428 Amendments of Sebastian Valentin BODU
Amendment 43 #
2013/2114(INI)
Motion for a resolution
Recital N
Recital N
N. whereas in the case of online music sales, licence-granting practices are being viewed as an alternative tosupplemented by the system of private copying levies;
Amendment 61 #
2013/2114(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Believes that the private copying system is a virtuous system that balances the rightexception to copying for private use with fair remuneration to rightholders, and that it is a system worth preserving;
Amendment 112 #
2013/2114(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Takes the view that consumers must be informed of the amount and the purpose of the levy paid by them; urges the Commission and Member States accordingly, in consultation with manufacturers, importers, retailers and consumer associations, to ensure that this information is indicated on packaging and, as far as possible, on invoices and receipts issued to consumers;
Amendment 125 #
2013/2114(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls on the Member States to earmark at least 25% of revenue from private copying levies to promote the creative and performance arts and their production;
Amendment 136 #
2013/2114(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 143 #
2013/2114(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 147 #
2013/2114(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Observes that, despite permanent access to online works, downloading, storage and private copying for offline use is continuing; takes the view that a private copying levy system cannot therefore be replaced by aupplements the licencing system;
Amendment 158 #
2013/2114(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Stresses that, as for online services, contractual authorisations cannot be allowed to prevail to the detriment ofare supplemented by private copying exception arrangements;
Amendment 181 #
2013/2114(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
Amendment 6 #
2013/2077(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Urges the Commission and Council to engage with Parliament in negotiations on the criteria for the appropriate application of Article 290 and 291 TFEU; considers that this can be achieved in the frame of the revision of the Interinstitutional Agreement of Better Lawmaking that would inter-alia include such criteria;
Amendment 8 #
2013/2077(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Considers that the pressure on time and resources faced by national parliaments when responding to draft legislation might contributes to the perceived ‘democratic deficit’ within the EU;
Amendment 9 #
2013/2077(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that moves to strengthenfacilitate this mechanism would be welcome, for example by introducing a stronger ‘red card’ procedure; suggests that consideration should be given to whata more detailed examination of the appropriate number ofblems national parliament responses should be in order to trigger such a procedure, whether it should be limited to subsidiarity or proportionality grounds alone, and what its effect should be;s encounter in order to improve the functioning of the existing system; introducing views such a discussion as a useful stage in the evolution of the power given to national parliaments, aligning incentives to exercise scrutiny with effects at European level;
Amendment 19 #
2013/2077(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Recalls the commitment made by Parliament and the Council in the 2005 Interinstitutional Common Approach to Impact Assessment to carry out impact assessments, when they consider this to be appropriate and necessary for the legislative process, prior to the adoption of any substantive amendments, and calls on the committees to make use of the Impact Assessment Unit in implementing this commitment;.
Amendment 8 #
2013/0400(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2011/96/EU
Article 1 – paragraph 2
Article 1 – paragraph 2
Member States shall withdraw the benefit of this directive in the case of an artificial arrangement or an artificial series of arrangements which has been put into place for the essentialsole purpose of obtaining an improper tax advantage under this directive and which defeats the object, spirit and purpose of the tax provisions invokedis based on an artificial transaction carried out for the sole purpose of obtaining such an advantage.
Amendment 9 #
2013/0400(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2011/96/EU
Article 1 – paragraph 2 – point 2 a
Article 1 – paragraph 2 – point 2 a
the legal characterisation of the individual steps which an arrangement consists of is inconsistent with the legaleconomic substance of the arrangement as a whole;
Amendment 10 #
2013/0400(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2011/96/EU
Article 1 – paragraph 2 – point 2 a (new)
Article 1 – paragraph 2 – point 2 a (new)
In all cases, if the agreement consists of a commercial transaction, even where the parties are part of the same corporate group, the economic substance of the transaction shall prevail over the tax advantage within the meaning of this Directive.
Amendment 11 #
2013/0400(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Directive 2011/96/EU
Article 1 – paragraph 2 – point 2 c
Article 1 – paragraph 2 – point 2 c
Amendment 13 #
2013/0264(COD)
Proposal for a directive
Article 9 – paragraph 1 – point a
Article 9 – paragraph 1 – point a
(a) funds shall not be commingled at any time with the funds of any natural or legal person other than payment service users on whose behalf, on the one hand, be labelled separately for each payment service user while, on the other hand, all those funds are held and, wcombined shall be separated from the payment institution’s own funds. Where they are still held by the payment institution and not yet delivered to the payee or transferred to another payment service provider by the end of the business day following the day when the funds have been received, they shall be deposited in a separate account in a credit institution or invested in secure, liquid low-risk assets as defined by the competent authorities of the home Member State; and they shall be insulated in accordance with national law in the interest of the payment service users against the claims of other creditors of the payment institution, in particular in the event of insolvency;
Amendment 14 #
2013/0264(COD)
Proposal for a directive
Article 9 – paragraph 1 – point b a (new)
Article 9 – paragraph 1 – point b a (new)
(ba) In cases where the funds of payment service users are to be used under a term payment order or direct debit and, before the end of the term or automatic payment, legal proceedings are opened against the user of the funds that result in their being frozen, the funds held by the payment institution may not be blocked if the term payment order or direct debit has been issued prior to the judicial decision to freeze the funds.
Amendment 45 #
2013/0119(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) The authenticationverification of the veracity of public documents between the Member States is governed by various international conventions and agreements. Those conventions and agreements predate the establishment of administrative and judicial cooperation at Union level, including the adoption of sectorial Union law instruments addressing the issue of cross-border acceptance of specific public documents. In any case, the requirements imposed by those instruments can be burdensome for citizens and companies or other undertakings and do not provide for satisfactory solutions for an easier acceptance of public documents between the Member States.
Amendment 49 #
2013/0119(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) The scope of this Regulation should cover public documents drawn up by authorities of the Member States and having formal evidentiary value relating to birth, death, name, marriage or registered partnership, parenthood, adoption, residence, citizenship, nationality, real estate, legal status and representation of a company or other undertaking, intellectual property rights and absence of a criminal record. Simplification of the acceptance of these categories of public documents between the Member States should bring tangible benefits to Union citizens and companies or other undertakings. Because of their different legal nature, documents drawn up by private persons should be excluded from its scope. Documents drawn up by authorities of third countries should likewise fall outside the scope of this Regulation. The scope of this Regulation should not cover documents that contain an agreement between two or more parties.
Amendment 53 #
2013/0119(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The aim of this Regulation is not to change the substantive law of the Member States relating to birth, death, name, marriage, registered partnership, parenthood, adoption, residence, citizenship or nationality, real estate, legal status of a company or other undertaking, intellectual property rights or absence of a criminal record. Documents that contain an agreement between two or more parties should be excluded.
Amendment 55 #
2013/0119(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) In order to promote the free movement of citizens and companies or other undertakings in the Union, the identified categories of public documents should be exempted from all forms of legalisation or similar formality. Documents that contain an agreement between two or more parties should be excluded.
Amendment 63 #
2013/0119(COD)
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
It also establishes Union multilingual standard forms concerning birth, death, marriage, and registered partnership and legal status and representation of a company or other undertaking.
Amendment 69 #
2013/0119(COD)
Proposal for a regulation
Article 3 – point 1 – introductory part
Article 3 – point 1 – introductory part
(1) ‘public documents’ means documents issued by authorities of a Member State and having, excluding documents that contain an agreement between two or more parties, which have formal evidentiary value relating to:
Amendment 73 #
2013/0119(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
Amendment 76 #
2013/0119(COD)
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
Amendment 78 #
2013/0119(COD)
Proposal for a regulation
Article 6
Article 6
Amendment 82 #
2013/0119(COD)
Proposal for a regulation
Article 7 – paragraph 4
Article 7 – paragraph 4
4. Requests for information shall be accompanied by a scanned copy of the public document concerned or of its certified copy. The requests and any replies to those requests shall not be subject to any tax, duty or charge.
Amendment 88 #
2013/0119(COD)
Proposal for a regulation
Article 11
Article 11
Article 11 Article 11 Union multilingual standard forms concerning birth, death, marriage, and registered partnership and legal status and representation of a company or otherundertaking Union multilingual standard forms concerning birth, death, marriage, and registered partnership and legal status and representation of a company or other undertaking are hereby established. Those Union multilingual standard forms shall be as set out in the Annexes.
Amendment 92 #
2013/0119(COD)
Proposal for a regulation
Article 21 – paragraph 1 – point b
Article 21 – paragraph 1 – point b
(b) establishment of Union multilingual standard forms relating to parenthood, adoption, residence, citizenship and nationality, real estate, intellectual property rights and absence of a criminal record;
Amendment 63 #
2012/0366(COD)
Proposal for a directive
Recital 11
Recital 11
(11) In relation to the fixing of maximum yields, it might be necessary and appropriate at a later date to adapt the yields fixed or to fix maximum thresholds for emissions, taking into consideration scientific development and standards generally agreed to assess their toxicity or addictiveness.
Amendment 80 #
2012/0366(COD)
Proposal for a directive
Recital 38
Recital 38
(38) In order to make this Directive fully operational and to keep up with technical, scientific and international developments in tobacco manufacture, consumption and regulation, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission, in particular in respect of adopting and adapting maximum yields for emissions and their measurement methodthe measurement methods for emissions, setting maximum levels for ingredients that increase toxicity, addictiveness or attraddictiveness, , the use of health warnings, unique identifiers and security features in the labelling and packaging, defining key elements for contracts on data storage with independent third parties, reviewing certain exemptions granted to tobacco products other than cigarettes, roll-your-own tobacco and smokeless tobacco products and reviewing the nicotine levels for nicotine containing products. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and Council.
Amendment 84 #
2012/0366(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 19
Article 2 – paragraph 1 – point 19
Amendment 87 #
2012/0366(COD)
Proposal for a directive
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 88 #
2012/0366(COD)
Proposal for a directive
Article 3 – paragraph 3
Article 3 – paragraph 3
Amendment 102 #
2012/0366(COD)
Proposal for a directive
Article 8 – paragraph 4 – point b
Article 8 – paragraph 4 – point b
Amendment 109 #
2012/0366(COD)
Proposal for a directive
Article 9 – paragraph 3 – point c
Article 9 – paragraph 3 – point c
Amendment 123 #
2012/0366(COD)
Proposal for a directive
Article 14 – paragraph 2 – point g
Article 14 – paragraph 2 – point g
Amendment 124 #
2012/0366(COD)
Proposal for a directive
Article 14 – paragraph 2 – point h
Article 14 – paragraph 2 – point h
Amendment 125 #
2012/0366(COD)
Proposal for a directive
Article 14 – paragraph 2 – point i
Article 14 – paragraph 2 – point i
(i) the actual shipment route from manufacturing to the first retail outletclient (buyer), including all warehouses used;
Amendment 126 #
2012/0366(COD)
Proposal for a directive
Article 14 – paragraph 2 – point j
Article 14 – paragraph 2 – point j
(j) the identity of all purchasers from manufacturing to the first retail outletclient (buyer);
Amendment 127 #
2012/0366(COD)
Proposal for a directive
Article 14 – paragraph 2 – point k
Article 14 – paragraph 2 – point k
(k) the invoice, order number and payment records of all purchasers from manufacturing to the first retail outletclient (buyer).
Amendment 128 #
2012/0366(COD)
Proposal for a directive
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Member States shall ensure that all economic operators involved in the trade of tobacco products from the manufacturer to the last economic operator before the first retail outletfirst client (buyer), record the entry of all unit packets into their possession, as well as all intermediate movements and the final exit from their possession. This obligation can be fulfilled by recording in aggregated form, e.g. of outside packaging, provided that tracking and tracing of unit packets remains possible.
Amendment 129 #
2012/0366(COD)
Proposal for a directive
Article 14 – paragraph 4
Article 14 – paragraph 4
4. Member States shall ensure that manufacturers of tobacco products provide all economic operators involved in the trade of tobacco products from the manufacturer to the last economic operator before the first retail outletfirst client (buyer), including importers, warehouses and transporting companies with the necessary equipment allowing for the recording of the tobacco products purchased, sold, stored, transported or otherwise handled. The equipment shall be able to read and transmit the data electronically to a data storage facility pursuant to paragraph 6.
Amendment 130 #
2012/0366(COD)
Proposal for a directive
Article 14 – paragraph 6
Article 14 – paragraph 6
6. Member States shall ensure that manufacturers and importers of tobacco products conclude data storage contracts with an independent third party, which shall host the data storage facility for data relating to the manufacturer and importer concerned. The data storage facility shall be physically located and accessible on the territory of the Union. The suitability of the third party, in particular its independence and technical capacities, as well as the contract, shall be approved and monitored by an external auditor, who is proposed and paid by the tobacco manufacturer and approved by the Commission. Member States shall ensure full transparency and accessibility of the data storage facilities for the competent authorities of the Member States, the Commission and the independent third party on a permanent basis. In duly justified cases Member States or the Commission can provide manufacturers or importers access to this information, provided commercially sensitive information remains adequately protected in conformity with the relevant national and Union legislations.
Amendment 132 #
2012/0366(COD)
Proposal for a directive
Article 14 – paragraph 8
Article 14 – paragraph 8
8. In addition to the unique identifier, Member States shall require that all unit packets of tobacco products which are placed on the market carry a visible, tamper proof security feature of at least 1 cm², which shall be irremovably printed or affixed, indelible and in no way hidden or interrupted in any form, including through tax stamps and price marks, or other elements mandated by legislation.
Amendment 133 #
2012/0366(COD)
Proposal for a directive
Article 14 – paragraph 9 – point c
Article 14 – paragraph 9 – point c
(c) to define the technical standards for the security feature and their possible rotation and to adapt them to scientific, market and technical development. Delegated acts shall be based on current practices, technologies and commercial uses and shall consider international accepted standards for tracking, tracing and authentication of fast moving consumer goods, including provision of the WHO FCTC Protocol to Eliminate Illicit Trade in Tobacco Products.
Amendment 141 #
2012/0366(COD)
Proposal for a directive
Article 17 – paragraph 3
Article 17 – paragraph 3
3. Novel tobacco products placed on the market shall respect the requirements set out in this Directive. The provisions applicable depend on whether the products fall under the definition of smokeless tobacco product in point (29) of Article 2 or tobacco for smoking in point (33) of Article 2. Nonetheless, novel tobacco products which, based on the information provided in accordance with this Article, are less harmful than cigarettes are exempted from the provision of the Article 12 paragraph 1 letter (b).
Amendment 163 #
2012/0366(COD)
Proposal for a directive
Article 22 – paragraph 2
Article 22 – paragraph 2
2. The power to adopt delegated acts referred to in Articles 3(2), 3(3), 4(3), 4(4), 6(3), 6(9), 6(10), 8(4), 9(3), 10(5), 11(3), 13(3), 13(4), 14(9), 18(2) and 18(5) shall be conferred on the Commission for an indeterminate period of time from [Office of Publications: please insert the date of the entry into force of this Directive].
Amendment 164 #
2012/0366(COD)
Proposal for a directive
Article 22 – paragraph 3
Article 22 – paragraph 3
3. The delegation of powers referred to in Articles 3(2), 3(3), 4(3), 4(4), 6(3), 6(9), 6(10), 8(4), 9(3), 10(5), 11(3), 13(3), 13(4), 14(9), 18(2) and 18(5) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
Amendment 165 #
2012/0366(COD)
Proposal for a directive
Article 22 – paragraph 5
Article 22 – paragraph 5
5. A delegated act pursuant to Articles 3(2), 3(3), 4(3), 4(4), 6(3), 6(9), 6(10), 8(4), 9(3), 10(5), 11(3), 13(3), 13(4), 14(9), 18(2) and 18(5) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of two months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or of the Council.
Amendment 2 #
2012/0364(COD)
Proposal for a regulation
Article 5 - alineatul 1
Article 5 - alineatul 1
Any beneficiary of funding awarded under the Programme shall indicate in a prominent place, such as a website, a publication or an annual report, that it has received funding from the budget of the European Union, specifying the amount in real terms and as a percentage of total funding.
