579 Amendments of Ivo STREJČEK
Amendment 10 #
2013/2025(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the EU economies have a rather modest outlook for economic growth in the near future;
Amendment 16 #
2013/2025(INI)
Motion for a resolution
Recital C
Recital C
C. whereas, because of the debt crisis, the Member States are facing the difficult challenge of having to balance their budgets and promote economic growth and job creation at the same time;
Amendment 19 #
2013/2025(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the debt crisis has led to a financial and economic crisis and, at the same time, to the gradual slow-down of the EU economyinternational financial crisis exacerbated the levels of debt and deficit in most Member States and led to an EU-wide economic and social crisis that continues to harm the potential for economic growth in the EU;
Amendment 24 #
2013/2025(INI)
Motion for a resolution
Recital F
Recital F
F. whereas the impact of the crisis can be diminished with a tax policy that is compatible witheither aggravated or diminished with the choice of a particular tax policy, which raises question about the availability of resources to fulfil the aims of the EU 2020 strategy;
Amendment 29 #
2013/2025(INI)
Motion for a resolution
Recital G
Recital G
G. whereas the need to restore the credibility of budgetary policyies, and reduce the sovereign debts, makes it necessary to reducefficiently use budget expenses, introduceswiftly implement structural reforms and, at the same time, to increase some taxes, taking care togear available resources to productive economic sectors while giveing priority to growth-oriented fiscal measures and where appropriate to those taxes that are levied more on consumption than on labour;
Amendment 49 #
2013/2025(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Underlines the improvements acquiredmade in the field of the coordination of tax policies, but points out that EU citizens and enterprises engaged in cross-border activities still face considerable costs and administrative burdens;
Amendment 56 #
2013/2025(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Calls on the Member States to improve substantially their tax collection capacity, thereby generating additional resources to promote growth and jobs as laid down in EU 2020;
Amendment 59 #
2013/2025(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that besides ensuring compliance with the sustainable fiscal policies, in order to achieve economic balance it is necessary to implement growth-conducive measures such as viable tax reductions for both self- employed persons and small and medium- sized enterprises (SMEs);
Amendment 64 #
2013/2025(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Whereas it is highly commendable for the EU and its Member States to actively fight tax fraud, tax evasion and aggressive tax planning to ensure due collection of tax from both companies and citizens;
Amendment 66 #
2013/2025(INI)
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Whereas Member States should share best practices and coordinate on anti- carousel fraud measures, for example in the mobile-phone and computer-hardware sectors;
Amendment 71 #
2013/2025(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Emphasises that a reliableclear, predictable, stable and transparent tax environment is an important reliable prerequisite for investment, growth and job creation; recommends, therefore, that Member States proceed carefully when introducing new taxes, ensuring that they are growth- friendly and that the citizens and the business sector hasve sufficient time to prepare itselfthemselves before the new fiscal measures enter into force;
Amendment 81 #
2013/2025(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that economic growth is basically generated by three factors: labour, capital and technological progress, and that taxation policy should be adjusted to these factors in the short, medium and long term; stresses therefore the importance of concerted decision-making to this aim;
Amendment 89 #
2013/2025(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Assumes that tax increases in certain domains such as tobacco products could have some positive effects by channelling additional resources to the public health sector, and thus be beneficial to the citizens and the real economy;
Amendment 90 #
2013/2025(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. NotStresses that reducing taxes on research and development has benefits in the long termnot only short-term benefits such as to stimulate job creation in a knowledge-driven sector and that, in the long term, this also enables to put to the market new taxable goods and services generating additional tax revenue for Member States;
Amendment 102 #
2013/2025(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes that is aConsiders that there is need to create a so- called intelligent and coordinated EU- wide ‘'tax-snake’' system, which rather than, harmonising the different national tax systems coordinates them in a way that takes account of the cuts and increases made within each system;
Amendment 104 #
2013/2025(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that for the functioning of such a system, the framework of the European Semester would be adequate, since – in tandem with other specific macroeconomic measures – it could keep good record of the various tax policies of the different Member States, taking fully into account the basicgeneral economic background,forecast as well as fundamentals and future perspectives of the Member States concerned;
Amendment 123 #
2013/2025(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Emphasises that in countries where labour costs are high relative to productivity, and where the creation of jobs is therefore hindered, possible measures to reduce these costs or increase productivity could be examined; invites in this regard both Member States and the Commission to cooperate on selected pilot projects to reduce the costs of vital economic inputs such as energy;
Amendment 127 #
2013/2025(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. WelcomNotes the Commission's initiative regarding the elaboration of a single guide for the calculation of corporate taxes and insists on the need to respect Member States sovereign right to decide on their respective tax rates;
Amendment 139 #
2013/2025(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
Amendment 731 #
2013/0253(COD)
Proposal for a regulation
Article 30 – paragraph 1 a (new)
Article 30 – paragraph 1 a (new)
In case of a cross-border resolution of a group that includes entities established in participating Member States as well as in non-participating Member States, the national resolution authorities of non- participating Member States where there are no branches and subsidiaries shall be invited by the Board to participate in its executive session as observers without the right to vote.
Amendment 802 #
2013/0253(COD)
Proposal for a regulation
Article 42 – paragraph 3 a (new)
Article 42 – paragraph 3 a (new)
3a. National parliaments of non- participating Member States may invite the Executive Director of the Board together with a representative of their own national resolution authority to participate in an exchange of views on all the possible spill-over effects of the resolution of credit institutions in participating Member States on entities outside of the SRM scope.
Amendment 30 #
2013/0188(CNS)
Proposal for a directive
Recital 5
Recital 5
(5) TIn order to avoid that the conclusion of parallel and uncoordinated agreements by Member States under Article 19 of Directive 2011/16/EU would leads to distortions that would be detrimental to the smooth functioning of the internal Market. Expanded automatic information exchange on the basis of a Union-wide legislative instrument would remove the need for Member States to invoke that provision, with a view to concluding bilateral or multilateral agreements that may be considered appropriate on the same subject in the absence of relevant Union legislat, all Member States should notify to the Commission their intention to negotiate such an agreement with a foreign third country and deposit a copy of the concluded agreement with the Commission. The Commission should report to the European Parliament and Council on an annual basis on all notifications and agreements received from Member States in order to ensure greater transparency and better coordination in tax matters in the Union.
Amendment 54 #
2013/0188(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point c
Article 1 – paragraph 1 – point c
Directive 2011/16/EU
Article 8 – paragraph 5 – subparagraph 2 – introductory part
Article 8 – paragraph 5 – subparagraph 2 – introductory part
When examining a proposal presented by the Commission in the field of taxation, the Council shall assess the relevance and need to apply automatic exchange of information in the given area of direct or indirect taxation, and should Council conclude that the use of automatic exchange of information is appropriate therein, it should also consider further strengthening of the efficiency and functioning of the automatic exchange of information and raising the standard thereof, with the aim of providing that:
Amendment 26 #
2013/0152(COD)
Proposal for a decision
Recital 11
Recital 11
(11) Improving access to financing for SMEs, including SMEs from the Union investing in the regions covered by this Decision, can play an essential role in stimulating economic development and in combating unemployment. In order to effectively reach out to SMEs, the EIB shouldfinancing operations should be results- oriented and include seed-capital for SMEs. The EIB should also cooperate with local financial intermediary institutions in the eligible countries, in particular to ensure that part of the financial benefits is passed on to their clients and provide added value compared to other sources of finance.
Amendment 27 #
2013/0152(COD)
Proposal for a decision
Recital 11 a (new)
Recital 11 a (new)
(11 a) The EIB should make available on its website, where appropriate and prior to project approval, relevant information on the beneficiaries of long-term loans and guarantees, on all its financial intermediaries, project eligibility criteria and venture capital loans to SMEs, specifying in particular the amounts disbursed, the number of loans granted, and the region and industrial sector concerned;
Amendment 30 #
2013/0152(COD)
Proposal for a decision
Recital 14
Recital 14
(14) The EIB should also continue to finance investment projects in support of climate change mitigation and adaptation, to further the promotion of the Union's climate goals on a global scale. The EIB financing operations should therefore aim at promoting an efficient and sustainable energy mix.
Amendment 32 #
2013/0152(COD)
Proposal for a decision
Recital 15 a (new)
Recital 15 a (new)
(15 a) The EIB should regularly conduct evaluations of the costs and benefits of supported projects to ensure their economic viability and contribution to sustainable development.
Amendment 41 #
2013/0152(COD)
Proposal for a decision
Recital 22 a (new)
Recital 22 a (new)
(22 a) The EIB should in line with its internal guideline entitled "Policy on preventing and deterring prohibited conduct in European Investment Bank activities" adopted in 2008 closely cooperate with Member States's financial intelligence units (FIUs), the Commission, EBA,ESMA, EIOPA, the Single Supervisory Mechanism, and the competent authorities of the foreign countries where the EIB operates in order to strengthen the anti-money laundering and terrorist financing measures in force and help improve their enforcement.
Amendment 51 #
2013/0152(COD)
Proposal for a decision
Article 3 – paragraph 7
Article 3 – paragraph 7
7. EIB financing operations supporting the objectives provided for in paragraph 1(c) shall support investment projects in climate change mitigation and adaptation which contribute to the overall objective of the United Nations Framework Convention on Climate Change, in particular by avoiding or reducing greenhouse gas emissions in the areas of renewable energy, energy efficiency and sustainable transport, or by increasing resilience to the adverse impacts of climate change on vulnerable countries, sectors and communities. Over the period covered by the Decision, the volume of these operations shall represent at least 25% of total EIB financing operations. By promoting investment projects in the field of renewable energy and better energy efficiency, the EIB shall contribute to a sustainable energy mix with a gradual phasing-out of its financing operations in fossil fuels.
Amendment 26 #
2013/0025(COD)
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) Money laundering is the processing of 'dirty money' or criminal proceeds by disguising their illegal origin(s), changing their form(s), or moving the 'legitimized' funds back to the real economy, and whereas natural and legal persons and entire jurisdictions that actively or passively participate in money laundering activities enable the development and profitability of organized crime, which consequently undermines legal business activity, threatens the sustainability of the Union's market economy and social welfare models.
Amendment 27 #
2013/0025(COD)
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) The implementation and enforcement of this Directive should not result in unjustified or disproportionate costs for payment service providers and citizens who use their services, and the freedom of legal capital movement is to be fully guaranteed throughout the EU.
Amendment 31 #
2013/0025(COD)
Proposal for a directive
Recital 4 a (new)
Recital 4 a (new)
(4a) Whereas the Commission should actively engage with the other FATF members and FATF-Style Regional Bodies (FSRBs), with a view to carefully monitoring the impact of this Directive on payment service providers outside the Union and shall strengthen cooperation, where appropriate, with third-country competent authorities responsible for investigating and penalising money laundering and terrorist activities.
Amendment 56 #
2013/0025(COD)
Proposal for a directive
Recital 25
Recital 25
(25) All Member States have, or should, set up financial intelligence units (hereinafter referred to as FIUs) to collect and analyse the information which they receive with the aim of establishing links between suspicious transactions and underlying criminal activity in order to prevent and combat money laundering and terrorist financing. Suspicious transactions should be reported to the FIUs, which should serve as a national centre for receiving, analysing and disseminating to the competent authorities suspicious transaction reports and other information regarding potential money laundering or terrorist financing. This should not compel Member States to change their existing reporting systems where the reporting is done through a public prosecutor or other law enforcement authorities, as long as the information is forwarded promptly and unfiltered to FIUs, allowing them to perform their tasks properly, including international cooperation with other FIUs. It is important that Member States provide FIUs with both the necessary resources to ensure their full operational capacity to deal with the current challenges posed by money laundering and terrorist financing, and needed competences to ensure an effective cooperation between FIUs.
Amendment 89 #
2013/0025(COD)
Proposal for a directive
Article 3 – paragraph 1 – point 4 a (new)
Article 3 – paragraph 1 – point 4 a (new)
(4a) "self-regulatory body" means a body that has power, recognised by national law, to establish the obligations and rules governing a certain profession or a certain field of economic activity, which must be complied with by natural or legal persons in that profession or field who elect their representatives into the governing structures of the self-regulated body, thus legitimizing its role;
Amendment 181 #
2013/0025(COD)
Proposal for a directive
Article 27 – paragraph 1 a (new)
Article 27 – paragraph 1 a (new)
EBA, EIOPA and ESMA shall issue guidelines on the implementation of the supervisory regime by the competent authorities in the relevant Member States for group entities to ensure coherent and effective group level supervision. Those guidelines shall be issued within two years of the date of entry into force of this Directive and made public.
Amendment 182 #
2013/0025(COD)
Proposal for a directive
Article 27 – paragraph 1 – point c
Article 27 – paragraph 1 – point c
(c) the effective implementation of requirements referred to in point (b) is supervised at group level by a home competent authority in cooperation with host competent authorities in the EU.
Amendment 230 #
2013/0025(COD)
Proposal for a directive
Article 44 – paragraph 3
Article 44 – paragraph 3
3. In respect of the obliged entities referred to in Article 2(1)(3) (a), (b), (d) and (e), Member States shall ensure that competent authorities or entrusted self-regulatory bodies take the necessary measures to prevent criminals or their associates from holding or being the beneficial owner of a significant or controlling interest, or holding a management function in those obliged entities.
Amendment 247 #
2013/0025(COD)
Proposal for a directive
Article 56 – paragraph 2 – subparagraph 1
Article 56 – paragraph 2 – subparagraph 1
For the purpose of point (e), where the legal person is an EU-based subsidiary of a parent undertaking, the relevant total annual turnover shall be the total annual turnover resulting from the consolidated account of the ultimate parent undertakingsubsidiary in the preceding business year.
Amendment 47 #
2013/0024(COD)
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) Money laundering is the processing of criminal proceeds by disguising their illegal origin(s), changing their form(s), or moving the 'legitimized' funds back to the real economy, and natural and legal persons and entire jurisdictions that actively or passively participate in money laundering activities enable the development and profitability of organized crime, which consequently undermines legal business activity, threatens the sustainability of the Union's market economy and social welfare models.
Amendment 49 #
2013/0024(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) In order to facilitate their criminal activities, money launderers and terrorist financers could try to take advantage of the freedom of capital movements entailed by the integrated financial area, unless certain coordinating measures are adopted at Union level. By its scale, Union action should ensure that Recommendation 16 on wire transfers of the Financial Action Task Force (FATF), adopted in February 2012 is transposed uniformly throughout the Union, and, in particular, that there is no discrimination and discrepancies between national payments within a Member State and cross border payments between Member States. Uncoordinated action by Member States alone in the field of cross border transfers of funds could have a significant impact on the smooth functioning of payment systems at Union level and therefore damage the internal market in the field of financial services.
Amendment 50 #
2013/0024(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) The implementation and enforcement of this Regulation, including FATF recommendation 16 on wire transfers adopted in February 2012, should not result in unjustified or disproportionate costs for payment service providers and citizens who use their services, and the freedom of legal capital movement is to be fully guaranteed throughout the EU.
Amendment 57 #
2013/0024(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) In order noteither to impair the efficiency of payment systems nor to impose disproportionate burden on payment service providers and citizens who use their services, the verification requirements for transfers of funds made from an account should be separate from those for transfers of funds not made from an account. In order to balance the risk of driving transactions underground by imposing overly strict identification requirements against the potential terrorist threat posed by small transfers of funds, while ensuring proper traceability of the payment transaction, the obligation to check whether the information on the payer is accurate should, in the case of transfers of funds not made from an account, be imposed only in respect of individual transfers of funds that exceed EUR 1 000,always also include the name of the payee and be supplemented by any additional data deemed appropriate in respect of individual transfers of funds that exceed EUR 1 000 or individual transfers of funds lower than EUR 1000 made between the same payer and payee in the course of one calendar month that in total exceed the amount of EUR 1000. For transfers of funds made from an account, payment service providers should not be required to verify information on the payer accompanying each transfer of funds, where the obligations under Directive [xxxx/yyyy] have been met.
Amendment 99 #
2013/0024(COD)
Proposal for a regulation
Article 7 – paragraph 4 – subparagraph 1a (new)
Article 7 – paragraph 4 – subparagraph 1a (new)
Amendment 102 #
2013/0024(COD)
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
If the payment service provider of the payee becomes aware, when receiving transfers of funds, that information on the payer and the payee required under Articles 4(1) and (2), 5(1) and 6 is missing or incomplete, it shall either reject the transfer or ask for complete information on the payer and the payee before executing the payment transaction.
Amendment 110 #
2013/0024(COD)
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
If the intermediary payment service provider becomes aware, when receiving transfers of funds, that information on the payer and the payee required under Articles 4(1) and (2), 5(1) and 6 is missing or incomplete, it shall either reject the transfer or ask for complete information on the payer and the payee before executing the payment transaction.
Amendment 115 #
2013/0024(COD)
Proposal for a regulation
Article 15 a (new)
Article 15 a (new)
Article 15a International cooperation The Commission shall actively engage with the other FATF members and FATF-Style Regional Bodies (FSRBs), with a view to carefully monitoring the impact of this Regulation on payment service providers outside the Union and shall strengthen cooperation, where appropriate, with third-country competent authorities responsible for investigating and penalising money laundering and terrorist activities.
Amendment 11 #
2013/0000(INI)
Motion for a resolution
Recital A
Recital A
A. whereas an estimated and scandalousregrettable EUR 1 trillion is lost to tax fraud and, tax evasion and aggressive tax avoidance every year in the EU;
Amendment 13 #
2013/0000(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas it is highly commendable for the EU and its Member States to actively fight tax fraud, tax evasion and aggressive tax planning to ensure due collection of tax from both companies and citizens;
Amendment 24 #
2013/0000(INI)
Motion for a resolution
Recital C
Recital C
C. whereas tax fraud and tax evasion constitute an illegal activity of evading tax liabilities, while, on the other hand, tax avoidance is the legal but improperquestionable utilisation of the tax regime to reduce or avoid tax liabilities;
Amendment 33 #
2013/0000(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas the EU and its Member States should use their best endeavours to avoid any activity by their respective institutions, bodies and agencies implemented through a 'tax haven', a foreign non-cooperative jurisdiction characterised notably by no or nominal taxes, a lack of effective exchange of information with foreign tax authorities and a lack of transparency in legislative, legal or administrative provisions, or as identified by the Organisation for Economic Cooperation and Development or the Financial Action Task Force;
Amendment 42 #
2013/0000(INI)
Motion for a resolution
Recital E
Recital E
E. whereas unilateral national measures have in many cases proven ineffective, and this and/or insufficient, and fight against tax fraud, tax evasion and tax havens necessitates a coordinated and multi- pronged approach at national, EU and international level;
Amendment 55 #
2013/0000(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Urges Member States to follow up on their commitment, embrace the Commission’s Action Plan, fully implement the two recommendations, and complete the procedures for all pending legislative proposals regarding issues of tax fraud, aggressive tax avoidance and tax havens;
Amendment 65 #
2013/0000(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Emphasises that the EU should lead the discussions and should assist non-EU countries in subscribing toactively engage at G8 and G20 levels and other relevant multinational forums in the discussions on tax good governance and should assist where appropriate non-EU countries, especially least developed ones (LDCs), in building up and improving the efficiency of their respective tax collection systems by adhering like the EU to the principles of transparency, exchange of information and abolition of harmful tax measuregood governance in tax matters;
Amendment 69 #
2013/0000(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
Amendment 75 #
2013/0000(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Recalls that taxation policy is not in Union's exclusive competence and that Member States can therefore enter in bilateral agreements on tax matters with third countries in accordance with the Treaties; reminds, however, that in order to prevent negative externalities stemming from these bilateral agreements for the EU as a whole, Member States should consult with the Commission prior to their conclusion;
Amendment 81 #
2013/0000(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Proposes the introduction of requirements for unconditional cooperation with the EU onCommission on fight against money laundering, tax fraud and aggressive tax avoidance issues for MSember States seeking EU financial assistance;
Amendment 82 #
2013/0000(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 91 #
2013/0000(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Calls on the Commission and Member States to ensure that allocation of state aid is linked to tax good governance;
Amendment 100 #
2013/0000(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Calls on Member States to commit to an ambitious but realistic target of halvreducing the tax gap by 2020, since this would gradually generate new tax revenue without raising tax rates;
Amendment 111 #
2013/0000(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 120 #
2013/0000(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Urges Member States to allocate adequate resources to their national tax administrations and tax audit staff, and to provide them with proper training;
Amendment 123 #
2013/0000(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 134 #
2013/0000(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls on the ECB acting within the Single Supervisory Mechanism or the national competent authorities of non- participating Member States to consider revokeing the banking licenses of financial institutions if they actively assist in tax fraud by offering products or services to customers enabling them to evade taxes or refuse to cooperate with tax authorities; proven by a court decision that they actively assist in tax fraud;
Amendment 145 #
2013/0000(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on Member States to remove all obstacles in national law that hinder cooperation and exchanges of tax information with the EU institutCommissions, while also ensuring effective protection of taxpayers’ data;
Amendment 155 #
2013/0000(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Stresses the importance of implementing new strategies and making better use of existing EU structures for improved combating of VAT fraud, especially carousel fraud;
Amendment 163 #
2013/0000(INI)
Motion for a resolution
Title 4
Title 4
On aggressive tax avoidance and or 'aggressive tax planning'
Amendment 167 #
2013/0000(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Highlights the need to upgrade and extend the scope of the Savings Directive in order to end banking secrecy; considers it high time that Luxembourg and Austria abandon their opposition to an effective agreement with Switzerland where appropriate;
Amendment 184 #
2013/0000(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Notes that proper identification of taxpayers is key to successful exchange of information between national tax administrations; calls on the Commission to speed up the creation of an EU tax identification number (TIN) that is to co- exist with the national one;
Amendment 205 #
2013/0000(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Calls for a common EU approach towards tax havens in compliance with the OECD criteria for uncooperative jurisdictions';
Amendment 208 #
2013/0000(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Calls on the Commission to adopt athe OECD's standards of transparency and exchange of information as clear definition and common set of criteria to identify tax havens, as well as appropriate measures applying to identified jurisdictions;
Amendment 212 #
2013/0000(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
Amendment 220 #
2013/0000(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Urges the Commission to compile and create a European blacklist of tax havens; cCalls on Member States to suspend or terminate existing Double Tax Conventions with jurisdictions that are on the OECD blacklist, and to initiate Double Tax Conventions with jurisdictions that cease to be tax havens;
Amendment 226 #
2013/0000(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Encourages Member States to offer cooperation, aid and assistance to developing third countries which are not tax havens as defined by OECD, helping them to effectively tackle tax fraud and, tax evasion and aggressive tax avoidance;
Amendment 2 #
2012/2151(INI)
Motion for a resolution
Citation 1 a (new)
Citation 1 a (new)
- having regard to Articles 5, 6 and 7 of Protocol No 2 on the application of the principles of subsidiarity and proportionality annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union,
Amendment 48 #
2012/2151(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas a closer European integration should necessarily involve efficient institutional checks and balances to ensure greater democratic legitimacy, accountability, transparency and citizen's endorsement;
Amendment 49 #
2012/2151(INI)
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas a closer European integration should provide for a greater parliamentary involvement at both the national and Union level;
Amendment 55 #
2012/2151(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas legislation underpinning the 'banking union' should respect the principle of subsidiarity and proportionality as defined in the Treaty of Lisbon, and in particular Articles 5, 6 and 7 of the Protocol (No 2) on the application of the principles of subsidiarity and proportionality;
Amendment 56 #
2012/2151(INI)
Motion for a resolution
Recital D b (new)
Recital D b (new)
Db. whereas there is need to enhance democratic legitimacy with regards to the 'proposed banking union' by closely involving through the appropriate legal procedure both the national parliaments, especially those of the euro area, and the European Parliament, in the ongoing legislative process well as in the drafting of any future amendment to the Treaties;
Amendment 61 #
2012/2151(INI)
Motion for a resolution
Recital E
Recital E
E. whereas the economic, and financial and banking crisiscrisis, especially the sovereign debt crisis in the euro area, has repeatedly demonstrated that excessive public debt and deficit at national level and financing problems as well as the disturbance of macroeconomic equilibriums quickly, directly and negatively affect the socio-economic development of the euro area and ofindirectly impact the Union as a whole;
Amendment 66 #
2012/2151(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas due consideration should be given to the potential mutual spill-over effects of the 'banking union' in the euro area for non-euro area members;
Amendment 96 #
2012/2151(INI)
Motion for a resolution
Recital K a (new)
Recital K a (new)
K a. whereas progress towards a genuine EMU should respect the will of the Member States that have an opt-out from having to introduce the euro to retain their respective national currencies;
Amendment 108 #
2012/2151(INI)
Motion for a resolution
Recital N
Recital N
N. whereas Union and national policy makers and parliamentarians should continuously explain to their citizens the benefits and possible downsides of a single currency, including the costs and risks linked to a break up of the euro area;
Amendment 116 #
2012/2151(INI)
Motion for a resolution
Recital P
Recital P
P. whereas any doubt about the future of EMU in general and the Union's single currency in particular must be ruled outsubject to a thorough public debate at national and Union level;
Amendment 118 #
2012/2151(INI)
Motion for a resolution
Recital P a (new)
Recital P a (new)
Pa. whereas economic and monetary policy making in the Union cannot be based on political ideology, but rather based on thorough economic and financial analysis, rational choices with respect to the introduction of the euro in the yet non-euro area Member States, viable exit strategies from the euro area for defaulting euro area members, and enhanced democratic scrutiny by the European citizens via their national and Union elected representatives;
Amendment 125 #
2012/2151(INI)
Motion for a resolution
Recital R
Recital R
R. whereas the answer to the euro crisis is complex and demands sustained, multifaceted efforts at all institutional and policy levels without a priori ruling out any options;
Amendment 127 #
2012/2151(INI)
Motion for a resolution
Recital S
Recital S
S. whereas the Union institutions and the Heads of State and Government of the Member States in general and of the euro area Member States in particular hold the key to working in a credible way on the much-needed restoration of confidence by ensuring greater transparency and democratic legitimacy of, and parliamentary involvement in, the policy decisions proposed;
