Activities of Sharon BOWLES 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
Amendments (7)
Amendment 299 #
Proposal for a directive
Recital 3 a (new)
Recital 3 a (new)
(3a) Preparation of, and consultation in relation to, implementing measures under Solvency II is at an advanced stage and therefore, in the interest of early conclusion, those implementing measures should be completed. Subsequent adjustments should follow under the procedures for delegated acts and regulatory technical standards as provided herein.
Amendment 300 #
Proposal for a directive
Recital 10 a (new)
Recital 10 a (new)
(10a) Due to the extensive nature of the implementing acts, the European Parliament and the Council should have three months from the date of notification to object to a delegated act or a regulatory technical standard. At the initiative of the European Parliament or the Council, it should be possible to prolong that period by a further three months.
Amendment 317 #
Proposal for a directive
Article 2 – point 2 – point a
Article 2 – point 2 – point a
Directive 2009/138/EC
Article 31 – paragraph 4 a (new)
Article 31 – paragraph 4 a (new)
4a. In order to ensure full compliance with regard to the division between delegated acts and regulatory technical standards, all delegated acts that are to become to regulatory technical standards will do so after a period of three years from the publication of this Directive in the Official Journal of the European Union.
Amendment 360 #
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – paragraph 1
Article 77a – paragraph 1
Amendment 376 #
Proposal for a directive
Article 2 – point 16 a (new)
Article 2 – point 16 a (new)
Amendment 443 #
Proposal for a directive
Article 2 – point 62 – point c
Article 2 – point 62 – point c
Directive 2009/138/EC
Article 260 – paragraph 4
Article 260 – paragraph 4
4. By way of derogation from Article 261(1), the first paragraph of Article 262(1) and the second paragraph of Article 263, Member States may, for a transitional period, rely on the group supervision exercised by the third-country supervisory authorities. The transitional period shall last for a maximum of 5 years from the date referred to in the first sub-paragraph of Article 309(1). of insurance and reinsurance undertakings, the parent undertaking of which has its head office outside the Community on 1 January 2014 in situations other than those covered in paragraph 5. The transitional period shall last from 1 January 2014 until 31 December 2018, or until the date on which, in accordance with paragraph 2 of this Article, the prudential regime of that third country has been deemed to be equivalent to that laid down in this Title, whichever the earlier. This derogation shall only apply where the Commission has made a decision in accordance with paragraph 57 that specified conditions have been met by the third country. No later than 3 years after 1 January 2014, the Commission shall review in relation to each third country for which the Commission has made a decision in accordance with paragraph 7, the progress on convergence to an equivalent regime that has been made by the third country.
Amendment 468 #
Proposal for a directive
Article 2 – point 71
Article 2 – point 71
Directive 2009/138/EC
Article 308b – point g
Article 308b – point g
(g) with regard to Articles 308a(7), the length of the transitional period which may be shorter than the maximum of 10 years, the phasing of the transitional period, the specification of the own fund items subject to the transitional, and the transitional requirements as to the classification of own fund items, which will apply to those specified own funds items and requiring that during the transitional period insurance and reinsurance undertakings comply at least with the laws, regulations and administrative provisions adopted pursuant to Article 27 of Directive 2002/83/EC, Article 16 of Directive 73/239/EEC and Article 36 of Directive 2005/68/EC in respect of those own fund itemsinsurance liabilities issued prior to the date referred to in Article 309(1) which make use of an illiquidity premium in the relevant risk-free rate term structure under the applicable regulatory regime up until that date shall, for the purposes of Articles 77(a) and 86, be permitted to continue to use this approach for the calculation of technical provisions for 10 years after the date referred to in Article 310;