150 Amendments of Piia-Noora KAUPPI
Amendment 4 #
2008/2148(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the Commission has not taken into account all of Parliament's earlier requests, including those made in its above- mentioned resolutions,
Amendment 14 #
2008/2148(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the current financial crisis, which was triggered by US subprime mortgages, has spread worldwide due to the increasingly integrated and contagious nature of markets, indicating that existing financial market regulation and supervision could not cope with it and a significant reform is therefore welcomeneeds to be reviewed,
Amendment 19 #
2008/2148(INI)
Motion for a resolution
Recital E
Recital E
Amendment 27 #
2008/2148(INI)
Motion for a resolution
Recital G
Recital G
G. whereas a combination of factors (e.g. herding, inadequate risk management by some institutions, irresponsible lending in certain segments of unregulated markets, excessive debt (leverage), and illiquid and via complex financial instruments posein certain sectors, weak due diligence by certain market participants, and a sudden withdrawal of liquidity) have had the cumulative effect of posing significant risks to financial stability,
Amendment 42 #
2008/2148(INI)
Motion for a resolution
Recital K
Recital K
K. whereas some of the current compensation schemes reward excessive risk at the expense of prudence,
Amendment 45 #
2008/2148(INI)
Motion for a resolution
Recital L
Recital L
L. whereas conflicts of interest that may arise from the business model used by financial institutions, and credit rating agencies, and audit and law firms should be addressed mainly through industry codes of conduct,
Amendment 50 #
2008/2148(INI)
Motion for a resolution
Recital M
Recital M
M. whereas failures by credit rating agencies and over-reliance on ratings by investor generated substantial negative externalities and market uncertainties; whereas credit rating agencies have offered unsatisfactoryproduced selfregulatory solutions, which should be allowed time to function in order to properly assess their impact,
Amendment 61 #
2008/2148(INI)
Motion for a resolution
Recital P
Recital P
P. whereas a comprehensive reformvision of current EU regulatory and supervisory arrangements is necessary together with measures to improve global supervisory cooperation; whereas such a reformvision should refer to the capital adequacy framework, transparency, and governance as key prerequisites for improved and effective regulatory and supervisory arrangements,
Amendment 62 #
2008/2148(INI)
Motion for a resolution
Recital P a (new)
Recital P a (new)
Pa. whereas the supervisory approach should be adapted to specificities of the business and aspects of it that are already regulated; whereas the objectives of financial market supervision and prudential supervision of particular institutions are different,
Amendment 67 #
2008/2148(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Requests the Commission to submit to Parliament, by 30 November 2008, on the basis of Article 44, Article 47(2), Article 55, Article 95, Article 105(6), Article 202, Article 211 or Article 308 of the EC Treaty, a legislative proposal or proposals on an EU supervisory configuration, credit rating agencies and other relevant issues, followcovering the matters dealt with ing the detailed recommendations below.
Amendment 74 #
2008/2148(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Considers that, where appropriate, the financial implications of the requested proposal or proposals should be covered by EU budgetary allocations for the establishment of any EU supervisory authority.
Amendment 85 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.1 – point a
Annex – recommendation 1 – point 1.1 – point a
(a) imposreview the scope of the capital requirements on all entities operating on financial markets;
Amendment 99 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.1 – point e
Annex – recommendation 1 – point 1.1 – point e
Amendment 105 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.1 – point f
Annex – recommendation 1 – point 1.1 – point f
(f) require disclosure, as appropriate for the needs of market participants, of off- balance-sheet items, structured investment vehicles (SIVs) and any liquidity assistance facility, and require proper assessment of the risks that they pose.
Amendment 111 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.2 – point a
Annex – recommendation 1 – point 1.2 – point a
(a) Securitisation: Foster transparency, clarity, and the provision of data (quarterly) on complex financial products and the securitisation process, taking account of the industry initiatives under way.
Amendment 118 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.2 – point c – point i
Annex – recommendation 1 – point 1.2 – point c – point i
(i) require rules on encourage the International Accountrol to ensure that companies and financial institutions cannot artificially keeping Standards Board (IASB) to review IAS 27 and SIC-12, to ensure that material special purpose vehicles or SIVs, etc. off their balance sheetsuritisation vehicles continue to be properly reviewed for appropriate accounting treatment;
Amendment 122 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.2 – point c– point ii
Annex – recommendation 1 – point 1.2 – point c– point ii
(ii) require rules on valuation and pricing standards of complex financial productsencourage the IASB to continue to refine its valuation guidance within the context of IAS 39.
Amendment 126 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.2 – point d
Annex – recommendation 1 – point 1.2 – point d
(d) Unregulated markets: Requireview appropriate ways to increased transparency of over-the-counter (OTC) markets and address major sources of systemic risk (i.e. counterparty concentration risk), e.g. by requiringincluding ways to create incentives, where appropriate, for OTC trades to be cleared in clearing houses.
Amendment 141 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.3 – point c
Annex – recommendation 1 – point 1.3 – point c
(c) Corporate liability regime: Require aview the liability regime addressing fines and other penalties for failure to comply with financial services legislation. Ensure that executives in financial institutions in case of omission of duties or wrongful trading can be disqualified from working in the financial sector.
Amendment 145 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.3 – point d
Annex – recommendation 1 – point 1.3 – point d
(d) Credit rating agencies: Measures addressing e.g. conflicts of interests, quality assurance systems and oversight in a manner similar to those applicable to auditors. Ensure that credit rating agencies apply differentiated symbols for the rating of complex debt products, mortgage related products and traditional debt. Ensure that full transparency is practised in ratings and that credit rating agencies do not turn sub-investments into investment grade securitiesconsistent with the considered recommendations of the Financial Stability Forum, the International Organization of Securities Commissions, the Committee of European Securities Regulators and the European Securities Markets Expert Group relating to potential enhancement of credit rating processes. Ensure that credit rating agencies provide enhanced information as to the particular characteristics of complex debt products, mortgage related products and traditional debt. Ensure that credit rating agencies provide enhanced transparency as to the methodology and criteria relevant to particular ratings of complex debt products, mortgage related products and traditional debt.
Amendment 150 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point b
Annex – recommendation 2 – point b
Amendment 157 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point c – point i – indent 2
Annex – recommendation 2 – point c – point i – indent 2
- set up an EU early-intervention mechanism for dealing with weak and failing banks if the EU financial stability is threatened. Such a mechanism should be well-defined, clear, and able to prompt action, and financed by the financial institutions;
Amendment 164 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point c – point i – indent 4
Annex – recommendation 2 – point c – point i – indent 4
Amendment 170 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point c – point i – indent 5
Annex – recommendation 2 – point c – point i – indent 5
- set clear and binding rulguidelines on cross- border crisis management and clarify state aid rules in cases of cross-border crisis;
Amendment 174 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point d
Annex – recommendation 2 – point d
(d) AmendEnsure EU rules on deposit guarantees to introduce obligatory ex-ante schemes financed by contributions from financial institutions and administered independently of these institutions. The level of refund should be significantly increased and made available to retail clients within a clearly defined and short timeframeare sufficiently coordinated to guarantee a level playing field for financial institutions. The availability of refunds to retail clients in the case of a financial institution failing should be assured within a reasonable timeframe also in cross-border situations.
Amendment 179 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point e
Annex – recommendation 2 – point e
(e) Similar rules should be developed for insurance guaranteesRules on insurance guarantees should also be assessed based on the same criteria, of course taking into account the differences of the insurance sector.
