BETA

48 Amendments of Udo BULLMANN related to 2009/0142(COD)

Proposal for a regulation
Recital 33

(33) Where appropriate, the Authority should consult interested parties on technical standards, guidelines and recommendations and provide them with a reasonable opportunity to comment on proposed measures. For reasons of efficiency, a Banking Stakeholder Group should be established for that purpose, representing ~~in balanced proportions~~ Community credit and investment institutions (including as appropriate institutional investors and other financial institutions which themselves use financial services), their employees, and consumers and other retail users of banking services, including SMEs. The Banking Stakeholder Group shall be composed at least of 15 representatives from consumers and users, of 5 independent top-ranking academics and of 10 representatives from the sector and its employees. The Banking Stakeholder Group should actively work as an interface with other user groups in the financial services area established by the Commission or Community legislation.

2010/03/26
Committee: ECON

Proposal for a regulation
Recital 41

(41) In order to guarantee its full autonomy and independence, the Authority should be granted an autonomous budget with revenues mainly from obligatory contributions from national supervisory authorities and from ~~the General Budget of the European Un~~any direct fees paid by financial institutions. The Community budgetary procedure should be applicable as far as the Community contribution is concerned. The auditing of accounts should be undertaken by the Court of Auditors.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 4

4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ia) preventing regulatory arbitrage and undue competition between Member States in rigidity of supervision and enforcement of regulation, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 4

4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, (vi) developing common methodologies for assessing the effect of product characteristics and distribution process on the financial position of institutions and on customer protection, with the aim to contributing to a level playing field. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 1

(1) 'financial institutions' means ~~'credit institutions' as defined in Directive 2006/48/EC, 'investment firms' as defined in Directive 2006/49/EC, and 'financial conglomerates' as defined in Directive 2002/87/EC~~any undertaking whose main business is to take deposits, grant credits, provide insurance services or other financial services to its clients or members or engage in financial investment or trading activities on its own account, and any other undertaking or entity operating in the European Union, whose business is of a similar nature, even if they have no direct dealings with the public at large;

2010/03/26
Committee: ECON

Proposal for a regulation
Article 6 – paragraph 1 – point c

(c) stimulate and facilitate the delegation of tasks and responsibilities between competent authorities;

2010/03/26
Committee: ECON

Proposal for a regulation
Article 6 – paragraph 1 – point e

(e) organise and conduct peer review analysis of competent authorities, to strengthen consistency in supervisory outcomes;

2010/03/26
Committee: ECON

Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 2 a (new)

Any legal or judiciary expenses entailed by the procedure described above should be borne by the Commission, on behalf of the Authority.

2010/04/15
Committee: ECON

Proposal for a regulation
Article 10 – paragraph 1

1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Community, the Commission or the Chair of the Authority, upon its own initiative or following a request by the ~~Authority, the Council, or the ESRB, may adopt a decision addressed to the Authority,~~Council, the ESRB, the European Parliament or the Stakeholder group may adopt a decision determining the existence of an emergency situation for the purposes of this regulation.

2010/04/15
Committee: ECON

Proposal for a regulation
Article 13 – paragraph 2

2. The Authority shall stimulate and facilitate the delegation of tasks and responsibilities between competent authorities by identifying those tasks and responsibilities that can be delegated or jointly exercised and by promoting best practices.

2010/04/15
Committee: ECON

Proposal for a regulation
Article 13 – paragraph 3 – subparagraph 3

The Authority shall publish any delegation agreement as concluded by the competent authorities by appropriate means, in order to ensure that all parties concerned are informed appropriately. These agreements shall mention the respective responsibility of the competent authorities involved.

2010/04/15
Committee: ECON

Proposal for a regulation
Article 15 – paragraph 1

1. The Authority shall periodically organise and conduct peer review analyses of some or all of the activities of competent authorities, to further enhance consistency in supervisory outcomes. To this end, the Authority shall develop methods to allow for objective assessment and comparison between the authorities reviewed.

