BETA

Activities of Sebastian Valentin BODU related to 2010/0160(COD)

Plenary speeches (1)

Credit rating agencies (debate)
2016/11/22
Dossiers: 2010/0160(COD)

Amendments (22)

Amendment 23 #
Proposal for a regulation – amending act
Recital 12
(12) In order to effectively exercise its supervisory powers, the European Securities and Markets Authority should have the right to conduct investigations and on-site-inspections. When exercising its supervisory and investigatory powers, the European Securities and Markets Authority should give the persons whichoperate its proceedings on a basis of full respect for the rights of defence of the persons and credit agents who are subject to the proceedings an opportunity of being heard in order to respect their rights of def, ensuring that there is no breach of professional secrecy as it applies in their Member State of residence.
2010/10/12
Committee: JURI
Amendment 24 #
Proposal for a regulation – amending act
Recital 15
(15) The European Securities and Markets Authority should be able to propose to the Commission to impose periodic penalty payments. The purpose of those periodic penalty payments should be to achieve that an infringement established by the European Securities and Markets Authority is put to an end, that complete and correct information which the European Securities and Markets Authority has requested is supplied and that credit rating agencies and other persons submit to an investigation. Moreover, for deterrence purposes and to compel credit rating agencies to comply with the Regulation, the Commission should also be able to impose fines, following a request of the European Securities and Markets Authority, where intentionally or negligently, specific provisions of the Regulation have been breached. The fine shall be dissuasive and proportionate to the nature and seriousness of the breach, the duration of the breach and the economic capacity of the credit rating agency concerned. Detailed criteria for establishing the amount of the fines as well as procedural aspects related to fines should be set out by the Commission in a delegated act. Member States should only remain competent for laying down and implementing the rules on penalties applicable to the infringement of the obligation of financial firms to use, for regulatory purposes only credit ratings issued by credit rating agencies registered in accordance with this Regulation.
2010/10/12
Committee: JURI
Amendment 25 #
Proposal for a regulation – amending act
Article 1 – point 4
Regulation (EC) No 1060/2009
Article 8 a – paragraph 2 a (new)
2a. ESMA shall examine any significant differences in the ratings granted by the different credit rating agencies for the same structured finance instrument, and shall verify whether the case in question calls for measures in the framework of this Regulation.
2010/10/12
Committee: JURI
Amendment 26 #
Proposal for a regulation – amending act
Article 1 – point 4
Regulation (EC) No 1060/2009
Article 8 b – paragraph 1 – point a
(a) a list of the structured finance instruments for which it is in the process of providing a credit rating, identifying the type of the structured finance instrument, the name of the issuer and the date when the rating process was initiated;, as well as all information utilised by the credit rating agency concerned to determine and/or monitor the credit rating issued for a structured finance product.
2010/10/12
Committee: JURI
Amendment 27 #
Proposal for a regulation – amending act
Article 1 – point 4
Regulation (EC) No 1060/2009
Article 8 b – paragraph 2 a (new)
2a. The same access under the same conditions shall be granted to the competent national authorities.
2010/10/12
Committee: JURI
Amendment 28 #
Proposal for a regulation – amending act
Article 1 – point 9
Regulation (EC) No 1060/2009
Article 20 – paragraph 1 – point a
(a) expressly renounces the registration or has provided no credit ratings for the preceding six months;Deleted
2010/10/12
Committee: JURI
Amendment 29 #
Proposal for a regulation – amending act
Article 1 – point 9
Regulation (EC) No 1060/2009
Article 20 – paragraph 1 – point b
(b) has obtained the registration by making false statements or by any other irregular means;Deleted
2010/10/12
Committee: JURI
Amendment 30 #
Proposal for a regulation – amending act
Article 1 – point 9
Regulation (EC) No 1060/2009
Article 20 – paragraph 1 a (new)
1a. A credit agency may renounce its registration by a declaration to ESMA, which shall note the fact. From the date on which it is noted, the registration concerned shall cease to produce any legal effects for the future.
2010/10/12
Committee: JURI
Amendment 31 #
Proposal for a regulation – amending act
Article 1 – point 9
Regulation (EC) No 1060/2009
Article 20 – paragraph 2 a (new)
2a. ESMA shall decree the annulment of a registration where it is established that it was obtained in breach of the conditions required for a valid agreement.
2010/10/12
Committee: JURI
Amendment 32 #
Proposal for a regulation – amending act
Article 1 – point 13
Regulation (EC) No 1060/2009
Article 23 b – paragraph 3 a (new)
