27 Amendments of Sharon BOWLES related to 2012/0244(COD)
Amendment 95 #
Proposal for a regulation
Recital 3
Recital 3
(3) In order to provide for the single supervisory mechanism, Council Regulation (EU) No …/… .../...[127(6) Regulation] confers specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions in the Member States whose currency is the euro. Other Member States may enter in a close cooperation with the ECB. Under that Regulation, the ECB is to coordinate and express the position of those Member States on the decisions to be taken by the Board of Supervisors of the Europeacompetent authorities participating in the ECB component of the SSM, when participating in the decision- making as Members of the Board of Supervisors of EBA should act independently and only in the interests of the Union Banking Authority (EBA) falling within the scope of the ECB tasksd with a duty of care to the internal market. The EBA and all its formations and participants should not discriminate between Member States or a group of Member States either directly or indirectly.
Amendment 109 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4 a) In order to prevent the risk that the establishment of a supervisory mechanism which covers only some of the Member States could lead to a fragmentation of supervisory practices within the internal market, it is fundamental that the single rulebook is accompanied by a European supervisory handbook, drawn up by EBA in consultation with national supervisory authorities, in order to identify the practices of the highest quality across the Union as regards supervisory methodologies and processes so that core Basel and Union principles are not undermined. The handbook should not restrict judgement led supervision and should also include, where appropriate and within the remit of EBA, the areas of consumer protection and efforts against money laundering. In addition to clear guidelines for the implementation of sectoral legislation, including technical standards, the handbook should set out metrics and methodologies for risk assessment, identification of early warnings and criteria for supervisory action. Competent authorities should apply the handbook strictly and should not treat it as a tick-box exercise. Any divergence in their practices should be considered as a significant element in the assessment of malpractices or breaches of Union law. (Modification of the rapporteur’s amendment 3.)
Amendment 119 #
Proposal for a regulation
Recital 5
Recital 5
(5) In view of the supervisory tasks conferred on the ECB by Council Regulation (EU) No …/… [127(6) Regulation], EBA should be able to carry out its tasks also in relation to the ECB. In order to ensure that existing mechanisms for settlement of disagreements and actions in emergency situations remain effective, a specific procedure should be provided for. In particular, if the ECB does not comply with an action by EBA to settle a disagreement or to address an emergency situation, it should be required to explain its reasons. Additionally, to ensure the level playing field between the ECB and Member States out of the single supervisory mechanism, the same right should be granted to the national competent authorities. In that case, whenever based on requirements set out in directly applicable Union law EBA can adopt an individual decision addressed to the financial institution concerned, it should do so.
Amendment 121 #
Proposal for a regulation
Recital 5
Recital 5
(5) In view of the supervisory tasks conferred on the ECB by Council Regulation (EU) No …/… [127(6) Regulation], EBA should be able to carry out its tasks also in relation to the ECB. In order to ensure that existing mechanisms for settlement of disagreements and actions in emergency situations remain effective, a specific procedure should be provided for. In particular, ifnd to comply with the requirement for all Member States to be treated equally, the ECB does notshould comply with an action by EBA to settle a disagreement or to address an EBA procedures in the same way as competent authorities of non-participating Membergency situation, it should be required to explain its reasons. In that case, whenever based on requirements set out in directly applicable Union law EBA can adopt an individual decision addressed to the financial States. The EBA may establish comply or explain procedures, after which it will address individual decisions to the institutions concerned, it should do so.
Amendment 135 #
Proposal for a regulation
Recital 7
Recital 7
(7) Decisions concerning breaches of Union law and settlement of disagreements should be examined by an independent panel composed of voting members of the Board of Supervisors which do not have any conflicts of interest, appointed by the Board of Supervisors. The decisions proposed by the panel to the Board of Supervisors should be considered as adopted unless rejected by a simple majority, which should include an adequate number of votes from members from Member States participating in the SSM and from Member States that do not participate in the SSM. Furthermore, in order to maintain the necessary incentives for closer integration of Member States within a single Union-wide supervisory mechanism, where disagreements occur between home and host competent authorities, a balance should be maintained in the decision-making process to ensure that the ability of host Member States to apply stricter prudential standards is not undermined in particular where the entity in the host Member State is of systemic importance or size.
