission and the Board. The communication referred to in the previous subparagraph may take place following a request for assessment from the Board or from a national resolution authority, if any of them considers that there is reason to consider that an institution is failing or likely to fail. The communication referred to in the first subparagraph shall take place after consultation of the Board and of the national resolution authority.
Amendment 526 #
2013/0253(COD)
Proposal for a regulation
Article 16 – paragraph 2 – introductory part
Article 16 – paragraph 2 – introductory part
2. On receiving a communication pursuant to paragraph 1, or on its own initiative, the Boardthe Board in its executive session shall conduct an assessment of whether the following conditions are met:
Amendment 572 #
2013/0253(COD)
Proposal for a regulation
Article 16 – paragraph 8
Article 16 – paragraph 8
8. Within the framework set by the Commission decision, the Board in its executive session shall decide on the resolution scheme referred to in Article 20 and shall ensure that the necessary resolution action is taken to carry out the resolution scheme by the relevant national resolution authorities. The decision of the Board shall be addressed to the relevant national resolution authorities and shall instruct those authorities, which shall take all necessary measures to implement the decision of the Board in accordance with Article 26, by exercising any of the resolution powers provided for in Directive [ ], in particular those in Articles 56 to 64 of that Directive [ ]. Where State aid is present, the Board may only decide after the Commission has taken a decision on that State aid.
Amendment 577 #
2013/0253(COD)
Proposal for a regulation
Article 16 – paragraph 10
Article 16 – paragraph 10
10. To the extent that the resolution action as proposed by the Board in its executive session involves the use of the Fund and does not entail the grant of State aid pursuant to Article 107(1) of the TFEU, the Commission shall apply in parallel, by way of analogy, the criteria established for the application of Article 107 TFEU.
Amendment 608 #
2013/0253(COD)
Proposal for a regulation
Article 18 – paragraph 1 – introductory part
Article 18 – paragraph 1 – introductory part
1. The ECB, a competent authority or a resolution authority, as designated by a Member State in accordance with Articles 51(1)(ba) and (bb), and 54 of the Directive [ ]ies, including the ECB, shall inform the Board where they assess that the following conditions are met in relation to an entity referred to in Article 2 or a group established in a participating Member State:
Amendment 610 #
2013/0253(COD)
Proposal for a regulation
Article 18 – paragraph 1 a (new)
Article 18 – paragraph 1 a (new)
1a. The information referred to in the previous paragraph may take place following a request for assessment from the Board or from a national resolution authority, if any of them considers that there is reason to consider that the conditions referred to in the previous subparagraph are met in relation to an entity referred to in Article 2 or a group established in a participating Member State.
Amendment 613 #
2013/0253(COD)
Proposal for a regulation
Article 18 – paragraph 3
Article 18 – paragraph 3
3. For the purposes of point (a) of paragraph 12, thatan entity shall be deemed to be failing or likely to fail where one or more of the circumstances set out in Article 16(3) occur.
Amendment 616 #
2013/0253(COD)
Proposal for a regulation
Article 18 – paragraph 5
Article 18 – paragraph 5
5. The Commission, upon a recommendation of the Board or on its own initiative, shall verify that the conditions referred to in paragraph 1 are met. The Commission, upon the recommendation of the Board, shall determine whether the powers to write down or convert capital instruments shall be exercised singly or, following the procedure under Article 16(4) to (7), together with a resolution action.
Amendment 626 #
2013/0253(COD)
Proposal for a regulation
Article 19 – paragraph 4
Article 19 – paragraph 4
4. Subject to paragraph 5, tThe resolution tools may be applied either separately or together, except for the asset separation tool which may be applied only together with another resolution tool.
Amendment 685 #
2013/0253(COD)
Proposal for a regulation
Article 24 – paragraph 8 – point c a (new)
Article 24 – paragraph 8 – point c a (new)
(ca) the loan facility referred to in Article 64(2a) may also be used to finance the contribution of the Fund.
Amendment 704 #
2013/0253(COD)
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1 – point b – point vi
Article 25 – paragraph 1 – subparagraph 1 – point b – point vi
(vi) the extent to which and manner in which the powers for the national resolution authorities listed in Chapter V of Title IV of Directive [ ] are exercised by them;
Amendment 737 #
2013/0253(COD)
Proposal for a regulation
Article 32 – paragraph 2
Article 32 – paragraph 2
2. The entities referred to in Article 2 and anyand persons referred to in point (b) of paragraph 1 shall supply the information requested pursuant to paragraph 1. Professional secrecy provisions shall not exempt those entities and persons from the duty to provide that information. The supply of the information requested shall not be deemed to be a breach of professional secrecy.
Amendment 742 #
2013/0253(COD)
Proposal for a regulation
Article 32 – paragraph 5
Article 32 – paragraph 5
5. The Board, the competent authorities, including the ECB, and the national resolution authorities may draw up memorandum of understanding with a procedure concerning the exchange of information.
Amendment 744 #
2013/0253(COD)
Proposal for a regulation
Article 34 – paragraph 5
Article 34 – paragraph 5
5. Where the officials of and other accompanying persons authorised or appointed by the Board find that a person opposes an inspection ordered pursuant to paragraph 1, the national resolution authorities of the participating Member States concerned shall afford them the necessary assistance in accordance with national law. To the extent necessary for the inspection, this assistance shall include the sealing of any business premises and books or records. Where that power is not available to the national resolution authorities concerned, it shall use its powers to request the necessary assistance of other the national resolution authorities.
Amendment 747 #
2013/0253(COD)
Proposal for a regulation
Article 37 – paragraph 1 – introductory part
Article 37 – paragraph 1 – introductory part
1. The Board shall instruct the national resolution authority concerned to impose a periodic penalty payment in respect of the relevant entity referred to in Article 2 in accordance with Directive [ ]in order to compel:
Amendment 801 #
2013/0253(COD)
Proposal for a regulation
Article 42 – paragraph 2
Article 42 – paragraph 2
2. The national Parliament of a participating Member State may invite the Executive Director to participate in an exchange of views in relation to the resolution of credit institutionsentities referred to in Article 2 in that Member State together with a representative of the national resolution authority.
Amendment 823 #
2013/0253(COD)
Proposal for a regulation
Article 49 – paragraph 3
Article 49 – paragraph 3
3. When deliberating on a cross-border group the member appointed by the Member State in which the group level resolution authority is situated, as well as the members appointed by the Member States in which a subsidiary, branch or entity covered by consolidated supervision is established, shall also participate in the deliberations and in the decision-making process in accordance with Article 521(2) and (3).
Amendment 838 #
2013/0253(COD)
Proposal for a regulation
Article 50 – paragraph 4
Article 50 – paragraph 4
4. The Board, in its executive session, shall meet on the initiative of the Executive Director or at the request of any of its members.
Amendment 853 #
2013/0253(COD)
Proposal for a regulation
Article 51 – paragraph 2
Article 51 – paragraph 2
2. When deliberating on a cross-border group, the Board shall take its decisions in its executive sessions by a simple majority of its participating members. The members of the Board referred to in Article 4039(2) and the member appointed by the Member State in which the group level resolution authority is situated shall each have one vote. The other participating members shall each have a voting right equal to a fraction of one vote and the number of national resolution authorities of the Member States in which a subsidiary, branch or entity covered by consolidated supervision is established. The determination of the fraction of the vote of the national resolution authority of each Member State in which a subsidiary, branch or entity covered by consolidated supervision is established shall take into account the relative importance of the subsidiary, branch or entity covered by consolidated supervision in the economy of each host Member State and in the group as a whole. In case of a tie the Executive Director shall have a casting vote.
Amendment 858 #
2013/0253(COD)
Proposal for a regulation
Article 51 – paragraph 4 – subparagraph 2
Article 51 – paragraph 4 – subparagraph 2
Meetings of the Board in its executive session shall be convened by the Executive Director on his own initiative or upon request of twoany of its members, and shall be chaired by the Executive Director. The Board in its executive session may invite observers to attend its executive sessionmeetings on an ad hoc basis.
Amendment 886 #
2013/0253(COD)
Proposal for a regulation
Article 57 – paragraph 2 – point d a (new)
Article 57 – paragraph 2 – point d a (new)
(da) interest paid on loans received in the framework of the loan facility referred to in Article 64(2a).
Amendment 899 #
2013/0253(COD)
Proposal for a regulation
Article 62 – paragraph 3
Article 62 – paragraph 3
3. The Board shall determineFollowing a proposal by the competent authority, including the ECB, in accordance with the delegated acts referred to in paragraph 5, the Board shall determine the contributions due by each entity referred to in Article 2 in a decision addressed to the entity concerned. The Board shall apply procedural, reporting and other rules ensuring that contributions are fully and timely paid.
Amendment 971 #
2013/0253(COD)
Proposal for a regulation
Article 68 – paragraph 1 – point c
Article 68 – paragraph 1 – point c
Amendment 1020 #
2013/0253(COD)
Proposal for a regulation
Article 79 – paragraph 2 a (new)
Article 79 – paragraph 2 a (new)
2a. The professional secrecy requirements referred to in paragraphs 1 and 2 shall also apply to observers who attend the Board's meetings on an ad hoc basis.
Amendment 1021 #
2013/0253(COD)
Proposal for a regulation
Article 79 – paragraph 2 b (new)
Article 79 – paragraph 2 b (new)
2b. The professional secrecy requirements referred to in paragraphs 1 and 2 apply notwithstanding Regulation (EC) 1049/2001.
Amendment 1022 #
2013/0253(COD)
Proposal for a regulation
Article 80 – title
Article 80 – title
Amendment 1023 #
2013/0253(COD)
Proposal for a regulation
Article 80 – paragraph 1
Article 80 – paragraph 1
Amendment 1024 #
2013/0253(COD)
Proposal for a regulation
Article 80 – paragraph 1 – footnote 28
Article 80 – paragraph 1 – footnote 28
Amendment 1025 #
2013/0253(COD)
Proposal for a regulation
Article 80 – paragraph 2
Article 80 – paragraph 2
Amendment 1026 #
2013/0253(COD)
Proposal for a regulation
Article 80 – paragraph 3
Article 80 – paragraph 3
Amendment 1027 #
2013/0253(COD)
Proposal for a regulation
Article 80 – paragraph 4 a (new)
Article 80 – paragraph 4 a (new)
4a. Persons who are the subject of the Board's decisions shall be entitled to have access to the Board'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.
Amendment 1030 #
2013/0253(COD)
Proposal for a regulation
Article 83 – paragraph 1 – point a
Article 83 – paragraph 1 – point a
(a) the functioning of the SRM and the impact of the its resolution activities on the interests of the Union as a whole and on the coherence and integrity of the internal market in financial services, including its possible impact on the structures of the national banking systems within the Union, on their competitiveness in comparison with other banking systems outside the SRM and outside the Union, and regarding the effectiveness of cooperation and information sharing arrangements within the SRM, between the SRM and the SSM, and between the SRM and national resolution authorities and national competent authorities of non- participating Member States;
Amendment 1031 #
2013/0253(COD)
Proposal for a regulation
Article 83 – paragraph 1 – point d
Article 83 – paragraph 1 – point d
(d) the interaction between the Board and the national resolution authorities of non- participating Member States and the effects of the SRM on these Member States, and the interaction between the Board and national resolution authorities of third countries.
Amendment 1042 #
2013/0253(COD)
Proposal for a regulation
Article 87 – paragraph 2 – point d a (new)
Article 87 – paragraph 2 – point d a (new)
(da) the Commission may negotiate the establishment of the loan facility referred to in Article 64(2a).
Amendment 13 #
2013/0023(COD)
Proposal for a directive
Recital 16 a (new)
Recital 16 a (new)
(16a) Every conviction imposed pursuant to this Directive should be promptly made public and include at least information on the type and nature of the offence, of the penalty and on the identity of the convicted natural or legal person.
Amendment 14 #
2013/0023(COD)
Proposal for a directive
Article 5 – paragraph 1 – subparagraph 1 a (new)
Article 5 – paragraph 1 – subparagraph 1 a (new)
To ensure that penalties have a dissuasive effect on the public at large, Member States shall, where appropriate, publish the criminal penalties referred to in the first subparagraph, without undue delay, including at least information on the type and nature of the crime and the identity of the persons responsible. Where publication would cause disproportionate damage to the parties involved, Member States shall publish the criminal penalties on an anonymous basis.
Amendment 1 #
2012/2209(DEC)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Recalls the key role of the Authority in the implementation of the financial regulation and the new tasks allocated to it; considers that the new tasks entrusted to the European Supervisory Authorities should be accompanied by new resources and a more efficient system of spending;
Amendment 4 #
2012/2209(DEC)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Considers that a review of the current financing of the Authority is needed to ensure more efficiency and more independence; calls on the Commission to evaluate the possibility to come up with a proposal entailing the ESAs' budgets to be fully funded by the EU budget;
Amendment 7 #
2012/2209(DEC)
Draft opinion
Paragraph 7
Paragraph 7
7. Takes the view that the transparency of the recruitment procedure and the appointment of a selection board are matters that must be dealt with as soon as possible to ensure diversity and high level of competence in its staff, even if the ESMA, as the legal successor to CESR, has assumed legal commitments not based on the EU Financial Regulation;
Amendment 1 #
2012/2208(DEC)
Draft opinion
Paragraph 1
Paragraph 1
1. Welcomes the opinion of the Court of Auditors on the reliability of the accounts (which have been deemed to present the financial position ‘'fairly, in all material respects’') and on the legality and regularity of the underlying transactions (‘'legal and regular in all material respects’');
Amendment 2 #
2012/2208(DEC)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Recalls the key role of the Authority in the implementation of the insurance regulation and the new tasks allocated to it; considers that the new tasks entrusted to the European Supervisory Authorities should be accompanied by new resources and a more efficient system of spending;
Amendment 7 #
2012/2208(DEC)
Draft opinion
Paragraph 6
Paragraph 6
6. Calls on the authority to ensure, as soon as possible, the establishment of selection boards and the transparency of recruitment procedures while ensuring diversity and high level of competence in its staff;
Amendment 11 #
2012/2208(DEC)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Considers that a review of the current financing of the Authority is needed to ensure more efficiency and more independence; calls on the Commission to evaluate the possibility to come up with a proposal entailing the ESAs' budgets to be fully funded by the EU budget;
Amendment 1 #
2012/2207(DEC)
Draft opinion
Paragraph 1
Paragraph 1
1. Welcomes the opinion of the Court of Auditors on the reliability of the accounts (which have been deemed to present the financial position ‘'fairly, in all material respects’') and on the legality and regularity of the underlying transactions (‘'legal and regular in all material respects’');
Amendment 4 #
2012/2207(DEC)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Recalls the key role of the Authority in the implementation of the banking regulation and the new tasks allocated to it; considers that the new tasks entrusted to the European Supervisory Authorities should be accompanied by new resources and a more efficient system of spending;
Amendment 5 #
2012/2207(DEC)
Draft opinion
Paragraph 2 b (new)
Paragraph 2 b (new)
2 b. Considers that a review of the current financing of the Authority is needed to ensure more efficiency and more independence; calls on the Commission to evaluate the possibility to come up with a proposal entailing the ESAs' budgets to be fully funded by the EU budget;
Amendment 8 #
2012/2207(DEC)
Draft opinion
Paragraph 6
Paragraph 6
6. Believes that improvements need to be made immediately to the transparency and soundness of recruitment procedures and grading to ensure diversity and high level of competence in its staff;
Amendment 642 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 5 a (new)
Annex – part 1 – point 1.1 – paragraph 5 a (new)
The proposal should provide for the judicial oversight of the European supervisor by the European Court of Justice which should be empowered to review the acts of the ECB;
Amendment 673 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 – indent 3
Annex – part 1 – point 1.1 – paragraph 9 – indent 3
– protect the stability of the financial system, the transparency of markets and financial products and the protection of depositors and, investors and taxpayers;
Amendment 678 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 a (new)
Annex – part 1 – point 1.1 – paragraph 9 a (new)
Bodies responsible for supervision at supra-national level should be allocated sufficient resources, including staffing, to ensure that they have the necessary operational capacities to carry out their mission.
Amendment 712 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 6
Annex – part 1 – point 1.2 – paragraph 6
A vehicle should be established or designated to provide reassurance that the collective obligation will be met. That vehicle could be the ESM provided that it is granted with a banking licence.
Amendment 713 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 6
Annex – part 1 – point 1.2 – paragraph 6
A vehicle should be established or designated to provide reassurance that the collective obligation will be met. Thatis vehicle could be the ESMmust be managed according to the community method.
Amendment 744 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 6
Annex – part 1 – point 1.3 – paragraph 6
That obligation should be a collective one in the case of Member States whose currency is the euro. A vehicle should be established or designated to provide reassurance that that collective obligation will be met and if required that vehicle needs to be able to intervene directly in institutions under recovery or resolution. This vehicle must be managed according to the community method.
Amendment 745 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 6
Annex – part 1 – point 1.3 – paragraph 6
That obligation should be a collective one in the case of Member States whose currency is the euro. A vehicle should be established or designated to provide reassurance that that collective obligation will be met and if required that vehicle needs to be able to intervene directly in institutions under recovery or resolution. That vehicle could be the ESM provided that it is granted with a banking licence.
Amendment 761 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.2
Annex – part 2 – point 2.2
Amendment 765 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.3 – title
Annex – part 2 – point 2.3 – title
Recommendation 2.3: Enhanced cooperation and harmonisation in the field of taxation
Amendment 773 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.3 – paragraph 1 a (new)
Annex – part 2 – point 2.3 – paragraph 1 a (new)
Moreover, a binding roadmap should be established towards greater tax harmonisation within the internal market, in particular with respect to the taxation of capital, so as to mitigate the negative impact of tax competition.
Amendment 779 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – Point 2.4 – paragraph 1 a (new)
Annex – part 2 – Point 2.4 – paragraph 1 a (new)
As a complement to fiscal discipline at national level, a capacity to reduce cyclical imbalances, address asymmetrical shocks and adequately mitigate structural divergences should be created for Member States whose currency is the euro, amounting to at least 1 % of the Union GDP; this capacity should rely on increased own resources of the Union's budget, notably by introducing specific taxes or fees in accordance with an enhanced cooperation procedure, including a financial transaction tax and the reform of the VAT system; it should be ring-fenced from existing programme in the Union budget Such new euro area tier of the Union budget could be managed and channelled through the ordinary budgetary procedure.
Amendment 784 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.5 – paragraph 1
Annex – part 2 – point 2.5 – paragraph 1
The free movement of capital cannot be used as a way to avoid tax, in particular for Member States whose currency is the euro and that are experiencing or threatened with serious difficulties with respect to their financial stability in the euro area. Therefore the Commission should swiftly finalise international agreement rounds and table proposals to improve cooperation and coordination between tax authorities, to upgrade and extend the scope of Council Directive 2003/49/EC of 3 June 2003 on a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States1 to effectively end banking secrecy, to reform the accounting rules and corporate accounting disclosure to ensure more transparency, to strengthen country-by-country reporting requirements for cross-border companies, and to oppose tax havens and offshore finance. ______________ 1 OJ L 157, 26.6.2003, p.49.
Amendment 788 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.5 a (new)
Annex – part 2 – point 2.5 a (new)
Recommendation 2.5a on creating short- term means of fiscal solidarity The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: Alongside the implementation of a reinforced framework to ensure fiscal discipline, including the six-pack and two- pack, the Commission should come forward immediately with a proposal following the ordinary legislative procedure for the creation of common short-term debt securities, or euro bills, aimed at providing immediate conditional support to Member States faced with refinancing difficulties; The liability for euro bills should be joint and several for member states whose currency is the euro. It should be limited in time and as a percentage of total liabilities of recipient Member States Euro bills should be made conditional to growth-enhancing reforms and fiscal policy in the recipient Member States. Euro bills could be issued by the European Financial Stability Facility (EFSM) without the need for a treaty change.
Amendment 789 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.5 b (new)
Annex – part 2 – point 2.5 b (new)
Recommendation 2.5b on ensuring democratic oversight of the European Stability Mechanism The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: The ESM should evolve towards community-method management and be made accountable to the European Parliament. Key decisions, such as the granting of financial assistance to a Member State and the conclusion of memorandums, should be subject to the consent of the European Parliament. The Troika appointed to ensure the implementation of loan conditionality should be made accountable to the European Parliament. Its mandate should be approved following appropriate consultation with the European Parliament.
Amendment 790 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.5 c (new)
Annex – part 2 – point 2.5 c (new)
Recommendation 2.5c on a golden rule for public finance The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: Fiscal rules for member states whose currency is the euro should be made anti- cyclical by introducing a distinction between operational government spending and public investments linked to the achievement of the Union's growth strategy; the latter should not be accounted for in the computation of deficits for the purpose of the correction and prevention of excessive deficits.
Amendment 791 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.5 d (new)
Annex – part 2 – point 2.5 d (new)
Recommendation 2.5 d on exceptional circumstances The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: Ex-ante coordination of fiscal policy for Member States whose currency is the euro should take due account of the economic cycle; to that purpose, the exceptional circumstances referred to in secondary legislation framing the prevention and correction of excessive deficits should include an appropriate definition of cyclical downturn.
Amendment 792 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.5 e (new)
Annex – part 2 – point 2.5 e (new)
Recommendation 2.5e on ensuring democratic accountability and legitimacy of fiscal coordination The European Parliament considers that the legislative act to be adopted should aim to regulate as follows: All newly created mechanism for fiscal policy coordination should be matched with sufficient provisions to ensure democratic accountability and legitimacy; In particular, all mechanism aimed at coordinating ex-ante the level of government debt and deficit levels should be subject to a legislative proposal in accordance to the ordinary legislative procedure and fully involve the European Parliament.
Amendment 793 #
2012/2151(INI)
Motion for a resolution
Annex – part 2 – point 2.5 f (new)
Annex – part 2 – point 2.5 f (new)
Amendment 794 #
2012/2151(INI)
Motion for a resolution
Annex – part 3 – point 3.1
Annex – part 3 – point 3.1
Amendment 800 #
2012/2151(INI)
Motion for a resolution
Annex – part 3 – point 3.2 – title
Annex – part 3 – point 3.2 – title
Recommendation 3.2 on the better ex-ante coordination of economic policy and improving the European Semester
Amendment 801 #
2012/2151(INI)
Motion for a resolution
Annex – part 3 – point 3.2 – paragraph -1 a (new)
Annex – part 3 – point 3.2 – paragraph -1 a (new)
The Commission should bring forward proposals immediately in accordance with the ordinary legislative procedure to translate into secondary legislation the commitments of the Heads of State or Government on 28 June 2012 for a "Growth and Job compact"; In particular, the economic coordination framework should take due account of the commitment of the Member State to "pursuing differentiated growth-friendly fiscal consolidation, respecting the Stability and Growth Pact and taking into account country-specific circumstances" and to promote "investment into future- oriented areas directly related to the economy's growth potential";
Amendment 802 #
2012/2151(INI)
Motion for a resolution
Annex – part 3 – point 3.2 – paragraph -1 b (new)
Annex – part 3 – point 3.2 – paragraph -1 b (new)
The Commission should bring forward a legislative proposal in accordance with the ordinary legislative procedure based on Article 136 TFEU to clarify the role and status of the Annual Growth Survey for Member States whose currency is the euro; The European Semester should evolve towards full involvement of the European Parliament and national parliaments, including with respect to country-specific recommendations; In the longer run, a treaty change should allow for the introduction of co-decision powers for the European Parliament, throughout the European Semester process.
Amendment 805 #
2012/2151(INI)
Motion for a resolution
Annex – part 3 – point 3.2 – paragraph 1 – indent 1 a (new)
Annex – part 3 – point 3.2 – paragraph 1 – indent 1 a (new)
- National reform programmes (NRPs) and national stability programmes (NSPs) should be closely linked; in particular, budget commitments required for the implementation of NRPs should be reflected in NSPs; adequate monitoring should ensure the coherence of NRPs and NSPs and Union legislation should ensure an operational link between the two instruments;
Amendment 811 #
2012/2151(INI)
Motion for a resolution
Annex – part 3 – point 3.2 – paragraph 1 – subparagraph 1 b (new)
Annex – part 3 – point 3.2 – paragraph 1 – subparagraph 1 b (new)
- Incentive mechanisms would reinforce the binding nature of the economic policy coordination;
Amendment 814 #
2012/2151(INI)
Motion for a resolution
Annex – part 3 – point 3.2 a (new)
Annex – part 3 – point 3.2 a (new)
Amendment 819 #
2012/2151(INI)
Motion for a resolution
Annex – part 4 – point 4.2 – paragraph 1
Annex – part 4 – point 4.2 – paragraph 1
The operations of the EFSF/ESM and any future similar structure, should be subject to regular democratic scrutinycontrol and oversight by the European Parliament.
Amendment 826 #
2012/2151(INI)
Motion for a resolution
Annex – part 4 – point 4.4 – title
Annex – part 4 – point 4.4 – title
Recommendation 4.4 on increasing transparency, legitimacy and accountability
Amendment 829 #
2012/2151(INI)
Motion for a resolution
Annex – part 4 – point 4.4 – indent 2
Annex – part 4 – point 4.4 – indent 2
- The European Parliament shouldmust be fully involved in the further drafting of the report of the four Presidents, in line with the Community method; this involvement can be organised at working group level (preparatory work) as well as on the Presidential level (decision-taking);
Amendment 832 #
2012/2151(INI)
Motion for a resolution
Annex – part 4 – point 4.4 – indent 6
Annex – part 4 – point 4.4 – indent 6
- The Commission troika representative(s) shouldmust be heard in the European Parliament before taking up duties and shouldmust be subject to regular reporting to the European Parliament; the troika's mandate must be approved following appropriate consultation with the European Parliament.
Amendment 834 #
2012/2151(INI)
Motion for a resolution
Annex – part 4 – point 4.4 – indent 6 a (new)
Annex – part 4 – point 4.4 – indent 6 a (new)
- the strengthening of the role of Commissioner for Economic and Monetary affaires or the creation of a European treasury office must be linked to adequate means for democratic accountability and legitimacy, involving approbation and control procedures by the European Parliament.
Amendment 837 #
2012/2151(INI)
Motion for a resolution
Annex – part 4 – point 4.4 – paragraph -1 a (new)
Annex – part 4 – point 4.4 – paragraph -1 a (new)
- Only the respect of the Community method, Union law and Union institutions can ensure the respect of democratic accountability and legitimacy in the European Union; under the Treaties, the EMU can only be established by the Union.
Amendment 838 #
2012/2151(INI)
Motion for a resolution
Annex – part 4 – point 4.4 – paragraph -1 b (new)
Annex – part 4 – point 4.4 – paragraph -1 b (new)
- The currency of the Union is the euro and its parliament is the European Parliament; the future architecture of the EMU must recognise that the European Parliament is the seat of accountability at European level;
Amendment 839 #
2012/2151(INI)
Motion for a resolution
Annex – part 4 – point 4.4 – paragraph -1 c (new)
Annex – part 4 – point 4.4 – paragraph -1 c (new)
- the process by which a blueprint for the future of the EMU is elaborated must fully involve the European Parliament in accordance to the community method;
Amendment 2 #
2012/2150(INI)
Motion for a resolution
Citation 1 a (new)
Citation 1 a (new)
- Having regard to the conclusions of the European Council of 28/29 June 2012
Amendment 7 #
2012/2150(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas the crisis and the increasing disparities in competitiveness since the introduction of the euro have highlighted the need for enhanced coordination of economic and employment policies and improved budgetary practices
Amendment 9 #
2012/2150(INI)
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. Whereas there is a strong commitment of the European Council to mobilise at every level of governance in the EU all levers, instruments and policies to stimulate smart, sustainable, inclusive, resource efficient and job-creating growth by adopting the "Compact for growth and jobs";
Amendment 10 #
2012/2150(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. WelcomAcknowledges the Commission's country- specific recommendations for the euro area; expects these recommendations to form the basis of the Spring Council's recommendations;
Amendment 20 #
2012/2150(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recalls that the European Semester allows for ex the ex-ante coordination in the euro area context, both via the transmission of draft budget plans and the discussion of major economic policy reform plans, in order to take into account of, and reduce, spill- over effects from national actions on other countries or on the euro area as a whole;
Amendment 27 #
2012/2150(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is confidentStresses that the measures proposed arshould be conducive to sustainable public finances, and targeted investment policies, leading to increased competitiveness, higher and more convergent growth and improved employment;
Amendment 29 #
2012/2150(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Urges the Commission to present a European social and employment pact conducive to economic and inclusive growth;
Amendment 30 #
2012/2150(INI)
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Stresses the need for increased coherence within and among the different Member States' Recommendations, a better use of the macroeconomic scoreboard and a deeper look into the spill-over effects of individual members' economic policies;
Amendment 31 #
2012/2150(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. NotUrges the Commission's insistence on conducting to foster and support growth-enhancing structural reforms to allow the EUfor Europe to get to grips with the crisis and regain its preeminent role in the world economy; supportscalls on the Commission's efforts to correct to deepen the work on the macroeconomic imbalances within the euro area;
Amendment 48 #
2012/2150(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Urges the Commission to be more explicit, thorough and coherent in its recommendations and further to monitor recommendations made in the past, i.a. by providing morencluding detailed explanations and evaluations in those cases where the Commission thinks a country has only partially followed the recommendations;
Amendment 52 #
2012/2150(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Urges the Commission to specifically evaluate the economic results of the Commission's recommendations, namely those embedded in the adjustment programmes associated with financial assistance; urges the Commission to allow for revisions and adjustments of specific recommendations when these prove inadequate to achieve defined objectives;
Amendment 58 #
2012/2150(INI)
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Is concerned by the growing tendency of the Commission to infringe on the autonomy of social partners; notes, for example, that the Commission in this year's country-specific recommendations urges a number of Member States to restructure national systems for wage formation and/or to reduce national wage levels; stresses that this tendency is not acceptable and that it should be reversed; underlines that the autonomy of social partners is a crucial element of any well- functioning labour market and that it is protected inter alia in Articles 152 and 153.5 of the TFEU;
Amendment 59 #
2012/2150(INI)
Motion for a resolution
Paragraph 6 c (new)
Paragraph 6 c (new)
6c. Urges the Commission to address both Members States showing persistently large current-account deficits and competitiveness losses and Members States that accumulate large current account surpluses; in the latter, recommendations should aim at strengthening their domestic demand without jeopardising their growth potential;
Amendment 62 #
2012/2150(INI)
Motion for a resolution
Paragraph 6 d (new)
Paragraph 6 d (new)
6d. Calls upon the Commission to include in the European semester and to reflect in the country-specific recommendations, as one of the EU2020 Strategy sub-targets, policies tackling youth unemployment;
Amendment 63 #
2012/2150(INI)
Motion for a resolution
Paragraph 6 e (new)
Paragraph 6 e (new)
6e. Welcomes the important Commission initiative of 27 June 2012 to reinforce the fight against tax fraud end evasion; stresses that enhanced efforts in this area – at the national and EU levels as well as in relation to third countries – should be a crucial element in programmes aimed at consolidating public finances; calls for the raised level of ambition signalled by the initiative to be fully materialised in future legislative proposals and to be clearly reflected in the continuous work within the framework of the European Semester;
Amendment 67 #
2012/2150(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Encourages the Member Sstates to strictly follow the rules set by the Stability and Growth Pact, such as modified by the ‘so-called six- pack’, in orderand to render public finances more resilient, and ensure that the European economy becomes more sustainable, ands well as reduceing pressure from the banking sector; expects the Commission and the Council to enforce these rules in a strict manner; firmly believes thatfirmly believes that the sustainability of fiscal discipline and fiscal institutions should be strengthened at both national and sub- national level should be strengthened and that government expenditures should be shifted towards long-term investment, which would foster sustainable growth;
Amendment 72 #
2012/2150(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Recalls the recommendations of the "Compact for growth and Job" for the implementation of the Country specific recommendations, notably the need to pursue differentiated growth-friendly fiscal consolidation and to pay particular attention to investment; Urges the Commission to monitor the impact of tight budget constraints on growth enhancing public expenditure an on public investment;
Amendment 84 #
2012/2150(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 88 #
2012/2150(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 106 #
2012/2150(INI)
Motion for a resolution
Paragraph 12 – subparagraph 1 (new)
Paragraph 12 – subparagraph 1 (new)
Recalls that the community method is the only one way to ensure efficiency and legitimacy;
Amendment 112 #
2012/2150(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Recalls that the recommendations by the Commission are a contribution to the Spring Council and that this procedure is not a legislative one;the result of each semester cycle
Amendment 259 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3
- oblige Member States commit to autonomously redeem the transferred debt over a period of maximum 25 years by using the interest rate savings for debt redemption which could be shorter if th25 years, which could be shorter or longer if the effective growth rate is higher or lower than foreseen;
Amendment 265 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 4
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 4
- implement the national debt brakes introduced in the fiscal compact to limit the debts that remain exclusively with the participating Member States at a maximum of 60 % of GDP and oblige Member States to cover their liabilities by risk-free collateralMember States shall have in place fiscal rules that implement in the national budgetary processes their medium-term budgetary objectives as defined in Article 2a of Regulation (EC) N01466/97;
Amendment 267 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5
- implement the new frameworkstrengthen the co-ordination of economic governance together with a binding structural reformgrowth and convergence agenda monitored by the Commission;
Amendment 278 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1
- establish an agency or use an existing entity to issue eurobills and limit participation to Member States that comply with the rules as set-out in the Stability and Growth Pact;
Amendment 295 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 4 a (new)
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 4 a (new)
- The ESM shall obtain a banking licence to intervene if proven necessary to ensure the adequate functioning of the system;
Amendment 314 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 2
Annex - Phase 2 - Paragraph 2
The Commission puts forward proposals for the setting up of a system for the allocation of debt below 60 % of GDP to be issued in common, which is safeguarded by national debt brakes according to principlesadequate mechanisms to avoid moral hazard such as:
Amendment 318 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 2 - Subparagraph 1
Annex - Phase 2 - Paragraph 2 - Subparagraph 1
Amendment 323 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 2 - Subparagraph 3
Annex - Phase 2 - Paragraph 2 - Subparagraph 3
Amendment 331 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 3 - Title
Annex - Phase 3 - Title
Phase 3 - CFull common issuance of national debt involving a Treaty change
Amendment 337 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 3 - Paragraph 1
Annex - Phase 3 - Paragraph 1
- On the basis of the work of the committee, the Commission puts forward, if appropriate, proposand having prepared all eventual changes to the EU legals foramework and, if necessary, a Treaty change (and where necessary, Member States’' constitutional changes) andthe Commission puts forward proposals for the setting up of a system for the common issuance of bonds according to the following principles:
Amendment 340 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 3 - Paragraph 1 - Subparagraph 1
Annex - Phase 3 - Paragraph 1 - Subparagraph 1
- limit participation to the Member States which comply with the conditions as set outparticipating in phase 2;
Amendment 351 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 4 - Paragraph 1
Annex - Phase 4 - Paragraph 1
- The Commission, after having prepared all eventual changes to the EU legal framework, puts forward proposals for possiblthe issuance of bonds to finance EU investments for EU public goods (e.g. infrastructure, research and development, etc.)ulfil the objectives of the Union as set out in Article 3 of the TFEU as well as serving as an instrument to facilitate fiscal adjustment in response to external shocks when cross-border effects are at play.
Amendment 401 #
2012/0242(CNS)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation confers on the ECB, within the Single Supervisory Mechanism (SSM) composed of the ECB and of the national competent authorities of participating Member States, specific tasks concerning policies relating to the prudential supervision of credit institutions, with a view to promoting the safety and soundness of credit institutions and the stability of the financial system, with due regard for the unity and integrity of the internal market.
Amendment 435 #
2012/0242(CNS)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
The ECB, in its role within the SSM, shall cooperate closely with the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority and the European Systemic Risk Board, which form part of the European System of Financial Supervision established by Article 2 of Regulations (EU) No. 1093/2010, (EU) No 1094/2010, and (EU) No 1095/2010.
Amendment 446 #
Amendment 458 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. The ECB shall, within the SSM and in accordance with the relevant provisions of Union law, be exclusively competent to carry out, for prudential supervisory purposes, the following tasks in relation to all credit institutions established in the participating Member States:
Amendment 493 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 1 – point k
Article 4 – paragraph 1 – point k
(k) To carry out supervisory tasks in relation to early interventhe tasks attributed to the supervisor in the frameworks for the recovery and resolution of credit institutions and investment firms, in coordination with the re a credit institution does not meet or is likely to breach the applicable prudential requirements, including recovery plans and intra group financial support arrangements, in coordination with the relevant resolution authoritieslevant resolution authorities. The ECB shall only carry out the tasks referred in this point from the moment of the application of the transposition rules of Directive […/…/EU] of the European Parliament and of the Council, establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directives 77/91/EEC and 82/891/EC, Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC and 2011/35/EC and Regulation (EU) No 1093/2010;
Amendment 510 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 1 – point l
Article 4 – paragraph 1 – point l
(l) To coordinate and express a common position of representatives from competent authorities of the participating Member States when participating in the Board of Supervisors and the Management Board of the European Banking Authority, for issues relating to the tasks conferred on the ECB within the SSM by this Regulation.;
Amendment 511 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 1 – point l a (new)
Article 4 – paragraph 1 – point l a (new)
(la) To apply sanctions in accordance with according to Article 15.
Amendment 512 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
1a. For the purpose of points (i) and (j) of the previous subparagraph, the ECB shall cooperate closely with the relevant supervisors and ESAs.
Amendment 522 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. For credit institutions established in a non-participating Member State, which establish a branch or provide cross-border services in a participating Member State, the ECB shall, within the SSM, carry out the tasks referred to in paragraph 1 for which the national competent authorities of the participating Member State are competent.
Amendment 526 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. Subject to and in compliance with any relevant Union law rule and in particular any legislative and non-legislative act, the ECB, within the SSM, may adopt regulations and recommendations and take decisions to implement or apply Union law, to the extent necessary to carry out the tasks conferred upon it by this Regulation. All the decisions taken by the ECB in the scope of this Regulation shall be reasoned and notified to the respective addressees.
Amendment 541 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – title
Article 5 – title
Amendment 563 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. National competent authorities shall assist the ECB within the SSM on its request withfor the preparation, adoption and implementation of any acts relating to the tasks referred to in Article 4.
Amendment 569 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. The ECB shall organise the practical modalities of implementation of paragraph 2supervisory board of the ECB, referred to in Article 19, shall decide on the discharging of the tasks referred to in Article 4 by the ECB or by the national supervisory authorities in discharging its tasks. It shall clearly define the framework and conditions under which national competent authorities shall carry out those activities. The ECB shall establish delegations in each participating Member State and in each Member State whose currency is not the euro and whose national competent authority established a close cooperation with the ECB in accordance with Article 6, within or close to the national competent authority, to facilitate the continuous cooperation and exchange of information between the ECB and the national competent authority. National competent authorities shall follow the instructions given by the ECB.
Amendment 581 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 3 a (new)
Article 5 – paragraph 3 a (new)
3a. The decisions referred in paragraph 3 shall be based on objective criteria set by the Supervisory Board.
Amendment 582 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 3 b (new)
Article 5 – paragraph 3 b (new)
3b. The supervisory board of the ECB shall notify to each credit institution the supervisory arrangements to which it is subject.
Amendment 583 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 3 c (new)
Article 5 – paragraph 3 c (new)
3c. Regardless of the supervisory arrangements notified to a credit institution, the ECB may decide to take over a supervisory task assigned to a national competent authority and/or to change or revoke a decision taken by a national competent authority, namely in the following cases: (a) where there are serious concerns about the safety and/or soundness of any credit institution; (b) where the national competent authorities fail to perform their duties under this Regulation; (c) where a credit institution, individually or as part of a group of credit institutions, may pose or is likely to pose a threat to the orderly functioning and integrity of the Union financial market and/or to the stability of the financial system, or may exacerbate or is likely to exacerbate a pre- existing risk to the orderly functioning and integrity of the EU financial market and/or to the stability of the financial system.
Amendment 584 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 3 d (new)
Article 5 – paragraph 3 d (new)
3d. The decision referred in paragraph 3c shall be notified to the national competent authority and to the credit institution concerned.
Amendment 586 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
Amendment 605 #
2012/0242(CNS)
Proposal for a regulation
Article 5 a (new)
Article 5 a (new)
Article 5 a Continuous supervision The SSM shall continuously accompany the activity of the entities that are under its supervision, even when there is no suspicion of irregularity.
Amendment 638 #
2012/0242(CNS)
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
Amendment 663 #
2012/0242(CNS)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
Without prejudice to the respective competences of the Member States and the other Union institutions, in relation to the tasks conferred on the ECB within the SSM by this Regulation, the ECB may develop contacts and enter into administrative arrangements with supervisory authorities, international organisations and the administrations of third countries, subject to appropriate coordination with the EBA. Those arrangements shall not create legal obligations in respect of the Union and its Member States.