Amendment 181 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point f
Annex – recommendation 2 – point f
Amendment 187 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point g
Annex – recommendation 2 – point g
Amendment 234 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point a
Annex – recommendation 3 – point 3.3 − point a
(a) By Autumn 2008 a regulation shall require transforming the existing Lamfalussy Level 3 committees into a configuration of EU supervision and giving the Lamfalussy Level 3 committees the status of supervisory agencies with an executive board (similar to the Eurosystem) and appropriate staffing and resourcesThe status and the accountability of the Lamfalussy Level 3 committees must be strengthened and clarified.
Amendment 242 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point b
Annex – recommendation 3 – point 3.3 − point b
(b) In addition to the advisory tasks the supervisory agenciLamfalussy Level 3 committees shall be given the task (and the tools and resources) to ensure supervisory convergence and a level playing field in the implementation and enforcement of EU legislation. This task and the primacy of the Committees' decisions must also be included in the mandates of the national supervisors and their mandates must be brought better in line with each other.
Amendment 252 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point d
Annex – recommendation 3 – point 3.3 − point d
(d) The supervisory agenciLamfalussy Level 3 committees should present an annual work plan. Parliament, the Council and the Commission should approve the annual work plans and reports.
Amendment 273 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point g
Annex – recommendation 3 – point 3.3 − point g
Amendment 280 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point h − introductory part
Annex – recommendation 3 – point 3.3 − point h − introductory part
Amendment 284 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point h − point i
Annex – recommendation 3 – point 3.3 − point h − point i
Amendment 289 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point h − point ii
Annex – recommendation 3 – point 3.3 − point h − point ii
Amendment 292 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 − point h − point iii
Annex – recommendation 3 – point 3.3 − point h − point iii
Amendment 296 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.4 – title
Annex – recommendation 3 – point 3.4 – title
3.4. EU financial stability oversight bodyarrangements
Amendment 300 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.4 − point a
Annex – recommendation 3 – point 3.4 − point a
(a) By Autumn 2008 a regulation shall require establishing an EU financial stability oversight body that is able toThe Commission should launch without delay an examination of the most appropriate arrangements for financial stability oversight at EU level. These arrangements should ensure efficient collection and analyseis of micro and macro prudential information with the central banks. This must be linked to monetfor early and macro-economic information. The oversight body should also act as a rapid reaction force in crisis situations with a systemic impact for the EUidentification of potential risks to financial stability.
Amendment 305 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.4 − point b
Annex – recommendation 3 – point 3.4 − point b
(b) The oversight body should be composed of the chairs of the three Lamfalussy Level 3 supervisory committees, the chair of the presidium, the chair of the CCMC, a representative of the European System of Central Banks (which is composed of all EU central banks) and a representative of the Eurosystem and the (Vice)President of the ECB charged with prudential supervision. The ECB ((Vice)-President) could chair the oversight body and the chair of the presidium of the configuration of EU supervision could be vice-chairarrangements should most importantly aim to strengthen horizontal links between macro-economic and monetary policy and financial market supervision. Strengthening the ECB's role in this respect is necessary. Co-operation and information-sharing with Lamfalussy Level 3 committees and colleges of supervisors with the ECB and other non- eurozone EU central banks should be developed.
Amendment 311 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.4 − point c − introductory part
Annex – recommendation 3 – point 3.4 − point c − introductory part
(c) The main tasks should be toSpecific issues to address include:
Amendment 315 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.4 − point c − points i to iv
Annex – recommendation 3 – point 3.4 − point c − points i to iv
(i) establishing a proper system of supervisory data collection and exchange; (ii) analyseis and elaborateion of these data; (iii) developing procedures for provision and collection of confidential data; (iv) provideing early warning signals about dynamics that can endanger the stability of the financial system;
Amendment 320 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.4 − point c − point v
Annex – recommendation 3 – point 3.4 − point c − point v
(v) act asmechanisms for rapid reaction force in case of a threat to financial stability;
Amendment 324 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.4 − point c − point vi
Annex – recommendation 3 – point 3.4 − point c − point vi
(vi ) representation of the EU in international bodies of supervisors such as the Financial Stability Forum and to be theidentifying an EU counterpart for supervisors in other parts of the world.
Amendment 26 #
2008/0082(COD)
Proposal for a directive – amending act
Article 1 – point -1 b (new)
Article 1 – point -1 b (new)
Directive 98/26/EC
Recital 14 b (new)
Recital 14 b (new)
(-1b) The following recital shall be inserted after recital 14a: “(14b) Whereas national supervisors should ensure, before approving the establishment of an interoperable system, that the operators of the systems establishing the interoperable system have agreed to the extent possible on common rules on the moment of entry into the interoperable system. National supervisors should ensure in advance that the rules on the moment of entry in an interoperable system are coordinated in order to avoid legal uncertainty in the event of default of a participating system.”
Amendment 29 #
2008/0082(COD)
Proposal for a directive – amending act
Article 1 – point 2 – subpoint -a (new)
Article 1 – point 2 – subpoint -a (new)
Directive 98/26/EC
Article 2 – point a – subparagraph 1
Article 2 – point a – subparagraph 1
(-a) In point (a), the first subparagraph shall be replaced by the following: “a) ‘system’ shall mean a formal arrangement: — comprising three or more participants, without counting the system operator of that system, a possible settlement agent, a possible central counterparty, a possible clearing house or a possible indirect participant, with common rules and standardised arrangements for the clearing (whether or not through a central counterparty) or execution of transfer orders between the participants, — governed by the law of a Member State or established by a European Central Bank legal act, which is binding on participants by virtue of an arrangement entered into with the European Central Bank and governed by the law of a Member State, and — designated [...] as a system and notified to the Commission either by the Member State whose law is applicable, after that Member State is satisfied as to the adequacy of the rules of the system and without prejudice to other more stringent conditions of general application laid down by national law, or by the European Central Bank as a system established by a legal act on the part of the European Central Bank.”
Amendment 34 #
2008/0082(COD)
Proposal for a directive – amending act
Article 1 – point 2 – subpoint f
Article 1 – point 2 – subpoint f
Directive 98/26/EC
Article 2 – point o
Article 2 – point o
(o) ‘system operator’ shall mean the entity in charge of the day to dayor entities legally responsible for the operation of a system. A system operator may also act as a settlement agent, central counterparty or clearing house.
Amendment 36 #
2008/0082(COD)
Proposal for a directive – amending act
Article 1 – point 3 a (new)
Article 1 – point 3 a (new)
Directive 98/26/EC
Article 4
Article 4
(3a) Article 4 shall be replaced by the following: “Article 4 Member States may provide that the opening of insolvency proceedings against a participant or a system operator of an interoperable system shall not prevent funds or securities available on the settlement account of that participant from being used to fulfil that participant’s obligations in the system on the business day, as defined by the rules of the system, of the opening of the insolvency proceedings. Furthermore, Member States may also provide that such a participant’s credit facility connected to the system be used against available, existing collateral security to fulfil that participant’s obligations in the system or in the interoperable system.”
Amendment 38 #
2008/0082(COD)
Proposal for a directive – amending act
Article 1 – point 5 a (new)
Article 1 – point 5 a (new)
Directive 98/26/EC
Article 9 – paragraph 2
Article 9 – paragraph 2
(5a) Article 9(2) shall be replaced by the following: “2. Where securities (including rights in securities) are provided as collateral security to participants, system operators and/or central banks of the Member States or the [...] European Central Bank as described in paragraph 1, and their right (or that of any nominee, agent or third party acting on their behalf) with respect to the securities is legally recorded on a register, account or centralised deposit system located in a Member State, the determination of the rights of such entities as holders of collateral security in relation to those securities shall be governed by the law of that Member State.”