Amendment 132 #
2012/2151(INI)
Motion for a resolution
Recital T
Recital T
T. whereas restoring confidence also requires those Heads of State and Government and their Ministers to defend loyallyexplain in a detailed manner in their Member States the policy decisions theyat have been agreed upon at Union level and to explain that they subscribed to those policies in the belief that they will safeguard the future of their own citizens; whereas by unfairly imputing unpopular decisions to the Union in some instances, a particularly dangerous game of perception is being played which risks eroding the Union from below, undermining solidarity and ultimately damaging the credibility of the national leaders themselves and potentially the European project as a whole;
Amendment 141 #
2012/2151(INI)
Motion for a resolution
Recital V
Recital V
V. whereas the growing divide between core and peripheral countriesMember States with a budgetary surplus and those with an excessive deficit in the Union should not become chronic in nature; whereas a permanent framework mustcould be created in which Member States in difficulty should beto the extent possible be also able to rely on solidarity-based support from other Member States in addition to implementing measures to return as soon as possible to balanced public accounts; whereas those Member States which desire solidarity should be able to take up their responsibility for implementing the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union as well as their country-specific recommendations and their engagements under the European Semester, in particular those related to the stability and growth pact (SGP), the Euro- plus pact and the macro-economic imbalances procedure;
Amendment 153 #
2012/2151(INI)
Motion for a resolution
Recital W
Recital W
W. whereas it is beyond doubt that thethe European integration is a progressive process in which Member States should pay attention to meticulously honouring their national, European and integrnation is an irreversible and progressive process if Member States meticulously honour their European engagemental engagements, and whereas particular attention should be given to close transatlantic, and where possible G20, cooperation in view of implementing as part of the 'exit strategy' from the crisis compatible regulatory and supervisory regimes, especially for global and systemically important credit institutions and other financial actors;
Amendment 161 #
2012/2151(INI)
Motion for a resolution
Recital X
Recital X
X. whereas from a democratic point of view it is incomprehensible that the President of the European Parliament, whoich is composed of elected parliamentarians representsing more than 502 million European citizens, has not been involved in the drafting of the report of 26 June 2012 of the President of the European Council, in collaboration with the Presidents of the European Commission, the Eurogroup and the European Central Bank, entitled ‘'Towards a Genuine Economic and Monetary Union’';
Amendment 164 #
2012/2151(INI)
Motion for a resolution
Recital Y
Recital Y
Y. whereas the time has come for the political leaders of and within the European Union to demonstrate their determination, creativity, courage, resilience and leadership to remove the remaining deficiencies that continue to hamper the proper functioning of EMU, while respecting the rule of law of the Union as enshrined in the Lisbon Treaties;
Amendment 174 #
2012/2151(INI)
Motion for a resolution
Recital AA
Recital AA
AA. whereas the European Council of 28 and 29 June 2012 requested its President to develop a specific and time-bound roadmap for the achievement of a genuine EMU; whereas developing a global long- term vision via a road map is an important signal forthat could contribute to restoring confidence that willwhich could grow as the road map is carried out step by step;
Amendment 177 #
2012/2151(INI)
Motion for a resolution
Recital AB
Recital AB
AB. whereas steady progress in the implementation of the long-term road map should not delay the needed short-term measures, while fully respecting the prerogatives of each institution involved in this latest reform of the EMU;
Amendment 182 #
2012/2151(INI)
Motion for a resolution
Recital AC
Recital AC
AC. whereas it cannot be excluded that new Treaty changes might be needed for increasing the governance of a fully operational EMU; whereas any needed changes of the Treaties or of existing national legislations should be conducted in full compliance with national constitutional provisions; whereas the Commission should list without delay the necessary institutional developments in the long term and inform the co-legislators about them;
Amendment 190 #
2012/2151(INI)
Motion for a resolution
Recital AE
Recital AE
AE. whereas the ambition should be that all Member States of the euro area jointly take steps forward towards greater European integration; whereas decisions that only apply to the euro area might be needed where required or justified on the basis of the specificity of the euro area, not excluding opt-ins for other Member States;
Amendment 195 #
2012/2151(INI)
Motion for a resolution
Recital AE a (new)
Recital AE a (new)
AEa. whereas to overcome the structural deficiencies inherent in the EMU and effectively curb the pervasive moral hazard, the proposed 'banking union' should draw on the earlier reform of the Union financial services sector, including the creation of EBA, ESMA, EIOPA and the ESRB, as well as the strengthened economic governance, especially in the euro area, and the new budgetary framework of the European Semester, to ensure greater resilience and competitiveness of the Union banking sector, increased confidence in it, and enhanced capital reserves to prevent Member States' public budgets having to bear the costs of banks' bail-outs in the future;
Amendment 201 #
2012/2151(INI)
Motion for a resolution
Recital AF
Recital AF
AF. whereas the operations within the Union to stabilise the financial system to date, can be called successful but insufficient to fully have partially contributed to restoreing confidence; whereas the European Central Bank (ECB) with its series of exceptional temporary assistance measures for both Member States and banks has played a pivotal role in these 'rescue operations' without losing sight of its core objective, namely guaranteeing price stability;
Amendment 208 #
2012/2151(INI)
Motion for a resolution
Recital AG a (new)
Recital AG a (new)
AG a. whereas Union and national policy makers and parliamentarians should foster public debate on the new role foreseen for the ECB as single banking supervisor of credit institutions in the euro area, especially with respect to the bank's ability to remain independent from political pressure, the scope of its new and overall tasks and the competences left to the national central banks;
Amendment 230 #
2012/2151(INI)
Motion for a resolution
Recital AL
Recital AL
AL. whereas all public and private stakeholders of the Union banking sector, including financial institutions and their representatives, should act responsibly and according to high moral standards, serving the real economy;
Amendment 234 #
2012/2151(INI)
Motion for a resolution
Recital AM
Recital AM
AM. whereas the Union would benefit fromCommission has already or will soon present the European Parliament with proposals that introduce a single Eeurop arean supervisory mechanism for financial institutions, amend Regulation (EU) No 1093/2010, and establish a single Eeurop arean deposit guarantee scheme and a single Eeurop arean recovery and resolution scheme;
Amendment 245 #
2012/2151(INI)
Motion for a resolution
Recital AN
Recital AN
AN. whereas the scope of the deposit guarantee and crisis management framework should mirror that of the single supervisory mechanism in terms of the Member States and banks covered (symmetry);
Amendment 258 #
2012/2151(INI)
Motion for a resolution
Recital AP a (new)
Recital AP a (new)
APa. whereas the role of EBA in defining, enforcing and controlling the single rulebook for Union banks is gradually proving useful in sharing of best supervisory practices across the Union;
Amendment 259 #
2012/2151(INI)
Motion for a resolution
Recital AQ
Recital AQ
AQ. whereas creating a high-quality and uniform Eeurop arean supervisory mechanism is indispensablcould contribute to avoiding competitive distortions, to guarantee a level playing field between all financial institutions and to in the supervision of systemically important cross-border financial institutions operating in the euro area and gradually restoreing cross-border confidence;
Amendment 263 #
2012/2151(INI)
Motion for a resolution
Recital AR
Recital AR
AR. whereas in line with the principle of subsidiarity and proportionality a clear division of operational responsibilities should be agreed between a Eeurop arean supervisory mechanism involving the ECB and the national supervisory authorities, depending on the size and nature of bankECB's assessment of the risks posed by the supervised institutions and the nature of the supervisory tasks; to be performed;
Amendment 269 #
2012/2151(INI)
Motion for a resolution
Recital AS
Recital AS
AS. whereas the European level of supervision should have ultimate responsibility for all financial institutions within the euro area countries included in the system, for the guidance of national supervisory authorities and for determining the overall strategic supervisory framework;
Amendment 272 #
2012/2151(INI)
Motion for a resolution
Recital AT
Recital AT
AT. whereas European supervision of financial institutions within the euro area is an absolutpresented to the European Parliament as one of the priority to take measures to tackle the crisis;
Amendment 282 #
2012/2151(INI)
Motion for a resolution
Recital AU
Recital AU
AU. whereas, for reasons of efficiency and quick action, it isthe Commission's proposal recommendeds to confer European supervision to the ECB, given its widely recognised expertise, access to information resources and significant credibility;
Amendment 287 #
2012/2151(INI)
Motion for a resolution
Recital AV
Recital AV
AV. whereas the Commission recommends that supervision by the ECB should already from the very start cover the financial institutions requiring direct support from the Union as well as European systemically important financial institutions (E-SIFIs) and domestic systemically important financial institutions (D-SIFIs));
Amendment 290 #
2012/2151(INI)
Motion for a resolution
Recital AW
Recital AW
AW. whereas it is of paramount importance that efficient safeguards are introduced to avoid conflicts of interest between the ECB's monetary policy and its supervisory powers; whereas any possible erosion of the ECB's authority for monetary policy needs to be excluded by the setting up within the ECB of a legally independent supervisory board;
Amendment 293 #
2012/2151(INI)
Motion for a resolution
Recital AW a (new)
Recital AW a (new)
AWa. whereas the proposed ECB's single supervisory role over E-SIFIs and D- SIFIs should be carefully assessed against the backdrop of the ESRB's role in identifying and preventing systemic risks susceptible to impact on the Union as a whole;
Amendment 304 #
2012/2151(INI)
Motion for a resolution
Recital AY
Recital AY
AY. whereas the independence of the Eeurop arean single supervisory mechanism from political and industry influence does not exempt it from explaining, justifying and being accountable to the European Parliament, on a regular basis and whenever the situation requires, for the actions and decisions taken in the field of European supervision in the euro area, given the impact that supervisory measures may have on public finances, banks, employees and customers;
Amendment 307 #
2012/2151(INI)
Motion for a resolution
Recital AZ
Recital AZ
AZ. whereas the head of the Eeurop arean single supervisory mechanism should be different from the head of the ECB and the ESRB and he/she should be appointed after a hearing in, and confirmation by, the European Parliament based on a shortlist of both male and female candidates selected from across the Union banking sector and not the central banks exclusively;
Amendment 310 #
2012/2151(INI)
Motion for a resolution
Recital BA
Recital BA
BA. whereas it is a major achievement that in the future the European Stabilitthe head of the euro area single supervisory Mmechanism (ESM) will, under certain conditions, be able to fund banks in difficulties directly; whereas for this reason making the single supervisory mechanism operational is the first and most urgent task in the realisation of the banking unionshould be different from the head of the ECB and ESRB and he/she should be appointed after a hearing in, and confirmation by, the European Parliament based on a shortlist of both male and female candidates selected from across the Union banking sector and not the central banks exclusively;
Amendment 311 #
2012/2151(INI)
Motion for a resolution
Recital BA
Recital BA
BA. whereas it is a major achievement that in the future the European Stability Mechanism (ESM) will, under certain conditions, ,be able to fund banks in difficulties directly; whereas for this reason making the single supervisory mechanism operational is the first and most urgent task initiated by the Commission in the realisation of the banking union;
Amendment 314 #
2012/2151(INI)
Motion for a resolution
Recital BB
Recital BB
BB. whereas athe single set of rules (single rule book), to being developed by EBA, should ensure fully harmonised rules and their uniform application across the Union; whereas the completion of the single rule book on banking supervision and prudential requirements is a precondition for the effective functioning of the single supervisory mechanism, since the European supervisor cannot work with different national prudential rules;
Amendment 331 #
2012/2151(INI)
Motion for a resolution
Recital BE
Recital BE
BE. whereas a balance should be struck between, on the one hand, an excessive protection of risks taken by financial institutions, which increases the risk of moral hazard and, and on the other, insufficient protection which undermines confidence in and the credibility of the financial system;
Amendment 336 #
2012/2151(INI)
Motion for a resolution
Recital BF
Recital BF
BF. whereas after the increase of the deposit protection to a uniform Union level of EUR 100 000 per depositor and per credit institution, the current Commission proposal for a Eeurop arean system of deposit guarantees is another step in the right dircould further enhance deposit protection; whereas the Commission proposal mainly aims at the harmonisation of national systems in the area of the offered guarantees as well as their financing; whereas there is risk that for some credit institutions the ex-ante funding of the single system of deposit guarantees will imply excessive financial burden;
Amendment 344 #
2012/2151(INI)
Motion for a resolution
Recital BG
Recital BG
BG. whereas the introduction of a single Eeurop arean deposit guarantee fund should be the ultimate goal,conditional on an independent impact assessment clearly proving its relevance and not an a priori defined ultimate goal, that may or not further increasinge the credibility of the scheme; the development of a similar scheme is justifiedwhile being justified by the Commission considering the introduction of a Eeurop arean structure for prudential supervision and a Eeurop arean recovery and resolution framework should not be prejudged;
Amendment 353 #
2012/2151(INI)
Motion for a resolution
Recital BH
Recital BH
BH. whereas a single deposit guarantee scheme should cover all banks within the countriesMember States whose currency is the euro included in the system in order to guarantee a level playing field and avoid deposit flight from uncovered to covered financial institutions and provide for other Member States whose currency is not the euro to voluntarily opt-in to these arrangements;
Amendment 359 #
Amendment 369 #
2012/2151(INI)
Motion for a resolution
Recital BJ
Recital BJ
BJ. whereas a single Eeurop arean recovery and resolution authority (ERRA) should be established for the euro area, preferably in parallel with the single supervisory mechanism, for restoring the viability of banks in difficulties and resolving non- viable financial institutions;
Amendment 375 #
2012/2151(INI)
Motion for a resolution
Recital BK
Recital BK
BK. whereas the ERRA willshould be able to work more efficiently, more promptly and more consistently than a network of national recovery and resolution authorities, avoiding the negative consequences of purely national decisions, breaking the negative feedback loop between banks and sovereigns and eliminating the need for ad hoc intergovernmental crisis solutiobreaking the negative feedback loop between banks and sovereigns;
Amendment 381 #
2012/2151(INI)
Motion for a resolution
Recital BL
Recital BL
BL. whereas the ERRA, whenever the situation requires, needs to explain and justify and should be accountable to the European Parliament and the Council for the actions and decisions taken in the field of Eeurop arean recovery and resolution of financial institutions;
Amendment 385 #
2012/2151(INI)
Motion for a resolution
Recital BM
Recital BM
BM. whereas the head of the ERRA should be appointed after a hearing in and confirmation by the European Parliament based on a shortlist of both male and female candidates selected from across the Union banking sector and not the central banks exclusively;
Amendment 387 #
2012/2151(INI)
Motion for a resolution
Recital BN
Recital BN
BN. whereas the Commission proposal on recovery and resolution tools for euro area banks in crisis iscould be a step in the right direction;
Amendment 391 #
2012/2151(INI)
Motion for a resolution
Recital BO
Recital BO
BO. whereas progress also must be made tothe possibility of createing a single Eeurop arean recovery and resolution fund which is essential to guarantee at all times the stability of the financial system and to manage the resolution of financial institutions, whatever their size or nature, while safeguarding public financesshould be conditional on an independent impact assessment;
Amendment 397 #
2012/2151(INI)
Motion for a resolution
Recital BP
Recital BP
BP. whereas it is necessary for the protection of private savings to keep separate Eeurop arean funds for deposit guarantee and recovery and resolution;
Amendment 402 #
2012/2151(INI)
Motion for a resolution
Recital BQ
Recital BQ
BQ. whereas Eeurop arean resolution and deposit guarantee mechanisms should have a strong financial structure built, amongst other sources, on contributions from the industry, with European public money only serving as an ultimate backstop;
Amendment 426 #
2012/2151(INI)
Motion for a resolution
Recital BU
Recital BU
BU. whereas the crisis has made clear the need forotivated Union-level political decisions on a qualitative step towards a more robust fiscal union with more effective mechanisms to correct unsustainable fiscal trajectories, debt levels and set the upper limits of budget balance of Member States;
Amendment 433 #
2012/2151(INI)
Motion for a resolution
Recital BV
Recital BV
BV. whereas supplementary mechanisms arproposed by the Commission are said to be needed to ensure that all Member States respect their engagements in their individual budgetary procedures, where it cannot be excluded that the role of the European Commissioner for Economic and Monetary Affairs needs to be reinforced;
Amendment 441 #
2012/2151(INI)
Motion for a resolution
Recital BW
Recital BW
BW. whereas the trilogue negotiations on the so-called ‘'two-pack’' regulations should soon lead to concrete political results; the Council should abandon its reluctance on the dossier;
Amendment 448 #
2012/2151(INI)
Motion for a resolution
Recital BX a (new)
Recital BX a (new)
BXa. whereas common debt issuance of the euro area Member States, if backed by joint or several guarantees, risks triggering contagion, including rating downgrades for all participants, in the case of severe macroeconomic imbalances in the euro area, and whereas a downgrading of ratings of the euro area may also negatively impact on the creditworthiness and ratings of non-euro area Member States, thus ultimately leaving the whole EU-27 short of sustainable credit;
Amendment 457 #
2012/2151(INI)
Motion for a resolution
Recital BZ
Recital BZ
BZ. whereas the common issuance of debt is in the longer run a corollary of EMUeuro area would require changes to the Treaties;
Amendment 491 #
2012/2151(INI)
Motion for a resolution
Recital CC
Recital CC
CC. whereas the European Semester offers a good framework to coordinate economic policies and budgetary choices implemented at national level in line with the country-specific recommendations adopted by the Council;
Amendment 500 #
2012/2151(INI)
Motion for a resolution
Recital CD
Recital CD
CD. whereas fiscal discipline is a necessary but not a sufficient condition to get out of the crisis, in-depth structural reforms and initiatives are also needed to ensure a qualitative and sustainable growth and employment in a socially justknowledge-driven society;
Amendment 512 #
2012/2151(INI)
Motion for a resolution
Recital CF
Recital CF
CF. whereas the Pact for Growth and Jobs, which was approved at the European Summit of 28 and 29 June 2012, canould bring an important contribution to growth, employment and improved European competition capacities, the Union and the Member States mustshould therefore take on their responsibility and act quickly;
Amendment 523 #
2012/2151(INI)
Motion for a resolution
Recital CH
Recital CH
Amendment 542 #
2012/2151(INI)
Motion for a resolution
Recital CI
Recital CI
CI. whereas it is important that the recovery of the economy goes along with a labour market policy that stimulates job search and entrepreneurial spirit, reduces structural unemployment, especially for youth, old persons and women,
Amendment 548 #
2012/2151(INI)
Motion for a resolution
Recital CJ
Recital CJ
CJ. whereas binding coordination at Union level might be considered for certain key economic policy issues particularly relevant for growth and employment;
Amendment 553 #
2012/2151(INI)
Motion for a resolution
Recital CK
Recital CK
CK. whereas sustainable lasting public finance is not only a matter of an economic use of the scarce government resources, but also of a fair taxation, of a well- organised collection of taxes, of a better fight against all forms of tax fraud and evasion, and of a well- designed tax system that avoids the combination of high marginal rates with low tax basespromotes business development and jobs creation;
Amendment 561 #
2012/2151(INI)
Motion for a resolution
Recital CL
Recital CL
CL. whereas the Union owes its legitimacy to its democratic values, the objectives it pursues and itsproper checks and balances putting in place a viable equilibrium between the powers, competences, and instruments andof Union institutions on the one hand, and the Member States, on the other,
Amendment 572 #
2012/2151(INI)
Motion for a resolution
Recital CN
Recital CN
CN. whereas the European Council has acted responsibly for the past years in the management of the crisis, formulating numerous proposals to find a way out of the crisis for which in the Treaties not always a clear competence to the Union has been assigned;
Amendment 598 #
2012/2151(INI)
Motion for a resolution
Recital CS
Recital CS
CS. whereas it is no longer acceptable that a solution could be envisaged for the President of the European Parliament cannoto be present for the whole duration of the meetings of the European Council and the Euro area Summit; whereas a solution for this lack of democratic legitimacy shn inter-institutional solution could be found urgently through a political agreement between the two institutions;
Amendment 602 #
2012/2151(INI)
Motion for a resolution
Recital CT
Recital CT
CT. whereas wherever new competences are transferred to or created at Union level or new Union institutions established, corresponding democratic control by, and accountability to, the European Parliament and the Council as well as any other relevant Union institution should be ensured;
Amendment 607 #
2012/2151(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Requests the Commission to submit to Parliament as soon as possible after consultation of all interested parties, with the European Parliament being a co- legislator, proposals for acts on following the detailed recommendations set out in the Annex heretoinvolved under consultation or ordinary legislative procedure where appropriate;
Amendment 610 #
2012/2151(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Confirms thatInvites the Commission and the Member States to assess whether the recommendations herein respect the principle of subsidiarity and the fundamental rights of citizens of the European Union;
Amendment 614 #
2012/2151(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls on the Commission, in addition to the measures which can and must be taken swiftly under the existing Treaties, to list the institutional developments which may prove necessary in order to establish a stronger EMU architecture, based on the need for a banking union, a fiscal union and an economic union and to inform the European Parliament and the Council about any of these without delay;
Amendment 2 #
2012/2055(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the smooth functioning of the internal market and the development of a modern, socially inclusknowledge-driven economy depends on the universal provision of basic banking services and of a socially responsible banking sectorshould foster growth, competition and greater efficiency in the banking sector of the EU, which needs to be appropriately regulated to avoid negative externalities for the Union's economy and the society as a whole;
Amendment 5 #
2012/2055(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the primary goal of the banking sector of the EU should remain to provide funding for the real economy, while also contributing to the provision of basic banking services for all EU citizens across the Union who do not already hold a bank account in the Member State where they have lodged a request for one;
Amendment 6 #
2012/2055(INI)
Motion for a resolution
Recital B
Recital B
B. whereas access to basic banking services is a precondition for consumers to benefit fromfacilitate the access of low-income consumers to basic payment instruments for the deposit, transfer and withdrawal of cash in the internal market, notably from cross-border migrationcommuting, money transfer and the purchase of goods and services at non-discriminatory cost; whereas the annual opportunity cost of not having access to any payment account is estimated at between EUR 185 to EUR 365 per consumerinstrument apart from cash should be thoroughly quantified and explained;
Amendment 13 #
2012/2055(INI)
Motion for a resolution
Recital C
Recital C
C. whereas currently 7 % of all Union consumers, that is to say 30 million people, are excluded from access to basic banking servicesthe Commission estimates that currently 7 % of the EU adult population, i.e around 30 million people, are without a bank account, with an estimated 6 to 7 million having been rejected by payment service providerspersons who have been deprived of by payment service providers or have not dare ask for a bank account; whereas financial exinclusion ireaches aon eaven greater problem in most EU-12 Member Statesrage 91% of the adult population in EU12 compared to 97% in EU15, with the lowest percentage around 50% in Romania and Bulgaria;
Amendment 16 #
2012/2055(INI)
Motion for a resolution
Recital D
Recital D
Amendment 18 #
2012/2055(INI)
Motion for a resolution
Recital E
Recital E
Amendment 21 #
2012/2055(INI)
Motion for a resolution
Recital F
Recital F
F. whereas general economic development and social cohesion contribute to high bank account penetration; whereas among Member States, 33 % of the variation in the percentage of the population using a current bank account can be explained by the level of economic development and, therefore, 67 % depend together with high computer literacy and easy access to Internet broadband contribute to high bank account penetration and completion of ther factors, such as regulation e-internal market;
Amendment 23 #
2012/2055(INI)
Motion for a resolution
Recital G
Recital G
G. whereas the different types of payment service providers, especially private banks, acting in accordance with market logic, tend tohave to primarily focus on commercially attractive consumers, leaving vulnerabl rather than low-income consumers, without the same choice of products; whereas industry codes as inithich explains why appropriated in Germany, the United Kingdom, Italy, Ireland, Slovenia and Luxembourg have largely been a result of public pressure and demands for legislative initiatives; whereas self-regulation instruments have had positive results but, at the same time, have failed to effectively guarantee universal access to a basic bank accountcentives should be provided to them in order to foster the social inclusiveness dimension of their offer of services;
Amendment 26 #
2012/2055(INI)
Motion for a resolution
Recital G a (new)
Recital G a (new)
Ga. whereas banking sector codes of conduct, in addition to self-regulation instruments, should be the result of a consultation launched by relevant national authorities with the public and the industry, and be followed, where appropriate, by legislative initiatives at the national level;
Amendment 31 #
2012/2055(INI)
Motion for a resolution
Recital I
Recital I
Amendment 34 #
2012/2055(INI)
Motion for a resolution
Recital J
Recital J
J. whereas in order to be effective a basic bank account needs to be straightforward to open, even for those with non-should take the form of a deposit account, be easy to open, be provided at preferential cost andard proof of identity and to provide a specified range of core services, and offer a specified range of services such as a debit card or a pre-paid card, with the exclusion of overdraft, to provide the account holder with a valid alternative to cash; there also needs to be measures in place for effective supervision and settlement of conflicts between the bank and the account holder;
Amendment 40 #
2012/2055(INI)
Motion for a resolution
Recital K
Recital K
Amendment 49 #
2012/2055(INI)
Motion for a resolution
Recital L
Recital L
L. whereas any initiative to ensure access to basic banking services must include protection against garnishment, to establish consumers' trust and prevent costs arising from unused accountsincrease low- income consumers' trust in the banking sector and to ensure they have access to basic banking services should also aim at improving both the account holders' financial literacy, so that they can as access a greater variety of banking services provided at market price in the EU as their financial situation improves over time;
Amendment 52 #
2012/2055(INI)
Motion for a resolution
Recital M
Recital M
M. whereas distortions of competition must be prevented and consumers' needs in under-banked regions must be taken into account and hence the scope of the initiative should be as broad as possible; whereas, in addition to credit institutions, access to core basic banking services could be provided by other payment service providers regulated by Directive 2007/64/ECin accordance with national and EU legislation in force;
Amendment 55 #
2012/2055(INI)
Motion for a resolution
Recital M a (new)
Recital M a (new)
Ma. whereas access to basic banking services could be provided in each EU Member State by one or more banking or non-banking institutions (other payment service providers) regulated by Directive 2007/64/EC;
Amendment 57 #
2012/2055(INI)
Motion for a resolution
Recital N
Recital N
N. whereas any initiative for universalat the regional, national and EU level to establish access to basic banking services must be flanked by well-designed communication campaigns raising awareness about both consumers' rights and providers' rights and obligations.
Amendment 63 #
2012/2055(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Requests the Commission to submit, by the end of 2012, on the basis of Article 114 of the Treaty on the Functioning of the European Union, a legislative proposal or proposals ensuringpresent the European Parliament by the end of 2014 with an independent impact assessment on Member States' legislative or non- legislative measures taking into account its Recommendation 2011/442/EU of 18 July 2011 on access to a basic banking services to all consumers living in the Union, following the detailed recommendations set out in the Annex heretopayment account, before presenting any legislative proposal that may be needed;
Amendment 69 #
2012/2055(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Confirms thatRequests the Commission and where appropriate the Member States to verify if the recommendations herein respect fundamental rights and the principles of subsidiarity and proportionality;
Amendment 71 #
2012/2055(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Considers thRequests the Commission and where appropriate the requested proposal does not have financial implicationMember States to assess if the proposal herein has or not any financial implications for their respective budgets;
Amendment 73 #
2012/2055(INI)
Proposal for a recommendation
Annex – introdactory part
Annex – introdactory part
The European Parliament considers that the legislation to be adoptedaccess to basic banking services should aim to regulate the following:
Amendment 74 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 1 – paragraph -1 (new)
Annex – recommendation 1 – paragraph -1 (new)
-1. Before presenting the Parliament and Council with a legislative proposal, the Commission should conduct an independent impact assessment to clarify the scope and means of such a proposal; The impact assessment should especially clarify the following points:
Amendment 76 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 1 – paragraph 1
Annex – recommendation 1 – paragraph 1
1. The legislation should oblige as many payment service providers as possible,Each Member State should decide how many payment service providers (banking or non-banking institutions) as defined in Article 4(9) of Directive 2007/64/EC, toshould provide access to basic banking services.