Amendment 668 #
2012/0242(CNS)
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
Amendment 689 #
2012/0242(CNS)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The persons referred to in paragraph 1 shall supply the information requested. Professional secrecy provisions do not exempt those persons from the duty to supply the information. The supply of the information shall not be deemed to be a breach of professional secrecy.
Amendment 715 #
2012/0242(CNS)
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
2. Where authorisation as referred to in paragraph 1 is applied for, and the decision to carry out an on-site inspection was taken by the ECB within the SSM, the national judicial authority shall control that the decision of the ECB is authentic and that the coercive measures envisaged are neither arbitrary nor excessive having regard to the subject matter of the inspection. In its control of the proportionality of the coercive measures, the national judicial authority may ask the ECB for detailed explanations, in particular relating to the grounds the ECB has for suspecting that an infringement of the relevant acts of Union law has taken place and the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. However, the national judicial authority shall not review the necessity for the inspection or demand to be provided with the information on the ECB's file. The lawfulness of the ECB's decision shall be subject to review only by the Court of Justice of the European Union.
Amendment 716 #
2012/0242(CNS)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Reporting obligation The ECB and the national competent authorities shall inform the competent entities of offences which come to their notice because of their functions within the SSM and that occur outside the SSM's competences.
Amendment 732 #
2012/0242(CNS)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 a (new)
Article 14 – paragraph 1 – subparagraph 1 a (new)
Even where the procedures for credit institutions wishing to carry on their activities within the territory of another Member State and the related competences of home and host Member States do not apply in accordance with the first subparagraph, the college of supervisors foreseen in the Directive 2006/48/EC shall be set up. Before taking any decision, the ECB shall consult that college of supervisors.
Amendment 735 #
2012/0242(CNS)
Proposal for a regulation
Article 14 – paragraph 2 – subparagraph 1 a (new)
Article 14 – paragraph 2 – subparagraph 1 a (new)
Even where the provisions in relation to the cooperation between competent authorities from different Member States for conducting supervision on a consolidated basis do not apply in accordance with the first subparagraph, the college of supervisors foreseen in the Directive 2006/48/EC shall be set up. Before taking any decision, the ECB shall consult that college of supervisors.
Amendment 746 #
2012/0242(CNS)
Proposal for a regulation
Article 15 – paragraph 1 – subparagraph 1 a (new)
Article 15 – paragraph 1 – subparagraph 1 a (new)
In the situation foreseen in the first subparagraph, the competent authorities under Union law shall not apply the available administrative pecuniary sanctions to the same credit institution, financial holding company or mixed financial holding company for the same breach.
Amendment 761 #
2012/0242(CNS)
Proposal for a regulation
Article 15 a (new)
Article 15 a (new)
Amendment 762 #
2012/0242(CNS)
CHAPTER IIIa BOARD OF APPEAL WITHIN THE ECB Article 15 a Composition and operation 1. The Board of Appeal shall be composed of six members and six alternates who shall be individuals of a high repute with a proven record of relevant knowledge and professional experience, including supervisory experience, to a sufficiently high level in the fields of banking or other financial services, excluding current staff of the ECB, or other national or Union institutions and authorities involved in the activities of the SSM. The Board of Appeal shall have sufficient legal expertise to provide expert legal advice on the legality of the ECB's exercise of its powers. The Board of Appeal shall designate its President. 2. The members of the Board of Appeal shall be appointed by the Supervisory Board of the ECB from a short-list proposed by the Commission, following a public call for expressions of interest published in the Official Journal of the European Union, and after consultation of the Board of Supervisors of the EBA. 3. The term of office of the members of the Board of Appeal shall be 5 years. That term may be extended once. 4. A member of the Board of Appeal shall not be removed during his term of office, unless he has been found guilty of serious misconduct and the Supervisory Board takes a decision to remove the member. 5. The decisions of the Board of Appeal shall be adopted on the basis of a majority of at least four of its six members. 6. The Board of Appeal shall be convened by its President when necessary. 7. The ECB shall ensure adequate operational and secretarial support for the Board of Appeal.
Amendment 765 #
2012/0242(CNS)
Proposal for a regulation
Article 15 b (new)
Article 15 b (new)
Article 15b Actions against the national competent authorities before the national courts 1. Proceedings may be brought before the national courts contesting a decision taken by a national competent authority within the scope of this Regulation. 2. Any natural or legal person and, where applicable, Member State affected by a decision taken by a national competent authority within the scope of this Regulation may institute proceedings before the national courts against the decision of the national competent authority. 3. If a national competent authority has an obligation to act and fails to take a decision, proceedings for failure to act may be brought before the national courts. 4. National competent authorities shall take the necessary measures to comply with the judgment of the national courts.
Amendment 766 #
2012/0242(CNS)
Proposal for a regulation
Article 15 b (new)
Article 15 b (new)
Amendment 767 #
2012/0242(CNS)
Proposal for a regulation
Article 15 c (new)
Article 15 c (new)
Article 15c Appeals 1. Any natural or legal person, including competent authorities, may appeal against a decision of the ECB referred to in Articles 9, 10, 11, 13 and 15 and any other decision taken by the ECB in accordance with the Union acts referred to in Article 4 which is addressed to that person, or against a decision which, although in the form of a decision addressed to another person, is of direct and individual concern to that person. 2. The appeal, together with a statement of grounds, shall be filed in writing at the ECB within 2 months of the date of notification of the decision to the person concerned, or, in the absence of a notification, of the day on which the ECB published its decision. The Board of Appeal shall decide upon the appeal within 2 months after the appeal has been lodged. 3. An appeal lodged pursuant to paragraph 1 shall not have suspensive effect. However, the Board of Appeal may, if it considers that circumstances so require, suspend the application of the contested decision. 4. If the appeal is admissible, the Board of Appeal shall examine whether it is well- founded. It shall invite the parties to the appeal proceedings to file observations on its own notifications or on communications from the other parties to the appeal proceedings, within specified time limits. Parties to the appeal proceedings shall be entitled to make oral representations. 5. The Board of Appeal may confirm the decision taken by the competent body of the ECB, or remit the case to the competent body of the ECB. That body shall be bound by the decision of the Board of Appeal and that body shall adopt an amended decision regarding the case concerned. 6. The Board of Appeal shall adopt and make public its rules of procedure. 7. The decisions taken by the Board of Appeal shall be reasoned and shall be made public.
Amendment 768 #
2012/0242(CNS)
Proposal for a regulation
Article 15 d (new)
Article 15 d (new)
Article 15d Actions before the Court of Justice of the European Union 1. Proceedings may be brought before the Court of Justice of the European Union, in accordance with Article 263 TFEU, contesting a decision taken by the Board of Appeal or, in cases where there is no right of appeal before the Board of Appeal, by the ECB within the SSM. 2. Member States and the Union institutions, as well as any natural or legal person, may institute proceedings before the Court of Justice of the European Union against decisions of the ECB, in accordance with Article 263 TFEU. 3. In the event that the ECB within the SSM has an obligation to act and fails to take a decision, proceedings for failure to act may be brought before the Court of Justice of the European Union in accordance with Article 265 TFEU. 4. The ECB shall be required to take the necessary measures to comply with the judgment of the Court of Justice of the European Union.
Amendment 770 #
2012/0242(CNS)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. When carrying out the tasks conferred upon it by this Regulation, the ECB shall act independently. The national competent authorities within the SSM shall act independently.
Amendment 777 #
2012/0242(CNS)
Proposal for a regulation
Article 16 – paragraph 2 a (new)
Article 16 – paragraph 2 a (new)
2a. The ECB shall allow EU citizens to monitor the independence of policy- making and supervisory functions from private interests by participating in the inter-institutional Transparency Register, together with the European Parliament and Commission.
Amendment 805 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. The planning and execution of the tasks conferred upon the ECB, shall be undertaken by an internal body composed of four representatives of the ECB appointed by the Executive Board of the ECB after approval by the European Parliament and one representative of the national authority competent for the supervision of credit institutions in each participating Member State (hereinafter ‘supervisory board’).
Amendment 806 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. The planning and execution of the tasks conferred upon the ECB, shall be undertaken by an internal body composed of four representatives of the ECB appointed by the Executive Board of the ECB and one representative of the national authority competent for the supervision of credit institutions in each participating Member State (hereinafter ‘"supervisory board’)") and in each Member State whose national competent authority established a close cooperation with the ECB, in compliance with the Statute of ESCB and of the ECB. Each member of the supervisory board shall have one vote.
Amendment 816 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 1 a (new)
Article 19 – paragraph 1 a (new)
1 a. The Executive Board of the ECB shall submit to the European Parliament a short list of candidates to the Supervisory Council composed of an equal number of men and women.
Amendment 823 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. In addition, the supervisory board shall include a Chair elected by the members of the Governing Council from the members, with the exception of the President, of the Executive Board, and a Vice-Chair elected by and from the members of the Governing Council of the ECB. The European Parliament shall approve the election of the Chair and the Vice-Chair.
Amendment 831 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 2 a (new)
Article 19 – paragraph 2 a (new)
2a. Gender balance shall be taken into consideration for the election of the Chair and the Vice-Chair.
Amendment 847 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 4
Article 19 – paragraph 4
4. The supervisory board may appoint from among its members a steering committee with a more limited composition which supports its activities, including preparing the meetings, but shall not have any decision-making powers.
Amendment 850 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 5
Article 19 – paragraph 5
Amendment 877 #
2012/0242(CNS)
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Members of the Supervisory Boardbodies and staff of the ECB carrying out supervisory duties, and individuals who provide any service, directly or indirectly, permanently or occasionally, related to the discharge of those duties, even after their duties are ceased, shall be subject to the professional secrecy requirements set out in Article 37 of Protocol No. 4 and in the relevant acts of Union law.
Amendment 879 #
2012/0242(CNS)
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
2. For the purpose of carrying out the tasks conferred upon it by this Regulation, the ECB shall be authorised, within the limits and under the conditions set out in the relevant acts of Union law, to exchange information with the national competent authorities within the SMM and with national or European authorities and bodies in the cases where Union law allows national competent authorities to disclose information to those entities or where Member States may provide for such disclosure under Union law.
Amendment 929 #
2012/0242(CNS)
Proposal for a regulation
Article 25 – paragraph 2 a (new)
Article 25 – paragraph 2 a (new)
2a. The ECB shall create a standing ethics committee to assess possible conflicts of interest resulting from post- office employment of ECB staff members engaged in supervisory activities. The committee will be responsible for elaborating comprehensive and formal procedures for assessment. The results of such assessments shall be publicly disclosed.
Amendment 930 #
2012/0242(CNS)
Proposal for a regulation
Article 25 – paragraph 2 b (new)
Article 25 – paragraph 2 b (new)
2b. Former ECB staff members who have been engaged in supervisory activities, and who intend to engage in an occupation during the two years after they have ceased to hold office, shall inform the ethics committee in good time. The committee shall make a decision by one month since receiving the information on the compatibility of the employment offer with the need to ensure the integrity and independence of staff. Former ECB staff members can engage in the occupation only after approval of the ethics committee.
Amendment 931 #
2012/0242(CNS)
Proposal for a regulation
Article 25 – paragraph 2 c (new)
Article 25 – paragraph 2 c (new)
2c. Members of the supervisory board shall be prohibited from taking paid work in private sector institutions for which the ECB has supervisory responsibility during the two years after they have ceased to hold office.
Amendment 940 #
2012/0242(CNS)
Proposal for a regulation
Article 26 – paragraph 1 – point -a c (new)
Article 26 – paragraph 1 – point -a c (new)
(-ac) the functioning of the SSM regarding the division of tasks between the ECB and the national competent authorities;
Amendment 970 #
2012/0242(CNS)
Proposal for a regulation
Article 27 – paragraph 1
Article 27 – paragraph 1
1. From the 1st of July 2013, the ECB shall carry out the supervisory tasks conferred on it also in relation to the most significant credit institutions, financial holding companies and mixed financial holding companies of European systemic importance at the highest level of consolidation, based on their size as reflected in, the sum of exposure values of all assets and off-balance sheet liabilities not deducted when determining the common equity tier 1 capital for regulatory purposes, and their cross-border activity as reflected in cross-jurisdictional claims such as deposits and other assets in respect of customers or other financial operators located in another country and cross- jurisdictional liabilities such as loans and notes in respect of customers or other financial operators located in another country, which together cover at least half of the banking sector in the Euro area as a whole, on 1 January 2013. The ECB shall adopt and make public the list of those institutions before 1 March 2013.
Amendment 980 #
2012/0242(CNS)
Proposal for a regulation
Article 27 – paragraph 5 – subparagraph 1
Article 27 – paragraph 5 – subparagraph 1
By derogation from Article 4 (3), from the entry into force of this regulation and until the repeal of Directives 2006/48/EC and 2006/49/EC and their replacement by new Union acts, the ECB shall exercise the tasks conferred on it by this regulationreferred in this Regulation and conferred on it by its supervisory board by addressing instructions to national competent authorities on the exercise of any relevant powers conferred on them.
Amendment 146 #
2012/0150(COD)
Proposal for a directive
Recital 4
Recital 4
(4) A regime is, therefore, needed to provide authorities with thea credible set of tools to intervene sufficiently early and quickly in an unsound or failing credit institution so as to ensure the continuity of the credit institution’s essential financial and economic functions, while minimizing the impact of an institution’s failure on the financial system and ensuring that shareholders and creditors bear appropriate losseappropriate losses are imposed on the shareholders and creditors who bore the risk of investing in these institutions. New powers should enable authorities to maintain uninterrupted access to deposits and payment transactions, sell viable portions of the firm where appropriate, and apportion losses in a manner that is fair and predictable. Those objectives should ensure that taxpayers are no longer liable for failing credit institutions, and help avoid destabilizing financial markets and minimize the costs for taxpayers..
Amendment 158 #
2012/0150(COD)
Proposal for a directive
Recital 11
Recital 11
(11) In order to ensure the required speed of action, to guarantee independence from economic actors and to avoid conflicts of interest, Member States should appoint public administrative authorities endowed with administrative and financial independence to perform the functions and tasks in relation to resolution pursuant to this Directive. Member States should ensure that appropriate resources are allocated to those resolution authorities. The designation of public authorities should not exclude delegation under the responsibility of the resolution authority. However, it is not necessary to prescribe the exact authority that Member States should appoint as the resolution authority. While harmonisation of that aspect may facilitate coordination, it would also considerably interfere with the constitutional and administrative systems of Member States. A sufficient degree of coordination can still be achieved with a less intrusive requirement: all the national authorities involved in the resolution of institutions should be represented in resolution colleges, where coordination at cross-border or Union level should take place. Member States should, therefore, be free to choose which authorities should be responsible for applying the resolution tools and exercising the powers provided for in this Directive.
Amendment 166 #
2012/0150(COD)
Proposal for a directive
Recital 13 a (new)
Recital 13 a (new)
(13a) In the resolution of institutions or groups operating across the Union, the decisions taken should preserve financial stability and minimise economic and social effects in the Member States where the institution or group operates.
Amendment 167 #
2012/0150(COD)
Proposal for a directive
Recital 14
Recital 14
(14) In order to ensure uniform and consistent approach in the area covered by this Directive, EBA should also be empowered to adopt guidelines, and elaborate regulatory and technical standards to be endorsed by the Commission by means of delegated acts pursuant to Article 290 of the Treaty on the Functioning of the European Union, namely on the content of Codes of Conduct to be drawn by institutions regarding the assessment of the existence of impediments to resolvability and the assessment of if an institution is likely to breach the requirements of Directive 2006/48/EC, failing or likely to fail.
Amendment 169 #
2012/0150(COD)
Proposal for a directive
Recital 16 a (new)
Recital 16 a (new)
(16a) Recovery plans shall provide for measures to be taken by the management of the institution when the competent authority adopts measures of early intervention.
Amendment 170 #
2012/0150(COD)
Proposal for a directive
Recital 16 b (new)
Recital 16 b (new)
(16b) In case of group recovery plans, the potential impact of the recovery measures in all the Member States where the group operates shall be specifically taken into account in the drawing up of the plans.
Amendment 175 #
2012/0150(COD)
Proposal for a directive
Recital 18
Recital 18
(18) Resolution planning is an essential component of effective resolution. Authorities should have all the information necessary in order to plan how the essential functions of an institution or of a cross- border group may be isolated from the rest of the business and transferred in order to ensure the preservation and continuance of essential functions. The requirement to prepare a resolution plan should, however, be simplified, reflecting the systemic importance of the institution or group, or even waived, if the failure of a particular institution, due to the nature of its business, its size or its interconnectedness to other institutions or to the financial system in general, is deemed to not have a detrimental effect on financial markets, on other institutions or on funding conditions. Resolution plans shall, where applicable, respect existing collective agreements as well as national and European legal provisions on the involvement of trade unions and workers’ representatives in company restructuring processes.
Amendment 177 #
2012/0150(COD)
Proposal for a directive
Recital 18 a (new)
Recital 18 a (new)
(18a) Due to the privileged knowledge by the institution on its own functioning and any problems arising from it, resolution plans shall be drawn by resolution authorities in close cooperation with the institutions.
Amendment 179 #
2012/0150(COD)
Proposal for a directive
Recital 18 b (new)
Recital 18 b (new)
(18b) The resolution plans shall be revised or updated whenever needed; for that purpose, the institutions and the competent authorities shall communicate immediately to the resolution authorities any change that imposes a revision or update of the resolution plan.
Amendment 180 #
2012/0150(COD)
Proposal for a directive
Recital 18 c (new)
Recital 18 c (new)
(18c) In case of group resolution plans, the potential impact of the resolution measures in all the Member States where the group operates shall be specifically taken into account in the drawing up of the plans. The resolution authorities of the Member States where the group operates shall be involved in the drawing up of the plan.
Amendment 187 #
2012/0150(COD)
Proposal for a directive
Recital 21 a (new)
Recital 21 a (new)
(21a) Regarding the sensitiveness of the information contained in them, the recovery and the resolution plans are confidential.
Amendment 188 #
2012/0150(COD)
Proposal for a directive
Recital 21 b (new)
Recital 21 b (new)
(21b) The competent authorities shall transmit the recovery plans and any changes thereto to the relevant resolution authorities, and the latter shall transmit the resolution plans and any changes thereto to the former, in order to permanently keep every relevant authority fully informed.
Amendment 189 #
2012/0150(COD)
Proposal for a directive
Recital 21 c (new)
Recital 21 c (new)
(21c) Considering the essentiality of the drawing up of recovery and resolution plans to the application of the framework established by this Directive, institutions shall submit their recovery plans to competent authorities and resolution authorities shall draw up resolution plans in six months from the date of the entry into force of the regulatory technical standards that EBA will develop on the content of those plans, notwithstanding the transposition date being only 31 December 2014.
Amendment 192 #
2012/0150(COD)
Proposal for a directive
Recital 23
Recital 23
(23) In order to preserve financial stability, it is important that competent authorities be able to remedy the deterioration of an institution’s financial and economic situation before that institution reaches a point at which authorities have no other alternative than to resolve it. To this end, competent authorities should be granted early intervention powers, including the power to replace the management body of an institution with a special managerwhich will consist essentially on the execution of the recovery plan, only including other measures where necessary; this would serve as a means of exerting pressure on the institution in question to take measures to restore its financial soundness and/or to reorganise its business so as to ensure its viability at an early stage. Measures of early intervention include the replacement of the management body of an institution with a special manager, but only where there is a significant deterioration in the financial situation of an institution or where there are serious violations of law, regulations or bylaws or serious administrative irregularities, and other measures foreseen for early intervention are not sufficient to reverse that deterioration, in such terms that, if no action is taken, the resolution authority would in the near future have to determine that the institution is failing or likely to fail. The task of the special manager should be to take all measures necessary and promote solutions in order to redress the financial situation of the institution. The appointment of the special manager should not however derogate from any rights of the shareholders or owners or procedural obligations established under Union or national company law and should respect international obligations of the Union or Member States, relating to investment protection. The early intervention powers should include those already specified under Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions for circumstances other than those considered as early intervention as well as other situations considered necessary to restore the financial soundness of an institution.
Amendment 195 #
2012/0150(COD)
Proposal for a directive
Recital 24
Recital 24
(24) The resolution framework should provide for timely entry into resolution before a financial institution is balance- sheet insolvent and before all equity has been fully wiped out. Resolution should be initiated when a firm is no longer viable or likely to be no longer viable and other measures have proved insufficient to prevent failure. The fact that an institution does not meet the requirements for authorization should not justify per-se the entry into resolution, especially if the institution is still or likely to be still viable. An institution should be considered as failing or likely to fail, by a determination of the resolution authority in consultation with the competent authority, when it is or is to be in breach of the capital requirements for continuing authorisation because it has incurred or is likely to incur in losses that are to deplete all or substantially all of its own funds, when the assets of the institution are or are to be less than its liabilities, when the institution is or is to be unable to pay its obligations as they fall due, or when the institution requires extraordinary public financial support. The need for emergency liquidity assistance from a central bank should not in itself be a condition that sufficiently demonstrates that an institution is or will be, in the near- term, unable to pay its liabilities as they fall due. In order to preserve financial stability, in particular in case of a systemic liquidity shortage, State guarantees on liquidity facilities provided by central banks or State guarantees on newly issued liabilities should not trigger the resolution framework provided that a number of conditions are met. In particular the State guarantee measures should to be approved under the State aid framework and should not be part of a larger aid package, and the use of the guarantee measures should be strictly limited in time. In both instances, the bank needs to be solvent.
Amendment 197 #
2012/0150(COD)
Proposal for a directive
Recital 24 a (new)
Recital 24 a (new)
(24a) In case of resolution of an institution or of a group with cross-border activity, the determination by the resolution authority that the institution is failing or likely to fail as well as any resolution action shall take into account the potential impact of the resolution in all the Member States where the institution or the group operate.
Amendment 202 #
2012/0150(COD)
Proposal for a directive
Recital 29
Recital 29
(29) When applying resolutions tools and exercising resolution powers, according to the resolution plan where appropriate and subject to proper justification, resolution authorities should make sure that shareholders and creditors bear an appropriate share of the losses, that the managers are replaced, that the costs of the resolution of the institution are minimised, and that all creditors of an insolvent institution that are of the same class are treated in a similar manner. When the use of the resolution tools involves the granting of State aid, interventions should have to be assessed in accordance with the relevant State aid provisions. State aid may be involved, inter alia, where resolution funds or deposit guarantee funds intervene to assist in the resolution of failing institutions.
Amendment 211 #
2012/0150(COD)
Proposal for a directive
Recital 35
Recital 35
(35) The resolution tools should be applied before any public sector injection of capital or equivalent extraordinary public financial support to an institution. This, however, should not impede the use, for the purpose of financing resolution, of funds from the deposit guarantee schemes or the resolution funds. In this respect, the use of extraordinary public financial support or resolution funds, including deposit guarantee funds, to assist in the resolution of failing institutions should be assessed in accordance with relevant State aid provisions.
Amendment 217 #
2012/0150(COD)
Proposal for a directive
Recital 45
Recital 45
(45) In order to ensure that resolution authorities have the necessary flexibility to allocate losses to creditors in a range of circumstances, it is appropriate that those authorities be able to apply the bail-in tool both where the objective is to resolve the failing institution as a going concern if there is a realistic prospect that the institution viability may be restored, and where systemically important services are transferred to a bridge institution and the residual part of the institution ceases to operate and is wound down. However, the resolution authorities should only use the bail-in tool when the evaluation of the use of the other resolution tools reveals they are insufficient to restore the viability of the institution.
Amendment 222 #
2012/0150(COD)
Proposal for a directive
Recital 47
Recital 47
(47) It is not appropriate to apply the bail- in tool to claims in so far as they are secured, collateralised or otherwise guaranteed. However, in order to ensure that the bail-in tool is effective and achieves its objectives, it is desirable that it can be applied to as wide a range of the unsecured liabilities of a failing institution as possible. Nevertheless, it is appropriate to exclude certain kinds of unsecured liability from the scope of application of the bail-in tool. For reasons of public policy and effective resolution, the bail-in tool should not apply to those deposits that are protected under Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit- guarantee schemes, to liabilities to employees of the failing institution or to commercial claims that relate to goods and services necessary for the daily functioning of the institution.
Amendment 223 #
2012/0150(COD)
Proposal for a directive
Recital 47 a (new)
Recital 47 a (new)
(47a) Considering the risks of contagion, liabilities arising from interbank money- market operations with an original maturity of less than one month and from derivatives which were entered by the institution to hedge risks are also excluded from bail-in.
Amendment 224 #
2012/0150(COD)
Proposal for a directive
Recital 48
Recital 48
(48) Depositors that hold deposits guaranteed by the deposit guarantee scheme should not be subject to the exercise of the bail-in tool. The deposit guarantee scheme, however, contributes to funding the resolution process to the extent that it would have had to indemnify the depositors. The exercise of the bail-in powers would ensure that depositors continue having access to their deposits which is the main reason why the deposit guarantee schemes have been established. Not foreseeing the involvement of those schemes in such cases would constitute an unfair advantage with respect to the rest of creditors which would be subject to the exercise of the powers by the resolution authorityOnce the protection of depositors is one of the most important objectives of resolution, deposits should not be subject to the exercise of the bail-in tool. The exercise of the bail-in powers would ensure that depositors continue having access to their deposits.
Amendment 225 #
2012/0150(COD)
Proposal for a directive
Recital 48 a (new)
Recital 48 a (new)
(48a) Additionally, the credits of deposit guarantee schemes are also not susceptible to bail-in, and in case of insolvency proceedings the claims of depositors and of deposit guarantee schemes which were subrogated to the claims of depositors by virtue of payments made to depositors up to the amount of their guaranteed deposits under the scheme are granted a preferential claim so as to have a higher priority ranking over the claims of ordinary unsecured creditors in the event of insolvency of the credit institution.
Amendment 235 #
2012/0150(COD)
Proposal for a directive
Recital 54
Recital 54
(54) It is not necessary to prescribe the exact means through which the resolution authorities should intervene in the insolvent institution. The resolution authorities should have the choice between taking control through a direct intervention in the institution or through executive order. They should decide according to the resolution plan and to the circumstances of the case. It does not appear necessary for efficient cooperation between Member States to impose a single model at this stage.
Amendment 252 #
2012/0150(COD)
Proposal for a directive
Recital 74
Recital 74
(74) While financing arrangements are set up at national level, they should be mutualised in the context of group resolution. When a resolution action ensures that depositors continue having access to their deposits, Deposit Guarantee Schemes to which an institution under resolution is affiliated should be liable, up to the amount of covered deposits, for the amount of losses that they would have had to bear if the institution had been wound up under normal insolvency proceedings.
Amendment 253 #
2012/0150(COD)
Proposal for a directive
Recital 74 a (new)
Recital 74 a (new)
(74a) Member States should design their financial arrangements envisaging their possible future merger, partial or total, into a European Resolution Fund.
Amendment 254 #
2012/0150(COD)
Proposal for a directive
Recital 75
Recital 75
Amendment 257 #
2012/0150(COD)
Proposal for a directive
Recital 82
Recital 82
(82) When preparing and drawing up delegated acts, the Commission should ensure the early and on-going transmission of information on relevant documents to the European Parliament and the Council.
Amendment 261 #
2012/0150(COD)
Proposal for a directive
Title I
Title I
SCOPE, DEFINITIONS AND, AUTHORITIES, COOPERATION AND INSTITUTIONS WITH CROSS-BORDER ACTIVITY
Amendment 298 #
2012/0150(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 41
Article 2 – paragraph 1 – point 41
(41) ‘debt instruments’ referred to in points (d), (i), (l) and (m) of Article 56(1) means bonds and other forms of transferable debt, any instrument creating or acknowledging a debt, and instruments giving rights to acquire debt instruments;
Amendment 312 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Each Member States shall designate one or more resolution authoritiesy that areis empowered to apply the resolution tools and exercise the resolution powers.
Amendment 316 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 2
Article 3 – paragraph 2
2. Resolution authorities shall be public administrative authorities endowed with administrative and financial independence.
Amendment 321 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 3
Article 3 – paragraph 3
3. Resolution authorities may be the competent authorities for supervision for the purposes of Directives 2006/48/EC and 2006/49/EC, central banks, competent ministries or other public administrative authorities, provided that Member States adopt rules and arrangements necessary to avoid conflicts of interest between the functions of supervision pursuant to Directives 2006/48/EC and 2006/49/EC or the other functions of the relevant authority and the functions of resolution authorities pursuant to this Directive. In particular, Member States shall ensure that, within the competent authorities, central banks, competent ministries or other public administrative authorities there is a separation between the resolution function and the supervisory or other functions of the relevant authority and that there are different decision taking bodies for the supervision functions and for the resolution functions.
Amendment 324 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 4
Article 3 – paragraph 4
Amendment 328 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 5
Article 3 – paragraph 5
5. Where the designated authority in accordance with paragraph 1 is not the competent ministry in a Member State, any decision of the designated authority pursuant to this Directive shall be taken in consultation with the competent ministrythat may have systemic or national implications or arises out of a systemic international crisis shall be taken in consultation with the competent ministry; in any other case, the designated authority will inform the competent ministry of any decision taken pursuant to this Directive.
Amendment 339 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 7
Article 3 – paragraph 7
Amendment 343 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 8
Article 3 – paragraph 8
8. Member States shall inform European Banking Authority (EBA) of the national authority or authorities appointed as resolution authoritiesy and contact authority and, where relevant, theirits specific functions and responsibilities. EBA shall publish the list of those resolution authorities.
Amendment 348 #
2012/0150(COD)
Proposal for a directive
Article 3 a (new)
Article 3 a (new)
Article 3 a Cooperation 1. Where the resolution authority and the competent authority pursuant to Directive 2006/48/EC are separate entities, Member States shall require that they cooperate closely in the preparation, planning and application of resolution decisions. 2. Where the institution exercises any investment services or activities as defined in Article 4(1)(2) of Directive 2004/39/EC, the competent authority and the resolution authority shall consult the competent authority as defined in Article 4(1)(22) of that Directive on any early intervention measure and on any resolution action before it is taken and, where the consultation is not possible, keep the competent authority as defined in Article 4(1)(22) of that Directive informed.
Amendment 350 #
2012/0150(COD)
Proposal for a directive
Article 3 b (new)
Article 3 b (new)
Article 3 b Institutions with cross-border activity Decisions taken by competent authorities, resolution authorities and the EBA throughout this Directive shall take into account the potential impact of the decision in all the Member States where the institution or the group operate and preserve financial stability and minimise economic and social effects in those Member States.
Amendment 370 #
2012/0150(COD)
Proposal for a directive
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
Amendment 376 #
2012/0150(COD)
Proposal for a directive
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The Commission shall be empowered to adopt delegated acts in accordance with Article 103 in order to specify the criteria referred to in paragraphs 1 and 1a, for assessing, in accordance with paragraphs 1 and 1a, the impact of an institution failure on financial markets, on other institutions and on funding conditions.
Amendment 381 #
2012/0150(COD)
Proposal for a directive
Article 4 – paragraph 3 a (new)
Article 4 – paragraph 3 a (new)
3a. The plans referred to in Articles 5, 7, 9 and 11 of this Directive are confidential and shall not be revealed to anyone except to the competent authorities and the resolution authorities according to this Directive.
Amendment 382 #
2012/0150(COD)
Proposal for a directive
Article 4 a (new)
Article 4 a (new)
Article 4 a Scenarios to be used when drawing up recovery and resolution plans EBA, in consultation with the European Systemic Risk Board (ESRB), shall develop draft technical standards specifying scenarios to be used for the purposes of Article 5(5) and 9(2). EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 404 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 4 – subparagraph 1 a (new)
Article 5 – paragraph 4 – subparagraph 1 a (new)
Recovery plans shall provide for measures to be taken by the management of the institution when the competent authority adopts measures of early intervention according to Article 22.
Amendment 409 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 5
Article 5 – paragraph 5
5. The competent authorities shall ensure that institutions include in recovery plans appropriate conditions and procedures to ensure the timely implementation of recovery actions as well as a wide range of recovery options. Competent authorities shall ensure that firminstitutions test their recovery plans against a range of scenarios of financial distress relevant to the institutions' specific conditions, varying in their severity including system wide events, legal-entity specific stress and group-wide stress. These scenarios shall foresee breaches of legal and regulatory requirements of Directive 2006/48/EC.
Amendment 414 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 6
Article 5 – paragraph 6
Amendment 425 #
2012/0150(COD)
Proposal for a directive
Article 6 – paragraph 1
Article 6 – paragraph 1
1. Member States shall require institutions to submit recovery plans to the competent authorities for review within not more than six months from the date of the entry into force of the regulatory technical standards referred to in Articles 4a and 5(7).
Amendment 427 #
2012/0150(COD)
Proposal for a directive
Article 6 – paragraph 2 – introductory part
Article 6 – paragraph 2 – introductory part
2. The competent authorities shall, within not more than three months from the submission, review those plans and assess the extent to which each plan satisfies the requirements set out in Article 5 and the following criteria:
Amendment 429 #
2012/0150(COD)
Proposal for a directive
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
(a) the implementation of the arrangements proposed in the plan would be likely to restore the viability and financial soundness of the institution, taking into account the preparatory measures that the institution has taken or has planned to take;
Amendment 430 #
2012/0150(COD)
Proposal for a directive
Article 6 – paragraph 2 – point b
Article 6 – paragraph 2 – point b
(b) the plan or specific options could be implemented effectively in situations of financial stress and without causing any significant adverse effect on the financial system, including in the event that other institutions implemented recovery plans within the same time period.
Amendment 470 #
2012/0150(COD)
Proposal for a directive
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The consolidating supervisor shall transmit the group recovery plans to the relevant competent authorities participating in the colleges of supervisors referred to in Article 131a of Directive 2006/48/EC and to EBA.
Amendment 477 #
2012/0150(COD)
Proposal for a directive
Article 7 – paragraph 3 – subparagraph 2 a (new)
Article 7 – paragraph 3 – subparagraph 2 a (new)
The potential impact of the recovery measures in all the Member States where the group operates shall be specifically taken into account in the drawing up of the group recovery plan.
Amendment 495 #
2012/0150(COD)
Proposal for a directive
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
The consolidating supervisor shall carry out the review and assessment of the group recovery plan, including the recovery plans for individual institutions that are part of the group, in consultation and cooperation with the competent authorities participating in the colleges of supervisors referred to in Article 131a of Directive 2006/48/EC. The review and assessment in accordance with Article 6(2) of this Directive of the group recovery plan and, if necessary, the request to take measures in accordance with Article 6(4) of this Directive shall take the form of joint decisions by the authorities participating in the colleges of supervisors referred to in Article 131a of Directive 2006/48/EC, which will take into account the potential impact of the recovery measures in all the Member States where the group operates.
Amendment 519 #
2012/0150(COD)
Proposal for a directive
Article 8 a (new)
Article 8 a (new)
Article 8a Transmission of the recovery plans to the resolution authorities 1. The competent authority shall transmit the recovery plans and any changes thereto to the relevant resolution authorities. 2. Group recovery plans shall be transmitted according to the previous paragraph by the consolidating supervisor.
Amendment 528 #
2012/0150(COD)
Proposal for a directive
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Resolution authorities, in consultation with competent authorities, shall draw up and in close cooperation with the institutions, shall draw up within not more than six months from the date of the entry into force of the regulatory technical standards referred to in Articles 4a, 13(3) and 14(8), a resolution plan for each institution that is not part of a group subject to consolidated supervision pursuant to Articles 125 and 126 of Directive 2006/48/EC. The resolution plan shall provide for the resolution actions which the resolution and competent authorities may take where the institution meets the conditions for resolution.
Amendment 530 #
2012/0150(COD)
Proposal for a directive
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1a. When drawing up the resolution plan, the resolution authority shall identify any impediments to resolvability and, where appropriate, exercise the preventive powers to remove those impediments, according to Chapter II of the present Title.
Amendment 536 #
2012/0150(COD)
Proposal for a directive
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Resolution plans shall be reviewed, and where appropriate updated, at least annually and after any material changes to the legal or organisational structure of the institution or to its business or its financial situation that could have a material effect on the effectiveness of the plan or otherwise imposes a change to the resolution plan.
Amendment 538 #
2012/0150(COD)
Proposal for a directive
Article 9 – paragraph 3 – subparagraph 1 (new)
Article 9 – paragraph 3 – subparagraph 1 (new)
For the purpose of the revision or update of the resolution plans according to the previous subparagraph, the institutions and the competent authorities shall communicate immediately to the resolution authorities any change that imposes a revision or update of the resolution plan.
Amendment 548 #
2012/0150(COD)
Proposal for a directive
Article 9 – paragraph 4 – point m a (new)
Article 9 – paragraph 4 – point m a (new)
(ma) an analysis of the impact of the plan on the employees of the institution and a description of envisaged measures for establishing procedures to consult with staff during the resolution process, taking into account national systems for dialogue with social partners where applicable;
Amendment 550 #
2012/0150(COD)
Proposal for a directive
Article 9 – paragraph 5
Article 9 – paragraph 5
Amendment 558 #
2012/0150(COD)
Proposal for a directive
Article 10 – title
Article 10 – title
Information for the purpose of resolution plans and cooperation from the institution
Amendment 560 #
2012/0150(COD)
Proposal for a directive
Article 10 – paragraph 3 a (new)
Article 10 – paragraph 3 a (new)
3a. Member States shall ensure that resolution authorities have the power to require institutions all the cooperation necessary to draw up resolution plans.
Amendment 585 #
2012/0150(COD)
Proposal for a directive
Article 11 – paragraph 3 a (new)
Article 11 – paragraph 3 a (new)
3a. The potential impact of the resolution in all the Member States where the group operates shall be specifically taken into account in the drawing up of the group resolution plan.
Amendment 594 #
2012/0150(COD)
Proposal for a directive
Article 12 – paragraph 4 – subparagraph 1
Article 12 – paragraph 4 – subparagraph 1
The group resolution plan shall take the form of a joint decision of the group level resolution authority and the other relevant resolution authorities, which will take into account the potential impact of the resolution in all the Member States where the group operates. The resolution authorities shall make a joint decision within a period of foureight months from the date of the transmission by the group level resolution authority of the information referred to in the second subparagraph of paragraph 1.
Amendment 600 #
2012/0150(COD)
Proposal for a directive
Article 12 – paragraph 4 – subparagraph 2
Article 12 – paragraph 4 – subparagraph 2
In the absence of such a joint decision between the resolution authorities within foureight months, the group level resolution authority shall make its own decision. The decision shall be set out in a document containing the fully reasoned decisions and shall take into account the views and reservations of the other competent authorities expressed during the foureight- month period. The group level resolution authority shall provide the decision to the parent undertakings or institution which is subject to consolidated supervision and to other resolution authorities, which will provide it to the institutions under their supervision.
Amendment 611 #
2012/0150(COD)
Proposal for a directive
Article 12 – paragraph 5
Article 12 – paragraph 5
5. A resolution authority that disagrees with any element of the group resolution plan may refer the matter to EBA in accordance with Article 19 of Regulation (EU) No 1093/2010. The matter may not be referred to EBA after the end of the foureight-month period or after a joint decision has been reached.
Amendment 615 #
2012/0150(COD)
Proposal for a directive
Article 12 – paragraph 6
Article 12 – paragraph 6
6. EBA shall take a decision within one month, and the foureight-month period shall be treated as the conciliation period within the meaning of that Regulation. The subsequent decision of the group level resolution authority shall comply with the decision of EBA.
Amendment 619 #
2012/0150(COD)
Proposal for a directive
Article 12 a (new)
Article 12 a (new)
Article 12a Transmission of the resolution plans to the competent authorities 1. The resolution authority shall transmit the resolution plans and any changes thereto to the relevant competent authorities. 2. Group resolution plans shall be transmitted according to the previous paragraph by the group level resolution authority.
Amendment 622 #
2012/0150(COD)
Proposal for a directive
Article 13 – paragraph 1
Article 13 – paragraph 1
1. Member States shall ensure that resolution authorities, in order to draw up the resolution plans referred to in Section 3 of Chapter I of the present Title and in consultation with competent authorities, assess the extent to which institutions and groups are resolvable without the assumption of extraordinary public financial support besides the use of the financing arrangements established in accordance with Article 91. An institution or group shall be deemed resolvable if it is feasible and credible for the resolution authority to either liquidate it under normal insolvency proceedings or to resolve it by applying the different resolution tools and powers to the institution and group without giving rise to significant adverse consequences for the financial systems, including in circumstances of broader financial instability or system wide events, of the Member State in which the institution is situated, having regard to the economy or financial stability in that same or other Member State or the Union and with a view to ensure the continuity of critical functions carried out by the institution or group either because they can be easily separated in a timely manner or by other means.
Amendment 633 #
2012/0150(COD)
Proposal for a directive
Article 14 – paragraph 1
Article 14 – paragraph 1
1. Member States shall ensure that when, pursuant to an assessment of resolvability carried out in accordance with Article 13, a resolution authority, in consultation with the competent authority and the institution, determines that there are potential substantive impediments to the resolvability of an institution, the resolution authority shall notify in writing that determination to the institution.
