Activities of Syed KAMALL related to 2016/0363(COD)
Shadow reports (1)
REPORT on the proposal for a directive of the European Parliament and of the Council on amending Directive 2014/59/EU of the European Parliament and of the Council as regards the ranking of unsecured debt instruments in insolvency hierarchy PDF (580 KB) DOC (70 KB)
Amendments (2)
Amendment 88 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
Directive 2014/59/EU
Article 108 – paragraph 4 a (new)
Article 108 – paragraph 4 a (new)
4a. Where, after 31 December 2016 and before the [date of entry into force of this Directive], a Member State has adopted a national law governing the ranking in normal insolvency proceedings of unsecured claims resulting from debt instruments issued after the date of application of such national law, paragraph 4 shall not apply to claims resulting from debt instruments issued after the entry into force of that national law provided that it complies with the following: (a) that national law provides that, for entities referred to in points (a), (b), (c) and (d) of Article 1(1), ordinary unsecured claims shall, in normal insolvency proceedings, have a higher priority ranking than that of unsecured claims resulting from debt instruments which meet the following conditions: (i) they are not derivatives and have no embedded derivatives; and (ii) the relevant contractual documentation and, where applicable, the prospectus, related to the issuance explicitly refers to the lower ranking under the applicable law; (b) that national law provides that unsecured claims resulting from debt instruments that meet the conditions laid down in point (a) of this paragraph shall, in normal insolvency proceedings, have a higher priority ranking than the priority ranking of claims resulting from instruments referred to in points (a) to (d) of Article 48(1). On the [date of entry into force of measures under national law transposing this Directive], the unsecured claims resulting from debt instruments referred to in point (b), shall have the same priority ranking as the one referred to in points (b) and (c) of paragraph 2 and in paragraph 3.
Amendment 91 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
Directive 2014/59/EU
Article 108 – paragraph 4 b (new)
Article 108 – paragraph 4 b (new)
4b. Member States which, prior to 31 December 2016, have adopted a national law governing normal insolvency proceedings whereby (i) unsecured claims resulting from debt instruments issued by entities referred to in points (a),(b),(c) and (d) of Article 1(1) are split into two or more different priority rankings or where the priority ranking of unsecured claims resulting from debt instruments is changed in relation to all other ordinary unsecured claims of the same ranking, and (ii) that national law has the objective of ensuring that eligible liabilities that meet the criteria for inclusion in the minimum requirement for own funds and eligible liabilities of entities referred to in points (a), (b), (c) and (d) of Article 1 (1) are subordinated to other ordinary unsecured claims, may provide that debt instruments with the lowest priority ranking among those ordinary unsecured claims have the same ranking as the one of claims that meet the conditions of paragraph 2(b) and (c) and paragraph 3.