Amendment 93 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 1 – paragraph 3 – point b
Annex – recommendation 1 – paragraph 3 – point b
b. Payment service providers having carried out transactions totalling less than €3ma given amount in the previous year. The cut off point applicable in this regard should be specifically defined for each Member State after consultations with the relevant stakeholders therein and regularly updated. The Commission should be informed by Member States on their respective cut off points and for how long they will remain in force.
Amendment 95 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 1 – paragraph 4
Annex – recommendation 1 – paragraph 4
Amendment 105 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 2 – paragraph 5
Annex – recommendation 2 – paragraph 5
5. TheAny possible EU legislation should ensure that any consumer, that is to say any natural personEU citizen (hereafter referred to as 'the client'), who is acting for purposes other than his trade, business, craft or profession, legally resident in the Union has the right to open and use a basic bank account with a payment service provider operating in a Member State provided that the consumer does not already hold a basic bank account meeting the requirements of Union legislation as specified in these Recommendations in the territory of that Member State.
Amendment 107 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 2 – paragraph 6
Annex – recommendation 2 – paragraph 6
Amendment 113 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 2 – paragraph 7
Annex – recommendation 2 – paragraph 7
7. The right to access a basic bank account should apply irrespective of the consumer's nationality or place of residence in the Union. Criteria such as the level or regularity of income, employment, credit history, level of indebtedness, individual situation regarding bankruptcy or future activity of the account should not be taken into account for the opening a basic bank account. Access to a basic bank account should under no circumstances be made conditional on the purchase of other products or services, for instance insurance.
Amendment 119 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 2 – paragraph 8
Annex – recommendation 2 – paragraph 8
8. TheAny possible EU legislation should be applied without prejudice to Union rules, in particular providers’ obligation to terminate the basic bank account contract in exceptional circumstances under relevant Union or national legislation, such as legislation on money laundering. The account may also be closed in case of imposture, abuse of confidence or falsification of documents.
Amendment 122 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 2 – paragraph 9
Annex – recommendation 2 – paragraph 9
9. Member States should be obliged to ensure that due diligence procedures do not lead to discriminatory practices, for instance against marginalised groups, migrants, ethnic or religious minorities or people with no fixed address. Therefore, special consideration should be given to the means by which people with no fixed address can satisfy due diligence requirements and national best practices should be taken into account in order to effectively guarantee access to a core range of essential payment servifully respect the national and EU anti-discrimination legislation in forces.
Amendment 126 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 2 – paragraph 10
Annex – recommendation 2 – paragraph 10
Amendment 130 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 2 – paragraph 11
Annex – recommendation 2 – paragraph 11
11. TheAny possible EU legislation should obligeensure that payment service providers to act transparently in relation to a decision to deny or close a basic bank account. In order to allow the consumerlient to question the payment service provider's decision, the payment service provider should inform the consumer in writing of the reason for the refusal to open or decision to close a basic bank account. The client shall therefore have a mail address to enable written correspondence with the payment service provider. The provider should also be obliged to inform the consumerlient about possibilities for alternative dispute resolution mechanisms.
Amendment 133 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 2 – paragraph 12
Annex – recommendation 2 – paragraph 12
12. TheAny possible EU legislation should require the provider to act rapidlyin due time when verifying whether the consumerlient has right to access a basic bank account, whereby the provider must inform the consumer about grounds for any delay longer than two weeks. The provider may require consumerlients to be physically present in the nearest available branch to open the account.
Amendment 135 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 3 – paragraph 13
Annex – recommendation 3 – paragraph 13
13. TheAny possible EU legislation should enable the user of a basic bank account or client to make any essential payment transactions such as receiving income or benefits, paying bills or taxes and purchasing goods and services via both physical and remote channels using mainstream national systems where appropriate.
Amendment 139 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 3 – paragraph 14
Annex – recommendation 3 – paragraph 14
14. The payment service provider should not offer, explicitly or tacitly, any overdraft facilities or overrunning in conjunction with a basic bank account. A payment order to the consumerlient’s payment service provider should not be executed where such an execution would result in a negative balance of the consumerlient’s basic bank account. Access to credit should not be considered as a component of or a right related to a basic bank account, whatever the purpose or the form of the credit.
Amendment 143 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 3 – paragraph 15
Annex – recommendation 3 – paragraph 15
15. Access to a basic bank account should be free of chargprovided at a price lower than the standard fee for a deposit account at the given payment service provider unless it is already available for free.
Amendment 156 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 3 – paragraph 16
Annex – recommendation 3 – paragraph 16
16. Any default charges should be affordable and at least as favourable as the provider’s usual pricing policy. The legislation should ensure that the consumer does not bear any fee or penalty arising from circumstances independent of his/her will, such as insufficient funds in his account due to late payment of wages or social benefitsequal to the provider’s usual pricing policy.
Amendment 162 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 3 – paragraph 17 – section A – subparagraph 1
Annex – recommendation 3 – paragraph 17 – section A – subparagraph 1
The consumerlient should be provided with non- discriminatory access to basic personal service, such as over-the-counter service in branches and to the use of automatic teller machines (ATMs), including other banks’ ATMs where technically possible. The provider should not charge any fees related to the execution of, and the fees, where applicable, should be included in the overall management fee for a basic bank account management services.
Amendment 173 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 3 – paragraph 17 – section B – subparagraph 1
Annex – recommendation 3 – paragraph 17 – section B – subparagraph 1
For the execution of these services, the consumerlient should be entitled to non- discriminatory access to the different channels offered by the provider, such as manual transactions, transactions via ATM, and where possible online banking and phone banking. Member States should define a sufficient number of standard payment transactions that the provider must, on request, set up and execute on a monthly basis without imposing any charges, regardless of the channel used by the consumer. Where the consumer risks exceeding the maximum number of free transactions the provider should be required to inform the consumer accordingly. The provider should be permitted either to charge additional transactions in a cost-based way and aligned with its usual pricing policy or to refuse the execution of transaction and the provider’s usual pricing policy should apply for these additional services. The provider should also be permitted to demand a cost-based one-off charge for providing a payment card.
Amendment 175 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 3 – paragraph 17 – section C
Annex – recommendation 3 – paragraph 17 – section C
Amendment 179 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 3 – paragraph 17 – section D
Annex – recommendation 3 – paragraph 17 – section D
Amendment 185 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 4 – paragraph 18
Annex – recommendation 4 – paragraph 18
18. TheAny possible EU legislation should aim to make consumerlients aware about the possibility of opening a basic bank account. Accordingly, it should be accompanied by an ambitious communication strategy both at Union and Member State level and include duties for payment service providers to provide clear information to consumerconducted at the appropriate level to provide clear information to the payment service providers and their clients on their respective rights and obligations with respect to access to basic banking services.
Amendment 189 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 4 – paragraph 19
Annex – recommendation 4 – paragraph 19
19. Communication campaigns should be developed in cooperation with consumer organisations or social advisory bodies. AtIf conducted at the Union level, they should, in particular, raise awareness about the Union-wide availability of basic banking services and cross-border rights for access. Atthe added value of this for EU citizens involved in cross-border activities. If conducted at the Member State level, communication should aim at giving necessary and understandable information about basic bank accounts’ features, conditions and practical steps while addressing specific concerns, including those of unbanked citizens and migrantcommuting workers. Communication campaigns at Member State level should be multi-lingual, taking into account the most relevant mother tongues spoken by minority populations or migrantconducted in all its official languages.
Amendment 192 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 4 – paragraph 20
Annex – recommendation 4 – paragraph 20
Amendment 198 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 4 – paragraph 21
Annex – recommendation 4 – paragraph 21
21. Providers should, after identifying consumers’ needs, recommend a basic bank account if it fits the needs expressed by the consumer. Consumers interested in opening a basic bank account should receive information in a durable medium setting out the services included, the fact that they are not tied to purchasing other products or services, and the cost, if any. The information should be understandable, standardised and as simple as possible and distributed in any Union language requested by the costumer. Staff should make sure that the consumer has understood what his rights and obligations are when contracting such an accountof the official language(s) of that given EU Member State.
Amendment 200 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 4 – paragraph 22
Annex – recommendation 4 – paragraph 22
22. Information requirements deriving from the legislatioany possible EU legislation in this domain should be without prejudice to the requirements laid down by Directive 2007/64/EC concerning the provision of information to consumers.
Amendment 204 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 4 – paragraph 23
Annex – recommendation 4 – paragraph 23
23. Member States should be required to ensure that providers provide the competent national authorities with reliable information at least on the number of basic bank accounts opened, the number of applications for basic bank accounts refused and the grounds for such refusals, the number of terminations of such accounts. Such information should be provided in an aggregated form.
Amendment 206 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 4 – paragraph 24
Annex – recommendation 4 – paragraph 24
24. Each year, the competent national authorities should be required to provide aggregated information to the Commission, (Eurostat) and the European Banking Authority and the European Parliament, and the data should be published in an aggregated and understandable form.
Amendment 207 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 5 – paragraph 25
Annex – recommendation 5 – paragraph 25
25. The legislation should oblige Member States toshould designate competent authorities to ensure and monitor effective compliance with its requirements. Those designated competent authorities should be independent from payment service providers and consumer's associations or any other advisory groups representing clients of basic bank accounts.
Amendment 211 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 5 – paragraph 26
Annex – recommendation 5 – paragraph 26
26. Member States should be obliged to specify principles for sanctions to be imposed on providers for non-compliance with the basic bank account framework whichto ensure the sanctions constitute a deterrent, and competent authorities should be required and enabled to impose such sanctions. Funds collected via sanctions should be used for the purpose of the legislation to be adopted, for example, for financial education or compensatory payments.
Amendment 213 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 5 – paragraph 27
Annex – recommendation 5 – paragraph 27
27. Member States should closely monitor any distortions of competition between providers of basic bank accounts. Where a number of providers disproportionately shoulder the cost of providing basic bank accounts, financial compensation should be provided. While in under-banked Member States, additional support for the development of adequate infrastructure should be considered, intra-sector redistribution mechanisms should be sufficient in Member States with high bank account penetration. Competent authorities should facilitate the creation of a compensation fund to be financed by payment service providers within the scope of the legislation. Should the number of basic bank accounts be disproportionate to the economic importance of the individual provider, the provider should be entitled to benefit from compensatory payments.
Amendment 217 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 5 – paragraph 28
Annex – recommendation 5 – paragraph 28
28. Member States should be obliged to ensure that appropriate and effective complaints and redress procedures are established for the out-of-court settlement of disputes concerning the rights and obligations established under the principles set out in the legislation betweenof payment service providers and consumertheir clients, using existing bodies where appropriate. Alternative dispute resolution (ADR) bodies need to be independent, easily accessible and its services free of charge. Its decisions should be legally binding and easily accessible. In order to ensure its impartiality, equal representation of providers, consumers and other userlients and the competent national authorities needs to be ensured. Member States should be required to ensure that all basic bank account providers adhere to one or more such bodies implementing such complaint and redress procedures.
Amendment 219 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 5 – paragraph 29
Annex – recommendation 5 – paragraph 29
29. Member States should be required to ensure that ADR bodies actively cooperate in the resolution of cross-border disputes. Where disputes involve parties in different Member States, the use of FIN NET should be used toconsidered and assessed with respect to its efficiency in resolveing consumer complaints.
Amendment 220 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 6 – paragraph 30
Annex – recommendation 6 – paragraph 30
Amendment 221 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 6 – paragraph 30 a (new)
Annex – recommendation 6 – paragraph 30 a (new)
30a. The Commission should present the European Parliament with the results of the requested independent impact assessment on access to basic banking services in the EU Member States before the end of 2014.
Amendment 222 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 6 – paragraph 31
Annex – recommendation 6 – paragraph 31
Amendment 227 #
2012/2055(INI)
Proposal for a recommendation
Annex – recommendation 6 – paragraph 32
Annex – recommendation 6 – paragraph 32
Amendment 82 #
2012/0244(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) The provision for a single Euro area supervisory mechanism (SEASM) is the first step towards the creation of a European banking union, underpinned by a true single rulebook for financial services and composed also of a common deposit insurance and resolution framework for the Euro area.
Amendment 86 #
2012/0244(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2 a) The banking union should be underpinned by proper checks and balances and accountability mechanisms between political institutions at EU and national level and those bodies exercising supervisory responsibilities at both EU and national level.
Amendment 87 #
2012/0244(COD)
Proposal for a regulation
Recital 2 b (new)
Recital 2 b (new)
(2 b) The progress towards a genuine Economic and Monetary Union and, to this end the creation of the single Euro area supervisory mechanism (SEASM), should respect both the right of those Member States that have an opt-out from having to introduce the euro and the democratic legitimacy of those Member States that choose to retain their respective national currencies.
Amendment 88 #
2012/0244(COD)
Proposal for a regulation
Recital 2 c (new)
Recital 2 c (new)
(2 c) The implementation of the banking union should at all its different stages ensure that due consideration be given to the potential mutual spill-over effects of the banking union in the euro area for non-euro area members. To this aim, appropriate preventive measures should be put in place to avoid possible disruption of the internal market. In particular, the ECB should be required to ensure that it performs its supervisory tasks over the Euro area in a manner that is non-discriminatory and is consistent with the proper functioning of the internal market.
Amendment 89 #
2012/0244(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) In order to provide for the single Euro area supervisory mechanism, Council Regulation (EU) No …/….../... [127(6) Regulation] confers specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions in the Member States whose currency is the euro. O and other Member States may enter in a close cooperation with the ECB. Under that Regulation, the ECB is to coordinate and express the position of those Member States on the decisions to be taken by the Board of Supervisors of the European Banking Authority (EBA) falling within the scope ofwhose currency is not the euro, but which have voluntarily opted in the Euro area supervisory mechanism (hereafter opt-in Member States). These opt-in Member States may enter in a close cooperation with the ECB tasks.
Amendment 97 #
2012/0244(COD)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3 a) In order to ensure fairness of the decision making and balance of voting rights within the EBA, thus preventing any possible discrimination of those Member States that have not opted in to the single Euro area supervisory mechanism, an EBA decision impacting on the Union as a whole should be deemed adopted only if a blocking minority composed of those Member States remaining outside the single Euro area supervisory mechanism does not object to it.
Amendment 100 #
2012/0244(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) The conferral of supervisory tasks to the ECB in the banking sector for part of the Member States of the Union (Euro area Member States and opt-in Member States) should not in any way hamper the functioning of the internal market in the field of financial services. It is therefore necessary to ensure the proper functioning of the EBA following that conferral.
Amendment 116 #
2012/0244(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) In view of the supervisory tasks conferred on the ECB by Council Regulation (EU) No …/….../... [127(6) Regulation], EBA should be able to carry out its tasks also in relation to the ECB. In order to ensure that existing mechanisms for settlement of disagreements and actions in emergency situations remain effective, a specific procedure should be provided for. In particular, if the ECB or a national competent authority does not comply with an action by EBA to settle a disagreement or to address an emergency situation, it should be required to explain its reasons and inform the EBA, the European Parliament and the Council about them for the sake of greater transparency of its decision making. In that case, whenever based on requirements set out in directly applicable Union law EBA can adopt an individual decision addressed to the financial institution concerned, it should do so.
Amendment 124 #
2012/0244(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) In order to ensure that interests of all Member States are adequately taken into account and to allow for the proper functioning of the EBA with a view to maintain and deepen the internal market in the field of financial services, the voting modalities within the Board of Supervisors should be adapted, in particular with regard to decisions taken by the EBA at simple majority. In addition, the arrangements for the panel to be established to consider decisions under Articles 17 and 19 of Regulation (EU) No 1093/2010 should be amended. The panel should comprise members with significant levels of expertise in banking regulation, including legal expertise.
Amendment 129 #
2012/0244(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) Decisions concerning breaches of Union law and settlement of disagreements should be examined by an independent panel composed of voting members of the Board of Supervisors which do not have any conflicts of interest, appointed by the Board of Supervisors. The decisions proposed by the panel to the Board of Supervisors should be considered as adopted unless rejected by a simple majority, which should include an adequate number of votes from members from Member States participating in the SEASM and from Member States that do not participate in the SSMEASM (non participating Member States).
Amendment 142 #
2012/0244(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) The members of the independent panel set up according to Article 41(2) of Regulation (EU) No 1093/2010 should not be considered to be in a situation of conflict of interest on the sole ground that they are representatives of competent authorities which are part of the SEASM and a given case to be decided upon by the Panel concerns the SEASM. The EBA should develop rules of procedure for the panel that ensure its independence and objectivity.
Amendment 145 #
2012/0244(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) The composition of the Management Board should be balanced andsufficiently diverse with regards to gender balance and guarantee proper representation of Member States not participating in the SEASM should be ensured.
Amendment 149 #
2012/0244(COD)
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9 a) The head of the Management Board should be different from the respective heads of the European System of Financial Supervision (ESFS).
Amendment 150 #
2012/0244(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) In order to ensure the proper functioning of the EBA and adequate representation of all Member States, the voting modalities, the composition of the Management Board, and the composition of the independent panel should be reviewed after an appropriate period of time and at the latest every three years taking into account any experience gained and further developments.
Amendment 154 #
2012/0244(COD)
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10 a) The Authority should act with a view to improving the functioning of the internal market, in particular by ensuring an effective level of regulation and efficient supervision in the EU. The Authority should protect public values such as the stability of the financial system, the transparency of markets and financial products, and the protection of depositors and investors. The Authority should also prevent regulatory arbitrage and guarantee a level playing field, and strengthen international supervisory coordination, for the benefit of the EU economy, including financial institutions and consumers. In accordance with the fundamental principle of the equality of the Member States before the EU Treaties, the Authority should respect the differences in supervisory culture adopted by competent authorities. In this regard no Member States or group of Member States should be discriminated against, directly or indirectly, as a venue for financial services, whether by reference to their currency or otherwise. The Authority should have regard to the need for competent authorities to be able to exercise judgement effectively in order to determine the appropriate action to take in any particular circumstances. The tasks of the Authority should also include promoting supervisory convergence and providing advice to the Union institutions in the areas of banking, payments, e- money regulation and supervision, and related corporate governance, auditing and financial reporting issues.
Amendment 167 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point -1 d (new)
Article 1 – paragraph 1 – point -1 d (new)
Regulation (EU) No 1903/2010
Article 1 – paragraph 5 – subparagraph: 4
Article 1 – paragraph 5 – subparagraph: 4
-1d. In Article 1(5), the fourth subparagraph is replaced by the following: "When carrying out its tasks, the Authority shall act independently and objectively and in the interests of the Union alone and shall: (a) respect the differences in supervisory culture adopted by competent authorities as long as they do not affect the quality of supervision; (b) have regard to the need for competent authorities to be able to exercise judgement effectively in order to determine the appropriate action to take in any particular circumstances; (c) have regard to the international character of financial services and the desirability of maintaining the competitive position of the Union."
Amendment 191 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Regulation (EU) No 1093/2010
Article 18 – paragraph 3a
Article 18 – paragraph 3a
"3a. Where the Authority requests the ECB asa competent authority to take the necessary action in accordance with paragraph 3, the ECBcompetent authority shall comply with it or shall provide within 48 hours [of the deadline for complying with the decision] at the latest adequate justification to the Authority for its non-compliance. This justification shall be made available without delay to the European Parliament, and the Council for the sake of greater transparency of the decision making."
Amendment 198 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b a (new)
Article 1 – paragraph 1 – point 2 – point b a (new)
Regulation (EU) No 1093/2010
Article 18 – paragraph 4
Article 18 – paragraph 4
(b a) paragraph 4 is replaced by the following: "4. Without prejudice to the powers of the Commission pursuant to Article 258 TFEU, where a competent authority does not comply with the decision of the Authority referred to in paragraph 3 within the period laid down in that decision, and does not provide in the opinion of the Authority adequate justification for non-compliance, the Authority may, where the relevant requirements laid down in the legislative acts referred to in Article 1(2) including in regulatory technical standards and implementing technical standards adopted in accordance with those acts are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under that legislation, including the cessation of any practice. This shall apply only in situations in which a competent authority does not apply the legislative acts referred to in Article 1(2), including regulatory technical standards and implementing technical standards adopted in accordance with those acts, or applies them in a way which appears to be a manifest breach of those acts, and where urgent remedying is necessary to restore the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union."
Amendment 200 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 1093/2010
Article 19 – paragraph 3a
Article 19 – paragraph 3a
"3a. Where the Authority requests the ECB asa competent authority to take specific action or to refrain from action in accordance with paragraph 3, the ECBcompetent authority shall comply with it or shall within ten working days of the receipt of the request provide adequate justification to the Authority for its non-compliance. This justification should be made available without delay to the European Parliament and the Council for the sake of greater transparency of the decision making."
Amendment 203 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3 a (new)
Article 1 – paragraph 1 – point 3 a (new)
Regulation (EU) No 1093/2010
Article 19 – paragraph 4
Article 19 – paragraph 4
3a. In Article 19 paragraph 4 is replaced with the following: "4. Without prejudice to the powers of the Commission pursuant to Article 258 TFEU, where a competent authority does not comply with the decision of the Authority, and does not provide in the opinion of the Authority adequate justification for non-compliance, and thereby fails to ensure that a financial institution complies with requirements directly applicable to it by virtue of the acts referred to in Article 1(2), the Authority may adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under Union law, including the cessation of any practice."
Amendment 215 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4 b (new)
Article 1 – paragraph 1 – point 4 b (new)
Regulation (EU) No 1093/2010
Article 41 – paragraph 1 a (new)
Article 41 – paragraph 1 a (new)
4 b. In Article 41 the following paragraph is inserted after paragraph 1: "1a. For the purposes of Article 17, the Board of Supervisors shall convoke an independent panel, consisting of the Chairperson and six other members, who are not representatives of the competent authority alleged to have breached Union law and who have neither any interest in the matter nor direct links to the competent authority concerned. Each member of the panel shall have one vote. Decisions of the panel shall be taken where at least 5 members of the panel vote in favour of the decision."
Amendment 216 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1093/2010
Article 41 – paragraph 2
Article 41 – paragraph 2
"2. For the purposes of Article 17 and 19, the Board of Supervisors shall establishconvoke an independent panel consisting of the Chairperson and two members appointed by the Board of Supervisors among its voting members. At least one member of the independent panel shall be from a Member State which is not a participating Member State in accordance with Regulation (EU) No …/… [127(6) TFEU Council Regulation]. The members of the panel shall act independto facilitate an impartial settlement of the disagreement, consisting of the Chairperson and six other of its members, who are not representatives of the competent authorities which are party to the disagreemently and objectively in accordance with Article 42, shall not be representatives of the competent authority concerned or of the competent authorities which are party to the disagreementwho have neither any interest in the conflict nor direct links to the competent authorities concerned."
Amendment 225 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1093/2010
Article 41 – paragraph 3
Article 41 – paragraph 3
"3. The panel shall propose a decision under Article 17 or Article 19 for final adoption by the Board of Supervisors, in accordance with the procedure set out in the third subparagraph of Article 44(1). The decision of the panel shall be considered as adopted by the Board of Supervisors unless rejected by a simple majority of the members. The representative of the competent authority or competent authorities concerned, and any representatives of competent authorities with any interest in the matter, shall not participate in a vote of the Board of Supervisors concerning a proposal of the panel."
Amendment 227 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1093/2010
Article 41 – paragraph 4
Article 41 – paragraph 4
"4. The Board of Supervisors shall adopt rules of procedures for the panel referred to in paragraph 2, including rules implementing the requirement set out in the second subparagraph of that paragraphs 2 and 3."
Amendment 237 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1093/2010
Article 44 – paragraph 1 – subparagraph 2
Article 44 – paragraph 1 – subparagraph 2
"With regard to the acts specified in Articles 10 to 16 and measures and decisions adopted under the third subparagraph of Article 9(5) andChapter VI and decisions taken by the Board of Supervisors under Section 2 to 4 of Chapter VIII and by way of derogation from the first subparagraph of this paragraph, the Board of Supervisors shall take decisions on the basis of a qualified majority of its members, as defined in Article 16(4) of the Treaty on European Union and in Article 3 of the Protocol (No 36) on transitional provisions and with: (a) a simple majority of the total weighted votes available to participating Member States and those States that have entered into a close cooperation arrangement; and (b) a simple majority of the total weighted votes available to non-participating Member States."
Amendment 242 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1093/2010
Article 44 – paragraph 1 – subparagraph 3
Article 44 – paragraph 1 – subparagraph 3
Amendment 247 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1093/2010
Article 44 – paragraph 1 – subparagraph 4
Article 44 – paragraph 1 – subparagraph 4
Amendment 250 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1093/2010
Article 44 –paragraph 1 – subparagraph 5
Article 44 –paragraph 1 – subparagraph 5
Amendment 254 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1093/2010
Article 44 –paragraph 1 – subparagraph 6
Article 44 –paragraph 1 – subparagraph 6
Amendment 259 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) No 1093/2010
Article 45 – paragraph 1 – subparagraph 3
Article 45 – paragraph 1 – subparagraph 3
"The term of office of the members elected by the Board of Supervisors shall be 2 1/2 years. That term may be extended once. The composition of the Management Board shall be balanced and proportionate and shall reflect the Union as a wholesufficiently diverse with regards to expertise, gender and geographical balance and shall reflect the Union as a whole, in particular to ensure proper representation of the interests of those Member States that do not choose to participate in the Euro area supervisory mechanism. The Management Board shall include at least twohree representatives from Member States which are not participating Member States in accordance with Regulation [127(6) TFEU Council Regulation] nor have entered into close cooperation with the ECB in accordance with that Regulation. Mandates shall be overlapping and an appropriate rotating arrangement shall apply."
Amendment 269 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 8 e (new)
Article 1 – paragraph 1 – point 8 e (new)
Regulation (EU) No 1093/2010
Article 81 a (new)
Article 81 a (new)
Amendment 275 #
2012/0244(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) the suitability of the voting modalities, especially in view of preventing discriminatory decision making against the Member States which are not participating Member States in accordance with Regulation (EU) No .../...[127(6) TFEU Council Regulation];
Amendment 276 #
2012/0244(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point b
Article 2 – paragraph 1 – point b
(b) the composition of the Management Board and whether it is sufficiently diverse with regards to expertise, gender and has guaranteed geographical balance; and
Amendment 277 #
2012/0244(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point c
Article 2 – paragraph 1 – point c
(c) the composition of the independent panel preparing decisions for the purposes of Articles 17 and 19, and whether it is sufficiently diverse with regards to expertise, gender and has guaranteed geographical balance.