2010/04/15
Committee: ECON

Proposal for a regulation
Article 19 – paragraph 2

2. With regard to prudential assessments of mergers and acquisitions falling under the terms of Directive 2007/44/EC, the Authority may, on its own initiative or on application of any competent authorities, monitor the assessments and provide guidance with a view to streamline and provide a level playing field, and issue and publish an opinion on a prudential assessment to be carried out by any authority of a Member State. Article 20 shall apply.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1

2. The Banking Stakeholder Group shall be composed of 30 members, representing ~~in balanced proportions~~ Community credit and investment institutions, their employees as well as consumers and users of banking services. The Banking Stakeholder Group shall be composed at least of 10 representatives from consumers, and users such as SME’s, of 5 representatives of the employees, of 5 independent top-ranking academics and of not more than 10 representatives from the organisations of the supervised institutions.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 2

The Banking Stakeholder Group shall meet at least ~~twice~~four times a year.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 22 – paragraph 3 – subparagraph 3

The Authority shall ensure adequate secretarial support for the Banking Stakeholder Group and adequate reimbursement of travel and subsistence expenses, as well as an allowance for participation in the activities for those Members for whom the absence of reimbursement would be prohibitive for being able to participate. The European budget should as well provide for proper funding for an expertise center where professional experts in financial services regulation and supervision can give technical advise exclusively to the buy side investors-, SME- and consumers organisations to underpin their input in the stakeholder advisory groups.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 22 – paragraph 4 – subparagraph 1

4. Members of the Banking Stakeholder Group shall serve for a period of ~~two and a half~~five years, following which a new selection procedure shall take place.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 22 – paragraph 4 – subparagraph 2

~~The members may serve two successive terms.~~deleted

2010/03/26
Committee: ECON

Proposal for a regulation
Article 22 – paragraph 5

5. The Banking Stakeholder Group may submit opinions and advice to the Authority on any issue related to the tasks of the Authority specified in Articles 7 and 8, 9 and 10.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 25 – paragraph 1 – point a

(a) the Chairperson, w~~ho shall be non-~~ith a casting vot~~ing~~e;

2010/03/26
Committee: ECON

Proposal for a regulation
Article 25 – paragraph 1 – point a a (new)

(aa) the vice-Chair, with a casting vote if replacing the Chairperson;

2010/03/26
Committee: ECON

Proposal for a regulation
Article 26 – paragraph 2 – subparagraph 1

2. For the purposes of Article 11, the ~~Board of Supervisors~~Chairperson shall convoke a panel to facilitate the settlement of the disagreement, consisting of the Chairperson and two of its members, who are not representatives of the competent authorities which are parties to the disagreement.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 28 – paragraph 3

3. The Board of Supervisors shall appoint the Chairperson and the vice-Chair.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 28 – paragraph 4 a (new)

4a. The Board of Supervisors shall, on the basis of a proposal by the Management Board, adopt the annual report on the activities of the Authority on the basis of the draft report referred to in Article 38(7) and shall transmit that report to the European Parliament, the Council, the Commission, the Court of Auditors, the European Economic and Social Committee by 15 June. The report shall be made public.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 2

Each member ~~other than the Chairperson~~ shall have an alternate, who may replace the member of the Management Board if that person is prevented from attending. The Chairperson may be replaced by the Vice- Chair and members by alternates appointed according to Article 25.2.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 30 – paragraph 3 – subparagraph 2

It shall meet at least ~~bi-annually in ordinary session~~preceding every Board of Supervisors meeting and as often as it deems necessary.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 32 – paragraph 6

6. The Management Board shall, after consulting the Board of Supervisors, adopt the annual report on the activities of the Authority on the basis of the draft report referred to in Article 38(7) and shall transmit that report to the European Parliament, the Council, the Commission, the Court of Auditors, the European Economic and Social Committee by 15 June. The report shall be made public.deleted

2010/03/26
Committee: ECON

Proposal for a regulation
Article 32 – paragraph 8

~~8. The Management Board shall appoint and remove the members of the Board of Appeal in accordance with Article 44(3) and 44(5).~~deleted

2010/03/26
Committee: ECON

Proposal for a regulation
Article 33 – paragraph 1 – subparagraph 1

1. The Authority shall be represented by a Chairperson and a Vice-Chair, who shall be a full-time independent professionals.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 33 – paragraph 1 – subparagraph 2 a (new)

The Vice-Chair shall act as an alternate to the Chairperson and shall also be responsible for external relations with the Joint Committee, the ESRB and international bodies.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 33 – paragraph 2 – subparagraph 1