Amendment 635 #
2012/0150(COD)
Proposal for a directive
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
1a. The periods, respectively of six and eight months, referred to in Articles 9(1) and 12(4) are suspended since the notification referred to in the previous paragraph until the effective removal of any impediments to resolvability.
Amendment 641 #
2012/0150(COD)
Proposal for a directive
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Where the resolution authority assesses that the measures proposed by an institution in accordance with paragraph 2 do not effectively reduce or remove the impediments in question, it shall, where necessary and proportionate and in consultation with the competent authorities, identify alternative measures that may achieve that objective, and notify in writing those measures to the institution.
Amendment 644 #
2012/0150(COD)
Proposal for a directive
Article 14 – paragraph 3 a (new)
Article 14 – paragraph 3 a (new)
3a. Member States shall ensure that the resolution authority, in consultation with the competent authority, draws up a Code of Conduct on the assessment of resolvability which includes the principles and criteria on the resolution authority's measures to proceed to a removal of impediments to resolvability.
Amendment 645 #
2012/0150(COD)
Proposal for a directive
Article 14 – paragraph 3 b (new)
Article 14 – paragraph 3 b (new)
3b. EBA shall develop draft implementing technical standards for specifying the content of the Code of Conduct referred to in the previous paragraph. EBA shall submit those draft implementing technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.
Amendment 678 #
2012/0150(COD)
Proposal for a directive
Article 14 – paragraph 6 a (new)
Article 14 – paragraph 6 a (new)
6a. Member States shall ensure that institutions that are affected by measures decided by resolution authorities accordingly to this Article have appropriate rights of appeal of those decisions, namely the right of judicial review.
Amendment 692 #
2012/0150(COD)
Proposal for a directive
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The group level resolution authorities and the resolution authorities of the subsidiaries and of the Member States where institutions have relevant branches, in consultation with the relevant competent authorities, shall consult each other within the resolution college and shall take all reasonable steps to reach a joint decision in regards to the application of measures identified in accordance with Article 14(3).
Amendment 698 #
2012/0150(COD)
Proposal for a directive
Article 15 – paragraph 2
Article 15 – paragraph 2
2. The group level resolution authority, in cooperation with the consolidating supervisor and EBA in accordance with Article 25(1) of Regulation (EU) No 1093/2010, shall prepare and submit a report to the parent undertakings or institution subject to consolidated supervision and to the resolution authorities of the subsidiaries, which will provide it to the subsidiaries under their supervision, and of the Member States where institutions have relevant branches. The report shall be prepared in consultation with the competent authorities, and shall analyse the substantive impediments to the effective application of the resolution tools and the exercising of the resolution powers in relation to the group. The report shall also recommend any measures that, in the authorities' view, are necessary or appropriate to remove those impediments.
Amendment 703 #
2012/0150(COD)
Proposal for a directive
Article 15 – paragraph 4
Article 15 – paragraph 4
4. The group level resolution authority shall communicate any measure proposed by the parent undertakings or institution subject to consolidated supervision to the consolidating supervisor, EBA and the resolution authorities of the subsidiaries and of the Member States where institutions have relevant branches. The group level resolution authorities and the resolution authorities of the subsidiaries and of the Member States where institutions have relevant branches, in consultation with the competent authorities, shall do everything within their power to reach a joint decision within the resolution college regarding the identification of the material impediments, and if necessary, the assessment of the measures proposed by the parent undertakings or institution subject to consolidated supervision and the measures required by the authorities in order to address or remove the impediments, which will take into account the potential impact of the measures in all the Member States where the group operates.
Amendment 738 #
2012/0150(COD)
Proposal for a directive
Article 16 – paragraph 1
Article 16 – paragraph 1
1. In order to overcome potential legal impediments to provide financial support within a group of institutions, Member States shall ensure that a parent institution in a Member State, or a Union parent institution, or a company referred to in points (c) and (d) of Article 1and its subsidiaries that are institutions or financial institutions covered by the supervision of the parent undertaking, may enter into an agreement to provide financial support to any other party to the agreement that experiences financial difficulties, provided that the conditions laid down in this chapter are satisfied. The provisions in this Chapter shall not restrict the operation of centralised funding within a group of institutions in normal circumstances.
Amendment 742 #
2012/0150(COD)
Proposal for a directive
Article 16 – paragraph 5
Article 16 – paragraph 5
5. The agreement may only be concluded if, at the time the proposed agreement is made, in the opinion of the supervisoryrelevant competent authority, none of the parties is in breach of, or likely to be in breach of, any requirement of Directive 2006/48/EC relating to capital or liquidity or is at risk of insolvency.
Amendment 748 #
2012/0150(COD)
Proposal for a directive
Article 17 – title
Article 17 – title
Review of proposed agreement by supervisorcompetent authorities and mediation
Amendment 751 #
2012/0150(COD)
Proposal for a directive
Article 17 – paragraph 4
Article 17 – paragraph 4
4. The competent authorities shall do everything within their power to reach a joint decision, which will take into account the potential impact of the execution of the agreement in all the Member States where the group operates, on whether the terms of the proposed agreement are consistent with the conditions for financial support set out in Article 19 within four months from the date of receipt of the application by the consolidating supervisor. The joint decision shall be set out in a document containing the fully reasoned decision, which shall be provided to the applicant by the consolidating supervisor.
Amendment 767 #
2012/0150(COD)
Proposal for a directive
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Member States may require that any proposed agreement that has been authorised by the competent authorities be submitted for approval to the shareholders meeting of every group entity that proposes to enter into the agreement. In this case, the agreement shall be valid only in respect of those parties whose shareholders' meeting has approved the agreement and after the new authorisation referred to in the next subparagraph. If the agreement that has been authorised by the competent authority is not approved by the shareholders meetings of every group entity which was entering into that agreement, the institutions referred to in Article 17(1) shall submit to the consolidating supervisor an application for authorisation of the agreement as duly amended. Subparagraphs 1 and 2 of this paragraph shall apply to the new agreement. Where competent authorities assess that the fact that the initially proposed agreement was not approved by the shareholders meetings of every group entity which was entering into that agreement deems the introduction of changes to the agreement that the institutions have not introduced, the consolidating supervisor shall require the applicant to submit, within two months, a revised proposed agreement for new authorisation. Subparagraphs 1, 2 and 3 of this paragraph shall apply to the new application and the new agreement.
Amendment 771 #
2012/0150(COD)
Proposal for a directive
Article 18 a (new)
Article 18 a (new)
Article 18a Transmission of the group financial support agreements to resolution authorities Competent authorities shall transmit to the relevant resolution authorities the group financial support agreements they authorised and any changes thereto.
Amendment 789 #
2012/0150(COD)
Proposal for a directive
Article 21 – paragraph 3
Article 21 – paragraph 3
3. The competent authority shall immediately inform EBA, the consolidating supervisor and the competent authorities participating in the colleges of supervisors identified in Article 131a of Directive 2006/48/EC, of its decision to prohibit or restrict the financial support.
Amendment 793 #
2012/0150(COD)
Proposal for a directive
Article 21 – paragraph 4
Article 21 – paragraph 4
4. Where the consolidating supervisor or the competent authority responsible for the entity receiving support has objections regarding the decision to prohibit or restrict the financial support, they may, within two days, refer the matter to EBA and request its assistance in accordance with Article 19 of Regulation 1093/2010. In that case, EBA may act in accordance with the powers conferred on it by that Article. By way of derogation from the time limit provided for by Article 39, paragraph 1 of Regulation 1093/2010, EBA shall take any decision in accordance with Article 19(3) of Regulation 1093/2010 within 48 hourtwo days.
Amendment 795 #
2012/0150(COD)
Proposal for a directive
Article 21 – paragraph 5 a (new)
Article 21 – paragraph 5 a (new)
5a. The decision to provide financial support which is not prohibited or restricted by the competent authority and the competent authority's decisions to prohibit or restrict the financial support shall be transmitted by competent authorities to the relevant resolution authorities.
Amendment 817 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 – point b
Article 23 – paragraph 1 – point b
(b) where necessary beyond the content of the recovery plan, require the management of the institution to examine the situation, identify measures to overcome any problems identified and draw up an action program to overcome those problems and a timetable for its implementation;
Amendment 818 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 – point c
Article 23 – paragraph 1 – point c
(c) require the management of the institution to convene, or if the management fails to comply with this requirement convene directly, the shareholders meeting of the institution, propose the agenda and the adoption of certain decisions; according to the recovery plan or to the action programme referred to in point (b), or, where necessary, other decisions;
Amendment 822 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 – point d
Article 23 – paragraph 1 – point d
(d) require the management of the institution to remove and replace one or more board members or managing directors if these persons are found unfit to perform their duties pursuant to Article 11 of Directive 2006/48/EC, or in cases of fraud or proven bad management;
Amendment 826 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 – point e
Article 23 – paragraph 1 – point e
(e) require the management of the institution to draw up a plan for negotiation on restructuring of debt with some or all of its creditors, according to the recovery plan;
Amendment 829 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 – point f
Article 23 – paragraph 1 – point f
(f) acquire, including through on-site inspections, all the information necessary to update the resolution plan in order to prepare for the eventual resolution of the institution, including carrying out an evaluation of the assets and liabilities of the institution; according to Article 30.
Amendment 832 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 – point g
Article 23 – paragraph 1 – point g
Amendment 834 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 a (new)
Article 23 – paragraph 1 a (new)
1a. Member States shall ensure that the competent authority draws up a Code of Conduct on the assessment whether if the institution is likely to breach the requirements of Directive 2006/48/EC.
Amendment 836 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 b (new)
Article 23 – paragraph 1 b (new)
1b. EBA shall develop draft implementing technical standards for specifying the content of the Code of Conduct referred to in the previous paragraph. EBA shall submit those draft implementing technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.
Amendment 850 #
2012/0150(COD)
Proposal for a directive
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Where there is a significant deterioration in the financial situation of an institution or where there are serious violations of law, regulations or bylaws or serious administrative irregularities, and other measures taken in accordance with Article 23 are not sufficient to reverse that deterioration, in such terms that, if no action is taken, the resolution authority would in the near future have to determine, according to Article 27, that the institution is failing or likely to fail, Member States shall ensure that competent authorities may, in consultation with resolution authorities, appoint a special manager to replace the management of the institution. Competent authorities shall make public the appointment of a special manager. Member States shall further ensure that the special manager has the qualifications, ability and knowledge required to carry out his or her functions.
Amendment 868 #
2012/0150(COD)
Proposal for a directive
Article 25 – paragraph 2 – subparagraph 2
Article 25 – paragraph 2 – subparagraph 2
The assessment shall take the form of a joint decision of the consolidating supervisor and the other relevant competent authorities, which will take into account the potential impact of the measure in all the Member States where the group operates. The joint decision shall be reached within five days from the date of the notification referred to in paragraph 1. The joint decision shall be reasoned and set out in a document, which shall be provided by the consolidating supervisor to the parent undertaking or institution that is subject to consolidated supervision.
Amendment 875 #
2012/0150(COD)
Proposal for a directive
Article 25 – paragraph 4 a (new)
Article 25 – paragraph 4 a (new)
4a. Before taking their own decisions in accordance with paragraph 4, the competent authorities shall consult EBA. The decision shall consider the advice of EBA and explain any significant deviation from that advice.
Amendment 879 #
2012/0150(COD)
Proposal for a directive
Article 25 – paragraph 6
Article 25 – paragraph 6
Amendment 886 #
2012/0150(COD)
Proposal for a directive
Article 26 – paragraph 2 – point b
Article 26 – paragraph 2 – point b
(b) to avoid significant adverse effects on financial stability, including by preventing contagion, and maintaining market discipline;
Amendment 893 #
2012/0150(COD)
Proposal for a directive
Article 26 – paragraph 2 – point e
Article 26 – paragraph 2 – point e
(e) to protect depositors covered by Directive 94/19/EC and investors covered by Directive 97/9/EC;
Amendment 904 #
2012/0150(COD)
Proposal for a directive
Article 27 – paragraph 1 a (new)
Article 27 – paragraph 1 a (new)
1a. The previous adoption of an early intervention measure according to Article 23 is not a condition to take a resolution action.
Amendment 908 #
2012/0150(COD)
Proposal for a directive
Article 27 – paragraph 1 – point a
Article 27 – paragraph 1 – point a
(a) the competent authority or resolutionresolution authority, in consultation with the competent authority, determines that the institution is failing or likely to fail;
Amendment 928 #
2012/0150(COD)
Proposal for a directive
Article 27 – paragraph 3 a (new)
Article 27 – paragraph 3 a (new)
3a. Member States shall ensure that the competent authority draws a Code of Conduct on the assessment of if the institution is failing or likely to fail.
Amendment 930 #
2012/0150(COD)
Proposal for a directive
Article 27 – paragraph 3 b (new)
Article 27 – paragraph 3 b (new)
3b. EBA shall develop draft implementing technical standards for specifying the content of the Code of Conduct referred to in the previous paragraph. EBA shall submit those draft implementing technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.
Amendment 931 #
2012/0150(COD)
Proposal for a directive
Article 27 – paragraph 4
Article 27 – paragraph 4
Amendment 935 #
2012/0150(COD)
Proposal for a directive
Article 27 – paragraph 5
Article 27 – paragraph 5
Amendment 940 #
2012/0150(COD)
Proposal for a directive
Article 28 – paragraph 1
Article 28 – paragraph 1
1. Member States shall ensure that resolution authorities may take a resolution action in relation to a financial institution or firm referred to in point (b) of Article 1, when the conditions specified in Article 27(1), are met with regard to both the financial institution or firm and with regard to the parent institution subject to consolidated supervision, provided that any group financial support agreements foreseen in Chapter III of Title II or any other possible form of group financial support is able to cease the conditions specified in Article 27(1) with regard to the financial institution or firm referred to in point (b) of Article 1.
Amendment 941 #
2012/0150(COD)
Proposal for a directive
Article 28 – paragraph 2
Article 28 – paragraph 2
2. Member States shall ensure that resolution authorities shall take a resolution action in relation to a company referred to in points (c) or (d) of Article 1, when the conditions specified in Article 27(1) are met with regard to both the company referred to in points (c) or (d) of Article 1 and with regard to one or more subsidiaries which are institutions, provided that any group financial support agreements foreseen in Chapter III of Title II or any other possible form of group financial support is able to cease the conditions specified in Article 27(1) with regard to the company referred to in points (c) or (d) of Article 1.
Amendment 944 #
2012/0150(COD)
Proposal for a directive
Article 29 – paragraph 1 – point a
Article 29 – paragraph 1 – point a
(a) the shareholders of the institution under resolution bear first lossesresolution tools are applied and the resolution powers are exercised according to the resolution plan where appropriate;
Amendment 945 #
2012/0150(COD)
Proposal for a directive
Article 29 – paragraph 1 – point a a (new)
Article 29 – paragraph 1 – point a a (new)
(aa) the shareholders of the institution under resolution bear first losses;
Amendment 948 #
2012/0150(COD)
Proposal for a directive
Article 29 – paragraph 1 – point b
Article 29 – paragraph 1 – point b
(b) creditors of the institution under resolution, excluding depositors, bear losses after the shareholders in accordance with the order of priority of their claims pursuant to this Directive;
Amendment 959 #
2012/0150(COD)
Proposal for a directive
Article 29 – paragraph 1 – point f a (new)
Article 29 – paragraph 1 – point f a (new)
(fa) claims of depositors are adequately protected.
Amendment 964 #
2012/0150(COD)
Proposal for a directive
Article 29 – paragraph 1 a (new)
Article 29 – paragraph 1 a (new)
1a. For the purposes of paragraph 1(fa), Member States shall ensure that the claims of depositors are granted a preferential claim so as to have a higher priority ranking over the claims of ordinary unsecured creditors in the event of insolvency of the credit institution.
Amendment 965 #
2012/0150(COD)
Proposal for a directive
Article 29 – paragraph 1 b (new)
Article 29 – paragraph 1 b (new)
1b. Member States shall ensure that when Deposit Guarantee Schemes are subrogated to the claims of depositors by virtue of payments made to depositors up to the amount of their guaranteed deposits under the scheme, the preferential claim as established in the previous paragraph is also applicable.
Amendment 966 #
2012/0150(COD)
Proposal for a directive
Article 29 – paragraph 1 c (new)
Article 29 – paragraph 1 c (new)
1c. Member States shall require that, where an institution meets the conditions for resolution and the resolution authority decides to apply a resolution tool foreseen in Chapter III of this Title to that institution, before any resolution action is taken resolution authorities exercise the write down power in accordance with the provisions of Articles 51 and 52 in relation to relevant capital instruments issued by an institution without delay.
Amendment 977 #
2012/0150(COD)
Proposal for a directive
Article 30 – paragraph 1
Article 30 – paragraph 1
1. Before taking resolution action and in particular, for the purposes of Articles 31, 34, 36, 41, 42 and 65, resolution authorities shall ensure that a fair and realistic valuation of the assets and liabilities of the institution is carried out by a person independent from any public authority, including the resolution authority, and the institution. The resolution authority shall endorse that valuation. Where independent valuation is not possible due to the urgency in the circumstances of the case, resolution authorities may carry out the valuation of the assets and liabilities of the institution.
Amendment 992 #
2012/0150(COD)
Proposal for a directive
Article 30 – paragraph 5
Article 30 – paragraph 5
5. Where due to the urgency in the circumstances of the case, it is not possible to comply with the requirements laid down in paragraphs 3 and 4, the valuation either by an independent person or by a resolution authority shall be carried out in compliance with the requirements laid down in paragraph 2. That valuation shall be considered as provisional until the resolution authority has carried ouguarantees that a valuation that complies with all the requirements under this article is carried out. That definitive valuation may be carried out separately or together with the valuation referred to in Article 66.
Amendment 1004 #
2012/0150(COD)
Proposal for a directive
Article 31 – paragraph 1
Article 31 – paragraph 1
1. Member States shall ensure that resolution authorities have the necessary powers to apply the resolution tools, according to the resolution plan where appropriate, to an institution, a financial institution or a company referred to in points (c) and (d) of Article 1 that meets the applicable conditions for resolution.
Amendment 1007 #
2012/0150(COD)
Proposal for a directive
Article 31 – paragraph 7
Article 31 – paragraph 7
Amendment 1013 #
2012/0150(COD)
Proposal for a directive
Article 32 – paragraph 3 – subparagraph 2
Article 32 – paragraph 3 – subparagraph 2
Where that all of the shares or other instruments of ownership are transferred or where all the assets, rights and liabilities of the institution are transferred, any proceeds received from the transfer shall benefit the shareholders of the institution under resolution, who have been divested of their rights.
Amendment 1014 #
2012/0150(COD)
Proposal for a directive
Article 32 – paragraph 9
Article 32 – paragraph 9
9. Transfers made by virtue of the sale of business tool which involves the transfer of some, but not all, of the assets, rights or liabilities of an institution shall be subject to the safeguards for partial property transfers specified in Chapter VI.
Amendment 1017 #
2012/0150(COD)
Proposal for a directive
Article 32 – paragraph 11
Article 32 – paragraph 11
11. Shareholders orand creditors of the institution under resolution and other third parties whose property, rights or liabilities are not transferred shall not have any rights over or in relation to the assets, rights or liabilities transferred.
Amendment 1029 #
2012/0150(COD)
Proposal for a directive
Article 34 – paragraph 7
Article 34 – paragraph 7
7. Transfers made by virtue of the bridge institution tool which involves the transfer of some, but not all, of the assets, rights or liabilities of an institution shall be subject to the safeguards for partial property transfers specified in Chapter IVI.
Amendment 1032 #
2012/0150(COD)
Proposal for a directive
Article 34 – paragraph 9
Article 34 – paragraph 9
9. Shareholders orand creditors of the institution under resolution and other third parties whose property, rights or liabilities are not transferred to the bridge institution shall not have any rights over or in relation to the bridge institution, or its property or its managers.
Amendment 1035 #
2012/0150(COD)
Proposal for a directive
Article 34 – paragraph 9 a (new)
Article 34 – paragraph 9 a (new)
9 a. The objectives of the managers of the bridge institution shall not imply any duty or responsibility to the shareholders of the institution under resolution, and the managers shall have no liability to those shareholders arising from action taken or not taken in discharge or purported discharge of their functions unless the act or omission implies gross negligence or serious misconduct in accordance with national law.
Amendment 1036 #
2012/0150(COD)
Proposal for a directive
Article 35 – paragraph 1 – point a
Article 35 – paragraph 1 – point a
(a) the contents of the bridge institution's its constitutional documents are specified by the resolution authority;
Amendment 1042 #
2012/0150(COD)
Proposal for a directive
Article 35 – paragraph 3 – point c
Article 35 – paragraph 3 – point c
(c) the assumption of all or substantially all of its assets, rights or liabilities by another person third party;
Amendment 1047 #
2012/0150(COD)
Proposal for a directive
Article 35 – paragraph 7 – subparagraph 3
Article 35 – paragraph 7 – subparagraph 3
Member States mayshall calculate the proceeds net of the amount of expenses administrative or of other nature occurred in the context of the resolution process, including costs and expenses incurred by the financing arrangements pursuant to Article 92.
Amendment 1050 #
2012/0150(COD)
Proposal for a directive
Article 36 – paragraph 8
Article 36 – paragraph 8
8. Transfers between the institution under resolution and the asset management vehicle shall be subject to the safeguards for partial property transfers specified in this DirectiveChapter VI.
Amendment 1073 #
2012/0150(COD)
Proposal for a directive
Article 37 – paragraph 3 a (new)
Article 37 – paragraph 3 a (new)
Amendment 1081 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point a
Article 38 – paragraph 2 – subparagraph 1 – point a
(a) all deposits that are guaranteed in accordance with Directive 94/19/EC;
Amendment 1104 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point d
Article 38 – paragraph 2 – subparagraph 1 – point d
(d) liabilities arising from interbank money-market operations with an original maturity of less than one month;
Amendment 1111 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point e a (new)
Article 38 – paragraph 2 – subparagraph 1 – point e a (new)
(e a) liabilities arising from derivatives which were entered by the institution to hedge risks;
Amendment 1112 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point e b (new)
Article 38 – paragraph 2 – subparagraph 1 – point e b (new)
(e b) liabilities towards Deposit Guarantee Schemes.
Amendment 1120 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 2
Article 38 – paragraph 2 – subparagraph 2
Points (a) and (b) of paragraph 2 shall not prevent resolution authorities, where appropriate, from exercising those powers in relation to any part of a secured liability or a liability for which collateral has been pledged that exceeds the value of the assets, pledge, liene or collateral against which it is secured. Member States mayshall exempt from this provision covered bonds as defined in Article 22(4) of Council Directive 86/611/EEC.
Amendment 1129 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 3
Article 38 – paragraph 3
Amendment 1138 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 4
Article 38 – paragraph 4
Amendment 1155 #
2012/0150(COD)
Proposal for a directive
Article 39 – paragraph 1
Article 39 – paragraph 1
1. Member States shall ensure that the institutions maintain, at all times, a sufficient aggregate amount of own funds and eligible liabilities expressed as a percentage of the total liabilities of the institution that do not qualify as own funds under Section 1 of Chapter 2 of Title V of Directive 2006/48/EC or under Chapter IV of Directive 2006/49/EC.
Amendment 1161 #
2012/0150(COD)
Proposal for a directive
Article 39 – paragraph 1 a (new)
Article 39 – paragraph 1 a (new)
1 a. EBA shall develop draft regulatory technical standards to specify the assessment of the criteria on how to determinate for each institution the sufficient aggregate amount referred to in the previous paragraph. EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 1170 #
2012/0150(COD)
Proposal for a directive
Article 39 – paragraph 3 – introductory part
Article 39 – paragraph 3 – introductory part
3. The minimum aggregate amount pursuant to paragraph 1 shall be determined by the resolution authority within six months from the entry into force of this Directive on the basis of the following criteria:
Amendment 1175 #
2012/0150(COD)
Proposal for a directive
Article 39 – paragraph 3 – point d
Article 39 – paragraph 3 – point d
Amendment 1196 #
2012/0150(COD)
Proposal for a directive
Article 39 – paragraph 7
Article 39 – paragraph 7
7. The Commission shall, by means of delegated acts in accordance with Article 103, adopt measures to specify the criteria provided for in points (a) to (e) of paragraph 3 with possible references to different categories of institutions and related ranges of percentages.
Amendment 1204 #
2012/0150(COD)
Proposal for a directive
Article 40 – paragraph 1 – point a
Article 40 – paragraph 1 – point a
(a) the percentageaggregate amount referred to in Article 39(1) is calculated on the basis of the consolidated level of the liabilities and of the own funds held by the group;
Amendment 1218 #
2012/0150(COD)
Proposal for a directive
Article 42 – paragraph 3
Article 42 – paragraph 3
3. When considering which action to take in accordance with paragraph 1, resolution authorities shall have regard to the likely amount of losses relative to assets before the exercise of the bail-in tool, with a view to ensuring that the action taken in respect of shareholders is consistent with that reduction in equity value;, the valuation carried out in accordance with Articles 30 and 31 and in particular to the likelihood that shareholders would have recovered any value if the institution had been wound up on the basis of that valuation.
Amendment 1221 #
2012/0150(COD)
Proposal for a directive
Article 42 – paragraph 5
Article 42 – paragraph 5
5. EBA shall develop guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, on the circumstances in which each of the actions referred to in paragraph 1 would be appropriate, having regard to the factors specified in paragraph 23 of this article. EBA shall develop these guidelines at the latest by the date provided for in the first subparagraph of Article 115(1) of this Directive.
Amendment 1223 #
2012/0150(COD)
Proposal for a directive
Article 42 – paragraph 6
Article 42 – paragraph 6
6. The Commission, taking into account, where appropriate, the experience acquired in the application of EBA guidelines, may adopt delegated acts in accordance with Article 103 aimed at specifying the circumstances in which each of the actions mentioned in paragraph 1 would be appropriate, having regard to the factors specified in paragraph 23 of this Article.
Amendment 1225 #
2012/0150(COD)
Proposal for a directive
Article 43 – paragraph 1 – point b
Article 43 – paragraph 1 – point b
(b) if, and only if, the writing down pursuant to point (a) is less than the aggregate amount, authorities reduce to zero the principal amount of Additional Tier 1 instruments that are liabilities and Tier 2 instruments in accordance with sub- section 2, in conjunction with the write down pursuant to point (a) to produce the aggregate amount;
Amendment 1231 #
2012/0150(COD)
Proposal for a directive
Article 43 – paragraph 1 – point d
Article 43 – paragraph 1 – point d
(d) if, and only if, the total reduction of liabilities pursuant to points (a), (b) orand (c) of this paragraph is less than the aggregate amount, authorities reduce the principal amount of, or outstanding amount payable in respect of, the rest of eligible liabilities, pursuant to Article 38, that are senior debt to the extent required, in conjunction with the write down pursuant to points (a), (b) orand (c) of this paragraph to produce the aggregate amount.
Amendment 1233 #
2012/0150(COD)
Proposal for a directive
Article 43 – paragraph 2
Article 43 – paragraph 2
2. When applying the write down and conversion powers in compliance with points (c) and (d) of paragraph 1, resolution authorities shall allocate the losses represented by the aggregate amount equally between liabilities of the same rank by reducing the principal amount of, or outstanding amount payable in respect of, those liabilities to the same extent pro rata to their value, unless departure from equal treatment is necessary for financial stability reasons, or to minimise overall losses for the benefit of creditors as a whole.
Amendment 1246 #
2012/0150(COD)
Proposal for a directive
Article 45 – paragraph 4 – subparagraph 2 a (new)
Article 45 – paragraph 4 – subparagraph 2 a (new)
The Commission, taking into account, where appropriate, the experience acquired in the application of EBA guidelines, shall adopt delegated acts in accordance with Article 103 aimed at specifying how affected creditors may be appropriately compensated by means of the conversion rate, and the relative conversion rates that might be appropriate to reflect the priority of senior liabilities under applicable insolvency law.
Amendment 1267 #
2012/0150(COD)
Proposal for a directive
Article 49 – paragraph 1
Article 49 – paragraph 1
1. Member States shall, in appropriate cases, require institutions to maintain at all times sufficient authorised share capital so that, in the event that the resolution authority exercised the powers referred to in points (f), (g) and (h) of Article 56(1) in relation to an institution or its subsidiaries, the institution is not be prevented from issuing sufficient new shares or instruments of ownership to ensure that the conversion of liabilities into ordinary shares or other instruments of ownership couldan be carried out effectively.
Amendment 1270 #
2012/0150(COD)
Proposal for a directive
Article 49 – paragraph 4
Article 49 – paragraph 4
4. The provisions of this article are without prejudice to the amendments to Directives 77/91/EEC, 82/891/EEC, 2004/25/EC, 2005/56/EC, 2007/36/EC and 2011/35/EU set out in Title VIIIX of this Directive.
Amendment 1279 #
2012/0150(COD)
Proposal for a directive
Article 52 – paragraph 1 – subparagraph 1 – point b
Article 52 – paragraph 1 – subparagraph 1 – point b
(b) the principal amount of relevant capital instruments is reduced to zerothe extent necessary to absorb the loss;
Amendment 1283 #
2012/0150(COD)
Proposal for a directive
Article 52 – paragraph 1 – subparagraph 1 – point c
Article 52 – paragraph 1 – subparagraph 1 – point c
(c) the reduction to zero of that principal amount is permanent;
Amendment 1284 #
2012/0150(COD)
Proposal for a directive
Article 52 – paragraph 1 – subparagraph 1 – point e
Article 52 – paragraph 1 – subparagraph 1 – point e
(e) no compensation is paid to any holder of the relevant capital instruments other than in accordance with paragraph 42.
Amendment 1285 #
2012/0150(COD)
Proposal for a directive
Article 52 – paragraph 2 – point d
Article 52 – paragraph 2 – point d
(d) the conversion rate that determines the number of Common Equity Tier 1 instruments that are provided in respect of each relevant capital instrument complies with the principles set out in Article 45 and any guidelines developed by EBA pursuant to Article 45(54).
Amendment 1286 #
2012/0150(COD)
Proposal for a directive
Article 52 – paragraph 4
Article 52 – paragraph 4
Amendment 1287 #
2012/0150(COD)
Proposal for a directive
Article 53 – paragraph 1 – introductory part
Article 53 – paragraph 1 – introductory part
Provided that those contractual termwrite down or conversion terms of capital instruments take effect when the authority makes a determination referred to in Article 51(1), the requirement set out in Article 51(1) does not apply in relation to relevant capital instruments where the terms of those instruments satisfy the following conditions:
Amendment 1288 #
2012/0150(COD)
Proposal for a directive
Article 53 – paragraph 1 – point c
Article 53 – paragraph 1 – point c
(c) wthere the contractual terms of the relevant capital instrument provides that the instrument will convert into one or more Common Equity Tier 1 instruments, the conversion rate is set out in those terms and complies with the principles set out in Article 45 and any guidelines developed by EBA pursuant to Article 45 (5(4).
Amendment 1289 #
2012/0150(COD)
Proposal for a directive
Article 55 – paragraph 1 a (new)
Article 55 – paragraph 1 a (new)
1 a. When making a determination referred to in points (a), (b), (c) or (d) of Article 51(1) in the case of the resolution of an institution or of a group with cross- border activity, the appropriate authorities shall take into account the potential impact of the resolution in all the Member States where the institution or the group operate.
Amendment 1290 #
2012/0150(COD)
Proposal for a directive
Article 56 – paragraph 1 – introductory part
Article 56 – paragraph 1 – introductory part
1. Member States shall ensure that the resolution authorities have all the powers necessary to apply the resolution tools, according to the resolution plan where appropriate. In particular, the resolution authorities shall have the following resolution powers, which they shall be able to exercise singly or in conjunction, being the effective use of these powers subject to proper justification:
Amendment 1301 #
2012/0150(COD)
Proposal for a directive
Article 59 – paragraph 6 – point c
Article 59 – paragraph 6 – point c
(c) the safeguards for partial transfers, as referred to in Chapter VI, in relation to assets, rights or liabilities referred to in paragraph 1 that are located in its territory or governed by the law of its territory.
Amendment 1303 #
2012/0150(COD)
Proposal for a directive
Article 61 – paragraph 2
Article 61 – paragraph 2
2. Any suspension under paragraph 1 shall not apply to eligible deposits within the meaning of Directive 94/19/ECdeposits.
Amendment 1308 #
2012/0150(COD)
Proposal for a directive
Article 63 – paragraph 7 – subparagraph 1 – introductory part
Article 63 – paragraph 7 – subparagraph 1 – introductory part
EBA shall develop draft regulatory technical standards specifying the following elements for the purposes of paragraph 65:
Amendment 1322 #
2012/0150(COD)
Proposal for a directive
Article 67 – paragraph 1
Article 67 – paragraph 1
1. Member States shall ensure that if the evaluation carried out under Article 66 determines that the shareholders and creditors referred to in Article 65(2) have received less, in payment of their credits, than what they would have received in a winding up under normal insolvency proceedings, they are entitled to the payment of the difference from the resolution authority.
Amendment 1329 #
2012/0150(COD)
Proposal for a directive
Article 73 – paragraph 1
Article 73 – paragraph 1
Where a resolution authority purports to transfer or transfers all of the property, rights and liabilities of an institution to another entity, but the transfer is or may not be effective in relation to certain property because it is outside the Union, or to certain rights or liabilities because they are under the law of a territory outside the Union, the resolution authority shall not proceed to the transfer or, if it has already ordered the transfer, that transfer shall be void, and all property, rights and liabilities covered by the relevant arrangement specified in Article 69(2) are not transferred from, or revert to, the institution under resolution.
Amendment 1330 #
2012/0150(COD)
Proposal for a directive
Article 74 – paragraph 1
Article 74 – paragraph 1
1. Member States shall require the management body of an institution to notify the competent authority and the resolution authority where they consider that the institution is failing or likely to fail, within the meaning specified in Article 27(2).
Amendment 1331 #
2012/0150(COD)
Proposal for a directive
Article 74 – paragraph 2
Article 74 – paragraph 2
2. Competent authorities shall inform the relevant resolution authorities of any measures they require an institution to take under Article 223 of this Directive or Article 136(1) of Directive 2006/48/EC.
Amendment 1332 #
2012/0150(COD)
Proposal for a directive
Article 74 – paragraph 3 – point e a (new)
Article 74 – paragraph 3 – point e a (new)
(e a) where the institution is an institution as defined in Article 2(b) of Directive 98/26/EC, the Commission, the ECB, the EBA, the ESMA, the EIOPA and the operators of the systems to which it participates;
Amendment 1334 #
2012/0150(COD)
Proposal for a directive
Article 74 – paragraph 3 – point e b (new)
Article 74 – paragraph 3 – point e b (new)
(e b) where the institution is considered systemically important, the ESRB and macro-prudential authorities.
Amendment 1338 #
2012/0150(COD)
Proposal for a directive
Article 74 – paragraph 7 – introductory part
Article 74 – paragraph 7 – introductory part
7. A resolution authority shall publish a notice specifying the terms and period of thata suspension in accordance with the procedure specified in Article 75(4) where it exercises resolution powers, and in particular:
Amendment 1342 #
2012/0150(COD)
Proposal for a directive
Article 75 – paragraph 2 – subparagraph 2
Article 75 – paragraph 2 – subparagraph 2
Amendment 1343 #
2012/0150(COD)
Proposal for a directive
Article 75 – paragraph 3
Article 75 – paragraph 3
3. The notification referred to in paragraph 2 shall include a copy of any order or instrument by which the relevant powers are exercised and indicate the date from which the tool is orresolution actions, tools and powers are effective.
Amendment 1345 #
2012/0150(COD)
Proposal for a directive
Article 75 – paragraph 4 – point b
Article 75 – paragraph 4 – point b
(b) on the website of the competent authority, if different from the resolution authority, orand on the website of EBA;
Amendment 1346 #
2012/0150(COD)
Proposal for a directive
Article 75 – paragraph 5
Article 75 – paragraph 5
5. The resolution authority shall ensure that the documents providing proof of the instruments referred to in paragraph 4 are sent to the known shareholders and creditors of the institution under resolution, if the latter's shares or instruments of ownership are not admitted to trading on a regulated market.
Amendment 1351 #
2012/0150(COD)
Proposal for a directive
Article 76 – paragraph 1 – point d
Article 76 – paragraph 1 – point d
(d) employees or former employees of the authorities referred to in points (a) and (b), as well as individuals who provide or have provided any service, directly or indirectly, permanently or occasionally, related to the discharge of those authorities' duties;
Amendment 1353 #
2012/0150(COD)
Proposal for a directive
Article 76 – paragraph 1 – point i a (new)
Article 76 – paragraph 1 – point i a (new)
(i a) employees or former employees of the entities referred to in points (f) to (i), as well as individuals who provide or have provided any service, directly or indirectly, permanently or occasionally, related to the exercise of those entities' activities;
Amendment 1354 #
2012/0150(COD)
Proposal for a directive
Article 76 – paragraph 1 – point i b (new)
Article 76 – paragraph 1 – point i b (new)
(i b) the management appointed by the resolution authority to a bridge institution, asset management or other resolution vehicle and the employees or former employees of these entities, as well as individuals who provide or have provided any service, directly or indirectly, permanently or occasionally, related to the exercise of those entities' activities;
Amendment 1362 #
2012/0150(COD)
Proposal for a directive
Article 76 – paragraph 3
Article 76 – paragraph 3
3. The confidentiality requirements set out in paragraphs 1 and 2 of this Article shall not prevent resolution authorities, including their employees, from sharing information with other Union resolution authorities, competent authorities, central banks, EBA, or, subject to Article 90s 84 to 88, third country authorities that carry out equivalent functions to resolution authorities for the purposes of planning or carrying out a resolution action.
Amendment 1367 #
2012/0150(COD)
Proposal for a directive
Article 80 – paragraph 2 – subparagraph 1
Article 80 – paragraph 2 – subparagraph 1
The group level resolution authority, the resolution authorities of each Member State in which a subsidiary covered by consolidated supervision is established, the resolution authorities of the Member States where the group institutions have relevant branches and EBA shall be members of the resolution college.
Amendment 1372 #
2012/0150(COD)
Proposal for a directive
Article 80 – paragraph 6
Article 80 – paragraph 6
6. Notwithstanding paragraph 2, for the purposes of performing the tasks referred to in point (e) of the second subparagraph of paragraph 1 the resolution authority or authorities of each Member State in which a subsidiary is established and of each Member State where the group institutions have relevant branches shall participate at the meetings or activities of the resolution college.
Amendment 1379 #
2012/0150(COD)
Proposal for a directive
Article 81 – paragraph 1
Article 81 – paragraph 1
1. Where a third country institution or third country parent undertaking has two or more subsidiary institutions established or two ore more relevant branches providing services in the Union, the resolution authorities of Member States where those domestic subsidiary institutions and relevant branches in the Union are established shall establish a European resolution college if no arrangements as the ones foreseen in Article 89 have been established.
Amendment 1380 #
2012/0150(COD)
Proposal for a directive
Article 81 – paragraph 3 – subparagraph 1
Article 81 – paragraph 3 – subparagraph 1
Where the domestic subsidiaries are held by or the relevant branches are from a financial holding company established within the Union in accordance with the third subparagraph of Article 143(3) of Directive 2006/48/EC, the European resolution college shall be chaired by the resolution authority of the Member State where the consolidating supervisor is located for the purposes of consolidated supervision under that Directive.
Amendment 1384 #
2012/0150(COD)
Proposal for a directive
Article 82 – paragraph 2
Article 82 – paragraph 2
The resolution authorities shall communicate on request of other resolution authority all relevant information. In particular, the group level resolution authority shall provide the resolution authorities in other Member States with all the relevant information in a timely manner in view of facilitating the exercise of the tasks referred to in points (b) to (h ) of the second subparagraph of Article 80(1).
Amendment 1412 #
2012/0150(COD)
Proposal for a directive
Article 86 – paragraph 2
Article 86 – paragraph 2
2. The Commission shall, by means of delegated acts adopted in accordance to Article 103, shall specify the circumstances referred to in points (a) and (b) of paragraph 1 of this Article.
Amendment 1413 #
2012/0150(COD)
Proposal for a directive
Article 88 – paragraph 3 – point a
Article 88 – paragraph 3 – point a
(a) the development of resolution plans in accordance with Articles 9, 11 and 12 and similar requirements under the law of the relevant third countries;
Amendment 1443 #
2012/0150(COD)
Proposal for a directive
Article 92 – paragraph 1 – subparagraph 1 – point e
Article 92 – paragraph 1 – subparagraph 1 – point e
(e) to take any combination of the actions referred to in points (a) to (ed).
Amendment 1451 #
2012/0150(COD)
Proposal for a directive
Article 93 – paragraph 1
Article 93 – paragraph 1
1. Member States shall ensure that, in a period no longer than 10 years after the entry into force of this directive, the available financial means of their financing arrangements reach at least 12% of the amount of depositstotal liabilities, excluding own funds, of all the credit institutions authorised in their territory which are guaranteed under Directive 94/19/ECof the Member State.