Amendment 198 #
2012/0299(COD)
Proposal for a directive
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Member States shall ensure that listed companies in whose boards members of the under-represented sex hold less than 40 per cent of the non-executive director positions make the appointments to those positions on the basis of a comparative analysis of the qualifications of each candidate, by applying pre-established, clear, neutrally formulated and unambiguous criteria, in order to attain the said percentage at the latest by 1 January 2020 or at the latest by 1 January 2018 in case offor listed companies which are public undertakings.
Amendment 264 #
2012/0299(COD)
Proposal for a directive
Article 6 – paragraph 1
Article 6 – paragraph 1
1. Member States shall lay down rules on sanctions applicable to infringements of the national provisions regarding implementation of the criterion referred to in Article 4(3) adopted pursuant to this Directive and shall take all necessary measures to ensure that they are applied.
Amendment 141 #
2012/0180(COD)
Proposal for a directive
Recital 7 a (new)
Recital 7 a (new)
(7a) In this Directive, collecting societies cover non-profit organisations authorised by more than one rightholder to manage copyright or related rights as their main activity and which are owned or directly or indirectly controlled by rightholders. Individual companies who in the normal course of their business are engaged in the production of content or licensing of rights on a commercial basis (such as music publishers, book publishers or music companies) are not covered by this Directive.
Amendment 201 #
2012/0180(COD)
Proposal for a directive
Recital 36
Recital 36
(36) It is necessary to ensure the effective enforcement of the provisions of the national law adopted pursuant to this Directive. Collecting societies should offer their members specific procedures for the handling of complaints and the resolution of disputes. These procedures should also be made available to other rightholders represented by the collecting society. It is also appropriate to ensure that Member States have independent, impartial and effective dispute resolution bodies capable of settling commercial disputes between collecting societies and users on existing or proposed licensing conditions as well as on situations in which the granting of a licence is refused. Furthermore, the effectiveness of the rules on the multi-territorial licensing of online rights in musical works could be undermined if disputes between collecting societies and their counterparts were not solved quickly and efficiently by independent and impartial bodies. As a result, it is appropriate to provide, without prejudice to the right of access to a tribunal, for an easily accessible, efficient and impartial out-of-court procedure for resolving conflicts between collecting societies, on the one hand, and online music service providers, rightholders or other collecting societies, on the other. Member States may set up new dispute resolution bodies or courts in order to bring dispute resolution procedures into line with this Directive. Member States may establish that, whenever possible, these dispute resolution bodies be specialised in IP matters.
Amendment 230 #
2012/0180(COD)
Proposal for a directive
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) ‘collecting society’ means any non- profit organisation which is authorised by law or by way of assignment, licence or any other contractual arrangement, by more than one rightholder, to manage copyright or rights related to copyright as its sole or main purpose and which is owned or directly or indirectly controlled by its membrightholders;
Amendment 256 #
2012/0180(COD)
Proposal for a directive
Article 5 – paragraph 2
Article 5 – paragraph 2
2. Rightholders shall have the right tomay authorise a collecting society of their choice to manage the rights, categories of rights or types of works and other subject matter of their choice, for the Member States of their choice, irrespective of the Member State of residence or of establishment or the nationality of either the collecting society or the rightholder. A collecting society may refuse to accept a mandate from a rightholder if the collecting society does not in the normal course of its activity manage the rights covered by the mandate. Rightholders may mandate a collecting society to manage their rights on an exclusive or a non-exclusive basis.
Amendment 386 #
2012/0180(COD)
Proposal for a directive
Article 12 – paragraph 2
Article 12 – paragraph 2
2. Where the amounts due to rightholders cannot be distributed, after five years from the end of the financial year in which the collection of the rights revenue occurred, and provided that the collecting society has taken all necessary measures to identify and locate the rightholders, the collecting society shall decide on the use of the amounts concerned in accordance with Article 7(5)(b), without prejudice to the right of the rightholder to claim such amounts from the collecting societyprovided that the collecting society ensures that the revenue is distributed in proportion to the revenues received by rightholders for the relevant financial year. Collecting societies may distribute amounts due to rightholders who cannot be identified before expiration of the five years period if allowed under national law. Where, under national law, the prescription period is longer than five years, collecting societies shall make adequate provisions for future claims.
Amendment 407 #
2012/0180(COD)
Proposal for a directive
Article 15 – paragraph 2 – subparagraph 2
Article 15 – paragraph 2 – subparagraph 2
Tariffs for exclusive rights and rights to equitable remuneration shall reflect the economic value of the rights in trade and of the servicthe economic benefit that users derive pfrovided bym the collecting societyve management of rights.
Amendment 414 #
2012/0180(COD)
Proposal for a directive
Article 15 – paragraph 2 – subparagraph 3
Article 15 – paragraph 2 – subparagraph 3
In the absence of any national law which establishes the amounts due to rightholders in respect of a right to remuneration and a right to compensation, the collecting society shall base its own determination of those amounts due, on the economic value of those rights in trade.
Amendment 419 #
2012/0180(COD)
Proposal for a directive
Article 15 – paragraph 3 a (new)
Article 15 – paragraph 3 a (new)
3a. Users should report to collecting societies on the usage of works and other subject matter in an agreed format, on time and accurately in order to allow collecting societies to determine applicable fees and to distribute the amounts due to rightholders accurately and in accordance with the obligations imposed by this directive. Where users fail to report to collecting societies in a manner that enables the collecting societies to make timely and accurate distributions to individual rightholders, Member States shall ensure that collecting societies shall be discharged of their obligations under this Directive related to distribution of rights revenue to individual rightholders and the collecting societies may charge such users additional fees to cover the additional administrative costs caused by missing or insufficient usage reports.
Amendment 420 #
2012/0180(COD)
Proposal for a directive
Article 15 – paragraph 3 b (new)
Article 15 – paragraph 3 b (new)
3b. Users should pay licence fees or remuneration to the collecting societies in a timely manner whenever there is a generally applicable or court-determined tariff in force. Where users fail to pay such licence fees or remuneration in a timely manner, Member States shall ensure that collecting societies are entitled to legal penalties to cover the administrative costs caused by the failure to voluntarily pay the licence fees or remuneration.
Amendment 526 #
2012/0180(COD)
Proposal for a directive
Article 35 – paragraph 2 a (new)
Article 35 – paragraph 2 a (new)
2a. Member States may include in their specific dispute legislation that the users should deposit the disputed tariff into an escrow account until the final and irrevocable decision is being taken by the dispute resolution body related to the disputed tariff.
Amendment 6 #
2012/0029(COD)
Proposal for a regulation
Article 16 – paragraph 4
Article 16 – paragraph 4
4. An authorised CSD may only have a participation in any legal person whose activities are limited to the provision of services set out in Sections A and B of the Annexirrespective of the industry. Such participation shall be subject to approval by the competent authority.
Amendment 8 #
2012/0029(COD)
Proposal for a regulation
Article 26 – paragraph 3
Article 26 – paragraph 3
3. User committees shall advise the board of the CSD on key arrangements that impact their members, including the criteria for accepting issuers or participants to their respective securities settlement systems, and service level and pricing structure.
Amendment 9 #
2012/0029(COD)
Proposal for a regulation
Article 26 – paragraph 3 a (new)
Article 26 – paragraph 3 a (new)
3a. User committees may submit an opinion to the board containing detailed reasons regarding the pricing structures of the CSD. When there is a conflict of interests on the part of a member of the user committees, he or she shall refrain from influencing in any way the opinion concerned.
Amendment 10 #
2012/0029(COD)
Proposal for a regulation
Article 31 – paragraph 6
Article 31 – paragraph 6
6. A CSD shall account separately for costs and revenues of the services providedcore and ancillary services provided, as they are defined in section A and Section B of the Annex, and shall disclose that information to the competent authority.
Amendment 11 #
2012/0029(COD)
Proposal for a regulation
Article 46 – paragraph 1
Article 46 – paragraph 1
1. Any question with respect to proprietary aspects in relation to financial instruments held by a CSD shall be governed by the law of the country where the account is maintained, except if the financial instrument is issued in another country, in which case the applicable law is the law of that country.
Amendment 1 #
2011/2276(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Reiterates its repeated calls for the 2003 Interinstitutional Agreement on Better Lawmaking to be renegotiated in order to take account of the new legislative environment created by the Treaty of Lisbon, consolidate current best practice and bring the agreement up to date in line with the smart regulation agenda; suggests that arrangements concerning the demarcation between delegated and implementing acts be agreed in that context; asks the President to take the necessary steps to open negotiations with the other institutions;
Amendment 6 #
2011/2276(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Recalls Parliament's position on the issue of regulatory exemptions, and urges the Commission to extend exemption to SMEs where regulatory provisions would disproportionately affect them and there is no sound reason for including them in the scope of the legislation; however believes that the concept of excluding micro- enterprises by default from any proposed legislation, as suggested by the Commission, is not an adequate tool; calls instead for the establishment of a micro- dimension as an inherent part of the SME test in which all available options are systematically assessed;
Amendment 7 #
2011/2276(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Reminds the Commission, however, that the reversal of the burden of proof should not automatically lead to more complex legislation which has been developed without SMEs in mindmay not be the most appropriate instrument to protect SMEs and could lead to legal uncertainties; calls on the Commission to strive for the simplification of legislation wherever possible, and to continue to prepare and present proposals with accessibility and ease of implementation for SMEs as guiding principles in the drafting of legislation, even where an exemption may apply;
Amendment 8 #
2011/2276(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses the need for the Commission to ensure consistent application of the enhanced SME test across its directorates, and encouragesto come up with minimum criteria for Member States to include similar considerations in their national decision- making processes;
Amendment 10 #
2011/2276(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Welcomes the Commission's adoption of Parliament's recommendation on publication of information concerning implementation, thus addressing the problem of ‘gold-plating’; reminds the Commission and the Council that in order to ensure that existing and future programmes to reduce burdens are successful active cooperation between the Commission and the Member States is necessary, so as to avoid discrepancies in the interpretation and implementation of legislation; urges Member States to reduce their administrative burden by a further 25% by 2015;
Amendment 53 #
2011/2181(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Believes that the provisions applicable to members of boards of directors in the single-tier system should also hold true for supervisory boards in the two-tier system, so that both systems of corporate governance are covered in this report;
Amendment 55 #
2011/2181(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Believes that greater encouragement should be given to take out long-term shareholdings, and to that end considers that institutional investor behaviour aimed at creating liquidity and keeping good ratings should be reconsidered, as this solely encourages short-term shareholding by such investors;
Amendment 13 #
2011/2046(INI)
Motion for a resolution
Annex – Recommendation 4 – paragraph 3
Annex – Recommendation 4 – paragraph 3
Member States should be able to adopt provisions designed to ensure appropriate protection for minority shareholders who oppose a transfer, for example, the right to retire from the company, according to the legislation applicable in its home Member State.
Amendment 14 #
2011/2046(INI)
Motion for a resolution
Annex – Recommendation 5 – paragraph 1
Annex – Recommendation 5 – paragraph 1
The home Member State should verify the legality of the transfer procedure in accordance with its legislation and satisfy itself that the real seat is transferred simultaneously with the registered office.
Amendment 15 #
2011/2046(INI)
Motion for a resolution
Annex – Recommendation 5 – paragraph 4
Annex – Recommendation 5 – paragraph 4
The host Member State should not refuse to register the company if the real seat of that company is not locattransferred into the territory of the host Member State.
Amendment 16 #
2011/2046(INI)
Motion for a resolution
Annex – Recommendation 5 – paragraph 7
Annex – Recommendation 5 – paragraph 7
Amendment 24 #
2011/2037(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Takes the view that auditors should be subject to an obligationhave the right to alert supervisors or the relevant authorities when they spot problems that might jeopardise the future of the entity being audited;
Amendment 39 #
2011/2037(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Believes there is a need for the two facets of auditing – the internal and the external – to be clearly circumscribed in law;
Amendment 40 #
2011/2037(INI)
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. The composition of the audit committee must include independent members. All the members of the audit committee must have auditing experience;
Amendment 41 #
2011/2037(INI)
Motion for a resolution
Paragraph 10 c (new)
Paragraph 10 c (new)
10c. Internal risk audits must be strengthened and clearly separated from financial audits;
Amendment 42 #
2011/2037(INI)
Motion for a resolution
Paragraph 10 d (new)
Paragraph 10 d (new)
10d. Suggests that the Commission urgently adopt the International Standards on Auditing (ISA), which should be mandatory for all business enterprises in the EU of a certain (listed) type;
Amendment 43 #
2011/2037(INI)
Motion for a resolution
Paragraph 10 e (new)
Paragraph 10 e (new)
10e. Reminds the Commission that aside from those companies to which the International Standards on Auditing should apply, there are also other companies which, despite being exempted from those standards, should nevertheless have their financial situations audited by authorised audit firms;
Amendment 93 #
2011/2037(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Encourages the growth of independent auditors and small audit firms with a view to capturing market share, in a manner that does not, however, hit the ‘Big Four’ hard.
Amendment 51 #
2011/2013(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Takes the view that by complementing an OI with a ‘toolbox’, clearer information will be available on that EU instrument, helping the parties concerned to better understand their rights and to make informed choices when entering into contracts on the basis of that system, and that the legal framework will be more comprehensible and not overburdensome;
Amendment 8 #
2011/2006(INI)
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas insolvency proceedings should not be resorted to abusively by a creditor to avoid joint action for debt recovery; whereas a solution could be to transfer the amount for which insolvency is requested to the debtor's total assets,
Amendment 51 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Staff Regulations
Article 27 – paragraph 2
Article 27 – paragraph 2
The principle of the equality of Union's citizens shall allow each institution to adopt corrective measures following the observation of a long lasting and significant imbalance between nationalities among officials at specific administrative grades or levels of management which is not justified by objective criteria. These correcti or by observed measures shall never result in recruitment criteria other than those based on meritrit, in terms of qualifications, overall professional experience and ability to fulfil relevant duties. Before such corrective measures are adopted, the appointing authority of the institution concerned shall adopt general provisions for giving effect to this paragraph in accordance with Article 110.
