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Activities of Syed KAMALL related to 2011/0006(COD)

Shadow opinions (1)

OPINION on the proposal for a directive of the European Parliament and of the Council amending Directives 2003/71/EC and 2009/138/EC in respect of the powers of the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority
2016/11/22
Committee: JURI
Dossiers: 2011/0006(COD)
Documents: PDF(128 KB) DOC(425 KB)

Amendments (4)

Amendment 3 #
Syed KAMALL
Proposal for a directive – amending act
Article 2 – point 30 – point a
Directive 2009/138/EC
Article 138 – paragraph 4 – subparagraph 1
In the event of an exceptional fall in financial markets, as determined by EIOPAthe supervisory authority in accordance with this paragraph, the supervisory authority may extend the period set out in the second sub-paragraph of paragraph 3 by an appropriate period of time taking into account all relevant factors. The supervisory authority shall notify EIOPA promptly of any extension granted.
2011/05/30
Committee: JURI
Amendment 4 #
Syed KAMALL
Proposal for a directive – amending act
Article 2 – point 30 – point b
Directive 2009/138/EC
Article 138 – paragraph 4 – subparagraph 4
Without prejudice to the powers of the EIOPA under Article 18 of Regulation …/…, for the purposes of this paragraph, EIOPA shall, following a request by the supervisory authority concerned, address an individual decision to the requesting supervisory authority declaring the existence of an exceptional fall in financial markets. AFor the purposes of this paragraph, an exceptional fall in financial markets exists, where one or more insurance or reinsurance undertakings are unable to meet one of the requirements set out in paragraph 3 of this Article within the time period defined therein as a consequence of a fall in financial markets which is unforeseen, sharp and steep, which is different from the downturns that occur as part of the economic cycle and which has already affected seriously and adversely the financial situation of one or more insurance and reinsurance undertakings collectively representing a substantial part of the insurance or reinsurance market in one or more Member States.
2011/05/30
Committee: JURI
Amendment 5 #
Syed KAMALL
Proposal for a directive – amending act
Article 2 – point 30 – point b
Directive 2009/138/EC
Article 138 – paragraph 4 – subparagraph 5
EIOPA shall at least once a month review whether the conditionsWithin one month following the receipt of a notification as referred to in the first subparagraph of this paragraph and at the end of each subsequent 3 months period during the extension period referred to in the fourthirst subparagraph still apply as of the date of the review and repeal that decision where one or more of the conditionsof this paragraph, EIOPA shall consider whether in its view an exceptional fall in financial markets exists or persists as of the date of the review and shall issue an opinion to the supervisory authority and the insurance or reinsurance undertaking if it considers that an exceptional fall in financial markets has ceased to exist. Where EIOPA has issued an opinion to the supervisory authority in accordance with the second subparagraph of this paragraph, the supervisory authority shall duly consider that opinion and determine whether any adjustment to the extension period referred to in the fourthirst subparagraph on which the decision was basedf this paragraph is appropriate. The supervisory authority shall provide its no longer fulfilled. To this edecision to the insurance or reinsurance undertaking and EIOPA, shall address an individual decision to the supervisory authority concerned declaring that an exceptionaltating its reasons in full and containing an explanation of any significant deviation from EIOPA’s opinion. In the report referred to in Article 43(5) of Regulation …/… EIOPA shall specify which supervisory authorities have chosen not to faoll in financial markets has ceased to exist. ow its opinion referred to in the second subparagraph of this paragraph.
2011/05/30
Committee: JURI
Amendment 6 #
Syed KAMALL
Proposal for a directive – amending act
Article 2 – point 31
Directive 2009/138/EC
Article 143 – paragraph 1
1. The Commission shall adopt delegated acts, in accordance with Article 301a and subject to the conditions of Articles 301b and 301c, specifying the procedures to be followed by EIOPA when determining the existence of an exceptional fall in the financial markets, and the factors to be taken into account for the purpose of the application of Article 138(4) including the maximum appropriate period of time, expressed in total number of months, which shall be the same for all insurance and reinsurance undertakings as referred to in the first subparagraph of Article 138(4).
2011/05/30
Committee: JURI
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