Amendment 1459 #
2012/0150(COD)
Proposal for a directive
Article 93 – paragraph 2 – subparagraph 2
Article 93 – paragraph 2 – subparagraph 2
Member States may extend the initial period of time for a maximum of four years in case the financing arrangements make cumulated disbursements superior to 0.5% of covered depositsthe total liabilities, excluding own funds, of all the institutions authorised in the territory of the Member State.
Amendment 1463 #
2012/0150(COD)
Proposal for a directive
Article 93 – paragraph 3
Article 93 – paragraph 3
3. If, after the initial period of time referred to in paragraph 1, the available financial means diminish below the target level specified in paragraph 2, contributions raised in accordance with Article 94 shall resume until the target level is reached. Where the available financial means amount to less than half of the target level, the annual contributions shall not be less than 0.25% of covered depositsthe total liabilities, excluding own funds, of all the institutions authorised in the territory of the Member State.
Amendment 1470 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 2 – point a
Article 94 – paragraph 2 – point a
Amendment 1479 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 2 – point b
Article 94 – paragraph 2 – point b
(b) if a Member State has not availed itself of the option provided for in Article 99(5) to use the funds of the Deposit Guarantee Scheme for the purposes of Article 92, the contribution from each institution shall be pro-rata to the total amount of its liabilities, excluding own funds, with respect to the total liabilities, excluding own funds, of all the institutions authorised in the territory of the Member State.
Amendment 1482 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 2 – point c
Article 94 – paragraph 2 – point c
(c) the contributions calculated under (a) and (b) shall be adjusted in proportion to the risk profile of institutions, in accordance with the criteria adopted under paragraph 7 of this Article.
Amendment 1488 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 3
Article 94 – paragraph 3
3. The available financial means to be taken into account in order to reach the target level specified in Article 93 may include payment commitments which are fully backed by collateral of low risk assets unencumbered by any third party rights, at the free disposal and earmarked for the exclusive use by the resolution authorities for the purposes specified in the first paragraph of Article 92. The share of irrevocable payment commitments shall not exceed 350% of the total amount of contributions raised in accordance with this Article.
Amendment 1490 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 5
Article 94 – paragraph 5
5. The amounts raised in accordance with this Article shall only be used for the purposes specified in Article 92 of this Directive, and, where Member States have availed themselves of the option provided for under Article 99(5) of this Directive, for the purposes specified in Article 92 of this Directive or for the repayment of deposits guaranteed under Directive 94/19/EC.
Amendment 1518 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 7 – point g
Article 94 – paragraph 7 – point g
(g) its systemic importance for the market in question, its opacity and its interconnectedness.
Amendment 1549 #
2012/0150(COD)
Proposal for a directive
Article 97 – paragraph 2 – subparagraph 1
Article 97 – paragraph 2 – subparagraph 1
Member States shall ensure that financing arrangements under their jurisdiction are obliged tomay lend to other financing arrangements within the Union in the circumstances specified under paragraph 1.
Amendment 1555 #
2012/0150(COD)
Proposal for a directive
Article 97 – paragraph 2 – subparagraph 2
Article 97 – paragraph 2 – subparagraph 2
Amendment 1586 #
2012/0150(COD)
Proposal for a directive
Article 98 – paragraph 6
Article 98 – paragraph 6
6. Member States shall ensure that each national financing arrangement under its jurisdiction guarantees any borrowing contracted by the group financing arrangement in accordance with paragraph 45. The guarantee by each national financing arrangement shall not exceed the part of its participation to the financing plan established in accordance to paragraph 23.
Amendment 1595 #
2012/0150(COD)
Proposal for a directive
Article 98 a (new)
Article 98 a (new)
Article 98 a European Resolution Fund Member States shall design their financial arrangements envisaging their possible future merge, partial or total, into a European Resolution Fund.
Amendment 1596 #
Amendment 1634 #
2012/0150(COD)
Proposal for a directive
Article 99 a (new)
Article 99 a (new)
Article 99 a Prohibition of the use of deposit guarantee schemes in the context of resolution Member States shall ensure that deposit guarantee schemes are not used to finance any resolution action.
Amendment 1636 #
2012/0150(COD)
Proposal for a directive
Article 100 – paragraph 3
Article 100 – paragraph 3
3. The competence to exercise the sanctioning powers foreseen in this Directive shall be attributed to resolution authorities or to competent authorities, depending on the breach. Resolution authorities and competent authorities shall be given all investigatory powers that are necessary for the exercise of their functions. In the exercise of their sanctioning powers, resolution authorities and competent authorities shall cooperate closely to ensure that sanctions or measures produce the desired results and coordinate their action when dealing with cross border cases.
Amendment 1637 #
2012/0150(COD)
Proposal for a directive
Article 101 – paragraph 1 – point b
Article 101 – paragraph 1 – point b
(b) an entity fails to notify an intention to provide group financial support to its competent authorities in breach of Article 221;
Amendment 1638 #
2012/0150(COD)
Proposal for a directive
Article 101 – paragraph 1 – point d
Article 101 – paragraph 1 – point d
(d) the management of an institution fails to notify the competent authority when the institution is failing or likely to fail in breach of Article 734(1).
Amendment 1642 #
2012/0150(COD)
Proposal for a directive
Article 103 – paragraph 3
Article 103 – paragraph 3
3. The delegation of powers referred to in Articles 2, 4, 28, 3736, 39, 432, 45, 50, 62, 68, 86, 94, 97 and 98 may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
Amendment 1644 #
2012/0150(COD)
Proposal for a directive
Article 103 – paragraph 5
Article 103 – paragraph 5
5. A delegated act adopted pursuant to Articles 2, 4, 28, 3736, 39, 432, 45, 50, 62, 68, 86, 94, 97 and 98 shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of two months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or the Council.
Amendment 1656 #
2012/0150(COD)
Proposal for a directive
Article 114 – paragraph 1 a (new)
Article 114 – paragraph 1 a (new)
By 31 December 2013, the Commission shall put forward a proposal for the creation of a European Resolution Authority and of a European Resolution Fund.
Amendment 1658 #
2012/0150(COD)
Proposal for a directive
Article 115 – paragraph 1 a (new)
Article 115 – paragraph 1 a (new)
1 a. Institutions shall submit their recovery plans to competent authorities and resolution authorities shall draw up resolution plans, according to Articles 6(1) and 9(1), in six months from the date of the entry into force of the regulatory technical standards referred in Articles 4a, 13(3) and 14(8).
Amendment 1660 #
2012/0150(COD)
Proposal for a directive
Article 115 – paragraph 1 – subparagraph 1
Article 115 – paragraph 1 – subparagraph 1
Member States shall adopt and publish by 31 December 2014 at the latest the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those provisions and a correlation table between those provisions and this Directive.
Amendment 12 #
2011/2156(INI)
Motion for a resolution
Recital D
Recital D
D. whereas on 10 May 2010, the ECB announced ithat the Eurosystem would intervene directly but temporarily in the euro area public and private debt securities markets through the Securities Markets Programme, the book value of settled purchases of which amounted to EUR 77110.5 billion ion June19 August 2011,
Amendment 21 #
2011/2156(INI)
Motion for a resolution
Recital E
Recital E
E. whereas most of the long-term government debt of Greece and Portugal is on the ECB balance sheet and the persistent rumours of Greek debt restructuringpersistent rumours of Greek debt restructuring and the impact thereof on the financial markets and the broader economy may again delay the ECB's exit from non-standard measures,
Amendment 42 #
2011/2156(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Recalls that the singleprimary objective of ECB is price stability; notesand that de facto financial stability is becoming a second objectiveit thereby contributes to financial stability; also notes the work of the ESRB under the auspices of the ECB on financial stability;
Amendment 106 #
2011/2156(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes the rapid evolutxpansion of the leverage ratio of the ECB, measured by its capitbalance sheet of the ECB in October 2008; notes, however, that by mid-August 2011 the bal and reserves in relation to assets; notes that this leverage ratio by far exceeds that of other comparable central banks, with the exception of thosece sheet has already shrunk by around 10% from its peak; notes that that the increase is in line with other comparable central banks, and is significantly less than those central banks having implemented quantitative easing programmes, such as the Federal Reserve or the Bank of England;
Amendment 112 #
2011/2156(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Points out that the ECB balance sheet expansion has not led to inflation, due to its increasing role as a central counterparty between euro area banks, which effectively amounts to a monetisation of bank bailoutsand reflects a temporary shift of intermediation from the interbank market to the Eurosystem as well as an increase in assets which will mature over time;
Amendment 118 #
2011/2156(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. RestatObserves with concern the overreliance of many euro area banks on the liquidity provided by the ECB, in the absence of a fully functional interbank market; notes with concern the collateral policies of the ECB as regards the amount and the quality of asset-backed securities provided to the Eurosystem as collateral, estimated at EUR 488 billion- proportionality of the demand for Eurosystem refinancing by some euro area banks, in the absence of a fully functional interbank market; notes that while in 2010 the Eurosystem accepted on average EUR 488 billion of asset-backed securities as collateral, the eligibility criteria for ABS in Eurosystem credit operations have been tightened significantly which leads to a reduction over time of this amount;
Amendment 141 #
2011/2156(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Asks for more public information onStates that flows between euro area central banks measured in the Target-2 programme so that these flows arehould not be interpreted as permanently moving from current account surplus countries to deficit countries in order to avoid their financial collapse;
Amendment 153 #
2011/2156(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for a more integrated macro- prudential policy framework within the monetary policy context, if necessary including differentiated macro-prudential tools in the Union to account for differences between the euro area and non-euro area countries; calls for an analysis of the effectiveness of the new financial supervisory architecture and for an evaluation of the option establishing a single European financial supervisory authority, unifying under its umbrella the current European Supervisory Authorities and the European Systemic Risk Board;to further develop an integrated analytical framework to jointly assess the effects of macro-prudential and monetary policies, while fully respecting that the ECB and the ESRB have separate mandates; calls to further develop the macro-prudential policy toolkit of the ESRB, taking into account national, legal and other financial system specificities; calls for an analysis of the effectiveness of the new financial supervisory architecture and for an evaluation of the option establishing a single European financial supervisory authority, unifying under its umbrella the current European Supervisory Authorities and the European Systemic Risk Board in the context of the upcoming review of the ESRB and the ESAs, as laid down in the respective regulations[1]; [1] In accordance with Article 20 of Regulation No 1092/2010 establishing the ESRB and with articles 81 of Regulations 1093/2010, 1094/2010 and 1095/2010 establishing the EBA, EIOPA and ESMA, respectively.
Amendment 176 #
2011/2156(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Stresses the need for a single European Treasury to relieve the ECB off its quasi- fiscal role; until that is the case, suggests confining more tasks to the European Stability Mechanism (ESM); regrets that, as it stands, the ESM will not operate under Community rules and did not acquire the right to purchase government bonds on the secondary market as this would have meant a relief for the ECB in the current circumstances;
Amendment 184 #
2011/2156(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Welcomes that the European Stability Mechanism (ESM) acquired the right to purchase government bonds on the secondary market as this could mean a relief for the ECB in the current circumstances;
Amendment 199 #
2011/2156(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Believes that the introduction of eurosecurities may constitute the necessary fiscal quantum-leap forward that the Union needs at this juncture; welcomes the rapid implementation of the feasibility report promised by the Commission in its declaration XXX; on the introduction of eurobonds
Amendment 16 #
2011/2094(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Calls on the Commission to quickly come forward with the foreseen legislative proposal to address in a true European framework the resolution of failing banks, guaranteeing a common rulebook, a common set of intervention tools and triggers, limiting taxpayers’ involvement to a minimum, namely through the creation of harmonised self-financed (on a risk based approach) industry resolution funds;
Amendment 55 #
2011/2094(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes the Commission's Energy 2020 initiative; urges the Commission to pursue the full implementation of the internal energy market package; encourages the Commission, insofar as an open and competitive single market in energy has not yet been fully achieved, actively to monitor competition in energy markets, specifically whenever privatisation of public utilities originates in private monopolistic or oligopolistic markets in countries with weak regulatory and supervisory structures;
Amendment 62 #
2011/2094(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Calls on the Commission to thoroughly investigate competition in the credit rating agencies market, particularly in so far as barriers to entry, alleged collusive practices and abuse of dominant positions are concerned;
Amendment 65 #
2011/2094(INI)
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15b. Encourages the Commission to investigate the competition situation in the retail sector, in particular the consequences of alleged abuse of market power by dominant retail chains with negative consequences for small retailers and producers, namely in the agriculture and food market;
Amendment 53 #
2011/0386(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) The European semester includes (a) the formulation, and the surveillance of the implementation, of the broad economic policies of the Member States and of the Union (broad economic policy guidelines) in accordance with Article 121(2) TFEU; (b) the formulation, and the examination of the implementation, of the employment guidelines that must be taken into account by Member States in accordance with Article 148(2) TFEU (employment guidelines); (c) the submission and assessment of Member States' stability or convergence programmes under Regulation (EC) 1466/97 as amended by Regulation (EC) 1175/2011; (d) the submission and assessment of Member States' national reform programmes supporting the Union's strategy for growth and jobs and established in line with the guidelines set out in point (a) and (b) and with the general guidance to Member States issued by the Commission and the European Council at the beginning of the annual cycle of surveillance; (e) surveillance to prevent and correct macroeconomic imbalances under Regulation (EU) No 1176/2011 of the European Parliament and of the Council of 16 November 2011 on the prevention and correction of macroeconomic imbalances.
Amendment 66 #
2011/0386(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) Strong public finances and coordinated economic policies are best ensured at the planning stage and gross errors should be identified as early as possible. Member States should benefit not just from the setting of guiding principles and budgetary targets but also from a synchronised monitoring of their budgetary and macroeconomic policies.
Amendment 84 #
2011/0386(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) Biased and unrealistic macroeconomic and budgetary forecasts can considerably hamper the effectiveness of budgetary planning and consequently impair commitment to budgetary discipline. Forecasts from credible and independent bodies can provide unbiased and realistic macroeconomic forecasts, once their comparability and coherence has been granted. The Commission will make public minimum requirements for those independent bodies in order to ensure their credibility and independence.
Amendment 87 #
2011/0386(COD)
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) The Commission should set indicative lower and upper thresholds that are symmetric by drafting the alert mechanism report, in particular with respect to current account balances.
Amendment 105 #
2011/0386(COD)
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) In applying this Regulation, the Council and the Commission should fully respect the role of the social partners, as well as differences in the national systems, such as the systems for wage formation.
Amendment 124 #
2011/0386(COD)
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The application of this Regulation shall fully observe Article 152 TFEU and shall fully respect national practices and institutions for wage formation. This Regulation takes into account Article 28 of the Charter of Fundamental Rights of the European Union, and, accordingly, does not affect the right to negotiate, conclude or enforce collective agreements or to take collective action in accordance with national law and practices.
Amendment 134 #
2011/0386(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Member States shall make public annually their, in the context of the European Semester referred to in Article 2-a of Regulation (EC) No 1466/97, make public, preferably by mid April and no later than 30 April each year, their national medium-term fiscal plans in accordance with their medium- term budgetary framework, based on credible and independent macroeconomic forecast forecasts. Such plans shall be presented together with their Stability Programmes, no later than 15 April the NRPs and SCPs and shall be fully compatible with the policy orientations based on the annual growth survey and the annual reports under the macroeconomic imbalances procedure as established in Regulation (EU) No 1174/2011 and Regulation (EU) No 1176/2011.
Amendment 177 #
2011/0386(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point c
Article 5 – paragraph 3 – point c
(c) the targeted expenditure and revenue as a percentage of GDP for the general government and their main components, taking into account the conditions and criteria to establish the growth path of government expenditure net of discretionary revenue measures under Article 5(1) of Regulation (EC) No 1466/97; A deviation from the adjustment path towards the medium-term budgetary objective shall be considered significant if the following conditions occur: an excess over the expenditure growth net of public investment consistent with the medium term budgetary objective, not offset by discretionary revenue-increasing measures; or discretionary revenue- decreasing measures not offset by reductions in expenditure;
Amendment 183 #
2011/0386(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point d a (new)
Article 5 – paragraph 3 – point d a (new)
(da) a detailed description of projected expenditure directly related to the achievement of the objectives embedded in the Union's strategy for growth and jobs including public investments;
Amendment 194 #
2011/0386(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point f a (new)
Article 5 – paragraph 3 – point f a (new)
(fa) a quantification of the public investment needs and, as appropriate, of the budgetary impact of the measures foreseen in the National Reform Programmes for the forthcoming year;
Amendment 215 #
2011/0386(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. The Commission shall, if necessary, adopt an opinion on the draft budgetary plan byno later than 30 November.
Amendment 233 #
2011/0386(COD)
Proposal for a regulation
Article 6 a (new)
Article 6 a (new)
Article 6a Coordination of sovereign debt issuance 1. With a view to better coordinating the planning and placement of their national debt issuance, the Member States shall report ex ante on their public debt issuance plans to the European Commission and to the Council. 2. Several or all Member States may seek to improve the financing conditions of their national debt by agreeing, following a proposal by the Commission, an annual coordinated national debts issuance schedule. 3. Member States co-operating under paragraph 2 may further improve and stabilise their financing conditions by offering a coordinated interest rate on their national debt, on the basis of the country's economic fundamentals and the market conditions and following a methodology established by a regulation of the European Parliament and the Council. That regulation will also define the conditions for the buying by the ESM of any residual unsold amount from coordinated national debts issuances.
Amendment 255 #
2011/0386(COD)
Proposal for a regulation
Article 7 – paragraph 6 – point a
Article 7 – paragraph 6 – point a
(a) carry out and report on a comprehensive independent audit of the accounts of the general government conducted in coordination with national supreme audit institutions, aiming at assessing the reliability, completeness and accuracy of these public accounts for the purposes of the excessive defiocit procedure. In this context, the Commission (Eurostat) shall assess the quality of data reported by the Member State concerned in accordance with Regulation (EC) No 6479/2010 (amended 679/2010);
Amendment 257 #
2011/0386(COD)
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7a Economic partnership programmes 1. Where the Council decides in accordance with Article 126(6) TFEU that an excessive deficit exists in a Member State, the Member State concerned shall present to the Commission and to the Council an economic partnership programme describing the policy measures and structural reforms that are needed to ensure an effectively durable correction of the excessive deficit, as a detailed development of the Stability Programmes and the national reform programmes and fully taking into account the Council recommendations on the implementation of the integrated guidelines for the economic and employment policies of the Member State concerned. 2. The economic partnership programme shall be fully compatible with the policies referred to in Article 1. 3. In the event of a severe economic downturn that leads the Council to extend the deadline for the correction of the excessive deficit in accordance with Article 5 of Regulation (EC) No 1467/97, the economic partnership programme shall reflect that decision. 4. The economic partnership programme shall be presented at the same time as the reports provided for in Article 3(4a) and Article 5(1a) of Regulation (EC) No 1467/97. 5. The Council, acting by qualified majority on a proposal from the Commission, shall adopt an opinion on the economic partnership programme. 6. If a corrective action plan exists in accordance with Article 8(1) of Regulation (EU) No 1176/2011, the measures referred to in paragraph 1 shall be included in the plan. 7. The implementation of the programme, and the annual budgetary plans consistent with it, shall be monitored by the Commission and by the Council.
Amendment 267 #
2011/0386(COD)
Proposal for a regulation
Article 9 – paragraph 1 – subparagraph 1 a (new)
Article 9 – paragraph 1 – subparagraph 1 a (new)
A Member State facing a situation of economic downturn such as the contraction of its GDP and/or a significant increase of its unemployment rate shall benefit from a suspension of its excessive deficit procedure.
Amendment 271 #
2011/0386(COD)
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
Member States in the euro area shall submit annually to the Commission and to the Eurogroup a draft sovereign debt issuance schedule; coordination of issuance timelines and conditions shall optimise the financing conditions of sovereign debt issuance.
Amendment 272 #
2011/0386(COD)
Proposal for a regulation
Article 10 – paragraph 1 b (new)
Article 10 – paragraph 1 b (new)
Amendment 280 #
2011/0386(COD)
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2 – point b a (new)
Article 11 – paragraph 1 – subparagraph 2 – point b a (new)
(ba) the contribution of this Regulation to the achievement of the Union's strategy for growth and jobs.
Amendment 286 #
2011/0386(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. This Regulation shall apply to the Member States that are already subject to an excessive deficit procedure at the time of the entry into force of this Regulation., in accordance with Article 10(1b)
Amendment 49 #
2011/0385(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) The unprecedented global crisis that has hit the world over the last three years has seriously damaged economic growth and financial stability and provoked a strong deterioration in the government deficit and debt position of the Member States, leading a number of them to seek financial assistance outside the framework of the Union.
Amendment 55 #
2011/0385(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) The intensity of the economic and fiscal surveillance should be commensurate to the severity of the financial difficulties encountered and should take due account of the nature of the financial assistance received, which may range from a mere precautionary support based on eligibility conditions up to a full macro-economic adjustment programme involving strict policy conditionality.
Amendment 60 #
2011/0385(COD)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) In applying this Regulation, the Council and the Commission should fully respect the role of social partners, as well as differences in national systems, such as the systems for wage formation.
Amendment 63 #
2011/0385(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) A Member State whose currency is the euro should be subject to enhanced surveillance when it is experiencing - or at risk of experiencing - severe financial disturbance, with a view to ensuring its swift return to a normal situation and to protecting the other euro area Member States against possible negative spill over effects. This enhanced surveillance should be proportionate to the seriousness of the problems and graduated accordingly. It should include a wider access to the information needed for a close monitoring of the economic, fiscal and financial situation and a regular reporting to the competent committee of the European Parliament as well as the Economic and Financial Committee (EFC) or to any sub- committee the latter may designate for that purpose. The same modalities of surveillance should apply to Member States requesting precautionary assistance from the European Financial Stability Facility (EFSF), the European Stability Mechanism (ESM) the International Monetary Fund (IMF) or another international financial institution.
Amendment 65 #
2011/0385(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) A Member State subject to enhanced surveillance should also adopt measures aimed at addressing the sources or potential sources of its difficulties. To that end, all recommendations addressed to it in the excessive deficit procedure or in the imbalances procedure should be taken into account.
Amendment 66 #
2011/0385(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) The surveillance of the economic and fiscal situation should be strongly reinforced for Member States under macro- economic adjustment programme. Because of the comprehensive nature of the latter, the other processes of economic and fiscal surveillance should be suspended for the duration of the macro-economic adjustment programme, with a view to avoiding a duplication of reporting obligations. However, when preparing the macroeconomic adjustment programme, all recommendations addressed to the Member State in the latter procedures should be taken into account.
Amendment 77 #
2011/0385(COD)
Proposal for a regulation
Recital 7
Recital 7
Amendment 86 #
2011/0385(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation sets out provisions for strengthening the economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability and/oror the sustainability of their public finances, with potential negative spill-over effects on other Member States of the euro area, and/or Member States that receive or may receivehave requested financial assistance from one or several other States, the European Financial Stability Facility (EFSF), the European Financial Stability Mechanism (EFSM), the European Stability Mechanism (ESM) or other International Financial Institutions (IFI), such as the International Monetary Fund (IMF).
Amendment 95 #
2011/0385(COD)
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The application of this Regulation shall fully observe Article 152 TFEU and shall fully respect national practices and institutions for wage formation. This Regulation shall take into account Article 28 of the Charter of Fundamental Rights of the European Union, and, accordingly, shall not affect the right to negotiate, conclude or enforce collective agreements or to take collective action in accordance with national law and practices.
Amendment 98 #
2011/0385(COD)
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Article 1a Coordination of sovereign debt issuance 1. With a view to better coordinating the planning and placement of their national debt issuance, Member States shall report ex ante on their public debt issuance plans to the Commission and to the Council. 2. Member States shall seek to improve the financing conditions of their national debt by agreeing, following a proposal by the Commission, an annual coordinated national debt issuance schedule. 3. Member States co-operating under paragraph 2 may further improve and stabilise their financing conditions by offering a coordinated interest rate on their national debt, on the basis of the country's economic fundamentals and the market conditions and following a methodology to be established by a regulation of the European Parliament and the Council. That regulation will also define the conditions for the buying by the ESM of any residual unsold amount from coordinated national debt issuances.
Amendment 104 #
2011/0385(COD)
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. The Commission may decide to make, following an in-depth review as foreseen in article 5 of Regulation (EU) No 1176/2011 where it concluded that a Member State is experiencing or is threatened with severe difficulties with regard to its financial stability, to subject such Member State to enhanced surveillance. The Member State concerned shall be given the possibility to express its views beforehand. The Commission shall decideassess every six months whether to prolongmaintain the enhanced surveillance.
Amendment 106 #
2011/0385(COD)
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
2. The Commission shall decide to make a Member State receiving a financial assistance on a precautionary basis from one or several other States, the EFSF, the ESM or any other International Financial Institution, such as the IMF, subject to enhanced surveillance. The Commission shall establish a list of the precautionary financial assistance instruments concerned and keep it updated to take into account possible changes in the financial support policy of the EFSF, ESM or of any other relevant International Financial Institution.
Amendment 115 #
2011/0385(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. A Member State under enhanced surveillance shall, in consultation and cooperation with the Commission, acting in liaison with the European Central Bank (ECB) where appropriate, adopt measures aimed at addressing the sources or potential sources of difficulties taking into account any recommendations addressed to them under Regulations (EU) No 1466/97, 1467/97 and 1176/2011 and in their National Reform Programmes and Stability and Convergence Programmes.
Amendment 120 #
2011/0385(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 123 #
2011/0385(COD)
Proposal for a regulation
Article 3 – paragraph 3 – introductory part
Article 3 – paragraph 3 – introductory part
3. On the basis of a request from the Commission and with the timeframes there set out, the Member State under enhanced surveillance shall, in accordance with Article 2(1):
Amendment 124 #
2011/0385(COD)
Proposal for a regulation
Article 3 – paragraph 3 – point a
Article 3 – paragraph 3 – point a
Amendment 126 #
2011/0385(COD)
Proposal for a regulation
Article 3 – paragraph 3 – point a a (new)
Article 3 – paragraph 3 – point a a (new)
(aa) communicate any information needed for the monitoring of macroeconomic imbalances established by Regulation (EU) No 1176/2011 of the European Parliament and of the Council on the prevention and correction of macroeconomic imbalances;
Amendment 127 #
2011/0385(COD)
Proposal for a regulation
Article 3 – paragraph 3 – point a b (new)
Article 3 – paragraph 3 – point a b (new)
(ab) communicate to the Commission, the ECB and the relevant ESA at the requested frequency disaggregated information on the financial situation of the financial institutions which are under the surveillance of its national supervisors;
Amendment 128 #
2011/0385(COD)
Proposal for a regulation
Article 3 – paragraph 3 – point b
Article 3 – paragraph 3 – point b
Amendment 130 #
2011/0385(COD)
Proposal for a regulation
Article 3 – paragraph 3 – point c
Article 3 – paragraph 3 – point c
Amendment 132 #
2011/0385(COD)
Proposal for a regulation
Article 3 – paragraph 3 – point d
Article 3 – paragraph 3 – point d
Amendment 134 #
2011/0385(COD)
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. On the basis of a request from the Commission and with the timeframes there set out, the Member State under enhanced surveillance according to Article 2(2) shall: (a) carry out, under the supervision of the European Banking Authority, stress test exercises or sensitivity analyses as necessary to assess the resilience of the banking sector to various macroeconomic and financial shocks, as specified by the Commission and the ECB, and share the detailed results with them; (b) be subject to regular assessments of its supervisory capacities over the financial sector in the framework of specific peer review carried out by the ESAs; Member States receiving financial support for recapitalising financial institutions shall in addition report on the conditionality imposed on these financial institutions, including executive remuneration and real economy credit conditions. (c) precisely identify the investment component as well as the budgetary consequences of economic reforms agreed in the National Reform Programmes as well as any deviations from the National Reform Programmes and EU country- specific policy recommendations on a multiannual basis. Any deviations shall be duly explained.
Amendment 135 #
2011/0385(COD)
Proposal for a regulation
Article 3 – paragraph 3 b (new)
Article 3 – paragraph 3 b (new)
3b. For Member States placed under enhanced surveillance and where an excessive deficit exists, the closer monitoring of the fiscal situation laid down in Article 7(2), (3) and (6), of Regulation (EU) No .../2012 of the European Parliament and of the Council of the European Parliament and of the Council of ... [on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area]shall continue to apply. The report referred to in paragraph 3 of this Article shall be submitted on a quarterly basis.
Amendment 139 #
2011/0385(COD)
Proposal for a regulation
Article 3 – paragraph 4
Article 3 – paragraph 4
4. The Commission shall conduct, in liaison with the ECB, regular review missions in the Member State under enhanced surveillance to verify the progresses made in the implementation of the measures mentioned in paragraph 1, 2 and 3. It shall communicate every quarter its findings to the Economic and Financial Committee (EFC) - or to any subcommittee the latter may designate for that purpose - and assess notably whether further measures are needed. These review missions shall replace the onsite monitoring foreseen in Article 10a(2) of Regulation (EC) No 1467/97.
Amendment 144 #
2011/0385(COD)
Proposal for a regulation
Article 3 – paragraph 5
Article 3 – paragraph 5
5. Where it is concluded - on the basis of the assessment foreseen in paragraph 4 - that further measures are needed and the financial and economic situation of the Member State concerned has significant adverse effects on the financial stability of the euro area, theproper functioning of the monetary union, the European Council, acting by qualified majority on a proposal from the Commission, may recommend to the Member State concerned to seek financial assistanceEFSF or to the ESM to offer financial assistance, linked to appropriate conditionality, and to prepare a macro-economic adjustment programme. The Council macan only decide to make this recommendation public insofar as financial assistance is granted.
Amendment 151 #
2011/0385(COD)
Proposal for a regulation
Article 3 – paragraph 6 – point a
Article 3 – paragraph 6 – point a
(a) the relevant Committee of the European Parliament may invite representatives of the Member State concerned and the Commission to participate to an exchange of views;
Amendment 159 #
2011/0385(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
A Member State wishing to obtain financial assistance from one or several other States, the EFSF, the ESM, the International Monetary Fund (IMF) or another institution outside of the Union framework shall immediately inform the Council, the Commission, the European Parliament and the ECB of its intention. The competent committee of the European Parliament together with the EFC, or any subcommittee the latter may designate for that purpose, shall hold a discussion on this envisaged request, after having received an assessment from the Commission.
Amendment 161 #
2011/0385(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
Where financial assistance is sought from the EFSF or the ESM, the Commission shall prepare – in liaison with the ECB and wherever possible, the IMF - an analysis of the sustainability of the government debt of the Member State concerned, including the impact of any macro-financial adjustment programme on growth forecasts and therefore on the Member State's ability to repay the envisaged financial assistance, and forward it to the EFC or to any subcommittee the latter may designate for that purpose.
Amendment 164 #
2011/0385(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. A Member State receiving financial assistance from one or several other States, the IMF, the EFSF or the ESM shall prepare in agreement with the Commission - acting in liaison with the ECB - a draft adjustment programmesent to the Commission a macroeconomic adjustment programme which shall build on and substitute the economic partnership programme whenever it exists, aimed at re-establishing a sound and sustainable economic and financial situation and restoring its capacity to finance itself fully on the financial markets. Where such an adjustment programme is required, financing shall be provided with adequate interest rates and adequate maturities of, where possible, no less than thirty years. The draft adjustment programme shall take due account of the current recommendations addressed to the Member State concerned under Articles 121, 126 and/or 148 of the Treaty- and its actions to comply with them - while aiming at broadening, strengthening and deepening the required policy measures.
Amendment 184 #
2011/0385(COD)
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The Commission, in liaison with the ECB, shall monitor the progress made in the implementation of the adjustment programme and inform every three months the competent committee of the European Parliament as well as the EFC or any subcommittee the latter may designate for that purpose. The Member State concerned shall give the Commission its full cooperation. It shall in particular provide to the Commission all the information that the latter deems necessary for the monitoring of the programme. Article 3(3) shall apply.
Amendment 190 #
2011/0385(COD)
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. The Commission - in liaison with the ECB - shall examine with the Member State concerned the changes that may be needed to its adjustment programmeand objectively taking into account the immediate and medium term consequences of the adjustment programme namely on growth and employment - shall examine with the Member State concerned the changes that may be needed to its adjustment programme. The competent committee of the European Parliament may invite the Member State and the Commission to discuss the need and conditions of such adjustments. The Council, acting by a qualified majority on a proposal from the Commission, shall decide on any change to be made to the adjustment programme.
Amendment 203 #
2011/0385(COD)
Proposal for a regulation
Article 6 – paragraph 7
Article 6 – paragraph 7
7. The relevant Committee of the European Parliament may invite representatives of the Member State concerned and the Commission to participate to an exchange of views on the progress made in the implementation of the adjustment programme.
Amendment 214 #
2011/0385(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. The adjustment programme and the changes thereto provided for by Article 6 of this Regulation shall be deemed to replace the submission of stability programmes provided for by Article 4 of Council Regulation (EC) No 1466/97.
Amendment 215 #
2011/0385(COD)
Proposal for a regulation
Article 7 – paragraph 2 – point a
Article 7 – paragraph 2 – point a
(a) The adjustment programme provided for by Article 6 of this Regulation shall also be deemed to replace as appropriate the reports provided for by Article 3(4a) and Article 5(1a) of Council Regulation (EC) No 1467/97;
Amendment 217 #
2011/0385(COD)
Proposal for a regulation
Article 7 – paragraph 2 – point b
Article 7 – paragraph 2 – point b
(b) The annual budgetary targets in the adjustment programme provided for by Article 6(3) of this Regulation shall be deemed to replace as appropriate the annual budgetary targets foreseen in accordance with Article 3(4) and Article 5(1) of Regulation (EC) No 1467/97 in the mentioned recommendation and notice. If the Member State concerned is subject to notice under Article 126(9) of the Treaty, the adjustment programme foreseen by Article 6(3) of this Regulation shall also be deemed to replace the indications on measures conducive to those targets foreseen in the notice in accordance with Article 5(1) of Regulation (EC) No 1467/97.
Amendment 218 #
2011/0385(COD)
Proposal for a regulation
Article 7 – paragraph 2 – point c
Article 7 – paragraph 2 – point c
(c) The monitoring provided for by Article 6(3) of this Regulation shall be deemed to replace the monitoring provided for by Article 10(1) and Article 10a of Council Regulation (EC) No 1467/97 and the monitoring underlying any decision provided for by Article 4(2) and 6(2) of Regulation (EC) No 1467/97.
Amendment 222 #
2011/0385(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
The monitoring provided for by Article 6(3) of this Regulation shall be deemed to replace the monitoring and assessment of the European Semester for economic policy coordination provided for by Article 2a of Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and coordination of economic policies.
Amendment 241 #
2011/0385(COD)
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
4. The Council, acting by qualified majority on a proposal from the Commission, may recommend to the Member State under post programme surveillance to adopt corrective measures. The competent committee of the European Parliament may invite the Member State to an exchange of views on post programme recommendations.
Amendment 224 #
2011/0298(COD)
Proposal for a directive
Recital 11
Recital 11
(11) It is necessary to establish a comprehensive regulatory regime governing the execution of transactions in financial instruments irrespective of the trading methods used to conclude those transactions so as to ensure a high quality of execution of investor transactions and to uphold the integrity and overall efficiency of the financial system. A coherent and risk-sensitive framework for regulating the main types of order-execution arrangement currently active in the European financial marketplace should be provided for. It is necessary to recognise the emergence of a new generation of organised trading systems alongside regulated markets whichand MTF which have benefited from a regulatory loophole under the current MiFID regime and that they should be subjected to obligations designed to preserve the efficient and orderly functioning of financial markets.
Amendment 225 #
2011/0298(COD)
Proposal for a directive
Recital 12
Recital 12
(12) All trading venues, namely regulated markets, MTFs, and OTFSystematic Internalisers, should lay down transparent rules governing access to the facility. However, while regulated markets and MTFs should continue to be subject to highly similar requirements regarding whom they may admit as members or participants, OTFSystematic Internalisers should be able to determine and restrict access based inter alia on the role and obligations which their operators have in ry have in relation to their clients. (This amendment (i.e. the delaetion to their clients.of "OTF") applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 232 #
2011/0298(COD)
Proposal for a directive
Recital 13
Recital 13
(13) An investment firm executing client orders against own proprietary capital should be deemed a systematic internaliser, unless the transactions are carried out on an over-the-counter (OTC) basis. OTC trading refers to bilateral trading outside regulated markets, MTFs and OMTFs on an occasional, ad hoc and irregular basis with eligible counterparties and at sizes above standard market size. Systematic internalisers should be defined as investment firms which, on an organised, frequent and systematic basis, deal on own account bywhen executing client orders outside a regulated market, an MTF or an OMTF. In order to ensure the objective and effective application of this definition to investment firms, any bilateral trading carried out with clients should be relevant and quantitative criteria should complement the qualitative criteria for the identification of investment firms required to register as systematic internalisers, laid down in Article 21 of Commission Regulation No 1287/2006 implementing Directive 2004/39/EC. While an OTF is any system or facility in which multiple third party buying and selling interests interact in the system, aA systematic internaliser should not be allowed to bring together third party buying and selling interests.
Amendment 303 #
2011/0298(COD)
Proposal for a directive
Recital 53
Recital 53
(53) Investment firms are allowed to provide investment services that only consist of execution and/or the reception and transmission of client orders, without the need to obtain information regarding the knowledge and experience of the client in order to assess the appropriateness of the service or the instrument for the client. Since these services entail a relevant reduction of clients' protections, it is appropriate to improve the conditions for their provision. In particular, it is appropriate to exclude the possibility to provide these services in conjunction with the ancillary service consisting of granting credits or loans to investors to allow them to carry out a transaction in which the investment firm is involved, since this increases the complexity of the transaction and makes more difficult the understanding of the risk involved. It is also appropriate to better define the criteria for the selection of the financial instruments to which these services should relate in order to exclude the financial instruments, including collective investment in transferable securities (UCITS), which embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved.
Amendment 489 #
2011/0298(COD)
Proposal for a directive
Article 4 – paragraph 2 – point 33 a (new)
Article 4 – paragraph 2 – point 33 a (new)
33a) 'Market distorting positions' means positions which do not objectively reduce risks directly related to commercial activities related to the commodity and are above the level required to provide sufficient liquidity for positions which do objectively reduce risks directly related to commercial activities related to the commodity, or which otherwise disrupt the price discovery function of the market;
Amendment 614 #
2011/0298(COD)
Proposal for a directive
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Member States shall require that investment firms or market operators operating an MTF or an OTF, in addition to meeting the requirements laid down in Article 16, establish transparent rules and procedures for fair and orderly trading and establish objective and non-discretionary criteria for the efficient execution of orders. They shall have arrangements for the sound management of the technical operations of the facility, including the establishment of effective contingency arrangements to cope with risks of systems disruption.
Amendment 820 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
(iv) shares or units in UCITS excluding structured UCITS as referred to in Article 36 paragraph 1 subparagraph 2 of Commission Regulation 583/2010;
Amendment 903 #
2011/0298(COD)
Proposal for a directive
Article 35 – paragraph 7
Article 35 – paragraph 7
7. Member States shall require that where a financial instrument of an issuer is admitted to trading on one SME growth market, the financial instrument may alsoonly be traded on another SME growth market without the consent of the issuer. In such a case however, the issuer shall not be subject to any obligation relating to corporate governance or initial, ongoing or ad hoc disclosure with regard to the latter SME market.
Amendment 1097 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – introductory part
Article 59 – paragraph 1 – subparagraph 1 – introductory part
Member States shall ensure that regulated markets, operators of MTFcompetent authorities apply to regulated markets and OMTFs which admit to trading or trade commodity derivatives apply limits on the number of contracts which any given market members or participants, or class of market members or participants, can enter into over a specified period of time, or alternative arrangements with equivalent effect such as position management with automatic review thresholds , to be imposed in order to:
Amendment 1108 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – point c a (new)
Article 59 – paragraph 1 – subparagraph 1 – point c a (new)
(c a) ensure price discovery for the physical market;
Amendment 1111 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – point c b (new)
Article 59 – paragraph 1 – subparagraph 1 – point c b (new)
(cb) prevent the build-up of market distorting positions.
Amendment 1116 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 2
Article 59 – paragraph 1 – subparagraph 2
The limits or arrangements shall be transparent and non- discriminatory, specifying the persons to whom they apply and any exemptions, and taking account of the nature and composition of market participants and of the use they make of the contracts admitted to trading. In particular, they shall differentiate between positions which objectively reduce risks directly related to commercial activities related to the commodity, and other positions. They shall specify clear quantitative thresholds such as the maximum number of contracts persons can enter, taking account of the characteristics of the underlying commodity market, including patterns of production, consumption and transportation to market. They shall apply to both cash-settled and physically-settled contracts and for spot, single and all delivery month(s).