Amendment 61 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 12a (new)
Article 1 – point 12a (new)
(b) In Article 37 (1)(b), the following indent shall be added: '– or has been requested to assist temporarily a person holding the office of head of state or government, or of President of Parliament or of the highest court or of the Court of Auditors of a Member State of the Union';
Amendment 63 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 12 c (new)
Article 1 – point 12 c (new)
Staff Regulations
Article 39 – point c a (new)
Article 39 – point c a (new)
12c. In Article 39, the following point shall be inserted: '(ca) the duration of secondment under the third indent of point (b) of Article 37(1) may not exceed two years;';
Amendment 64 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 12 c (new)
Article 1 – point 12 c (new)
Staff Regulations
Article 39 – point d
Article 39 – point d
12c. Point (d) of Article 39 shall be replaced by the following: '(d) during the period of secondment, pension contributions and any pension rights shall be calculated by reference to the salary for active employment carried by his grade and step in his parent institution. However, an official on secondment under the second and third indents of Article 37(1)(b) who acquires pension rights in the body to which he is seconded shall cease to be affiliated to the pension scheme in his original institution for the duration of this secondment. An official who becomes an invalid while on secondment within the meaning of Article 37(1)(b), second and third indents, and the dependents of an official who dies during the same period, shall be entitled under these Staff Regulations to the invalidity allowance or survivor's pension less any amounts paid to them on the same grounds and for the same period by the body to whom the official was seconded. This provision shall not result in the official or his dependants being entitled to a total pension higher than the maximum amount he would have received pursuant to these Staff Regulations;';
Amendment 79 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 19 – point a
Article 1 – point 19 – point a
Staff Regulations
Article 51 – paragraph 1
Article 51 – paragraph 1
(a) In the first sentence of paragraph 1, the words ‘Each institution’ shall be replaced by ‘The appointing authority of each institution’Paragraph 1 shall be replaced by the following: 'Each institution shall define procedures to identify, deal with and remedy cases of incompetence in a timely and appropriate fashion. Once these procedures have been exhausted, an official who, on the basis of two consecutive periodical reports referred to in Article 43, still proves incompetent in the performance of his duties shall be proposed for dismissal, or downgraded or classified in a lower function group at the same grade or a lower grade.';
Amendment 81 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 19 – point a a (new)
Article 1 – point 19 – point a a (new)
Staff Regulations
Article 51 – paragraph 1 a (new)
Article 51 – paragraph 1 a (new)
(aa) The following paragraph shall be inserted after paragraph 1: 1a. Whenever such a procedure is launched, the official who applies for sick leave for a period longer than 15 consecutive days may be required to undergo a medical examination arranged by the institution in accordance with Article 59(1).';
Amendment 96 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 26 a (new)
Article 1 – point 26 a (new)
Staff Regulations
Article 59 – paragraph 1 – subparagraph 2
Article 59 – paragraph 1 – subparagraph 2
26a. The second subparagraph of Article 59(1) shall be replaced by the following: 'The official concerned shall notify his institution of his incapacity as soon as possible and at the same time state his current address. He shall produce a medical certificate if he is absent for more than two days. This certificate must be sent on the fifth day of absence at the latest, as evidenced by the date as postmarked. Failing this, and unless failure to send the certificate is due to reasons beyond his control, the official's absence shall be considered as unauthorised.';
Amendment 98 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 26 b (new)
Article 1 – point 26 b (new)
Staff Regulations
Article 59 – paragraph 2
Article 59 – paragraph 2
26b. Article 59(2) shall be replaced by the following: '2. If, over a period of 12 months, an official is absent for up to two days because of sickness for a total of more than five days, he shall produce a medical certificate for any further absence because of sickness. His absence shall be considered to be unjustified as from the sixth day of absence on account of sickness without a medical certificate.';
Amendment 117 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 43 – point a
Article 1 – point 43 – point a
Staff Regulations
Annex I – Section A – point 1 – part concerning function group AD 8
Annex I – Section A – point 1 – part concerning function group AD 8
Administrator, working for example as: Head of Unit; Translator; interpreter; economist; lawyer; medical officer; veterinary inspector; scientist; researcher; financial officer; auditor
Amendment 127 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 47
Article 1 – point 47
Staff Regulations
Annex V – Article 7 – paragraph 1 – indent 1
Annex V – Article 7 – paragraph 1 – indent 1
– 250 to 6800 km: one day of home travelling time,
Amendment 130 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 47
Article 1 – point 47
Staff Regulations
Annex V – Article 7 – paragraph 1 – indent 2
Annex V – Article 7 – paragraph 1 – indent 2
– 6801 to 12600 km: two days of home travelling time,
Amendment 134 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 47
Article 1 – point 47
Staff Regulations
Annex V – Article 7 – paragraph 1 – indent 3
Annex V – Article 7 – paragraph 1 – indent 3
– more than 12600 km: three days of home travelling time.
Amendment 164 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 55 – point i
Article 1 – point 55 – point i
Staff Regulations
Annex XIII – Article 30 – paragraph 1 – introductory wording
Annex XIII – Article 30 – paragraph 1 – introductory wording
1. By way of derogation from Annex I, Section A, point 2, the following table of types of posts in function group AST shall apply to officials in service on 31 December 20124:
Amendment 166 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 55 – point i
Article 1 – point 55 – point i
Staff Regulations
Annex XIII – Article 30 – paragraph 2 – introductory wording
Annex XIII – Article 30 – paragraph 2 – introductory wording
2. With effect from 1 January 20135, the appointing authority shall classify officials in service on 31 December 20124 in function group AST in types of posts as follows, notwithstanding the descriptions given in paragraph 1:
Amendment 168 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 55 – point i
Article 1 – point 55 – point i
(a) Officials who were in grade AST 10 or AST 11 on 31 December 20124 shall be classified as Senior Assistant.
Amendment 171 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 55 – point i
Article 1 – point 55 – point i
Staff Regulations
Annex XIII – Article 30 – paragraph 2 subparagraph 1a(new)
Annex XIII – Article 30 – paragraph 2 subparagraph 1a(new)
In accordance with Article 27, the institutions shall by 31 December 2014 implement a plan of corrective measures, in particular regarding senior assistants.
Amendment 173 #
2011/0455(COD)
Proposal for a regulation
Article 1 – point 55 – point i
Article 1 – point 55 – point i
Staff Regulations
Annex XIII – Article 30 – paragraph 3
Annex XIII – Article 30 – paragraph 3
3. By derogation to paragraph 2, point (e), officials recruited on the basis of a competition at a grade lower than AST 3 may be classified by the appointing authority before 31 December 20156 as Assistants in the interest of the service and upon the basis of the post occupied on 31 December 20124. Each appointing authority shall lay down provisions to give effect to this Article in accordance with Article 110 of the Staff Regulations. However, the total number of Administrative Assistants in transition benefiting from this provision shall not exceed 510% of the Administrative Assistants in transition on 1 January 20135.
Amendment 3 #
2011/0417(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) In order to allow venture capital fund managers a certain degree of flexibility in the investment and liquidity management of their qualifying venture capital funds, secondary trading should be permitted up to a maximum threshold not exceeding 3049 percent of aggregate capital contributions and uncalled capital investments. Short term holdings of cash and cash equivalents should not be taken into account when calculating this limit.
Amendment 4 #
2011/0417(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The venture capital fund manager shall ensure that, when acquiring assets other than qualifying investments, no more than 3049 percent of the fund's aggregate capital contributions and uncalled committed capital is used for the acquisition of assets other than qualifying investments; short term holdings in cash and cash equivalents shall not be taken into account for calculating this limit.
Amendment 34 #
2011/0389(COD)
Proposal for a directive
Recital 11
Recital 11
(11) Adequate supervision of statutory auditors and audit firms that have cross- border activities or are part of networks requires the public oversight authorities of the Member States to exchange information. In order to protect the confidentiality of the information that may be thus exchanged, Member States should subject to the obligation of professional secrecy not only the employees of the public oversight authorities, but also all persons to whom the public oversight authorities have delegated tasks. The competent authority should have the possibility to delegate tasks to other authorities or bodies only with regard to the approval and registrinspections, verifications of the statutory auditorn regulatory proposals. Such delegation should be subject to several conditions and the competent authority should bear the ultimate responsibility for it.
Amendment 120 #
2011/0389(COD)
Proposal for a directive
Article 1 – point 14 a (new)
Article 1 – point 14 a (new)
Directive 2006/43/EC
Article 31 – paragraph 1 a (new)
Article 31 – paragraph 1 a (new)
14a. In Article 31 the following paragraph is added: "Member States may opt to decide that the liability of the audit firms to be limited."
Amendment 140 #
2011/0389(COD)
Proposal for a directive
Article 1 – point 18
Article 1 – point 18
Directive 2006/43/EC
Article 37 – paragraph 3
Article 37 – paragraph 3
3. Any contractual clause entered into between the audited entity and a third party restricting the choice by the general meeting of shareholders or members of that entity pursuant to paragraph 1 to certain categories or lists of statutory auditors or audit firms regarding the appointment of or restricting the choice of a particular statutory auditor or audit firm to carry out the statutory audit of that entity ishall be null and void.
Amendment 143 #
2011/0389(COD)
Proposal for a directive
Article 1 – point 19
Article 1 – point 19
Directive 2006/43/EC
Chapter X – title
Chapter X – title
Amendment 148 #
2011/0389(COD)
Proposal for a directive
Article 1 – point 19 e (new)
Article 1 – point 19 e (new)
Directive 2006/43/EC
Article 42 – paragraph 4
Article 42 – paragraph 4
19e. In Article 42 the following paragraph 4 is added: Where an audit firm generates more than one third of its annual audit revenues from large public-interest entities and belongs to a network whose members have combined annual audit revenues which exceed EUR 1 500 million within the European Union, the audit firm can provide non-audit services to public interest entities if complies with the following cumulative conditions: (a) during the first year of application of the present paragraph: (i) the non-audit services value provided to each public interest entity can not exceed 90% of the annual total audit fees paid by the public interest entity to the audit firm; (ii) the non-audit services value provided to public interest entities can not exceed 65% of the annual total income value for the audit firm, originated in payments from public interest entities; (b) during the second year of application of the present paragraph: (i) the non-audit services value provided to each public interest entity can not exceed 80% of the annual total audit fees paid by the public interest entity to the audit firm; (ii) the non-audit services value provided to public interest entities can not exceed 55% of the annual total income value for the audit firm, originated in payments from public interest entities; (c) during the third year of application of the present paragraph: (i) the non-audit services value provided to each public interest entity can not exceed 70% of the annual total audit fees paid by the public interest entity to the audit firm; (ii) the non-audit services value provided to public interest entities can not exceed 45% of the annual total income value for the audit firm, originated in payments from public interest entities;
Amendment 18 #
2011/0361(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) The perception of independence of credit rating agencies would be particularly affected should the same shareholders or members be investing in different credit rating agencies not belonging to the same group of credit rating agencies, at least if this investment reaches a certain size that could allow these shareholders or members to exercise a certain influence on the agency's business. Therefore, in order to ensure the independence (and the perception of independence) of credit rating agencies, it is appropriate to provide for stricter rules regarding the relations between the credit rating agencies and their shareholders. For this reason, no person should simultaneously hold a participation of 510% or more in more than one credit rating agency, unless the agencies concerned belong to the same group.
Amendment 19 #
2011/0361(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) The objective of ensuring sufficient independence of credit rating agencies entails that investors should not hold simultaneously investments of 5 10% or more in more than one credit rating agency. Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market requests that those persons controlling 5% of the voting rights in a listed company results should disclose it to the public, because, inter alia, of the interest for investors to know about changes in the voting structure of such company. 5% of the voting rights is considered therefore to be a major holding capable of influencing the voting structure in a company. It is therefore appropriate to use the 5% or, preferably, 10% level for the purposes of restricting the simultaneous investment in more than one credit rating agency. This measure cannot be considered disproportionate, given that all registered credit rating agencies in the Union are non- listed undertakings therefore not subject to the transparency and procedural rules that apply to listed companies in the EU. Often unlisted undertakings are governed by shareholders' protocols or agreements and the number of shareholders or members is usually low. Therefore, even a minority position in an unlisted credit rating agency could be influential. Nevertheless, in order to ensure that purely economic investments in credit rating agencies are still possible, this limitation to simultaneously investments in more than one credit rating agency should not be extended to investments channelled though collective investment schemes managed by third parties independent from the investor and not subject to his or her influence.
Amendment 23 #
2011/0361(COD)
Proposal for a regulation
Recital 26
Recital 26
Amendment 29 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6a – paragraph 1 – introductory part
Article 6a – paragraph 1 – introductory part
1. A shareholder or a member of a credit rating agency holding at least 510% of the capital or the voting rights in that agency shall not
Amendment 31 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6 a – paragraph1 – point a
Article 6 a – paragraph1 – point a
(a) hold 510 % or more of the capital of any other credit rating agency. This prohibition does not apply to holdings in diversified collective investment schemes, including managed funds such as pension funds or life insurance, provided that the holdings in diversified collective investment schemes do not put him or her in a position to exercise significant influence on the business activities of those schemes;
Amendment 34 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6 a – paragraph1 – point b
Article 6 a – paragraph1 – point b
(b) have the right or the power to exercise 510% or more of the voting rights in any other credit rating agency;
Amendment 40 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 20
Article 1 – point 20
Regulation (EC) No 1060/2009
Title IIIa – Article 35 – paragraph 3
Title IIIa – Article 35 – paragraph 3
Amendment 41 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 20
Article 1 – point 20
Regulation (EC) No 1060/2009
Title III a – Article 35 – paragraph 3 a (new)
Title III a – Article 35 – paragraph 3 a (new)
(3a) Any of the parties to a dispute may seek the opinion of ESMA regarding the relevant infringement. Any formal ESMA ruling on the matter at issue may be referred to by either of the litigants.
Amendment 42 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 20
Article 1 – point 20
Regulation (EC) No 1060/2009
Title III a – Article 35 – paragraph 4
Title III a – Article 35 – paragraph 4
Amendment 43 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 20
Article 1 – point 20
Regulation (EC) No 1060/2009
Title III a – Article 35 – paragraph 5
Title III a – Article 35 – paragraph 5
5. The civil liability referred to in paragraph 1 shall not be excluded or limited in advance by agreement. Any clause in such agreements unilateral expression of will. Any unilateral provision excluding or limiting the civil liability in advance shall be deemed null and void.
Amendment 45 #
2011/0361(COD)
Proposal for a regulation
Annex 1 – point 1 – point b – point ii
Annex 1 – point 1 – point b – point ii
(aa) a shareholder or member of a credit rating agency holding, directly or indirectly, 10% or more of either the capital or the voting rights of that credit rating agency or being otherwise in a position to exercise significant influence on the business activities of the credit rating agency, directly or indirectly owns a substantial share of the financial instruments of the rated entity or a related third party or has any other direct or indirect ownership interest amounting to 10% or more in that entity or party, other than holdings in diversified collective investment schemes, including managed funds such as pension funds or life insurance, which do not put him in a position to exercise significant influence on the business activities of the scheme;
Amendment 211 #
2011/0359(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) Audit committees, or bodies performing an equivalent function within the audited entity, have a decisive role in contributing to high-quality statutory audit. It is particularly important to reinforce the independence and technical competence of the audit committee by requiring that a majority of its members is independent and that at least onetwo members of the committee hasve competence in auditing and another one in auditing and/, taxation, finance or accounting. The Commission Recommendation of 15 February 2005 on the role of non-executive or supervisory directors of listed companies and on the committees of the (supervisory) board26 sets out how audit committees should be established and function. Considering, however, the dimension of boards in companies with reduced market capitalisation and in small and medium- sized public-interest entities, it would be appropriate that the functions assigned to the audit committee for those entities, or to a body performing equivalent functions within the audited entity, may be performed by the administrative or supervisory body as a whole. Public- interest entities which are UCITS or alternative investment funds should also be exempted from the obligation to have an audit committee. This exemption takes into account the fact that where those funds function merely for the purpose of pooling assets, the employment of an audit committee is not appropriate. UCITS and alternative investments funds, as well as their management companies, operate in a strictly defined regulatory environment and are subject to specific governance mechanisms such as controls exercised by their depositary.
Amendment 215 #
2011/0359(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) It is also important that the role of the audit committee in the selection of a new statutory auditor or audit firm be reinforced, for the benefit of a more informed decision of the general meeting of shareholders or members of the audited entity. Hence, when making a proposal to the general meeting, the board should explain whether it follows the recommendation of the audit committee and, if not, why. The recommendation of the audit committee should include at least two possible choices for the audit engagement and a duly justified preference for one of them, so that the general meetingadministrative or supervisory board can make a real choice. In order to provide a fair and proper justification in its recommendation, the audit committee should use the results of a mandatory selection procedure organised by the audited entity, under the responsibility of the audit committee. In such selection procedure, the audited entity should invite statutory auditors or audit firms, including smaller ones, to present proposals for the audit engagement. TenderSelection documents should contain transparent and non- discriminatory selection criteria to be used for the evaluation of proposals. Considering, however, that this selection procedure could entail disproportionate costs for companies with reduced market capitalisation or small and medium-sized public-interest entities having regard to their dimension, it is appropriate to relieve such entities from this obligation.
Amendment 224 #
2011/0359(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) In order to address the familiarity threat and therefore reinforce the independence of auditors and audit firms, it is important to establish a maximum duration of the audit engagement of a statutory auditor or audit firm in a particular audited entity. Ahat an appropriate gradual rotation mechanism should also be established with regard to the most senior personnel involved in the statutory audit, including the key audit partners carrying out the statutory audit on behalf of the audit firm. It is also important to provide for an appropriate period within which such statutory auditor or audit firm may not carry out the statutory audit of the same entity. In order to ensure a smooth transition, the former auditor should transfer a handover file with relevant information to the incoming auditor.
Amendment 231 #
2011/0359(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) Investigations help to detect, prevent and correct inadequate carrying out of the statutory audit of public-interest entities. Therefore, competent authorities should be empowered to undertake investigations of statutory auditors and audit firms. When carrying out investigation, they can collaborate with the professional bodies of the auditors.
Amendment 250 #
2011/0359(COD)
Proposal for a regulation
Article 5
Article 5
Amendment 253 #
Amendment 256 #
Amendment 258 #
2011/0359(COD)
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. 1 A statutory auditor or a key audit partner who, three years preceding his dismissal or resignation, carries out a statutory audit of a public-interest entity on behalf of an audit firm shall not, before a period of at least two years has elapsed since he or she resigned or was dismissed as a statutory auditor or key audit partner from the audit engagement, take up any of the following duties:
Amendment 263 #
2011/0359(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
Amendment 271 #
2011/0359(COD)
Proposal for a regulation
Article 9 – paragraph 2 a (new)
Article 9 – paragraph 2 a (new)
2a. The contractual fees paid by the audited entity to the auditor or to the audit firm, as well as any amendments to these during the contractual term, shall be approved by the audit committee.
