13 Amendments of Othmar KARAS related to 2009/0099(COD)
Amendment 80 #
Proposal for a directive – amending act
Recital 4 a (new)
Recital 4 a (new)
(4a) By December 2012, the Commission should review the principles on remuneration policy with particular regard to the efficiency, implementation, and enforcement of the principles, taking into account international developments.
Amendment 90 #
Proposal for a directive – amending act
Recital 10
Recital 10
(10) In order to promote supervisory convergences in the assessment of remuneration policies and practices, the Committee of European Banking Supervisors should ensure the existence of guidelines on soundAuthority (EBA) should elaborate technical standards to facilitate information collection and the consistent implementation of the remuneration policirinciples in the banking sector. The Committee of European Securities Regulatorsssion should be empowered to adopt delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union to establish those standards. The European Securities and Markets Authority should assist in the elaboration of such guidelinetechnical standards to the extent that they also apply to remuneration policies for persons involved in the provision of investment services and the carrying out of investment activities by credit institutions and by investment firms within the meaning of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments. The EBA should conduct open public consultations regarding the technical standards and analyse the potentially related costs and benefits. The EBA should also request an opinion or advice from the Banking Stakeholder Group referred to in Article 22 of Regulation (EU) No .../2010 [establishing the EBA]. The technical standards should be devised by taking into account proportionality as an overarching principle.
Amendment 100 #
Proposal for a directive – amending act
Recital 15
Recital 15
(15) Banks investing in re-securitisations are required under Directive 2006/48/EC to exercise due diligence also with regard to the underlying securitisations and the non- securitisation exposures ultimately underlying the former. Depending on the complexity of the layers of securitisation structures and depeFor a better understanding onf the complexity and the diversity (or both) of the non-securitisation exposures that ultimately underlie the re-securitisations, the required due diligence may be impossible or uneconomical (or boeffectiveness of those provisions for securitisations and re-securitisations, the Commission should comply with th)e to carry out. This is in particular the case where the ultimate underlying exposures are, for example, leveraged buy-out or project finance debt. In these cases, institutions should not invest in such highly complex re-securitisations. In their review of the required due diligence, competent authorities should devote particular attention to such highly complex securitisations and require their full deduction from capital, unless it has been convincingly demonstrated to their satisfaction that in each individual case of enth paragraph of Article 156 of Directive 2006/48/EC which provides for a Commission report on the expected impact of Article 122a, and submit that report to the European Parliament and the Council, together with any appropriate proposal, by 31 December 2009. Pending such a review, additional requirements for 'highly complex' re-securitisation exposures, the institution has performed the due diligence required by Directive 2006/48/EC, including with regard to the ultimate underlying exposuresshould not be covered in this Directive.
Amendment 103 #
Proposal for a directive – amending act
Recital 16
Recital 16
(16) In order to promote the convergence of supervisory practices with regard to the supervision of due diligence for highly complex re-securitisations, the Committee of European Banking Supervisors should establish guidelines, which should include a definition of or criteria for the types of re-securitisations that should be considered as 'highly complex' for this purpose. That definition or those criteria should be adapted to developments in market practicesssion should comply with the tenth paragraph of Article 156 of Directive 2006/48/EC which provides for a Commission report on the expected impact of Article 122a and submit that report to the European Parliament and the Council, together with any appropriate proposal by 31 December 2009. The issue of 'highly complex' re-securitisations and a definition of such vehicles should be considered in that review.
Amendment 104 #
Proposal for a directive – amending act
Recital 16
Recital 16
(16) In order to promote the convergence of supervisory practices with regard to the supervision of due diligence for highly complex re-securitisations, the Committee of European Banking Supervisors shouldlegal framework esntablish guidelines, which should includeiling a definition of or criteria for the types of re-securitisations that should be considered as 'highly complex' for this purpose should be established in accordance with the ordinary legislative procedure. That definition or those criteria should be adapted to developments in market practices.
Amendment 105 #
Proposal for a directive – amending act
Recital 16 a (new)
Recital 16 a (new)
(16a) The Commission has failed to comply with point (b) of the third paragraph of Article 156 of Directive 2006/48/EC, which calls for a review of that Directive by 31 December 2009 to address the need for better analysis of the response to macro- prudential problems including an examination of the rationale underlying the calculation of capital requirements in that Directive. The Commission should report on that review as a matter of urgency and, furthermore, in the light of the economic situation, provide an impact assessment of the cumulative effect of those measures on the real economy.