Amendment 1129 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 2
Article 59 – paragraph 2
2. Regulated markets, MTF and OMTFs shall inform their competent authority of the details of the limits or arrangements. The competent authority shall communicate the same information to ESMA which shall publish and maintain on its website a database with summaries of the limits or arrangements in force.
Amendment 1134 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 3
Article 59 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 94 to determine (a) the limits or alternative arrangements on the number of contracts which any person can enter into over a specified period of time and the necessary equivalent effects of the alternative arrangements established in accordance with paragraph 1, as well as the conditions for exemptions. The limits or alternative arrangements shall take account of the conditions referred to in paragraph 1 and the limits that have been set by regulated markets, MTFs and OTFs. The limits or alternative arrangemen, (b) the proportion of contracts held across regulated market and MTF on commodity derivatives which do not objectively reduce risks directly related to commercial activities related to the commodity, versus contracts which do, (c) additional controls needed to ensure orderly operation of markets, and (d) the conditions for exemptions and for determining when positions objectively reduce risks directly related to commercial activities relating to the commodity. The limits shall take account of the conditions referred to in paragraph 1, the need for appropriate differentiation between commodities and categories of market participants, and the limits that have been set by trading venues. The limits determined in the delegated acts shall also take precedence over any measures imposed by competent authorities pursuant to Article 72(1) paragraph (g) of this Directive.
Amendment 1141 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 4
Article 59 – paragraph 4
Amendment 1160 #
2011/0298(COD)
Proposal for a directive
Article 60 – paragraph 1 a (new)
Article 60 – paragraph 1 a (new)
1 a. Member States shall ensure that investment firms trading in commodity derivatives or emission allowances or derivatives thereof outside of a trading venue provide the competent authority, upon request, with a complete breakdown of their positions, in accordance with Article 23 of Regulation (EU) No .../... [MiFIR].
Amendment 1171 #
2011/0298(COD)
Proposal for a directive
Article 60 – paragraph 3 – subparagraph 2
Article 60 – paragraph 3 – subparagraph 2
The reports mentioned in point (a) of paragraph 1 shouldall specify the number of long and short positions by category of trader, changes thereto since the previous report, percent of total open interest represented by each category, and the number of traders in each category. The reports mentioned in point (a) of paragraph 1 and in paragraph 1a shall also differentiate between: (i) positions that have been identified as positions which objectively reduce risks directly related to commercial activities related to the commodity; (ii) other positions.
Amendment 1176 #
2011/0298(COD)
Proposal for a directive
Article 60 – paragraph 4 – subparagraph 1
Article 60 – paragraph 4 – subparagraph 1
ESMA shall develop draft implementing technical standards to determine the format of the reports mentioned in point (a) ofaragraph 1 and in paragraph 1,a and the content of the information to be provided in accordance with paragraph 2.
Amendment 35 #
2011/0297(COD)
Proposal for a directive
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) when in possession of inside information, using that information to acquire or dispose of financial instruments to which that information relates for one's own account or for the account of a third party, either directly or indirectly. This also includes using inside information to cancel or amend an order concerning a financial instrument to which that information relates where that order was placed before entering into possession of that inside information; or
Amendment 47 #
2011/0297(COD)
Proposal for a directive
Article 4 – paragraph 1 – point c
Article 4 – paragraph 1 – point c
(c) entering into a transaction, placing an order to trade, or any other activity in financial markets affecting or likely to affect the price of one or several financial instruments or a related spot commodity contract, which employs a fictitious device or any other form of deception or contrivance;
Amendment 51 #
2011/0297(COD)
Proposal for a directive
Article 4 – paragraph 1 – point d
Article 4 – paragraph 1 – point d
(d) dissemination of information which gives false or misleading signals as to financial instruments or related spot commodity contracts, where those persons aim at deriveing, for themselves or another person, an advantage or profit from the dissemination of the information in question.
Amendment 98 #
2011/0296(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) Definitions of regulated market and MTF should be introduced andclarified and remain closely aligned with each other to reflect the fact that they represent the same organised trading functionality. The definitions should exclude bilateral systems where an investment firm enters into every trade on own account, even as a riskless counterparty interposed between the buyer and seller. The term ‘'system’' encompasses all those markets that are composed of a set of rules and a trading platform as well as those that only function on the basis of a set of rules. Regulated markets and MTFs are not obliged to operate a ‘'technical’' system for matching orders. A market which is only composed of a set of rules that governs aspects related to membership, admission of instruments to trading, trading between members, reporting and, where applicable, transparency obligations is a regulated market or an MTF within the meaning of this Directive and the transactions concluded under those rules are considered to be concluded under the systems of a regulated market or an MTF. The term ‘'buying and selling interests’' is to be understood in a broad sense and includes orders, quotes and indications of interest. The requiremento address one of the main ambiguities created by the original Directive, the definitions of Regulated markets and MTFs should not include any reference to a requirement on these trading venues. The current requirements on these two venue types should be kept the same, but be presented separately from the definitions to ensure that the definition captures the trading functionality which then becomes subject to a clear set of rules. One of the important requirements concerns the obligation that the interests be brought together in the system by means of non- discretionary rules set by the system operator, which means that they are brought together under the system's rules or by means of the system's protocols or internal operating procedures (including procedures embodied in computer software). The term ‘'non-discretionary rules’' means that these rules leave the investment firm operating an MTF with no discretion as to how interests may interact. The definitions require that interests be brought together in such a way as to result in a contract, meaning that execution takes place under the system's rules or by means of the system's protocols or internal operating procedures.
Amendment 102 #
2011/0296(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) In order to make European markets more transparent, safer, more efficient, and to level the playing field between various venues offering trading services, it is necessary to introduce a newclarify the existing categoryies of organised trading facility (OTF). This new category is broadly definedtrading venues so that all functionally identical trading is subject to identical rules. These clarifications should cover all the major sources of ambiguity so that now and in the future ithe existing trading venues should be able to capture all types of organised execution and arranging of trading which do not correspond to the functionalities or regulatory specifications of existing venues. Consequently appropriate, identical organisational requirements and transparency rules which support efficient price discovery need to be applied. The new category includesas well as identical rules aimed at ensuring objective, non- discretionary execution and non- discriminatory access to the platforms need to be applied. The clarifications of the RM, MTF and SI definitions should ensure that broker crossing systems, which can be described as internal electronic matching systems operated by an investment firm which execute client orders against other client orders. The new category, are regulated either as MTFs or SIs, depending on which trading functionality they have. The clarified definitions of RMs, MTFs and SIs should also encompasses systems eligible for trading clearing-eligible and sufficiently liquid derivatives. IBy contrast, it shall not include facilities where there is no genuine trade execution or arranging taking place in the system, such as bulletin boards used for advertising buying and selling interests, other entities aggregating or pooling potential buying or selling interests, or electronic post-trade confirmation services., should continue to be defined as OTC. (This amendment (i.e. the deletion of "OTF") applies throughout the text. Adopting it will necessitate corresponding changes throughout including the definition in article 2.)
Amendment 111 #
2011/0296(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) This new category of organisede clarification of the existing types of trading venues is needed to ensure that all multilateral and bilateral trading facility will complement the existing types of trading venues. Whiletivities are subject to the same rules. In particular, the clarifications of the definitions of and the regimes imposed on regulated markets and multilateral trading facilities are characterised byshould clarify that both trading venues must have non- discretionary execution of transactions, the operator of an organised trading facility should have discretion over how a transaction is to be executed. The non- discretionary execution of transactions in a RM or MTF is fully separate from, and complementary to, the client-facing requirements imposed on intermediaries when executing client orders. Consequently, conduct of business rules, best execution and client order handling obligations should continue to apply to the transactions concluded on an O RM or MTF operated by an investment firm or a market operator. However, because an OTF constitutes a genuine trading pthe market- facing regulatform, the platform operator should be neutral. Therefore, the operator of an OTF should not be allowed to execute in the OTF any transaction between multiple third-party buying and selling interests including client orders brought together in the system against his own proprietary capital. This also excludes them from acting as systematic internay duties associated with operating a trading platform are different from the client-facing duties of an intermediary, both types of platforms must continue to be subject to the requirement to delisvers in the OTF operated by them non-discretionary execution.
Amendment 133 #
2011/0296(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) An investment firm executing client orders against own proprietary capital should be deemed a systematic internaliser, unless the transactions are carried out outside regulated markets, MTFs and OTFs on an occasional, ad hoc and irregular basin an over-the-counter (OTC) basis. OTC trading refers to bilateral trading outside systematic internalisers on an occasional, ad hoc and irregular basis with eligible counterparties and at sizes above standard market size. Any platform by definition cannot be considered as OTC since it cannot be ad hoc or irregular. Any trading that combines the characteristics of multilateral and bilateral trading should also not be considered as OTC, and instead be split into its separate multilateral and bilateral components. Systematic internalisers should be defined as investment firms which, on an organised, frequent and systematic basis, deal on own account by executing client orders outside a regulated market, an MTF or an OMTF. In order to ensure the objective and effective application of this definition to investment firms, any bilateral trading carried out with clients should be relevant and quantitative criteria should complement the qualitative criteria for the identification of investment firms required to register as systematic internalisers, laid down in Article 21 of Commission Regulation No 1287/2006 implementing Directive 2004/39/EC. While an OTF is any system or facility in which multiple third party buying and selling interests interact in the system, aA systematic internaliser should not be allowed to bring together third party buying and selling interests.
Amendment 146 #
2011/0296(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) It is not the intention of this Regulation to require the application of pre-trade transparency rules as well as other market-facing rules imposed on trading venues to transactions carried out on an OTC basis, the characteristics of which includare that they are bilateral, ad-hoc and irregular and are carried out with wholesaeligible counterparties and are part of a business relationship which is itself characterised by dealings above standard market size, and where the deals are carried out outside the systems usually used by the firm concerned for its business as a systematic internaliser.
Amendment 166 #
2011/0296(COD)
Proposal for a regulation
Recital 31
Recital 31
Amendment 168 #
2011/0296(COD)
Proposal for a regulation
Recital 32
Recital 32
Amendment 172 #
2011/0296(COD)
Proposal for a regulation
Recital 33
Recital 33
Amendment 204 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 2 a (new)
Article 2 – paragraph 1 – point 2 a (new)
(2 a) 'Multilateral system' means a system that brings together or facilitates the bringing together of buying and selling interests in financial instruments, whereby the operator does not take on capital risk, irrespective of the actual number of orders that are executed in the resulting transactions;
Amendment 205 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 2 b (new)
Article 2 – paragraph 1 – point 2 b (new)
(2 b) 'Bilateral system' means a system that brings together or facilitates the buying and selling interests in financial instruments, whereby the operator of the investment firms takes on capital risk;
Amendment 206 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 3
Article 2 – paragraph 1 – point 3
(3) ‘systematic internaliser’ means an investment firm which, on an organised, frequent and systematic basis, deals on own account by executing client orders outside a regulated market or an MTF or an OTFcarries out bilateral trading;
Amendment 211 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(5) ‘regulated market’ means a multilateral system operated and/or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments – in the system and in accordance with its non-discretionary rules – in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems, and which is authorised and functions regularly and in accordance with the provisions of Title III of Directive [new MiFID];
Amendment 217 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6
Article 2 – paragraph 1 – point 6
(6) ‘multilateral trading facility (MTF)’ means a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments – in the system and in accordance with non-discretionary rules – in a way that results in a contract in accordance with the provisions of Title II of Directive [new MiFID];
Amendment 221 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 a (new)
Article 2 – paragraph 1 – point 6 a (new)
(6 a) 'Over-the-counter (OTC) trading' means any bilateral trading which is, cumulatively, carried out by a broker outside a platform on its own account on an occasional, ad hoc and irregular basis with eligible counterparties and always at sizes above standard market size;
Amendment 240 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 25
Article 2 – paragraph 1 – point 25
(25) ‘trading venue’ means any regulated market, MTF or OTFSystematic Internaliser.
Amendment 598 #
Amendment 621 #
Amendment 657 #
Amendment 104 #
2011/0295(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) Insider lists are an important tool for regulators when investigating possible market abuse, but national differences in regards to data to be included in those lists impose unnecessary administrative burdens on issuers. Data fields required for insider lists should therefore be uniform in order to reduce those costs. The requirement to keep and constantly update insider lists imposes administrative burdens specifically on issuers on SME growth markets. As competent authorities are able to exercise effective market abuse supervision without having those lists available at all times for those issuers they should be exempt from this obligation in order to reduce the administrative costs imposed by this Regulation.
Amendment 127 #
2011/0295(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point b
Article 2 – paragraph 1 – point b
(b) financial instruments traded on a MTF or on an OTF in at least one Member State; This amendment (i.e. the deletion of "OTF") is horizontal. Adopting it will necessitate corresponding changes throughout including in recitals 8 and 21 and articles 2(1)(c), 5(4), 12(8), 13(3) and 16).
Amendment 190 #
2011/0295(COD)
Proposal for a regulation
Article 7 – paragraph 5 – subparagraph 1 – point d
Article 7 – paragraph 5 – subparagraph 1 – point d
(d) being involved in criminillegal activities.
Amendment 220 #
2011/0295(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point b
Article 8 – paragraph 1 – point b
(b) entering into a transaction, placing an order to trade or any other behaviour affecting or likely to affect the price of one or several financial instruments or a related spot commodity contract, which employs a fictitious device or any other form of deception or contrivance; or
Amendment 236 #
2011/0295(COD)
Proposal for a regulation
Article 8 – paragraph 3 – point a
Article 8 – paragraph 3 – point a
(a) conduct by a person, or persons acting in collaboration, to secure a dominant position over the supply of or demand for a financial instrument or related spot commodity contracts which has or is likely to have the effect of fixing, directly or indirectly, purchase or sale prices or creating other unfair trading conditions,
Amendment 239 #
2011/0295(COD)
Proposal for a regulation
Article 8 – paragraph 3 – point b
Article 8 – paragraph 3 – point b
(b) the buying or selling of financial instruments at the close of the market withhich has or is likely to have the effect or intention of misleading investors acting on the basis of closing prices,
Amendment 252 #
2011/0295(COD)
Proposal for a regulation
Article 8 – paragraph 3 – point d
Article 8 – paragraph 3 – point d
(d) taking advantage of occasional or regular access to the traditional or electronic media by voicing an opinion about a financial instrument or related spot commodity contract (or indirectly about its issuer) while having previously taken positions on that financial instrument or related spot commodity contract and aiming at profiting subsequently from the impact of the opinions voiced on the price of that instrument or related spot commodity contract, without having simultaneously disclosed that conflict of interest to the public in a proper and effective way.
Amendment 279 #
2011/0295(COD)
Proposal for a regulation
Article 12 – paragraph 2 – subparagraph 1
Article 12 – paragraph 2 – subparagraph 1
An emission allowance market participant shall publicly, effectively and in a timely manneras soon as possible disclose inside information concerning emission allowances which it holds in respect of its business, including aviation activities as specified in Annex I of Directive 2003/87/EC or installations within the meaning of Article 3(e) of the same Directive which the participant concerned, or parent undertaking or related undertaking, owns or controls or for which the participant, or its parent undertaking or related undertaking, is responsible for operational matters, either in whole or in part. With regard to installations, such disclosure shall include relevant information to the capacity and utilisation of installations, including planned or unplanned unavailability of such installations.
Amendment 303 #
2011/0295(COD)
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
Amendment 313 #
2011/0295(COD)
Proposal for a regulation
Article 14 – paragraph 2 – introductory part
Article 14 – paragraph 2 – introductory part
2. For the purposes of paragraph 1 transactions that must be notifiedmade public shall include:
Amendment 330 #
2011/0295(COD)
Proposal for a regulation
Article 15 – paragraph 3 – subparagraph 1
Article 15 – paragraph 3 – subparagraph 1
ESMA shall develop draft regulatory technical standards to determine the technical arrangements, for the various categories of person referred to in paragraph 1, for objective presentation of information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest.
Amendment 334 #
2011/0295(COD)
Proposal for a regulation
Article 17 – paragraph 2 – point e
Article 17 – paragraph 2 – point e
(e) after having obtained prior authorisation from the judicial authority of the Member State concerned when required by and in accordance with national law, and where a reasonable suspicion exists that documents related to the subject-matter of the inspection may be relevant to prove a case of insider dealing or market manipulation in violation of this Regulation or Directive [new MAD], enter private premises in order to seize documents in any form ;
Amendment 366 #
2011/0295(COD)
Proposal for a regulation
Article 25 – paragraph 1 – point j
Article 25 – paragraph 1 – point j
(j) an issuer of a financial instrument or an emission allowance market participant, not exempted pursuant to the second subparagraph of paragraph 2 of Article 12, fails to inform the competent authority that the disclosure of inside information was delayed, in breach of Article 12 (24);
Amendment 367 #
2011/0295(COD)
Proposal for a regulation
Article 25 – paragraph 1 – point k
Article 25 – paragraph 1 – point k
(k) an issuer of a financial instrument or an emission allowance market participant, or a person acting on their behalf or on their account fails to disclose to the public the inside information disclosed to any person in the normal exercise of duties resulting from employment or profession, in breach of Article 12 (46);
Amendment 369 #
2011/0295(COD)
Proposal for a regulation
Article 26 – paragraph 1 – introductory part
Article 26 – paragraph 1 – introductory part
1. Without prejudice to the supervisory powers of competent authorities in accordance with Article 17, in case of a breach referred to in paragraph 1Article 25, competent authorities shall, in conformity with national law, have the power to impose at least the following administrative measures and sanctions:
Amendment 395 #
2011/0295(COD)
Proposal for a regulation
Article 30 – paragraph 1
Article 30 – paragraph 1
1. Competent and judicial authorities shall provide ESMA annually with aggregated information regarding all administrative measures, sanctions and fines imposed, either by them or by judicial authorities, in accordance with Articles 24, 25, 26, 27, 28 and 29. ESMA shall publish this information in an annual report.
Amendment 9 #
2011/0283(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) In order to alleviate those problems and to speed up the implementation of the operational programmes and projects, as well as to strengthen the economic recovery, it is appropriate that the managing authorities of the Member States having experienced serious difficulties with respect to financial stability and which have been granted financial assistance according to one of the financial assistance mechanisms set out above may contribute, temporarily and without prejudice to the 2014 to 2020 programming period, financial resources from operational programmes to the establishment of risk sharing instruments providing loans or guarantees or other financial facilities, in support of projects and operations foreseen under an operational programme.
Amendment 18 #
2011/0276(COD)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) The economic and financial crisis has severely affected the Member States and their citizens and has had a major impact on all European regions. Many Member States are being affected by economic recession and a deterioration of social conditions, while at the same time unemployment is reaching record levels. This is leading to fresh inequalities between the regions in terms of growth, and to the aggravation of existing inequalities. In this context, cohesion policy fulfils a particularly important purpose, making a decisive contribution to stimulating the economy, promoting sustainable, smart and inclusive growth and narrowing social and geographic inequalities. Given that the current crisis has increased pressure on national public financial resources and reduced the lending capacity of the private sector, CSF Funds provide the resources essential to deal with the consequences of the crisis. It is accordingly necessary to introduce greater flexibility into cohesion policy measures in order to maximise and optimise the use of CSF Funds.
Amendment 28 #
2011/0276(COD)
Proposal for a regulation
Recital 55 a (new)
Recital 55 a (new)
(55a) The economic and financial crisis has revealed the inadequacy of GDP as the sole indicator of eligibility for assistance from the CSF Funds. It is necessary to assess more accurately the actual development levels of European regions and the contribution which Member States can make to project implementation so as to ensure a more appropriate and fairer distribution of funding to the Member States. For this reason, it is essential to combine the actual levels of regional GDP with the capacity of the Member state to help its own regions, as well as, to take into account the medium to long-term trends in the comparative evolution of the region's GDP.
Amendment 44 #
2011/0203(COD)
Proposal for a directive
Recital 12 a (new)
Recital 12 a (new)
(12a) In order to tackle tax avoidance, the Union should start requiring legal persons to disclose country-by-country reporting; therefore, a credit institution that does not provide country-by-country reporting should not be authorised.
Amendment 109 #
2011/0203(COD)
Proposal for a directive
Article 13 – paragraph 2 – point b a (new)
Article 13 – paragraph 2 – point b a (new)
(ba) any credit institution provides country-by-country reporting.
Amendment 505 #
2011/0203(COD)
Proposal for a directive
Article 127 – paragraph 1
Article 127 – paragraph 1
1. Where a designated authority, in accordance with Article 126(5), or a relevant third country authority has set a countercyclical buffer rate in excess of 2.5% of the total risk exposure amount referred to in Article 87(3) of Regulation [inserted by OP(EU) No. .../2012 of ... [on prudential requirements for credit institutions and investment firms], the other designated authorities mayshall recognise that buffer rate for the purposes of the calculation by domestically authorised institutions of their institution specific countercyclical capital buffers.
Amendment 509 #
2011/0203(COD)
Proposal for a directive
Article 127 – paragraph 2 a (new)
Article 127 – paragraph 2 a (new)
Amendment 174 #
2011/0202(COD)
Proposal for a regulation
Recital 53 a (new)
Recital 53 a (new)
Amendment 208 #
2011/0202(COD)
Proposal for a regulation
Recital 83 a (new)
Recital 83 a (new)
(83a) This Regulation, along with Directive 2012/.../EU of the European Parliament and of the Council [on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms], is a core element of the new framework for the supervision of credit institutions in the Union but should be complemented by a framework for crisis management and resolution of credit institutions. The Commission should therefore bring forward a legislative proposal to give effect to such a framework in the Union without delay.
Amendment 535 #
2011/0202(COD)
Proposal for a regulation
Article 79 – paragraph 1 a (new)
Article 79 – paragraph 1 a (new)
The above rule shall not be applied if the subsidiary is minority-owned by a holding company - parent company, parent financial holding company, parent mixed- activity holding company - which has no operational activities. The competent authorities may decide, on a case by case basis, that any group may be subject to this rule, whether its subsidiaries are majority-owned or minority-owned, if justified by a high level of risk exposure of such group.
Amendment 1442 #
2011/0202(COD)
Proposal for a regulation
Article 458 – paragraph 2 a (new)
Article 458 – paragraph 2 a (new)
2 a. In cases where certain closed defined benefits plans of member states are similar to first pillar of social security systems, for the purposes of point (a) of article 451(1), competent authorities may allow the maintenance of the additional filters as referred in article 461 (1)(a) until 31 December 2023.
Amendment 1452 #
2011/0202(COD)
Proposal for a regulation
Article 461 – paragraph 1
Article 461 – paragraph 1
1. By way of derogation from Articles 29 to 33, 53 and 63, during the period from 1 January 2013 to 31 December 2017, institutions shall make adjustments to include in or deduct from Common Equity Tier 1 items, Tier 1 items, Tier 2 items or own funds items the applicable percentage of filters or deductions required under national transposition measures for Articles 57, 61 and 66 of Directive 2006/48/EC, and for Articles 13 and 16 of Directive 2006/49/EC, or under other national provisions and which are not required in accordance with Part Two.
Amendment 1456 #
2011/0202(COD)
Proposal for a regulation
Article 462 – paragraph 1 – point a
Article 462 – paragraph 1 – point a
(a) the instruments were issued prior to 20 July 2011the date of application of this Regulation;
Amendment 1462 #
2011/0202(COD)
Proposal for a regulation
Article 462 a (new)
Article 462 a (new)
Amendment 1601 #
2011/0202(COD)
Proposal for a regulation
Article 485 – title
Article 485 – title
Amendment 1603 #
2011/0202(COD)
Proposal for a regulation
Article 485 – paragraph 1
Article 485 – paragraph 1
The Commission shall within 124 months after the entry into force of this Regulation, report on the impact of the own funds requirements laid down in this Regulation on lending to small and medium-sized enterprises and natural persons and shall submit this report to the European Parliament and the Council, and, if appropriate, a legislative proposal.
Amendment 1605 #
2011/0202(COD)
Proposal for a regulation
Article 485 – paragraph 2 – point a
Article 485 – paragraph 2 – point a
(a) an analysis on the appropriateness of the credit risk weights applicable to lending to small and medium-sized enterprises, that should comprise a comparison between actual unexpected credit losses on lending to small and medium sized enterprises and natural persons within the European Union over a full economic cycle and the unexpected credit losses based on the credit risk weights applicable to lending to small and medium-sized enterprises;
Amendment 1616 #
2011/0202(COD)
Proposal for a regulation
Article 486 a (new)
Article 486 a (new)
Article 486 a The framework for crisis management and resolution of credit institutions By 31 July 2012 the Commission shall review and report on the framework for crisis management and resolution of credit institutions and shall submit this report to the European Parliament and the Council, accompanied by a legislative proposal.
Amendment 28 #
2010/2206(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Believes that the basis for a EU tourism strategy lies firstly in a packet of specific measures solely concerning the tourism sector, and secondly in a precise assessment of how measures in other sectors impact tourism; encourages the Commission to set specific timings to achieve all 21 actions and targets and to ask Member States to cooperate by assessing the implementation of each strategy;
Amendment 56 #
2010/2206(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the ‘European heritage label’ initiative as a tool giving prominence to some of the important sites in the history of European integration; stresses the need for coordination between this initiative and the UNESCO heritage sites in order to avoid overlapping that has no added value; recommends that the 'European heritage label' should be open, on a voluntary basis, to the participation of sites that represent European heritage in spite of being located outside the European Union;
Amendment 230 #
2010/2206(INI)
Motion for a resolution
Paragraph 38
Paragraph 38
38. Encourages the Commission to foster a progressive reduction in the seasonal nature of tourism by continuing to build on the results, so far positive, of the preparatory action ‘Calypso’; calls, furthermore, on the Commission to press ahead with an exchange programme allowing specific categories of people, starting with the most disadvantaged, to take holidays, particularly during the low season and even travelling across national borders; recommends the progressive opening of the Calypso programme to EU citizens who meet all programme’s requirements but live in third countries, stimulating awareness in their countries of residence of European destinations, namely through reinforcing or building cultural and personal bridges with the second and third generations of European emigrants;
Amendment 257 #
2010/2206(INI)
Motion for a resolution
Paragraph 46
Paragraph 46
46. Highlights the opportunity this presents for VAT on tourism to be progressively harmonised across the Member States as a necessary condition for transparent competition between tourist companies within the EU and with non-EU countries; welcomes in this respect the discussion that started with the publication of the Green Paper on the future of VAT; calls the attention of the Member-States to the negative side effect of the growing tendency to over tax tourists travelling to EU or inside EU countries (with fuel charges, security charges, landing fees and port airport fees, city taxes, etc.);
Amendment 1 #
2010/2099(INI)
Motion for a resolution
Citation 3
Citation 3
having regard to Articles 121, 126, 136, 138, 148 and 352 of the Treaty on the Functioning of the European Union and the Protocols (No 12) on Excessive Deficit Procedure and (No 14) on the Euro Group, annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union,
Amendment 2 #
2010/2099(INI)
Motion for a resolution
Citation 4
Citation 4
having regard to the Commission Communications of 12 May 2010 on Reinforcing economic policy coordination (COM(2010)0250), and 30 June on Enhancing economic policy coordination for stability, growth and jobs – Tools for stronger EU economic governance COM(2010) 367/2,
Amendment 21 #
2010/2099(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas a stronger involvement of the social partners at national and European level will contribute to a better ownership in the implementation of economic governance and the overall Europe 2020 Strategy;
Amendment 31 #
2010/2099(INI)
Motion for a resolution
Recital D
Recital D
D. whereas labour, knowledge, capital and innovations have a tendency to migrate to certain regions, and EU financial solidarity mechanisms need to be further developed focusing, in particular, on research and development and education,
Amendment 43 #
2010/2099(INI)
Motion for a resolution
Recital F
Recital F
F. whereas a fair balance between investments in sustainable, job-creating growth and the prevention of excessive deficits over the economic cycle, in line with Union-level commitments and guidelines, need to be persued,
Amendment 52 #
2010/2099(INI)
Motion for a resolution
Recital G
Recital G
G. whereas competitiveness divergences and current-account imbalances within the euro area increased steadily during the pre- crisis years and have largely persistincreased throughout the crisis,
Amendment 62 #
2010/2099(INI)
Motion for a resolution
Recital J a (new)
Recital J a (new)
J a. whereas preventive macroeconomic surveillance should be based on both Article 121 and Article 148 TFEU,
Amendment 63 #
2010/2099(INI)
Motion for a resolution
Recital J a (new)
Recital J a (new)
J a. whereas any eventual penalties associated with breaching of SGP targets must result from either insufficient will to comply or fraud and never from incapacity to comply due to reasons beyond the Member State´s capacity,
Amendment 76 #
2010/2099(INI)
Motion for a resolution
Recital N a (new)
Recital N a (new)
N a. whereas the SGP´s targets must be compatible not only with the EU2020 strategy,but also with other compromises concerning expenditure on development aid, R&D, environment, education and poverty erradication.
Amendment 82 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – introductory part
Annex 1 – heading 1 – paragraph 1 – introductory part
The legislative act should take the form of regulation(s) on multilateral surveillance of economic policies and developments based on Article 121(6) amending Regulation (EC) No 1466/97 on the preventive arm of the Stability and Growth Pact and complementing it with a new regulation aiming at establishing a rule-based and transparent surveillance framework for both excessive imbalances, spill-over effects and competitiveness developments:
Amendment 84 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 1
Annex 1 – heading 1 – paragraph 1 – indent 1
– Define the scope of the multilateral surveillance based on TFEU instruments and assessments by the Commission aiming at preventing excessive macro- economic imbalances, unsustainable fiscal and other policies, addressing financial stability and, long-term investment and sustainable growth concerns in accordance with the objectives of the Europe 2020 strategy; strengthen the European Parliament's role as well as the invovlement of all other stakeholders in the governance of this surveillance,
Amendment 85 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 1
Annex 1 – heading 1 – paragraph 1 – indent 1
– Define the scope of the multilateral surveillance based on TFEU instruments and assessments by the Commission (Art.121 and 121.5 and 121.6) in order to include a "Growth and Employment Pact" under the same legal framework of the existing instruments aiming at preventing excessive macro- economic imbalances, unsustainable fiscal and other policies, addressing financial stability and growth concerns in accordance with the objectives of the Europe 2020 strategy,
Amendment 89 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 2
Annex 1 – heading 1 – paragraph 1 – indent 2
– Establish an enhanced analytical surveillance framework (including a scoreboard with specific trigger values for early warning) with appropriate methodological tools and transparency for an effective multilateral surveillance based on key economic indicators (real and nominal), which may affect competitiveness positions, including, but not limited to, growth rate, composition of the national GDP, employment and poverty rate, real exchange rate developments, labour cost developments, current account/balance of payments developments, credit growth, capital formation and inflows, productivity developments, and asset markets (including private debt and property markets) developments,
Amendment 90 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 2
Annex 1 – heading 1 – paragraph 1 – indent 2
– Establish an enhanced analytical surveillance framework (including a scoreboard with specific trigger values for early warning) with appropriate methodological tools and transparency for an effective multilateral surveillance based on key economic indicators (real and nominal), which may affect competitiveness positions, including, but not limited to, growth rate, composition of the national GDP, employment rate, real exchange rate developments, labour cost developments, current account/balance of payments developments, credit growth, capital formation and inflows, productivity developments, and asset markets (including private debt and property markets) developmentsand investment rate, employment and unemployment rate, real exchange rate and current account developments. Signs of risk of speculative bubbles must also be addressed,
Amendment 95 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 3 a (new)
Annex 1 – heading 1 – paragraph 1 – indent 3 a (new)
– The Commission shall develop the adequate analytical tools and expertise to investigate the deep reasons behind the persistent divergent trends within the Euro-Area, including the impact of common policies on the differentiated economic systems within it.
Amendment 99 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 4
Annex 1 – heading 1 – paragraph 1 – indent 4
– Establish common rules for a more active use of the Broad Economic Policy Guidelines in coordination with the Employment guidelines as a key tool for economic guidance, surveillance and Member State- specific recommendations in line with the EU 2020 strategy, focusing on growth, employment, structural reforms, productivity and competitiveness, while taking into consideration the convergences and divergences between Members States - including their demographic situation-, strengthening the relative competitive advantages of Member States, the resilience of the economy to external shocks and the impact that Member States' decisions may have on other Member States,
Amendment 103 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 4
Annex 1 – heading 1 – paragraph 1 – indent 4
– Establish common rules for a more aeffective use of the Broad Economic Policy Guidelines as a key tool for economic guidance, surveillance and Member State- specific recommendations in line with the EU 2020 strategy, focusing on growth, structural reforms, productivity and competitiveness, while taking into consideration the convergences and divergences between Members States, strengthening the relative competitive advantages of Member States, the resilience of the economy to external shocks and the impact that Member States' decisions may have on other Member States,
Amendment 107 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 6
Annex 1 – heading 1 – paragraph 1 – indent 6
– Establish a "UnioEuropean semester" for a first comparison and assessment of draft budgets of Member States (main elements and assumptions) in order to better evaluate the implementation and future execution ofto improve the coherence between the Stability and Convergence Programmes (SCPs) and the National Reform Programmes (NRPs), taking due account of and of those with the national annual budget procedures and multi-annual national budgetary frameworks taking due account of the national budget procedures,
Amendment 109 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 6
Annex 1 – heading 1 – paragraph 1 – indent 6
– Establish a "Union semester" for a first comparison and assessment of draft budgets of Member States (main elements and assumptions) in order to better evaluate the implementation and future execution of the Stability and Convergence Programmes (SCPs) and the National Reform Programmes (NRPs), taking due account of the national annual budget procedures and multi-annual budgetary frameworks; the broad economic policy guidelines as well as the employment guidelines established jointly with Parliament should be used as a framework for discussion and evaluation of the eurozone Member States' budgets – before their presentation to the respective national parliaments,
Amendment 111 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 7
Annex 1 – heading 1 – paragraph 1 – indent 7
– Establish a "Union Semester" for dealing with the Integrated Guidelines at national and Union-level, which would enable a real and timely contribution by all parties concernedUse the "European Semester" to guarantee the coherence between the Integrated Guidelines at national and Union-level, as well as the fulfilment of the quantitative and qualitative targets set in the new "Growth and Employment Pact",
Amendment 113 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 7 a (new)
Annex 1 – heading 1 – paragraph 1 – indent 7 a (new)
– Provide room, in the context of the European semester for an enlarged debate on financial issues and on the economic situation of the EU including consultation with the Union- level social partners, strengthening the macroeconomic social dialogue,
Amendment 115 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 8
Annex 1 – heading 1 – paragraph 1 – indent 8
– HFurther harmonise the main assumption and indicators used in the underlying forecasts used for preparing national SCPs and NRPethodologies of the calculation of the main budget aggregates in order to facilitate comparison between member states,
Amendment 117 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 10
Annex 1 – heading 1 – paragraph 1 – indent 10
Amendment 118 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 11
Annex 1 – heading 1 – paragraph 1 – indent 11
– Introduce a stronger assessment of the main elements of the SCPs at Union levelSCPs, from the point of view of their interconnections with other Member States targets and those of the Union before adoption of the policies envisaged in the SCPs at national level,
Amendment 119 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 12
Annex 1 – heading 1 – paragraph 1 – indent 12
– Introduce a strong involvement of national parliaments before formal presentation of the SCPs and NRPs at Union level in an agreed time-frame, for instance through an annual debate to take place among national parliaments, with the participation of the European Parliament, on the integrated guidelines and on budgetary orientations of one another;
Amendment 120 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 12
Annex 1 – heading 1 – paragraph 1 – indent 12
– Introduce a strong involvement of the national parliaments and social partners before formal presentation of the SCPs and NRPs at Union level in an agreed time- frame,
Amendment 122 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 13
Annex 1 – heading 1 – paragraph 1 – indent 13
– Establish a more systematic comparison between the planned fiscal, growth and job stances as given by the Member States in their SCPs and the real effective outcome, questioning and following up on substantial divergences between planned and realised figures,
Amendment 125 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 15
Annex 1 – heading 1 – paragraph 1 – indent 15
– Establish, under the aegis of the Commission, an independent, systematic and robust evaluation process, under the aegis of the Commission, of the SCPs and NRPs in order to have a more transparent approach and increase independent assessment,
Amendment 128 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 16
Annex 1 – heading 1 – paragraph 1 – indent 16
– Establish a requirement for Member States to inform each other and the Commission before taking economic policy decisions with expected tangible spill-over effects, which may distort the smooth functioning of the internal market and of, the Economic and Monetary Union (EMU) or endanger the targets set by the EU, namely in the 2020 strategy,
Amendment 132 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 17
Annex 1 – heading 1 – paragraph 1 – indent 17
– Establish a requirement for Member States to provide additional information, if a substantial concern arises that the policies conducted may jeopardise the proper functioning of the internal market or, the EMU or endanger the targets set by the EMU, namely in the 2020 strategy,
Amendment 133 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 18
Annex 1 – heading 1 – paragraph 1 – indent 18
– Take into account the assessment of the European Systemic Risk Board in the multilateral surveillance framework, in particular as regards financial stability, stress tests, potential outward and inward spill-over effects and accumulation of excessive private debt.
Amendment 141 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 1
Annex 1 – heading 2 – paragraph 1 – indent 1
– LaunchClarify and increase the transparency of the Excessive Deficit Procedure (EDP)/Excessive Debt Surveillance Procedure (EDSP) on the basis of gross debt levels. The EDF/EDSP including detailed regular reports on the debt dynamics and development, would be triggered for all Member States in which government debt level exceeds the 60 % threshold and is not diminishing at satisfactory pace. The EDP would be on "stand-sti, reinforcing the importance atributed to debt and to the interconnection between debt and deficit as well" as long as the country fulfils its MTFO and would be abrogated once the debt level is below 60 to their dynamic evolution.
Amendment 147 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 3
Annex 1 – heading 2 – paragraph 1 – indent 3
– Establish a clear harmonised framework to measure and monitor debt as well as surplus dynamics, including implicit and contingent liabilities, such as public guarantees in public-private-partnership investments,
Amendment 148 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 3 a (new)
Annex 1 – heading 2 – paragraph 1 – indent 3 a (new)
– Establish a country-specific differentiated time frame for the process of fiscal consolidation that will occur no later than 2015, in view of realigning all public deficit levels with the requirements set out in the SGP,
Amendment 149 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 4
Annex 1 – heading 2 – paragraph 1 – indent 4
– Establish a monitoring and other deterrent mechanisms including possibleublic warnings and incremental sanctions for Member States that have not reached their MTFO or are not approaching it at the agreed pace,
Amendment 155 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 5
Annex 1 – heading 2 – paragraph 1 – indent 5
– Establish minimum rules and guidelines for national budgetary procedures (i.e. annual and multiannual financial frameworks) in order to implement the obligation in Article 3 of the Protocol (No 12) on Excessive Deficit Procedure. Those national frameworks should include sufficient information on both the expenditure and revenue sides of the planned budgetary actions in order to enable sensible discussion and scrutiny of the budgetary plans at both the national and Union level; further work on the comparability of national budgets as regards their spending categories and the political priorities they reflect is needed,
Amendment 160 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 7
Annex 1 – heading 2 – paragraph 1 – indent 7
– Establish pre-specified and pre-emptive incentives to be decided independently from the Council by the Commission or semi-automatic sanctionmechanisms, in order to facilitate early warning steps and apply them in a progressive way,
Amendment 169 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 8
Annex 1 – heading 2 – paragraph 1 – indent 8
– Enforce and implement such a sanctioning mechanisms for euro area Member States as part of the new multilateral surveillance framework and the new instruments of the SGP, in particular the enhanced role of the MTFO, taking into consideration the very close interconnections between Euro and non Euro area economies,
Amendment 174 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 9
Annex 1 – heading 2 – paragraph 1 – indent 9
– Make the necessary changes to the Commission's internal decision-making procedure in order to guarantee an efficient a rapid implementation of those semi- automatic preventive penaltiewarnings.
Amendment 175 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 9 a (new)
Annex 1 – heading 2 – paragraph 1 – indent 9 a (new)
– The European Commission will consult the European and relevant national social partners before issuing its final conclusions on the EDP/EDSP and take their points of view into account.