Amendment 39 #
2008/0082(COD)
Proposal for a directive – amending act
Article 1 – point 6
Article 1 – point 6
Directive 98/26/EC
Article 10 – paragraph 1
Article 10 – paragraph 1
Member States, or the European Central Bank, where a system is established by a legal act on the part of the European Central Bank, shall specify the systems, and the respective system operators, which are to be included in the scope of this Directive and shall notify them to the Commission and inform the Commission of the authorities they have chosen in accordance with Article 6(2).
Amendment 42 #
2008/0082(COD)
Proposal for a directive – amending act
Article 1 – point 6
Article 1 – point 6
Directive 98/26/EC
Article 10 – paragraph 2 a (new)
Article 10 – paragraph 2 a (new)
Member States may impose supervision or authorisation requirements on systems that fall under their jurisdiction.
Amendment 43 #
2008/0082(COD)
Proposal for a directive – amending act
Article 1 – point 6
Article 1 – point 6
Directive 98/26/EC
Article 10 – paragraph 2 b (new)
Article 10 – paragraph 2 b (new)
Anyone with a legitimate interest may require an institution to inform him or her of the systems in which it participates and to provide information about the main rules governing the functioning of those systems.
Amendment 46 #
2008/0082(COD)
Proposal for a directive – amending act
Article 2 – point 2 – subpoint a – subpoint i a (new)
Article 2 – point 2 – subpoint a – subpoint i a (new)
Directive 2002/47/EC
Article 2 – paragraph 1 – point c
Article 2 – paragraph 1 – point c
(ia) Point (c) shall be replaced by the following: “(c) ‘security financial collateral arrangement’ means an arrangement under which a collateral provider provides financial collateral by way of security in favour of, or to, a collateral taker, and where the full or qualified ownership of, or full entitlement to, the financial collateral remains with the collateral provider when the security right is established;”
Amendment 50 #
2008/0082(COD)
Proposal for a directive – amending act
Article 2 – point 3 – subpoint b
Article 2 – point 3 – subpoint b
Directive 2002/47/EC
Article 3 – paragraphs 3 and 4
Article 3 – paragraphs 3 and 4
(b) The following paragraph[s] 3 [and 4] is[are] added: “3. shall be added: “3. Without prejudice to Directive 93/13/EEC and national provisions concerning unfair contract terms Member States shall ensure that debtors of the credit claims may validly waive, in writing or in a legally equivalent manner: (i) their rights of set-off vis-à-vis the creditors of the credit claim and vis-à-vis persons to which the creditor assigned, pledged or otherwise mobilised the credit claim as collateral; and (ii) their rights arising from banking secrecy rules that would otherwise prevent or restrict the ability of the creditor of the credit claim to provide information on the credit claim or the debtor for the purposes of using the credit claim as collateral.” [4. Paragraphs 1, 2 and 3 shall be without prejudice to the Consumer Credit Directive …/xxx/EC
Amendment 51 #
2008/0082(COD)
Proposal for a directive – amending act
Article 2 – point 3 a (new)
Article 2 – point 3 a (new)
Directive 2002/47/EC
Article 4 – paragraph 1 – point b a (new)
Article 4 – paragraph 1 – point b a (new)
(3a) In Article 4(1), the following point shall be added: “(ba) credit claims, by sale or appropriation and by setting off their value against or applying their value in discharge of the relevant financial obligations.”
Amendment 52 #
2008/0082(COD)
Proposal for a directive – amending act
Article 2 – point 3 b (new)
Article 2 – point 3 b (new)
Directive 2002/47/EC
Article 4 – paragraph 2 – point b
Article 4 – paragraph 2 – point b
(3b) In Article 4(2), point (b) shall be replaced by the following: “(b) the parties have agreed in the security financial collateral arrangement on the valuation of the financial instruments and the credit claims.”
Amendment 53 #
2008/0082(COD)
Proposal for a directive – amending act
Article 2 – point 4 a (new)
Article 2 – point 4 a (new)
Directive 2002/47/EC
Article 5 – paragraph 5 a (new)
Article 5 – paragraph 5 a (new)
(4a) In Article 5, the following paragraph shall be added: “5a. This Article shall not apply to credit claims.”
Amendment 54 #
2008/0082(COD)
Proposal for a directive – amending act
Article 2 - point 4 b (new)
Article 2 - point 4 b (new)
Directive 2002/47/EC
Article 9 a (new)
Article 9 a (new)
(4b) The following Article shall be inserted after Article 9: “Article 9a The provisions of this Directive shall be without prejudice to Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers*. ____________________ * OJ L 133, 22.5.2008, p. 66.”
Amendment 5 #
2007/2290(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Urges the Commission to review urgently Directive 2003/41/EC, based on advice from the CEIOPS, in order to provide a solid solvency regime appropriate to institutions for occupational retirement provision; stresses that such a regime may band especially to examine level playing field issues through differences in calculation and underlying assumptions for measuring liabilities; examine whether or not an extension of some based on thepects of Solvency II approach but must cater forto pension funds are required; taking into account the specificities of those institutions such as the long-term nature of the pension schemes they operate; considers that such a special solvency regime would underpin financial stability and prevent regulatory arbitrageliabilities they hold;
Amendment 7 #
2007/2290(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Recalls that the Court of Justice has ruled against obstacles to tax exemptions for crossborder pension contributions; underlines that tax relief offers the best incentive for long-term savings and that further harmonisation may be needed to remove all obstacles to cross-border contributions to pension schemes; invites the Commission to undertake the preparation of an appropriate and feasible framework of regulation and supervision of pan-European pension products; stresses that a single market for occupational pensions would allow individuals to enjoy portable occupational pension arrangements, stimulate competition and reduce the cost of saving for retirement;
Amendment 8 #
2007/2290(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Is concerned about the current trend to shift from defined benefit pension systems to defined contribution pension systems, accompanied by a sharpobserved decline in employer contributions; warns that the revision envisaged of IAS 19 should not add to that trendincrease the closing of defined benefit schemes by abolishing the so- called “corridor”-approach, which corrects extreme short-term volatility; considers that appropriate steps should be taken so as to increase the participation and contribution levels of households in existing pension schemes in order to ensure adequate retirement income for households;
Amendment 22 #
2007/2239(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas inconsistent implementation of the Transparency Directive has led to an incoherent level of transparency throughout the EU and to high costs for investors,
Amendment 44 #
2007/2239(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Draws attention to the need to overcome the obstacles to cross-border distribution of alternative investments by establishing a European private placement regime for institutional investors;
Amendment 9 #
2007/2238(INI)
Motion for a resolution
Recital A
Recital A
A. whereas although there is at present insufficientno specific EU regulation of hedge funds and private equity, there is a body of both EU and national legislation that directly or indirectly applies to these entities,
Amendment 17 #
2007/2238(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Calls on the Commission to consider extenincluding in the definition of the “prudent person” principle in such a way as to require, where the principle is incorporated in the existing Community legislation, the requirement for investors to verify that the alternative investment funds in which they invest abide by appropriate legislation and the industry's best practice standards;
Amendment 20 #
2007/2238(INI)
Motion for a resolution
Recital E
Recital E
E. whereas several global, EU and national institutions have, long before the current financial crisis, voiced theiranalysed potential concerns in relation to hedge funds and private equity abouts regards financial stability, inadequate risk management standards, excessive debt (leverage) and the valuation of illiquid and complex financial instruments; whereas the analysis carried out by the Financial Stability Forum in 2007 concluded that financial stability concerns were best addressed through prime brokers and supervisors; whereas any concerns specifically relevant to hedge funds or private equity have largely not materialised in the light of the current financial crisis,
Amendment 21 #
2007/2238(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Takes the view that, in order to satisfy the need to monitor market activity for supervisory purposes, information on hedge fund holdingexposures and lending should be made available to competent supervisory authorities via prime brokers; stresses that the information requirements should not be such as to place an excessive burden on prime brokers and that the national supervisory authorities should aim, where necessary and/or appropriate, to harmonise their requirements;