Amendment 110 #
Proposal for a directive – amending act
Recital 26 a (new)
Recital 26 a (new)
(26a) Article 152 of Directive 2006/48/EC requires certain credit institutions to provide own funds that are at least equal to certain specified minimum amounts for the three twelve-month periods between 31 December 2006 and 31 December 2009. In the light of the current situation in the banking sector and the extension of the transitional arrangements for minimum capital adopted by the Basel Committee on Banking Supervision, it is appropriate to renew that requirement for a limited period until 31 December 2010.
Amendment 119 #
Proposal for a directive – amending act
Article 1 – point 2 – point b
Article 1 – point 2 – point b
Directive 2006/48/EC
Article 22 – paragraph 3
Article 22 – paragraph 3
3. The Committee of European Banking Supervisors shallEBA may elaborate technical standards to facilitate the implementation of, and ensure the exconsistencey of guidelines on sound remuneration policies which comply with the principlesinformation collected under, paragraph 2a of this Article and the principles on remuneration policy set out in points 22 and 22a of Annex V. The Committee of European Securities Regulators shall cooperate closely with the Committee of European Banking Supervisors in ensuring the existence of guidelinession shall adopt those technical standards by means of delegated acts in accordance with Articles 151, 151a and 151b. The European Securities and Markets Authority shall cooperate closely with the EBA in elaborating such technical standards on remuneration policies for categories of staff involved in the provision of investment services and activities meaning of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments. The EBA shall conduct open public consultations regarding the technical standards and analyse the potentially related costs and benefits. The EBA shall also request an opinion or advice from the Banking Stakeholder Group referred to in Article 22 of Regulation (EU) No .../... [establishing the EBA]. The technical standards shall be devised by taking into account proportionality as an overarching principle.
Amendment 130 #
Proposal for a directive – amending act
Article 1 – point 9
Article 1 – point 9
Directive 2006/48/EC
Article 122b – paragraph 2
Article 122b – paragraph 2
2. Paragraph 1 shall not apply until such a time as a definition for highly complex re-securitisations has been adopted in accordance with the ordinary legislative procedure. Subject to the adoption of such a definition, paragraph 1 shall apply in respect of positions in new re- securitisations issued after 31 December 2010. In respect of positions in existing re-securitisations, and subject to the adoption of such a definition, paragraph 1 shall apply from 31 December 2014 where new underlying exposures are added or substituted after that date.
Amendment 134 #
Proposal for a directive – amending act
Article 1 – point 10 a (new)
Article 1 – point 10 a (new)
Directive 2006/48/EC
Article 152 – paragraph 5 a (new)
Article 152 – paragraph 5 a (new)
(10a) In Article 152, the following paragraph is inserted: “5a. Credit institutions calculating risk- weighted exposure amounts in accordance with Articles 84 to 89 shall, by 31 December 2011, provide own funds which are at all times more than or equal to the amount indicated in paragraph 5c or 5d, as applicable."
Amendment 135 #
Proposal for a directive – amending act
Article 1 – point 10 b (new)
Article 1 – point 10 b (new)
Directive 2006/48/EC
Article 152 – paragraph 5 b (new)
Article 152 – paragraph 5 b (new)
(10b) In Article 152, the following paragraph is inserted: "5b. Credit institutions using the Advanced Measurement Approach as specified in Article 105 for the calculation of their capital requirements for operational risk shall, by 31 December 2011, provide own funds which are at all times at least equal to the amount indicated in paragraph 5c or 5d, as applicable."
Amendment 213 #
Proposal for a directive – amending act
Annex II – point 1 – point b
Annex II – point 1 – point b
Directive 2006/49/EC
Annex I – point 16 a – point a
Annex I – point 16 a – point a
(a) for securitisation positions that would be subject to the Standardised Approach for credit risk in the same institution's non- trading book, 8 % of the risk-weighted exposure amountnet positions under the Standardised Approach as set out in Part 4 of Annex IX to Directive 2006/48/EC;
Amendment 223 #
Proposal for a directive – amending act
Annex II – point 3 – point f
Annex II – point 3 – point f
Directive 2006/49/EC
Annex V – point 8 – paragraph 1
Annex V – point 8 – paragraph 1
For the purposes of point 10b(a) and 10b(b), the multiplication factor (m+c and ms) shall be increased by a plus-factor of between 0 and 1 in accordance with Table 1, depending on the number of overshootings for the most recent 250 business days as evidenced by the institution's back-testing of the value-at- risk measure as set out in point 10b(a). Competent authorities shall require the institutions to calculate overshootings consistently on the basis of back-testing on hypothetical changes in the portfolio's value. An overshooting is a one- day change in the portfolio's value that exceeds the related one-day value-at-risk measure generated by the institution's model. For the purpose of determining the plus-factor the number of overshootings shall be assessed at least quarterly.