Amendment 180 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 3 – paragraph 1 – introductory part
Annex 1 – heading 3 – paragraph 1 – introductory part
Recognising that euro area countries are in a different situation from other Member States as they do not have the exchange rate mechanism at their disposal if they need to adjust relative prices and that they share the responsibility of the functioning of the European monetary union as a whole, the new rules, based on the other e specificities of the euro area countries , the recommendations in this resolution and, Article 136 TFEU and Protocol (No 14) on the Euro Group thereto, should aim to:
Amendment 183 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 3 – paragraph 1 – indent 1
Annex 1 – heading 3 – paragraph 1 – indent 1
– Establish a euro-area-specific framework for reinforced monitoring focusing on excessive macro-economic divergences, price competitiveness, real exchange rates, credit growth and current accountof the target set in Protocol n.14 including a thorough assessment of the deivelopments of the Mrgences between member Sstates concernedand their causes,
Amendment 193 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 3 – paragraph 1 – indent 3
Annex 1 – heading 3 – paragraph 1 – indent 3
– Strengthen theEstablish a robust secretariat and cabinet of the President of the Euro Group,
Amendment 199 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 4 – introductory part
Annex 1 – heading 4 – introductory part
Recommendation 4 : Establish a robust and credible excessive debt prevention and resolution mechanism for the euro areaAn impact assessment and feasibility study should be undertaken before any legislative act ( After a feasibility study, the Commission, based on Article 352 TFEU or any other appropriate legal base) aiming to shall:
Amendment 200 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 4 – indent 1
Annex 1 – heading 4 – indent 1
– Establish a permanent mechanism or body (, within one year, a permanent European Monetary Fund) as a last resort mechanism for cases in which market financing is no longer availableborrowing and lending mechanism based on existing mechanismexperiences (the European Financial Stability Facility, the European Financial Stabilisation Mechanism and the European balance of payments instrument) with clear rules on the decision-making procedure, funding, conditionality for loans, monitoring, rules on burden-sharing, and resources and powers in order to facilitate borrowing and lending activity in exceptional circumstances and in order to facilitate orderly resolution avoiding contagion and ring-fencing sovereign debt insolvency, if needed and monitoring.
Amendment 215 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 5 – paragraph 1 – indent 1
Annex 1 – heading 5 – paragraph 1 – indent 1
– Produce, within a year, a feasibility assessment (the nature, risks and advantages) in order tof establishing a system in the long run for the issuance of common government bonds,
Amendment 219 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 5 – paragraph 1 – indent 2
Annex 1 – heading 5 – paragraph 1 – indent 2
– Reinforce and update, namely bearing in mind the 2020 targets, the Union cohesion policy in close cooperation with the European Investment Bank (EIB) in order to reduce structural weaknesses and increase the competitiveness of weaker economic regions, in particularly by facilitating the financing needs of SMEs and their entrysuccessful participation into the internal market,
Amendment 224 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 5 – paragraph 1 – indent 3
Annex 1 – heading 5 – paragraph 1 – indent 3
– Develop a common budgetary strategy or guidelines (for national and EU budgets) and the EU budgeta set of common policies and instruments in line with the Europe 2020 strategy,
Amendment 227 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 5 – paragraph 1 – indent 4
Annex 1 – heading 5 – paragraph 1 – indent 4
– Establish a clear framework for a renewed joint effort of the EU budgetary funds and EIB financial resources, to further leverage in next Multiannual Financial Framework the budgetary funds by means ofbenefit from the EIB'’s expertise in financial engineering, commitment to EU policies and pivotal role among public and private sector financial institutions,
Amendment 229 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 5 – paragraph 1 – indent 5
Annex 1 – heading 5 – paragraph 1 – indent 5
– Establish a high-level tax policy group chaired by the Commission with a mandate to workproduce within one year, a roadmap for a strategic and pragmatic EU approach to tax policy issues in the Union, while paying particular attention to preventing fiscal dumping between Member States, combating tax fraud, reinvigorated the code of conduct on business taxation and facilitating the adoption of the Common Consolidated Corporate Tax Base and growth-enhancing tax reforms. The EU external agenda, namely in the context of the G20, in tax matters should be analysed by this high- level tax policy group. It should include, namely, the strategy to combat tax fraud, the addressing of tax heavens and the setting up of aditional sources of revenue of a financial and environmental nature.
Amendment 239 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 6 – paragraph 1 – indent 1
Annex 1 – heading 6 – paragraph 1 – indent 1
Amendment 242 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 6 – paragraph 1 – indent 1 a (new)
Annex 1 – heading 6 – paragraph 1 – indent 1 a (new)
– Should aim to regulate the interlinks between financial markets and macro economic policies so as to ensure stability, transparency, accountability and curb incentives for excessive risk taking,
Amendment 249 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 7 – paragraph 1 – indent 4
Annex 1 – heading 7 – paragraph 1 – indent 4
– Require Member States to indicate which data provided to the Commission (Eurostat) are supported by national declarations of assurance and an independent auditor's report,
Amendment 251 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 7 – paragraph 1 – indent 6
Annex 1 – heading 7 – paragraph 1 – indent 6
– Review the need for more harmonised data,Address the new statistic requirements relevant to the economic governance framework proposed in this Annex. In particular, ensure an appropriate quality framework for the European statistics needed toresponse to the enhanced the analytical surveillance framework, (including a "scoreboard") for an effective multilateral surveillancedemanded under Recommendation 1,
Amendment 254 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 8 – paragraph 1 – indent 2 a (new)
Annex 1 – heading 8 – paragraph 1 – indent 2 a (new)
– Establish a clear and targeted Euro Area/EU international agenda that will guarantee an international level playing field in the EU fiscal, anti fraud and financial regulation and supervision agenda.
Amendment 13 #
2010/0821(NLE)
Draft decision
Recital 4 a (new)
Recital 4 a (new)
(4a) The Commission should draw up as a proposal for adoption under the ordinary legislative procedure a detailed set of rules laying down the way in which the stability mechanism will be governed and operated, and should specify which instruments are to be used within its remit.
Amendment 51 #
2010/0281(COD)
Proposal for a regulation
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 121(6) and Article 121(3), in combination with Article 148(3) and (4) thereof,
Amendment 58 #
2010/0281(COD)
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) The internal market, as provided for by the TFEU, should work for the sustainable development of the Union based on balanced economic growth and price stability, a highly competitive social market economy, aiming at full employment and social cohesion, and a high level of protection and improvement of the quality of the environment.
Amendment 60 #
2010/0281(COD)
Proposal for a regulation
Recital 1 b (new)
Recital 1 b (new)
(1b) The European Council of 17 June 2010 adopted a new strategy for jobs and growth, the Europe 2020 strategy, to enable the Union to emerge stronger from the crisis, and to turn its economy towards smart, sustainable and inclusive growth, accompanied by high level employment, productivity and social cohesion. The European Council also decided to launch, on 1 January 2011, the European semester for policy coordination to allow Member States to benefit from early coordination at Union level and to enable enhanced surveillance and a simultaneous assessment of both budgetary measures and structural reforms, fostering growth and employment.
Amendment 98 #
2010/0281(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) TIn order for the scoreboard to function efficiently as the basis for improved surveillance of macroeconomics, the scoreboard should consist of a limited set of economic and financial indicators relevant to detection of macroeconomic imbalances, with corresponding indicative thresholds. Symmetry in the interpretation of numerical thresholds means that excessive positive or negative values as well as divergent evolutions of similar indicators across Member States shall trigger a closer review. The composition of the scoreboard mayshould evolve in timeover time so as to adapt to the changing nature of macroeconomic imbalances, inter alia due to evolving threats to macroeconomic stability or enhanced availability of relevant statistics.
Amendment 119 #
2010/0281(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) Based on the multilateral surveillance procedure and the alert mechanism, the Commission should, by way of preliminary assessment, identify the Member States to be subject to an in-depth review. Conducting such an in-depth review should not imply a presumption of the existence of excessive macroeconomic imbalances. The in-depth review should encompass a thorough analysis of sourcthe causes of imbalances inand the capacity of the Member State under review. It should be discussed within the Council and the Euro Group for the Member States whose currency is the euro to resolve them. An in-depth review should be seen as a standard component of the diagnosis phase.
Amendment 136 #
2010/0281(COD)
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) Measures proposed to a given Member State for correcting imbalances should take into account the objectives of a Union strategy for growth and jobs and the need to use such a strategy as an instrument for sustainable internal cohesion, contributing to making the Union the most competitive economy in the world. The medium-term growth and primary balance targets of the "catching- up countries" should be taken into consideration.
Amendment 145 #
2010/0281(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) If macroeconomic imbalances are identified, recommendations should be addressed to the Member State concerned to provide guidance on appropriate policy responses. The policy response of the Member State concerned to imbalances should be timely and should use all available policy instruments under the control of public authorities and involve all relevant national stakeholders. It should be tailored to the specific environment and circumstances of the Member State concerned, be compatible with medium and long-term convergence and the targets included in a Union strategy for growth and jobs, and cover the main economic policy areas, potentially including fiscal and wagetaxation policies, labour markets, product and services markets and financial sector regulation.
Amendment 156 #
2010/0281(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) If severexcessive macroeconomic imbalances are identified, including imbalances that jeopardise the proper functioning of economic and monetary union, an excessive imbalance procedure should be initiated that may include issuing recommendations to the Member State, enhanced surveillance and monitoring requirements and in respect of Member States whose currency is the euro, the possibility of enforcement in accordance with Regulation (EU) No […/…]4[1] in the event of sustained failure to take corrective action. [1] OJ L […], […], […].
Amendment 203 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 1 b (new)
Article 3 – paragraph 1 b (new)
1b. The Commission shall take into account, when addressing macroeconomic imbalances, the overall conditions under which they are developing, namely the asymmetric impacts caused by globalisation across the European Union, the growth of aggregate demand, the different interest rate level of sovereign and private debt financing, the credit conditions in the retail market, taxation differences across Europe, in particular corporate taxes, and the available EU instruments and conditions to support social and regional convergence.
Amendment 209 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The scoreboard shall be, made up of an array of macroeconomic and macrofinancial indicators for Member Stateindicators for Member States shall allow for comparisons between Member States and reflect short-term, structural and medium-long term trends. The Commission mayshall set indicative and symmetric lower or upper thresholds for these indicators to serve as alert levels. ThWhenever appropriate, the same thresholds shall be applicable to Member States whose currency is the euro may be different from those applicable to the otherand to Member States whose currency is not the euro. Within the Eurozone, threshold may reflect the different starting positions of Member States.
Amendment 225 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. The work of the European Systemic Risk Board shall be taken into due consideration in the drafting of indicators relevant to financial market stability.
Amendment 235 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. The Commission shall adopt, by means of delegated acts in accordance with Article -12a, and subject to the conditions of Articles -12b and -12c, measures setting the list of relevant indicators to be included in the scoreboard and of the relevant thresholds. The list of indicators shall include, among others the following sets of indicators: (a) internal imbalances, including private and public debt and its evolution; internal income inequalities; unemployment rates; and asset price developments with particular attention to real estate, and financial markets; (b) external imbalances, including current account composition, balance and evolution; the evolution of export market shares in Union and third-country markets; and net foreign assets positions; (c) internal market developments, including a rolling average of five-year comparative real growth; an indicator of growth and employment dynamics including energy composition of the product and public and private research and development investment; and Union and third-country foreign direct investment flows.
Amendment 252 #
2010/0281(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The release of the updated values of the indicators in the scoreboard shall be accompanied by a Commission report containing an sound economic and financial assessment putting the movement of the indicators into perspective, drawing if necessary on any other economic and financial indicator relevant to detection of imbalances. The report shall also indicate whether the crossing of lower or upper thresholds in one or more Member States signifies the possible emergence of imbalancesincluding an assessment of the evolution of macroeconomic imbalances within the Union and putting the indicators into perspective. Best practices shall be taken into account. The report shall also indicate whether the crossing of lower or upper thresholds in one or more Member States signifies the possible emergence of imbalances inside the Member State concerned, in another Member State or across the Union as a whole. All the available information shall be taken into account and conclusions shall not be drawn from the scoreboard based on the indicators alone.
Amendment 264 #
2010/0281(COD)
Proposal for a regulation
Article 4 – paragraph 4
Article 4 – paragraph 4
4. As part of the multilateral surveillance in accordance with Article 121(3) of the Treaty, the Council shall discuss and adopt conclusions on the Commission report. The competent committee of the European Parliament may organise public debates on the Commission report. The Euro Group shall discuss the report as far as it relates, directly or indirectly, to Member States whose currency is the euro. Excessive imbalance should also trigger, where appropriate, the involvement of the ESRB or/and the relevant European Supervisory Authority.
Amendment 280 #
2010/0281(COD)
Proposal for a regulation
Article 5 – paragraph 2 – point a
Article 5 – paragraph 2 – point a
(a) as appropriate, whether the Member State under review has taken appropriate action in response to Councilthe recommendations or invitations adopted in accordance with Articles 121, 126 and 12648 TFEU of the Treaty and under Articles 6, 7, 8 and 10 of this Regulation, and the consequences of such recommendations;
Amendment 291 #
2010/0281(COD)
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
Amendment 324 #
2010/0281(COD)
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2a. The recommendations referred to in paragraph 2 shall comply with the objectives of the Union as defined in Article 3 of the Treaty on European Union. The recommendations shall take due account of Article 153 TFEU, as well as of the rights incorporated in the Charter of Fundamental Rights of the European Union. The recommendations shall also strictly respect the specificity of each Member State, in particular its model of industrial relations and social dialogue. Due attention shall be paid to the symmetry of recommendations, addressing excessive savings in a similarly intense way as situations in which economies are excessively indebting themselves.
Amendment 367 #
2010/0281(COD)
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. By means of Article 121(3), an additional report by the Commission should be elaborated where an assessment is made on whether macroeconomic imbalances within the Union have narrowed or not, taking into account some EU wide aspects like European demand, markets opportunities, credit conditions, fiscal space to invest, financial support for catching-up regions, etc.
Amendment 384 #
2010/0281(COD)
Proposal for a regulation
Article 10 – paragraph 5 a (new)
Article 10 – paragraph 5 a (new)
5a. Where the Council, upon a recommendation from the Commission pursuant to paragraph 4, concludes that the Member State has not taken the recommended corrective action, the Council decision shall be enforceable in accordance with Regulation (EU) No .../2011.
Amendment 195 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point -1 (new)
Article 1 – point -1 (new)
Regulation (EC) No 1466/97
Article 1
Article 1
Amendment 216 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 1 c (new) – point a (new)
Article 1 – point 1 c (new) – point a (new)
Regulation (EC) No 1466/97
Article 2a – paragraph 1
Article 2a – paragraph 1
Amendment 45 #
2010/0279(COD)
Proposal for a regulation
Recital 1 b (new)
Recital 1 b (new)
Amendment 66 #
2010/0279(COD)
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
Amendment 89 #
2010/0279(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) Enforcement of Regulation (EU) No […/…]4…/2011, setting out the framework for the prevention and correction of macroeconomic imbalances and based on a scoreboard as a tool for early detection of developing imbalances, economic analysis and in-depth reviews should be strengthened by establishing fines for Member States whose currency is the euro in case of repetitive non- compliance with the recommendations to address excessive macroeconomic imbalances. __________________ 4. JO L […] de […], p […]or the obligation to draw up an adequate corrective action plan to address excessive macroeconomic imbalances.
Amendment 103 #
2010/0279(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) Repeated failure to comply with Council recommendations in accordance with to Article 7(2) and Article 10(4) of Regulation (EU) No .../2011 after the Council endorsement of a restated or revised action plan with a new deadline, in accordance with Article 10(5a) of that Regulation to address excessive macroeconomic imbalances should, as a rule, be subject to a yearly fine, until the Council establishes that the Member State has taken corrective action to comply with its recommendations.
Amendment 109 #
2010/0279(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) Moreover, repeated failure of the Member State to draw up a corrective action plansubject to the excessive imbalance procedure established through Regulation (EU) No .../2010 to draw up a corrective action plan fulfilling the requirements of Article 8 of that regulation and repeated failure to address the Council recommendations in any of such plans should be equally subject to a yearly fine as a rule, until the Council establishes that the Member State has provided a corrective action plan that sufficiently addresses its recommendations.
Amendment 117 #
2010/0279(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) To ensure equal treatment between Member States, the fine should be identicalsimilar for all Member States whose currency is the euro and equal toa maximum of 0.,1% of the gross domestic product (GDP) of the Member State concerned in the preceding year depending on the severity of non- compliance with Council or Commission recommendations. If a Member State manipulates financial data, falsifies statistics or provides misleading information, the fine should be equal to 0,5% of the Member State’s GDP.
Amendment 126 #
2010/0279(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) The procedure for the application of the fines on the Member States which fail to take effective measures to correct macroeconomic imbalances should be construed in such a way that the application of the fine on those Member States would be the rule and not the exceptfair, efficient and respect the fundamental objectives and the democratic values of the European Union.
Amendment 131 #
2010/0279(COD)
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) The fine should be based on failure to take corrective action within the foreseen deadlines or failure to provide or provide adequate corrective action plans; a fine should therefore not be imposed as a consequence of the mere existence of excessive macroeconomic imbalances imbalances nor as a consequence of the recommended actions undertaken not reducing, in practice, the excessive imbalances.
Amendment 161 #
2010/0279(COD)
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. In order to share the burden of adjustment between ‘deficit’ and ‘surplus’ countries, this regulation will be implemented across Member States in a symmetrical way.
Amendment 179 #
2010/0279(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 – point 1
Article 3 – paragraph 1 – subparagraph 1 – point 1
(1) two successivea deadlines haves been set in accordance with Articles 7(2) and 10(4) of Regulation (EU) No […/…]2011, and the Council thereafter concludes, after the Council endorsement of a restated or revised action plan with a new deadline, in accordance with Article 10(45a) of that Regulation that the Member State concerned has still nonot yet taken the recommended corrective action, or if
Amendment 184 #
2010/0279(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 – point 2
Article 3 – paragraph 1 – subparagraph 1 – point 2
(2) two successivea deadlines haves been set in accordance with Articles 8(1) and 8(2) of Regulation (EU) No […/…]2011, and the Council thereafter concludes in accordance with Article 8(2) of that Regulation that the Member State concerned has again submitted an infailed to submit a sufficient corrective action plan, after being invited to amend its initial corrective action plan and given a new deadline.
Amendment 206 #
2010/0279(COD)
Proposal for a regulation
Article 3 – paragraph 3
Article 3 – paragraph 3
3. By derogation from paragraph 2, the Commission may, on grounds of exceptional economic circumstances , or following a reasoned request by the Member State concerned addressed to the Commission or in order to take into account any cumulative effect of sanctions imposed in accordance with Regulation (EU) No …/2011 on speeding up and clarifying the implementation of the excessive deficit procedure and Regulation (EU) No …/2011 on the effective enforcement of budgetary surveillance in the euro area, within ten days of adoption of the Council concludecisions referred to in paragraph 1, propose to reduce the amount of the fine or to cancel it.
Amendment 210 #
2010/0279(COD)
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. The total yearly amount of fines imposed on a Member State in the context of an Excessive Deficit Procedure added to those due in the context of an Excessive Imbalances Procedure, shall not exceed 0,3% of its GDP except in cases of fines imposed for reasons stated in paragraph 4a of Regulation (EU) No […/…]
Amendment 226 #
2010/0279(COD)
Proposal for a regulation
Article 3 – paragraph 4 b (new)
Article 3 – paragraph 4 b (new)
4 b. In the event that a Member State manipulates financial data, falsifies statistics or provides misleading information, the Council, acting on a proposal from the Commission, may adopt a decision requiring the Member State to pay a fine. Such a fine shall be a one-off payment of 0,5% of the GDP of the Member State concerned in the preceding year. The Council may amend the Commission’s proposal in accordance with Article 293(1) TFEU.
Amendment 285 #
2010/0278(COD)
Proposal for a regulation
Article 5 – paragraph 4 a (new)
Article 5 – paragraph 4 a (new)
4a. The total yearly amount of fines imposed on a Member State in the context of an Excessive Deficit Procedure added to those due in the context of an Excessive Imbalances Procedure, shall not exceed 0.3% of its GDP except in cases of fines imposed for reasons stated in paragraph 4a of Regulation (EU) No […/…].
Amendment 180 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point b
Article 1 – point 2 – point b
Regulation (EC) No 1467/97
Article 2 – paragraph 1a
Article 2 – paragraph 1a
1a. When it exceeds the reference value, the ratio of the government debt to gross domestic product (GDP) is to be considered sufficiently diminishing and approaching the reference value at a satisfactory pace in accordance with Article 126 (2) (b) of the Treaty if the differential with respect to the reference value has reduced over the previous three years at a rate of the order of one- twentieth per yearn average (DF) rate in accordance with the MTO. A reduction of the differential with respect to the reference value of less the agreed path, over a three year period may, nevertheless, be considered to be satisfactory if this lesser reduction is due to new government debt for public investment. The definition of what shall constitute public investment conductive to achieving the Union's growth and employment objectives within the scope of this regulation shall be laid down by the Commission through a delegated act, respecting the principles laid down in Council Directive (...) on requirements for budgetary frameworks of the Member States. In order to take due account of the economic cycle, in the case of an annual GDP volume growth rate below 1%, the Commission will define a proportionate benchmark below the agreed level on the MTO for determining the average rate of reduction referred to above. For a period of 3 years from [date of entering into force of this Regulation - to be inserted], account shall be taken of the backward-looking nature of this indicator in its application.
Amendment 297 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1467/97
Article 12 – paragraph 3
Article 12 – paragraph 3
3. Any singlThe total yearly amount of fines imposed on a Member State fine referred to in paragraphs 1 and 2 shall not exceed the upper limit of 0,5 % of GDP. the context of an Excessive Deficit Procedure added to those due in the context of an Excessive Imbalances Procedure, shall not exceed 0,3% of its GDP except in cases of fines imposed for reasons stated in paragraph 4a of Regulation (EU) No […/…]
Amendment 45 #
2009/2173(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Believes that the system of competition rules have weathered the storm so far, but that the crisis has brought home the urgency for an EU framework for cross- border crisis management in the financial sector, including a solution for the ‘too- big-to-fail’ institutions, and a quick and full implementation of the recommendations of the de Larosière Report including a single European regulator and a bail-out fund or equivalent system;
Amendment 52 #
2009/2173(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Invites the Commission to explain what criteria will be used to decide on a possible extension of the Temporary Community framework for State aid measures, as the EU is officially out of recession, despitestarting to give signs of recovery, despite increased social and territorial internal divergences and persisting economic difficulties and unemployment; takes the view that the questionnaires to Member States, assessing the Temporary framework, do not alone provide a sufficient basis for such a decision, and calls for additional (independent) studies to be commissioned;
Amendment 63 #
2009/2173(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Calls for a similar report on the evolution of social and territorial cohesion in the EU in the aftermath of the economic crisis;
Amendment 70 #
2009/2173(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Asks the Commission for a thorough investigation on the generalised large scale use, by some European firms, of low-cost highly skilled temporary labour contracts and internships, as an abusive economic strategy that is detrimental to the principles of decent work and a source of competition distortion;
Amendment 80 #
2009/2173(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Welcomes the very firm stance the Commission has taken on anti-competitive behaviour in recent years, which causes great harm to consumers and to the economy; is concerned, however, that the instrument of ever higher fines may be too blunt and suggests that a wider range of more sophisticated instruments might be more effective as a deterrent; favours a ‘carrot-and-stick’ approach, win which the penalties to punish bad behaviour and incenast behaviour of enterprises is taken into account and a set of penaltives to reward good behaviour, not limited to fines, may be used to sanction recurrent infringements;
Amendment 3 #
2009/0053(CNS)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 332/2002
Article 5
Article 5
Amendment 1 #
2008/2334(INI)
Motion for a resolution
Citation 10
Citation 10
Amendment 2 #
2008/2334(INI)
Motion for a resolution
Citation 13
Citation 13
Amendment 3 #
2008/2334(INI)
Motion for a resolution
Citation 16
Citation 16
Amendment 4 #
2008/2334(INI)
Motion for a resolution
Citation 17
Citation 17
Amendment 5 #
2008/2334(INI)
Motion for a resolution
Citation 19
Citation 19
Amendment 6 #
2008/2334(INI)
Motion for a resolution
Citation 21
Citation 21
Amendment 7 #
2008/2334(INI)
Motion for a resolution
Citation 26
Citation 26
Amendment 8 #
2008/2334(INI)
Motion for a resolution
Citation 27
Citation 27
Amendment 9 #
2008/2334(INI)
Motion for a resolution
Citation 28
Citation 28
Amendment 10 #
2008/2334(INI)
Motion for a resolution
Citation 33
Citation 33
Amendment 11 #
2008/2334(INI)
Motion for a resolution
Citation 34
Citation 34
Amendment 12 #
2008/2334(INI)
Motion for a resolution
Citation 35
Citation 35
Amendment 13 #
2008/2334(INI)
Motion for a resolution
Citation 36
Citation 36
Amendment 14 #
2008/2334(INI)
Motion for a resolution
Citation 37
Citation 37
Amendment 15 #
2008/2334(INI)
Motion for a resolution
Citation 38
Citation 38
Amendment 16 #
2008/2334(INI)
Motion for a resolution
Citation 39
Citation 39
Amendment 108 #
2008/2334(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. believes that the development of microcredit, which is recognised as an efficient tool with a strong multiplier effect, should be encouraged, in particular by making it a requirement for commercial banks that have benefited from public support;
Amendment 127 #
2008/2334(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. strongly urges the de Larosière Group to take on board the recommendations put forward in Parliament's previous resolutions, relating to financial market supervision; urges the Commission to endorse its contributions to create a stable and efficient structure of regulation and supervision, which may prevent or limit the adverse impacts of future crises; calls on the Council duly to take into consideration the position that Parliament may express on these conclusions before endorsing them;
Amendment 134 #
2008/2334(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. calls for an assessment of the measures contained in the national recovery plans as regards their immediate impact on purchasing power and social justice; believes that measures supporting the social housing sector and specifically targeting the low income sector are the most effective and should therefore be promoted;
Amendment 135 #
2008/2334(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. calls for the Council to approve the proposal to give all Member States the option to apply a reduced VAT rate for labour-intensive and locally supplied services; considering their potential employment and demand- boosting effect, encourages the Council to promote a common and coordinated reduction of the VAT rates on the labour-intensive and locally supplied services, as well as on energy efficient goods, in order to have a multiplier effect;
Amendment 138 #
2008/2334(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. stresses that, in the current climate where small and medium enterprises face severe cash-flow problems and restricted credit access, public authorities and private clients should respect a maximum 30-day period for payments to small and medium enterprises; urges the Commission to take over this issue when revising the Late Payments Directive;
Amendment 141 #
2008/2334(INI)
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19b. calls for full enforcement and accelerated implementation, both at the European Union and national level of the Small Business Act recommendations;
Amendment 207 #
2008/2334(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
36. calls on Member States to consider Eurobonds as a low-costn appropriate financing instrument for major European political priorities; stresses that issuing common euro area bonds would reduce the spreads and attract domestic and foreign savings; as they would contribute to the smooth financing of government action and render the euro area a more attractive and competitive location for international capital;
Amendment 209 #
2008/2334(INI)
Motion for a resolution
Paragraph 36 a (new)
Paragraph 36 a (new)
36a. stresses that issuing joint government bonds to cover public debt up to 60 % of the budget, as referred to in the revised Stability and Growth Pact, thus ensuring solidarity and surveillance, would reduce the spreads and allow the euro to play a stabilising role as a global currency; calls on the Council and the Commission to set up a task-force urgently in order to decide on an appropriate institutional framework to that end; strongly urges the Commission and the Eurogroup to consider such a proposal;
Amendment 218 #
2008/2334(INI)
Motion for a resolution
Paragraph 39 a (new)
Paragraph 39 a (new)
39a. recalls the importance of the next G20 Summit to be held in London on 2 April 2009, when it is anticipated that statements will be converted into decisions; insists on the fact that not only financial considerations should be agreed upon but that the heads of States and governments should also reflect on how to correct global imbalances and agree to coordinate the various, recently adopted recovery plans; calls on the Council and the Commission to listen to Parliament's view before agreeing on a negotiating position for the Summit;
Amendment 220 #
2008/2334(INI)
Motion for a resolution
Paragraph 40 a (new)
Paragraph 40 a (new)
40a. calls on the Council and the Commission to intensify consultation and foster cooperative relations with the European Union's commercial partners, and, in particular, with the newly appointed US administration;
Amendment 2 #
2008/2243(INI)
Motion for a resolution
Citation 17 a (new)
Citation 17 a (new)
- having regard to Written Declaration 0088/2007 on investigating and remedying the abuse of power by large supermarkets operating in the European Union,
Amendment 9 #
2008/2243(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Expresses its concern to avoid the abuse of market power by major corporations, and calls upon the Commission to undertake an analysis of the effects on competition of unequal relationships between suppliers, namely food producers, and retailers, in view of possible abuses of dominant position; looks forward to the reporting by the Commission's working group on buying power;
Amendment 11 #
2008/2243(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Points to the need to monitor forms of competition distortion among European firms that are detrimental to principles of decent work, including through the large- scale use of low-cost highly skilled temporary labour contracts and internships; asks the Commission to undertake a thorough investigation into this matter;
Amendment 17 #
2008/2243(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Welcomes the announced opening of a review of the Merger Regulation; recalls its understanding that the current provisions are insufficient in view of increasingly integrated and complex European markets and in the interest of a consistent approach in the evaluation of comparable merger operations;
Amendment 22 #
2008/2243(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Renews the call for further progress in relation to both the clarification of the existing competition rules and their practical application in relation to services of general economic interest (SGEIs,) given the considerable differences in policies prevailing across the Member States;
Amendment 26 #
2008/2243(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Expresses concern at the lack of transparency in the formation of fuel prices in European markets; asks the Commission to ensure proper vigilance over competitive behaviour in this market;
Amendment 27 #
2008/2243(INI)
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14b. Calls for mechanisms to be in place to ensure that the adoption of the Emissions Trading Scheme does not cause distortions in competition both internally and vis-à-vis external competitors;
Amendment 31 #
2008/2243(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recognises the applicability of Article 87 (3) b of the Treaty to the circumstances currently facing Member States' economies as a result of the turbulence on the financial markets; considers it necessary, however, that the Commission remain strongly vigilant vis-à-vis financial rescue packages to ensure the compatibility of emergency actions with principles of fair competition;
Amendment 34 #
2008/2243(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Expresses concern at the ongoing contraction in economic activity in Europe, which is forecasted to extend into 2009; considers it appropriate that, in the framework of competition rules, adequate response mechanisms, such as restructuring aid or the globalisation adjustment fund, are deployed to combat the growth and employment impact from the credit crisis;
Amendment 41 #
2008/2243(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Welcomes the Commission's forthcoming regulation of the competition isues in the credit ratings market; regrets that Parliament's previous calls for sector inquiries to be conducted on financial sector players, namely credit rating agencies, auditing firms and large investment banks, were not acted upon;
Amendment 45 #
2008/2243(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Considers it crucial that competition policy is adequately addressed in the framework of the negotiation of bilateral trade agreements; calls for DG Competition to be actively involved in order to secure mutual recognition of competitive practices, particularly in the areas of State aids, public procurement, services, investment and trade facilitation;
Amendment 29 #
2008/2156(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Supports the conclusions of the Commission Communication on EMU@10 on the insufficient catching up of several euro area economies; calls for a reform of the EU's horizontal policies and Lisbon agenda targets around the common goal of accelerating the convergence process;
Amendment 56 #
2008/2156(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Notes that different patterns of specialisation and degrees of openness have contributed to the diverging performances of euro area members; calls for appropriate emphasis to be given to such asymmetric impacts in the European Union's economic policy agenda;
Amendment 107 #
2008/2156(INI)
Motion for a resolution
Paragraph 38 a (new)
Paragraph 38 a (new)
38a. Calls on the ECB to take fully into account the internal consequences of its monetary policy, namely those regarding exchange rate management ;
Amendment 125 #
2008/2156(INI)
Motion for a resolution
Paragraph 41 – point k a (new)
Paragraph 41 – point k a (new)
ka. Adapt the current cohesion policy and restructuring aid in order to counteract the divergence trends, in social and spacial terms, identified in the Commission Communication on EMU@10;
Amendment 2 #
2008/2045(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Promotes principles-based legislation and the focus on quality instead of quantity; sees the "better regulation" debate as an occasion to reflect on legislation as a process designed to achieve clearly defined policy goals by improving European legislation in favour of growth and jobs as well as by committing and involving all stakeholders in all phases of the process from preparation to enforcement;
Amendment 3 #
2008/2045(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Considers that consultations and impact assessments are essential to drafting better EU legislation and that they shall not merely add to bureaucracy nor present bureaucratic stumbling blocks preventing the Commission from acting but that they, rather, should help establishing a sound legal framework within the EU that is conducive to growth; however, warns that they cannot replace political debate about the pros and cons of laws and they cannot be reduced solely to a cost-benefit analysis;
Amendment 5 #
2008/2045(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Is of the opinion that while proposing their amendments both Parliament and the Council should take into account both the Commission's impact assessment and their own in order to improve the drafting of legislation;
Amendment 6 #
2008/2045(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Deplores Member States' practice of 'Is of the opinion that transposition should be seriously and proactively monitored to avoid diverging interpretations and gold plating' and urge; wants the Commission to prevent that practice effectivelylay an active role in transposition, together with supervisors and expert groups, both at EU and national level, since early analysis may prevent delays and unnecessary burdens on companies; suggests once more that Parliament sets up a proper transposition- monitoring procedure in close cooperation with its national partners;
Amendment 9 #
2008/2045(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Encourages the Commission to investigate alternatives to legislation that could improve the functioning of the internal market and ensure regulatory and supervisory convergence, the implementation of best practices and exchanges of information between Member States;
Amendment 13 #
2008/2015(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recalls in particular the essential objectives in combating climate change and stresses the importance of setting a clear medium-term target of a 205%-340% reduction in greenhouse gas emissions by 2020, as agreed in the roadmap adopted at the UN's Bali conference on climate change in 2007, and a long-term reduction target of 560%- 80% by 2050, in order to achieve a 50% probabilitymaintaining the focus ofn restricting the increase in average global temperature to 2°C over pre-industrial levels;
Amendment 35 #
2008/2015(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Urges the Commission and the coming Council Presidencies to take a leadership role in international negotiations towards a post-2012 agreement and international sectoral agreements and to reach a conclusion by 2009, so that enough time remains to ratify the forthcoming climate change agreement and avoid a gap between obligation periods;
Amendment 56 #
2008/2015(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls on the Commission, the Presidents-in-Office and the Member States to adopt, at bilateral level in the negotiations towards a post-2012 agreement and international sectoral agreements, a mediating role between the positions of the industrialised countries, the G5 and the developing countries, in order to ensure by means of a balance of interest the success of the climate negotiations involving all major greenhouse gas emitters;
Amendment 70 #
2008/2015(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Notes that experience has shown that end-consumers will bear the major burden and that there could potentially be an inflationary effect; underlines the fact that climate change must be combated in a social and economically sustainable way and that any initiative must include measures to offset negative social consequences for vulnerable sectors/social groups;
Amendment 108 #
2008/2015(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Notes that the production of biofuels is partly to blame for increased foodneeds to be undertaken through a verifiably sustainable prioces, buts and that abandoning biofuels can resolve neither the problem of hunger in the world nor the issue of climate-compatible mobility;
Amendment 112 #
2008/2015(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Suggests that the Commission rethink the notdevelop scenarions of an fixed quotas for biofuels anused instead develop flexible scenarios transport which take account not only of the growing worldwide need for agricultural land for food and feedstuffs but also of the questionand the impact on water resources but also of the need to import biofuels into the EU, with a view to meeting the requirements of individual mobility and goods transport in future;
Amendment 123 #
2008/2015(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
33. Calls on the Commission to reconsider the non-binding nature of the 20% goal for energy efficiency by 2020 and if necessary to propose to the Council that this target be made binding; also stresses the need to explore the possibility of laying down interim reduction objectives;
Amendment 161 #
2008/2015(INI)
Motion for a resolution
Paragraph 50
Paragraph 50
50. Stresses the potential of rail transport as a low-carbon, energy-efficient mode of transport, both for long-distance freight haulage and for short- and medium- distance regional and commuter traffic; , and asks that such priorities be reflected in the criteria for the support of regional and cohesion funds;
Amendment 164 #
2008/2015(INI)
Motion for a resolution
Paragraph 51
Paragraph 51
51. Welcomes the creation and extension of the Trans-European Networks and calls for the priority projects, in particular those which are most climate-friendly, to be completed as soon as possible, since these are vitally important for freight transport logistics and a sustainable European transport policy;
Amendment 181 #
2008/2015(INI)
Motion for a resolution
Paragraph 58
Paragraph 58
58. Considers that shipyards and shipbuilders should look closely at new efficiency-boosting technologies such as the use of kite sails, the exploitation of waste heat for electricity production, more efficient motors, better hull and rudder profiles, more accurate weather forecasts to permit course adjustments, and possible fuel savings thanks to hull paint;
Amendment 185 #
2008/2015(INI)
Motion for a resolution
Paragraph 60
Paragraph 60
60. Considers that there is a need for an integrated approach in the aviation sector which will commit the aircraft industry worldwide, airlines and airport operators jointly to an emission reduction target by 2020, without calling into question the benefits of emissions trading as an instrument for increasing efficiency;
Amendment 200 #
2008/2015(INI)
Motion for a resolution
Paragraph 67 a (new)
Paragraph 67 a (new)
67a. Considers that tourism in peripheral and island areas needs to be taken into account, since their most significant source of revenue can be affected by higher aviation prices arising from the inclusion of aviation in the EU ETS;
Amendment 220 #
2008/2015(INI)
Motion for a resolution
Paragraph 72
Paragraph 72
72. Proposes, with a view to restricting the number of CDM / JI projects, that country- specific quotas be imposed rather than a general limit value; calls on the Secretariat of the Framework Convention on Climate Change to propose more stringent criteria for the approval of high-quality CDM/JI in the context of the negotiations towards a post-2012 agreement;
Amendment 221 #
2008/2015(INI)
Motion for a resolution
Paragraph 73
Paragraph 73
Amendment 222 #
2008/2015(INI)
Motion for a resolution
Paragraph 73 a (new)
Paragraph 73 a (new)
73a. Stresses that electricity sector production should continue with serious internal emissions reduction efforts notwithstanding that it could pass on all the costs of auctioning to its customers; in addition, any passing-on of costs would have to be evaluated and analysed, in particular with regard to its contribution to inflationary pressures within the EU, social and economic impacts on lower and middle income households and the indirect impact in overall costs for energy users in economic sectors; considers that competition authorities must be particularly vigilant in regulating abuses of market power through excessive and/or imbalanced energy price increases;
Amendment 236 #
2008/2015(INI)
Motion for a resolution
Paragraph 79
Paragraph 79
79. Calls on the Commission to consider, without prejudging the outcome, the explicit inclusion of agriculture in a future integrated European climate policy and the elaboration of binding reduction targets for the emission of greenhouse gases from the agriculture sector, exploiting all existing potential;
Amendment 258 #
2008/2015(INI)
Motion for a resolution
Paragraph 88
Paragraph 88
88. Takes the view that if avoiding the destruction of forests is to be effective in cutting emissions, an ongoing system of compensation must be devised for forestry through the Framework Convention on Climate Change (UNFCCC), and calls for a clear economic incentive to be created for permanently preserving virgin forests or large forest areas by using them in a sustainable manner, with the value of a forest area being far more closely assessed according to the ‘eco- services’ and overall social functions it performs;
Amendment 265 #
2008/2015(INI)
Motion for a resolution
Paragraph 93
Paragraph 93
93. Considers that the Member States’ national forest inventories are an important source of information with a view to analysing the overall condition of the European forest and its importance as a CO2 sink; calls on the Commission not only to press for the drafting and evaluation by the Member States of the data collected but also to take advantage of existing best practice in the Member States;
Amendment 282 #
2008/2015(INI)
Motion for a resolution
Paragraph 99 a (new)
Paragraph 99 a (new)
99a. Asks the Commission to take into account the “Convention on Cooperation for Protection and Sustainable Use of Portuguese-Spanish River Basins,” effective since January 2000, as an example of a positive water management agreement;
Amendment 327 #
2008/2015(INI)
Motion for a resolution
Paragraph 121 a (new)
Paragraph 121 a (new)
121a. Notes that experience has shown that end-consumers will carry the major burden and that potentially there will be an inflationary effect; underlines that climate change must be tackled in a socially and economically sustainable way and that any initiative must include measures to offset negative social consequences for vulnerable sectors/social groups;
Amendment 483 #
2008/2015(INI)
Motion for a resolution
Recital BC
Recital BC
Amendment 515 #
2008/2015(INI)
Motion for a resolution
Recital BS a (new)
Recital BS a (new)
BSa. whereas positive examples of water management, as exemplified by the Portuguese-Spanish agreement, need to be taken into account,
Amendment 32 #
2008/0194(COD)
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
Amendment 265 #
2008/0153(COD)
Proposal for a directive
Article 54 – paragraph 4 – subparagraph 1
Article 54 – paragraph 4 – subparagraph 1
4. When the feeder UCITS is established in another Member State than the master UCITS, the competent authorities of the feeder UCITS' home Member State shall grant approval provided the following conditions are met: (a) the feeder UCITS, its depositary and its auditor comply with all the requirements set out in this Chapter and the feeder UCITS for such purpose submits the documents referred to in paragraph 3 of this Article; (b) the feeder UCITS demonstrates that the master UCITS is duly authorised as a UCITS, that it is not itself a feeder UCITS and does not hold any units of a feeder UCITSfeeder UCITS shall also provide an attestation by the competent authorities of the master UCITS that the master UCITS fulfils the conditions set out in Article 53(3). Documents shall be provided in the official language, or one of the official languages, of the feeder UCITS host Member State or in a language approved by its competent authorities.