2. The Chairperson and the Vice-Chair shall be appointed by the Board of Supervisors on the basis of merit, skills, knowledge of financial institutions and markets, and experience relevant to financial supervision and regulation, following an open selection procedure.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 33 – paragraph 2 – subparagraph 2

Before appointment, the candidates selected by the Board of Supervisors shall be subject to confirmation by the European Parliament.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 33 – paragraph 2 – subparagraph 3

TIn the absence of the Chairperson and the Vice-Chair, the Board of Supervisors shall also elect from among its members a~~n alterna~~ temporary substitute who shall carry out the functions of the Chairperson ~~in his~~or the Vice-Chair in their absence.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 36 – paragraph 2

2. The Executive Director shall be appointed by the Board of Supervisors on a proposal of the Management Board on the basis of merit, skills, knowledge of financial institutions and markets, and experience relevant to financial supervision and regulation and managerial experience, following an open selection procedure.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 36 – paragraph 4 – subparagraph 1

4. In the course of the nine months preceding the end of the five-year term of office of the Executive Director, the ~~Board of Supervisors~~Management Board shall undertake an evaluation.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 36 – paragraph 4 – subparagraph 2

In that evaluation, the ~~Board of Supervisors~~Management Board shall assess in particular:

2010/03/26
Committee: ECON

Proposal for a regulation
Article 36 – paragraph 4 – subparagraph 3

The ~~Board of Supervisors~~Management Board taking into account the evaluation may extend the term of office of the Executive Director once.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 36 – paragraph 5

5. The Executive Director may be removed from office only upon Decision of the Board of Supervisors and upon proposal of the management Board.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 40 – paragraph 2

2. The Joint Committee shall serve as ~~a forum~~overarching structure of the ESFS in which the Authority shall cooperate regularly and closely and ensure cross- sectoral consistency with the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 41 – paragraph 1

1. The Joint Committee shall be composed of ~~the C~~an independent Chairperson, an independent Vice chairperson, and the Chairpersons of the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, and, where applicable, the Chairperson of a Sub-Committee established under Article 43.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 42 a (new)

Article 42a The Joint Committee shall monitor and coordinate the colleges of supervisors that supervise the large cross border financial institutions which are considered to be systemically important. The list of systemically important financial institutions under the scope of Art 2.1 is defined by the ESRB in close coordination with the Joint Committee. The Joint Committee may decide to take over the direct responsibilities and competences attributed to the Authority in this Regulation for individual financial institutions, after proper consultation of the supervised institutions and the Boards and Stakeholder Groups of the Authorities involved, particularly in the case of financial conglomerates and institutions that operate cross sector in the fields of competence of more than one Authority.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 2

The ~~Board of Appeal designates its President~~President, appointed jointly by the Council, Commission and European Parliament, should be a professional lawyer.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 3

The decisions of the Board of Appeal shall be adopted on the basis of a simple majority ~~of at least~~vote, with a casting vote four ~~of its six members~~the President.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 1

3. Twohe members of the Board of Appeal and two alternates shall be appointed ~~by the Management Board of the Authority from a short-list proposed by the Commission, following a public call for expression of interest published in the Official Journal of the European Union, and~~, after consultation with the Authorities' Management Boards, as follows:. – two members and two alternates by the Council, – two members and two alternates by the Commission, – two members and two aflter ~~consultation of the Board of Supervisors~~nates by the European Parliament.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 2

~~The other Members shall be appointed in accordance with Regulation (EC) No …/…[EIOPA] and Regulation (EC) No …/…[ESMA].~~deleted

2010/03/26
Committee: ECON

Proposal for a regulation
Article 56 – paragraph 1 – subparagraph 1 a (new)

They shall not enter a job with financial institutions previously supervised by the European System of Financial Supervision in the first 18 months after they left their position.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 61 – paragraph 1 a (new)

This participation should materialise in an effective bilateral and multilateral exchange of information between competent authorities and the Authority, with full respect of the applicable confidentiality and data protection provisions provided for in the relevant Community legislation.

2010/03/26
Committee: ECON

Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1 a (new)

That report shall include an assessment of the functioning of the Stakeholders Group and its possible strengthening towards making the issuing of these advices mandatory.

2010/03/26
Committee: ECON