Amendment 279 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
A statutory auditor or an audit firm carrying out statutory audit of public- interest entities may provide to the audited entity, to its parent undertaking and to its controlled undertakings statutory audit services and, related financial audit services and non-audit services pursuant to this Regulation.
Amendment 284 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 2
Article 10 – paragraph 1 – subparagraph 2
Amendment 289 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 2 a (new)
Article 10 – paragraph 1 – subparagraph 2 a (new)
The statutory auditor or the audit firm carrying out statutory audit of public- interest entities can provide to the audited entity, beside the statutory audit services, any-other of financial audit related services, to its parent undertaking or to its controlled undertakings.
Amendment 290 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 2 b (new)
Article 10 – paragraph 1 – subparagraph 2 b (new)
Member States should encourage engaging small and medium-size audit firms for auditing accounts of the public institutions and state owned companies.
Amendment 306 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 1
Article 10 – paragraph 3 – subparagraph 1
A statutory auditor or an audit firm carrying out statutory audit of public- interest entities shall not directly or indirectly provide to the audited entity, to its parent undertaking and to its controlled undertakings non-audit services, as laid down in paragraph 5 point a.
Amendment 309 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 1 a (new)
Article 10 – paragraph 3 – subparagraph 1 a (new)
A statutory auditor or an audit firm carrying out statutory audit of public- interest entities shall provide to the audited entity, to its parent undertaking or to its controlled undertakings non-audit services, as laid down in paragraph 5 p(b), only upon the approval of the Audit Committee.
Amendment 310 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 2
Article 10 – paragraph 3 – subparagraph 2
Amendment 318 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 – point a – point i
Article 10 – paragraph 3 – subparagraph 3 – point a – point i
Amendment 326 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 – point a – point iv
Article 10 – paragraph 3 – subparagraph 3 – point a – point iv
(iv) valuation services, providing fairness opinions or contribution-in-kind reports;
Amendment 359 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 – point b – point i a (new)
Article 10 – paragraph 3 – subparagraph 3 – point b – point i a (new)
(ia) audit non-related specialised services, fiscal consultancies, general management services and other consulting services;
Amendment 360 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 – point b – point ii
Article 10 – paragraph 3 – subparagraph 3 – point b – point ii
Amendment 362 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 – point b – point ii a (new)
Article 10 – paragraph 3 – subparagraph 3 – point b – point ii a (new)
(iia) fairness opinions
Amendment 367 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3 a (new)
Article 10 – paragraph 3 – subparagraph 3 a (new)
The draw out conditions for reports on in -kind capital contribution, drawn up by a statutory auditor or an audit firm and provided to the audited entity, to its parent undertaking or to its controlled undertakings will be adopted through national regulations.
Amendment 369 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 4
Article 10 – paragraph 3 – subparagraph 4
Amendment 376 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 5
Article 10 – paragraph 3 – subparagraph 5
Amendment 385 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 3
Article 10 – paragraph 4 – subparagraph 3
Amendment 389 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 4
Article 10 – paragraph 4 – subparagraph 4
Amendment 392 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 5
Article 10 – paragraph 4 – subparagraph 5
Amendment 399 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 5 – introductory part
Article 10 – paragraph 5 – introductory part
5. Where an audit firm generates more than one third of its annual audit revenues from large public-interest entities and belongs to a network whose members have combined annual audit revenues which exceed EUR 1 500 million within the European Union, it shallthe audit firm can provide non-audit services referred to in Art. 10 paragraph 5 point b to public interest entities if complyies with the following cumulative conditions:
Amendment 400 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 5 – point a
Article 10 – paragraph 5 – point a
Amendment 401 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 5 – point a a (new)
Article 10 – paragraph 5 – point a a (new)
(aa) during the first year of application of the present paragraph: (i) the non-audit services value provided to each public interest entity can not exceed 90% of the annual total audit fees paid by the public interest entity to the audit firm; (ii) the non-audit services value provided to public interest entities can not exceed 65% of the annual total income value for the audit firm, originated in payments from public interest entities;
Amendment 402 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 5 – point b
Article 10 – paragraph 5 – point b
Amendment 403 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 5 – point b a (new)
Article 10 – paragraph 5 – point b a (new)
(ba) during the second year of application of the present paragraph: (i) the non-audit services value provided to each public interest entity can not exceed 80% of the annual total audit fees paid by the public interest entity to the audit firm; (ii) the non-audit services value provided to public interest entities can not exceed 55% of the annual total income value for the audit firm, originated in payments from public interest entities;
Amendment 404 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 5 – point c
Article 10 – paragraph 5 – point c
Amendment 405 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 5 – point c a (new)
Article 10 – paragraph 5 – point c a (new)
(ca) during the third year of application of the present paragraph: (i) the non-audit services value provided to each public interest entity can not exceed 70% of the annual total audit fees paid by the public interest entity to the audit firm; (ii) the non-audit services value provided to public interest entities can not exceed 45% of the annual total income value for the audit firm, originated in payments from public interest entities;
Amendment 406 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 5 – point d
Article 10 – paragraph 5 – point d
Amendment 407 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 5 – point e
Article 10 – paragraph 5 – point e
Amendment 409 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
Amendment 414 #
Amendment 428 #
Amendment 431 #
2011/0359(COD)
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
The statutory auditor(s) or the audit firm(s) shall comply with the international auditing standards referred to in Article 26 of Directive 2006/43/EC when carrying out the statutory audit of public-interest entities as long as those standards are in conformity with the requirements of this Regulation.
Amendment 443 #
2011/0359(COD)
Proposal for a regulation
Article 22 – paragraph 2 – point f a (new)
Article 22 – paragraph 2 – point f a (new)
(fa) in support of the audit opinion on the true and fair view of annual or consolidated financial statements as a whole, as required in point (t), provide for each significant audit risk – as defined in accordance with the international standards on auditing referred to in Article 26 of Directive 2006/43/EC – information provided in audit report shall include the following: (i) a description of the most important assessed risks of material misstatement, including assessed risk(s) of material misstatement due to fraud; (ii) a summary of the auditor's response to those risks; and (iii) key observations from that audit work, if necessary; Where relevant to the above information provided in the audit report on each significant audit risk, a clear reference to the relevant disclosures in the financial statements shall be provided.
Amendment 477 #
2011/0359(COD)
Proposal for a regulation
Article 23 – paragraph 2 – point e a (new)
Article 23 – paragraph 2 – point e a (new)
Amendment 501 #
2011/0359(COD)
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1 – introductory part
Article 25 – paragraph 1 – subparagraph 1 – introductory part
Without prejudice to Article 55 of Directive 2004/39/EC, Article 53 of Directive 2006/48/EC of the European Parliament and of the Council34 , Article 15(4) of Directive 2007/64/EC, Article 106 of Directive 2009/65/EC, the first paragraph of Article 3 of Directive 2009/110/EC and Article 72 of Directive 2009/138/EC of the European Parliament and of the Council35 , the statutory auditor or audit firm carrying out the statutory audit of a public-interest entity shall have a duty to report promptly to the competent authorities supervising public-interest entities any fact or decision concerning that public-interest entity of which he, she or it has become aware whilein the normal course of carrying out thate statutory audit and which is liable to bring about any of the following:
Amendment 502 #
2011/0359(COD)
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 2
Article 25 – paragraph 1 – subparagraph 2
The statutory auditor or the audit firm shall also have a duty to report any facts and decisinformations of which he, she or it becomes aware in the normal course of carrying out the statutory audit of an undertaking having close links with the public-interest entity for which he, she or it is also carrying out the statutory audit.
Amendment 509 #
2011/0359(COD)
Proposal for a regulation
Article 28 – paragraph 2 – point d – point ii
Article 28 – paragraph 2 – point d – point ii
(ii) the identity of the holders of any special control rights including multiple voting rights and a description of those rights, whether such rights results from the holding of any securities, by contract or otherwise;
Amendment 515 #
2011/0359(COD)
Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 1
Article 31 – paragraph 1 – subparagraph 1
Each public-interest entity shall have an audit committee. The audit committee shall be composed of non-executive members of the administrative body and/or members of the supervisory body of the audited entity and/or members appointed by the general meeting of shareholders of the audited entity or, for entities without shareholders, by an equivalent body.
Amendment 516 #
2011/0359(COD)
Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 2
Article 31 – paragraph 1 – subparagraph 2
At least onetwo members of the audit committee shall have competences in auditing and another member in accounting and/or auditing. The committee members as a whole shall have competence relevant to the sector in which the audited entity is opera, finance, taxation or accounting.
Amendment 521 #
2011/0359(COD)
Proposal for a regulation
Article 31 – paragraph 5 – point a
Article 31 – paragraph 5 – point a
(a) monitor financial reporting process and may submit recommendations or proposals to ensure its integrity;
Amendment 522 #
2011/0359(COD)
Proposal for a regulation
Article 31 – paragraph 5 – point b
Article 31 – paragraph 5 – point b
(b) monitor the effectiveness of the undertaking's internal control, internal audit where applicable, and risk management systems;, without breaching its independence.
Amendment 524 #
2011/0359(COD)
Proposal for a regulation
Article 31 – paragraph 5 – point c
Article 31 – paragraph 5 – point c
(c) monitor the statutory audit of the annual and consolidated financial statements and supervise the completeness and integrity ofreceives the draft audit reports in accordance with Articles 22 to 23;
Amendment 525 #
2011/0359(COD)
Proposal for a regulation
Article 31 – paragraph 5 – point d
Article 31 – paragraph 5 – point d
(d) review and monitor the independence of the statutory auditors(s) or audit firms(s) in accordance with Articles 5 to 11, and in particular the provision of additional services to the audited entity in accordance with Article 10;
Amendment 526 #
2011/0359(COD)
Proposal for a regulation
Article 31 – paragraph 5 – point d a (new)
Article 31 – paragraph 5 – point d a (new)
(d a) review that there is a complete separation between the internal audit and the statutory audit;
Amendment 537 #
2011/0359(COD)
Proposal for a regulation
Article 32 – paragraph 3 – subparagraph 1 – point a
Article 32 – paragraph 3 – subparagraph 1 – point a
(a) the audited entity shall be free to invite any statutory auditors or audit firms to submit proposals for the provision of the statutory audit service on the condition that Article 33(2) is respected and that at least one of the invited auditors or firms is not oneinvitation should not preclude in any way that firms who received moreless than 15% of the total audit fees from large public-interest entities in the Member State concerned in the previous calendar year;, to participate in the selection procedure.
Amendment 540 #
2011/0359(COD)
Proposal for a regulation
Article 32 – paragraph 3 – subparagraph 1 – point a a (new)
Article 32 – paragraph 3 – subparagraph 1 – point a a (new)
(a a) If no auditor or audit firm that participate in the selection procedure can fulfil the condition laid down in paragraph 3 point a the audited entity shall continue the selection procedure with respect of paragraph 3 point b and the following.
Amendment 550 #
2011/0359(COD)
Proposal for a regulation
Article 32 – paragraph 4
Article 32 – paragraph 4
4. Public-interest entities which meet the criteria set out in points (f) and (t) of Article 2(1) of Directive 2003/71/EC, cooperatives within the meaning of Article 2 (14) of Directive 2006/43/EC, a savings bank or a similar entity as referred to in Article 45 of the Directive 86/635/EEC shall not be required to apply the selection procedure referred to in paragraph 4.
Amendment 570 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 1 – subparagraph 2
Article 33 – paragraph 1 – subparagraph 2
The public-interest entity may renew this engagement only once.
Amendment 577 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 1 – subparagraph 3
Article 33 – paragraph 1 – subparagraph 3
Amendment 589 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 1 – subparagraph 4
Article 33 – paragraph 1 – subparagraph 4
Amendment 602 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 2
Article 33 – paragraph 2
Amendment 610 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 3
Article 33 – paragraph 3
Amendment 619 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 4 – subparagraph 2
Article 33 – paragraph 4 – subparagraph 2
The statutory auditor or audit firm shall establish an appropriate gradual rotation mechanism with regard to the key audit most senior personnels involved in the statutory audit, including at least the persons who are registered as statutory auditors. The gradual rotation mechanism shall be undertaken in phases, on the basis of individuals rather than of a complete team. It shall be proportionate in view of the scale and the dimension of the activity of the statutory auditor or audit firm. Such phase cannot exceed 7 years for the key audit partners and a minimum of 3 years must elapse between phases.
Amendment 622 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 5 – subparagraph 2
Article 33 – paragraph 5 – subparagraph 2
Amendment 624 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 5 – subparagraph 3
Article 33 – paragraph 5 – subparagraph 3
Amendment 625 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 6 – subparagraph 1
Article 33 – paragraph 6 – subparagraph 1
Amendment 629 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 6 – subparagraph 2
Article 33 – paragraph 6 – subparagraph 2
Amendment 631 #
2011/0359(COD)
Proposal for a regulation
Article 34 – paragraph 2 – subparagraph 1
Article 34 – paragraph 2 – subparagraph 1
The audit committee, one or more shareholders representing together or separately at least 5% of the voting rights, the competent authorities referred to in Article 35(1) or 35(2) shall be able to bring a claim before a national court for the dismissal of the statutory auditor(s) or audit firm(s) where there are proper grounds.
Amendment 650 #
2011/0359(COD)
Proposal for a regulation
Article 36 – paragraph 3 a (new)
Article 36 – paragraph 3 a (new)
The competent authorities can not interfere with the professional body of auditors, safe for the tasks delegated pursuant Article 36 paragraph 3 point (b) (new).
Amendment 651 #
2011/0359(COD)
Proposal for a regulation
Article 36 – paragraph 3 b (new)
Article 36 – paragraph 3 b (new)
The competent authorities may delegate certain tasks to a professional body of auditors.
Amendment 652 #
2011/0359(COD)
Proposal for a regulation
Article 36 – paragraph 3 c (new)
Article 36 – paragraph 3 c (new)
In all circumstances the competent authorities could not receive funds from the auditors or from their professional bodies.
Amendment 660 #
2011/0359(COD)
Proposal for a regulation
Article 38 – paragraph 3 – subparagraph 1 – point d
Article 38 – paragraph 3 – subparagraph 1 – point d
Amendment 665 #
2011/0359(COD)
Proposal for a regulation
Article 40 – paragraph 4 – subparagraph 2 – point b a (new)
Article 40 – paragraph 4 – subparagraph 2 – point b a (new)
(b a) partners or a senior managers of audit firms or independent auditors, who joined a competent authority in any position, should, in the first three years, refrain from deciding or to be in any way involved in a decision regarding either the audit firm they previously worked for or the companies audited by them in the two years preceding their joining of the competent authority.
Amendment 666 #
2011/0359(COD)
Proposal for a regulation
Article 40 – paragraph 4 – subparagraph 2 – point c
Article 40 – paragraph 4 – subparagraph 2 – point c
(c) a person shall not be allowed to act as an inspector in an inspection of the statutory auditor or audit firm until at least two years have elapsed since that person ceased to be a partner or employee of that auditor or in that audit firm or to be otherwise associated therewith;
Amendment 670 #
2011/0359(COD)
Proposal for a regulation
Article 42 – paragraph 2 – subparagraph 1
Article 42 – paragraph 2 – subparagraph 1
By X X 20XX [23 years after the entry into force of the Regulation], and at least on a two-year basis thereafter, each competent authority shall draw up a report on this issue and submit it to ESMA, EBA and EIOPA.
Amendment 8 #
2011/0297(COD)
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Directive establishes minimum rules for criminal sanctions for the most serious market abuse offences, namely insider dealing and market manipulation. This Directive shall only apply to transactions, orders or behaviours which would fall within Regulation (EU) No. ... of the European Parliament and the Council on insider dealing and market manipulation and which would be prohibited under that Regulation.