Amendment 22 #
2007/2238(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Recognises that excessive leverage may pose risks to the financial stability of companies and the financial markets; takes the view, however, that risk is part of those markets and that it must be left to participants in the markets concerned to assess the appropriate level of risk to take; does not support, therefore, the idea of setting a legal maximum level of leverage;
Amendment 24 #
2007/2238(INI)
Motion for a resolution
Recital F
Recital F
F. whereas there is empirical evidence that hedge funds engage in are less prone to herding than otherd ingvestors in times of market turmoil, thus giving rise tomitigating financial stability concerns,
Amendment 30 #
2007/2238(INI)
Motion for a resolution
Recital H
Recital H
H. whereas such long-term investment requires well-functioning financial markets in the EU and globally, contributing to the real economy, which can only be achieved by ensuring the presence in the European Union of a competitive and innovative financial industry,
Amendment 35 #
2007/2238(INI)
Motion for a resolution
Recital I
Recital I
I. whereas hedge funds and private equity in many cases provide liquidity and demand for innovative productss well as increased market efficiency by creating demand for innovative products, aiding price discovery and providing for market diversification,
Amendment 39 #
2007/2238(INI)
Motion for a resolution
Recital J
Recital J
J. whereas financial stability also requires better supervisory cooperation, including at global levely, which logically requires, in due course, a comprehensive revisionncurrent gradual improvement of current EU supervisory arrangements,
Amendment 45 #
2007/2238(INI)
Motion for a resolution
Recital K
Recital K
K. whereas enhanced appropriate levels of transparency towards the public, investors and supervisory authorities, potentially including, in future, any new EU supervisory bodycommon EU arrangements, are crucial to ensure such well-functioning and stable financial markets as well as for promoting competition between market actors and products,
Amendment 54 #
2007/2238(INI)
Motion for a resolution
Recital L
Recital L
L. whereas excessive debt required by much of the activities ofthe lack of proper management of debt by hedge funds and private equity might threatens financial stability, prejudices the realisation of the long-term investment, growth and jobs agenda and is, moreover, unfairly favoured in national ; whereas the systemic impacts of debt held by hedge funds and private equity is best addressed in regulation by ensuring that prime brokers continue to provide for an adequate level of capitaxl regimequirements,
Amendment 61 #
2007/2238(INI)
Motion for a resolution
Recital M
Recital M
M. wWhereas the recent increase in private equity transactions has significantly increased the number of employees, whose jobs are ultimately controlled by equity funds, due regard should be given to existing national employment laws, and Community employment law (in particular, Directive 2001/23/EC) was formulated when this was not so, on the basis of fair and appropriate treatment of all economic actors with similar responsibilities towards employees,
Amendment 64 #
2007/2238(INI)
Motion for a resolution
Recital N
Recital N
N. whereas in the event of extreme debt loads, private equity leveraged buy-outs affect the viability of the target companiescompanies present a higher risk profile,
Amendment 71 #
2007/2238(INI)
Motion for a resolution
Recital O
Recital O
O. whereas there are manypotential conflicts of interest either arising from the business model of private equity or hedge funds or from the relationships between those vehicles and other actors in financial marketof hedge funds and private equity are covered by the Market abuse Directive (2003/6/EC); whereas guidelines on the management of conflicts of interest covering hedge funds and private equity also exist, including at global level, such as the IOSCO principles for the management of conflicts of interest by Collective Investment Schemes and market intermediaries,
Amendment 82 #
2007/2238(INI)
Motion for a resolution
Recital P
Recital P
P. whereas whilst there is no evidence that those vehicles caused the current financial crisis, they have been involved in the business of non-regulated and highly complex structured products; whereas not being adequately capitalised and thus volatile to turbulences, those vehicles enhanced the crisis,
Amendment 85 #
2007/2238(INI)
Motion for a resolution
Recital Q
Recital Q
Q. whereas in order to minimise the risk of future financial crises and given the strong interactions across markets and between market participants and given the objective of a level playing field across borders and between regulated and unregulated market participants, the EU needs better,several initiatives are under way, in the EU and at global level, to secure more coherent and harmonised regulation across the board,
Amendment 107 #
2007/2238(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Requests the Commission to submit to Parliament by 30 November 2008,undertake without undue delay, an examination of all existing Community legislation relevant to financial markets in order to identify any lacunae as regards the regulation of hedge funds and private equity and, based on the results of such examination, and on the basis of Article 44, Article 47(2), or Article 95 of the EC Treaty, to submit to Parliament a legislative proposal or proposals on amending the existing Directives where necessary to better regulate hedge funds, private equity and other relevant actors, following the detailed recommendations below;
Amendment 109 #
2007/2238(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 123 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 1 – point a
Annex – recommendation 1 – point a
(a) Capital requirements Investment firms, insurance companies, credit institutions, conventional funds (such as UCITS and pension funds/IORPs) have to comply with capital requirements. Whatever the legal structure of hedge fund and private equity vehicles, including limited partnerships, tThe Commission shcould ensure thatxamine the need for an appropriate capital requirement isto be introduced at the level of the entity that controls the investment of the fund or funds concerned (i.e. management firm), covering all funds regardless of their place of registration and the implications thereof.
Amendment 127 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 1 – point b
Annex – recommendation 1 – point b
Amendment 130 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 1 – point b
Annex – recommendation 1 – point b
(b) EU public credit rating agency The Commission should establish an EU Public Credit Rating Agency in order to foster competition and improve transparency in that sector. The Commission should also, in its revisHedge funds and private equity The Commission should undertake an examination of all existing Community legislation relevant to financial markets in order to identify any lacunae as regards the regulation of the Directive 2006/48/EC, introduce a provision that, where a creddge funds and private equity assessment of an External Credit Assessment Institution (ECAI) is required for the calculation of a credit institution's risk- weighted exposure, the credit assessment of the EU Public Credit Rating Agency will also be required.nd, based on the results of such examination, to submit to Parliament a legislative proposal or proposals on amending the existing Directives where necessary to better regulate hedge funds, private equity and other relevant actors;
Amendment 133 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 1 – point c
Annex – recommendation 1 – point c
Amendment 137 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 1 – point d
Annex – recommendation 1 – point d
(d) Valuation The Commission should propose precise rules on theexamine how to best promote better valuation of illiquid financial instruments in order better to protect investors and the stability of financial markets, taking into account the various initiatives on valuation currently underway in the EU and globally.
Amendment 142 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 1 – point e
Annex – recommendation 1 – point e
Amendment 144 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 1 – point f
Annex – recommendation 1 – point f
(f) Venture capital The Commission should implement, without delay, the policy proposals set out in its communication on Removing obstacles to cross-border investments by venture capital funds, including proposing legislation to provide a harmonised EU-wide framework for venture capital and so to ensure cross- border access to such capital for the SME sector in line with the Lisbon Agenda. The proposed harmonised EU-framework should be in line with principles of good regulation and avoid additional legal, fiscal and administrative complexities at EU level.
