[ParlTrack]

Draft opinion
Paragraph 1

1. Takes the view that cross-border living wills should be legally enforceable for financial institutions and should be considered for all systematically relevant corporations, even if they are not financial institutions;

2011/06/01
Committee: ECON

Sharon BOWLES

Draft opinion
Paragraph 1 a (new)

1a. Observes the importance of consistency of insolvency law with cross- border crisis resolution mechanisms for banks and potential comparable mechanisms for financial institutions;

2011/06/01
Committee: ECON

Sharon BOWLES

Draft opinion
Paragraph 5

5. Takes the view that the decision to involve whole groups rather than single legal entities in insolvency proceedings should be outcome-oriented and take account of any knock-on effects such as triggering other resolution tools or the effect on guarantee schemes that cover multiple brands within a group;

2011/06/01
Committee: ECON

Sharon BOWLES

Draft opinion
Paragraph 6

6. Believes that national law should treat similarly ranking creditors equally across the EU, and that ranking can not be based solely on location;

2011/06/01
Committee: ECON

Sharon BOWLES

Motion for a resolution
Recital L

L. whereas the creation of an EU database of insolvency proceedings would allow creditors and courts to determine whether insolvency proceedings have been opened in another Member State and the deadlines and details for the presentation of claims; whereas this would promote cost-effective administration and increase transparency, and whereas such a database could also usefully include information concerning directors, such as particulars of disqualification and cases of gross negligence,

2011/07/13
Committee: JURI

Sharon BOWLES

Motion for a resolution
Recital M a (new)

Ma. whereas, in the context of financial institutions and financial conglomerates, insolvency law must not impinge on crisis resolution mechanisms,

2011/07/13
Committee: JURI

Sharon BOWLES

Motion for a resolution
Annex – part 4 a (new)

Part 4a: Recommendations on the impact upon financial institutions and financial conglomerates The European Parliament proposes that any assessment of the impact of legislative proposals relating to cross-border insolvency proceedings in EU company law on financial institutions and financial conglomerates should take into account: – the fact that cross border ‘living wills’ should be legally enforceable in the case of financial institutions, and potentially in the case of all corporations having a systemic effect on the economy, even if they are not financial institutions, as an important step in the process of achieving an appropriate cross-border insolvency framework; – the fact that provision should be made for insolvency proceedings which allow special arrangements for separation of viable units that provide essential services, such as payment systems and other mechanisms defined in ‘living wills’, and, in this respect, that Member States should also ensure that their insolvency laws include adequate provisions allowing special arrangements at EU level for separation of insolvent cross-border conglomerates into viable units; – the possibility of reversing intra-group transfers, with the aim of ensuring that, where appropriate, assets are recoverable across borders, in order to achieve an equitable result; – the fact that investment companies, particularly insurers, cannot be dissolved on a ‘snapshot’ basis and require an outcome that achieves an equitable distribution of assets over time. Transfer of business, run-off, or continuity of operation should not be prevented and may need to be prioritised; – the fact that any decision to involve whole groups rather than single legal entities in insolvency proceedings should be outcome-oriented and should take account of any knock-on effects such as the triggering of other resolution tools or the effect on guarantee schemes that cover multiple brands within a group; – the definition of harmonised bail-in procedures, including in particular debt- to-equity swaps.

2011/07/13
Committee: JURI

7 Amendments of Sharon BOWLES related to 2011/2006(INI)

ParlTrack - 2011-2024