Amendment 137 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7 a) It is important to maintain a balance among euro area and non-euro area competent authorities participating in the ECB component of the SSM since the latter are not represented on the Governing Council of the ECB. Therefore, where a competent authority from a Member State that has entered into close cooperation with the ECB in accordance with Regulation (EU) No .../... [127(6) Regulation] disagrees with a supervisory action of the ECB addressed to an institution within that Member State, it should be able to refer the matter to an the independent panel within EBA, consisting of the competent authorities of the participating Member States and of the Member States that have entered into close cooperation agreements with the ECB. The panel, by simple majority of the competent authorities represented, should be able to propose a decision on the matter to the Board of Supervisors, where it should be considered adopted unless opposed by a simple majority. Competent authorities not participating in the SSM may also refer decisions to the independent panel with regard to firms operating in their jurisdiction that may have serious implications for stability or the internal market. (Based on Rapporteur's amendment 6.)
Amendment 155 #
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10 a) An effective single, Union-wide supervisory mechanism should include not only an authority with the power to design and ensure the consistent Union- wide implementation of a single rulebook, but also the harmonised execution by competent authorities of that single rulebook. While the ECB component of the SSM can perform this role for some Member States, it is not feasible for it to do so for all as there are institutional obstacles to ensuring equal treatment of non-euro area participants and a possibility of conflict between euro area monetary policy and Union-wide supervisory policy. Therefore, harmonised execution through a single supervisory body can only be achieved by other means. It is imperative that where there is a conflict between Euro-area monetary policy and Union-wide supervisory policy the requirements of Euro-area monetary policy are not imposed on non-Euro area countries where it would be damaging to their monetary policy. Any analysis of such conflict may not be made solely by the ECB, but must be referred inter alia to the ESRB. The monetary policy of the ECB must be conducted independently. (Modification of rapporteur’s amendment 11 - last sentence an addition.)
Amendment 157 #
Proposal for a regulation
Recital 11
Recital 11
(11) Since the objectives of this Regulation, namely ensuring a high, effective and consistent level of prudential regulation and supervision across the European Union, protecting the integrity, efficiency and orderly functioning of financial marketthe internal market in financial services and maintaining the stability of the financial system, cannot be sufficiently achieved by the Member States and can, therefore, by reason of the scale of the action, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives,
Amendment 168 #
Proposal for a regulation
Article 1 – paragraph 1 – point -1 e (new)
Article 1 – paragraph 1 – point -1 e (new)
Regulation (EU) No 1903/2010
Article 1 – paragraph 5 – subparagraph: 4
Article 1 – paragraph 5 – subparagraph: 4
-1e. In Article 1(5), the fourth subparagraph is replaced by the following: "When carrying out its tasks, the Authority shall act independently, objectively and in a non discriminatory way in the interest of the Union as a whole and preserving the single market in financial services. While performing its duties the EBA, and all members of the Supervisory Board and any panel, shall not directly or indirectly discriminate against any Member State or group of Member States as a venue for financial services whether by reference to their currency or otherwise."
Amendment 170 #
Proposal for a regulation
Article 1 – paragraph 1 – point -1 g (new)
Article 1 – paragraph 1 – point -1 g (new)
Regulation EU No 1093/2010
Article 2 – paragraph 2 – point (f) a (new)
Article 2 – paragraph 2 – point (f) a (new)
-1g. In Article 2(2) the following point shall be added after point f: "(fa) the European Central Bank as a competent authority for prudential supervision."
Amendment 172 #
Proposal for a regulation
Article 1 – paragraph 1 – point -1 i (new)
Article 1 – paragraph 1 – point -1 i (new)
Regulation (EU) No 1093/2010
Article 3
Article 3
-1i. Article 3 is replaced by the following: "Accountability of the Authorities The Authorities comprising the ESFS referred to in Article 2(2) [...] shall be accountable to the European Parliament and the Council. For the competent or supervisory authorities referred to in Article 2(2)(f), the first paragraph shall apply without prejudice to their accountability to national parliaments. For the European Central Bank, this shall apply without prejudice to Article 130 TFEU and only for matters related to the tasks conferred upon it by Regulation (EU) No.../...[conferring specific tasks on the ECB]. The European Central Bank shall also be accountable on matters of prudential supervision to national authorities where it has taken or enforced action that would have led to such a right if the action had been instigated by the national competent authority. This accountability may be removed when there are common backstops available to all participating members in the SSM."