Amendment 145 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 1 – point g
Annex – recommendation 1 – point g
Amendment 157 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 2 – point a
Annex – recommendation 2 – point a
Amendment 164 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 2 – point b
Annex – recommendation 2 – point b
(b) Notification (i.e. approval) of wholesale investment vehicles In order to encourage funds to be located onshore in the EU, the Commission should propose a separate directive along the lines of the EU-wide private placement regime, currently under discussion, to apply to the marketing and distribution in the EU of hedge funds and private equity funds. Such a regime should function on a single entry point basis: once authorised, it should be possible to offer those wholesale investment vehicles to professional, institutional investors throughout the EU. In order to promote a well-functioning single European financial market, the Commission should ensure the investment vehicle discloses the following: - general investment strategy and immediate information on any changes thereto, - leverage/debt exposure, - overall fees as well as breakdown of fees (including any stock options awarded to employees), - source and amount of funds raised, - past performance, - risk-management system and portfolio valuation methods, - information on the administrator of the fund, and - share of the fund contributed by the management company and its staff. That information should be set out in a uniform format (also to facilitate the database proposal below)Private Placement Regime The Commission should submit a legislative proposal for the establishment of a European Private Placement Regime allowing for cross-border distribution of alternative investment products to eligible groups of sophisticated investors.
Amendment 168 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 2 – point c
Annex – recommendation 2 – point c
Amendment 172 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 2 – point d
Annex – recommendation 2 – point d
Amendment 180 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 2 – point e
Annex – recommendation 2 – point e
(e) Private equity and protection of employees The Commission should propose amendments to Directive 2001/23/EC so that the same protections afforded employees by that Directiveensure that Directive 2001/23/EC, including the right to be informed and consulted, apply whenever control of the undertaking or business concerned is transferred by means of a private equity transaction by any investors, including private equity and hedge funds.
Amendment 183 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 3
Annex – recommendation 3
Amendment 201 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 4
Annex – recommendation 4
Amendment 29 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 1 – point 2
Article 1 – point 2
Directive 2006/112/EC
Article 135a – point 9
Article 135a – point 9
(9) 'intermediation in insurance and financial transactions' means the supply of services rendered to, and remunerated by, a contractual party as a distinct act of mediation in relation to the insurance or financial transactions referred to in points (a) to (e) of Article 135(1), by a third -party intermediaryies;
Amendment 34 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 1 – point 2
Article 1 – point 2
Directive 2006/112/EC
Article 135a – point 10
Article 135a – point 10
(10) 'EU investment funds' means undertakings for collective investment in the exempted financial instruments referred to in points (a) to (e) of Article 135(1) and in real estatespecially constituted investment vehicles created with the sole purpose of gathering assets from investors and investing those assets in a diversified portfolio;
Amendment 36 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 1 – point 2
Article 1 – point 2
Directive 2006/112/EC
Article 135a – point 11
Article 135a – point 11
(11) 'management of investment funds' means activities aimed at realising the investment objectives of the investment fund concerned and shall cover at least the strategic and tactical asset management and asset allocation, including advisory services as well as currency and risk management.
Amendment 26 #
2007/0248(COD)
Proposal for a directive – amending act
Recital 24
Recital 24
(24) A television broadcast is a linear audiovisual media service as defined in the Audiovisual Media Services Directive of the European Parliament and of the Council of [….] 2007, which is provided by a media service provider for simultaneous viewing of programmes on the basis of a programme schedule; a media service provider may provide a number of audio or audio visual programme schedules (channels). Legal “must-carry” obligations may be applied, but only to specified broadcast channels supplied by a specified media service provider. Member States should provide a clear justification for the “must carry” obligations in their national law so as to ensure that such obligations are transparent, proportionate and properly defined. In that regard, “must carry” rules should be designed in a way which provides sufficient incentives for efficient investment in infrastructure. “Must carry” rules should be periodically reviewed in order to keep them up-to-date with technological and market evolution in order to ensure that they continue to be proportionate to the objectives to be achieved. Given the rapid change in technology and market conditions such a full review would need to be carried out at least every three year18 months and would require a public consultation of all stakeholders. One or more broadcast channels may be complemented by services to improve accessibility for users with disabilities, such as a videotext service, subtitling service, an audio description or sign language.
Amendment 27 #
2007/0248(COD)
Proposal for a directive – amending act
Recital 32
Recital 32
(32) In setting detailed rules concerning the format and procedures applicable to the notification of security breaches, due consideration should be given to the circumstances of the breach, including whether or not the personal data had been protected by encryption or other means, effectively limiting the likelihood of identity fraud or other forms of misuse. Moreover, suchThe rules and procedures should take into account the leginot hamper the investimgate interests ofion by law enforcement authorities in cases where early disclosure could unnecessarily hamper the investigation of the circumstances of a breach.
Amendment 28 #
2007/0248(COD)
Proposal for a directive – amending act
Recital 34
Recital 34
(34) Software that surreptitiously monitors actions of the user and/or subverts operation of the user’s terminal equipment for the benefit of a third party (so-called “spyware”) poses a serious threat to users’ privacy. A high and equal level of protection of the private sphere of users needs to be ensured, regardless of whether unwanted spying programmes are inadvertently downloaded via electronic communications networks or are delivered and installed hidden in software distributed on other external data storage media, such as CDs, CD-ROMs, USB keys. Member States should encourage end-users to take the necessary steps to protect their terminal equipment against viruses and spy ware.
Amendment 34 #
2007/0248(COD)
Proposal for a directive – amending act
Article 1 – point 11Directive 2002/22/EC
Article 1 – point 11Directive 2002/22/EC
Articles 18 and 19
Articles 18 and 19 areis deleted.
Amendment 35 #
2007/0248(COD)
Proposal for a directive – amending act
Article 1 – point 12
Article 1 – point 12
Directive 2002/22/EC
Article 20 – paragraph 6
Article 20 – paragraph 6
Amendment 41 #
2007/0248(COD)
Proposal for a directive – amending act
Article 1 – point 19
Article 1 – point 19
Directive 2002/22/EC
Article 31 – paragraph 1
Article 31 – paragraph 1
1. Member States may impose reasonable “must carry” obligations, for the transmission of specified radio and television broadcast channels and accessibility services, on undertakings under their jurisdiction providing electronic communications networks used for the distribution of radio or television broadcasts to the public where a significant number of end-users of such networks use them as their principal means to receive radio and television broadcasts. Such obligations shall only be imposed where they are necessary to meet general interest objectives as clearly and specifically defined by each Member State in its national law and shall be proportionate and transparent. The obligations referred to in the first subparagraph shall be reviewed by the Member States at the latest within one year of <time-limit for implementation of the amending act>, except where Member States have carried out such a review within the previous 2 years. Member States shall review “must carry” obligations at least every three year18 months.
Amendment 43 #
2007/0248(COD)
Proposal for a directive – amending act
Article 2 – point 3 – subpoint b
Article 2 – point 3 – subpoint b
Directive 2002/58/EC
Article 4 – paragraph 3
Article 4 – paragraph 3
3. In case of a serious breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of or access to personal data that have not been rendered unintelligible by technological means, transmitted, stored or otherwise processed in connection withthe course of the provision of publicly available electronic communications services in the Community, which is likely to cause significant harm to subscribers, the provider of the publicly available electronic communications services whose subscribers have had their personal data disclosed, shall, without undue delay, notify the subscriber concerned and the national regulatory authority where the provider is established of such a breach. The notification to the subscriber shall at least describe the nature of the breach and recommend measures to mitigate its possible negative effects. The notification to the national regulatory authority shall, in addition, describe the consequences of and the measures taken by the provider to address the breach.