Amendment 56 #
2012/0242(CNS)
Draft legislative resolution
Citation 2 a (new)
Citation 2 a (new)
- having regard to Articles 5, 6 and 7 of the Protocol on the Application of the Principles of Subsidiarity and Proportionality annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union,
Amendment 60 #
2012/0242(CNS)
Proposal for a regulation
Title 1
Title 1
Proposal for a COUNCIL REGULATION conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions in the Euro area
Amendment 65 #
2012/0242(CNS)
Proposal for a regulation
Citation 1 a (new)
Citation 1 a (new)
- having regard to Articles 5, 6 and 7 of the Protocol on the Application of the Principles of Subsidiarity and Proportionality annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union,
Amendment 71 #
2012/0242(CNS)
Proposal for a regulation
Recital 1
Recital 1
(1) Over the past decades, and in line with the principle of free movement of capital and services, the Union has made considerable progress in creating an internal market for banking services. Consequently, in many Member States, especially the new Member States outside of the Euro area, banking groups with their headquarters established in other Member States hold a significant market share, and credit institutions have geographically diversified their business, especially within, mainly the European systemically important financial institutions (E-SIFIs) and domestic systemically important financial institutions (D-SIFIs)), have geographically diversified their business, including lending activities, both within and outside of the Euro area.
Amendment 78 #
2012/0242(CNS)
Proposal for a regulation
Recital 2
Recital 2
(2) Maintaining and deepening the efficiency and competitiveness of an internal market for banking services is essential in order to foster economic recovery in the Unionand job creation in the Union as a whole and, in particular, in the banking sector. However this proves increasingly challenging. Evidence shows that the integration of banking markets in the Union is coming to a halt and banks deleveraging post the 2008 crisis ahead of increased capital requirements is negatively impacting economic growth.
Amendment 85 #
2012/0242(CNS)
Proposal for a regulation
Recital 3
Recital 3
(3) At the same time national and EU level supervisors must step up their supervisory scrutiny to take account of the lessons of the financial crisis in recent years, and be able to oversee highly complex and inter-connected markets and systemically important financial institutions.
Amendment 87 #
2012/0242(CNS)
Proposal for a regulation
Recital 4
Recital 4
(4) Competence for supervision of individual banks in the Union remains mostly at national level. This limitsmay set limitations on the effectiveness of supervision and the ability of supervisors to reach a common understanding of the soundness of the banking sector throughout the Union. In order to preserve and increase the positive effects of market integration on growth and welfare, coordination between national and EU level supervisors and, specifically in the Euro area, integration of supervisory responsibilities where appropriate, should therefore be enhanced.
Amendment 94 #
2012/0242(CNS)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4 a) The ECB should incorporate the expertise and best practices of national competent authorities when undertaking its responsibilities and tasks as outlined in this Regulation.
Amendment 97 #
2012/0242(CNS)
Proposal for a regulation
Recital 5
Recital 5
(5) The solidity of domestic credit institutions, unlike cross-border banks, is in many instances still closely linked to the creditworthiness of the individual Member States in which they are established or depends on the financial stability of the Euro area as a whole. Doubts about the sustainability of public debt, economic growth prospects, and the viability of credit institutions have been creating negative, mutually reinforcing market trends and spill over effects between the Euro area and non-Euro area Member States. This may lead to risks for the viability of some credit institutions as well as for the stability of the financial system, and may impose a heavy burden for already strained public finances of the Member States concerned. The problem poses specific risks within the eEuro area where the single currency increases the likelihood that negative developments in one Member State can create risks for economic development and the stability of the Euro area as a whole.
Amendment 110 #
2012/0242(CNS)
Proposal for a regulation
Recital 8
Recital 8
(8) The European Council conclusions of 29 June 2012 invited the President of the European Council to develop a road map for the achievement of a genuine Economic and Monetary Union. On the same day, the Euro area Heads of State or Government Summit pointed out that when an effective single Euro area supervisory mechanism is established involving the ECB for banks in the euro area, the ESM could, following a regular decision, have the possibility to recapitalize banks directly which would rely on appropriate conditionality, including compliance with state aid rules.
Amendment 112 #
2012/0242(CNS)
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8 a) The progress towards a genuine Economic and Monetary Union and, to this end the creation of the single Euro area supervisory mechanism (SEASM), should respect both the right of those Member States that have an opt-out from having to introduce the euro and the democratic legitimacy of those Member States that choose to retain their respective national currencies.
Amendment 113 #
2012/0242(CNS)
Proposal for a regulation
Recital 9
Recital 9
(9) A Europeangenuine banking union should therefore be set up, underpinned by a true, on the one hand, by the existing EBA single rulebook for financial services for the Single Market as a whole and, on the other hand, composed of a single Euro area supervisory mechanism for the Euro area, and a common deposit insurance and resolution framework. . I for the Euro area, including provisions for other non-Euro area Member States to voluntarily opt-in to these arrangements. Therefore, in view of the close links and interactions between Member States participating in the common currency, the banking union should apply at least to all Euro area Member States. With a view to maintaining and deepening the internal market, and to the extent that this is institutionally possible, the banking union should also be open to the voluntary participation of other Member States.
Amendment 127 #
2012/0242(CNS)
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9 a) The banking union should be underpinned by proper checks and balances and accountability mechanisms between political institutions at an EU and national level and those bodies exercising supervisory responsibilities at both the EU and the national level.
Amendment 129 #
2012/0242(CNS)
Proposal for a regulation
Recital 9 b (new)
Recital 9 b (new)
(9 b) The implementation of the banking union should at all its different stages ensure that due consideration be given to the potential mutual spill-over effects of the banking union in the euro area for non-euro area members. To this aim, appropriate preventive measures should be put in place to avoid possible disruption of the single market. In particular, the ECB should be required to ensure that it performs its supervisory tasks over the Euro area in a manner that is non-discriminatory and is consistent with the proper functioning of the internal market.
Amendment 130 #
2012/0242(CNS)
Proposal for a regulation
Recital 9 c (new)
Recital 9 c (new)
(9 c) The supervision of credit institutions in non-Euro area Member States that will not opt-into the single Euro area supervisory mechanism should continue to be ensured at the national level by their respective national competent authorities. In view of preventing or mitigating systemic risks, the national supervisors of these Member States should for the purpose of sound macroprudential supervision coordinate their supervision tasks with the relevant Agency of the European System of Financial Supervision (ESFS).
Amendment 134 #
2012/0242(CNS)
Proposal for a regulation
Recital 10
Recital 10
(10) As a first step towards the banking union, a single Euro area supervisory mechanism should ensure that the Union's policy relating to the prudential supervision of credit institutions is implemented in a coherent and effective way, that the EBA single rulebook for financial services is applied equally to credit institutions in all Member States concerned, and that those credit institutions are subject to supervision of the highest quality, unfettered by other, non- prudential considerations. A singleTo this aim, the independence and competences of national competent authorities and the ECB should be enhanced or maintained. A single Euro area supervisory mechanism is to be understood as the basis for the next steps towards the banking union. This reflects the principle that any introduction of common intervention mechanisms for the Euro area in case of crises should be preceded by common controls to reduce the likelihood that intervention mechanisms will have to be used.
Amendment 150 #
2012/0242(CNS)
Proposal for a regulation
Recital 11
Recital 11
(11) As the Euro area's central bank with extensive expertise in macroeconomic and financial stability issues, the ECB is well placed to carry out supervisory tasks with a focus on protecting the stability of Europe's financial system. Indeed in many Euro area Member States Central Banks of the Eurosystem are already responsible for banking supervision. The ECB should therefore be conferred specific tasks concerning policies relating to the supervision of credit institutions within the Euro area.
Amendment 154 #
2012/0242(CNS)
Proposal for a regulation
Recital 12
Recital 12
(12) The ECB should be conferred those specific supervisory tasks which are crucial to ensure a coherent and effective implementation of the Union's policy relating to the prudential supervision of credit institutions, while other tasks should remain with national authorities of the participating Member States in the single Euro area supervisory mechanism. The ECB's tasks should includeconsist of measures taken in pursuance of macro-prudential stability of the Euro area as a whole.
Amendment 169 #
2012/0242(CNS)
Proposal for a regulation
Recital 13
Recital 13
(13) Safety and soundness of large banks is essential to ensure the stability of the financial system. However, recent experience shows that smaller banks can also pose a threat to financial stability at the national level and/or within the Euro area. Therefore, the ECB should be able to exercise supervisory tasks in relation to all banks of participating Member StatesEuro area Member States and other participating Member States that have voluntarily opted in the Euro area supervisory mechanism.
Amendment 185 #
2012/0242(CNS)
Proposal for a regulation
Recital 14
Recital 14
(14) Prior authorisation for taking up the business of credit institutions is a key prudential technique to ensure that only operators with a sound economic basis, an organisation capable of dealing with the specific risks inherent to deposit taking and credit provision, and suitable directors carry out those activities. The ECB should therefore have the task to authorise credit institutions operating in the Euro area and should be responsible for the withdrawal of authorisations in duly justified cases and after consultation with the national competent authority of the given Euro area Member State where the credit institution concerned has its headquarters.
Amendment 195 #
2012/0242(CNS)
Proposal for a regulation
Recital 15
Recital 15
(15) In addition to the conditions set out in Union legislative acts for authorisation of credit institutions and the cases for withdrawal of such authorisations, Member States may currently provide for further conditions for authorisation and cases for withdrawal of authorisation. The ECB should therefore carry out its task to authorise credit institutions of the Euro area and to withdraw the authorisation in case of non- compliance with national law upon a proposal by the relevant national competent authority, which assesses compliance with the relevant conditions set out by national law.
Amendment 201 #
2012/0242(CNS)
Proposal for a regulation
Recital 16
Recital 16
(16) An assessment of the suitability of any new owner prior to the purchase of a significant stake in a credit institution of the Euro area is an indispensable tool to ensure the continuous suitability and financial soundness of credit institutions' owners. The ECB as a Union institution is well-placed to carry out such an assessment without imposing undue restrictions to the internal market. The ECB should have the task to assess the acquisition and disposal of significant holdings in credit institutions of the Euro area.
Amendment 211 #
2012/0242(CNS)
Proposal for a regulation
Recital 17
Recital 17
(17) Compliance with Union rules requiring credit institutions to hold certain levels of capital against risks inherent to the business of credit institutions, to limit the size of exposures to individual counterparties, to publicly disclose information on a credit institutions' financial situation, to dispose of sufficient liquid assets to withstand situations of market stress, and to limit leverage is a prerequisite for credit institutions' prudential soundness. The ECB should have the task to ensure compliance with those rules and to set higher prudential requirements and apply additional measures to credit institutions of the Euro area in the cases specifically set out in Union acts.
Amendment 216 #
2012/0242(CNS)
Proposal for a regulation
Recital 18
Recital 18
(18) Additional capital buffers, including a capital conservation buffer and a countercyclical capital buffer to ensure that credit institutions accumulate during periods of economic growth a sufficient capital base to absorb losses in stressed periods, are key prudential tools to ensure the availability of adequate loss absorbency. The ECB should have the task to impose such buffers and ensure credit institutions of the Euro area comply with them.
Amendment 224 #
2012/0242(CNS)
Proposal for a regulation
Recital 19
Recital 19
(19) The safety and soundness of a credit institution depend also on the allocation of adequate internal capital, having regard to the risks to which it may be exposed, and on the availability of appropriate internal organisation structures and corporate governance arrangements. The ECB should therefore have the task to apply for credit institutions of the Euro area requirements ensuring that credit institutions have in place robust governance arrangements, processes and mechanisms, including strategies and processes for assessing and maintaining the adequacy of their internal capital. In case of deficiencies it should also have the task to impose appropriate measures including specific additional own funds requirements, specific publication requirements, and specific liquidity requirements.
Amendment 232 #
2012/0242(CNS)
Proposal for a regulation
Recital 20
Recital 20
(20) Risks for the safety and soundness of a credit institution can arise both at the level of an individual credit institution and at the level of a banking group or of a financial conglomerate. Specific supervisory arrangements to mitigate these risks are important to ensure the safety and soundness of credit institutions. In addition to supervision of individual credit institutions of the Euro area, the ECB's tasks should include supervision of banking groups or of financial conglomerates at the consolidated level, supplementary supervision, supervision of financial holding companies and supervision of mixed financial holding companies.
Amendment 236 #
2012/0242(CNS)
Proposal for a regulation
Recital 21
Recital 21
(21) In order to preserve financial stability, the deterioration of an Euro area credit institution's financial and economic situation must be remedied before that institution reaches a point at which authorities have no other alternative than to resolve it. The ECB should have the task to carry out early intervention actions as defined in relevant Union law applicable to credit institutions of the Euro area. It should however coordinate its early intervention action with the relevant resolution authorities in the Euro area Member State where the credit institution concerned is established / headquartered prior to any intervention. Pending the conferral of resolution powers for the Euro area on a European body, the ECB should moreover coordinate appropriately with the national authorities of the Euro area Members States concerned to ensure a common understanding about respective responsibilities in case of crises, in particular in the context of the cross border crisis management groups and the future resolution colleges established for these purposes.
Amendment 244 #
2012/0242(CNS)
Proposal for a regulation
Recital 22
Recital 22
(22) Supervisory tasks over Euro area credit institutions not conferred on the ECB should remain with national authorities. Those tasks should include the power to receive notifications from credit institutions in relation to the right of establishment and the free provision of services, to supervise bodies which are not covered by the definition of credit institutions under Union law but which are supervised as credit institutions under national law, to supervise credit institutions from third countries establishing a branch or providing cross-border services in the Union, to supervise payments services, to carry out day-to-day verifications of credit institutions, to carry out the function of competent authorities over credit institutions in relation to markets in financial instruments and the prevention of the use of the financial system for the purpose of money laundering and terrorist financing.
Amendment 252 #
2012/0242(CNS)
Proposal for a regulation
Recital 23
Recital 23
(23) The ECB should carry out the tasks conferred on it with a view to ensuring the safety and soundness of credit institutions of the Euro area and the stability of the financial system of the Union and the unity and integrity of the Internal Market, thereby ensuring also the protection of depositors and improving the functioning of the Internal Market, in accordance with the EBA single rulebook for financial services in the Union.
Amendment 258 #
2012/0242(CNS)
Proposal for a regulation
Recital 24
Recital 24
(24) The conferral of supervisory tasks on the ECB for some of theEuro area credit institutions and credit institutions of the opting-in Member States should be consistent with the framework of the European System of Financial Supervision (ESFS) set up in 2010 and its underlying objective to develop the single rulebook and enhance convergence of supervisory practices across the whole Union. Cooperation between the banking supervisors and the supervisors of insurance and securities markets is important to deal with issues of joint interest and to ensure proper supervision of credit institutions operating also in the insurance and securities sectors. The ECB should therefore be required to cooperate closely with the EBA, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority, within the framework of the EFSF.
Amendment 267 #
2012/0242(CNS)
Proposal for a regulation
Recital 25
Recital 25
(25) In order to ensure consistency between the Euro area supervisory responsibilities conferred on the ECB and decision making within the EBA, the ECB should coordinate a common position amongst representatives of the national authorities of the participating Member States in the single Euro area supervisory mechanism in relation to matters falling within its competence. ; A fair balance of power and voting rights should be ensured with respect to the decision making procedures within EBA to prevent any discrimination of those Member States that have not opted into the single Euro area supervisory mechanism. For decisions impacting on the Union as a whole, provisions should be laid down within the amended EBA Regulation to ensure the possibility of a blocking minority for those Member States remaining outside the single Euro area supervisory mechanism.
Amendment 273 #
2012/0242(CNS)
Proposal for a regulation
Recital 26
Recital 26
(26) The ECB should carry out its tasksupervisory tasks for Euro area credit institutions subject to and in compliance with any Union law rule including the whole of primary and secondary Union law, Commission decisions in the area of State aids, competition rules and merger control and the single rulebook applying to all Member States. The EBA is entrusted with developing draft technical standards and guidelines and recommendations ensuring supervisory convergence and consistency of supervisory outcomes within the Union. The ECB should not replace the exercise of these tasks by the EBA, and should therefore exercise powers to adopt regulations in accordance with Article 132 TFEU only where Union acts adopted by the European Commission upon drafts developed by the EBA or guidelines and recommendations issued by the EBA do not deal with certain aspects necessary for the proper exercise of the ECB's tasks or do not deal with them in sufficient detail.
Amendment 275 #
2012/0242(CNS)
Proposal for a regulation
Recital 27
Recital 27
(27) In order to ensure that supervisory rules and decisions are applied by credit institutions, financial holding companies and mixed financial holding companies, effective, proportionate and dissuasive sanctions should be imposed in case of breaches. In accordance with Article 132(3) TFEU and Council Regulation (EC) No. 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions, the ECB is entitled to impose fines or periodic penalty payments on undertakings for failure to comply with obligations under its regulations and decisions. Moreover, in order to enable the ECB as part of the single Euro area supervisory mechanism to effectively carry out its tasks relating to the enforcement of supervisory rules set out in directly applicable Union law, the ECB should be empowered to impose pecuniary sanctions on credit institutions, financial holding companies and mixed financial holding companies for breaches of such rules. National authorities of the participating Member States in the single Euro area supervisory mechanism should remain able to apply sanctions in case of failure to comply with obligations stemming from national law transposing Union Directives. Where the ECB considers it appropriate for the fulfilment of its tasks that a sanction is applied for such breaches, it should be able to refer the matter to national authorities for those purposes.
Amendment 281 #
2012/0242(CNS)
Proposal for a regulation
Recital 28
Recital 28
(28) National supervisors have important and long-established expertise in the supervision of credit institutions within their territory and their economic, organisational and cultural specificities. They have established a large body of dedicated and highly qualified staff for these purposes. Therefore, in order to ensure high quality European supervision national supervisors of the participating Member States in the single Euro area supervisory mechanism should assist the ECB in the preparation and implementation of any acts relating to the exercise of the ECB supervisory tasks in the Euro area. This should include in particular the ongoing day-to-day assessment of a bank's situation and related on site verifications.
Amendment 298 #
2012/0242(CNS)
Proposal for a regulation
Recital 30
Recital 30
(30) In order to carry out its tasks, the ECB should have appropriate supervisory powers over credit institutions of the Euro area. Union law on the prudential supervision of credit institutions provides for certain powers to be conferred on competent authorities designated by the Member States for those purposes. To the extent that these powers fall within the scope of the supervisory tasks conferred on the ECB, for participating Member States the ECB should be considered the competent authority and should have the powers conferred on competent authorities by Union law. This includes powers conferred by those acts on the competent authorities of the home and the host Member States and the powers conferred on designated authorities.
Amendment 302 #
2012/0242(CNS)
Proposal for a regulation
Recital 31
Recital 31
(31) In order to carry out its taskssupervisory tasks in the Euro area effectively, the ECB should be able to require all necessary information, and to conduct investigations and on-site inspections. These powers should apply to supervised entities, persons involved in the activities of those entities and related third parties, third parties to whom those entities have outsourced operational functions or activities and persons otherwise closely and substantially related or connected to the activities of those entities, including the staff of a supervised entity who are not directly involved in its activities but who, due to their function within the entity, may hold important information on a specific matter and firms which have provided services to those entities. The ECB should be able to require information by simple request under which the addressee is not obliged to provide the information but, in the event that it does so voluntarily, the information provided should not be incorrect or misleading and should be made available without delay. The ECB should also be able to require information by decision.
Amendment 311 #
2012/0242(CNS)
Proposal for a regulation
Recital 33
Recital 33
(33) In its decision-making procedures, the ECB should be bound by Union rules and general principles on due process and transparency. The right of the addressees of the ECB's decisions to be heard in national and EU courts should be fully respected.
Amendment 316 #
2012/0242(CNS)
Proposal for a regulation
Recital 34
Recital 34
(34) The conferral of supervisory tasks implies a significant responsibility for the ECB to safeguard financial stability in the Euro area and avoid systemic risks in the Union, and to use its supervisory powers in the most effective and proportionate way. The ECB should therefore be accountable for the exercise of these tasks towards the European Parliament and the Council of Ministers respectively the Eurogroup as democratically legitimised institutions representing the European people and the Member States. That should include regular reporting and responding to questions. Where national supervisors take action under this Regulation, accountability arrangements provided under national law should continue to apply.
Amendment 321 #
2012/0242(CNS)
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34 a) The ECB should also regularly exchange information on its supervisory tasks as part of the single Euro area supervisory mechanism with all members of the European System of Central Banks (ESCB) and the ESFS in order to ensure exchange of best practices and peer review.
Amendment 328 #
2012/0242(CNS)
Proposal for a regulation
Recital 35
Recital 35
(35) The ECB is responsible for carrying out monetary policy functions in the Euro area with a view to maintaining price stability in accordance with Article 127(1) TFEU. The exercise of supervisory tasks in the Euro area has the objective to protect the safety and soundness of credit institutions and the stability of the financial system. In order to avoid conflicts of interests and to ensure that each function is exercised in accordance with the applicable objectives, the ECB should ensure they are carried out in full separation in terms of decision making, staffing and budget, etc.
Amendment 332 #
2012/0242(CNS)
Proposal for a regulation
Recital 36
Recital 36
(36) In particular, a supervisory board of the single Euro area supervisory mechanism (hereafter Euro area supervisory board) responsible for preparing decisions on Euro area supervisory matters should be set up with the ECB encompassing the specific expertise of national supervisors of the Euro area. The board should therefore be chaired by a Chair and a Vice-Chair elected by the ECB Governing Council and composed, in addition, of representatives from the ECB and from national authorities. In order to allow for an appropriate rotation while ensuring the full independence of the Chair and the Vice- Chair, their term should not exceed five years and should not be renewable. In order to ensure full coordination with the activities of the EBA and with the prudential policies of the Union, the EBA and the European Commission should be observers in the Euro area supervisory board. The performance of the supervisory tasks conferred upon the ECB requires the adoption of a large number of technically complex acts and decisions, including decisions on individual credit institutions. In order to effectively carry out those tasks in accordance with the principle of separation from tasks relating to monetary policy, the ECB Governing Council of the ECB should be able to delegate certain clearly defined supervisory tasks and related decisions to the Euro area supervisory board, subject to the oversight and responsibility of the Governing Council, which can give instructions and directions to that body. The Euro area supervisory board may be supported by a steering committee with a more limited composition.
Amendment 346 #
2012/0242(CNS)
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36a) The head of the single Euro area supervisory mechanism should be different from the head of the ECB and ESRB and he/she should be appointed after a hearing, and confirmation by, the European Parliament based upon a shortlist of suitably diverse candidates selected from across the EU banking sector and not exclusively the central banks.
Amendment 350 #
2012/0242(CNS)
Proposal for a regulation
Recital 36 b (new)
Recital 36 b (new)
(36b) Due consideration should be given to both the expertise, gender and geographical diversity of members of the Euro area supervisory board.
Amendment 355 #
2012/0242(CNS)
Proposal for a regulation
Recital 38
Recital 38
(38) In order to carry out its supervisory tasks as part of the single Euro area supervisory mechanism effectively, the ECB should exercise the supervisory tasks conferred on it in full independence, in particular from undue political influence and from both industry and special interest groups interference which would affect its operational independence.
Amendment 359 #
2012/0242(CNS)
Proposal for a regulation
Recital 39
Recital 39
(39) In order to carry out its supervisory tasks effectively, the ECB should dispose of adequate resources. Those resources should be obtained in a way that ensures the ECB's independence from undue influences by national competent authorities, industry and special interest groups and market participants, and separation between monetary policy and supervisory tasks. TSupervision is a public good and the costs of supervision should be primarily borne byfairly shared between the entities subject to it. Therefore, the exercise of supervisory tasks by the ECB should be financed at least partly by fees charged to credit institutions. In view of the transfer of significant supervisory tasks from national authorities of the Euro area to the ECB it is expected that any supervisory fees due at national level can be reduced as appropriate.
Amendment 364 #
2012/0242(CNS)
Proposal for a regulation
Recital 40
Recital 40
(40) Highly motivated, well-trained and impartial staff is indispensable to effective supervision. In order to create a truly integrated supervisory mechanism, appropriate exchange and secondment of staff with and among national supervisors of the Member States participating in the single Euro area supervisory mechanism and the ECB should be provided for. Where necessary to avoid conflicts of interest, particularly in the supervision of large banks, the ECB should be able to request that national supervisory teams of the single Euro area supervisory mechanism involve also staff from competent authorities of other participating Member States.
Amendment 368 #
2012/0242(CNS)
Proposal for a regulation
Recital 41
Recital 41
(41) Given the globalisation of banking services and the increased importance of international standards, the ECB should carry out its tasks as part of the single Euro area supervisory mechanism in respect of international standards and in dialogue and close cooperation with supervisors outside the Union, without duplicating the international role of the EBA. It should be empowered to develop contacts and enter into administrative arrangements with the supervisory authorities and administrations of third countries and with international organisations, subject to coordination with the EBA and while fully respecting the existing roles and respective competences of the Member States and the Union institutions. The ECB should inform the European Parliament in its annual report on details of all administrative contacts with third country agencies and international agencies.
Amendment 372 #
2012/0242(CNS)
Proposal for a regulation
Recital 41 a (new)
Recital 41 a (new)
(41a) The ECB should inform the European Parliament in its annual report about any contacts it has developed and administrative arrangements it has entered into with the supervisory authorities and administrations of third countries and with international organisations.
Amendment 383 #
2012/0242(CNS)
Proposal for a regulation
Recital 44
Recital 44
(44) In order to ensure that credit institutions are subject to supervision of the highest quality, unfettered by other, non- prudential considerations and that the negative mutually reinforcing impacts of market developments concerns banks and Member States is addressed in a timely and effective way, the ECB should start carrying out specific supervisory tasks as part of the single Euro area supervisory mechanism as soon as possible. However, the transfer of supervisory tasks from national supervisors of the Euro area to the ECB requires a certain amount of preparation. Therefore, an appropriate phasing-in period should be provided for. The number of banks subject to the supervision of the ECB as part of the single Euro area supervisory mechanism should increase progressively, taking into account the relevance of the supervision of those Euro area banks to ensure financial stability. As a first step the ECB should be able to apply its supervisory tasks to any Euro area banks, in particular to banks which have received or requested public financial assistance. As a second step, banks of European systemic importance as reflected in their total exposures and their cross-jurisdictional activities should be covered. Total exposures should be calculated in light of the methodologies defined in the Basel III accord of the Basel Committee on Banking Supervisors on the calculation of the leverage ratio and on the definition of common equity tier 1 capital. The phasing- in process should be completed within onetwo years from the entry into force of this Regulation at the latest.