Amendment 9 #
2011/0297(COD)
Proposal for a directive
Article 2 – point 1
Article 2 – point 1
Amendment 10 #
2011/0297(COD)
Proposal for a directive
Article 2 – point 1 a (new)
Article 2 – point 1 a (new)
1a. The definitions provided in Article 5 of Regulation (EU) No... of the European Parliament and the Council on insider dealing and market manipulation shall also apply to this Directive.
Amendment 11 #
2011/0297(COD)
Proposal for a directive
Article 2 – point 2
Article 2 – point 2
2. ‘Inside information’ means information within the meaning of Article 6(1)(a) to 6(1)(d) of Regulation (EU) No…...of the European Parliament and the Council on insider dealing and market manipulation. Information shall not be "inside information" for the purposes of this Directive if it would only be considered inside information as a result of Article 6(3) of that Regulation.
Amendment 12 #
2011/0297(COD)
Proposal for a directive
Article 3 – introductory part
Article 3 – introductory part
Member States shall take the necessary measures to ensure that the following conduct constitutes a criminal offence, when committed intentionally by a natural person:
Amendment 14 #
2011/0297(COD)
Proposal for a directive
Article 3 – point a
Article 3 – point a
(a) when in possession ofthe person concerned is in possession of inside information and knows that the information is inside information, using that information to acquire or dispose of financial instruments to which that information relates for one's own account or for the account of a third party. This also includes using inside information to cancel or amend an order concerning a financial instrument to which that information relates where that order was placed before entering into possession of that inside information; or
Amendment 15 #
2011/0297(COD)
Proposal for a directive
Article 3 – point b
Article 3 – point b
(b) when the person concerned is in possession of inside information and knows that the information is inside information, disclosing inside information to any other person, unless such disclosure is made in the lawful course of the exercise of duties resulting from employment or profession.
Amendment 16 #
2011/0297(COD)
Proposal for a directive
Article 3 – point b a (new)
Article 3 – point b a (new)
(ba) when the person concerned is in possession of inside information and knows that the information is inside information, recommending or inducing another person, on the basis of inside information, to acquire or dispose of financial instruments to which that information relates.
Amendment 17 #
2011/0297(COD)
Proposal for a directive
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
Points (a) and (ba) of paragraph 1 shall not apply unless the inside information had a material influence on the decision of the person concerned to acquire or dispose of the financial instruments or to recommend or induce another person to do so.
Amendment 22 #
2011/0295(COD)
Proposal for a regulation
Recital 48 a (new)
Recital 48 a (new)
(48a) Investment advice as defined in MiFID, through the provision of a personal recommendation to a client in respect of one or more transactions relating to financial instruments (in particular, informal short-term investment recommendations, originating from inside the sales or trading departments of an investment firm or a credit institution, expressed to their clients), which are not likely to become publicly available, should not be considered in themselves as recommendations within the meaning of this Regulation.
Amendment 23 #
2011/0295(COD)
Proposal for a regulation
Recital 48 b (new)
Recital 48 b (new)
(48b) The mere fact that, in good faith market-makers, bodies authorised to act as counterparties, or persons authorised to execute orders on behalf of third parties with inside information confine themselves, in the first two cases, to pursuing their legitimate business of buying or selling financial instruments or, in the last case, to carrying out an order dutifully, should not be deemed alone to constitute use of such inside information.
Amendment 24 #
2011/0295(COD)
Proposal for a regulation
Recital 48 c (new)
Recital 48 c (new)
(48c) Having access to inside information relating to another company and using it in the context of a public takeover bid for the purpose of gaining control of that company or proposing a merger with that company should not be deemed alone to constitute insider dealing.
Amendment 25 #
2011/0295(COD)
Proposal for a regulation
Recital 48 d (new)
Recital 48 d (new)
(48d) Since the acquisition or disposal of financial instruments necessarily involves a prior decision to acquire or dispose, taken by the person who undertakes one or other of these operations, the carrying out of this acquisition or disposal should not be deemed alone to constitute the use of inside information.
Amendment 26 #
2011/0295(COD)
Proposal for a regulation
Recital 48 e (new)
Recital 48 e (new)
(48e) Research and estimates developed from publicly available data should not be regarded as inside information; and, therefore, any transaction carried out on the basis of such research or estimates should not be deemed alone to constitute insider dealing within the meaning of this Regulation.
Amendment 27 #
2011/0295(COD)
Proposal for a regulation
Recital 48 f (new)
Recital 48 f (new)
(48f) Information regarding the market participant's own plans and strategies for trading should not be considered as inside information.
Amendment 28 #
2011/0295(COD)
Proposal for a regulation
Recital 48 g (new)
Recital 48 g (new)
(48g) Trading in financial instruments for which a firm has received a request for a locate of an individual security, or for a confirmation of reasonable expectation of settlement, in order for a client to satisfy the requirements of the "Regulation on Short Selling and certain aspects of Credit Default Swaps" can be legitimate and should not therefore be alone regarded as insider dealing.
Amendment 33 #
2011/0295(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point d a (new)
Article 6 – paragraph 1 – point d a (new)
(da) in relation to spot commodities and financial instruments other than derivatives on commodities, (i) other than relevant information of precise nature which if it were made public, would be likely to have a material and significant effect on the price of such financial instruments, and (ii) where the use of such information would be regarded by a reasonable investor who regularly deals on the market and in the financial instrument concerned as a failure on the part of the person concerned to observe the standard of behaviour reasonably expected of a person in his position in relation to the relevant markets;
Amendment 34 #
2011/0295(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point e
Article 6 – paragraph 1 – point e
Amendment 35 #
2011/0295(COD)
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. For the purposes of asupplyementing paragraph 1, information which, if it were made public, would be likely to have a significant effect on the prices of the financial instruments, the related spot commodity contracts, or the auctioned products based on the emission allowances shall mean information a reasonable investor would be likely to use as part of the basis of his investment decisions.
Amendment 36 #
2011/0295(COD)
Proposal for a regulation
Article 6 – paragraph 3 a (new)
Article 6 – paragraph 3 a (new)
3a. In order to ensure consistent application of Article 6(1)(da), ESMA shall develop draft regulatory technical standards providing assistance in determining appropriate standards of behaviour in relation to relevant markets for the purposes of providing consistent application of these provisions to diverse market activities. ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by [12 months after the Regulation enters into force.] Powers is conferred to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 37 #
2011/0295(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. For the purposes of this Regulation, attempting to engage in insider dealing arises where a person possesses inside information and uses that information to attempts to acquire or dispose of, for his own account or for the account of a third party, either directly or indirectly, financial instruments to which that information relates. The attempt to cancel or amend an order concerning a financial instrument to which the information relates on the basis of inside information where the order was placed before the person concerned possessed the inside information, shall also be considered an attempt to engage in insider dealing.
Amendment 40 #
2011/0295(COD)
Proposal for a regulation
Article 7 – paragraph 8
Article 7 – paragraph 8
8. Paragraphs 1, 2 and 3 shall not apply to a person, who possesses inside information where: (a) transactions are conducted in the discharge of an obligation that has become due to acquire or dispose of financial instruments where that obligation results from an agreement concluded, an order to trade already placed, or is to satisfy a legal or regulatory obligation that arose, before the person concerned possessed inside information. before the person concerned possessed inside information; (b) that person is a legal person and the natural persons who made the decision on its behalf to carry out the transactions or to make the recommendation or inducement, did not possess the information and the legal person had established, implemented and maintained adequate internal arrangements designed to ensure that those natural persons comply with the prohibitions laid down in paragraphs 1, 2, 3 and 4; (c) that person carries out transactions as a result of orders placed before he possessed the information; (d) that person carries out transactions in accordance with a plan made by that person before he possessed the information, specifying the amount of financial instruments proposed to be acquired or disposed of and the proposed dates and prices for the transactions (or a formula, algorithm or computer programme for determining those matters) or giving another person who does not possess the information the discretion to determine those matters; (e) that person is a market maker or a body authorised to act as counterparty which is pursuing its legitimate business of buying or selling financial instruments or is a person authorised to execute orders on behalf of third parties which carries out an order dutifully; (f) that person possesses inside information relating to another company and uses that information in the context of a public takeover bid for the purposes of gaining control of the company or proposing a merger with that company; (g) the information concerns that person's prior decision to carry out transactions and he carries out or tries to carry out transactions based on that decision; (h) that person establishes that he has another legitimate reason for using the information to carry out transactions or acting on the basis of the information to recommend or induce others to carry out transactions.
Amendment 41 #
2011/0295(COD)
Proposal for a regulation
Article 7 – paragraph 9 a (new)
Article 7 – paragraph 9 a (new)
9a. In order to ensure the uniform conditions of implementation or application of Article 7, ESMA shall develop implementing technical standards to determine cases where a person who possesses inside information shall not be regarded as using that information by carrying out transactions or acting on the basis of that information to recommend or induce another to carry out transactions. ESMA shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by [12 months after the Regulation enters into force.] The draft implementing technical standards referred to in the first subparagraph shall be adopted in accordance with Article 15 of Regulation (EU) No 1095/2010.
Amendment 43 #
2011/0295(COD)
Proposal for a regulation
Article 8 – paragraph 2 – point a
Article 8 – paragraph 2 – point a
(a) intentionally attempting to enter into a transaction, trying to place an order to trade or trying to engage in any other behaviour as defined in paragraph 1(a) or (b); or
Amendment 44 #
2011/0295(COD)
Proposal for a regulation
Article 8 – paragraph 2 – point b
Article 8 – paragraph 2 – point b
(b) intentionally attempting to disseminate information as defined in paragraph 1(c).
Amendment 52 #
2011/0295(COD)
Proposal for a regulation
Article 17 – paragraph 5 a (new)
Article 17 – paragraph 5 a (new)
5a. A person shall not be considered in breach of any restriction on disclosure of information posed by a contract or by any legislative, regulatory or administrative provision when making information available in accordance with paragraph 2.
Amendment 53 #
2011/0295(COD)
Proposal for a regulation
Article 24 – paragraph 2 a (new)
Article 24 – paragraph 2 a (new)
Amendment 54 #
2011/0295(COD)
Proposal for a regulation
Article 27 – paragraph 2 a (new)
Article 27 – paragraph 2 a (new)
2a. An infringement of the provisions under this Regulation shall not of itself affect the validity of any transaction, render any transaction unenforceable nor give rise to any claim for compensation, when the transaction has been entered on good faith.
Amendment 3 #
2010/2303(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Takes the view that the number of boards on which directors of financial institutions may sit at the same time should be limited to three, in which connection membership of the boards of several companies within the same financial group should count as one directorship;. This limitation should not be applied to: (a) the member who is the owner of at least one fifth of the share capital of the financial institution; (b) the member who is an employee of a professional investor and performs the service as part of the job description with the employer,
Amendment 7 #
2010/2303(INI)
Draft opinion
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Emphasises that greater diversity among the members of boards is likely to improve the quality of debate and decision-making. Calls on the Commission to require expertise in business administration or professional background in the industry of the company in which board the member stands;
Amendment 9 #
2010/2303(INI)
Draft opinion
Paragraph 2 d (new)
Paragraph 2 d (new)
2d. In financial institutions combining the functions of chairman of the board of directors and chief executive officer should not be prohibited;
Amendment 10 #
2010/2303(INI)
Draft opinion
Paragraph 2 e (new)
Paragraph 2 e (new)
2e. Putting in place a compulsory evaluation of the functioning of the board of directors, carried out by an external evaluator, could lead to administrative burden and costs;
Amendment 11 #
2010/2303(INI)
Draft opinion
Paragraph 2 f (new)
Paragraph 2 f (new)
2f. Being compulsory for one or more members of the audit committee to be part of the risk committee and vice versa could lead to the dissolution of competence and lack of focus on just one job;
Amendment 12 #
2010/2303(INI)
Draft opinion
Paragraph 2 g (new)
Paragraph 2 g (new)
2g. The chairman of the risk committee should report to the general meeting or in any case he/she cannot be fired by the Executive or by the board of directors;
Amendment 13 #
2010/2303(INI)
Draft opinion
Paragraph 2 h (new)
Paragraph 2 h (new)
2h. An approval procedure should be established for the board of directors to approve new financial products, but only after the risk committee approves them, based also on a procedure;
Amendment 20 #
2010/2303(INI)
Draft opinion
Paragraph 3 e (new)
Paragraph 3 e (new)
3e. Takes the view that the status of the chief risk officer should be enhanced, as at least equivalent to that of the chief financial officer;
Amendment 21 #
2010/2303(INI)
Draft opinion
Paragraph 3 f (new)
Paragraph 3 f (new)
3f. The communication system between the risk management function and the board of directors should be improved by setting up a procedure for referring conflicts/problems to the hierarchy for resolution;
Amendment 22 #
2010/2303(INI)
Draft opinion
Paragraph 3 g (new)
Paragraph 3 g (new)
3g. The chief risk officer should be able to report directly to the board of directors, after reporting to the risk committee;
Amendment 24 #
2010/2303(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Takes the view that the external auditors in financial institutions should be required to inform the board of directors and the competent supervisory bodies immediately if their audit brings to light facts which could jeopardise the future of the institution or seriously hamper its development or which point to a serious breach of the licensing requirements is now referred to financial audit. A new type of audit, especially focused on the operational risk (i.e. operational products) should be established separated from the financial audit. Financial institutions should be more than encouraged to use such an audit. Moreover, the supervisory bodies and auditors may enter into Public-Private Partnership in order to delegate audit tasks (i.e. related to operational risks) to private auditors. In such way the risk is better controlled and with less costs than obliging the current financial external auditors to extend their audit to risk related situations and to report the resulets governingto the superformance of dutvisory bodies;
Amendment 27 #
2010/2303(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Takes the view that institutional investors should be required formally and publicly to explato make a public statement as to their approach to voting any actions which breach the uniform EU code for institutional investors (‘comply or explain’)d engagement and how they use their shareholder rights in the interests of those on whose behalf they invest;
Amendment 28 #
2010/2303(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Takes the view that the identification of shareholders should be facilitated in order to encourage dialogue between companies and their shareholders and reduce the risk of abuse connected to "empty voting";
Amendment 29 #
2010/2303(INI)
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. The electronic vote should be established in order to encourage shareholders to engage in financial institutions' corporate governance;
Amendment 39 #
2010/2303(INI)
Draft opinion
Paragraph 10
Paragraph 10
10. Takes the view that external auditors and members of the board of directors should be strictly prohibited from engaging obtaining any opayment - besides their form of business deees for the audit they perform - from the financial ings, in particular consultancies, with the financial concern in questionstitution for a service which would be a breach of applicable independence or other ethics requirements;
Amendment 40 #
2010/2303(INI)
Draft opinion
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Takes the view that , while taking into account the different existing legal and economic models, it is necessary to harmonise the content and detail of Community rules on conflicts of interest to ensure that the various financial institutions are subject to similar rules, in accordance with which they must apply the provisions of MiFID, the CRD, the UCITS Directive or Solvency 2;
Amendment 3 #
2010/2302(INI)
Draft opinion
Recital B
Recital B
B. whereas the structure of the rating industry is heavily concentrated, and whereas the business orientation of the market-leading CRAs is predominantly centred on United States business models, whilst the understanding of European business models, especially SMEs, is hardly reflected in their ratingsespecially in the United States, whilst the rest of the countries are not very well represented in this industry,
Amendment 4 #
2010/2302(INI)
Draft opinion
Recital B a (new)
Recital B a (new)
Ba. whereas the CRAs fall under the provision of the Regulation EC 2009/1060, as amended in order to give ESMA supervisory attributions,
Amendment 8 #
2010/2302(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Calls on the Commission to encourage existing businesses to become registered as CRAs under European legislation by reducing barriers to entry or to expand in the CRA sector, especially for niche markets such as local SMEs, but also for structured credits or public debt; at all levels, considers that this would enhance competition in this sector and that, in order to be visible at European level, smallEuropean CRAs could be encouraged to merge or to establish networks;
Amendment 10 #
2010/2302(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Asks the Commission to establish a public European CRA whose main purpose should be to produce independent and impartialncourage European CRAs to produce ratings without being influenced or restricted by commercial considerations; consi, in orders that such a CRA should produce a mandatory second rating in response to every rating produced by a CRA registered and operating in the European Uniono issue independent and impartial ratings;
Amendment 11 #
2010/2302(INI)
Draft opinion
Paragraph 3
Paragraph 3
Amendment 15 #
2010/2302(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Stresses that all measures should be taken in order to avoid too favourablebiased ratings being given by reducing any conflicts of interest, e.g. by disclosure of the methodologies, especially for ratings of sovereign debt, and rethinking the payment model on the basis of aof alternative to the payment model ‘payment upon request’.