Amendment 44 #
2007/0248(COD)
Proposal for a directive – amending act
Article 2 – point 3 – subpoint b
Article 2 – point 3 – subpoint b
Directive 2002/58/EC
Article 4 – paragraph 4 – first subparagraph
Article 4 – paragraph 4 – first subparagraph
4. In order to ensure consistency in implementation of the measures referred to in paragraphs 1, 2 and 3, the Commission mayshall, following consultation with the European Electronic Communications Market Authority (hereinafter referred to as “the Authority”), andthe relevant stakeholders, the European Data Protection Supervisor and the public, adopt technical implementing measures concerning inter alia the circumstances, format and procedures applicable to information and notification requirements referred to in this Article.
Amendment 13 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 32
Recital 32
(32) Reliable and secure communication of information over electronic communications networks is increasingly central to the whole economy and society in general. System complexity, technical failure or human mistake, accidents or attacks may all have consequences for the functioning and availability of the physical infrastructures that deliver important services to EU citizens, including e-Government servicesThe availability of electronic communications services is essential in cases of emergency. National regulatory authorities should therefore ensure the integrity and security of public communicationsat a minimum standard of networks are maintained. The Authority should contribute to the enhanced level of security of electronic communications by, among other things, providing expertise and advice, and promoting the exchange of best practices. Both the Authority and tvailability is maintained to support essential communications in emergency situations. The national regulatory authorities should have the necessary means to perform their duties, including powers to obtain sufficient information to be able to assess the level of security of networks or services as well as comprehensive and reliable data about actual security incidents that have had a significant impact on the operation of networks or services. Bearing in mind that the successful application of adequate security is not a one-off exercise but a continuous process of implementation, review and updating, the providers of electronic communications networks and services should be required to take measures to safeguard their integrity and securensure essential network availability in accordance with the assessed risks, taking into account the state of the art of such measures.
Amendment 14 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 33
Recital 33
(33) Where there is a need to agree on a common set of security requirements, power should be conferred on the Commission to adopt technical impleA competitive market is usually the best means of ensuring that an appropriate balance is struck between the level of security and the costs of achieving it, and between the constraints imposed by security requirements and the freedom to develop innovative services. It somenting measures to achievmes remains necessary to agree aon adequate level of security of elec common set of security requirements to protect against widespread catastronphic communications networks and servicefailure, to protect against incidents on one network having cascade effects ion othe internal market. The Authority should contribute to the harmonisation of appropriate technical and organisational security measures by providing expert advicer network and to ensure the availability of essential services in case of emergency. In accordance with the principles of necessity and proportionality, the national regulatory authorities are strictly limited to the powers necessary to achieve these objectives. National regulatory authorities should have the power to issue binding instructions relating to the technical implementing measures adopted pursuant to the Framework Directive. In order to perform their duties, they should have the power to investigate and to impose penalties in cases of non-compliance.
Amendment 15 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 33 a (new)
Recital 33 a (new)
(33a) The management of telephony networks and services has historically been characterised by a high level of international cooperation designed to ensure harmonisation of technical standards and to promote interoperability. The Internet has achieved interoperability through open global standards for inter- network routing, while the development of services using the Internet has depended upon the freedom to create new technical standards and protocols without regulatory intervention; this freedom has enabled unprecedented innovation in the creation of information society services and other, non-commercial services, yielding enormous economic and social gains for the people of Europe. Each tradition for the development and coordination of technical standards has benefited society in its respective sphere. The national regulatory authorities should recognise the importance of innovation and diversity in Internet protocols and services, and the importance of regulatory forbearance in achieving those objectives.
Amendment 16 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 33 b (new)
Recital 33 b (new)
Amendment 17 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 39 a (new)
Recital 39 a (new)
(39a) The need to encourage both investment and competition should be recognised, so that consumer choice is protected and not undermined.
Amendment 19 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 3
Article 1 – point 3
Directive 2002/21/EC
Article 3 – paragraph 3 – subparagraph 1
Article 3 – paragraph 3 – subparagraph 1
3. Member States shall ensure that national regulatory authorities exercise their powers independently, impartially and, transparently and in a timely manner. National regulatory authorities shall not seek or take instructions from any other body in relation to the day-to-day performance of the tasks assigned to them under national law implementing Community law. Only appeal bodies set up in accordance with Article 4 or national courts shall have the power to suspend or overturn decisions by the national regulatory authorities.
Amendment 20 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2002/21/EC
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Member States shall ensure that effective mechanisms exist at national level under which any user or undertaking providing electronic communications networks and/or services who is affected by a decision of a national regulatory authority has the right of appeal against the decision to an appeal body that is independent of the parties involved. This body, which may be a court, shall have the appropriate expertise available to it to enable it to carry out its functions. Member States shall ensure that the merits of the case are duly taken into account and that there is an effective appeal mechanism. Member States shall set limits to the time allowed for consideration of such appeals. Pending the outcome of any the appeal, the decision of the national regulatory authority shall stand, unless interim measures are granted. Interim measures may only be granted if there is an urgent need to suspend the effect of the decision in order to prevent serious and irreparable damage to the party applying for those measures and the balance of interests so requires.
Amendment 22 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 2002/21/EC
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Member States shall ensure that undertakings providing electronic communications networks and services provide all the information, including financial information, necessary for national regulatory authorities to ensure conformity with the provisions of, or decisions made in accordance with, this Directive and the Specific Directives. Those undertakings shall also be required to submit information concerning future network or service developments that could have an impact on the wholesale services made available to competitors. These undertakings shall provide such information promptly on request and to the timescales and level of detail required by the national regulatory authority. The information requested by the national regulatory authority shall be proportionate to the performance of that task. The national regulatory authority shall give the reasons justifying its request for information.
Amendment 35 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 10
Article 1 – point 10
Directive 2002/21/EC
Article 9 c – subparagraph 2
Article 9 c – subparagraph 2
These measures designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 22(3). On imperative grounds of urgency, the Commission may use the urgency procedure referred to in Article 22(4). In the implementation of the provisions of this paragraph, the Commission may be assisted by the Authority in accordance with Article 10 Regulation […/EC]national regulatory authorities.
Amendment 39 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 14
Article 1 – point 14
Directive 2002/21/EC
Article 13 a – paragraph 3 – subparagraph 3
Article 13 a – paragraph 3 – subparagraph 3
Every three months,year the national regulatory authority shall submit a summary report to the Commission on the notifications received and the action taken in accordance with this paragraph.
Amendment 40 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 14
Article 1 – point 14
Directive 2002/21/EC
Article 13 a – paragraph 4
Article 13 a – paragraph 4
4. The Commission, taking the utmost account of the opinion of the Authority issued in accordance with Article 4(3)(b) of Regulation […./EC]national regulatory authorities, may adopt appropriate technical implementing measures with a view to harmonising the measures referred to in paragraphs 1, 2, and 3, including measures defining the circumstances, format and procedures applicable to notification requirements. These implementing measures, designed to amend non-essential elements of this Directive by supplementing it, shall be adopted in accordance with the procedure referred to in Article 22(3) and where industry-led self-regulatory initiatives have not achieved an adequate level of security in the internal market in one or more Member States. On imperative grounds of urgency, the Commission may use the urgency procedure referred to in Article 22(4).