Amendment 387 #
2012/0242(CNS)
Proposal for a regulation
Recital 45
Recital 45
(45) The current framework of prudential requirements for credit institutions and the supplementary supervision of financial conglomerates is formed by Directives providing for a significant number of options and discretions for Member States when circumscribing the powers of competent authorities. Pending the adoption of new Union legislative acts which spell out the powers which competent authorities shall have directly and without reference to Member States' options or discretions, the ECB can therefore not take any decisions directly applicable to credit institutions of the Euro area, financial holding companies or mixed financial holding companies. In this transitional phase, the ECB should therefore exercise its tasks only by instructing national competent authorities of Member States participating in the single Euro area supervisory mechanism to act.
Amendment 392 #
2012/0242(CNS)
Proposal for a regulation
Recital 47
Recital 47
(47) Since the objectives of this Regulation, namely setting up an efficient and effective framework for the exercise of specific supervisory tasks over credit institutions of the Euro area by a Union institution, and ensuring the consistent application of the single rulebook to credit institutions, cannot be sufficiently achieved at the Member State level and can therefore, by reason of the pan-Unioncross-border structure of the banking market and the impact of bank failures on other Euro area Member States, be better achieved at the Union level, the UnionEuro area may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives.
Amendment 397 #
2012/0242(CNS)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation confers on the ECB specific tasks concerning policies relating to the prudential supervision of credit institutions in the Euro area, with a view to directly promoting the safety and soundness of these credit institutions and indirectly the stability of the financial system of the Union, with due regard for the unity and integrity of the internal market. When carrying its tasks the ECB should pay due regard to: - the desirability of performing the tasks as transparently as possible; - the need to act proportionately; - the need to ensure effective coordination with Member States national competent authorities. - the unity and integrity of the internal market; - the international competitiveness of the internal market, - the potential impact of its decisions on the stability of the financial systems of participating Member States; - the potential impact of its decisions on growth in the participating Member States; - accountability to the European Parliament; In accordance with the principles set out in this article, the ECB shall not seek to constrain in any way the freedom of establishment of credit institutions or the provision of banking services in any currency in any Member State. In addition, the ECB shall not seek to influence through the adoption of regulations or otherwise the location of any credit institution, including as regards the location of outsourced critical operational functions or activities.
Amendment 414 #
2012/0242(CNS)
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) ‘"participating Member State’" means a Member State whose currency is the euro, including a non-Euro area Member State that has opted in the single Euro area supervisory mechanism (hereafter the 'opt-in Member State');
Amendment 417 #
2012/0242(CNS)
Proposal for a regulation
Article 2 – paragraph 1 – point 1 a (new)
Article 2 – paragraph 1 – point 1 a (new)
(1a) "non participating Member State" means a Member State whose currency is not the euro and that has not opted in the single Euro area supervisory mechanism;
Amendment 438 #
2012/0242(CNS)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
The ECB 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 and all national competent authorities.
Amendment 501 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 1 – point l
Article 4 – paragraph 1 – point l
Amendment 538 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – title
Article 5 – title
National authorities of participating Member States
Amendment 546 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The ECB shall carry out its tasks within a single Euro area supervisory mechanism composed of the ECB and national competent authorities of the participating Member States.
Amendment 606 #
2012/0242(CNS)
Proposal for a regulation
Article 6 – title
Article 6 – title
Close cooperation with the competent authorities of non participating Member States not having the euro (hereafter the 'opt-in Member States')
Amendment 611 #
2012/0242(CNS)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
1. Within the limits set out in this Article, the ECB shall carry out the tasks in the areas referred to in Article 4 (1) and (2) in relation to credit institutions established in a Member State whose currency is not the euro that has opted in the single Euro area supervisory mechanism, where a close cooperation has been established between the ECB and the national competent authority of such Member State in accordance with this Article.
Amendment 616 #
2012/0242(CNS)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 2
Article 6 – paragraph 1 – subparagraph 2
To that end, the ECB may address guidelines or requests to the national competent authority of the non participatopt-ing Member State.
Amendment 622 #
2012/0242(CNS)
Proposal for a regulation
Article 6 – paragraph 2 – introductory part
Article 6 – paragraph 2 – introductory part
2. The close cooperation between the ECB and the national competent authority of a non participatn opt-ing Member State shall be established, by a decision adopted by the ECB, where the following conditions are met:
Amendment 640 #
2012/0242(CNS)
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The decision referred to in paragraph 2 shall determine, in compliance with the Statute of ESCB and of the ECB, the conditions under which representatives of the competent authorities of the Member States which established a close cooperation in accordance with this Article shall take part to the activities of the Euro area Supervisory Board.
Amendment 648 #
2012/0242(CNS)
Proposal for a regulation
Article 6 – paragraph 5 a (new)
Article 6 – paragraph 5 a (new)
5a. Where a Member State chooses to terminate the close cooperation with the ECB, the Member State concerned shall notify the ECB, the other Member States, the Commission and EBA and the decision shall be published in the Official Journal of the European Union. The decision shall indicate the date from which it applies taking due consideration of supervisory effectiveness and legitimate interests of credit institutions.
Amendment 660 #
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 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 the appropriate coordination procedures within the EBA. Those arrangements shall not create legal obligations in respect of the Union and its Member States.
Amendment 675 #
2012/0242(CNS)
Proposal for a regulation
Article 8 a (new)
Article 8 a (new)
Article 8a (1) The ECB shall determine its procedures in relation to the exercise of the tasks set out in Article 4(1) and (2). These procedures must be designed to secure, among other things, that decisions concerning disciplinary measures are taken by a person not directly involved in establishing the evidence upon which that decision is based. (2) The ECB shall publish guidance which may be regularly updated concerning the procedural arrangements put in place as a result of this provision.
Amendment 684 #
2012/0242(CNS)
Proposal for a regulation
Article 9 – paragraph 1 – introductory part
Article 9 – paragraph 1 – introductory part
1. The ECB may by simple request or by decision require the following legal or natural persons of the participating Member States to provide all information that is necessary in order to carry out the tasks conferred upon it by this Regulation, including information to be provided at recurring intervals and in specified formats for supervisory and related statistical purposes:
Amendment 691 #
2012/0242(CNS)
Proposal for a regulation
Article 10 – paragraph 1 – introductory part
Article 10 – paragraph 1 – introductory part
1. In order to carry out the tasks conferred upon it by this Regulation, the ECB may conduct all necessary investigations of persons of participating Member States referred to in Article 9 (1) (a) to (g). To that end, the ECB shall have the right to:
Amendment 778 #
2012/0242(CNS)
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
(1) The ECB shall be accountable to the European Parliament and to the Council for the implementation of this Regulation, in accordance with this Chapter (1a) The ECB shall, at the request of the European Parliament, the Council or a Member State arrange for an independent person to conduct an inquiry where, in the opinion of the person requesting the inquiry events have occurred in relation to a credit institution falling within the ECB's supervisory remit: (a) which posed or could have posed a serious threat to the stability of, or confidence in, the financial system of one or more Member States; (b) indicate or may indicate a significant supervisory failure on the part of the ECB; (c) had or could have had a significant adverse effect on competition in one or more Member States; or (d) caused or could have caused detriment to costumers of a credit institution. (1b) On the completion of an inquiry, the person holding the inquiry shall make a written report to the European Parliament and the Council: (a) setting out the results of the inquiry, and (b) making such recommendations, if any, as the person considers appropriate.
Amendment 795 #
Amendment 798 #
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 ‘"Euro area supervisory board’").
Amendment 869 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 7 a (new)
Article 19 – paragraph 7 a (new)
7a. The composition of the Euro area Supervisory Board (EASB) and of the Steering Committee shall be sufficiently diverse with regards to expertise, gender and geographical balance.
Amendment 894 #
2012/0242(CNS)
Proposal for a regulation
Article 21 – paragraph 4
Article 21 – paragraph 4
4. The ECB shall reply orally or in writing to questions put to it by the European Parliament or, by the Eurogroup or any Member State.
Amendment 901 #
2012/0242(CNS)
Proposal for a regulation
Article 21 – paragraph 4 a (new)
Article 21 – paragraph 4 a (new)
4a. This report shall include a statement as to the extent to which, in the opinion of the ECB, it has advanced its objective(s) in performing its supervisory tasks and had regard to the matters referred to in Article 1a.
Amendment 905 #
2012/0242(CNS)
Proposal for a regulation
Article 21 – paragraph 4 b (new)
Article 21 – paragraph 4 b (new)
4b. Reports produced in accordance with this Article shall be made public.
Amendment 916 #
2012/0242(CNS)
Proposal for a regulation
Article 24 – paragraph 2
Article 24 – paragraph 2
2. The amount of a fee levied on a credit institution of any of the participating Member States shall be proportionate to the importance and risk profile of the credit institution concerned.
Amendment 917 #
2012/0242(CNS)
Proposal for a regulation
Article 24 – paragraph 2 a (new)
Article 24 – paragraph 2 a (new)
2a. The ECB shall publish a policy statement which may be regularly updated with respect to the amount of fees to be levied in accordance with this Article.
Amendment 920 #
2012/0242(CNS)
Proposal for a regulation
Article 24 – paragraph 2 b (new)
Article 24 – paragraph 2 b (new)
2b. Before issuing each policy statement the ECB shall consult on its draft policy statement.
Amendment 924 #
2012/0242(CNS)
Proposal for a regulation
Article 25 – paragraph 1
Article 25 – paragraph 1
1. The ECB shall ensure an appropriate exchange and secondment of staff with and among national competent authorities of the participating Member States.
Amendment 947 #
2012/0242(CNS)
Proposal for a regulation
Article 26 – paragraph 1 – point c a (new)
Article 26 – paragraph 1 – point c a (new)
(ca) the interaction between the ECB and the national competent authorities of non participating Member States;
Amendment 963 #
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, in the participating Member States, including 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 984 #
2012/0242(CNS)
Proposal for a regulation
Article 28 – paragraph 1
Article 28 – paragraph 1
This Regulation shall enter into force on 1 January 2013.4
Amendment 22 #
2011/0341B(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) To support the process of accession and association by third countries, the programme should be open for the participation of acceding and candidate countries as well as potential candidates and partner countries of the European Neighbourhood Policy if certain conditions are fulfilled, and limited to fighting tax fraud and tax evasion, especially cross- border carousel fraud, and training of tax authorities' staff. Considering the increasing interconnectivity of the world economy, the programme continues to provide for the possibility to involve external experts, such as representatives of governmental authorities, economic operators and their organisations or representatives of international organisations, in certain activities. .
Amendment 28 #
2011/0341B(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) The programme objectives take into account the problems and challenges identified for taxation in the next decade. The programme should continue to play a role in vital areas like the coherent implementation of Union law, administrative cooperation, the protection of the financial and economic interests of the Union, the Member States and Union taxpayers, enhancing the administrative capacity of tax authorities. Given the problem dynamics of new challenges identified, additional emphasis should be put on fighting tax fraud and tax evasion, reduction of administrative burden and enhancing cooperation with third countries and parties where appropriate.
Amendment 29 #
2011/0341B(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) Given the increasing globalisation, an efficient fight against tax fraud and tax evasion should equally have an international dimension. It is therefore useful to enable the Union or the Member States to conclude agreements on technical cooperation with developed third countries to allow those countries to use the Union components of the European Information Systems or relevant national information systems to support a secure exchange of information between them and the Member States in the framework of bilateral tax agreements.
Amendment 35 #
2011/0341B(COD)
Proposal for a regulation
Article 3 – paragraph 2 – point 2
Article 3 – paragraph 2 – point 2
(2) only in regard to fighting tax fraud and tax evasion, especially cross-border carousel fraud, and training of tax authorities' staff, partner countries of the European Neighbourhood Policy provided that those countries have reached a sufficient level of approximation of the relevant legislation and administrative methods to those of the Union. The partner countries concerned shall participate to the programme in accordance with provisions to be determined with those countries following the establishment of Framework Agreements concerning their participation in Union programmes.
Amendment 37 #
2011/0341B(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
Amendment 47 #
2011/0341B(COD)
Proposal for a regulation
Article 5 – paragraph 3 – point 2
Article 5 – paragraph 3 – point 2
(2) the feedback from participants in programme actions and users of the programme, based on a set of pre-defined criteria. These pre-defined criteria should be made public.
Amendment 51 #
2011/0341B(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) to fight against tax fraud, tax evasion and harmful tax avoidance and to protect the financial and economic interests of the Union, the Member States and Union taxpayers, in particular by enhancing effective and efficient administrative cooperation and exchange of information ;
Amendment 70 #
2011/0341B(COD)
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. The Commission shall ensuresubmit to the European Parliament and to the Council a midterm and final evaluation of the programme, regarding the aspects referred to in paragraph 2 and 3. The results shall be integrated into decisions on possible renewal, modification or suspension of subsequent programmes. An independent external evaluator shall carry out these evaluations, based on a set of pre-defined indicators. These pre-defined indicators should be made public.
Amendment 12 #
2011/0314(CNS)
Proposal for a directive
Recital 12
Recital 12
(12) It is moreover necessary not to preclude Member States from taking appropriate measures to combat tax fraud, tax evasion or abuse.
Amendment 20 #
Amendment 21 #
2011/0314(CNS)
Proposal for a directive
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Member States may, in the case of transactions for which the principal motive or one of the principal motives is tax fraud, tax evasion, or tax avoidance or abusbuse, including some cases of tax avoidance, withdraw the benefits of this Directive or refuse to apply this Directive.
Amendment 13 #
Amendment 34 #
2011/0204(COD)
Proposal for a regulation
Article 26 – paragraph 3
Article 26 – paragraph 3
3. Where the funds in the account designated in the EAPO pursuant to paragraph 1 consist of financial instruments, their value shall be determined by reference to the relevant market rate applicable on the day of implementation. Where the total value of the funds exceeds the amount specified in the EAPO, the relevant court of the Member State where the account is held shall determine to which of the financial instruments available in the account the EAPO is to apply.
Amendment 120 #
2011/0203(COD)
Proposal for a directive
Article 40 – paragraph 2
Article 40 – paragraph 2
Such reports may only be required for statistical or information purposes and for the application of Article 52(1).
Amendment 125 #
2011/0203(COD)
Proposal for a directive
Article 41 – paragraph 1 – subparagraph 1 – introductory part
Article 41 – paragraph 1 – subparagraph 1 – introductory part
Where the competent authorities of the host Member State on the basis of information received from the competent authorities of the home Member State under Article 51 ascertain that a credit institution having a branch or providing services within its territory fulfils one of the following conditions in relation to the activities carried out in that host Member State, they shall inform the competent authorities of the home Member State:
Amendment 138 #
2011/0203(COD)
Proposal for a directive
Article 52 – paragraph 4
Article 52 – paragraph 4
Amendment 143 #
2011/0203(COD)
Proposal for a directive
Article 53 – paragraph 2 a (new)
Article 53 – paragraph 2 a (new)
2a. The competent authorities of the host Member State shall have the power to carry out on a case by case basis on-the- spot inspections of the activities carried out by branches of institutions on their territory and require information from a branch about its activities. Before the inspection, the competent authorities of the home Member State shall be consulted. After the inspection, the competent authorities of the host Member State shall communicate to the competent authorities of the home Member State the information obtained and findings that are relevant for the risk assessment of the institution or the stability of the financial system in the host Member State. The competent authorities of the home Member State shall duly take into account this information and these findings in determining their supervisory examination programme referred to in Article 96, having regard also to the stability of the financial system in the host Member State.
Amendment 378 #
2011/0203(COD)
Proposal for a directive
Article 96 – paragraph 1 – point c
Article 96 – paragraph 1 – point c
(c) A plan for on-site inspections at the premises used by a institution, including its branches and subsidiaries established in other Member States in accordance with Articles 53, 114 and 116, without prejudice to Article 53(3).
Amendment 408 #
2011/0203(COD)
Proposal for a directive
Article 108 – paragraph 1 – point b
Article 108 – paragraph 1 – point b
Amendment 265 #
2011/0202(COD)
Proposal for a regulation
Article 7 – paragraph 1 – introductory part
Article 7 – paragraph 1 – introductory part
1. The competent authorities shallmay waive in full or in part the application of Article 401 to a parent institution and to all or some of its subsidiaries in the European Union and supervise them as a single liquidity sub- group so long as they fulfil all of the following conditions:
Amendment 274 #
2011/0202(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point c
Article 7 – paragraph 1 – point c
(c) The institutions have entered into contracts to the satisfaction of competent authorities that provide for the free movement of funds between them to enable them to meet their individual and joint obligations as they come due;
Amendment 311 #
2011/0202(COD)
Proposal for a regulation
Article 18 – paragraph 1 – subparagraph 1 – point b
Article 18 – paragraph 1 – subparagraph 1 – point b
Amendment 316 #
2011/0202(COD)
Proposal for a regulation
Article 18 – paragraph 2 – subparagraph 1 – point b
Article 18 – paragraph 2 – subparagraph 1 – point b
Amendment 319 #
2011/0202(COD)
Proposal for a regulation
Article 18 – paragraph 3 – point b
Article 18 – paragraph 3 – point b
Amendment 324 #
2011/0202(COD)
Proposal for a regulation
Article 18 – paragraph 4 – subparagraph 1
Article 18 – paragraph 4 – subparagraph 1
In the absence of a joint decision between the competent authorities within six months, the consolidating supervisor shall make its own decision on paragraph 1(a) and 1(b). The decision of the consolidating supervisor on paragraph 1(b) shall not limit the powers of the competent authorities under Article 102.
Amendment 330 #
2011/0202(COD)
Proposal for a regulation
Article 18 – paragraph 7 – subparagraph 1
Article 18 – paragraph 7 – subparagraph 1
EBA shall develop draft implementing technical standards to specify the joint decision process referred to in paragraph 1(a), with regard to the applications for permissions referred to in Articles 138(1), 146(9), 301(2), 277, 352, and for the liquidity intra-group treatment referred to in paragraph 1(b) with a view to facilitating joint decisions.
Amendment 349 #
2011/0202(COD)
Proposal for a regulation
Article 19 a (new)
Article 19 a (new)
Article 19 a Competence of home and host supervisors Host Member States shall, pending further coordination, retain responsibility in cooperation with the competent authorities of the home Member State for the supervision of the liquidity of the branches of credit institutions. Without prejudice to the measures necessary for the reinforcement of the European Monetary System, host Member States shall retain complete responsibility for the measures resulting from the implementation of their monetary policies. Such measures may not provide for discriminatory or restrictive treatment based on the fact that a credit institution is authorised in another Member State.
Amendment 32 #
2011/0092(CNS)
Proposal for a directive
Recital 4 a (new)
Recital 4 a (new)
(4a) Member States should also retain the right to apply a level of general energy consumption taxation down to zero on the consumption of energy products and electricity used for agricultural, horticultural, aquaculture works and in forestry.
Amendment 47 #
2011/0092(CNS)
Proposal for a directive
Recital 8 a (new)
Recital 8 a (new)
(8a) The principle of proportionality should be applied in a fair manner when establishing the taxation rate of fossil and non-fossil fuels, and for each particular energy product within either of these categories. Where as part of this Directive equal minimum levels of taxation would be recommended for fossil fuels, on the one hand, and non-fossil fuels, on the other hand, Member States should ensure equal minimum levels of national taxation on all products concerned in either the fossil or non-fossil category of fuels. Where requested by individual Member States, transitional periods should be granted to them to allow for temporary phasing out periods or sectoral exemptions from the scope of this Directive or from the date of its needed transposition into their national legislations.
Amendment 50 #
2011/0092(CNS)
Proposal for a directive
Recital 9
Recital 9
(9) The minimum levels of CO2-related taxation should be fixed in the light of the national targets for Member States as laid down in Decision 406/2009/EC on the effort of Member States to reduce their greenhouse gas emissions to meet the Union'’s greenhouse gas emission reduction commitments up to 2020. Since that Decision recognises that efforts to reduce their greenhouse gas emissions should be fairly distributed between the Member States, sufficiently long transitional periods should be fixed for certain Member States taking into account their social needs and timeline for the needed restructuring of their energy sector.
Amendment 55 #
2011/0092(CNS)
Proposal for a directive
Recital 11
Recital 11
(11) It should be ensured that the minimum levels of taxation preserve their intended effects. Since CO2-related taxation complements the operation of Directive 2003/87/EC, the market price of the emission allowances should be closely monitored in the periodic review of the Directive, incumbent on the Commission. The minimum levels of general energy consumption taxation should at regular intervals be automatically aligned to take into account the evolution of their real value in order to preserve the current level of rate harmonisationreassessed by Council after consultation with the Commission, Parliament and relevant stakeholders to take into account the evolution of their real value; to reduce the volatility stemming from energy and food prices, this alignmentregular reevaluation should be made on the basis of the changes in the Union-wide harmonised index of consumer prices excluding energy and unprocessed food as published by Eurostat.
Amendment 60 #
2011/0092(CNS)
Proposal for a directive
Recital 12
Recital 12
(12) In the field of motor fuels, the more favourable minimum level of taxation applicable to gas oil, a product originally put to business use for the most part and thus traditionally taxed at a lower level, creates a distortive effect with regard to petrol, its main competing fuel. Article 7 of Directive 2003/96/EC therefore provides for the first steps of a gradual alignment to the minimum level of taxation applicable to petrol. It is necessary to complete this alignment and gradually move to a situation where gas oil and petrol are taxed at an equal level. However, transitional periods should be provided for in order to ease the transposition of this Directive into Member States' respective national law.
Amendment 83 #
2011/0092(CNS)
Proposal for a directive
Recital 18
Recital 18
(18) In the case of liquefied petroleum gas (LPG) and natural gas used as propellants, advantages in the form of lower minimum levels of general energy consumption taxation or the possibility to exempt those energy products from taxation are no longer justified, in particular in the light of the need to increase the market share of renewable energy sources and should therefore be removed in the medium termgradually removed.
Amendment 88 #
2011/0092(CNS)
Proposal for a directive
Recital 20
Recital 20
(20) Article 15(3) of Directive 2003/96/EC allows Member States to apply to agricultural, horticultural and piscicultural works as well as to forestry not only the provisions generally applicable to business uses but also a level of taxation down to zero. An examination of that option has revealed that as far as general energy consumption taxation is concerned its maintenance would be contrary to the Union's wider policy objectives unless it is linked to a counterpart ensuring advances in the field of energy efficiency. As regards CO2 related taxation the treatment of the sectors concerned should be aligned to the rules applying to industrial sectors.
Amendment 95 #
2011/0092(CNS)
Proposal for a directive
Recital 25
Recital 25
(25) The list of energy products in Articles 2(1) and 20(1) of Directive 2003/96/EC should be updated so as to include certain biofuels, in order to ensure a unified and standardised treatment of these biofuels and reference should be made in Article 2(5) of Directive 2003/96/EC to the version presently applicable of the combined nomenclature. Taking into account the risk of tax evasion, avoidancefraud or abuse they represent, products under CN code 3811 should be made subject to the control and movement provisions of Directive 2008/118/EC.
Amendment 98 #
2011/0092(CNS)
Proposal for a directive
Recital 28
Recital 28
(28) Every five years and for the first time by the end of 2015, the Commission should report to the Council on the application of this Directive, examining in particular the minimum level of CO2-related taxation in the light of the evolution of the market price in the EU of the emission allowances, the impact of innovation and technological developments and the justification for the tax exemptions and reductions laid down in this Directive, including for fuel used for the purpose of air and maritime navigation. The list of sectors or sub- sectors deemed to be exposed to a significant risk of carbon leakage shall be the subject of regular review, in particular taking into account the availability of emerging evidence.
Amendment 103 #
2011/0092(CNS)
Proposal for a directive
Recital 31
Recital 31
Amendment 106 #
2011/0092(CNS)
Proposal for a directive
Recital 32
Recital 32
(32) Directive 2003/96/EC should therefore be amended accordingl, where appropriate, after 2015 taking into account the Commission's first evaluation report which should reflect upon Member States duly justified needs in the area of taxation of energy products and electricity,
Amendment 109 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 1
Article 1 – point 1
2. Member States shall distinguish between CO2-related taxation and general energy consumption taxation, while gradually shifting the burden of taxation to the less environmentally friendly fossil fuels.
Amendment 131 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 4 – point b
Article 1 – point 4 – point b
Directive 2003/96/EC
Article 4 – paragraph 3 – subparagraph 1
Article 4 – paragraph 3 – subparagraph 1
3. Without prejudice to the exemptions, differentiations and reductions provided for in this Directive, Member States shall ensure that where equal minimum levels of taxation are laid down in Annex Ithis Directive for either fossil and non-fossil fuels or energy products falling within either category in relation to a given use, equal minimal levels of taxation are fixed for products of either category put to that use. Without prejudice to Article 15(1)(i), for motor fuels referred to in Annex I Table A, this shall apply as from 1 January 2023.
Amendment 140 #
2011/0092(CNS)
Proposal for a directive
Article 1 – – point 4 – point b
Article 1 – – point 4 – point b
Directive 2003/96/EC
Article 4 – paragraph 4 – subparagraph 1
Article 4 – paragraph 4 – subparagraph 1
4. The minimum levels of general energy consumption taxation laid down in this Directive shall be adapted every threfive years starting from 1 July 2016by a Council decision based on recommendations of the Commission and proper consultation with Parliament and the relevant stakeholders concerned in order to take account of the changes in the harmonised index of consumer prices excluding energy and unprocessed food as published by Eurostat. The Commission shall publish the resulting revised minimum levels of taxation in the Official Journal of the European Union.
Amendment 142 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 4 – point b
Article 1 – point 4 – point b
Directive 2003/96/EC
Article 4 – paragraph 4 – subparagraph 2
Article 4 – paragraph 4 – subparagraph 2
Amendment 149 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 5 – point b
Article 1 – point 5 – point b
Directive 2003/96/EC
Article 5 – indent 3
Article 5 – indent 3
– for the following uses: local public passenger transport (excluding taxis), waste collection, armed forces and public administrations, disabled people, ambulances, fire trucks and police vehicles;
Amendment 150 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 6
Article 1 – point 6
Directive 2003/96/EC
Article 7
Article 7
Amendment 156 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 7
Article 1 – point 7
Directive 2003/96/EC
Article 8 – paragraph 1
Article 8 – paragraph 1
1. As from 1 January 2013,The Council, acting unanimously after consulting the European Parliament, shall, on the basis of a report and a proposal from the Commission, decide upon the minimum levels of taxation applicable to products used as motor fuels for the purposes set out in paragraph 2 of this Article shall be fixed as set out in Annex I, Table B.