Amendment 32 #
2010/2080(INI)
Motion for a resolution
Paragraph 12a (new)
Paragraph 12a (new)
12a. Believes that the consolidation of legal arrangements by the means set out in this report should certainly lead to the development and strengthening of economic and professional relations, thus contributing to the creation of a real single market;
Amendment 34 #
2010/2080(INI)
Motion for a resolution
Paragraph 13a (new)
Paragraph 13a (new)
13a. Calls on the Commission and the Member States to ensure the more uniform application of EU legislation (in its procedural aspects), with the focus on standardised rules and administrative procedures which should apply in areas of Union competence such as taxation, customs, trade and consumer protection, subject to the limits of the EU Treaties, with a view to the proper functioning of the single market and freedom of competition;
Amendment 11 #
2010/2076(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11 a. Is of the opinion that when the Commission starts an infringement procedure against a Member State, it should also issue a Communication that the act which infringed the EU legislation can be challenged by the affected citizens of the respective Member State in front of their national courts;
Amendment 15 #
2010/2055(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Considers that national/regional registries should be encouraged to stipulate that supporting documentation in respect of data entered in a national/regional business register is required also in a language used internationally (English), at least in respect of certain types of companies (listed companies, companies reporting under the IAS and IFRS systems, etc.);
Amendment 17 #
2010/2055(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Stresses that making available information concerning business undertakings in all official languages of the European Union would involve extremely high translation costs, which would be unjustified given the number of users of such information translated into the 23 EU official languages;
Amendment 19 #
2010/2055(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Supports the establishment, in the meantime, of compulsory mechanisms for cooperation between registries, in particular in connection with updating regularly the data required to be disclosed in respect of foreign branches;
Amendment 4 #
2010/2006(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Believes that dismantling a banking group should also be an option at the initial stage (early intervention);
Amendment 5 #
2010/2006(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Takes the view that the purpose of a European legislative framework for crisis resolution is to empower the authorities to adopt measures that include intervention in the management of banking groups, when this is necessary (and especially, but not exclusively, in deposit-taking banks, where there is a possibility of systemic risk);
Amendment 6 #
2010/2006(INI)
Draft opinion
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Considers, similarly, that the purpose of a European legislative framework for crisis resolution is also to regulate both cross-border banking groups and individual banks conducting cross-border operations solely through branches; believes also that there should be uniform regulation of the first of these categories;
Amendment 7 #
2010/2006(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Expresses the opinion that derogations should nevertheless be made from certain of the requirements imposed by EU company law, to permit intervention by an authority in banking activities where this is justified in the public interest (interest of shareholders, creditors and the business environment concerned);
Amendment 8 #
2010/2006(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Believes that cooperation and communication between authorities and administrators responsible for the resolution and insolvency of cross-border banking groups can be improved by establishing a set of ex-ante guidelines;
Amendment 34 #
2010/0251(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) In the case of adverse developments, or the creation of asset bubbles, which constitute a serious threat to financial stability or to market confidence in a Member State or the Union, competent authorities should have powers of intervention to require further transparency or to impose temporary restrictions on short selling, long selling, credit default swap transactions or other transactions to prevent a disorderly decline in the price of a financial instrument. Such measures could be necessary due to a variety of adverse events or developments including not just financial or economic events but also for example natural disasters or terrorist acts. Furthermore, some adverse events or developments requiring measures could arise simply in one Member State only and not have any cross border implications. The powers need to be flexible enough to deal with a range of different exceptional situations.
Amendment 35 #
2010/0251(COD)
Proposal for a regulation
Recital 22 a (new)
Recital 22 a (new)
(22a) In the event of excessive growth clearly out of proportion to previous values and bearing no connection with the actual financial situation of the issuer, and which is therefore liable to create systemic risks in the form of asset bubbles, the competent authorities should have the possibility of temporarily prohibiting the sale of the respective instrument on that venue, in order to be able to intervene rapidly where appropriate.
Amendment 36 #
2010/0251(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) Powers of intervention of competent authorities and ESMA to restrict short selling, long selling, credit default swaps and other transactions should only be temporary in nature and should only be exercised for such a period and to the extent necessary to deal with the specific threat.
Amendment 39 #
2010/0251(COD)
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. A relevant notification threshold is a percentage that equals 0.21% of the value of the issued share capital of the company concerned and each 0.1% above that.
Amendment 42 #
2010/0251(COD)
Proposal for a regulation
Article 6
Article 6
A trading venue that has shares admitted to trading shall establish procedures that ensure that natural or legal persons executing orderforwarding sell orders to intermediaries on the trading venue mark sell orders as short orders if the seller is entering into a short sale of the share. The trading venue shall publish at least daily a summary of the volume of orders marked as short orders.
Amendment 61 #
2010/0251(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point c a (new)
Article 12 – paragraph 1 – point c a (new)
(ca) the legal or natural person is certain that the share or sovereign debt instrument can be acquired at the date on which the transaction is to be settled, and there is no risk of its failing to be executed.
Amendment 66 #
2010/0251(COD)
Proposal for a regulation
Article 15 – paragraph 1 – point a
Article 15 – paragraph 1 – point a
(a) by posting firm, simultaneousregular and permanent two way quotes of comparable size and at competitive prices, with the result of providing liquidity on a regular and ongoing basis to the market;
Amendment 67 #
2010/0251(COD)
Proposal for a regulation
Article 15 – paragraph 1 – point b a (new)
Article 15 – paragraph 1 – point b a (new)
(ba) where an investment firm executes an order for a client, through which the client is covering a long open position.
Amendment 69 #
2010/0251(COD)
Proposal for a regulation
Article 15 – paragraph 6
Article 15 – paragraph 6
6. The competent authority of the home Member State may prohibit the use of the exemption if it considers that the natural or legal person does not satisfy the conditions of the exemption. Any prohibition shall be imposed within the thirtyfifteen calendar day period referred to in the first subparagraph or subsequently if the competent authority becomes aware that there has been any changes in the circumstances of the person so that they no longer satisfy the conditions.
Amendment 75 #
2010/0251(COD)
Proposal for a regulation
Article 17 – paragraph 2 – point b a (new)
Article 17 – paragraph 2 – point b a (new)
(ba) A long sale, when excessive growth in a financial instrument is noted that is clearly out of proportion to previous values and bears no connection with the actual financial situation of the issuer, and which is therefore liable to create systemic risks in the form of asset bubbles.
Amendment 78 #
2010/0251(COD)
Proposal for a regulation
Article 19 – paragraph 4 – subparagraph 1
Article 19 – paragraph 4 – subparagraph 1
The fall in value shall be 105% or more in the case of a share and for other classes of financial instruments an amount to be specified by the Commission.
Amendment 79 #
2010/0251(COD)
Proposal for a regulation
Article 19 – paragraph 5 – subparagraph 1
Article 19 – paragraph 5 – subparagraph 1
Powers are delegated to the Commission to adopt regulatory technical standards specifying the method of calculation of the 105% fall for shares and of the fall in value specified by the Commission as referred to in paragraph 4.
Amendment 80 #
2010/0251(COD)
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
1. ABoth the ESMA and the competent authority shall publish on its website notice of any decision to impose or renew any measure referred to in Articles 16 to 19.
Amendment 86 #
2010/0251(COD)
Proposal for a regulation
Article 27 – paragraph 3 – point a
Article 27 – paragraph 3 – point a
(a) an explanation about the purpose of the transaction and whether it is for the purposes of hedging against a risk or otherwise;
Amendment 87 #
2010/0251(COD)
Proposal for a regulation
Article 27 – paragraph 3 – point b
Article 27 – paragraph 3 – point b
Amendment 108 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 1
Article 6 – paragraph 3 – subparagraph 1
3. A counterparty which is subject to the reporting obligation may delegate the reporting of the details of the OTC derivative contract to the other counterparty, where it accepts the delegation.
Amendment 110 #
2010/0250(COD)
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
1. Where a CCP that is a legal person established in the Union and has access to adequate liquidity intends to perform its services and specific clearing activities, it shall apply for authorisation to the competent authority of the Member State where it is established.
Amendment 111 #
2010/0250(COD)
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1
Article 11 – paragraph 1 – subparagraph 1
1. A CCP wishing to extend its business to additional services or activities, such as those set out in this Regulation, not covered by the initial authorisation shall submit a request for extension. The offering of clearing services in a different currency or in financial instruments that significantly differ in their risk characteristics from those for which the CCP has already been authorised shall be considered an extension of that authorisation.
Amendment 112 #
2010/0250(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. A CCP shall have a permanent, available and separate initial capitalbe constituted as a public limited company and have its own initial and permanent capital (net assets) of at least EUR 5 million to be authorised pursuant to Article 10.
Amendment 113 #
2010/0250(COD)
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
2. COwn capital, together with retained earnings and reserves (net assets) of a CCP, shall at all times be sufficient and liquid so as to ensure an orderly winding- down or restructuring of the activities over an appropriate time span and that the CCP is adequately protected against operational and residual risks.
Amendment 114 #
2010/0250(COD)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 2 – introductory part
Article 14 – paragraph 1 – subparagraph 2 – introductory part
The college shall consist of representatives of:
Amendment 115 #
2010/0250(COD)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 2 a (new)
Article 14 – paragraph 1 – subparagraph 2 a (new)
The representative in the college may be replaced at any time by the authority which appointed him/her.
Amendment 116 #
2010/0250(COD)
Proposal for a regulation
Article 14 – paragraph 2 – point c
Article 14 – paragraph 2 – point c
(c) agreement on the voluntary entrustment of taskpowers among its members;
Amendment 117 #
2010/0250(COD)
Proposal for a regulation
Article 16 – title
Article 16 – title
Withdrawal, annulment and renouncement of authorisation
Amendment 118 #
2010/0250(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point a
Article 16 – paragraph 1 – point a
(a) where the CCP has not made use of the authorisation within 12 months, expressly renounces the authorisation or has provided no services or performed no activity for the preceding six months;
Amendment 119 #
2010/0250(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point b
Article 16 – paragraph 1 – point b
Amendment 120 #
2010/0250(COD)
Proposal for a regulation
Article 16 – paragraph 1 – subparagraph 1 a (new)
Article 16 – paragraph 1 – subparagraph 1 a (new)
Reasons must be given for the decision to withdraw authorisation.
Amendment 121 #
2010/0250(COD)
Proposal for a regulation
Article 16 – paragraph 1 – subparagraph 1 b (new)
Article 16 – paragraph 1 – subparagraph 1 b (new)
The competent authority may call on the competent body to annul authorisation where the CCP has obtained the authorisation by making false statements or by any other irregular means.
Amendment 122 #
2010/0250(COD)
Proposal for a regulation
Article 16 – paragraph 1 – subparagraph 1 c (new)
Article 16 – paragraph 1 – subparagraph 1 c (new)
A CCP may renounce authorisation by surrendering it to the competent authority which granted the authorisation.
Amendment 123 #
2010/0250(COD)
Proposal for a regulation
Article 16 – paragraph 2
Article 16 – paragraph 2
2. ESMA or and any other member ofuthority represented in the college may, at any time, directly or through its representative in the college, request that the competent authority of the Member State where the CCP is established examine whether the CCP is still in compliance with the conditions under which the authorisation is granted. The request shall be accompanied by a justification.
Amendment 124 #
2010/0250(COD)
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
2. Where a CCP has been declared bankrupt or is being compulsorily wound up, confidential information which does not concern third parties may be divulged in civil or commercial proceedings where necessary for carrying out the proceeding.
Amendment 127 #
2010/0250(COD)
Proposal for a regulation
Article 26 – paragraph 4
Article 26 – paragraph 4
4. Without prejudice to the right of competent authorities to be duly informed, the members of the risk committee shall be bound by confidentiality. Where the chairman of the risk committee determines that a member has an actual or potential conflict of interest on a particular matter, or that member shall not be allowed toannounces the existence of one, the member concerned will not vote on that matter but will abstain.
Amendment 128 #
2010/0250(COD)
Proposal for a regulation
Article 27 – paragraph 1
Article 27 – paragraph 1
1. A CCP shall maintain, on paper or in digital format, for a period of at least ten years, all the records on the services and activity provided so as to enable the competent authority to monitor the compliance with the requirements under this Regulation.
Amendment 129 #
2010/0250(COD)
Proposal for a regulation
Article 27 – paragraph 2
Article 27 – paragraph 2
2. A CCP shall maintain, on paper or in digital format, for a period of at least ten years following the termination of a contract, all information on all contracts it has processed. That information shall at a minimum enable the identification of the original terms of a transaction before clearing by that CCP.
Amendment 130 #
2010/0250(COD)
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 1
Article 29 – paragraph 1 – subparagraph 1
1. ABoth when it is set up and in the course of its functioning, a CCP shall notify the competent authority of any changes to the composition of its management, and shall provide the competent authority of all the information necessary to assess whether the board members and executive directors are of sufficiently good repute and sufficiently experienced.
Amendment 131 #
2010/0250(COD)
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 2
Article 29 – paragraph 1 – subparagraph 2
Where the conduct of a member of the boardanager or executive director is likely to be prejudicial to the sound and prudent management of the CCP, the competent authority shall take appropriate measures, including removing that memberperson from the boardpost held in the CCP.
Amendment 132 #
2010/0250(COD)
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 1 – point c a (new)
Article 30 – paragraph 1 – subparagraph 1 – point c a (new)
(ca) market concentration as a result of the acquisition;
Amendment 133 #
2010/0250(COD)
Proposal for a regulation
Article 33 – paragraph 1 – point a
Article 33 – paragraph 1 – point a
(a) outsourcing does not result in the delegation of its responsilease the CCP from liability;
Amendment 134 #
2010/0250(COD)
Proposal for a regulation
Article 33 – paragraph 3 a (new)
Article 33 – paragraph 3 a (new)
(3a) The competent authority may reject the delegation or may decide to suspend it where the entity receiving the delegation does not meet the requirements of this Regulation, other than those exclusively applicable to a CCP.
Amendment 135 #
2010/0250(COD)
Proposal for a regulation
Article 45 – paragraph 3
Article 45 – paragraph 3
3. The CCP shall promptly inform the competent authority. That competent authority shall immediately inform the authority responsible for the supervision of the defaulting clearing member (where the latter is not itself the competent authority) where the CCP considers that the clearing member will not be able to meet its future obligations and when the CCP intends to declare its default.
Amendment 136 #
2010/0250(COD)
Proposal for a regulation
Article 60 – title
Article 60 – title
Withdrawal, annulment and renouncement of registration
Amendment 137 #
2010/0250(COD)
Proposal for a regulation
Article 60 – paragraph 1 – point a
Article 60 – paragraph 1 – point a
(a) the trade repository expressly renounces the registration or has provided no services for the preceding six months;
Amendment 138 #
2010/0250(COD)
Proposal for a regulation
Article 60 – paragraph 1 – point b
Article 60 – paragraph 1 – point b
Amendment 139 #
2010/0250(COD)
Proposal for a regulation
Article 60 – paragraph 1 – subparagraph 1 a (new)
Article 60 – paragraph 1 – subparagraph 1 a (new)
Reasons must be given for the decision to withdraw registration.
Amendment 140 #
2010/0250(COD)
Proposal for a regulation
Article 60 – paragraph 1 – subparagraph 1 b (new)
Article 60 – paragraph 1 – subparagraph 1 b (new)
EMSA may call on the competent body to annul the registration where it has obtained the registration by making false statements or by any other irregular means.
Amendment 141 #
2010/0250(COD)
Proposal for a regulation
Article 60 – paragraph 1 – subparagraph 1 c (new)
Article 60 – paragraph 1 – subparagraph 1 c (new)
A trade repository may expressly renounce the registration by surrendering it to EMSA.
