12 Amendments of Sharon BOWLES related to 2009/0142(COD)
Amendment 191 #
Proposal for a regulation
Recital 14
Recital 14
(14) There is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure, also through a single rulebook, a level playing field and an adequate protection of depositors, investors and consumers across Europe. As a body with highly specialised expertise, it is efficient and appropriate to entrust the Authority, in areas defined by Community law, with the elaboration of draft technical standards, which do not involve policy choices. When drafting the technical standards the authority shall adhere to the principle of proportionality by taking into consideration the different structures and risk profiles of financial institutions. In particular, the authorities shall seek to ensure that an unnecessary burden is not placed on democratically controlled cooperatives, which play an important role in respect of combating social exclusion at the level of local communities. The Commission should endorse those draft technical standards in accordance with Community law in order to give them binding legal effect. The draft technical standards have to be adopted by the Commission. They would be subject to amendment if, for example, the draft technical standards were incompatible with Community Law, would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of Community financial services legislation. To ensure a smooth and expedited adoption process for those standards, the Commission should be subject to a time limit for its decision on the endorsement.
Amendment 242 #
Proposal for a regulation
Recital 30 a (new)
Recital 30 a (new)
(30a) In respect of supervisors operating in colleges of supervisors, the Authority will determine and collect as appropriate all relevant information from competent authorities. Furthermore, it will take full account of the existing arrangements between national competent authorities and third country supervisors, taking into accounting the core Crisis Management Groups of international colleges which have full access to information. The authority should be a member of the Crisis Management Groups.
Amendment 260 #
Proposal for a regulation
Recital 38
Recital 38
(38) A full time Chairperson, selecappointed by the Board of Supervisors through an open competitionEuropean Parliament following an open selection procedure managed by the Board of Supervisors, should represent the Authority. The management of the Authority should be entrusted to an Executive Director, who should have the right to participate in meetings of the Board of Supervisors and the Management Board without the right to vote.
Amendment 270 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The Authority shall act within the scope of Directive 2006/48/EC, Directive 2006/49/EC, Directive 2002/87/EC, Directive 2005/60/EC, Directive 2002/65/EC and Directive 94/19/EC, including all directives, regulations, and decisions based on these acts, and of any further Community act which confers tasks on the Authority. The Authority shall only act within the scope of these acts to the extent that they are applicable to credit and financial institutions.
Amendment 365 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Before submitting them to the Commission, the Authority shall, where appropriate, conduct open public consultations on technical standards and analyse the potential related costs and benefits. The Authority shall take into consideration the different effects of the standards on democratically controlled cooperatives, within the meaning of Article 2.5 (a to e) of Directive 2008/48/EC on Consumer Credit Agreements, which play an important role in respect of combating social exclusion at the level of local communities. Technical standards shall reflect the principle of proportionality.
Amendment 393 #
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7a 1. The delegation of power referred to in Article 7 may be revoked by the European Parliament or by the Council. 2. The institution which has commenced an internal procedure for deciding whether to revoke the delegation of power shall endeavour to inform the other institution and the Commission stating the delegated powers which could be subject to revocation. 3. The decision of revocation shall put an end to the delegation of the powers specified in that decision. It shall take effect immediately or at a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union.
Amendment 396 #
Proposal for a regulation
Article 7 b (new)
Article 7 b (new)
Amendment 502 #
Proposal for a regulation
Article 12 – paragraph 3
Article 12 – paragraph 3
3. The Authority shall, in cooperation with assist the supervisors operating in colleges of supervisors, determine and collect as appropriate all relevant information from competent authorities, in order to facilitate the work of those colleges. It shall establish and manage a central system to make such information accessible to the competent authorities in colleges of supervisorsThe Authority shall take full account of the existing arrangements between national competent authorities and third country supervisors, taking into account the core Crisis Management Groups of international colleges which have full access to information. The Authority should be a member of the Crisis Management Groups. Deleted.
Amendment 521 #
Proposal for a regulation
Article 14 – paragraph 1 – point c
Article 14 – paragraph 1 – point c
(c) contribute to developing high quality and uniform supervisory standards, including reporting standards and taking into account the principle of proportionality;
Amendment 700 #
Proposal for a regulation
Article 33 – paragraph 2 – subparagraph 1
Article 33 – paragraph 2 – subparagraph 1
2. The Chairperson shall be appointed by the Board of SupervisorsEuropean Parliament on the basis of merit, skills, knowledge of financial institutions and markets, and experience relevant to financial supervision and regulation, following an open selection procedure managed by the Board of Supervisors who shall select the three strongest candidates for consideration by the European Parliament.
Amendment 702 #
Proposal for a regulation
Article 33 – paragraph 2 – subparagraph 2
Article 33 – paragraph 2 – subparagraph 2
Before appointment, the three candidates selected by the Board of Supervisors shall be subject to confirmation by the European Parliament, who shall appoint one of them as Chairperson.
Amendment 779 #
Proposal for a regulation
Article 61 – paragraph 1 a (new)
Article 61 – paragraph 1 a (new)
Participation in the work of the Authority shall also be open to third countries applying legislation which has been recognized as equivalent by the European Union in the areas of competence of the Authority, as referred to in Article 1 (2) and where such participation strengthens consistency in supervisory outcomes of direct interest to the Authority and these third countries. Their participation shall be subject to the conclusion of administrative arrangements as set out in Article 18.