Amendment 317 #
2008/0153(COD)
Proposal for a directive
Article 75 – paragraph 1
Article 75 – paragraph 1
1. Member States shall require that an investment company and, for each of the common funds it manages, a management company, which sells UCITS directly or through a tied agent to investors, providedelivers to investors, either directly or through their tied agent, key investor information on such UCITS in good time before their proposed initial subscription of units in such UCITS. or when material changes to fund rules occur. Or. eeen
Amendment 321 #
2008/0153(COD)
Proposal for a directive
Article 75 – paragraph 2
Article 75 – paragraph 2
2. Member States shall require that an investment company and, for each of the common funds it manages, a management company, which does not sell UCITS directly or through a tied agent to investors, delivers key investor information to product manufacturers and intermediaries selling or advising investors on potential investments in such UCITS or in products offering exposure to such UCITS, so as to enable them to providedeliver all relevant information on the proposed investment to their clients or potential clients, in compliance with any information obligations applicable to them under the relevant Community and national law.
Amendment 322 #
2008/0153(COD)
Proposal for a directive
Article 75 – paragraph 2a (new)
Article 75 – paragraph 2a (new)
2a. The competent authorities of each Member State shall make available to the public, in a dedicated section of their website, key investor information concerning all UCITS constituted and authorized in that Member State.
Amendment 37 #
2008/0051(CNS)
Proposal for a directive
Article 30 – paragraph 1 – subparagraph 1
Article 30 – paragraph 1 – subparagraph 1
1. Excise duty on excise goods, other than manufactured tobacco, acquired by private individuals for personal use and transported from one Member State to another by them shall be charged only in the Member State in which the excise goods are acquired. Excise duty on manufactured tobacco acquired by private individuals for personal use and transported by them from one Member State to another within the quantitative limits set out in paragraph 2a shall be charged only in the Member State in which the excise goods are acquired. Any manufactured tobacco acquired by private individuals and transported by them from one Member State to another, which exceeds the quantitative limits set out in paragraph 2a shall be subject to excise duty in the Member State of destination. Such excise duty shall be chargeable at the point of arrival in the Member State of destination, and shall be paid in accordance with the procedure laid down by the Member State of destination. The excise duty paid in the Member State of acquisition shall be reimbursed or remitted, at the request of the individual, in accordance with the procedure laid down by the Member State of acquisition.
Amendment 44 #
2008/0051(CNS)
Proposal for a directive
Article 30 – paragraph 2 a (new)
Article 30 – paragraph 2 a (new)
2a. For the purpose of paragraph 1, Member States shall apply mandatory quantitative limits for the following types of tobacco product, subject to the following quantitative limits: (a) 200 cigarettes; (b) 100 cigarillos (cigarillos are cigars of a maximum weight of 3 grams each; (c) 50 cigars; (d) 250 g smoking tobacco.
Amendment 37 #
2008/0013(COD)
Proposal for a directive – amending act
Recital 15
Recital 15
(15) Given the considerable efforts of combating climate change and of adapting to its inevitable effects, it is appropriate that at least 290% of the proceeds from the auctioning of allowances should be used to reduce greenhouse gas emissions, to adapt to the impacts of climate change, to fund research and development for reducing emissions and adaptation, to develop renewable energies to meet the EU’s commitment to using 20% renewable energies by 2020, to meet the commitment of the Community to increase energy efficiency by 20% by 2020, for the capture and geological storage of greenhouse gases, to contribute to the Global Energy Efficiency and Renewable Energy Fund20, for measures to avoid deforestation and facilitate adaptation in developing countries, and for addressing social aspects such as possible increases in electricity prices in lower and middle income households. This proportion is significantly below the expected net revenues for public authorities from auctioning, taking into account potentially reduced income from corporate taxes. In addition, proceeds from auctioning of allowances should be used to cover administrative expenses of the management of the Community scheme. Provisions should be included on monitoring the use of funds from auctioning for these purposes. Such notification does not release Member States from the obligation laid down in Article 88(3) of the Treaty, to notify certain national measures. The Directive does not prejudice the outcome of any future State aid procedures that may be undertaken in accordance with Articles 87 and 88 of the Treaty.
Amendment 40 #
2008/0013(COD)
Proposal for a directive – amending act
Recital 16
Recital 16
(16) Consequently, full auctioning should be the rule from 2013 onwards for the power sector, taking into account their ability to pass on the increased cost of CO2, and no free allocation should be given for carbon capture and storage as the incentive for this arises from allowances not being required to be surrendered in respect of emissions which are stored. Electricity generators may receive free allowances for heat produced through high efficiency cogeneration as defined by Directive 2004/8/EC in the event that such heat produced by installations in other sectors were to be given free allocations, in order to avoid distortions of competition. Nevertheless electricity sector production should continue with serious internal emission reduction efforts. Any passing on of costs will have to be evaluated and analysed, in particular with regard to its contribution to inflationary pressures within the European Union, social and economic impacts on lower and middle income households, and their indirect impact in overall costs for energy users in economic sectors. Competition authorities should be particularly vigilant in combating abuses of market power through excessive and/or imbalanced energy price increases. The international competitive aspects of the expected price increase should also be taken into account.
Amendment 43 #
2008/0013(COD)
Proposal for a directive – amending act
Recital 18
Recital 18
(18) Transitional free allocation to installations should be provided for through harmonised Community-wide rules ("and sectoral benchmarks") in order to minimise distortions of competition with the Community. These rules and benchmarks should take account of the most greenhouse gas and energy efficient techniques, substitutes, alternative production processes, use of biomass, renewables, cogeneration and greenhouse gas capture and storage. Any such rules should not give incentives to increase emissions and ensure that an increasing proportion of these allowances is auctioned. Allocations must be fixed prior to the trading period so as to enable the market to function properly. They shall also avoid undue distortions of competition on the markets for electricity and heat supplied to industrial installations. These rules should apply to new entrants carrying out the same activities as existing installations receiving transitional free allocations. To avoid any distortion of competition within the internal market, no free allocation should be made in respect of the production of electricity by new entrants with the exception of electricity produced from waste gases for own consumption from industrial production processes. Allowances which remain in the set -aside for new entrants in 2020 should be auctioned. The Commission should consult the sectors concerned when defining benchmarks.
Amendment 44 #
2008/0013(COD)
Proposal for a directive – amending act
Recital 19
Recital 19
(19) The Community will continue to take the lead in the negotiation of an ambitious international agreement and/or international sectoral agreements that will achieve the objective of limiting global temperature increase to 2°C and is encouraged by the progress made in Bali towards this objective. In the event that other developed countries and other major emitters of greenhouse gases do not participate in this international agreement, this could lead to an increase in greenhouse gas emissions in third countries where industry would not be subject to comparable carbon constraints (“carbon leakage”), and at the same time could put certain energy- intensive sectors and sub- sectors in the Community which are subject to international competition at an economic disadvantage. This could undermine the environmental integrity and benefit of actions by the Community. To address the risk of carbon leakage, the Community will allocate allowances free of charge up to 100% to sectors or sub- sectors meeting the relevant criteria. The definition of these sectors and sub-sectors and the measures required will be subject to re-assessment to ensure that action is taken where necessary and to avoid overcompensation. For those specific sectors or sub-sectors where it can be duly substantiated that the risk of carbon leakage cannot be prevented otherwise, where electricity constitutes a high proportion of production costs and is produced efficiently, the action taken may take into account the electricity consumption in the production process, without changing the total quantity of allowances.
Amendment 46 #
2008/0013(COD)
Proposal for a directive – amending act
Recital 16
Recital 16
(16) Consequently, full auctioning should be the rule from 2013 onwards for the power sector, taking into account their ability to pass on the increased cost of CO2, and no free allocation should be given for carbon capture and storage as the incentive for this arises from allowances not being required to be surrendered in respect of emissions which are stored. Electricity generators may receive free allowances for heat produced through high efficiency cogeneration as defined by Directive 2004/8/EC in the event that such heat produced by installations in other sectors were to be given free allocations, in order to avoid distortions of competition. Nevertheless electricity sector production should continue with serious internal emission reduction efforts. Any passing on of costs will have to be evaluated and analysed, in particular with regard to its contribution to inflationary pressures within the European Union, social and economic impacts on lower and middle income households, and their indirect impact in overall costs for energy users in economic sectors. Competition authorities should be particularly vigilant in combating abuses of market power through excessive and/or imbalanced energy price increases. The international competitive aspects of the expected price increase must also be taken into account.
Amendment 50 #
2008/0013(COD)
Proposal for a directive – amending act
Recital 18
Recital 18
(18) Transitional free allocation to installations should be provided for through harmonised Community-wide rules ("and sectoral benchmarks") in order to minimise distortions of competition with the Community. These rules and benchmarks should take account of the most greenhouse gas and energy efficient techniques, substitutes, alternative production processes, use of biomass, renewables, cogeneration and greenhouse gas capture and storage. Any such rules should not give incentives to increase emissions and ensure that an increasing proportion of these allowances is auctioned. Allocations must be fixed prior to the trading period so as to enable the market to function properly. They shall also avoid undue distortions of competition on the markets for electricity and heat supplied to industrial installations. These rules should apply to new entrants carrying out the same activities as existing installations receiving transitional free allocations. To avoid any distortion of competition within the internal market, no free allocation should be made in respect of the production of electricity by new entrants with the exception of electricity produced from waste gases for own consumption from industrial production processes. Allowances which remain in the set aside for new entrants in 2020 should be auctioned.
Amendment 50 #
2008/0013(COD)
Proposal for a directive – amending act
Recital 20
Recital 20
(20) The Commission should therefore review the situation by June 2011 at the latest, consult with all relevant social partners, and, in the light of the outcome of the international negotiations, submit a report accompanied by any appropriate proposals. In this context, the Commission should identify which energy intensive industry sectors or sub-sectors are likely to be subject to carbon leakage not later than 30 Juneanuary 2010. Criteria for and the identification of such sectors and sub- sectors should be set, after consulting the social partners and affected stakeholders, in a proposal submitted to the European Parliament and the Council. That proposal should take into account the possible failure to reach an international agreement with mandatory reductions and possible alternatives to international agreements. It should base its analysis on the assessment of the inability to pass on the cost of required allowances in product prices without significant loss of market share to installations outside the Community not taking comparable action to reduce emissions. Energy-intensive industries which are determined to be exposed to a significant risk of carbon leakage could receive a higher amount of free allocation or an effective carbon equalisation system could be introduced with a view to putting installations from the Community which are at significant risk of carbon leakage and those from third countries on a comparable footing. Such a system could apply requirements to importers that would be no less favourable than those applicable to installations within the EU, for example by requiring the surrender of allowances. The Commission should monitor the potential competitiveness and employment effects for EU-based producers using such products as inputs in their production process. Any action taken would need to be in conformity with the principles of the UNFCCC, in particular the principle of common but differentiated responsibilities and respective capabilities, taking into account the particular situation of Least Developed Countries. It would also need to be in conformity with the international obligations of the Community including the WTO agreement.
Amendment 54 #
2008/0013(COD)
Proposal for a directive – amending act
Recital 20
Recital 20
(20) The Commission should therefore review the situation by June 2011 at the latest, consult with all relevant social partners, and, in the light of the outcome of the international negotiations, submit a report accompanied by any appropriate proposals. In this context, the Commission should identify which energy intensive industry sectors or sub-sectors are likely to be subject to carbon leakage not later than 30 June 2010anuary 2010. Criteria for and the identification of such sectors and sub- sectors should be set, after consulting the social partners and affected stakeholders, in a proposal submitted to the European Parliament and the Council. That proposal should take into account the possible failure to reach an international agreement with mandatory reductions and possible alternatives to international agreements. It should base its analysis on the assessment of the inability to pass on the cost of required allowances in product prices without significant loss of market share to installations outside the Community not taking comparable action to reduce emissions. Energy-intensive industries which are determined to be exposed to a significant risk of carbon leakage could receive a higher amount of free allocation or an effective carbon equalisation system could be introduced with a view to putting installations from the Community which are at significant risk of carbon leakage and those from third countries on a comparable footing. Such a system could apply requirements to importers that would be no less favourable than those applicable to installations within the EU, for example by requiring the surrender of allowances. The Commission should monitor the potential competitiveness and employment effects for EU-based producers using such products as inputs in their production process. Any action taken would need to be in conformity with the principles of the UNFCCC, in particular the principle of common but differentiated responsibilities and respective capabilities, taking into account the particular situation of Least Developed Countries. It would also need to be in conformity with the international obligations of the Community including the WTO agreement.
Amendment 54 #
2008/0013(COD)
Proposal for a directive – amending act
Recital 21
Recital 21
(21) In order to ensure equal conditions of competition within the Community, the use of credits for emission reductions outside the Community to be used by operators within the Community scheme should be harmonised. The Kyoto Protocol to the UNFCCC sets out quantified emission targets for developed countries for the period 2008 to 2012, and provides for the creation of Certified Emission Reductions (CERs) and Emission Reduction Units (ERUs) from Clean Development Mechanism (CDM) and Joint Implementation projects respectively and their use by developed countries to meet part of these targets. While the Kyoto framework does not enable ERUs to be created from 2013 onwards without new quantified emission targets being in place for host countries, CDM credits can potentially continue to be generated. Additional use of Certified Emission Reductions (CERs) and Emission Reduction Units (ERUs) should be provided for once there is an international agreement on climate change, from countries which have concluded that agreement. In the absence of such agreement, providing for further use of CERs and ERUs would undermine this incentive and make it more difficult to achieve the objectives of the Community on increasing renewable energy use. The use of CERs and ERUs should be consistent with the goal set by the Community of generating 20% of energy from renewable sources by 2020, and promoting energy efficiency, innovation and technological development. Where it is consistent with achieving these goals, the possibility should be foreseen to conclude agreements with third countries to provide incentives for reductions in emissions in these countries which bring about real, additional reductions in greenhouse gas emissions while stimulating innovation by companies established within the Community and technological development in third countries. Such agreements may be ratified by more than one country. Upon the conclusion by the Community of a satisfactory international agreement, access to credits from projects in third countries should be increased simultaneously with the increase in the level of emission reductions to be achieved through the Community scheme. No credits should be available, however, in relation to CDM and Joint Implementation projects in sectors exposed to carbon leakage.
Amendment 56 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 2
Article 1 – point 2
Directive 2003/87/EC
Article 3 – paragraph b – point h
Article 3 – paragraph b – point h
(h) 'new entrant' means any installation carrying out one or more of the activities indicated in Annex I, which has obtained a greenhouse gas emission permit or an update of its greenhouse gas emission permit because of a significant change in the nature or functioning or a significant extension of the installation, subsequent to the submission to the Commission of the list referred to in Article 11(1);
Amendment 57 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 2
Article 1 - point 2
Directive 2003/87/EC
Article 3 – paragraph c – point u a (new)
Article 3 – paragraph c – point u a (new)
(ua) Recycling operations as defined by Annex IIb of Directive 91/156/EEC are exempted from the definition of "combustion installation"
Amendment 59 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 2 – subpoint b
Article 1 – point 2 – subpoint b
Directive 2003/87/EC
Article 3 – point h
Article 3 – point h
"(h) 'new entrant' means any installation carrying out one or more of the activities indicated in Annex I, which has obtained a greenhouse gas emission permit or an update of its greenhouse gas emission permit because of a significant change in the nature or functioning or a significant extension of the installation, subsequent to the submission to the Commission of the list referred to in Article 11(1);"
Amendment 59 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 7
Article 1 - point 7
Directive 2003/87/EC
Article 10 – paragraph 3
Article 10 – paragraph 3
3. At least 290% of the revenues generated from the auctioning of allowances referred to in paragraph 2, including all revenues from the auctioning referred to in point (b) thereof, shouldall be used for the following:
Amendment 62 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 7
Article 1 - point 7
Directive 2003/87/EC
Article 10 – paragraph 3 – point g
Article 10 – paragraph 3 – point g
(g) to cover administrative expenses of the management of the Community schemeshall be covered by the 10% of the revenue not earmarked for other purposes.
Amendment 63 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 2 – point c
Article 1 – point 2 – point c
Directive 2003/87/EC
Article 3 – point u a (new)
Article 3 – point u a (new)
[(ua)] Recycling operations as defined by Annex IIb of Directive 91/156/EEC are exempted from the definition of 'combustion installation'.
Amendment 63 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 7
Article 1 - point 7
Directive 2003/87/EC
Article 10 – paragraph 3 – point ga (new)
Article 10 – paragraph 3 – point ga (new)
(ga) to finance research and development in energy efficiency and clean technologies in the sectors covered by the scope of this directive
Amendment 64 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 7
Article 1 - point 7
Directive 2003/87/EC
Article 10 – paragraph 4
Article 10 – paragraph 4
4. Member States shall include information on the use of revenues for each of these purposes in their reports submitted under Decision No 280/2004/EC, with an emphasis on internal market, state aid and competition issues. The Commission shall report annually to the European Parliament on the use of revenue with an emphasis on internal market, State aid and competition issues.
Amendment 66 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 7
Article 1 - point 7
Directive 2003/87/EC
Article 10 – paragraph 5
Article 10 – paragraph 5
5. ByNo later than 31 December 20109, the Commission shall adopt a Regulation on timing, administration and other aspects of auctioningsubmit to the European Parliament and the Council an analytical report assessing the timing, administration and other aspects of auctioning, including, as appropriate, a proposal for a directive. That proposal shall aim to ensure that it isauctions are conducted in an open, transparent and non- discriminatory manner that minimises the scope for speculation. Auctions shall be designed to ensure that operators, and in particular any small and medium -sized enterprises covered by the Community scheme, have full access and any other participants do not undermine the operation of the auction. That measure, designed to amend non-essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article [23(3)]. or the climate change objectives that justify their adoption. The proposal shall therefore be sufficiently detailed, in relation, inter alia, to the timing and frequency of auctioning across Member States, and adequately framed, addressing the probable impacts of auctioning, in particular in relation to: – speculative moves, – cross-border competition effects, – cross-sectoral effects, – the competitiveness of European business and industry, in particular small and medium-sized enterprises, – inflationary pressure, and – socio-economic effects. The practical functioning of auctioning is an essential component of the revised ETS proposal and shall therefore be subject to co-decision procedure.
Amendment 68 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10a – paragraph 1 – subparagraph 1
Article 10a – paragraph 1 – subparagraph 1
1. The Commission shall, bBy 30 June 20110, adopt Community -wide and fully- harmonised implementing measures for allocating the allowances referred to in paragraphs 2 to 6 and 8 in a harmonised mannershall be adopted.
Amendment 69 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10a – paragraph 1 – subparagraph 2
Article 10a – paragraph 1 – subparagraph 2
Amendment 70 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10a – paragraph 1 – subparagraph 3
Article 10a – paragraph 1 – subparagraph 3
The measures referred to in the first subparagraph shall, to the extent feasible, ensure that allocation takes place in a manner that gives incentives for greenhouse gas and energy efficient techniques and for reductions in emissions, by using sectoral benchmarks and taking account of the most efficient techniques, substitutes, alternative production processes, use of biomass, cogeneration and greenhouse gas capture and storage, and shall not give incentives to increase emissions. No free allocation shall be made in respect of any electricity production, with the exception of electricity produced from waste gases from industrial production processes, with the aim of using this electricity for the own consumption of the operator of these production processes, in which case allocation to this operator shall be made according to the sectoral benchmarks agreed upon of these production processes. The Commission shall ensure that no unnecessary costs are passed on to the end consumer.
Amendment 71 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 7
Article 1 – point 7
Directive 2003/87/EC
Article 10 – paragraph 3 – point g a (new)
Article 10 – paragraph 3 – point g a (new)
(ga) to finance research and development in energy efficiency and clean technologies in the sectors covered by the scope of this directive.
Amendment 71 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10a – paragraph 1 – subparagraph 4
Article 10a – paragraph 1 – subparagraph 4
The Commission shall, upon the conclusion by the Community of an international agreement or of international sectoral agreements on climate change leading to mandatory reductions of greenhouse gas emissions comparable to those of the Community, review those measures to provide that free allocation only takes place where this is fully justified in the light of that agreement. The Commission's mandate for negotiating international agreements shall be based on detailed impact assessments of potential consequences for EU-based companies and in accordance with criteria stipulated in Annex Ia new.
Amendment 73 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10a – paragraph 6 – subparagraph 3
Article 10a – paragraph 6 – subparagraph 3
No free allocation shall be made in respect of any electricity production by new entrants with the exception of electricity produced from waste gases from industrial production processes, with the aim of using this electricity for the own consumption of the operator of these production processes, in which case allocation to this operator shall be made according to the sectoral benchmarks agreed upon of these production processes.
Amendment 74 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10a – paragraph 7
Article 10a – paragraph 7
7. Subject to Article 10b, the amount of allowances allocated free of charge under paragraphs 3 to 6 of this Article [and paragraph 2 of Article 3c] in 2013 shall be 80% of the quantity determined in accordance with the measures referred to in paragraph 1, taking into account, if appropriate, the outcome of international negotiations, and thereafter the free allocation shall decrease each year by equal amounts resulting in no free allocation in 2020.
Amendment 77 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10a – paragraph 1 – subparagraph 3 and 3 a (new)
Article 10a – paragraph 1 – subparagraph 3 and 3 a (new)
The measures referred to in the first subparagraph shall, to the extent feasible, ensure that allocation takes place in a manner that gives incentives for greenhouse gas and energy efficient techniques and for reductions in emissions, by using sectoral benchmarks and taking account of the most efficient techniques, substitutes, alternative production processes, use of biomass, cogeneration and greenhouse gas capture and storage, and shall not give incentives to increase emissions. No free allocation shall be made in respect of any electricity production, with the exception of electricity produced from waste gases from industrial production processes, with the aim of using this electricity for the own consumption of the operator of these production processes, in which case allocation to this operator shall be made according to the sectoral benchmarks agreed upon of these production processes. The Commission shall ensure that no unnecessary costs are passed on to the end consumer.
Amendment 79 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10a – paragraph 1 – subparagraph 4 and 4 a (new)
Article 10a – paragraph 1 – subparagraph 4 and 4 a (new)
The Commission shall, upon the conclusion by the Community of an international agreement or of international sectoral agreements on climate change leading to mandatory reductions of greenhouse gas emissions comparable to those of the Community, review those measures to provide that free allocation only takes place where this is fully justified in the light of that agreement. The Commission's mandate for negotiating international agreements shall be based on detailed impact assessments of potential consequences for EU-based companies and in accordance with criteria stipulated in Annex Ia.
Amendment 79 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10a – paragraph 9 – subparagraph 1
Article 10a – paragraph 9 – subparagraph 1
At the latest by 30 Juneanuary 2010 and every 34 years thereafter the Commission shall determine the sectors referred to in paragraph 8.
Amendment 80 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10a – paragraph 9 – subparagraph 2
Article 10a – paragraph 9 – subparagraph 2
Amendment 81 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10a – paragraph 9 – subparagraph 2a (new)
Article 10a – paragraph 9 – subparagraph 2a (new)
Each year, on the basis of new market information, any sector not included in Annex 1 shall be able to request the Commission to reassess its vulnerability to carbon leakage.
Amendment 82 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10a – paragraph 9 – subparagraph 3
Article 10a – paragraph 9 – subparagraph 3
In the determination referred to in the first subparagraph the Commission shall take into account the extent to which it is possible for the sector or sub-sector concerned to pass on the cost of the required allowances inthrough product prices without significant loss of market share to less carbon efficient installations outside the Communityits competitive international position, taking into account the following:
Amendment 83 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10a – paragraph 9 – subparagraph 3 – point c
Article 10a – paragraph 9 – subparagraph 3 – point c
(c) the present and projected market structure, relevant geographic and product market, employment and economic relevance, the exposure of the sectors to international competition, taking into account transport costs;
Amendment 84 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10a – paragraph 6 – subparagraph 3
Article 10a – paragraph 6 – subparagraph 3
No free allocation shall be made in respect of any electricity production by new entrants. with the exception of electricity produced from waste gases from industrial production processes, with the aim of using this electricity for the own consumption of the operator of these production processes, in which case allocation to this operator shall be made according to the sectoral benchmarks agreed upon of these production processes.
Amendment 84 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10a – paragraph 9 – subparagraph 3 – point da (new)
Article 10a – paragraph 9 – subparagraph 3 – point da (new)
(da) direct and indirect impacts of the forecasted increase in energy prices as well as certain raw materials due to climate policy;
Amendment 85 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10a – paragraph 9 – subparagraph 3 – point db (new)
Article 10a – paragraph 9 – subparagraph 3 – point db (new)
(db) collateral social effects of passing costs on to the end consumer.
Amendment 86 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10a – paragraph 9 – subparagraph 4
Article 10a – paragraph 9 – subparagraph 4
For the purposes of evaluating whether the cost increase resulting from the Community scheme can be passed on, estimates of lost sales resulting from the increased carbon price or the impact on the profitability of the installationsectors concerned may inter alia be used.
Amendment 88 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10b – paragraph 1
Article 10b – paragraph 1
Not later than Juneanuary 20110, the Commission shall, in the light of the outcome of the international negotiations and the extent to which these lead to global greenhouse gas emission reductions, and after consulting with all relevant social partners, submit to the European Parliament and to the Council an analytical report assessing the situation with regard to energy-intensive sectors or sub-sectors that have been determined to be exposed to significant risks of carbon leakage. This shall be accompanied by any appropriate proposals, which may include:is agreement complies with criteria in Annex 1a (new), submit to the European Parliament and to the Council a proposal for the sectors or sub- sectors to be considered at risk of carbon leakage. The sectors or sub-sectors considered at risk of carbon leakage shall be identified in consultation with the social partners, affected stakeholders and the European Parliament and shall take into account the potential failure to reach an international agreement with mandatory reductions.
Amendment 89 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10b – paragraph 2
Article 10b – paragraph 2
Amendment 90 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10a – paragraph 9 – subparagraph 1
Article 10a – paragraph 9 – subparagraph 1
9. At the latest by 30 Juneanuary 2010 and every 34 years thereafter the Commission shall determine the sectors referred to in paragraph 8.
Amendment 90 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 9
Article 1 - point 9
Directive 2003/87/EC
Article 11 – paragraph 2 – subparagraph 2
Article 11 – paragraph 2 – subparagraph 2
An installation which ceases to operate shall receive no further free allowances. and shall surrender any remaining allowances, or an equivalent amount, to the competent authorities. The Commission shall ensure national implementation and that the State aid and competition rules are applied vigorously, in particular to prevent abuses of dominant positions. To this end, the Commission shall, every three months, publish the end consumer price of energy products disaggregated by company, sector and Member State. The Emission Trading Scheme component of the end consumer price shall be separated out in the Commission's publication of prices.
Amendment 91 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10a – paragraph 9 – subparagraph 2 a (new)
Article 10a – paragraph 9 – subparagraph 2 a (new)
Each year, on the basis of new market information, any sector not included in annex I shall be able to request the Commission to reassess its vulnerability to carbon leakage.
Amendment 91 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 9
Article 1 - point 9
Directive 2003/87/EC
Article 11a – paragraph 1
Article 11a – paragraph 1
1. Until a future international agreement on climate change or any international sectoral agreement has entered into force, and in advance of the application of paragraphs 3 and 4 of Article 28, paragraphs 2 to 7 of this Article shall apply. CDM and JI credits from projects in sectors exposed to carbon leakage shall, however, be excluded from such application.
Amendment 92 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10a – paragraph 9 – subparagraph 3 – introductory part
Article 10a – paragraph 9 – subparagraph 3 – introductory part
In the determination referred to in the first subparagraph the Commission shall take into account the extent to which it is possible for the sector or sub-sector concerned to pass on the cost of the required allowances inthrough product prices without significant loss of market share to less carbon efficient installations outside the Communityits competitive international position, taking into account the following:
Amendment 93 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10a – paragraph 9 – subparagraph 3 – point c
Article 10a – paragraph 9 – subparagraph 3 – point c
(c) the present and projected market structure, relevant geographic and product market, employment and economic relevance, the exposure of the sectors to international competition, taking into account transport costs;
Amendment 95 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10b – paragraph 1 – introductory part
Article 10b – paragraph 1 – introductory part
Not later than Juneanuary 20110, the Commission shall, in the light of the outcome of the international negotiations and the extent to which these lead to global greenhouse gas emission reductions, and after consulting with all relevant social partners, submit to the European Parliament and to the Council an analytical report assessing the situation with regard to energy-intensive sectors or sub-sectors that have been determined to be exposed to significant risks of carbon leakage. This shall be accompanied by any appropriate proposals, which may include:is agreement complies with criteria in Annex Ia, submit to the European Parliament and to the Council a proposal for the sectors or sub- sectors to be considered at risk of carbon leakage. The sectors or sub-sectors considered at risk of carbon leakage shall be identified in consultation with the social partners, affected stakeholders, the European Parliament and the Council and shall take into account the potential failure to reach an international agreement with mandatory reductions.
Amendment 97 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 9
Article 1 - point 9
Directive 2003/87/EC
Article 11a – paragraph 7
Article 11a – paragraph 7
7. Once an international agreement or international sectoral agreements on climate change hasve been reached, only CERs from third countries which have ratified that agreement shall be accepted in the Community scheme.
Amendment 98 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 10
Article 1 - point 10
Directive 2003/87/EC
Article 11b
Article 11b
The Community and its Member States shall only authorise project activities where all project participants have headquarters either in a country that has concluded the international agreement relating to such projects or in a country or sub-federal or regional entity which is linked to the Community scheme pursuant to Article 25. CDM and JI credits from projects in sectors exposed to carbon leakage shall be excluded.
Amendment 99 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 12
Article 1 - point 12
Directive 2003/87/EC
Article 14 – paragraph 1 – subparagraph 1
Article 14 – paragraph 1 – subparagraph 1
1. The Commission shall, no later than 31 December 2011, adopt a Regulation for the monitoring and reporting of emissions and, where relevant, activity data, from the activities listed in Annex I which shall be based on the principles for monitoring and reporting set out in Annex IV and shall specify the global warming potential of each greenhouse gas in the requirements for monitoring and reporting emissions for that gas.
Amendment 100 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 12
Article 1 - point 12
Directive 2003/87/EC
Article 14 – paragraph 2
Article 14 – paragraph 2
2. The Rregulation mayshall take into account the most accurate and up-to-date scientific evidence available, in particular from the IPCC, and mayshall also specify requirements for operators to report on emissions associated with the production of goods produced by energy intensive industries which may be subject to international competition, and for this information to be verified independently. Those requirements maye regulation shall also specify reporting requirements for financial institutions involved in emissions trading. Those requirements shall include reporting on levels of emissions from electricity generation covered by the Community scheme associated with the production of such goods.
Amendment 101 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 13
Article 1 - point 13
Directive 2003/87/EC
Article 15 – point b – subparagraph 1
Article 15 – point b – subparagraph 1
The Commission shall, no later than 30 June 2010, adopt a Regulation for the verification of emission reports and the accreditation of verifiers specifying conditions for the accreditation, mutual recognition and withdrawal of accreditation for verifiers, and for supervision and peer evaluation as appropriate.
Amendment 102 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 19
Article 1 - point 19
Directive 2003/87/EC
Article 24a – paragraph 1 – subparagraph 1
Article 24a – paragraph 1 – subparagraph 1
1. In addition to the inclusions provided for in Article 24, the Commission may adopt implementing measures for issuing allowances in respect of projects administered by Member States that reduce greenhouse gas emissions outside of the Community scheme. The Commission shall exclude CDM and Joint Implementation credits from projects in sectors exposed to carbon leakage.
Amendment 103 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 21
Article 1 – point 21
Directive 2003/87/EC
Article 27 – paragraph 1
Article 27 – paragraph 1
1. Member States may exclude, from the Community scheme, combustion installations which have a rated thermal input below 250MW, reported emissions to the competent authority of less than 1025 000 tonnes of carbon dioxide equivalent, excluding inevitable carbon dioxide emissions from raw materials and emissions from biomass, in each of the preceding 3 years, and which are subject to measures that will achieve an equivalent contribution to emission reductions, if the Member State concerned complies with the following conditions: (a) it notifies the Commission of each such installation, specifying the equivalent measures that are in place, (b) it confirms that monitoring arrangements are in place to assess whether any installation emits 1025 000 tonnes or more of carbon dioxide equivalent, excluding inevitable carbon dioxide emissions from raw materials and emissions from biomass, in any one calendar year; (c) it confirms that if any installation emits 1025 000 tonnes or more of carbon dioxide equivalent, excluding inevitable carbon dioxide from raw materials and emissions from biomass, in any one calendar year or the equivalent measures are no longer in place, the installation will be re-introduced into the system; (d) it publishes the information referred to in points (a), (b) and (c) for public comment.
Amendment 103 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 21
Article 1 - point 21
Directive 2003/87/EC
Article 27
Article 27
1. Member States may exclude, from the Community scheme, combustion installations which have a rated thermal input below 250MW, reported emissions to the competent authority of less than 1025 000 tonnes of carbon dioxide equivalent, excluding inevitable carbon dioxide emissions from raw materials and emissions from biomass, in each of the preceding 3 years, and which are subject to measures that will achieve an equivalent contribution to emission reductions, if the Member State concerned complies with the following conditions: (a) it notifies the Commission of each such installation, specifying the equivalent measures that are in place, (b) it confirms that monitoring arrangements are in place to assess whether any installation emits 1025 000 tonnes or more of carbon dioxide equivalent, excluding inevitable carbon dioxide emissions from raw materials and emissions from biomass, in any one calendar year; (c) it confirms that if any installation emits 1025 000 tonnes or more of carbon dioxide equivalent, excluding inevitable carbon dioxide from raw materials and emissions from biomass, in any one calendar year or the equivalent measures are no longer in place, the installation will be re-introduced into the system; (d) it publishes the information referred to in points (a), (b) and (c) for public comment.
Amendment 104 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 21
Article 1 - point 21
Directive 2003/87/EC
Article 28 – title
Article 28 – title
Adjustments applicable upon the conclusion of a future international agreement or of international sectoral agreements on climate change
Amendment 105 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 21
Article 1 - point 21
Directive 2003/87/EC
Article 28 – paragraph 1
Article 28 – paragraph 1
1. Upon the conclusion by the Community of an international agreement or of international sectoral agreements on climate change leading, by 2020, to mandatory reductions of greenhouse gas emissions exceeding the minimum reduction levels agreed upon by the European Council, paragraphs 2, 3 and 4 shall apply.
Amendment 106 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 21
Article 1 - point 21
Directive 2003/87/EC
Article 28 – paragraph 2
Article 28 – paragraph 2
2. From the year following the conclusion of the international agreement or of international sectoral agreements referred to in paragraph 1, the linear factor shall increase so that the Community quantity of allowances in 2020 is lower than that established pursuant to Article 9, by a quantity of allowances equivalent to the overall reduction of greenhouse gas emissions by the Community below 20% to which the international agreement commits the Community, multiplied by the share of overall greenhouse gas emission reductions in 2020 which the Community scheme is contributing pursuant to Articles 9 and 9a.
Amendment 107 #
2008/0013(COD)
Proposal for a directive – amending act
Annex I a (new)
Annex I a (new)
Annex Ia Minimum requirements for an International Agreement An international agreement including energy-intensive industries exposed to a significant risk of carbon leakage, or a sectoral international agreement on such industries, must comply with at least the following criteria in order to provide a level playing field for such industries: (i) the participation of countries representing a critical mass of at least 85% of production, (ii) equivalent CO2 emission targets, (iii) similar emission reductions systems with equivalent effect imposed by all participating countries or from countries with non-equivalent CO2 emission targets in sectors covered by the EU emissions trading system, (iv) competing materials must be subject to equivalent restrictions taking into account life cycles, (v) an effective international monitoring and verification system.
Amendment 107 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 21
Article 1 - point 21
Directive 2003/87/EC
Article 28 – paragraph 3
Article 28 – paragraph 3
3. Operators may use CERs, ERUs or other credits, excluding CDM and JI credits from sectors exposed to carbon leakage, approved in accordance with paragraph 4 from third countries which have concluded the international agreement, up to half of the reduction taking place in accordance with paragraph 2.
Amendment 109 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 a (new)
Article 1 a (new)
The Commission shall present an annual report to the European Parliament and the Council on the establishment and functioning of the revised Emissions Trading Scheme. The first such report shall be presented one year after the adoption of this Directive.