Amendment 175 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) 1093/2010
Article 4 – point 2 – point (i)
Article 4 – point 2 – point (i)
"(i) Competent authorities as defined in Directives 2006/48/EC and 2006/49/EC, including the ECB for matters related to the tasks conferred upon it by Council Regulation (EU) No …/…[127(6) TFEU Council Regulation], in Directive 2007/64/EC, and as referred to in Directive 2009/110/EC. In all matters regarding tasks conferred upon it by Council Regulation (EU) No.../... and any other Union Act regarding those tasks and prudential supervision, the ECB shall not be granted additional powers beyond the role of competent authority for prudential supervision and shall be equivalent to competent authorities outside the SSM."
Amendment 179 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 c (new)
Article 1 – paragraph 1 – point 1 c (new)
Regulation (EU) 1093/2010
Article 7
Article 7
1 c. Article 7 is replaced by the following: "Seat The Authority shall have its seat in London at least until the review of the seats of all the ESAs as laid out in article 81 (h)."
Amendment 184 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 h (new)
Article 1 – paragraph 1 – point 1 h (new)
Regulation EU No 1093/2010
Article 9 – paragraph 5 – subparagraph 1
Article 9 – paragraph 5 – subparagraph 1
1h. In Article 9(5), the first subparagraph is replaced by the following: "5. The Authority may [...] prohibit or restrict certain financial activities not falling in the remit of ESMA that threaten the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union in the cases specified and under the conditions laid down in the legislative acts referred to in Article 1(2) or, if so required, in the case of an emergency situation in accordance with and under the conditions laid down in Article 18."
Amendment 192 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Regulation (EU) No 1093/2010
Article 18 – paragraph 3a
Article 18 – paragraph 3a
"3a. Where the Authority requests the ECB as competent authority to take the necessary action in accordance with paragraph 3, the ECBcompetent authority shall comply with it or shall provide within 48 hours at the latest adequate justification to the Authority for its non-compliance."
Amendment 194 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Regulation (EU) No 1093/2010
Article 18 – paragraph 3a
Article 18 – paragraph 3a
"3a. Where the Authority requests the ECB as competent authority to take the necessary action in accordance with paragraph 3, the ECBcompetent authority shall comply with it or shall provide within 48 hours at the latest adequate justification to the Authority for its non-compliance. The ECB shall establish whether it will enforce decisions following non- compliance. This shall be a blanket decision to cover all competent authorities."
Amendment 201 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 1093/2010
Article 19 – paragraph 3a
Article 19 – paragraph 3a
"3a. Where the Authority requests the ECB as competent authority to take specific action or to refrain from action in accordance with paragraph 3, the ECBcompetent authority shall comply with it or shall within ten working days of the receipt of the request provide adequate justification to the Authority for its non-compliance."
Amendment 219 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1093/2010
Article 41 – paragraph 2 – subparagraph 1
Article 41 – paragraph 2 – subparagraph 1
"For the purposes of Article 17 and 19, the Board of Supervisors shall establish an independent panel consisting of the Chairperson and two members appointed by the Board of Supervisors among its voting members. At least one member of the independent panel shall be from a Member State which is noteither a participating Member State in accordance with Regulation (EU) No …/… [127(6) TFEU Council Regulation] nor has entered into close cooperation with the ECB in accordance with that Regulation."