3a. The investigation shall take place in conformity with the internal rules of the territory where it is held. The law of the Member State concerned shall apply to all substantial aspects governed by this Regulation, and also to the formal aspects.
2010/10/12
Committee: JURI
Amendment 33 #
Proposal for a regulation – amending act
Article 1 – point 13
Regulation (EC) No 1060/2009
Article 23 c – paragraph 3
3. The officials and other persons authorised by ESMA to conduct an on-site inspection shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the inspection, the persons designated to carry it out and their position within the authority, and the periodic penalty payments provided for in Article 36b in case the persons concerned do not submit to the inspection. In good time before the inspection, ESMA shall give notice of the inspection to the competent authority of the Member State in whose territory it is to be conducted.
2010/10/12
Committee: JURI
Amendment 34 #
Proposal for a regulation – amending act
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 24 – paragraph 1 – point aa (new)
(aa) establish deterrent fines and penalties pursuant to Articles 36a and 36b;
2010/10/12
Committee: JURI
Amendment 35 #
Proposal for a regulation – amending act
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 24 – paragraph 3 – point a
(a) ten working days from the publication of the decision on ESMA's website pursuant to paragraph 4, if there are credit ratings of the same financial instrument or entity issued by other credit rating agencies registered under this Regulation; or
2010/10/12
Committee: JURI
Amendment 36 #
Proposal for a regulation – amending act
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 24 – paragraph 3 – point b
(b) three months from the publication of the decision on ESMA's website pursuant to paragraph 4 if there are no credit ratings of the same financial instrument or entity issued by other credit rating agencies registered under this Regulation.
2010/10/12
Committee: JURI
Amendment 37 #
Proposal for a regulation – amending act
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 24 – paragraph 4 a (new)
4a. If there is an appeal against a decision to penalise, publication of the decision shall be suspended until there is a ruling on the appeal.
2010/10/12
Committee: JURI
Amendment 38 #
Proposal for a regulation – amending act
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 a – paragraph 1
1. At ESMA's request, the Commission may by decision impose on a credit rating agency a fine where, intentionally or negligently, the credit rating agency has committed one of the breaches listed in Annex III.
2010/10/12
Committee: JURI
Amendment 39 #
Proposal for a regulation – amending act
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 b – paragraph 1 - introductory phrase
1. At ESMA's request, the Commission may, by decision, impose on the persons referred to in Article 23a(1) periodic penalty payments in order to compel them:
2010/10/12
Committee: JURI
Amendment 40 #
Proposal for a regulation – amending act
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 c – paragraph 1
1. Before taking decision on a fine or periodic penalty payment as provided for in Articles 36a and 36b, the CommissionESMA shall give the persons which are the subject of the proceedings the opportunity of being heard on the matters to which ithe Commission has taken objection. The CommissionIt shall base its decisions only on objections on which the parties concerned have been able to comment.
2010/10/12
Committee: JURI
Amendment 41 #
Proposal for a regulation – amending act
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 c – paragraph 2
2. The rights of defence of the persons concerned shall be fully respected in the proceedings. They shall be entitled to have access to the CommissionESMA's file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information and internal documents of the CommissionESMA".
2010/10/12
Committee: JURI
Amendment 42 #
Proposal for a regulation – amending act
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 d – paragraph 1
1. The CommissionESMA shall disclose to the public every fine and periodic penalty payment that has been imposed according to Articles 36a and 36b.
2010/10/12
Committee: JURI
Amendment 43 #
Proposal for a regulation – amending act
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 d a (new)
Article 36d(a) Consultation procedure The Commission shall, no later than 1 June 2011, publish a decision establishing and defining the terns relating to: a) the independent consultative committee which is to be consulted before ESMA takes any decision under Article 24 and before the Commission takes any decision under Articles 36a and 36b; b) the official who carries out the hearing and effectively ensures respect for the right to be heard in proceedings involving ESMA and/or the Commission pursuant to this Regulation.
2010/10/12
Committee: JURI
Amendment 44 #
Proposal for a regulation – amending act
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 e
The Court of Justice shall have unlimited jurisdiction to review decisions whereby the CommissionESMA has fixed a fine or imposed a periodic penalty payment. It may annul, reduce or increase the fine or periodic penalty payment imposed."
2010/10/12
Committee: JURI