Amendment 43 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 14
Article 1 – point 14
Directive 2002/21/EC
Article 13 b – paragraph 2
Article 13 b – paragraph 2
2. Member States shall ensure that national regulatory authorities, where appropriate, have the power to require undertakings providing public communications networks or publicly available electronic communications services to: (a) provide information needed to assess the security of their services and networks, including documented security policies; and (b) instruct a qualified independent body to carry out a security audit and make the results thereof available to the national regulatory authority.
Amendment 44 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 20
Article 1 – point 20
Directive 2002/21/EC
Article 19 – paragraph 1
Article 19 – paragraph 1
1. Without prejudice to Article 9 of this Directive and to Articles 6 and 8 of Directive 2002/20/EC (Authorisation Directive), where the Commission finds that divergences in the implementation by national regulatory authorities of the regulatory tasks specified in this Directive and the Specific Directives may create a barrier to the internal market, the Commission may, taking the utmost account of the opinion of the Authority, if any, issue a recommendation or a decision on the harmonised application of the provisions in this Directive and the Specific Directives in order to further the achievement of the objectives set out in Article 8.
Amendment 45 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 20
Article 1 – point 20
Directive 2002/21/EC
Article 19 – paragraph 5
Article 19 – paragraph 5
Amendment 46 #
2007/0247(COD)
Proposal for a directive – amending act
Article 2 – point 7
Article 2 – point 7
Directive 2002/19/EC
Article 9 – paragraph 5
Article 9 – paragraph 5
5. The Commission may adopt the necessary amendments to Annex II in order to adapt it to technological and market developments. The measures, designed to amend non-essential elements of this Directive, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 14(3). On imperative grounds of urgency, the Commission may use the urgency procedure referred to in Article 14(4). In implementing the provisions of this paragraph, the Commission may be assisted by the Anational regulatory authorityies.
Amendment 52 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 32
Recital 32
(32) Reliable and secure communication of information over electronic communications networks is increasingly central to the whole economy and society in general. System complexity, technical failure or human mistake, accidents or attacks may all have consequences for the functioning and availability of the physical infrastructures that deliver important services to EU citizens, including e-Government servicesThe availability of electronic communications services is essential in cases of emergency. National regulatory authorities should therefore ensure the integrity and security of public communicationsat a minimum standard of networks are maintained. The Authority should contribute to the enhanced level of security of electronic communications by, among other things, providing expertise and advice, and promoting the exchange of best practices. Both the Authority and tvailability is maintained to support essential communications in emergency situations. The national regulatory authorities should have the necessary means to perform their duties, including powers to obtain sufficient information to be able to assess the level of security of networks or services as well as comprehensive and reliable data about actual security incidents that have had a significant impact on the operation of networks or services. Bearing in mind that the successful application of adequate security is not a one-off exercise but a continuous process of implementation, review and updating, the providers of electronic communications networks and services should be required to take measures to safeguard their integrity and securensure essential network availability in accordance with the assessed risks, taking into account the state of the art of such measures.
Amendment 53 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 33
Recital 33
(33) Where there is a need to agree on a common set of security requirements, power should be conferred on the Commission to adopt technical impleA competitive market is usually the best means by which to ensure that an appropriate balance is struck between the level of security and the costs of achieving it, and between the constraints imposed by security requirements and the freedom to develop innovative services. It somenting measures to achieve an adequate level of security of elecmes remains necessary to agree on a common set of security requirements to protect against widespread catastronphic communications networks and servicefailure, to protect against incidents on one network having cascade effects ion othe internal market. The Authority should contribute to the harmonization of appropriate technical and organisational security measures by providing expert advicer network and to ensure the availability of essential services in case of emergency. In accordance with the principles of necessity and proportionality, the national regulatory authorities are strictly limited to the powers necessary to achieve those objectives. National regulatory authorities should have the power to issue binding instructions relating to the technical implementing measures adopted pursuant to the Framework Directive. In order to perform their duties, they should have the power to investigate and to impose penalties in cases of non-compliance.
Amendment 54 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 33 a (new)
Recital 33 a (new)
(33a) The management of telephony networks and services has historically been characterised by a high level of international cooperation to ensure harmonisation of technical standards and promote interoperability. Internet has achieved interoperability through open global standards for inter-network routing, while the development of services using Internet has depended upon the freedom to create new technical standards and protocols without regulatory intervention; that freedom has enabled unprecedented innovation in the creation of information society services and other, non-commercial services, yielding enormous economic and social gains for the people of Europe. Each tradition for the development and coordination of technical standards has benefited society in its respective sphere. The national regulatory authorities should recognise the importance of innovation and diversity in Internet protocols and services, and the importance of regulatory forbearance in achieving those objectives.
Amendment 55 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 33 b (new)
Recital 33 b (new)
Amendment 56 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 39 a (new)
Recital 39 a (new)
(39a) There is a need to encourage both investment and competition, so that consumer choice is protected and not undermined.
Amendment 63 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 60
Recital 60
(60) In particular, power should be conferred on the Commission to adopt implementing measures in relation to the notifications under Article 7 of the Framework Directive; the harmonisation in the fields of spectrum and numbering as well as in matters related to security of networks and services; the identification of trans-national markets; the implementation of the standards; the harmonised application of the provisions of the regulatory framework. Power should also be conferred on the Commission by the Framework and Authorisation Directives to harmonise the regulatory treatment of pan-European services, such as global telecommunications services. In addition, power should be conferred to adopt implementing measures to update Annexes I and II to the Access Directive to market and technological developments and for adopting implementing measures to harmonise the authorisation rules, procedures and conditions for the authorisation of electronic communications networks and services. Since those measures are of general scope and are designed to supplement these Directives by the addition of new non-essential elements, they must be adopted in accordance with the regulatory procedure with scrutiny provided for in Article 5a of Decision 1999/468/EC. When, on imperative grounds of urgency, the normal time limits for this procedure cannot be complied with, the Commission should be able to use the urgency procedure provided for in Article 5a(6) of the aboveat Decision,
Amendment 69 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 2002/21/EC
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Member States shall ensure that undertakings providing electronic communications networks and services provide all the information, including financial information, necessary for national regulatory authorities to ensure conformity with the provisions of, or decisions made in accordance with, this Directive and the Specific Directives. Those undertakings shall also be required to submit information concerning future network or service developments that could have an impact on the wholesale services made available to competitors. These undertakings shall provide such information promptly on request and to the timescales and level of detail required by the national regulatory authority. The information requested by the national regulatory authority shall be proportionate to the performance of that task. The national regulatory authority shall give the reasons justifying its request for information.
Amendment 75 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 9
Article 1 – point 9
Directive 2002/21/EC
Article 9 – paragraph 3 – subparagraph 2 – point c
Article 9 – paragraph 3 – subparagraph 2 – point c
(c) ensure maximisation of radio frequenciesy sharing where the use of frequencies is subject to a general authorisation, or
Amendment 78 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 9
Article 1 – point 9
Directive 2002/21/EC
Article 9 – paragraph 4 – subparagraph 1
Article 9 – paragraph 4 – subparagraph 1
4. Unless otherwise provided in the second subparagraph or in the measures adopted pursuant to Article 9c, Member States shall ensure that all types of electronic communications services may be provided in the radio frequency bands openavailable to electronic communications services in accordance with their national frequency allocation tables and in the ITU Radio Regulations. The Member States may, however, provide for proportionate and non-discriminatory restrictions to the types of electronic communications services to be provided.