Amendment 142 #
2010/0250(COD)
Proposal for a regulation
Article 60 – paragraph 2
Article 60 – paragraph 2
2. The competent authority of a Member State in which the trade repository services performs its services and activities and which considers that one of the conditions referred to in paragraph 1 has been met, may request ESMA to examine whether the conditions for withdrawal of registration are met. Where ESMA decides not to withdraw the registration of the trade repository concerned, it shall provide full reasReasons shall be given for the decisions.
Amendment 143 #
2010/0250(COD)
Proposal for a regulation
Article 61 – paragraph 2 – point c
Article 61 – paragraph 2 – point c
(c) to carry out on-site inspections with or without announcementprior notice, except in situations where giving notice would mean that evidence would be lost or the existing situation would be aggravated;
Amendment 6 #
2010/0207(COD)
Proposal for a directive
Recital 26
Recital 26
(26) The payout delay of at maximum six weeks from 31 December 2010, runs counter to the need to maintain depositor confidence and does not meet their needs. The payout delay should therefore be reduced to a period of onefour weeks.
Amendment 8 #
2010/0207(COD)
Proposal for a directive
Article 2 – paragraph 1 – point a – subparagraph 1 (new)
Article 2 – paragraph 1 – point a – subparagraph 1 (new)
For the purpose of calculating a credit balance, Member States shall apply the rules and regulations relating to set-off and counterclaims according to the legal and contractual conditions applicable to a deposit.
Amendment 19 #
2010/0207(COD)
Proposal for a directive
Article 10 – paragraph 1 – subparagraph 3
Article 10 – paragraph 1 – subparagraph 3
The other Deposit Guarantee Schemes shall act as lending schemes. For this purpose, Member States in which more than one scheme is established shall designate one scheme acting as the lending scheme of this Member State and inform the European Banking Authority thereof. Member States may decide if and how the lending scheme is reimbursed by other Deposit Guarantee Schemes established in the same Member State. In cases where the national schemes do not reach agreement on the designation of one of them as the lending scheme of the Member State concerned, the European Banking Authority shall make the designation based on the creditworthiness of the individual systems.
Amendment 20 #
2010/0207(COD)
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. The contributions to Deposit Guarantee Schemes referred to in Article 9 shall be determined for each member on the basis of the degree of risk incurred by it. Credit institutions shall not pay less than 75% or more than 200% of the amount that a bank with an average risk would have to contribute. Member States may decide that members of Schemes referred to in Article 1(3) and (4) pay lower contributions to Deposit Guarantee Schemes but not less than 37.5% of the amount that a bank with an average risk would have to contribute, or 20% for deposits with mortgage banks.
Amendment 22 #
2010/0207(COD)
Proposal for a directive
Annex III – paragraph 7
Annex III – paragraph 7
The responsible Deposit Guarantee Scheme is [insert name and address, telephone, e-mail and web site]. It will repay your deposits (up to EUR 100 000) within six weeks at the latest, from 31 December 2013 within onefour weeks.
Amendment 23 #
2010/0160(COD)
Proposal for a regulation – amending act
Recital 12
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.
Amendment 24 #
2010/0160(COD)
Proposal for a regulation – amending act
Recital 15
Recital 15
Amendment 25 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1060/2009
Article 8 a – paragraph 2 a (new)
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.
Amendment 26 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1060/2009
Article 8 b – paragraph 1 – point a
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.
Amendment 27 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1060/2009
Article 8 b – paragraph 2 a (new)
Article 8 b – paragraph 2 a (new)
2a. The same access under the same conditions shall be granted to the competent national authorities.
Amendment 28 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 9
Article 1 – point 9
Regulation (EC) No 1060/2009
Article 20 – paragraph 1 – point a
Article 20 – paragraph 1 – point a
Amendment 29 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 9
Article 1 – point 9
Regulation (EC) No 1060/2009
Article 20 – paragraph 1 – point b
Article 20 – paragraph 1 – point b
Amendment 30 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 9
Article 1 – point 9
Regulation (EC) No 1060/2009
Article 20 – paragraph 1 a (new)
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.
Amendment 31 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 9
Article 1 – point 9
Regulation (EC) No 1060/2009
Article 20 – paragraph 2 a (new)
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.
Amendment 32 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 13
Article 1 – point 13
Regulation (EC) No 1060/2009
Article 23 b – paragraph 3 a (new)
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.
Amendment 33 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 13
Article 1 – point 13
Regulation (EC) No 1060/2009
Article 23 c – paragraph 3
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.
Amendment 34 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 24 – paragraph 1 – point aa (new)
Article 24 – paragraph 1 – point aa (new)
(aa) establish deterrent fines and penalties pursuant to Articles 36a and 36b;
Amendment 35 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 24 – paragraph 3 – point a
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
Amendment 36 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 24 – paragraph 3 – point b
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.
Amendment 37 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 24 – paragraph 4 a (new)
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.
Amendment 38 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 a – paragraph 1
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.
Amendment 39 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 b – paragraph 1 - introductory phrase
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:
Amendment 40 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 c – paragraph 1
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.
Amendment 41 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 c – paragraph 2
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".
Amendment 42 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 d – paragraph 1
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.
Amendment 43 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 d a (new)
Article 36 d a (new)
Amendment 44 #
2010/0160(COD)
Proposal for a regulation – amending act
Article 1 – point 24
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 e
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."
Amendment 47 #
2010/0067(CNS)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation shall apply, in situations involving a conflict of lawstransborder element, to divorce and legal separation.
Amendment 49 #
2010/0067(CNS)
Proposal for a regulation
Article 2
Article 2
The law designated by this Regulation shall applybe binding whether or not it is the law of a participating Member State.
Amendment 50 #
2010/0067(CNS)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. Without prejudice to paragraph 4, an agreement designating the applicable law may be concluded and modified at any time, but at the latest when the court is seisedincluding during the procedure, and at the latest prior to the handing down of a judicial decision.
Amendment 51 #
2010/0067(CNS)
Proposal for a regulation
Article 6
Article 6
Where this Regulation provides for the application of the law of a State, it refers to the rules of law in force in that State other than its rules of private international law, if the latter conflict with the provisions of this Regulation.
Amendment 52 #
2010/0067(CNS)
Proposal for a regulation
Article 7
Article 7
Application of a provision of the law designated by virtue of this Regulation may be refused only if such application is manifestly incompatiblecontrary to with the public policy of the forum.
Amendment 13 #
2010/0051(COD)
Proposal for a regulation
Recital 5a (new)
Recital 5a (new)
(5a) The number of committees formed should be established on the basis of the areas that are to be governed by the procedure provided for in this Regulation,
Amendment 15 #
2010/0051(COD)
Proposal for a regulation
Article 2 – paragraph 1a (new)
Article 2 – paragraph 1a (new)
(1a) An opinion delivered under the examination procedure shall be an assent opinion. An opinion delivered under the advisory procedure shall be an advisory opinion.
Amendment 22 #
2010/0051(COD)
Proposal for a regulation
Article 3 – paragraph 6
Article 3 – paragraph 6
(6) The committee’s opinion shall be recorded in the minutes. Each Member State may ask to have its position, through the intermediary of its representative on the committee, to have its position, as expressed by that representative, recorded in the minutes.
Amendment 29 #
2010/0051(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point c
Article 8 – paragraph 1 – point c
(c) the draft measures on which the committees are asked to deliver an opinion, and the type of opinion delivered (advisory or assent),
Amendment 113 #
2009/2178(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Considers that any measure barring free access to the Internet (temporary disconnection) should only be issued by a judicial body; if it is issued by an administrative authority, that authority’s decision must be subject to judicial control, within the framework of an appeal procedure;
Amendment 115 #
2009/2178(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Considers that penalties should target the user and not the subscriber, which presupposes a modicum of investigation by the administrative authority responsible for applying a prospective penalty.
Amendment 20 #
2009/2177(INI)
Motion for a resolution
Recital O a (new)
Recital O a (new)
(Oa) whereas, especially in the listed companies, the non-participation of the shareholders is large, the electronic vote should be encouraged in the general assemblies of the shareholders,
Amendment 22 #
2009/2177(INI)
Motion for a resolution
Recital Q a (new)
Recital Q a (new)
Qa. whereas, the acknowledged weaknesses of the current system of corporate governance, a percentage ( for ex. 1/3) of the directors ( members of the board) should be professionals, remunerated, responsible and subordinated only to the shareholders. The responsibility and subordination is to be filtered through the professional expertise,
Amendment 23 #
2009/2177(INI)
Motion for a resolution
Recital T
Recital T
T. whereas recommendations issued by the Commission in respect of listed companies could also constitute ado not necessarily represent appropriate general guidelines for developing best practices in non-listed companies,
Amendment 46 #
2009/2177(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. ConsiderInvites thate Commission recommendations in respect of listed companies could form a general guideline for developing best practices in non-listed companies,to promote the utilisation of best practice guidance for unlisted companies which is adapted to takinge into considerationaccount the specificities and differences of such companies;
Amendment 1 #
2009/2169(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. Whereas such prohibitive costs have a negative impact on the extension of cross- border loans and even cross-border commercial transactions, representing a major barrier for the full functioning of the internal market,
Amendment 14 #
2009/2142(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses, in particular, the need to examine the social effects of legislative proposals, including their impact on the European labour market, business environment and living standards;
Amendment 18 #
2009/2142(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Takes the view, bearing in mind that an impact assessment is not an end in itself but simply an instrument for better regulation, that the Commission should not carry out such an assessment for any and every legislative initiative but only when necessary;
Amendment 19 #
2009/2142(INI)
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15b. Considers that the Commission should maintain a balance between the costs of an impact assessment and the significance of the legislative initiative;
Amendment 22 #
2009/2140(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Considers that authentic instruments should not be directly enforceable without the possibility of review by the judicial authorities in the State in which enforcement is sought; takes the view that the special review procedure to be introduced should not be limited to cases whe when they have been declared enforcement of the instrument is manifestly contrary to public policy in the State addressed since it is possible to conceive of circumstances in which an authentic act could be irreconcilable with an earlier judgment and the validity (as opposed to the authenticity) of an authentic act can be challenged in the courts of the State of origin on grounds of mistake, misrepresentation, etc. even durable in the State of origin; nevertheless, the parties concerned should keep the possibility of opposing their enforceability before the judicial bodies of the country of destination only where enforcement of the instrument is manifestly contrary to public order ing the course of enforcementState addressed;
Amendment 148 #
2009/0157(COD)
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
(2) In this Regulation, “Member State” means allny of the Member States with the exception of Denmark, [the United Kingdom and Ireland].
Amendment 156 #
2009/0157(COD)
Proposal for a regulation
Article 2 – point b
Article 2 – point b
(b) “court”: any judicial authority or any competent authority in the Member States which carries out a judicial function in matters of succession. Other authorities whichor persons granted authority (such as notaries) that carry out by delegation of public power the functions falling within the jurisdiction of the courts as provided for in this Regulation shall be deemed to be courts.
Amendment 164 #
2009/0157(COD)
Proposal for a regulation
Article 2 – point h – introductory part
Article 2 – point h – introductory part
(h) “authentic instrument”: an instrument which has been formally drawn up or registered as an authentic instrumentin accordance with the formalities required by law and the authenticity of which:
Amendment 226 #
2009/0157(COD)
Proposal for a regulation
Article 36 – paragraph 2
Article 36 – paragraph 2
(2) The use of the European Certificate of Succession shall not be obligatory. The certificate shall not be a substitute for internal procedures. However, the effects of the certificatebe drawn up, at the request of the persons concerned, in cases with a cross-border element, with a view to its use in the exercising of inheritance rights in any of the Member States. Where a European Certificate of Succession is issued, it shall be a substitute for the internal certificate, and its effects shall also be recognised in the Member State whose authorities have issued it in accordance with this Chapter.
Amendment 227 #
2009/0157(COD)
Proposal for a regulation
Article 36 – paragraph 2 b (new)
Article 36 – paragraph 2 b (new)
(2b) In all other cases, a national certificate of succession shall be issued, with this being governed by the law of the individual Member State concerned.
Amendment 228 #
2009/0157(COD)
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
(1) The certificate shall be issued upon application by any person obliged towith a legitimate interest in provideing proof of the capacity of heir or legatee and of the powers of the executors of wills or third-party administrators.
Amendment 230 #
2009/0157(COD)
Proposal for a regulation
Article 38 – paragraph 2
Article 38 – paragraph 2
(2) The applicant must prove the accuracy of the information provided by means of authenticoriginal instruments. If the documents cannot be produced or can be produced only with disproportionate difficulties, other forms of evidence shall be admissible.
Amendment 233 #
2009/0157(COD)
Proposal for a regulation
Article 41 – paragraph 2 a (new)
Article 41 – paragraph 2 a (new)
(2a) The content of the European Certificate of Succession referred to subparagraph 2 shall be mandatory in nature, but Member States may add other elements to that minimum permissible content in accordance with national legislation.
Amendment 47 #
2009/0064(COD)
Proposal for a directive
Recital 27 a (new)
Recital 27 a (new)
(27a) These measures are appropriate and proportionate in nature, and are adapted to the type of AIFM and AIF applying to them, taking account of, among other factors, the variations in size, resources, complexity, characteristics, investment levels, investment techniques and strategies, structures and investors of the various types of AIFM.
Amendment 48 #
2009/0064(COD)
Proposal for a directive
Recital 27 b (new)
Recital 27 b (new)
(27b) The implementing measures of this type take due account of investment strategy, risk management procedures and anti-risk provisions. Similarly, they also take into consideration the different investment strategies employed and the types of assets concerned by transactions on the financial markets.
Amendment 51 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 1 – subparagraph 2
Article 2 – paragraph 1 – subparagraph 2
An AIFM authorised in An AIFM authorised in accordance with this Directive to accordance with this Directive to provide management services to provide management services to one or more AIF is also entitled to one or more AIF is also entitled to market shares or units of these market these AIF to professional AIF to professional investors in investors in the Community the Community subject to the subject to the conditions laid conditions laid down in Chapter down in Chapter VI and, where VI and, where relevant, Article 35. relevant, Article 35.
Amendment 70 #
2009/0064(COD)
Proposal for a directive
Article 3 – point b
Article 3 – point b
(b) 'manager of alternative investment funds' or AIFM means any legal or natural person whose regular business is to manage one or several AIF manages one or several AIFs or a single AIF which is managed autonomously;
Amendment 71 #
2009/0064(COD)
Proposal for a directive
Article 3 – point c
Article 3 – point c
Amendment 80 #
2009/0064(COD)
Proposal for a directive
Article 4 – paragraph 2 – subparagraph 1
Article 4 – paragraph 2 – subparagraph 1
AIFM may be authorised to provide management services either for all or certain types of AIF. An AIF may be managed by a single AIFM.
Amendment 81 #
2009/0064(COD)
Proposal for a directive
Article 4 – paragraph 2 – subparagraph 2
Article 4 – paragraph 2 – subparagraph 2
An AIFM may hold an authorisation pursuant to this Directive and be authorised as a management or investment company pursuant to Directive 2009/…/EC – [UCITS Directive]. An AIFM may provide administrative services for one or more AIFs.
Amendment 83 #
2009/0064(COD)
Proposal for a directive
Article 5 – subparagraph 2
Article 5 – subparagraph 2
The AIFM must have its head office in the same Member State as its registered office. Where an AIFM manages one or more AIFs, an authorisation shall be required for each AIF concerned.
Amendment 84 #
2009/0064(COD)
Proposal for a directive
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
1a. The Commission shall adopt implementing measures specifying the authorisation criteria, among others concerning those responsible for administering the AIFMs.
Amendment 86 #
2009/0064(COD)
Proposal for a directive
Article 9 – paragraph 1 – subparagraph 2
Article 9 – paragraph 1 – subparagraph 2
No investor may obtain a No investor may obtain a material preferential treatment, unless this preferential treatment vis-à-vis is disclosed in the AIF rules or other investors pertaining to the instruments of incorporation. same AIF unless the nature and character of that preferential treatment is mentioned in the AIF rules or instruments of incorporation.
Amendment 87 #
2009/0064(COD)
Proposal for a directive
Article 9 – paragraph 1 – subparagraph 3 a (new)
Article 9 – paragraph 1 – subparagraph 3 a (new)
The names of investors benefiting from preferential treatment shall be disclosed to the competent authorities on a basis of confidentiality.