Amendment 157 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 8
Article 1 – point 8
Directive 2003/96/EC
Article 9
Article 9
Amendment 158 #
2011/0092(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Directive 2003/96/EC
Article 10
Article 10
Amendment 190 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 13 – point b
Article 1 – point 13 – point b
Directive 2003/96/EC
Article 15 – paragraph 3
Article 15 – paragraph 3
3. Member States may apply a level of general energy consumption taxation down to zero on the consumption of energy products and electricity used for agricultural, horticultural, aquacultural works and in forestry. The beneficiaries shall be subject to arrangements that must lead to increased energy efficiency broadly equivalent to those that would have been achieved if the standard Union minimum rates had been observed.
Amendment 14 #
2011/0058(CNS)
Proposal for a directive
Title 1
Title 1
Proposal for a COUNCIL DIRECTIVE on an Optional Common Consolidated Corporate Tax Base (OCCCTB)
Amendment 18 #
2011/0058(CNS)
Proposal for a directive
Recital 1
Recital 1
(1) CThe existence of 27 national corporate tax systems in the EU is in agreement with the principle of subsidiarity and Member States’ sovereignty in the area of direct taxes, including corporate tax base and rate(s). However, some companies which seek to do business across frontiers within the Union may encounter serious obstacles and market distortions owing to the existence of 27 diverse corporate tax systems. These obstacles and distortions may in specific circumstances impede the proper functioning of the internalEU Single market. They may create disincentives for investment in the Union and run counter to the priorities set in the Communication adopted by the Commission on 3 March 2010 entitled Europe 2020 – A strategy for smart, sustainable and inclusive growth7. They may also conflict with the requirements of a highly competitive socialSingle market economy.
Amendment 20 #
2011/0058(CNS)
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1 a) This Directive contains a radically new approach to an essential component of corporate taxation for which the Lisbon Treaty does not lay down for Member States the obligation to harmonise. A thorough analysis based on an independent impact assessment should therefore be executed before this Directive is implemented in the EU. A pilot project conducted in a volunteering Member State should also be considered in order to better asses the practical impact of this Directive on tax collection and revenue as well as fight against tax evasion, tax fraud and double taxation.
Amendment 27 #
2011/0058(CNS)
Proposal for a directive
Recital 2
Recital 2
(2) Tax obstacles to cross-border business armay be particularly severe for small and medium enterprises, which (SMEs) engaged in cross-border business as SMEs commonly lack the resources to resolve market inefficiencies.
Amendment 30 #
2011/0058(CNS)
Proposal for a directive
Recital 3
Recital 3
(3) The network of double taxation conventions between Member States does not offer an appropriate solutiis a step in the right direction, but more should be done to efficiently fight against double taxation. In agreement with the provisions of the Lisbon. Treaty, the existing Union legislation on corporate tax issues addresses only a small number of specific problems because the Union unlike Member States does not have broad competence in the area of direct taxes in general, and corporate tax base and rate(s) in particular.
Amendment 33 #
2011/0058(CNS)
Proposal for a directive
Recital 4
Recital 4
(4) A system allowing interested companies to treat the Union as a single market for the purpose of corporate tax wouldmay facilitate cross-border activity for companies resident in the Union and wouldmay promote the objective of making the Union a more competitive location for investment internationally. Such a system would best be achieved by enabling interested groups of companies with a taxable presence in more than one Member State to settle their tax affairs in the Union according to a single set of rules for calculation of the tax base and to deal with a single tax administration (‘one-stop-shop’). These rules should also be made available to interested entities subject to corporate tax in the Union which do not form part of a group.
Amendment 36 #
2011/0058(CNS)
Proposal for a directive
Recital 4 a (new)
Recital 4 a (new)
(4 a) The broad tax base, the consolidation and the sovereignty of the Member States with regard to their national corporate taxation rates make the proposed tax system a viable one only if it is kept optional for all EU Member States as well as all companies operating in the Union. The Optional Common Consolidated Tax Base (OCCCTB) should therefore only apply to those Member States that would freely decide to implement this Directive and those companies operating cross-border that would freely select this tax system.
Amendment 39 #
2011/0058(CNS)
Proposal for a directive
Recital 5
Recital 5
(5) Since differences in rates of taxation do not give rise to the same obstacles, the system (the Optional Common Consolidated Corporate Tax Base (OCCCTB)) need not affect the discretionsovereignty of Member States regarding their national tax rate(s), particularly rate(s) of company taxation.
Amendment 50 #
2011/0058(CNS)
Proposal for a directive
Recital 6
Recital 6
(6) Consolidation is an essential element of such a system, since the major tax obstacles faced by companies of the same group that operate cross-border in the Union can be tackled only in that way. It eliminates transfer pricing formalities and intra-group double taxation. Moreover, losses incurred by taxpayers are automatically offset against profits generated by other members of the same group.
Amendment 57 #
2011/0058(CNS)
Proposal for a directive
Recital 8
Recital 8
(8) Since such a system is primarily designed to serve the needs of companies that operate across borders, it should be an optional scheme for both companies and Member States of the EU, accompanying the existing national corporate tax systems.
Amendment 59 #
2011/0058(CNS)
Proposal for a directive
Recital 9
Recital 9
(9) The system (the Optional Common Consolidated Corporate Tax Base (OCCCTB)) should consist in a set of common rules for computing the tax base of companies without prejudice to the rules laid down in Council Directives 78/660/EEC and 83/349/EEC and Regulation of the European Parliament and of the Council 1606/2002/EC.
Amendment 61 #
2011/0058(CNS)
Proposal for a directive
Recital 9 a (new)
Recital 9 a (new)
(9 a) In so far as the use of the OCCCTB would affect the tax revenue of regional or local authorities, Member States must retain the right to take measures to remedy this in accordance with their national, regional and local tax laws and legislations. This Directive shall not impede in any way on the sovereignty of EU Member States, and where applicable regional or local authorities, in the area of direct taxation, especially with respect to the corporate tax base and rate(s).
Amendment 87 #
2011/0058(CNS)
Proposal for a directive
Recital 25 a (new)
Recital 25 a (new)
(25 a) On the basis of the review clause, a thorough analysis on the impact of this Directive should be conducted by an independent body before the Council adopts a decision on the eventual extension or repeal of this Directive. The analysis should especially include an examination of the following points: the need to keep the Directive in force or to repeal it, the optional character of the common consolidated tax base (OCCCTB), the restriction of harmonisation to the tax base, the apportionment formula, the considerations of practicality for SMEs, and the Directive’s impact on tax collection and revenue in those EU Member States that decided freely to transpose it in their national legislation, and the fight against tax evasion, tax fraud and double taxation.
Amendment 95 #
2011/0058(CNS)
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
This Directive establishes an optional system for a common base for the taxation of certain companies and groups of companies and lays down rules relating to the calculation and use of that base.
Amendment 100 #
2011/0058(CNS)
Proposal for a directive
Article 2 – paragraph 1 – introductory part
Article 2 – paragraph 1 – introductory part
1. This Directive shall apply to companies which freely select it and are established under the laws of a Member State where both of the following conditions are met:
Amendment 102 #
2011/0058(CNS)
Proposal for a directive
Article 2 – paragraph 2 – introductory part
Article 2 – paragraph 2 – introductory part
2. This Directive shall apply to companies that freely select it and are established under the laws of a third country where both of the following conditions are met:
Amendment 270 #
2011/0058(CNS)
Proposal for a directive
Article 80 – paragraph 1
Article 80 – paragraph 1
Amendment 411 #
2011/0058(CNS)
Proposal for a directive
Article 133 – paragraph 1
Article 133 – paragraph 1
Amendment 422 #
2011/0058(CNS)
Proposal for a directive
Article 134 – paragraph 1 – subparagraph 1
Article 134 – paragraph 1 – subparagraph 1
Member States that freely decide to transpose this Directive shall adopt and publish, by [date] 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 423 #
Amendment 424 #
2011/0058(CNS)
Proposal for a directive
Article 135 – paragraph 1
Article 135 – paragraph 1
This Directive shall enter into force in those Member States that freely decide to transpose it on the […] day following that of its publication in the Official Journal of the European Union.
Amendment 12 #
2011/0014(COD)
Proposal for a decision
Article 2 – paragraph 1 a (new)
Article 2 – paragraph 1 a (new)
In accordance with the Memorandum of Understanding signed between the European Commission, the EIB together with the EIF and the EBRD in respect of their cooperation outside of the EU and calls, in this regard, a thorough oversight of the EBRD's business model is needed, especially with respect to high-risk taking and effectiveness in leveraging additional financing from the private sector.
Amendment 13 #
2011/0014(COD)
Proposal for a decision
Article 2 – paragraph 1 b (new)
Article 2 – paragraph 1 b (new)
Amendment 14 #
2011/0014(COD)
Proposal for a decision
Article 2 – paragraph 1 c (new)
Article 2 – paragraph 1 c (new)
The ESRB shall oversee the EBRD's lending activity in order to prevent or mitigate possible systemic risks to the financial stability of the EU.
Amendment 15 #
2011/0014(COD)
Proposal for a decision
Article 2 – paragraph 1 d (new)
Article 2 – paragraph 1 d (new)
The Commission shall report annually to the European Parliament and the Council on EIB-EBRD cooperation outside of the EU, especially with respect to the typology of jointly funded projects and the amount of funds made available.
Amendment 3 #
2010/2105(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the unprecedented global financiglobal imbal and economic crisis in 2007 revealed significant dysfunctions in thces, regulatory governance (regulatoryion and supervisory framework of the global financial system, which can be described as the combination of unregulated financial markets, overly complex products and non-transparent jurisdictionsion), and monetary policy - together with specific factors inherent in the financial system, such as the complexity and opacity of financial products, short-term featured remuneration systems and inadequate business models - were the three main factors contributing to the current financial crisis that hit the world in 2007,
Amendment 6 #
2010/2105(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the spectacular rise in the volume of financial transactions in the global economy within the last decade – a volume which in 2007 reached a level 73.5 times higher than nominal world GDP, mainly owing to the boom oin the derivatives market - is clearly illustrating the growing disconnectionraises legitimate questions about the relation between the relationship between financial transactions and the needs of actors in the real economy,
Amendment 9 #
2010/2105(INI)
Motion for a resolution
Recital C
Recital C
Amendment 12 #
2010/2105(INI)
Motion for a resolution
Recital D
Recital D
D. whereas at the G20 summits held in Washington in 2008 and in Pittsburgh in 2009 an agreement was reached to implement reforms to strengthen financial markets and regulatory regimes and surveillance in order to make financial institutions assume their fair share of responsibility for the turmoil,
Amendment 13 #
2010/2105(INI)
Motion for a resolution
Recital E
Recital E
E. whereas the main burdencost of the costrisis has been assumedborne thus far throughout the world by taxpayers;, whereas there is a growing demand for financial institutions and stakeholders to contribute their fair share to meeting the costsose money governments in many parts of the world used to bail-out private banks and other financial institutions at risk of imminent bankruptcy,
Amendment 17 #
2010/2105(INI)
Motion for a resolution
Recital F
Recital F
F. whereas in the EU in particular the cost of the bail-outs has triggered a subsequent fiscal and debt crisis that has placed an unexpected burden on public budgets in several EU Member States and severely endangered job creation and welfare state provision,
Amendment 22 #
2010/2105(INI)
Motion for a resolution
Recital G
Recital G
G. whereas short-termism and speculation on the financial markets againstin some cases, short-termism in the European government bonds were market, was an important aggravating factors in the eurozone sovereign deficit crisis in 2009- 2010 and haves exposed the close links between the inefficienciedrawbacks of the financial sector and the problems in guaranteeing the sustainability of public finances at times of excessive budgetary deficits and growing public and private debt,
Amendment 26 #
2010/2105(INI)
Motion for a resolution
Recital H
Recital H
H. whereas this prompted the current debate on European economic governance, a key component of which should be measures to strengthen the coordination of taxation policiesStability and Growth Pact, mainly in its preventive part, launch without any further delays unavoidable structural reforms in order to face both the demographic challenge and the challenge of funding pensions, and coordinate fight against tax avoidance, fraud and evasion in order to safeguard tax justice and bring about a, while gradually shift ing the tax burden from labour towards capital, and activities with strong negative externalities,
Amendment 27 #
2010/2105(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the crisis has highlighted the need to raisefor more accountability in managing public funds at the local, regional, national and EU level, and for acquiring through an intensification of open, and fair, trade, new, fair and sustainable revenues in order to ensure that fiscal consolidation is effectively combined with long-term economic recovery and the sustainability of public finances, job creation and social inclusion, which are key priorities of the EU 2020 agenda,
Amendment 30 #
2010/2105(INI)
Motion for a resolution
Recital J
Recital J
J. whereas the serious budget constraints resulting from the recent crisis come at a time when the EU has entered into highly important commitments at global level, mainly relating to climate-change targets, the Millennium Development Goals and development aid, in particular for climate change adaptation and mitigation for developing countries, which, although unfortunate, commands the individual EU Member State and the EU as a whole, to review these earlier commitments in order to set up new realistic targets to be met, thus avoiding to raise false hopes, and ultimately loose credibility on the world stage,
Amendment 33 #
2010/2105(INI)
Motion for a resolution
Recital K a (new)
Recital K a (new)
K a. having regard to the Commission's conclusion in its Communication on the taxation of the financial sector (COM(2010)0549/5) that "in the light of the analysis undertaken to date, FTT appears less suitable for unilateral introduction at EU-level since the risks of relocation are high and would undermine the ability to generate revenue",
Amendment 35 #
2010/2105(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
Amendment 43 #
2010/2105(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. EmphasisNotes that an increase in the rates and the scope of existing taxation tools and further cuts in public expenditure can be neither a sufficient nor a sustainable solution to address the main challenges ahead at European and global level;
Amendment 51 #
2010/2105(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 56 #
2010/2105(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Notes the IMF proposal for a Financial Activities Tax (FAT), and the Commission's recent commitment to conduct a comprehensive impact assessment of it to evaluate whether FAT is an efficient revenue-oriented tax tool, the revenue from which collected at the national level could help improve the balance sheets of those Member States currently experiencing excessive public deficits;
Amendment 64 #
2010/2105(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
Amendment 70 #
2010/2105(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
Amendment 75 #
2010/2105(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Is concerned that there is a high risk that the momentum behind the proposal toConsiders that G20 leaders acted in good faith when they discussed respectively the introducetion of a global FTT is about to be lost and deplores the fact that the G20 has so far been unable to promote meaningful joint ini; welcomes, in this regard, that collective wisdom prevailed so far in the decision-making process in the EU not to implement an EU-level FTT in the first instance, taking into account serious threats to the viability and competiativeness onf this mattere EU financial markets; calls on the G20 leaders to reach an agreepromote meaningful initiatives such as an independent impact assessment onf the minimum common elements of a global FTT;
Amendment 78 #
2010/2105(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 86 #
2010/2105(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Points out that some EU Member States have already introduced similarome types of financial transaction taxes with no apparent negative impact; considers that the impact of these taxes should be closely monitored, both in terms of the possible shift of the flow of financial transactions to other non-EU jurisdictions and as regards the impact on this of the real economy of these Member States and EU's growth in general;
Amendment 99 #
2010/2105(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 102 #
2010/2105(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 105 #
2010/2105(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 112 #
2010/2105(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Calls on the Commission also to address in its feasibilityMember States that have implemented some types of financial transaction taxes to also conduct independent impact assessments to study the geographical asymmetry of transactions and revenues and the possibility of a graded or differentiated rate on the basis of the asset category, the nature of the actor involved or the short-term and speculative nature of the transaction;
Amendment 117 #
2010/2105(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Stresses that an EU FTTy of the already existing types of financial transaction taxes should have the broadest base possible so as to guarantee a level playing field in the financial markets and not drive transactions to less transparent vehicles; considers, therefore, that all spot and derivatives transactions traded on markets as well as Over-The-Counter (OTC) derivatives should be covered;
Amendment 120 #
2010/2105(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. WelcomNotes, in that context, the recent Commission proposals on OTC derivatives and short selling which impose explicit central clearing and trading repositorys reporting requirements on all OTC derivatives transactions, thus potentially making the implementation of this broad-based EU FTT futax more technically feasible;
Amendment 125 #
2010/2105(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Stresses the importance of comprehensive rules on exemptions and thresholds for any financial transaction taxes in order to ensure that the main burden is not transferred to retail investors and individuals;
Amendment 126 #
2010/2105(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. WelcomNotes the recent proposals from the IMF, supported by the Commission, for a tax on bank assets to allow every country to levy between 2 and 4% of GDP to finance future crisis-resolution mechanisms; believes that bank levies should be proportionate to the systemic significance of the credit institution concerned and to the level of risk involved in an activity;
Amendment 128 #
2010/2105(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
Amendment 130 #
2010/2105(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 138 #
2010/2105(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Is aware of different options for the management of the additional revenues generated by the taxation of the financial sector at both national and European level; is convinced that in order to safeguard the European added value of the aforementioned innovative financing tools a substantial part of those revenues should be allocated to the EU budget to finance EU projects and policiescompetence of Member States in areas of taxation that any revenue from such taxes should be held at a Member State level;
Amendment 141 #
2010/2105(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19 a. Notes the Commission's aim to increase the volume of the EU budget through innovative financial instruments and recognises the potential benefits from leveraging private sector funding with public money; is aware, however, that the use of special purpose vehicles for financing projects can result in increased contingent liabilities; believes, therefore, that such measures should be accompanied by fully transparent disclosure with appropriate investment guidelines, risk management, exposure limits, and scrutiny and surveillance procedures, all to be established in a democratically accountable manner;
Amendment 148 #
2010/2105(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Fully supports Eurobonds as a common debt management instrument based on mutual pooling of parts of sovereign debt to safeguard low interest rates; cCalls on the Commission to move forward with an in-depth impact assessment regarding the feasibility of Eurobonds;
Amendment 155 #
2010/2105(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. SupportNotes the idea of issuingan enhanced cooperation between EU Member States willing to issue common European bonds to finance Europe'’s significant infrastructure needs and structural projects contributing to the objectives spelled out in the framework of the EU 2020 agenda;
Amendment 157 #
2010/2105(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21 a. Calls on the Commission and the European Central Bank to investigate the moral hazard implications for Member States of financing critical infrastructure projects via EU Project-bonds or Euro- bonds, especially where such infrastructure projects have a trans- national scope;
Amendment 160 #
2010/2105(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 165 #
2010/2105(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Stresses that the current taxation model should fully embrace the polluter-pays principle by using innovative financing tools in order to gradually shift the tax burden on to activities which pollute most the environment;
Amendment 171 #
2010/2105(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Stresses that both tools have a strong double dividend, providing major incentives to gradually shift towards low- carbon-free and, sustainable and renewable energy sources, on the one hand, and significant additional revenue, on the other;
Amendment 175 #
2010/2105(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Believes adequate tools need to be found to impose a CO2 tax on imported products and services in order to rule out competitive disadvantages for the EU internal market;
Amendment 176 #
2010/2105(INI)
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26 a. Considers, however, that a global agreement at G20 level or within the WTO should precede the implementation of such a tax on foreign imports to the EU in order to avoid that this Border Taxation Adjustment tool results in a shortage of raw materials, on the one hand, that are essential for further development of the EU economy, and in many cases the very survival of EU companies, especially SMEs, and, on the other hand, lead to retaliation measures from third-countries against EU exports, which could, not only hamper trade with environmental non tariff barriers (eco-NTBs) and ultimately end up in a global trade war;
Amendment 178 #
2010/2105(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Believes that a low-rate European carbon-added tax along the lines of VAT imposed on every product within the internal market would be the least distortive and fairest tool; suggests as an alternative a Border Taxation Adjustment negotiated within the WTO framework to provide for the imposition of carbon tariffs on non-EU products imported into the internal market;
Amendment 183 #
2010/2105(INI)
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27 a. Recalls that, despite the global crisis, the European Union as a whole, including its Member States, remains the leading development aid donor, accounting for 56% of the worldwide total, worth €49 billion in 2009, which is confirmed by the EU governments’ collective pledges of reaching 0.56% and 0.70% Official Development Assistance as a percentage of Gross National Income (ODA/GNI) by 2010 and 2015 respectively;
Amendment 185 #
2010/2105(INI)
Motion for a resolution
Paragraph 27 b (new)
Paragraph 27 b (new)
27 b. Recalls, in addition, that the Commission made available in 2009 a humanitarian aid budget for humanitarian crises (including food aid) amounting to € 930 million, of which the ACP countries were the biggest recipients with € 506.4 million, or 60% of all humanitarian aid provided;
Amendment 186 #
2010/2105(INI)
Motion for a resolution
Paragraph 27 c (new)
Paragraph 27 c (new)
27 c. Stresses the paramount importance of sound financial management in respect to all EU development and humanitarian aid, notably because European institutions involved in the decision- making and implementation of this aid must be fully accountable for to the European citizens and taxpayers;
Amendment 187 #
Amendment 188 #
2010/2105(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Emphasises thatNotes that in order for innovative financing for development canto help traditional development aid mechanisms to achieve their goals on time; stresses that innovative financing for developmen, it should be characterised by diversity of funding, in order to reach maximum revenue potential, but also be fully tailored to each country'’s priorities, with strong country ownership; underlines, nevertheless, the need for developing countries to step up their own efforts in the area of taxation, mainly as regards tax collection and the fight against tax evasion, which are crucial to achieving a sound fiscal policy;
Amendment 193 #
2010/2105(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Instructs its President to forward this resolution to the Commission, the European Council, the EIB, the ECB and the IMF, the IMF, and the ACP-EU Joint Parliamentary Assembly.
Amendment 3 #
2010/2072(INI)
Draft opinion
Paragraph 1 - point 1
Paragraph 1 - point 1
1. Calls on the Commission to submit forthwith ato the European Parliament an evaluation report on the use made to date of the Globalisation Adjustment Fund, setting out in particular a detailed account of where, when, and how the appropriations were used and what proportion of overall funding they accounted for by comparison with other national and company-specific support measures; calls on the Commission to draw initial conclusions from that report and rapidly submit proposals forto the European Parliament for the improvement of the fund;
Amendment 7 #
2010/2072(INI)
Draft opinion
Paragraph 1 - point 2
Paragraph 1 - point 2
Amendment 10 #
2010/2072(INI)
Draft opinion
Paragraph 1 - point 2
Paragraph 1 - point 2
2. Calls on the Commission to put forward a proposal forthwith stipulating that firms that are, which have benefited from the EGF, and that are subsequently making workers redundant and which recorded profits in past reporting periods must contribute in an appropriate manner to meeting the social costs arising out of plant relocations outside of the EU and job cuts and securing the refinancing of the EGF;
Amendment 11 #
2010/2072(INI)
Draft opinion
Paragraph 1 - point 2 a (new)
Paragraph 1 - point 2 a (new)
2a. Stresses the important role that EU structural funds together with EIB loans and initiatives play in providing investment capital to European firms, including SMEs, thus contributing in first instance, and alongside the EGF, to the regeneration of the industrial base in the Union;
Amendment 14 #
2010/2072(INI)
Draft opinion
Paragraph 1 - point 3
Paragraph 1 - point 3
Amendment 20 #
2010/2072(INI)
Draft opinion
Paragraph 1 - point 5
Paragraph 1 - point 5
Amendment 24 #
2010/2072(INI)
Draft opinion
Paragraph 1 - point 6
Paragraph 1 - point 6
6. Calls on the Commission to broaden the criteria for the mobilisation of the EGF, in keeping with the above-mentioned conditions, to cover delocalisation within the European Union and to simplifyand to simplify, where necessary, the application procedure significantly;
Amendment 28 #
2010/2072(INI)
Draft opinion
Paragraph 1 - point 7
Paragraph 1 - point 7
7. Calls on the Commission to increase significantly the financial frameworkte a separate title in the Union's budget for the EGF, in the light of the current economic and financial crisis and the Fund’s broader remit, and to create a separate title in the budget for the EGForder to improve transparency and accountability as regards the use of EGF financial support.
Amendment 7 #
2010/0821(NLE)
Draft decision
Recital 1
Recital 1
(1) Article 48(6) of the Treaty on European Union (TEU) allows the European Council, acting by unanimity after consulting the European Parliament, the Commission and, in certain cases, the European Central Bank, to adopt a decision amending all or part of the provisions of Part Three of the Treaty on the Functioning of the European Union (TFEU). Such a decision may not increase the competences conferred on the Union in the Treaties and its entry into force is conditional upon its subsequent approval by theall the EU Member States in accordance with their respective constitutional requirements.
Amendment 22 #
2010/0821(NLE)
Draft decision
Recital 4 j (new)
Recital 4 j (new)
Amendment 30 #
2010/0821(NLE)
Draft decision
Article 2 – paragraph 1
Article 2 – paragraph 1
All EU Member States shall notify the Secretary- General of the Council without delay of the completion of the procedures for the approval of this Decision in accordance with their respective constitutional requirements.
Amendment 16 #
2010/0101(COD)
Proposal for a decision
Recital 11
Recital 11
(11) In order to enhance the coherence of the mandate, strengthen the focus of the EIB external financing activity on supporting EU policies, and for the maximum benefit of beneficiaries, this decision should set out horizontal high- level objectives in the mandate for EIB financing operations across all eligible countries, building on the comparative strengths of the EIB in areas where it has a well-proven track record. In all regions covered by this decision, the EIB should thus finance projects in the areas of climate change mitigation and adaptation, social and economic infrastructure (notably in transport, energy including renewable energy, research and development in new energy sources, energy security, environmental infrastructure including water and sanitation, as well as information and communication technology (ICT)), and local private sector development, in particular in support of small and medium- sized enterprises (SMEs) to boost sustainable economic growth and jobs creation. Within these areas, regional integration among partner countries, including economic integration between pre-accession countries, neighbouring countries and the EU, should be an underlying objective for EIB financing operations. The EIB should contribute to European foreign direct investment in partner countries, including as part of mutually beneficial public-private partnerships, with the objective of promoting innovation and development in the aforementioned project areas.