Amendment 87 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 10
Article 1 – point 10
Directive 2002/21/EC
Article 9b – paragraph 1 – subparagraph 1
Article 9b – paragraph 1 – subparagraph 1
1. Member States shall ensure that undertakings may transfer or lease to other undertakings individual rights to use radio frequencies in the bands for which this is provided in the implementing measures adopted pursuant to Article 9c without the prior consent of , provided that such transfer or lease is in accordance withe national regulatory authorityprocedures.
Amendment 92 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 10
Article 1 – point 10
Directive 2002/21/EC
Article 9c – paragraph 2
Article 9c – paragraph 2
These measures designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 22(3). On imperative grounds of urgency, the Commission may use the urgency procedure referred to in Article 22(4). In the implementation of the provisions of this paragraph, the Commission may be assisted by the Authority in accordance with Article 10 Regulation […/EC].’national regulatory authorities.
Amendment 101 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 14
Article 1 – point 14
Directive 2002/21/EC
Article 13a – paragraph 3 – subparagraph 3
Article 13a – paragraph 3 – subparagraph 3
Every three months,year the national regulatory authority shall submit a summary report to the Commission on the notifications received and the action taken in accordance with this paragraph.
Amendment 103 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 14
Article 1 – point 14
Directive 2002/21/EC
Article 13a – paragraph 4
Article 13a – paragraph 4
4. The Commission, taking the utmost account of the opinion of the Authority issued in accordance with Article 4(3)(b) of Regulation […./EC]national regulatory authorities, may adopt appropriate technical implementing measures with a view to harmonising the measures referred to in paragraphs 1, 2, and 3, including measures defining the circumstances, format and procedures applicable to notification requirements. These implementing measures, designed to amend non-essential elements of this Directive by supplementing it, shall be adopted in accordance with the procedure referred to in Article 22(3) and where industry-led self regulatory initiatives have not achieved an adequate level of security in the internal market in one or more Member States. On imperative grounds of urgency, the Commission may use the urgency procedure referred to in Article 22(4).
Amendment 105 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 14
Article 1 – point 14
Directive 2002/21/EC
Article 13b – paragraph 2
Article 13b – paragraph 2
2. Member States shall ensure that national regulatory authorities, where appropriate, have the power to require undertakings providing public communications networks or publicly available electronic communications services to: (a) provide information needed to assess the security of their services and networks, including documented security policies; and (b) instruct a qualified independent body to carry out a security audit and make the results thereof available to the national regulatory authority.
Amendment 106 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 17 – point b
Article 1 – point 17 – point b
Directive 2002/21/EC
Article 16 – paragraph 6 - introductory part
Article 16 – paragraph 6 - introductory part
6. Measures taken according to the provisions of paragraphs 3 and 4 of this Article shall be subject to the procedures referred to in Articles 6 and 7. National regulatory authorities shall carry out an analysis of the relevant market and notify the Commission of the results:
Amendment 107 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 20
Article 1 – point 20
Directive 2002/21/EC
Article 19 – paragraph 4 – point a
Article 19 – paragraph 4 – point a
(a) Consistent implementation of regulatory approaches, including regulatory treatment of pan-European services, such as global telecommunications services, and of new services;
Amendment 111 #
2007/0247(COD)
Proposal for a directive – amending act
Article 2 – point 1
Article 2 – point 1
Directive 2002/19/EC
Article 2 – point a
Article 2 – point a
(a) “access” means the making available of facilities and/or services to another undertaking, under defined conditions, on either an exclusive or non-exclusive basis, for the purpose of providing electronic communications services or delivering information society services or broadcast content services. It covers inter alia : access to network elements. It covers inter alia : access to network elements which also includes access to a wavelength in cases when access to fibre is limited by capacity constraint and associated facilities, which may involve the connection of equipment by fixed or non- fixed means (in particular this includes access to the local loop and to facilities and services necessary to provide services over the local loop); access to physical infrastructure including buildings, ducts and masts; access to relevant software systems including operational support systems; access to number translation or systems offering equivalent functionality; access to fixed and mobile networks, in particular for roaming; access to conditional access systems for digital television services; access to virtual network services.
Amendment 112 #
2007/0247(COD)
Proposal for a directive – amending act
Article 2 – point 7
Article 2 – point 7
Directive 2002/19/EC
Article 9 – paragraph 5
Article 9 – paragraph 5
5. The Commission may adopt the necessary amendments to Annex II in order to adapt it to technological and market developments. The measures, designed to amend non-essential elements of this Directive, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 14(3). On imperative grounds of urgency, the Commission may use the urgency procedure referred to in Article 14(4). In implementing the provisions of this paragraph, the Commission may be assisted by the Anational regulatory authorityies.
Amendment 34 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2003/54/EC
Article 8 – paragraph 1 – point b – introductory part
Article 8 – paragraph 1 – point b – introductory part
(b) the same person or the same persons are not entitled, either individually or jointly:
Amendment 35 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2003/54/EC
Article 8 – paragraph 1 – point b – point i
Article 8 – paragraph 1 – point b – point i
(i) to directly or indirectly exercise control over an undertaking performing any of the functions of generation or supply, and to directly or indirectly exercise control or hold any interest in or exercise any right over a transmission system operator or over a transmission system,
Amendment 37 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2003/54/EC
Article 8 – paragraph 1 – point (b) – point (ii)
Article 8 – paragraph 1 – point (b) – point (ii)
(ii) to directly or indirectly exercise control over a transmission system operator or over a transmission system, and to directly or indirectly exercise control or hold any interest in or exercise any right over an undertaking performing any of the functions of generation or supply;
Amendment 39 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2003/54/EC
Article 8 – paragraph 1 – point c
Article 8 – paragraph 1 – point c
Amendment 40 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2003/54/EC
Article 8 – paragraph 2
Article 8 – paragraph 2
2. The interests and rights referred toProvided that the requirements in paragraphs 1(b) shall include, in particular: (a) the ownership of part of the capital or of the business assets, or (b) the power to exercise voting rights, or (c) the power to appoint members of the supervisory board, the administrative board or bodies legally representing the undertaking, or (d) the right to obtain dividends or other shares of the benefitsare complied with, two distinct public bodies shall be entitled to control generation and supply activities on the one hand and transmission activities on the other.
Amendment 42 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2003/54/EC
Article 8 – paragraph 4
Article 8 – paragraph 4
Amendment 255 #
2007/0143(COD)
Proposal for a directive
Article 79 – paragraph 1
Article 79 – paragraph 1
Insurance and reinsurance undertakings shall segment their non-participating insurance and reinsurance obligations into homogeneous risk groups, and as a minimum by lines of business, when calculating their technical provisions.
Amendment 256 #
2007/0143(COD)
Proposal for a directive
Article 79 – paragraph 1 a (new)
Article 79 – paragraph 1 a (new)
Participating insurance and reinsurance obligations should be segmented into homogenous risk groups (HRGs), at least by lines of business, if their bonus allocation rules allow mutually independent allocation.
Amendment 266 #
2007/0143(COD)
Proposal for a directive
Article 90 – paragraph -1 (new)
Article 90 – paragraph -1 (new)
Surplus funds shall be deemed to be accumulated profits, which are assigned either individually or collectively to policy holders and beneficiaries in the form of future discretionary bonuses.
Amendment 278 #
2007/0143(COD)
Article 90 – paragraph 1
Amendment 419 #
2007/0143(COD)
Proposal for a directive
Article 127 – paragraph 1 – point d a (new)
Article 127 – paragraph 1 – point d a (new)
(da) the calibration of the Minimum Capital Requirement shall be risk sensitive and shall ensure an appropriate interplay with the Solvency Capital Requirement in order to allow for an escalating ladder of supervisory intervention.