Amendment 111 #
2008/0013(COD)
Proposal for a directive – amending act
Annex Ia (new)
Annex Ia (new)
Amendment 6 #
2007/2198(INI)
Motion for a resolution
Citation 13 a (new)
Citation 13 a (new)
13a. having regard to the evaluation report of the external consultancy Mayer, Rowe and Maw LLP, entitled “Evaluation of EC Trade Defence Instruments” (December 2005),
Amendment 7 #
2007/2198(INI)
Motion for a resolution
Citation 13 b (new)
Citation 13 b (new)
13b. having regard to the document of the Commission entitled “Evaluation of the responses to the public consultation on Europe's trade defence instruments in a changing global economy” (19 November 2007),
Amendment 10 #
2007/2198(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the results of the public consultation are available in the document entitled "Evaluation of the responses to the public consultation on Europe's trade defence instruments in a changing global economy" (19 November 2007),
Amendment 11 #
2007/2198(INI)
Motion for a resolution
Recital B
Recital B
Amendment 15 #
2007/2198(INI)
Motion for a resolution
Recital C
Recital C
C. whereas, in the absence of internationally agreed upon competition rules in the WTO currently leaves no alternative but TDIs to, TDIs are the only suitable solution for dealing with unfair trade practices,
Amendment 22 #
2007/2198(INI)
Motion for a resolution
Recital D
Recital D
D. whereas, in TDI investigations, a balance has too often failed to be attained among taking timely action when unfair trade is injuring EU industry, the need to maintain the quality and thoroughness of Commission investigations and the maintenance of transparency and opportunity for all interested parties to contribute,
Amendment 27 #
2007/2198(INI)
Motion for a resolution
Recital E
Recital E
E. whereas anti-dumping is a very specific and narrowly focused instrument tackling anticompetitive practices; whereas antidumping is not and is not currently designed to tackle labour and environmental standards and to apply such standards that would hardly be in line with current WTO regulation,
Amendment 31 #
2007/2198(INI)
Motion for a resolution
Recital F
Recital F
Amendment 32 #
2007/2198(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas, in a globalised world, EU companies need a reinforced mechanism to combat unfair commercial practices, allowing them to create jobs and stimulate growth in the Union,
Amendment 41 #
2007/2198(INI)
Motion for a resolution
Paragraph -1 (new)
Paragraph -1 (new)
- 1. Asks the Commission to take into account the results of the Green Paper for public consultation (COM(2006)0763) and the results of the independent study that it ordered, as both reflect the legitimate interests of all stakeholders;
Amendment 45 #
2007/2198(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
Amendment 51 #
2007/2198(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Considers that, in the absence of internationally recognised rules on competition, the current European TDI system is the best response to ensure a level playing field for all actors and to avoid distorting effects in international trade;
Amendment 54 #
2007/2198(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
Amendment 59 #
2007/2198(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Underlines that the EU already has a TDI regime with higher standards, resulting in more stringent application, than other trading partners especially with regard to the initiation, course and subsequent outcome of these investigations;
Amendment 68 #
2007/2198(INI)
Amendment 75 #
2007/2198(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Believes that the current EU TDI system already takes due account of the rightful and legitimate interests of all European stakeholders, as was stated by the majority of governments and stakeholders during the public consultation on the above-mentioned Green Paper;
Amendment 76 #
2007/2198(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
Amendment 81 #
2007/2198(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 84 #
2007/2198(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Asks the Commission to act accordingly in order to instil social and environmental considerations into the reform of antidumping rules during the WTO negotiations, based on the international fundamental social and environmental standards that already exist;
Amendment 85 #
2007/2198(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 86 #
2007/2198(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 90 #
2007/2198(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Believes that the EU TDI system should address all increasing unfair trade behaviour that hampers the ordinary course of trade, such as fraud, circumvention, dual pricing and violations of IPR, which greatly affect fair competition in international markets;
Amendment 93 #
2007/2198(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 99 #
2007/2198(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Asks the Commission to maintain its strict criteria when initiating new TDI investigations in order to guarantee that prima facie evidence is provided by the complainants and that all the AD conditions for initiation are met;
Amendment 100 #
2007/2198(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 101 #
2007/2198(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Is worried about the increasing use by the Commission of ex officio review in order to restrict or terminate measures in force;
Amendment 105 #
2007/2198(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 108 #
2007/2198(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 112 #
2007/2198(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 116 #
2007/2198(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 120 #
2007/2198(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 123 #
2007/2198(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 125 #
2007/2198(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Believes that there is no reason to reconsider the current definition of "Community industry" so as to take greater account of the interests of those companies which have moved or subcontracted part of their production outside the Union in so far as those companies are not affected by the duties unless they engage in dumping or receive subsidies;
Amendment 127 #
2007/2198(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
Amendment 128 #
2007/2198(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Urges the Commission to open anti- dumping and countervailing procedures and to impose provisional duties as soon as possible when all the legal requirements have been met, including a threat of injury for the industry concerned;
Amendment 129 #
2007/2198(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Considers that anti-dumping procedures should always give priority to the need to restore a level playing field, as the effects of unfair competition in the long run are against the interests of all participants in the Community market;
Amendment 130 #
2007/2198(INI)
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17b. Considers therefore that the analysis of the impact on other interests can only justify the non-imposition of anti- dumping measures in exceptional cases, where it is obvious that defence measures will not be able to improve the situation of Community producers, and in any event cannot justify a downward adjustment in the level or duration of the duties imposed;
Amendment 131 #
2007/2198(INI)
Motion for a resolution
Paragraph 17 c (new)
Paragraph 17 c (new)
17c. Calls on the Commission to maintain its current practice that ensures the use of realistic and suitably motivated requirements when choosing an "analogue country" for investigative procedures;
Amendment 132 #
2007/2198(INI)
Motion for a resolution
Paragraph 17 d (new)
Paragraph 17 d (new)
17d. Considers that the countervailing duty and the anti-dumping instrument are two distinct instruments with their own scope of application that could be used in a complementary way;
Amendment 133 #
2007/2198(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 135 #
2007/2198(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
Amendment 137 #
2007/2198(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Endorses the creation of the Hearing Officer within the Commission’s DG Trade to assist interested parties; calls on the Hearing Officer to submit, following an independent analysis, to the European Parliament periodic reports in particular on the handling of cases by the Commission, including the conformity of the administrative practices with the basic regulations, and on the synthesis of its activities; stresses that for the sake of transparency and ensuring a meaningful role for the Hearing Officer, his/her reports following individual interventions should be made known to interested parties and the Antidumping Committee;
Amendment 138 #
2007/2198(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 140 #
2007/2198(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Calls on the Commission to increase the transparency and predictability of the procedure of TDI investigations in the EU, to accelerate and simplify procedures, as well as to facilitate the accessibility of TDIs for SMEs, as they constitute the majority of the European industrial sector;
Amendment 143 #
2007/2198(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Calls on the Commission to improve the quality of and access to non- confidential information provided by other parties during the investigation and improve access to confidential information in order to strengthen defence rights;
Amendment 145 #
2007/2198(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 146 #
2007/2198(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
Amendment 147 #
2007/2198(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 152 #
2007/2198(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
Amendment 154 #
2007/2198(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
Amendment 159 #
2007/2198(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
Amendment 162 #
2007/2198(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
Amendment 164 #
2007/2198(INI)
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29a. Urges the Commission to guarantee that the process of decision-making in TDI investigations is based on transparent and objective standards;
Amendment 165 #
2007/2198(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
Amendment 167 #
2007/2198(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
Amendment 170 #
2007/2198(INI)
Motion for a resolution
Paragraph 31 a (new)
Paragraph 31 a (new)
31a. Underlines that the legal certainty and the legal framework within which TDI investigations are conducted, are fundamental taking into account that the standard court procedure takes too long to properly address possible flaws in TDI investigations; underlines the need to ensure that interested parties have recourse to expedited judicial review;
Amendment 174 #
2007/2198(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
Amendment 177 #
2007/2198(INI)
Motion for a resolution
Paragraph 32 a (new)
Paragraph 32 a (new)
32a. Asks for a greater share competence for other services of the Commission when conducting investigations, in order to guarantee the transparency and effectiveness of all TDI investigation procedures;
Amendment 178 #
2007/2198(INI)
Motion for a resolution
Paragraph 32 b (new)
Paragraph 32 b (new)
32b. Calls for real and strong involvement of the European Parliament, in order to improve the credibility and transparency of the trade defence policy in general and of TDIs in particular;
Amendment 179 #
2007/2198(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
Amendment 182 #
2007/2198(INI)
Motion for a resolution
Paragraph 33 a (new)
Paragraph 33 a (new)
33a. Highlights and welcomes the fact that, through the ratification of the Treaty of Lisbon, the European Parliament will gain co-decision power in TDI matters; therefore requests the Commission not to introduce any kind of changes to the TDI procedures until the ratification of the Treaty;
Amendment 183 #
2007/2198(INI)
Motion for a resolution
Paragraph 34
Paragraph 34
Amendment 185 #
2007/2198(INI)
Motion for a resolution
Paragraph 34 a (new)
Paragraph 34 a (new)
34a. Considers that, under the Community interest test, the interests of Community producers must be given priority over other interests at stake;
Amendment 186 #
2007/2198(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
Amendment 190 #
2007/2198(INI)
Motion for a resolution
Paragraph 35 a (new)
Paragraph 35 a (new)
35a. Asks the Commission to use the Community interest test only as a last resort and to always address the removal of injurious dumping as its first priority;
Amendment 193 #
2007/2198(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
Amendment 195 #
2007/2198(INI)
Motion for a resolution
Paragraph 37
Paragraph 37
Amendment 198 #
2007/2198(INI)
Motion for a resolution
Paragraph 37 a (new)
Paragraph 37 a (new)
37a. Stresses that, given that TDIs are a concept developed within the WTO mandate, it can hardly be advisable to engage in a process of unilateral revision of such instruments: reciprocity, as well as parallel steps towards their revision, on a multilateral level, namely on the part of the major EU trading partners, should be a precondition for this initiative; recalls that for the time being TDIs are the sole instruments in international trade law to address unfair trading practices;
Amendment 199 #
2007/2198(INI)
Motion for a resolution
Paragraph 38
Paragraph 38
Amendment 201 #
2007/2198(INI)
Motion for a resolution
Paragraph 38 a (new)
Paragraph 38 a (new)
38a. Asks the Council to demonstrate solidarity when dealing with TDIs, in order to guarantee that European industry and its workers are effectively protected when confronted with unfair competition;
Amendment 203 #
2007/2198(INI)
Motion for a resolution
Paragraph 38 b (new)
Paragraph 38 b (new)
Amendment 204 #
2007/2198(INI)
Motion for a resolution
Paragraph 39
Paragraph 39
Amendment 207 #
2007/2198(INI)
Motion for a resolution
Paragraph 39 a (new)
Paragraph 39 a (new)
39a. Urges the Commission not to propose a reform of the European regulation on TDI while the WTO negotiations are ongoing and until a real consensus is found among stakeholders and Member States;
Amendment 28 #
2007/0220(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) The use of confidential data for administrative, legal or tax purposes or for verification against the statistical data subjecunits should be strictly prohibited.
Amendment 29 #
2007/0220(COD)
Proposal for a regulation
Article 2
Article 2
This Regulation establishes a legal framework for the development, production and dissemination of European Statistics. In compliance with the principle of subsidiarity and in accordance with the independence, integrity and accountability of the national and the Community authorities, European Statistics are relevant statistics necessary for the performance of the activities of the European Community. They European Statistics shall be developed, produced and disseminated in accordance with the European Statistical Programme. and in conformity with the statistical principles set out in Article 285(2) of the Treaty and in Article 2 of this Regulation andmplemented in accordance within the framework of the European Statistical Programmeprovisions of this Regulation.
Amendment 32 #
2007/0220(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) 'professional independence' meaning that statistics must be developed, produced and disseminated in an independent manner, free from any pressures from political or interest groups or national and community authorities particularly as regards the selection of techniques, definitions, methodologies and sources to be used, and the timing and content of all forms of dissemination;
Amendment 35 #
2007/0220(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point e
Article 2 – paragraph 1 – point e
(e) 'statistical confidentiality' meaning the protection of confidential data related to single statistical data subjecunits which are obtained directly for statistical purposes or indirectly from administrative or other sources; it implies the prohibition of use for non statistical purposes of the data obtained and of their unlawful disclosure;
Amendment 36 #
2007/0220(COD)
Proposal for a regulation
Article 3 – paragraph 8
Article 3 – paragraph 8
8. 'confidential data' means data used by the national authorities and Eurostat for statistical purposes which allow statistical data subjecunits to be identified, either directly or indirectly, thereby disclosing individual information. To determine whether a statistical data subject is identifiable, account shall be taken of all relevant means that might reasonably be used by a third party to identify the statistical data subject;
Amendment 40 #
2007/0220(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The NSI of eEach Member State shall havdesignate the NSI as the body having the responsibility for coordinating all activities at national level for the development, production and dissemination of European Statistics. The Member States shall take the necessary measures to ensure the application of this provision.
Amendment 41 #
2007/0220(COD)
Proposal for a regulation
Article 6 – paragraph -1 (new)
Article 6 – paragraph -1 (new)
-1. Within the Commission, Eurostat (hereinafter referred to as "the Commission (Eurostat")) is the Directorate-General entrusted with the development, production, and dissemination of European Statistics pursuant to this Regulation and the applicable rules and procedures of the Commission.
Amendment 43 #
2007/0220(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. At Community level, the Commission (Within the Commission, the Director- General of Eurostat) shall ensure the production of European Statistics according to established rules and statistical principles; in this respect, ithe or she shall have the sole responsibility for deciding on processes, statistical methods, standards and procedures, and on the content and timing of statistical releases.
Amendment 45 #
2007/0220(COD)
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. Without prejudice to Article 5 of the Protocol on the Statute of the European System of Central Banks (ESCB) and the European Central Bank (ECB), the Commission (Eurostat) shall coordinate the statistical activities of the institutions and bodies of the Community, in particular with a view to ensuring consistency and quality of the data and minimising response burden. To that end, the Commission (Director- General of Eurostat) may invite any institution or body of the Community to consult and cooperate with it for the purpose of developing methods and systems for statistical purposes in their respective field of competence; any of these Institutions and bodies which may propose to produce statistics shall consult with the Commission (Eurostat) and take into account any recommendation that it may make to this effect.
Amendment 47 #
2007/0220(COD)
Proposal for a regulation
Article 6 a (new)
Article 6 a (new)
Amendment 48 #
2007/0220(COD)
Proposal for a regulation
Article 9 a (new)
Article 9 a (new)
Article 9a 1. A European Statistics Code of Practice shall aim at ensuring public trust in European statistics by establishing how European Statistics are to be developed, produced and disseminated in conformity with the statistical principles and best international statistical practice. 2. The Code shall be established by the ESS Committee and published by the Commission. It shall be reviewed and updated as necessary.
Amendment 52 #
2007/0220(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point b
Article 12 – paragraph 1 – point b
(b) in exceptional cases, by the Commission under the conditions laid down in Articleby the Commission in specific and duly justified cases, in particular to meet unexpected needs, in accordance with the provisions in paragraph 15a; or
Amendment 53 #
2007/0220(COD)
Proposal for a regulation
Article 12 – paragraph 1 a (new)
Article 12 – paragraph 1 a (new)
1a. The Commission may decide on a temporary direct statistical action in accordance with the regulatory procedure referred to in Article 27(2) provided that: (a) the action does not foresee data collection covering more than two reference years; (b) the data are already available or accessible within the national authorities responsible, or can be obtained directly, using the appropriate samples for the observation of the statistical population at European level with the adequate coordination with the national authorities; (c) The Community shall, in accordance with Council Regulation (EC) No 1605/2002 of 25 June 2002 on the Financial Regulation applicable to the general budget of the European Communities1, make financial contributions to the national authorities to cover the additional costs incurred by them. 1 OJ L 248, 16.9.2002, p. 1.
Amendment 55 #
2007/0220(COD)
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
2. In pursuing an action referred to in paragraphs 1(a) and 1(b), the Commission shall provide information on: (a) the reasons justifying the action, notably in the light of the aims of the Community policy concerned; (b) the objectives for the action and the expected results; (c) a cost effectiveness analysis, including an assessment of the burden on respondents; and of the production costs; (d) the ways the actions is carried out, including its duration and the role of the Commission and the national authorities.
Amendment 57 #
2007/0220(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. The European Approach to Statistics aims at: (a) maximising the availability and timeliness of European totals where the production and dissemination of European Statistics may rely entirely or not on national data produced and disseminated by the national authorities of all Member States; (b) optimising the transmission of data and the release and revision of statistics where a coordinated policy and approach need to be establishedIn specific and duly justified cases and within the framework of the European Statistical Programme, the European Approach to Statistics aims at: (a) maximising the availability of statistical aggregates at European level and improving the timeliness of European Statistics; (b) reducing the burden on respondents and national authorities.
Amendment 59 #
2007/0220(COD)
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
1a. The cases where the European approach to statistics is relevant include: (a) the production of European Statistics by use of: - non-published national contributions or national contributions from a subset of Member States; - specifically designed survey schemes; - partial information by modelling techniques; (b) the dissemination of statistical aggregates at European level by applying specific statistical disclosure control techniques.
Amendment 61 #
2007/0220(COD)
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
2. The mMeasures to take shall be determined in the individual statistical actions laid down in Article 12(1) for the sectoral statistical domains or in accordance with the regulatory procedure with scrutinyimplement the European Approach shall be carried out with full involvement of Member States. These measures shall be laid down in the individual statistical actions referred to in Article 12(1).
Amendment 63 #
2007/0220(COD)
Proposal for a regulation
Article 14 – paragraph 2 a (new)
Article 14 – paragraph 2 a (new)
2a. If necessary, a coordinated release and revision policy shall be established in cooperation with Member States.
Amendment 65 #
2007/0220(COD)
Proposal for a regulation
Article 15
Article 15
Amendment 67 #
2007/0220(COD)
Proposal for a regulation
Article 16 – introductory part
Article 16 – introductory part
Each year, before the end of May, the Commission shall submit for examination by the ESS Committee its work programme for the following year. The Commission shall take the utmost account of the comments of the ESS Committee. This work programme shall be based on the European Statistical programme. This work programme shall indicate in particular:
Amendment 68 #
2007/0220(COD)
Proposal for a regulation
Article 16 – point a a (new)
Article 16 – point a a (new)
(aa) Initiatives regarding prioritization and reductions of the response burden;
Amendment 72 #
2007/0220(COD)
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. National authorities and the CommissConfidential data obtained exclusively for the production (of Eurostat) shall ensure that the confidential data are usedpean Statistics shall be used by national authorities and by the Commission (Eurostat) exclusively for statistical purposes unless the statistical data subjects have consented in writingunit has unambiguously given its consent to their use for any other specified purposes.
Amendment 73 #
2007/0220(COD)
Proposal for a regulation
Article 19 – paragraph 3
Article 19 – paragraph 3
3. Statistical results which may make it possible to identify a statistical data subjecunit may be disseminated by the national authorities and the Commission (Eurostat) in the following exceptional cases; th: a) where specific conditions shall be determined by Community Lawand modalities are determined by an act of the European Parliament and of the Council acting in accordance with the procedure laid down in Article 251 of the Treaty. These results shall be amended in such a way that their dissemination does not prejudice statistical confidentiality whenever the statistical data subject has so requestedunit has so requested or b) where the statistical unit has unambiguously agreed to the disclosure of data.
Amendment 74 #
2007/0220(COD)
Proposal for a regulation
Article 19 – paragraph 4
Article 19 – paragraph 4
4. NWithin their respective spheres of competence, national authorities and the Commission (Eurostat) shall take all necessary regulatory, administrative, technical and organisational measures to ensure the harmonisation of methods, criteria and practices within the ESS as regards the physical and logical protection of confidential data (Statistical Disclosure Control). Measures to ensure the implementation of the first subparagraphNational authorities and the Commission shall take all necessary measures to ensure the harmonisation of principles and guidelines as regards the physical and logical protection of confidential data. These measures shall be adopted by the Commission in accordance with the regulatory procedure referred to in Article 27 (2).
Amendment 75 #
2007/0220(COD)
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Transmission between the national authorities and between the national authorities and the Commission (Eurostat), of confidential dataof confidential data from an ESS authority, as referred to in Article 4, that collected the data to another ESS authority may take place provided that this transmission is necessary for the efficient development, production and dissemination of European Statistics. Any further transmission must be explicitly authorised by the national authority that collected the data or for increasing the quality of European Statistics.
Amendment 77 #
2007/0220(COD)
Proposal for a regulation
Article 20 – paragraph 1 a (new)
Article 20 – paragraph 1 a (new)
1a. Transmission of confidential data between an ESS authority that collected the data and an ESCB member may take place provided that this transmission is necessary for the efficient development, production and dissemination of European Statistics or for increasing the quality of European Statistics within the respective spheres of competence of the ESS and the ESCB.
Amendment 79 #
2007/0220(COD)
Proposal for a regulation
Article 20 – paragraph 1 b (new)
Article 20 – paragraph 1 b (new)
1b. Any further transmission beyond the first transmission must be explicitly authorized by the authority that collected the data.
Amendment 81 #
2007/0220(COD)
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
2. National rules on statistical confidentiality may not be invoked to prevent the transmission of confidential data where an act of Community lawunder paragraphs 1 and 1a where an act of the European Parliament and of the Council acting in accordance with the procedure laid down in Article 251 of the Treaty provides for the transmission of such data.
Amendment 84 #
2007/0220(COD)
Proposal for a regulation
Article 20 – paragraph 2 a (new)
Article 20 – paragraph 2 a (new)
2a. Confidential data transmitted according to the provisions of this Article shall be used exclusively for statistical purposes and only accessible to staff working in statistical activities within their specific domain of work.
Amendment 97 #
2007/0143(COD)
Proposal for a directive
Recital 43
Recital 43
(43) It is necessary that the Minimum Capital Requirement is calculated in accordance with a simple formula, on the basis ofwhich is consistent with the risk-based approach of the Solvency Capital Requirement and is based on data which can be audited.
Amendment 105 #
2007/0143(COD)
Proposal for a directive
Recital 64 a (new)
Recital 64 a (new)
(64a) Where they exist, mutual companies, mutual associations or provident societies do not have share capital to sell or exchange, but have the opportunity to constitute groups by setting up long-lasting financial relationships (such as formal and reciprocal financial support contracts or joint guarantee schemes) managed by a legal entity exerting a significant influence over them. Those financial relationships are subject to the approval of the supervisory authority of the Member State where the legal entity is situated and ought to be as much as needed supervised as groups.
Amendment 111 #
2007/0143(COD)
Proposal for a directive
Recital 70 a (new)
Recital 70 a (new)
(70a) In the context of the approval of internal models and the functioning of the group support regime, this Directive provides a consultative role for CEIOPS. Within that framework, CEIOPS' advice should be fully taken into account by the supervisory authority having the power to take the final decision, so that a "comply or explain" mechanism is implemented.
Amendment 317 #
2007/0143(COD)
Proposal for a directive
Article 98 – paragraph 1 – introductory part
Article 98 – paragraph 1 – introductory part
1. As far as the Solvency Capital Requirement is concerned, the amounts of Tier 21 and Tier 3 items shall be subject to the following limits:
Amendment 319 #
2007/0143(COD)
Proposal for a directive
Article 98 – paragraph 1 – point a
Article 98 – paragraph 1 – point a
(a) in order to ensure that the proportion of Tier 1 items in the eligible own funds is higher than one third of the total eligible own funds, the eligible amount of Tier 2 together with the eligible amount of Tier 3 shall be limited to twice the total amount of Tier 1 items;Solvency Capital Requirement; and
Amendment 324 #
2007/0143(COD)
Proposal for a directive
Article 98 – paragraph 1 – point b
Article 98 – paragraph 1 – point b
(b) in order to ensure that the proportion of Tier 3 items in the eligible own funds is less than one third of the total eligible own funds, the eligible amount of Tier 3 shall be limited to half the totalthe amount of Tier 1 and eligible amount of Tier 2 itemown funds.
Amendment 329 #
2007/0143(COD)
Article 98 – paragraph 2
2. As far as the Minimum Capital Requirement is concerned, in order to ensure that the proportion of Tier 1 items in the eligible basic own funds shall be higher than one half of the totalthe eligible basic own funds, the amount of basic own fund items eligible to cover the Minimum Capital Requirement which are classified in Tier 2 shall be limited to the total amount of Tier 1 items which are classified in Tier 2.
Amendment 333 #
2007/0143(COD)
Proposal for a directive
Article 98 – paragraph 2 a (new)
Article 98 – paragraph 2 a (new)
2a. Surplus funds in accordance with Article 90 shall never be eligible to cover the Minimum Capital Requirement.
Amendment 336 #
2007/0143(COD)
Proposal for a directive
Article 98 – paragraph 3
Article 98 – paragraph 3
Amendment 339 #
2007/0143(COD)
Proposal for a directive
Article 98 – paragraph 4
Article 98 – paragraph 4
Amendment 342 #
2007/0143(COD)
Proposal for a directive
Article 98 – paragraph 5
Article 98 – paragraph 5
Amendment 347 #
2007/0143(COD)
Proposal for a directive
Article 99 – paragraph 1
Article 99 – paragraph 1
The Commission shall adopt implementing measures laying down: (a) the specific limits applicable to sub- tiers, where sub-tiers have been introduced; (b) the adjustments that should be made to reflect the lack of transferability of those own funds items that can only be used to cover losses arising from a particular segment of liabilities or from particular risks.
Amendment 386 #
2007/0143(COD)
Proposal for a directive
Article 109 – paragraph 1 – subparagraph 1 – point g a (new)
Article 109 – paragraph 1 – subparagraph 1 – point g a (new)
(ga) the method and adjustments to be used to reflect the reduced scope for risk diversification for insurance and reinsurance undertakings exploring segregated business segments;
Amendment 399 #
2007/0143(COD)
Proposal for a directive
Article 127 – paragraph 1 – point a
Article 127 – paragraph 1 – point a
(a) it shall be calculated inas a clear and simple manner, and in such a way as to ensure that the calculation can be auditedpercentage of technical provisions, written premiums, capital at risk and administrative expenses, depending on the type of business;
Amendment 407 #
2007/0143(COD)
Proposal for a directive
Article 127 – paragraph 1 – point b
Article 127 – paragraph 1 – point b
b) the Minimum Capital Requirement shall correspond to an amount of eligible basic own funds below which policyholders and beneficiaries are exposed to an unacceptable level of risk ifbe subject to a floor and a cap calculated as a percentage of the Solvency Capital Requirement calibrated to the Value-at- Risk of the basic own funds of an insurance andor reinsurance undertakings were allowed to continue their operations subject to a confidence level in the range of 80 % to 90 % over a one-year period;
Amendment 409 #
2007/0143(COD)
Proposal for a directive
Article 127 – paragraph 1 – point c
Article 127 – paragraph 1 – point c
(c) the level of the Minimum Capital Requirement shall be subject to a floor and a cap calculated as a percentage of the Solvency Capital Requirement calibrated to the Value-at-Risk of the basic own funds of an insurance or reinsurance undertaking subject to a confidence level in the range of 80% to 90% over a one-year period;
Amendment 485 #
2007/0143(COD)
Proposal for a directive
Article 183 – paragraph 3 a (new)
Article 183 – paragraph 3 a (new)
3a. In addition, specific information shall be supplied in order to provide a proper understanding of the risks underlying the contract which are assumed by policyholders.
Amendment 503 #
2007/0143(COD)
Proposal for a directive
Article 210 – paragraph 2 a (new)
Article 210 – paragraph 2 a (new)
2a. For the purposes of this Title, any undertaking that have set up long-lasting financial relationships through a legal entity shall be deemed to be a related undertaking and the legal entity shall be deemed to be a participating undertaking, in the event that the following conditions are met: (a) the setting up or dissolution of such financial relationships are subject to prior approval of the supervisory authority of the Member State where the legal entity is situated; (b) in the opinion of the supervisory authority of the Member State where the legal entity is situated, the legal entity effectively exercises, through such financial relationships, a significant influence over the undertakings concerned. In addition, where, in the opinion of the supervisory authority referred to in the first subparagraph, the legal entity effectively exercises a dominant influence over any of the undertakings in respect of which long-lasting financial relationships have been set up, those undertakings shall be deemed to be subsidiaries and the legal entity shall be deemed to be their parent undertaking.
Amendment 538 #
2007/0143(COD)
Proposal for a directive
Article 234 – point c
Article 234 – point c
(c) the parent undertaking has declared, in writing and in a legally binding document accepted by the group supervisor in accordance with Article 237, that it guarantees that basic own funds eligible under Article 98(5) will be transferred, where necessary, be rapidly transferred and up to the limit resulting from the application of Article 237;
Amendment 544 #
2007/0143(COD)
Proposal for a directive
Article 234 – point d
Article 234 – point d
(d) an application for permission to be subject to Articles 236 to 241 has been introducsubmitted by the parent undertaking and a favourable decision has been made on such application in accordance with the procedure set out in Article 235.;
Amendment 546 #
2007/0143(COD)
Proposal for a directive
Article 234 – point d a (new)
Article 234 – point d a (new)
(da) the group has sufficient eligible basic own funds classified as tier 1 to cover 50 % of the group's Solvency Capital Requirement.
Amendment 550 #
2007/0143(COD)
Proposal for a directive
Article 234 – paragraph 1 a (new)
Article 234 – paragraph 1 a (new)
For the purposes of applying the rules laid down in Articles 236 to 241 to a new subsidiary where another subsidiary of the insurance or reinsurance undertaking already benefits from those rules, any request for a transfer of funds in accordance with Article 240 shall be complied with in addition to the conditions laid down in the first paragraph.
Amendment 552 #
2007/0143(COD)
Proposal for a directive
Article 235 – paragraph 1 – subparagraph 1
Article 235 – paragraph 1 – subparagraph 1
1. In the case of applications for permission to be subject to the rules laid down in Articles 236 to 241, the supervisory authorities concerned shall work together, in full consultation, within the college of supervisors as referred to in Article 252(2), to decide whether or not to grant the permission sought and to determine the other terms and conditions, if any, to which such permission should be subject.
Amendment 555 #
2007/0143(COD)
Proposal for a directive
Article 235 – paragraph 1 – subparagraph 2
Article 235 – paragraph 1 – subparagraph 2
An application as referred to in the first subparagraph shall be submitted only to the group supervisor. The group supervisor shall inform and forward the complete application to the other supervisory authorities concerned without delay.
Amendment 559 #
2007/0143(COD)
Proposal for a directive
Article 235 – paragraph 2 – subparagraph 1
Article 235 – paragraph 2 – subparagraph 1
2. The supervisory authorities concerned shall do everything within their power to reach a joint decision on the application within six months from the date of receipt of the complete application by the group supervisorall the supervisory authorities concerned.
Amendment 560 #
2007/0143(COD)
Proposal for a directive
Article 235 – paragraph 2 – subparagraph 2
Article 235 – paragraph 2 – subparagraph 2
Amendment 565 #
2007/0143(COD)
Proposal for a directive
Article 235 – paragraph 2 a (new)
Article 235 – paragraph 2 a (new)
Amendment 567 #
2007/0143(COD)
Proposal for a directive
Article 235 – paragraph 2 b (new)
Article 235 – paragraph 2 b (new)
2b. In the event that the group supervisor and the supervisory authorities concerned are not able to reach a joint decision, the matter shall be referred to the CEIOPS, which shall give its advice within two months of such referral.
Amendment 576 #
2007/0143(COD)
Proposal for a directive
Article 235 – paragraph 3
Article 235 – paragraph 3
3. In the absence of a joint decision between the supervisory authorities concerned within six months, the group supervisor shall make its own decision on the applicationThe group supervisor shall make its own decision on the application within one month after receiving the CEIOPS' advice In making the decision, the group supervisor shall fully take into account the advice of that Committee. The decision shall be set out in a document containing the fully reasoned decision and shall take into account the views and reservs and an explanations of the other supervisory authorities concerned expressed within a six months period. The decision shall be provided to the applicant andany significant deviation from the positions of the other supervisory authorities concerned byor the group supervisoradvice of CEIOPS. That decision shall be recognised as determinative andfinal and shall be applied by the supervisory authorities concerned.
Amendment 602 #
2007/0143(COD)
Proposal for a directive
Article 236 – paragraph 3 a (new)
Article 236 – paragraph 3 a (new)
3a. The group supervisor and the supervisory authority shall reach a joint decision within two months. The joint decision shall be set out in a document containing full reasons, which shall be transmitted to the subsidiary by the supervisory authority.
Amendment 606 #
2007/0143(COD)
Proposal for a directive
Article 236 – paragraph 4 – subparagraph 1
Article 236 – paragraph 4 – subparagraph 1
4. Where the supervisory authority and the group supervisor disagree, or in the absence of a decision from the group supervisor within one month from the proposal of the supervisory authorityare not able to reach a joint decision, the matter shall be referred for consultation to the Committee of European Insurance and Occupational Pensions Supervisors, which shall give its advice within two months.
Amendment 609 #
2007/0143(COD)
Proposal for a directive
Article 236 – paragraph 4 – subparagraph 2
Article 236 – paragraph 4 – subparagraph 2
Amendment 616 #
2007/0143(COD)
Proposal for a directive
Article 236 – paragraph 4 – subparagraph 3
Article 236 – paragraph 4 – subparagraph 3
Amendment 620 #
2007/0143(COD)
Proposal for a directive
Article 236 – paragraph 4 a (new)
Article 236 – paragraph 4 a (new)
4a. The group supervisor shall make its own decision on the request within one month after receiving CEOPS' advice. In making its decision, the group supervisor shall fully take into account the advice from that Committee. The decision shall be set out in a document containing the fully reasoned decision and an explanation of any significant deviation from the position of the supervisory authority and from the advice of the CEIOPS. The final decision shall be submitted by the group supervisor to the supervisory authority which shall submit it to the subsidiary.
Amendment 621 #
2007/0143(COD)
Proposal for a directive
Article 236 – paragraph 4 b (new)
Article 236 – paragraph 4 b (new)
4b. In derogation from paragraph 4a, when the capital add-on proposed by the supervisor authority is based on a significant deviation of the risk profile of the subsidiary, according to the conditions laid down in Article 37, due to the inappropriate consideration of underwriting risks that are specific to the national market, the final decision is taken by the supervisory authority.
Amendment 639 #
2007/0143(COD)
Proposal for a directive
Article 237 – paragraph 2
Article 237 – paragraph 2
2. The group support shall take the form of a written declaration to the group supervisor, expressed in a legally binding document, by which funds can be called on first demand, and constituting a commitment for the parent undertaking to transfer own funds eligible under Article 98(5) to the subsidiary concerned, notwithstanding any provisions of relevant national company law or any other relevant national law.
Amendment 643 #
2007/0143(COD)
Proposal for a directive
Article 237 – paragraph 2 a (new)
Article 237 – paragraph 2 a (new)
2a. The group support shall be provided from eligible own funds available in the parent undertaking or in another subsidiary when there is clear evidence that no legal impediment to the transfer of own funds from that subsidiary will arise, including in crisis situations.
Amendment 644 #
2007/0143(COD)
Proposal for a directive
Article 237 – paragraph 3 – introductory part
Article 237 – paragraph 3 – introductory part
3. Before accepting the declaration referred to in paragraph 2, the group supervisor shall verifyparent undertaking should demonstrate the following:
Amendment 649 #
2007/0143(COD)
Proposal for a directive
Article 237 – paragraph 3 – point a a (new)
Article 237 – paragraph 3 – point a a (new)
(aa) that the group has sufficient eligible own funds above the group Minimum Capital Requirement, at least equal to the part of the group support proposed that correspond to diversification effects;
Amendment 650 #
2007/0143(COD)
Proposal for a directive
Article 237 – paragraph 3 – point a b (new)
Article 237 – paragraph 3 – point a b (new)
(ab) that the group maintains an adequate liquidity management system in order to ensure potential needs to transfer funds;
Amendment 666 #
2007/0143(COD)
Proposal for a directive
Article 238 – title
Article 238 – title
Subsidiaries of an insurance or reinsurance undertaking: mnonitoring the Solvency-compliance with the Capital Requirement Solvency Capital Requirement
Amendment 670 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 1
Article 238 – paragraph 1
1. By way of derogation from Article 136, the supervisory authority having authorised the subsidiary shall not be responsible for enforcing its Solvency Capital Requirement by taking measures at the level of the subsidiary. That supervisory authority shall however continue to monitorparagraphs 2 and 3 of Article 136, in cases of non- compliance with the Solvency Capital Requirement of the subsidiary aprocedures set out in the paragraphs 2 and 3to 4b shall apply.
Amendment 674 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 2
Article 238 – paragraph 2
2. Whereithin two months of the observation that the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) and the amount of group support declared in accordance with Article 237, but the own funds eligible under Article 98(5) are sufficient to cover the minimum cthe subsidiary shall submit, a plan for the reestablishment of the coverage of the Solvency Capital rRequirement, to the supervisory authority may call on the parent undertaking tofor approval within three months of the observation of the non-compliance, either by increasing the level of eligible own funds or provideing a new declaration bringing theof group support to the amount necessary to ensure that the Solvency Capital Requirement is again fully covered. The supervisory authority shall inform and forward the plan to the group supervisor without delay.
Amendment 679 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 2 a (new)
Article 238 – paragraph 2 a (new)
2a. Before approving the plan, the supervisory authority shall ensure that the group supervisor accepts the proposed transfer of eligible own funds or the new declaration of group support by the parent undertaking set out in the plan.
Amendment 680 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 2 b (new)
Article 238 – paragraph 2 b (new)
2b. Where the plan is not approved and the level of the Solvency Capital Requirement of the subsidiary is not re- established within the timetable referred in paragraph 2, the derogations provided for in Articles 236 and 237 and in paragraph 1 shall cease to apply to all subsidiaries.
Amendment 686 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 1
Article 238 – paragraph 4 – subparagraph 1
Amendment 692 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 2
Article 238 – paragraph 4 – subparagraph 2
Amendment 703 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 3
Article 238 – paragraph 4 – subparagraph 3
The supervisory authorityies having authorised the subsidiaryies shall regain full responsibility for setting the Solvency Capital Requirement of the subsidiary and taking appropriate measures to ensure that ithe Solvency Capital Requirement is adequately met by own funds eligible under Article 98(4). The parent undertaking shall however not be released from the commitment resulting from the most recent declaration accepted.
Amendment 706 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 4 b (new)
Article 238 – paragraph 4 – subparagraph 4 b (new)
Amendment 714 #
2007/0143(COD)
Proposal for a directive
Article 240 – paragraph 1 – subparagraph 2
Article 240 – paragraph 1 – subparagraph 2
Where the parent undertaking does not rapidly transfer eligible own funds to the subsidiary, the group supervisor shall use all powers available, including the power available under Article 142, to ensure that the groupparent undertaking provides the requested transfer as soon as is practicable.
Amendment 720 #
2007/0143(COD)
Proposal for a directive
Article 240 – paragraph 2 – subparagraph 1
Article 240 – paragraph 2 – subparagraph 1
2. Group support may be provided from eligible own funds present in the parent undertaking or in any subsidiary within the group support regime, subject to that subsidiary, where it is an insurance or reinsurance undertaking, having eligible own funds in excess of its minimum capital requirement. The supervisory authority having authorised that subsidiary shall not prevent the transfer of such excess eligible own funds.
Amendment 730 #
2007/0143(COD)
Proposal for a directive
Article 242 – paragraph 1 – subparagraph 2
Article 242 – paragraph 1 – subparagraph 2
In the case referred to in point (a) of the first subparagraph, where the group supervisor decides no longer to include thea subsidiary benefiting from group support in the group supervision it carries out, it shall immediately inform the supervisory authority concernedpreviously discuss it within the college of supervisors.
Amendment 735 #
2007/0143(COD)
Proposal for a directive
Article 242 – paragraph 2
Article 242 – paragraph 2
2. When the derogations provided for in Articles 236, 237 and 238 cease to apply, the supervisory authority having authorised the subsidiary shall regain full responsibility for settingtake appropriate measures to ensure that the Solvency Capital Requirement of the subsidiary and taking appropriate measures to ensure that it is adequately met by own funds eligible under Article 98(4). The parent undertaking shall however not be released from the commitments resulting from the most recent declarations accepted in accordance with Articles 237, 238 and 240.
Amendment 737 #
2007/0143(COD)
Proposal for a directive
Article 243 – paragraph 2 a (new)
Article 243 – paragraph 2 a (new)
2a. In the event that the group no longer has sufficient eligible own funds to cover the minimum consolidated group Solvency Capital Requirement referred to in Article 228(2) as well as half of the difference between this amount and the consolidated group Solvency Capital Requirement, the group supervisor or any of the supervisory authorities concerned may call for the college of supervisors to analyse the situation of the group. Taking into account the analysis within the college of supervisors, the group supervisor shall decide if it is appropriate to maintain the derogations provided for in Articles 236, 237 and 238.
Amendment 738 #
2007/0143(COD)
Proposal for a directive
Article 243 – paragraph 3
Article 243 – paragraph 3
3. When the derogations provided for in Articles 236, 237 and 238 cease to apply, the supervisory authorities having authorised any subsidiary to which the rules laid down in Articles 236 to 241 apply shall regain full responsibility for settingtake the appropriate measures to ensure that the Solvency Capital Requirement of these subsidiaries and taking appropriate measures to ensure that it is adequately met by own funds eligible under Article 98(4). The parent undertaking shall however not be released from the commitments resulting from the most recent declarations accepted in accordance with Articles 237, 238 and 240.
Amendment 744 #
2007/0143(COD)
Proposal for a directive
Article 244 – paragraph 1
Article 244 – paragraph 1
1. Where several requests to transfer eligible own funds are addressed to the parent undertaking and the group supervisor in accordance with Articles 238 or 239, and the group does not have sufficient eligible own funds to meet all of those together, the amounts resulting from the most recent declarations accepquested shall be reduced where necessary. The reduction shall be calculated for each subsidiary with a view to: (a) aiming first at recapitalisation to the level of the Minimum Capital Requirement of the subsidiaries; and (b) ensuring that each subsidiary is subject to the same ratio between the sum of its available assets and any transfer from the group on the one hand and the sum of its technical provisions and its minimum cSolvency Capital rRequirement on the other hand.
Amendment 751 #
2007/0143(COD)
Proposal for a directive
Article 245 – paragraph 1 – point a a (new)
Article 245 – paragraph 1 – point a a (new)
(aa) specifying the criteria to be fulfilled when assessing if the underwriting risks are specific to the national market as stated in Article 236(7);
Amendment 752 #
2007/0143(COD)
Proposal for a directive
Article 245 – paragraph 1 – point c
Article 245 – paragraph 1 – point c
(c) specifying the principles and means to be used when disclosing the information referred to in Article 241;
Amendment 754 #
2007/0143(COD)
Proposal for a directive
Article 246 – paragraph 2
Article 246 – paragraph 2
This report shall address in particular the quality of eligible own funds which the group is required to hold to apply the rules laid down in Article 236 to 241, the appropriate level of own funds which a subsidiary is required to hold where it belongs to a group fulfilling the conditions of this subsection, the form which group support is required to take, the allowable amount of group support and the level of own funds at which the derogations provided for in Articles 236, 237 and 238 shall cease to apply.
Amendment 780 #
2007/0143(COD)
Proposal for a directive
Article 252 –Title
Article 252 –Title
Rights and duties of the group supervisor – Coordination arrangements College of supervisors
Amendment 785 #
2007/0143(COD)
Proposal for a directive
Article 252 – paragraph 2
Article 252 – paragraph 2
2. In order to facilitate group supervision, the group supervisor and the other supa supervisory college, chaired by the group supervisor, shall be established to facilitate the exervcisory authorities concerned shall have coordination arrangements in place. Those coordination arrangements may entrust additional tasks to the groupe of the tasks referred to in Article 253, 254 and 255. The college of supervisors shall assure that cooperation, exchange of information and consultation processes among the supervisory authorities of the college, are effectively applied in accordance with Title III of this Directive. Supervisors shall use the college to promote the convergence of their respective decisions and to cooperate closely to carry out their supervisory activities across the group under harmonised criteria. The membership of the college shall include the supervisory and may specify, without prejudice to any measure adopted pursuant to this Directive, the procedures for the decision-making process among the supervisory authorities concerned as referred to inuthorities of all the Member States in which the head offices of subsidiary undertakings are situated. Without prejudice to any measure adopted pursuant to this Directive, the setting up and functioning of colleges shall be based on an agreement concluded by all the members of the college, reflecting the procedures necessary to achieve its objectives, including the processes related to the approval of the group internal model and the functioning of the group support regime. Provided that cooperation, convergence and exchange of information is appropriately guaranteed, the procedures of the college shall provide flexibility to allow arrangements among supervisory authorities, in the cases where this results in a more efficient supervision of the group, and it does not impair the supervisory activities of the members of the college in respect of their individual responsibilities. The college of supervisors shall be consulted before any arrangement among its members is concluded, in particular when such coordination arrangements entrust additional tasks to the group supervisor or other supervisory authorities concerned, or when it refers to the application in practice of Articles 211(3), 212(2), and 213(2), Articles 214, 215, and 217, Articles 218(2), 219(2), and 225(2), Articles 236, 248, and 249, Article 251 (3) and (4), and Articles 254, 263 and 264 and for cooperation with other supervisory authorities.
Amendment 790 #
2007/0143(COD)
Proposal for a directive
Article 252 – paragraph 2 a (new)
Article 252 – paragraph 2 a (new)
2a. CEIOPS shall elaborate guidelines for the operational functioning of colleges.