Amendment 18 #
2010/0101(COD)
Proposal for a decision
Recital 16
Recital 16
(16) EIB activity in Neighbourhood countries should take place in the framework of the European Neighbourhood Policy, under which the EU aims to develop a special relationship with neighbouring countries with a view to establishing an area of prosperity and good neighbourliness, founded on the values of the EU and characterised by close and peaceful relations based on co-operation. To achieve these objectives the EU and its partners implement jointly agreed bilateral Action Plans defining a set of priorities including on political and security issues, trade and economic matters, environmental concerns and integration of transport and energy networks such as the Nabucco gas pipeline project, which is of particular interest to the EU. The Union for the Mediterranean, the Eastern Partnership, and the Black Sea Synergy are multilateral and regional initiatives complementary to the European Neighbourhood Policy aimed at fostering co-operation between the EU and the respective group of neighbouring partner countries facing common challenges and/or sharing a common geographical environment. The Union for the Mediterranean supports improved socio-economic, solidarity, regional integration, sustainable development and knowledge building, underlining the need to increase financial co-operation to support regional and trans-national projects. The Eastern Partnership aims to create the necessary conditions to accelerate political association and further economic integration between the EU and Eastern Partner countries. The Russian Federation and the EU have a wide-ranging Strategic Partnership, distinct from the European Neighbourhood Policy and expressed through the Common Spaces and Roadmaps. This is complemented at multilateral level by the Northern Dimension which provides a framework for co-operation between the EU, Russia, Norway and Iceland.
Amendment 36 #
2010/0101(COD)
Proposal for a decision
Article 10 – paragraph 2
Article 10 – paragraph 2
2. For the purposes of paragraph 1, the EIB shall provide the Commission with yearly reports on EIB financing operations carried out under this decision at project, sector, country and regional level and on the fulfilment of the external policy and strategic objectives of the EU, including cooperation with the Commission, other international financial institutions and bilateral institutions. Any agreement between the EIB and other IFIs or bilateral institutions relating to financial operations under this Decision should be notified to the European Parliament and the Council as part of the Commission's annual report.
Amendment 41 #
2010/0101(COD)
Proposal for a decision
Article 14 – paragraph 1
Article 14 – paragraph 1
The Commission shall present to the European Parliament and the Council a final report on the application of this decision by 31 October 2014.
Amendment 14 #
2009/2166(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. calls for enhancing the combined use of EU grants with the EIB financial instruments, in particular, in those regions and countriecohesion regions where raising of own funds encounters particular difficulties, in order to support cohesion and to hinder further decline in the countries hardest hit by the crisis.
Amendment 153 #
2009/0144(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) The process forCommission should endorse those development ofraft technical standards in this regulation is without prejudice to the Commission's powers to adopt on its own initiative implementing measures under comitology procedures at level 2 of the Lamfalussy structure as laid out inorder to give them binding legal effect. It can choose to reject them in part or in whole if, for example, the draft technical standards were incompatible with European Union Law, do not respect the principle of proportionality or run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of the European Union financial services legislation. To ensure a smooth and expeditious adoption process for those standards, Commission should be subject to a time limit when deciding when to endorse, partially endorse or reject them. The process for the development of technical standards in this regulation is without prejudice to the Commission's powers to adopt delegated acts in accordance with Article 290 of the Trelevant Community legislataty on the Functioning of the European Union. The matters concerned by the technical standards do not involve policy decisions, and their content is framed by the CommunityUnion acts adopted at Level 1. Development of the draft standards by the Authority ensures that they fully benefit from the specialised expertise of national supervisory authorities.
Amendment 156 #
2009/0144(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) Serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityUnion require a swift and concerted response at CommunityUnion level. The Authority should therefore be able to require national supervisory authorities to take specific actions to remedy an emergency situation. As the determination of an emergency situation involves a significant degree of discretion, this power should be conferred on the Commissionuncil. To ensure an effective response to the emergency situation, in the event of inaction by the competent national supervisory authorities, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial market participants in areas of CommunityUnion law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the markets.
Amendment 160 #
2009/0144(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) In order to ensure efficient and effective supervision and a balanced consideration of the positions of the competent authorities in different Member States, the Authority should be able to settle disagreements between those competent authorities with binding effect, including within colleges of supervisors. A conciliation phase should be provided for, during which the competent authorities may reach an agreement. The Authority's competence should cover disagreements on procedural obligations in the cooperation process as well as on the interpretation and application of CommunityUnion law in supervisory decisions. Existing conciliation mechanisms provided for in sectoral legislation have to be respected. In the event of inaction by the national supervisory authorities concerned, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial market participants in areas of CommunityUnion law directly applicable to them. In cases where the relevant EU legislation confers discretion on Member States, decisions taken by the Authority cannot replace the exercise in compliance with European Union law of that discretion.
Amendment 166 #
2009/0144(COD)
Proposal for a regulation
Recital 29
Recital 29
(29) Given the globalisation of financial services and the increased importance of international standards, the Authority should foster the dialogue and cooperation with supervisors outside the CommunityUnion. It shall fully respect the existing roles and competences of the Member States and European Institutions in relations with authorities outside the CommunityUnion and in international forums.
Amendment 198 #
2009/0144(COD)
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission and undertaking economic analysis of markets to promote the achievement of the Authority's objectives.
Amendment 243 #
2009/0144(COD)
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – point f a (new)
Article 6 – paragraph 2 – subparagraph 1 – point f a (new)
(fa) ensure compliance with Directive 2003/6/EC to safeguard investor protection, the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union;
Amendment 264 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority may develop technical standards in the areas specifically set out in the legislation referred to in Article 1(2). The Authority shall submit its draft standards to the Commission for endorsementtechnical standards shall not include strategic decisions and their content shall be limited by the legislation on which they are based.
Amendment 269 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Amendment 277 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 3
Article 7 – paragraph 1 – subparagraph 3
Within three months of receipt of the draft standards, the Commission shall decide whether to endorse, partially endorse, or reject the draft standards. The Commission may extend that period by one month. The Commission may endorse the draft standards only in part or with amendments where the Community interest so requiresshall inform the European Parliament and the Council of its decision, stating the reason.
Amendment 306 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Where a competent authority has not correctly applied the legislation referred to in Article 1(2), in a way which appears to be a breach of Union law, in particular by failing to ensure that a financial market participant satisfies the requirements laid down in that legislation, the Authority shall have the powers set out in paragraphs 2, 3 and 6 of this Article.
Amendment 312 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 1
Article 9 – paragraph 4 – subparagraph 1
4. Where the competent authority has not complied with CommunityUnion law within one monthtwenty working days from receipt of the Authority's recommendation, the Commission may, after having been informed by the Authority or on its own initiative, take a decisionissue a formal warning requiring the competent authority to take the action necessary to comply with CommunityEuropean Union law.
Amendment 315 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 2
Article 9 – paragraph 4 – subparagraph 2
The Commission shall take such a decision no later than threone months from the adoption of the recommendation. The Commission may extend this period by one month.
Amendment 319 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 5
Article 9 – paragraph 5
5. The competent authority shall, within ten working days of receipt of the decision referred to in paragraph 4, inform the Commission and the Authority of the steps it has taken or intends to take to implement the Commission's decisformal opinion.
Amendment 322 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 1
Article 9 – paragraph 6 – subparagraph 1
6. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a competent authority does not comply with the decisformal opinion referred to in paragraph 4 of this Article within the period of time specified therein, and where it is necessary to remedy in a timely manner the non compliance by the competent authority in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements of the legislation referred to in Article 1(2) are directly applicable to financial market participants, adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under CommunityUnion law including the cessation of any practice.
Amendment 324 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 2
Article 9 – paragraph 6 – subparagraph 2
The decision of the Authority shall be in conformity with the decision adoptformal opinion issued by the Commission pursuant to paragraph 4.
Amendment 328 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 2
Article 9 – paragraph 7 – subparagraph 2
Amendment 334 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Community, the CommissionEuropean Union, the Council, upon its own initiative or following a request by the Authority, the Councilmmission, or the ESRB, may adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this regulation.
Amendment 346 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commission has adopted a decisionexistence of an emergency situation is declared pursuant to paragraph 1, the Authority may adopt individual decisions requiring competent authoritiesdecisions addressed to the competent authorities of Member States requring them to take the necessary action in accordance with the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial market participants and competent authorities satisfy the requirements laid down in that legislation.
Amendment 349 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 2 a (new)
Article 10 – paragraph 2 a (new)
2 a. In the case of adverse devlopments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the European Union, the Authority shall actively facilitiate and, where deemed necessary, coordinate any actions undertaken by the relevant national competent supervisory authorities.
Amendment 350 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 2 b (new)
Article 10 – paragraph 2 b (new)
2 b. The Council shall review the decision pursuant to paragraph 1 at appropriate intervals and at least once a month and declare the discontinuation of the emergency situation, as soon as appropriate.
Amendment 352 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
Amendment 354 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 1
Article 10 – paragraph 4 – subparagraph 1
Amendment 355 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 4 – subpara 2
Article 10 – paragraph 4 – subpara 2
Amendment 363 #
2009/0144(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a competent authority disagrees on the procedure or content of an action or inaction by another competent authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by competent authorities from more than one Member State, the Authority, at the request of one or more of the competent authorities concerned, may take the lead in assisting the authorities in reaching an agreement in accordance with the procedure set out in paragraph 2.
Amendment 367 #
2009/0144(COD)
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. If, at the end of the conciliation phase, the competent authorities concerned have failed to reach an agreement, the Authority may take a decision requiring them to take specific action or to refrain from action in order to settle the matter, in order to ensure compliance with CommunityEuropean Union law.
Amendment 368 #
2009/0144(COD)
Proposal for a regulation
Article 11 – paragraph 3 a (new)
Article 11 – paragraph 3 a (new)
3a. Decisions adopted under paragraph 3 shall prevail over any previous decisions adopted by national supervisors on the same matter.
Amendment 369 #
2009/0144(COD)
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
Amendment 373 #
2009/0144(COD)
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
2. The Authority shall participate as an observer in colleges of supervisors as it deems appropriate for the European interest. For the purpose of that participation, it shall be considered a 'competent authority' within the meaning of the relevant legislation and, at its request, shall receive all relevant information shared with any member of the college.
Amendment 380 #
2009/0144(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Supervision of financial institutions with EU dimension National authorities shall exert prudential supervision of financial institutions with an EU dimension. The authority, in collaboration with the European Systemic Risk Board and the competent authorities, will develop an information template for significant insitutions in order to ensure a sound management of their systemic risk. To help protect European depositors, the Authority will facilitate better coordination between deposit guaranttee schemes operating across the European Union.
Amendment 400 #
2009/0144(COD)
Proposal for a regulation
Article 16 – paragraph 2 – introductory part
Article 16 – paragraph 2 – introductory part
The Authority shall promote a coordinated CommunityUnion response, inter alia by:
Amendment 403 #
2009/0144(COD)
Proposal for a regulation
Article 16 – paragraph 2 – point 4 a (new)
Article 16 – paragraph 2 – point 4 a (new)
(4 a) facilitating the coordination of actions undertaken by relevant national competent supervisory authorities.
Amendment 412 #
2009/0144(COD)
Proposal for a regulation
Article 18 – paragraph 2 a (new)
Article 18 – paragraph 2 a (new)
In its Report, the Authority may set out the administrative arrangements and equivalence decisions agreed with international organisations or administrations or third countries.
Amendment 413 #
2009/0144(COD)
Proposal for a regulation
Article 18 – paragraph 2 b (new)
Article 18 – paragraph 2 b (new)
Without prejudice to the rights of national supervisory authorities, the Authority may participate in al international fora concerning the regulation and supervision of the institutions falling under the legislation referred to in Article 1(2).
Amendment 415 #
2009/0144(COD)
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 1
Article 20 – paragraph 1 – subparagraph 1
1. At the request of the Authority, competent authorities and other public authorities of the Member States shall provide the Authority with all the necessary information to carry out the duties assigned to it by this Regulation, provided that the addressee has legal access to the relevant data, and provided that the request for information is prportionate in relation to the nature of the duty in question.
Amendment 417 #
2009/0144(COD)
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 2
Article 20 – paragraph 1 – subparagraph 2
The Authority may also request information to be provided at recurring intervals, provided the competent holds such information. Where competent authorities do not collect such information, the Authority should make provisions for such a request by making amendments to the relevant reporting requirements under the Article 7 technical standards.
Amendment 420 #
2009/0144(COD)
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1
Article 20 – paragraph 2 – subparagraph 1
2. Where information is not available or is not made available in a timely fashion by the competent authorities and other public authorities of the Member States, the Authority may address a reasoned request directly to relevant financial market participants and other parties provided the costs of providing such information to the Authority are proportionate to the nature of the information. It shall inform the relevant competent authorities of such requests.
Amendment 423 #
2009/0144(COD)
Proposal for a regulation
Article 20 – paragraph 3 a (new)
Article 20 – paragraph 3 a (new)
3 a. On a request from a national supervisory authority of a Member State, the Authority shall provide any such information that is necessary to enable it to carry out its duties, provided the national authority in question has appropriate confidentiality arrangements in place.
Amendment 428 #
2009/0144(COD)
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
1. For the purpose ofTo help facilitate consultation with stakeholders in areas relevant to the tasks of the Authority, a Securities and Markets Stakeholder Group shall be established.
Amendment 481 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 1
Article 23 – paragraph 2 – subparagraph 1
2. Where a Member State considers that a decision taken under Article 11 impinges on its fiscal responsibilities, it may notify the Authority and the Commission within one monthtwenty working days after notification of the Authority's decision to the competent authority that the decision will not be implemented by the competent authority.
Amendment 497 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Article 23 – paragraph 2 – subparagraph 5
Where the Authority maintains its decision, the Council, acting by qualified majority as defined in Article 20516 of the Treaty on European Union, shall, within two months, decide whether the Authority's decision is maintained or revoked.
Amendment 502 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 6
Article 23 – paragraph 2 – subparagraph 6
Where the Council decides to maintainrevoke the Authority's decision, or where it does not take a decision within two months, the suspension of that decision shall be immediately terminatrevoked.
Amendment 507 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 2
Article 23 – paragraph 3 – subparagraph 2
In its notification, the Member State shall justify why and clearly demonstrate how the decision impinges on its fiscal responsibilities. In that case, the decision of the Authority shall be suspended.
Amendment 511 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
Article 23 – paragraph 3 – subparagraph 3
The Council, acting by qualified majority as defined in Article 20516 of the Treaty on European Union, shall, within ten working days, decide whether the Authority's decision is maintained or revoked.
Amendment 517 #
2009/0144(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 4
Article 23 – paragraph 3 – subparagraph 4
Where the Council does not take a decision within ten working days, the Authority's decision shall be deemed to be maintainrevoked.
Amendment 526 #
2009/0144(COD)
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
2. For the purposes of Article 11, the Board of Supervisors shall convoke a panel to facilitate the settlement of the disagreement, consisting of the Chairperson and, two of its members, who are not representatives of the competent authorities which are parties to the disagreementmembers of the Board of Supervisors and two people drawn from an expert list that the Chairperson shall maintain. No member of the panel from the Board of Supervisors shall be drawn from a national supervisory authority party to the disagreement, nor shall they have any interest in the conflict. The Panel shall reach a decision by simple majority.
Amendment 591 #
2009/0144(COD)
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 1
Article 44 – paragraph 2 – subparagraph 1
2. The Board of Appeal shall be composed of six members and six alternates, who. It shall becomprise of individuals withof high repute with a proven record of relevant knowledge and professional experienctise, exincluding current staff of the competent authorities or other national or Community institutions involved in the activitiessupervisory experience at a sufficiently high level in the fields of banking, insurance and occupational pensions, securities markets or other financial services, and at least two members with sufficient legal expertise to provide expert legal advice ofn the Authority's exercise of its powers.
Amendment 598 #
2009/0144(COD)
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 1
Article 44 – paragraph 3 – subparagraph 1
3. Twohe members of the Board of Appeal and twoheir alternates shall be appointed by the Management Board of the Authority from a short-list proposed by the Commission, following a public call for expression of interest published in the Official Journal of the European Union, and after consultation of the Board of Supervisors.
Amendment 22 #
2009/0118(CNS)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) The European Parliament, in its resolution of 2 September 2008 on a coordinated strategy to improve the fight against fiscal fraud, stressed once again that the existing system for managing VAT needs a radical overhaul and urged the Commission to submit proposals to harmonise the registration and de- registration procedures for taxable persons and to allow Member States automatic access to non-sensitive data on their taxpayers, which is held by another Member State. In obtaining such access, an appropriate level of protection and limited storage period of the data exchanged and due accountability of the data keeper institution or body, in order to prevent the mismanagement or leakage of the data, should be ensured.
Amendment 23 #
2009/0118(CNS)
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5a) Whereas the European Parliament, in its resolution of 4 December 2008 on the European Court of Auditors' Special Report No 8/2007 concerning administrative cooperation in the field of value added tax, called for the introduction of Eurofisc and recalled the paramount necessity for sharing existing national best practices in the fight against cross-border VAT fraud with a view to introducing both appropriate incentives for VAT due diligence by Member States, and rewards for honest taxpayers.
Amendment 28 #
2009/0118(CNS)
Proposal for a regulation
Article 22 – paragraph 1 – introductory part
Article 22 – paragraph 1 – introductory part
Amendment 29 #
2009/0118(CNS)
Proposal for a regulation
Article 34 – paragraph 2
Article 34 – paragraph 2
2. The competent authorities of the Member States shall determine the fields of investigation to be covered by the structure referred to in paragraph 1any institution or body at the EU-level referred to in paragraph 1, which shall be made up of officials appointed by the competent authorities of the Member States, and draw on the existing best practices in the fight against tax fraud with the aim of considering the establishment of an incentive system to reward honest taxpayers.
Amendment 32 #
2009/0118(CNS)
Proposal for a regulation
Article 35
Article 35
The structure established under Article 34 shall be made up of competent officials designated by the competent authorities of the Member States. It shall be provided with technical, administrative and operational support by the Commission, with the aim of enhancing the exchange of best practices in the fight against VAT fraud and the implementation of an incentive system to promote tax compliance.
Amendment 17 #
2009/0108(COD)
Proposal for a regulation
Article 1
Article 1
This Regulation establishes measures aimed at safeguarding the security of gas supply based on the principle of geographical diversification of gas supply to the European Union, through an efficient gas transportation system composed of a complex network of pipelines, so as to ensure the proper and continuous functioning of the internal market for gas by, and providing for a clear definition and attribution of responsibilities and for a coordination of the response at the level of the Member States and the CommunityUnion regarding both preventive action and the reaction to concrete disruptions of supply.
Amendment 18 #
2009/0108(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) "protected customers" means all household customers already connected to a gas distribution network, and, if the Member State concerned so decides, can also include small and medium-sized enterprises, schools and hospitals provided that they are already connected to a gas distribution networkthe customers, identified by the Member State affected by a gas shortage, which would benefit from priority gas supply taking into account the level of gas reserves in the Member State concerned and the Union as a whole;
Amendment 19 #
2009/0108(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) "protected customers" means all household customers already connected to a gas distribution network, and, if the Member State concerned so decides, canafter a risk and impact assessment has been carried out by the Member State in accordance with Article 8, taking into account technical feasibility and a cost- benefit analysis, may also include small and medium-sized enterprises, schools and hospitals provided that they are already connected to a gas distribution network;
Amendment 25 #
2009/0108(COD)
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. By [31 March 2011; 12 months from entry into force] at the latest, on the basis of the risk and impact assessment carried out in accordance with Article 8, the Competent Authority, after consultation of the natural gas undertakings, of the relevant organisations representing the interests of household and industrial customers and of the regulatory authority, where it is not the Competent Authority, shall establish:
Amendment 33 #
2009/0108(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. By [31 March 20147; 36 years after entry into force] at the latest, the Competent Authority shall ensure that in the event of a disruption of flows at the largest gas supply infrastructure, the remainingtransmission entry point the available infrastructure (N-1) has the capacity to deliver the necessary volume of gas to satisfy total gas demand of the protected customers in the calculated area during a period of sixty days of exceptionally high gas demand during the coldest period statistically occurring every twenty years.
Amendment 35 #
2009/0108(COD)
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. The transmission system operators shall enable permanent physical capacity to transport gas in both directions on all interconnectionsIf necessary according to the risk and impact assessment carried out in accordance with Article 8, taking into account technical feasibility and a cost- benefit analysis, the transmission system operators shall within twohree years from the entry into force of this Regulation, except in cases where at the request of a Competent Authority, the Commission decides thnable permanent physical capacity to transport gas in both directions on those interconnections where at the addition of a bi-directional flow capacity would not enhance the security of supply of any M, in particular during an ember State. Such decisiongency. The assessment may be reviewed if circumstances change. The level of the bi- directional flow capacity shall be reached in a cost efficient way and at least take into account the capacity required to meet the supply standard set in Article 7. Within that two year period, the gas transmission system operator shallWithin that three-year period, the gas transmission system operator shall, in accordance with the risk and impact assessment carried out in accordance with Article 8, taking into account technical feasibility and a cost-benefit analysis, adapt the functioning of the transmission system as a whole so as to enable bi-directional gas flows.
Amendment 41 #
2009/0108(COD)
Proposal for a regulation
Article 7 – paragraph 3
Article 7 – paragraph 3
3. The obligations imposed on natural gas undertakings for the fulfilment of the supply standard as laid down in paragraph 1 and 2 , shall be non-discriminatory and shall not impose an undue burden on market entrants and smallthose undertakings.
Amendment 44 #
2009/0108(COD)
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. By [30 SeptemberMarch 20101; 612 months after entry into force] each Competent Authority shall fully assess theundertake a risks affecting the security of gas supply in its Member State by: a) using the standards specified in Articles 6 and 7; b) taking into account all relevant national and regional circumstances; c)nd impact assessment that shall be the basis for: a) the establishment of the risk profile of the Member State concerned, taking into account all relevant national and regional circumstances; b) the establishment of the Preventive Action Plan of the Member State concerned; c) the establishment of the Emergency Plan of the Member State concerned; The risk and impact assessment shall be based on the standards specified in Articles 6 and 7 and shall include running various scenarios of exceptionally high demand and/or supply disruption, such as failure of main transmission infrastructures, storages, LNG terminals, and disruption of supplies from third- country suppliers; d) identifyingproducers. Account shall be taken of the interaction and correlation of risks with other Member States.
Amendment 46 #
2009/0108(COD)
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
The risk and impact assessment shall take into account technical feasibility and a cost-benefit analysis. This should, in particular, be the case prior to any potential extension at national level of the scope of protected consumers beyond household customers.
Amendment 48 #
2009/0108(COD)
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
1a. Following a recommendation of the Commission in accordance with Article 4(3), or where a joint regional plan is established under Article 4(4), the obligations set out in this Article may be fulfilled at regional level.
Amendment 54 #
2009/0108(COD)
Proposal for a regulation
Article 9 – paragraph 2 – point 1
Article 9 – paragraph 2 – point 1
(1)Early warning level (Early Warning): when there is concrete, serious and reliable information, possibly triggered by an Early Warning Mechanism, that an event may occur which will deteriorate the supply conditionssuggests that supply conditions could deteriorate in the short term. The market is expected to solve the problem without the intervention of the Competent Authority;
Amendment 56 #
2009/0108(COD)
Proposal for a regulation
Article 9 – paragraph 2 – point 2
Article 9 – paragraph 2 – point 2
(2) Alert level (Alert): when a supply disruption or exceptionally high demand occurs, but tits scale does not warrant a declaration of an Emergency under point (3). The market is still ableexpected to resolve the situation without the intervention of the Competent Authority;
Amendment 58 #
2009/0108(COD)
Proposal for a regulation
Article 9 – paragraph 2 – point 3
Article 9 – paragraph 2 – point 3
(3) Emergency level (Emergency): when a supply disruption or an exceptionally high demand occurs or whenand there is a disruption of the supply through or from the largest infrastructure or source and there is a credible risk that the supply standard to the protected customerevidence that market-based mechanisms alone can no longer ensure supplies to protected customers. The Competent Authority is required to intervene within the framework of the Emergency Plan. Market-based mechanisms cand no longer be met with market based instruments alonn- market-based mechanisms may operate alongside each other in this phase.
Amendment 61 #
2009/0108(COD)
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. The Emergency PlanMember States shall ensure that cross- border access to the storage facilities is maintained also in case of emergency. The Emergency PlanMember States shall not introduce any measure unduly restricting the flow of gas across the borders.
Amendment 67 #
2009/0108(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. In a CommunityUnion Emergency, the Commission shall coordinate and facilitate the actions of the Competent Authorities of the Member States affected by a gas shortage. In particular the Commission shall ensure the exchange of information, ensure the consistency and effectiveness of the actions at Member Statetaken by the Member States affected by the gas shortage at national and regional level in relation to the CommunityUnion level, and shall coordinate and facilitate the actions with regard to third countries. The Commission may convene a crisis management group composed in particular of representatives of the industry and the Member States concerned by the Emergency.
Amendment 94 #
2008/0217(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) Credit rating agencies play an important role in global securities and banking markets, as their credit ratings are used by investors, borrowers, issuers and governments to make informed investment and financing decisions. Credit institutions, investments firms, insurance undertakings, assurance undertakings, reinsurance undertakings, undertakings for collective investment in transferable securities (UCITS) and institutions for occupational retirement provision, may use those credit ratings as the reference for the calculation of their capital requirements for solvency purposes or for calculating risks in their investment activity. Consequently, credit ratings have a significant impact on the trust and confidence of investors and consumers. It is essential, therefore, that credit rating activities carried out in the Community meet high standards of integrity and that credit ratings used in the Community are independent, objective and of the highest quality.
Amendment 98 #
2008/0217(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) Currently, most credit rating agencies have their headquarters outside the Community. Most Member States do not regulate the activities of credit rating agencies or the conditions for the issuance of credit ratings. Despite their significant importance for the functioning of the financial markets, credit rating agencies are only to a limited extent subject to Community legislation, notably Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation. Moreover, 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 and Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions refer to credit rating agencies. It is therefore important to lay down rules ensuring that allcredit ratings used by financial institutions for regulatory purposes governed by Community legislation are of highadequate quality and issued by credit rating agencies subject to stringent requirements. The Commission will continue to work with its international partners to ensure convergence of the rules applying to credit rating agencies.
Amendment 101 #
2008/0217(COD)
Proposal for a regulation
Recital 2a (new)
Recital 2a (new)
(2a) The provisions of this Regulation should not create a general obligation for financial instruments or financial obligations to be rated under this Regulation. In particular, it should not require undertakings for collective investment in transferable securities (UCITS) as defined in Directive 2009/.../EC of the European Parliament and of the Council* or institutions for occupational retirement provision as defined in Directive 2003/41/EC of the European Parliament and of the Council to invest, when complying with these directives, only in financial instruments which are rated under this Regulation * OJ please insert number of the Directive.