Amendment 229 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 1093/2010
Article 42
Article 42
Amendment 238 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1093/2010
Article 44 – paragraph 1 – subparagraph 2
Article 44 – paragraph 1 – subparagraph 2
"With regard to the acts specified in Articles 10 to 16 and measures and decisions adopted under the third subparagraph of Article 9(5) and Chapter VI and by way of derogation from the first subparagraph of this paragraph, the Board of Supervisors shall take decisions on the basis of a qualified majority of its members, as defined in Article 16(4) of the Treaty on European Union and in Article 3 of the Protocol (No 36) on transitional provisions, however the decisions to be passed shall be supported in parallel by at least simple majority of weighted votes in the group consisting of participating Member State in accordance with Regulation (EU) No .../...[127(6) TFEU Council Regulation] and those which have entered into close cooperation with the ECB in accordance with that Regulation, as well as in the group consisting of non-participating Members States."
Amendment 243 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1093/2010
Article 44 – paragraph 1 – subparagraph 3
Article 44 – paragraph 1 – subparagraph 3
"With regard to decisions in accordance with Articles 17 and 19, the decision proposed by the panel shall be considered as adopted unless it is rejected by a simple majority which shall include at least three votes from members of participating Member States and three votes from members of Member States which are neitheradopted by a simple majority however the decisions to be passed shall be supported in parallel by at least simple majority in the group consisting of participating Member States in accordance with Regulation (EU) No …/….../...[127(6) TFEU Council Regulation] norand those which haves entered into close cooperation with the ECB in accordance with that Regulation, as well as in the group consisting of non-participating Members States."
Amendment 257 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1093/2010
Article 44 – paragraph 1 – subparagraph 6 a (new)
Article 44 – paragraph 1 – subparagraph 6 a (new)
"If the relevant majority in this Article does not cover two thirds of the market share, then the decision shall act as a guideline in accordance with Article 16 of this Regulation."
Amendment 261 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) No 1093/2010
Article 45 – paragraph 1 – subparagraph 3
Article 45 – paragraph 1 – subparagraph 3
"The term of office of the members elected by the Board of Supervisors shall be 2 1/2 years. That term may be extended once. The composition of the Management Board shall be balanced and proportionate and shall reflect the Union as a whole. The Management Board shall include at least twohree representatives from Member States which are not participating Member States in accordance with Regulation [127(6) TFEU Council Regulation] nor have entered into close cooperation with the ECB in accordance with that Regulation. Mandates shall be overlapping and an appropriate rotating arrangement shall apply."
Amendment 265 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8 a (new)
Article 1 – paragraph 1 – point 8 a (new)
Regulation (EU) No 1093/2010
Article 53 a (new)
Article 53 a (new)
8a. The following Article is inserted after Article 53: "Article 53a The Chair and Executive Director shall make public meetings held, hospitality received and record publicly all expenses claims over 250 EUR."
Amendment 267 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8 c (new)
Article 1 – paragraph 1 – point 8 c (new)
Regulation (EU) No 1093/2010
Article 58 – paragraph 3
Article 58 – paragraph 3
8 c. Article 58(3) is replaced by the following: "3. Two members of the Board of Appeal and two alternates shall be appointed by the Management Board of the Authority from a short-list proposed by the Commission, following a public call for expressions of interest published in the Official Journal of the European Union, and after consultation of the Board of Supervisors. At least one member and his alternate shall be a representative from a Member State which is not a participating Member State in accordance with Regulation (EU) No.../... [127(6) TFEU Council Regulation] nor has entered into close cooperation with the ECB in accordance with that Regulation. The other members shall be appointed in accordance with Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010."
Amendment 270 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8 f (new)
Article 1 – paragraph 1 – point 8 f (new)
Regulation (EU) No 1093/2010
Article 81 a (new)
Article 81 a (new)
8f. The following Article is inserted after Article 81: "Article 81a Review of Voting Arrangements When the number of Member States not participating in the SSM reduces to four, the Commission shall review and report on the voting arrangements in this Regulation. The report and any accompanying proposals, as appropriate, shall be forwarded to the European Parliament and to the Council."
Amendment 271 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8 g (new)
Article 1 – paragraph 1 – point 8 g (new)
Regulation (EU) No 1093/2010
Article 81 b (new)
Article 81 b (new)
8g. The following Article is inserted after Article 81: "Article 81b Review of the impact of the SSM on branches and subsidiaries The EBA shall closely monitor the impact of the SSM on bank branches and subsidiaries and report to the Parliament, Council and Commission on any pattern of changes. Competent authorities shall also be provided with the report."