Amendment 101 #
2009/0064(COD)
Proposal for a directive
Article 11 – paragraph 5 – subparagraph 1 – point b
Article 11 – paragraph 5 – subparagraph 1 – point b
Amendment 115 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 1 – subparagraph 1
Article 16 – paragraph 1 – subparagraph 1
1. AIFM shall ensure that, for each AIF that it manages, a valuator is appointed which is independent of the AIFMn independent valuation is carried out to establish the value of assets acquired by the AIF and the value of the shares and units of the AIF.
Amendment 117 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 1 – subparagraph 2
Article 16 – paragraph 1 – subparagraph 2
The valuator shall ensure that The valuation shall be carried the assets, shares and units are out at least once a year, and each valued at least once a year, and time shares or units of the AIF are each time shares or units of the issued or redeemed if this is more AIF are issued or redeemed if this frequent. is more frequent.
Amendment 118 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 1 a (new)
Article 16 – paragraph 1 a (new)
1a. The valuation shall be carried out by the AIFM. It shall be made for each company included in the portfolio.
Amendment 119 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 2
Article 16 – paragraph 2
Amendment 121 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 2 a (new)
Article 16 – paragraph 2 a (new)
2a. The valuation shall be carried out by the AIFM in accordance with the EVCA principles.
Amendment 123 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 3
Article 16 – paragraph 3
Amendment 124 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 4
Article 16 – paragraph 4
Amendment 129 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 1 – introductory wording
Article 17 – paragraph 1 – introductory wording
For each AIF it manages, the AIFM shall ensure that aone or more depositary isies are appointed to fulfil, where relevant, the following tasks:
Amendment 150 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 5 a (new)
Article 17 – paragraph 5 a (new)
5a. The provisions of this article shall not apply to AIFMs where the AIF or AIFs managed do not hold exit rights relating to a period of five years from the creation of the AIF or AIFs.
Amendment 163 #
2009/0064(COD)
Proposal for a directive
Article 19 – paragraph 2 – point c a (new)
Article 19 – paragraph 2 – point c a (new)
(ca) the annual valuation report relating to the companies included in the portfolio of each AIF;
Amendment 166 #
2009/0064(COD)
Proposal for a directive
Article 19 – paragraph 3
Article 19 – paragraph 3
3. The accounting information given in the annual report shall be prepared in accordance with the standards and principles provided for in the rules or instruments applicable to AIFs concerning establishment and mergers, and shall be audited by one or more persons empowered by law to audit accounts in accordance with Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC12. The auditor's report, including any qualifications, shall be reproduced in full in the annual report.
Amendment 176 #
2009/0064(COD)
Proposal for a directive
Article 20 – paragraph 1 – point g a (new)
Article 20 – paragraph 1 – point g a (new)
(ga) a description of the differences between the AIFs managed by the same AIFM, from the viewpoint of risks and liquid assets;
Amendment 179 #
2009/0064(COD)
Proposal for a directive
Article 20 – paragraph 1 – point i
Article 20 – paragraph 1 – point i
Amendment 195 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 2 – introductory wording
Article 21 – paragraph 2 – introductory wording
For each AIF an AIFM manages, in cases where exit rights may be exercised it shall periodically report the following to the competent authorities of its home Member State:
Amendment 202 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 3 – subparagraph 1 a (new)
Article 21 – paragraph 3 – subparagraph 1 a (new)
All identification data relating to individual investors shall be held on a basis of strict confidentiality.
Amendment 218 #
2009/0064(COD)
Proposal for a directive
Article 25 – paragraph 2
Article 25 – paragraph 2
2. Home Member States shall ensure that all information received under Article 24, aggregated in respect of all AIFM that it supervises, are made available to other competent authorities through the procedure set out in Article 46 on supervisory co-operation. It shall, without delay, also provide information through this mechanism, and bilaterally to other Member States directly concerned, if an AIFM under its responsibility could potentially constitute an important source of counterparty risk to a credit institution or other systemically relevant institution in other Member States. This information shall also be made available to the European Systemic Risk Board.
Amendment 226 #
2009/0064(COD)
Proposal for a directive
Article 26
Article 26
Amendment 238 #
2009/0064(COD)
Proposal for a directive
Article 27
Article 27
Amendment 275 #
2009/0064(COD)
Proposal for a directive
Article 29
Article 29
Amendment 304 #
2009/0064(COD)
Proposal for a directive
Article 30
Article 30
Amendment 311 #
2009/0064(COD)
Proposal for a directive
Article 33 – paragraph 8
Article 33 – paragraph 8
Amendment 314 #
2009/0064(COD)
Proposal for a directive
Article 37
Article 37
Amendment 23 #
2009/0054(COD)
Proposal for a directive
Article 2 – point 8
Article 2 – point 8
(8) ‘retenservation of titleownership’ means the contractual agreementclause according to which the seller retains title to the goods in questionhe right of ownership of the goods in question, with ownership not passing from the seller to the buyer until the price has been paid in full;
Amendment 24 #
2009/0054(COD)
Proposal for a directive
Article 3 – paragraph 1 – introductory part
Article 3 – paragraph 1 – introductory part
1. Member States shall ensure that in commercial transactions between undertakings, the creditor is entitled to interest for late payment, starting as of right from the due date for payment, without the necessity of a reminder if the following conditions are satisfied:
Amendment 30 #
2009/0054(COD)
Proposal for a directive
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Member States shall ensure that the amounts referred to in paragraph 1 shall be payable without the necessity of a reminder and as compensationonly in the event that the creditor has recovered the debt by forced execution, that there are no execution costs and that no application has been made for the creditor’s own recoverypayment of such costs.
Amendment 31 #
2009/0054(COD)
Proposal for a directive
Article 4 – paragraph 3
Article 4 – paragraph 3
Amendment 34 #
2009/0054(COD)
Proposal for a directive
Article 4 – paragraph 3 a (new)
Article 4 – paragraph 3 a (new)
3a. The amounts in question shall compensate for the costs of forced execution, without the creditor being required to provide evidence of those costs. Should the costs of forced execution exceed the amounts indicated in paragraph 1, the legal arrangements applicable to those amounts shall be governed by the national laws of the Member State in concerned.
Amendment 35 #
2009/0054(COD)
Proposal for a directive
Article 5 – paragraph 1 – point b
Article 5 – paragraph 1 – point b
(b) the creditor has not received the amount due on time, unless the debtor is not responsible for the delay.
Amendment 43 #
2009/0054(COD)
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
1. Member States shall provide that a clause in a contract relating to the date for payment, the rate of interest for late payment or recovery costs shall either be unenforceable or shall give rise to a claim for damages if it is grossly unfair to the creditor. In determining whether a clause is grossly unfair to the creditorbe null and void if proved to be unfair. In determining the unfair nature of a clause, all circumstances of the case shall be considered, including good commercial practice and, the nature of the product or the service and the bargaining power of each party. Account shall also be taken of whether the debtor has any objective reason to deviate from the statutory rate of interest or from Article 3(2)(b), Article 4(1) or Article 5(2)(b).
Amendment 2 #
2009/0009(CNS)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2006/112/EC
Article 167a - paragraph 2 - introductory part
Article 167a - paragraph 2 - introductory part
2. Member States mashall obligatorily provide within an optional scheme that taxable persons must, when the following conditions are met, postpone the right of deduction until the VAT has been paid to the supplier:
Amendment 3 #
2009/0009(CNS)
Proposal for a directive – amending act
Article 1 - point 29
Article 1 - point 29
Directive 2006/112/EC
Article 244 - third paragraph
Article 244 - third paragraph
The law applicable to the storage of an invoices shall be subject to the rules applying inthat of the Member State in which the taxable person has his established address or has a fixed establishment from or for which the supply is made or, in the absence of such a place of business or fixed establishment, the law of the Member State in which he has his permanent address or usually resides or is otherwise required to be identified for VAT purposes.
Amendment 4 #
2009/0009(CNS)
Proposal for a directive – amending act
Article 1 - point 32
Article 1 - point 32
Directive 2006/112/EC
Article 247
Article 247
The taxable person shall ensure the storage of invoices for a period of at least six years.
Amendment 5 #
2009/0009(CNS)
Proposal for a directive – amending act
Article 1 - point 34
Article 1 - point 34
Directive 2006/112/EC
Article 248a
Article 248a
For control purposes, the Member States in which the tax is due may require particular invoices to be translatissued into their official languages also.
Amendment 105 #
2008/0196(COD)
Proposal for a directive
Recital 11 a (new)
Recital 11 a (new)
(11a) This directive should not affect Member State provisions relating to the acquisition of immovable property or to guarantees concerning such property, or the formulation or transfer of rights in rem area over immovable property (including buildings still to be constructed).
Amendment 109 #
2008/0196(COD)
Proposal for a directive
Recital 14
Recital 14
(14) An off-premises contract should be defined as a contract concluded with the simultaneous physical presence of the trader and the consumer, away from business premises, for example at the consumer's home or workplace. In an oOff- premises context, consumers areracts are typically ones in which the consumer is ill-prepared for concluding contracts and is under psychological pressure no matter whether they have solicited the trader's visit or not. Furthermore, in order to prevent circumventions of rules when consumers are approached away from business premises, a contract negotiated, for example at the consumer's home but concluded in a shop should be regarded as an off-premises contract. In any circumstances, contracts which, in conformity with Member State national legislation, are endorsed by a public authority, shall not represent a situation in which the consumer is under unusual psychological pressure. Such contracts shall therefore be considered neither off-premises contracts nor distance contracts under this directive.
Amendment 185 #
2008/0196(COD)
Proposal for a directive
Article 5 – paragraph 1 – point e
Article 5 – paragraph 1 – point e
(e) the existence of a right of withdrawal, where applicable, and the costs relating to withdrawals or changes in respect of the location or provider of the services being received;
Amendment 189 #
2008/0196(COD)
Proposal for a directive
Article 5 – paragraph 1 – point h
Article 5 – paragraph 1 – point h
(h) the minimum duration of the consumer's and trader’s (service provider’s) obligations under the contract, where applicable;
Amendment 210 #
2008/0196(COD)
Proposal for a directive
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Member States shall not impose any pre-contractual formal requirements other than those provided for in paragraphs 1 and 2.
Amendment 223 #
2008/0196(COD)
Proposal for a directive
Article 11 – paragraph 5
Article 11 – paragraph 5
5. Member States shall not impose any pre-contractual formal requirements other than those provided for in paragraphs 1 toand 4.
Amendment 225 #
2008/0196(COD)
Proposal for a directive
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The consumer shall have a period of fourteen days calendar days to withdraw from a distance or off-premises contract, without giving any reason.
Amendment 254 #
2008/0196(COD)
Proposal for a directive
Article 17 – paragraph 1 – subparagraph 1
Article 17 – paragraph 1 – subparagraph 1
For sales contracts for which the material possession of the goods has been transferred to the consumer or at his request, to a third party before the expiration of the withdrawal period, the consumer shall send back the goods or hand them over to the trader or to a person authorised by the trader to receive them, within fourteen calendar days from the day on which he communicates his withdrawal to the trader, unless the trader has offered to collect the goods himself.
Amendment 267 #
2008/0196(COD)
Proposal for a directive
Article 19 – paragraph 1 – point a
Article 19 – paragraph 1 – point a
(a) services where performance has begun, with the consumer's prior express consent, before the end of the fourteen calendar day period referred to in Article 12;
Amendment 284 #
2008/0196(COD)
Proposal for a directive
Article 20 – paragraph 1 – point a
Article 20 – paragraph 1 – point a
(a) for the sale of immovable property or relating to other immovable property rights, except for rental and workrelating to the sale or acquisition of immovable property or to the formulation or transfer of property rights or to contracts concluded in connection with the sale of immovable property or with the transfer of property rights. This exclusion relates specifically to contracts in connection with the legal acts referred to herein above, as well as the sale of property under construction and lease-purchases, without prejudice to the application of this directive in cases relating solely to immovable property; rental or solely to works carried out on immovable property;
Amendment 377 #
2008/0196(COD)
Proposal for a directive
Article 31 – paragraph 4
Article 31 – paragraph 4
4. Member States shall refrain from imposing any presentational requirements as to the way the contract terms are expressed or made available to the consumer, save for requirements concerning the way these are presented for people with disabilities.
Amendment 22 #
2008/0150(CNS)
Proposal for a directive – amending act
Article 1 – point 1
Article 1 – point 1
Directive 92/79/EEC
Article 2 – paragraph 1
Article 2 – paragraph 1
1. Starting from 1 January 2012, Member States shall ensure that excise duty (specific duty and ad valorem duty) on cigarettes represents at least 57 % of the weighted average retail selling price of cigarettes sold. That excise duty shall not be less than EUR 64 per 1 000 cigarettes irrespective of the weighted average retail selling price. However, Member States which levy an excise duty of at least EUR 101 per 1 000 cigarettes on the basis of the weighted average retail selling price need not comply with the 57% requirement set out in the first subparagraph.
Amendment 32 #
2008/0150(CNS)
Proposal for a directive – amending act
Article 1 – point 1
Article 1 – point 1
Directive 92/79/EEC
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
2. As from 1 January 20145, Member States shall ensure that excise duty (specific duty and ad valorem duty) on cigarettes represents at least 63 57% of the weighted average retail selling price of cigarettes sold. That excise duty shall not be less than EUR 90 per 1 000 cigarettes irrespective of the weighted average retail selling price.
Amendment 33 #
2008/0150(CNS)
Proposal for a directive – amending act
Article 1 – point 1
Article 1 – point 1
Directive 92/79/EEC
Article 2 – paragraph 2 – subparagraph 2
Article 2 – paragraph 2 – subparagraph 2
However, Member States which levy an excise duty of at least EUR 12208 per 1 000 cigarettes on the basis of the weighted average retail selling price need not comply with the 6357% requirement set out in the first subparagraph.
Amendment 34 #
2008/0150(CNS)
Proposal for a directive – amending act
Article 1 – point 1
Article 1 – point 1
Directive 92/79/EEC
Article 2 – paragraph 3
Article 2 – paragraph 3
3. The weighted average retail selling price shall be determined at 1 JanuaryMarch of each year, by reference to the year n-1, on the basis of the total releases for consumption,volume placed on the market and prices including all taxes.
Amendment 35 #
2008/0150(CNS)
Proposal for a directive – amending act
Article 1 – point 1
Article 1 – point 1
Directive 92/79/EEC
Article 2 – paragraph 4
Article 2 – paragraph 4
4. By way of derogation from paragraph 2 the second and third subparagraphs of this paragraph shall apply. Poland, Hungary and Slovakia shall be authorised to bring into force the provisions necessary to comply with paragraph 2 by 31 December 2014 at the latest; they shall apply those provisions from 1 January 2015. Romania, Bulgaria, Lithuania, Estonia and LatvBulgaria, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia shall be authorised to bring into force the provisions necessary to comply with paragraph 2 by 31 December 2015 at the latest; they shall apply those provisions from 1 January 20168.
Amendment 51 #
2008/0150(CNS)
Proposal for a directive – amending act
Article 3 – point 5
Article 3 – point 5
Directive 95/59/EC
Article 16 – paragraph 1
Article 16 – paragraph 1
Amendment 54 #
2008/0150(CNS)
Proposal for a directive – amending act
Article 3 – point 5
Article 3 – point 5
Directive 95/59/EC
Article 16 – paragraph 4
Article 16 – paragraph 4
4. Member States may levy a minimum excise duty on cigarettes, provided it does not exceed the value of the duty calculated on the basis of the average weighted retail price.
Amendment 3 #
2008/0058(CNS)
Proposal for a directive – amending act
Recital 4 a (new)
Recital 4 a (new)
(4a) In order to improve the application of Directive 2006/112/EC and make it more efficient, the Commission should encourage the tax administrations in the Member States to develop the administrative capacity to receive statements by electronic means for as many categories of taxable persons as possible.
Amendment 4 #
2008/0058(CNS)
Proposal for a directive – amending act
Recital 7 a (new)
Recital 7 a (new)
(7a) The Commission should study the possibility of setting up a database at European Union level that would contain the identification data of physical persons who have established, administered or managed companies involved in fraudulent intra-Community transactions in relation to value added tax. Before a new company is registered, the national Business Register should ask the national tax administration for a European tax record issued by it after consulting the respective database, to which it should be connected.