Amendment 103 #
2008/0217(COD)
Proposal for a regulation
Recital 2 b (new)
Recital 2 b (new)
(2b) The provisions of this Regulation should not create a general obligation for financial institutions or investors to invest only in securities which are subject to public offer under Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading1 and Commission Regulation (EC) No 809/2004 of 29 April 2004 implementing Directive 2003/71/EC as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements2or that are admitted to trading and which are rated under this Regulation; nor should it oblige the issuers or offerors to obtain ratings for securities which are subject to public offer under Directive 2003/71/EC and Regulation (EC) No 809/2004 or that are admitted to trading. 1 OJ L 345, 31.12.2003, p. 64. 2 OJ L 149, 30.4.2004, p. 1.
Amendment 105 #
2008/0217(COD)
Proposal for a regulation
Recital 2 c (new)
Recital 2 c (new)
(2c) Credit rating agencies should issue credit ratings and perform credit rating activities as well as other ancillary activities on a professional basis. The performance of ancillary activities should not compromise the independence or integrity of their credit rating activities.
Amendment 107 #
2008/0217(COD)
Proposal for a regulation
Recital 2 d (new)
Recital 2 d (new)
(2d) This Regulation should apply to credit ratings that are intended for use for regulatory purposes under Community law as implemented by the national legislation of the Member States.
Amendment 116 #
2008/0217(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) It is necessary to lay down a common framework of rules regarding the quality of credit ratings to be used byfor regulatory purposes by respective financial institutions and persons regulated by harmonised rules in the Community. Otherwise, there would be a risk that Member States would take diverging measures at national level. This would have a direct negative impact on and create obstacles to the good functioning of the internal market, since the credit rating agencies issuing credit ratings for the use of financial institutions in the Community, would be subject to different rules in different Member States. Moreover, diverging quality requirements on credit ratings could lead to different levels of investor and consumer protection.
Amendment 122 #
2008/0217(COD)
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) It is desirable that credit ratings issued in third countries may be used for regulatory purposes in the Community provided that they comply with requirements which are as strict as provided for in this Regulation. This Regulation introduces an endorsement regime allowing credit rating agencies established in the Community and registered in accordance with this Regulation to endorse credit ratings issued in third countries. When endorsing credit ratings issued in third countries, credit rating agencies should determine and monitor, on an ongoing basis, whether credit rating activities resulting in the issuance of credit ratings in third countries comply with requirements which are as stringent as the requirements set out in Articles 5 to 10 of this Regulation.
Amendment 126 #
2008/0217(COD)
Proposal for a regulation
Recital 6 b (new)
Recital 6 b (new)
(6b) This Regulation should also require that third-country credit rating agencies fulfil criteria which are general prerequisites for the integrity of credit rating activities conducted by the third- country credit rating agency, such as the prevention of interference in the content of credit ratings by competent authorities, an adequate conflict of interests policy, rotation of analysts and regular and ad- hoc disclosure.
Amendment 129 #
2008/0217(COD)
Proposal for a regulation
Recital 6 c (new)
Recital 6 c (new)
(6c) An important prerequisite for a sound endorsement regime is also the existence of sound cooperation arrangements between the competent authorities of home Member States and the relevant competent authorities of third-country credit rating agencies.
Amendment 131 #
2008/0217(COD)
Proposal for a regulation
Recital 6 d (new)
Recital 6 d (new)
(6d) The credit rating agency that endorsed credit ratings issued in a third country should be fully and unconditionally responsible for the endorsed credit ratings and the fulfilment of the endorsement conditions established in this Regulation.
Amendment 133 #
2008/0217(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) In order to avoid potential conflicts of interest credit rating agencies should limit theirfocus in their professional activity to the issuing of credit ratings. A credit rating agency should not be allowed to carry out consultancy or advisory services. In particular credit rating agencyies should not make proposals or recommendations regarding the design of a structured finance instrument. However, credit rating agencies should be able to provide ancillary services where this does not create potential conflicts of interest with the issuance of credit ratings.
Amendment 136 #
2008/0217(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) Credit rating agencies should establish appropriate internal policies and procedures in relation to employees and other persons involved in the credit rating process in order to preventidentify, eliminate or manage and disclose conflicts of interest and ensure at all times the quality, integrity and thoroughness of the credit rating and review process. An internal control system and a compliance function should, in particular, feature among such policies and procedures.
Amendment 142 #
2008/0217(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) In order to ensure the independence of the credit rating process from the business interest of the credit rating agency as a company, the credit rating agencies should ensure that the administrative or supervisory board shall include at least three non-executive members, who should bat least one third but no fewer than two of the members of the administrative or supervisory board are independent along the lines of point 13 in Section III of Commission Recommendation 2005/162/EC on the role of non-executive or supervisory directors of listed companies and on the committees of the (supervisory) board. Moreover, it is necessary that the majority of members of the administrative or supervisory boardsenior management, including all independent members, have sufficient expertise in financial services.
Amendment 145 #
2008/0217(COD)
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) In order to take account of the specificities of credit rating agencies employing fewer than 50 employees, the competent authorities should be able to exempt such credit rating agencies from some of the obligations laid down in this Regulation as regards the role of the independent members of the board, conflicts of interest, and the rotation mechanism, in so far as those agencies are able to demonstrate that they comply with a number of conditions. The competent authorities should also examine, inter alia, whether the size of the credit rating agency is not determined in such a way so as to avoid compliance with this Regulation by a credit rating agency or by a group of credit rating agencies. The application of the exemption by Member States should be applied in such a way so as to avoid the risk of fragmentation of the internal market and so as to guarantee the uniform application of Community law.
Amendment 149 #
2008/0217(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) Long lasting relationships with the same rated entities or its related third parties could compromise independence of analysts and persons approving credit ratings. Therefore those analysts and persons should be subject to an appropriate rotation mechanism which should provide for gradual change in analytical teams and credit rating committees.
Amendment 157 #
2008/0217(COD)
Proposal for a regulation
Recital 13 a (new)
Recital 13 a (new)
Amendment 159 #
2008/0217(COD)
Proposal for a regulation
Recital 13 b (new)
Recital 13 b (new)
(13b) The risks relating to the credit rating agency's activities, processes and systems should include the risks associated with the outsourcing of critical or important operational functions. Such risks should include those associated with the credit rating agency's relationship with the service provider, and the potential risks posed where the outsourced functions of several credit rating agencies or other regulated entities are concentrated among a limited number of service providers.
Amendment 161 #
2008/0217(COD)
Proposal for a regulation
Recital 13 c (new)
Recital 13 c (new)
(13c) Competent authorities should not be required to authorise or otherwise approve any outsourcing arrangements or their terms. Competent authorities should not make the registration subject to a general prohibition on the outsourcing of one or more credit rating activity or critical or important functions. Credit rating agencies should be permitted to outsource such activities if the outsourcing arrangements established by the credit rating agency comply with certain conditions. If such outsourcing arrangements are to be put in place after the credit rating agency has been registered in accordance with the provisions of this Regulation, those arrangements should be notified to the relevant competent authority.
Amendment 177 #
2008/0217(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) In order to ensure a high level of investor and consumer confidence in the internal market, credit rating agencies which issue credit ratings intended for use for regulatory purposes by financial institutions in the Community should be subject to registrationcredit institutions, investments firms, insurance, assurance and reinsurance undertakings, undertakings for collective investment in transferable securities (UCITS) and institutions for occupational retirement in the Community should be subject to registration. Such registration is the principal prerequisite for credit rating agencies to issue credit ratings intended to be used for regulatory purposes in the Community. It is therefore necessary to lay down the harmonised conditions and the procedure for the granting, suspension and withdrawal of that registration.
Amendment 180 #
2008/0217(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) A credit rating agency registered by the competent authority of the relevant Member State should be allowed to issue credit ratings throughout the Community. It is therefore necessary to establish a single registration procedure for each credit rating agency, which is valid throughout the Community. effective throughout the Community. The registration of a credit rating agency should become effective throughout the Community once the registration decision issued by the competent authority of the home Member State has taken effect under relevant national law.
Amendment 182 #
2008/0217(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) Some credit rating agencies are composed of several legal entities, which together form a group of credit rating agencies. When registering each of the credit rating agencies being part of such a group, the competent authorities of the Member States concerned should coordinate the assessment of the applications submitted by credit rating agencies belonging to the same group. as well as the decision concerning the granting of registration. It should be possible, however, to refuse registration of a credit rating agency within a group where such a credit rating agency does not meet the requirements for registration under this Regulation even though the other members of the group do so. As the college of competent authorities has no power to issue legally binding decisions, the competent authorities of home Member States of the members of the group of credit rating agencies should each issue an individual decision in respect of the credit rating agency established on the territory of the Member State concerned.
Amendment 184 #
2008/0217(COD)
Proposal for a regulation
Recital 24 a (new)
Recital 24 a (new)
Amendment 186 #
2008/0217(COD)
Proposal for a regulation
Recital 24 b (new)
Recital 24 b (new)
(24b) In order to enhance practical coordination of activities of the college, the members of the college should select a facilitator from their own number. The facilitator should chair the meetings of the college, establish written coordination arrangements for the college and coordinate the actions of the college. During the registration process the facilitator should assess the need to extend the period for examination of an application, coordinate examination of an application and liaise with the CESR.
Amendment 194 #
2008/0217(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) In order to maintain a high level of investor and consumer confidence and enable an on-going controlsupervision of credit ratings used for regulatory purposes by financial institutions in the Community, credit rating agencies whose headquarters are located outside the Community should be required to set up a subsidiary in the Community in order to allow for an efficient supervision of their activities in the Community and the effective use of the endorsement regime.
Amendment 197 #
2008/0217(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) It is appropriate to create a mechanism to ensure the effective enforcement of the provisions of this Regulation. The competent authorities of the Member States should have at their disposal necessary means to ensure that ratings for use within the Community are issued in compliance with this Regulation. Since the analyticalThe use of those supervisory measures should be always coordinated within the college. Since the independence of a credit rating agency in the process of issuing its credit ratings should be preserved, the competent authorities should not interfere in relation to the substance of credit ratings and the methodologies by which a credit rating agency determines credit ratings.
Amendment 201 #
2008/0217(COD)
Proposal for a regulation
Recital 28 a (new)
Recital 28 a (new)
(28a) It is desirable to ensure that the decision-making process under this Regulation is based on the close cooperation between Member States' competent authorities and that the adoption of the registration decisions should therefore be taken on the basis of an agreement. This is a necessary prerequisite for the efficient process of registration and performance of supervision. The decision-making process should be effective, expeditious and consensual.
Amendment 203 #
2008/0217(COD)
Proposal for a regulation
Recital 28 b (new)
Recital 28 b (new)
(28b) Unless this Regulation provides for a specific procedure as regards the grant or withdrawal of registration or the adoption of supervisory measures, the Member State's national law should apply.
Amendment 217 #
2008/0217(COD)
Proposal for a regulation
Article 1
Article 1
This Regulation introduces a common regulatory approach to ensurhancing the high qualintegrity of credit ratings to be used activities resulting in credit ratings used for regulatory purposes in the Community, thereby contributing to the quality of credit ratings and to the smooth functioning of the internal market while achieving a high level of consumer and investor protection. It lays down conditions for the issuance of credit ratings and rules on the organisation and conduct of credit rating agencies to ensure in practicpromote their independence and avoidance of conflicts of interest.
Amendment 220 #
2008/0217(COD)
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. This Regulation shall applyies to credit ratings that are intended for use for regulatory purposes or otherwise by credit institutions as defined in Directive 2006/48/EC, investments firms as defined in Directive 2004/39/EC of the European Parliament and of the Council, insurance undertakings subject to Council Directive 73/239/EEC, assurance undertakings as defined in Directive 2002/83/EC of the European Parliament and of the Council, reinsurance undertakings as defined in Directive 2005/68/EC of the European Parliament and the Council, undertakings for collective investment in transferable securities (UCITS) as defined in Directive [2009/XX/EC] or institutions for occupational retirement provision as defined in Directive 2003/41/EC of the European Parliament and of the Council and are disclosed publicly or distributed by subscription.
Amendment 243 #
2008/0217(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
Amendment 253 #
2008/0217(COD)
Proposal for a regulation
Article 4 – paragraph 2 b (new)
Article 4 – paragraph 2 b (new)
Amendment 258 #
2008/0217(COD)
Proposal for a regulation
Article 4 – paragraph 2 c (new)
Article 4 – paragraph 2 c (new)
Credit rating agencies that endorse credit ratings issued in third countries in accordance with paragraph 2b shall remain fully responsible for such credit ratings and for the fulfilment of the conditions set out in paragraph 2b.
Amendment 260 #
2008/0217(COD)
Proposal for a regulation
Article 4 – paragraph 2 d (new)
Article 4 – paragraph 2 d (new)
A credit rating agency established in the Community and registered in accordance with this Regulation shall be deemed to have issued a credit rating when the credit rating has been published on the credit rating agency’s website or by other means or when it has been distributed by subscription and presented and disclosed in accordance with Article 8, clearly identifying that the credit rating is endorsed.
Amendment 263 #
2008/0217(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. A credit rating agency shall take all necessary steps to ensure that the issuance of a credit rating is not affected by any existing or potential conflict of interest or business relationship involving the credit rating agency issuing the credit rating, its managers, employeesrating analysts, employees as well as any other natural person whose services are placed at the disposal or under the control of the credit rating agency or any person directly or indirectly linked to it by control.
Amendment 266 #
2008/0217(COD)
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. Upon request of a credit rating agency, the competent authority of the home Member State may exempt a credit rating agency from complying with the requirements of point 2 of Section A of Annex I and Article 6(4) if the credit rating agency is able to demonstrate that in view of the nature, scale and complexity of its business, and the nature and range of issuance of credit ratings, the requirements are not proportionate and that: a) the credit rating agency has less than 50 employees; b) it has implemented measures and procedures, in particular internal control system, reporting arrangements and rotation mechanism for analysts and persons approving credit ratings, which ensure the effective compliance with the regulatory objectives set out in this Regulation; and c) the size of the credit rating agency is not determined in such a way as to avoid the compliance with the requirements of this Regulation by a credit rating agency or by a group of credit rating agencies. In case of a group of credit rating agencies competent authorities shall ensure that at least one of the credit rating agencies in the group is not exempted from complying with the requirements of point 2 of Section A of Annex I and Article 6(4).
Amendment 301 #
2008/0217(COD)
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7a Outsourcing 1. A credit rating agency shall ensure, in compliance with Annex I, Section B, point 1, when relying on a third party for the performance of operational functions, that it takes reasonable steps to avoid undue additional operational risk. Outsourcing of critical or important operational functions shall not be undertaken in such a way so as materially to impair the quality of its internal control and the ability of the competent authority to monitor the credit rating agency's compliance with obligations under this Regulation. When outsourcing any of its critical or important functions or any credit rating activities the credit rating agency shall remain fully responsible for discharging all of its obligations under this Regulation. 2. A service provider of a critical or important operational function shall be an entity established in the Community. A credit rating activities and review function, as referred to in Annex I, Section A, point 8, shall be outsourced only to credit rating agencies registered under this Regulation. 3. Without prejudice to Article 4(2b), a credit rating agency shall not outsource in relation to an individual credit rating the entire set of credit rating activities as defined in Article 3.
Amendment 327 #
2008/0217(COD)
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. The credit rating agency shall submit an application for registration to CESRthe competent authority of the home Member State and the CESR simultaneously. The application shall contain information on the matters set out in Annex II.
Amendment 330 #
2008/0217(COD)
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. AIn the case of an application for registration may be submitted by a group of credit rating agencies. In that case, the members of the group shall mandate one of the members of the groupir number to submit the application to CESR on behalf of the group to the competent authorities of the home Member States and the CESR simultaneously. The mandated credit rating agency shall provide the information on the matters set out in Annex II for each member of the group.
Amendment 332 #
2008/0217(COD)
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. Within 10five working days of receipt of the application, the CESR shall transmit copies of the application to the competent authority of the home Member State and informies other than the competent authorities of the otherhome Member States of that transmission.
Amendment 334 #
2008/0217(COD)
Proposal for a regulation
Article 13 – paragraph 3 a (new)
Article 13 – paragraph 3 a (new)
3a. Within 25 working days of receipt of the application for registration, the competent authority of the home Member State and the members of the college shall assess whether the application is complete. In the event that the application is incomplete, the competent authority of the home Member State shall set a deadline by which the credit rating agency shall provide additional information to it and to the CESR and shall notify the members of the college and the CESR accordingly. After establishing that the application is complete the competent authority of the home Member State shall notify the credit rating agency, the members of the college and the CESR accordingly.
Amendment 336 #
2008/0217(COD)
Proposal for a regulation
Article 13 – paragraph 3 b (new)
Article 13 – paragraph 3 b (new)
3b. Within five working days of receipt of additional information under paragraph 3a, the CESR shall transmit the additional information to the competent authorities other than competent authorities of the home Member State.
Amendment 338 #
2008/0217(COD)
Proposal for a regulation
Article 14
Article 14
1. Within 10 days of receipt of the application for registration, the competent authority of the home Member State shall check whether the applThe competent authority of the home Member State and the competent authorities that are members of the college referred to in Article 25 shall, within 60 working days of the notification ias complete. In case the application is not complete, the competent authority of the home Member State shall set a deadline by which the credit rating agency shall provide additional information. 2. Upon receipt of a complete application, the competent authority of the home Member State shall transmit the application to the competent authorities of the other Member States and CESR. 3. In case an application for registration is submitted by a group of credit rating agencies the competent authorities of the home Member States concerned shall closely co-operate in the registration process. They shall select among themselves a facilitator taking into account the following criteria: (a) the place where the group of credit rating agencies carries out or is planning to carry out the most important part of its credit rating activity within the Community; (b) the place where the group of credit rating agencies generates or can be expected to generate the major part of the revenue of the group. 4. The facilitator shall coordinate the examination of the application submitted by the group of credit rating agencies and ensure that all information necessary to carry out the examination of the application is shared among the competent authorities. 5. In case of an application for registration by a credit rating agency the competent authority of the home Member State shall examine the application and prepare an opinion on whether to grant or refuse registration. In the case of an application submitted by a group of credit rating agencies, the competent authorities of the home Member States concerned shall jointly examine the application for registration and shall reach agreement on whether to grant or to refuse registration. referred to in the second subparagraph of Article 13(3a): (a) jointly examine the application for registration; and (b) do everything reasonable within their power to reach an agreement on whether to grant or refuse registration of the credit rating agency based on the compliance of the credit rating agency with the conditions set out in this Regulation. 2. The facilitator may extend the period of examination by 30 working days, in particular, if the credit rating agency: a) intends to endorse credit rating as referred to in Article 4(2b), b) intends to outsource its activities, or c) requests exemption from the compliance in accordance with Article 5(2a), 3. The facilitator shall coordinate the examination of the application submitted by the credit rating agency and ensure that all information necessary to carry out the examination of the application is shared among the members of the college. 4. The competent authority of the home Member State shall prepare a fully reasoned draft decision following the agreement referred to in paragraph 1 (b) and submit it to the facilitator. In the absence of agreement among the members of the college, the competent authority of the home Member State shall prepare a fully reasoned draft refusal decision based on the written views of the members of the college which consider that a registration should not be granted and shall submit it to the facilitator. The members of the college who consider that registration should be granted shall prepare and submit a detailed explanation of the nature and grounds of their views to the facilitator. 5. Within 60 working days of the notification referred to in the second subparagraph of Article 13 (3a) or within 90 working days in the event that paragraph 2 of this article applies, the facilitator shall communicate to the CESR the fully reasoned draft registration or refusal decision, accompanied by the explanation referred to in the second subparagraph of paragraph 4 of this article. 6. Within 20 working days of receipt of the communication referred to in paragraph 5, the CESR shall express its opinion on the compliance of the credit rating agency with the requirements for the registration to the members of the college. After receipt of the opinion of the CESR, the members of the college shall re-examine the draft decision. 7. The competent authority of the home Member State shall adopt a fully reasoned registration or refusal decision within 15 working days of receipt of the opinion of the CESR. In the event that the competent authority of the home Member State departs from the opinion of the CESR it shall give full reasons in its decision. In the event that the CESR submits no opinion, the competent authority of the home Member State shall adopt its decision within 30 working days of the communication of the draft decision to the CESR under paragraph 5. In the event that the members of the college are unable to agree, the competent authority of the home Member State shall adopt a fully reasoned refusal decision which shall identify the dissenting competent authorities and set out their views.
Amendment 340 #
2008/0217(COD)
Proposal for a regulation
Article 14 a (new)
Article 14 a (new)
Amendment 365 #
2008/0217(COD)
Article 25 – paragraph 1
1. In case of a groupWithin 10 working days of credit rating agencies referred to inceipt of an application for registration under Article 14(3)3, the competent authoritiesy of the home Member States concerned shall consult each other before taking measures in accordance wi, or, in the case of a group of credit rating agencies, the competent authority of the home Member State of the credit rating agency mandated under Article 13(2), shall establish a college of competent authorities in order to facilitate the exercise of the this Regulationasks referred to in Articles 4, 5, 14, 14a, 17, 21, 22 and 24.
Amendment 367 #
2008/0217(COD)
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
2. The facilitator referred to in Article 14(3) shall plan and coordinate the actionscollege shall be composed of the competent authorities of the home Member States concand competent authorities refernred to in paragraph 3.
Amendment 369 #
2008/0217(COD)
Proposal for a regulation
Article 25 – paragraph 3
Article 25 – paragraph 3
3. The facilitator A competent authority other thand the competent authoritiesy of the home Member States concerned shall establish coordination arrangements regard may at any time decide to become a member of the college, provided that: (a) a branch which is a part of the credit rating agency or of one of the undertakings ing the following matters: a) the information to be exchanged between competent authorities; b) cases in which competent authorities have to consult each other; c) cases in which competent authorities delegate supervisory tasks in accordance with Article 24group of credit rating agencies is established within its jurisdiction; or (b) the use for regulatory purposes of credit ratings issued by the credit rating agency or the group of credit rating agencies concerned is widespread or has or is likely to have a significant impact within its jurisdiction.
Amendment 371 #
2008/0217(COD)
Proposal for a regulation
Article 25 – paragraph 3 a (new)
Article 25 – paragraph 3 a (new)
3a. Competent authorities in whose jurisdictions the credit ratings issued by the credit rating agency or by the group of credit rating agencies concerned are used, other than the members of the college as referred to in paragraph 3, may participate in a meeting or in an activity of the college.
Amendment 373 #
2008/0217(COD)
Proposal for a regulation
Article 25 – paragraph 3 b (new)
Article 25 – paragraph 3 b (new)
3b. Within 15 working days of the establishment of the college, the members of the college shall select a facilitator. In the absence of an agreement, the members shall consult the CESR. For this purpose, at least the following criteria shall be taken into account: (a) the relationship between the competent authority and the credit rating agency or the group of credit rating agencies; (b) the extent to which credit ratings will be used for regulatory purposes in a particular territory or territories; (c) the place in the Community where the credit rating agency or group of credit rating agencies carries out or is planning to carry out the most important part of credit rating activities; and (d) administrative convenience, burden optimisation, and an appropriate distribution of the workload. Members of the college shall review the selection of the facilitator at least every five years to ensure the selected facilitator remains the most appropriate following the criteria referred to in the first subparagraph.
Amendment 375 #
2008/0217(COD)
Proposal for a regulation
Article 25 – paragraph 3 c (new)
Article 25 – paragraph 3 c (new)
3c.The facilitator shall chair the meetings of the college, shall coordinate the actions of the college and shall ensure efficient exchange of information among the members of the college.
Amendment 377 #
2008/0217(COD)
Proposal for a regulation
Article 25 – paragraph 3 d (new)
Article 25 – paragraph 3 d (new)
3d. In order to ensure close cooperation between competent authorities within the college, the facilitator shall, within 10 working days, establish written coordination arrangements within the framework of the college regarding the following matters: (a) the information that must be exchanged between competent authorities; (b) the decision-making process among the competent authorities, without prejudice to Articles 14, 14a, and 17; (c) cases in which competent authorities must consult each other; (d) cases in which competent authorities must apply the mediation mechanism referred to in Article 27; (e) cases in which competent authorities may delegate supervisory tasks in accordance with Article 26.
Amendment 379 #
2008/0217(COD)
Proposal for a regulation
Article 25 – paragraph 3 e (new)
Article 25 – paragraph 3 e (new)
3e. In the absence of an agreement concerning the written coordination arrangements under paragraph 3d, any member of the college may refer the matter to the CESR. The facilitator shall duly consider an opinion given by the CESR concerning the written coordination arrangements before agreeing the final text. The written arrangements shall be set out in a document containing the full reasons for any significant deviation from an opinion given by the CESR concerning the written coordination arrangements. The facilitator shall transmit this document to the members of the college and the CESR.
Amendment 397 #
2008/0217(COD)
Article 35 – paragraph 1
Credit rating agencies operating in the Community before [the date of entry into force of...* and which intend to apply for registration under this Regulation] shall adopt all necessary measures to comply with this Regulation andits provisions by ...*. Credit rating agencies shall submit an application for registration by [...* but no earlier than ...*. * OJ please insert date of entry into force of this Regulation. * OJ please insert date: 12 months after the entry into force of this Regulation. * OJ please insert date: 12 months after the entry into force of this Regulation. * OJ please insert date: six months after the entry into force of this Regulation].
Amendment 402 #
2008/0217(COD)
Article 35 – paragraph 2
The credit rating agencies referred to in the first subparagraph shall cease to issue credit ratings ifmay continue issuing credit ratings for the purposes of Article 2(1). Those credit ratings may be used for regulatory purposes by financial institutions as referred to in Article 4(1) unless registration is refused.
Amendment 407 #
2008/0217(COD)
Article 35 – paragraph 2 a (new)
In the event of a refusal of registration, credit ratings issued by such credit rating agency may continue to be used for regulatory purposes following the adoption of measures in paragraph 1(a) and (c) during a period not exceeding: (a) 10 working days where there are credit ratings of the same instrument or entity issued by other credit rating registered under this Regulation; (b) three months where there are no credit rating of the same instrument or entity issued by other credit rating agencies registered under this Regulation. Competent authorities may prolong this period by a further three months in exceptional circumstances related to a potential for market disruption or financial stability.
Amendment 409 #
2008/0217(COD)
Article 36 – paragraph 2
It shall apply from [insert exact date; sixits date of entry into force, with the exception of Article 4(1), which shall apply from 12 months after its entry into force and Article 4(2b)(f) to (h), which shall apply from 24 months after its entry into force].
Amendment 6 #
2006/0167(COD)
Proposal for a decision
Recital 1 a (new)
Recital 1 a (new)
(1a) Export credit agencies should carefully examine applications received in order to maximise the benefits of the official support provided taking into account the fact that well-targeted export credit will contribute to new market access opportunities for European companies, especially SMEs, while fostering open, and fair trade and mutually beneficial growth in the aftermath of the crisis.