7 Amendments of Olle SCHMIDT related to 2009/0140(COD)
Amendment 110 #
Proposal for a regulation
Recital 16
Recital 16
(16) The interconnectedness of financial institutions and markets implies that the monitoring and assessment of potential systemic risks should be based on a broad set of relevant macro-economic and micro- financial data and indicators. The ESRB should therefore have access to all the information necessary to perform its duties while preserving the confidentiality of these data as required. As a rule, that information should be in summary or aggregate form, unless there might be a sustained and severe risk to market dislocation, supported by objectively verifiable data. Where the ESRB requests data that are not in summary or aggregate form, the financial institutions concerned shall have the right to express their views on the merits of such a request.
Amendment 112 #
Proposal for a regulation
Recital 17
Recital 17
(17) Market participants can provide valuable input to the understanding of the evolutions affecting the financial system. Where appropriate, the ESRB should therefore consult private sector stakeholders (inter alia, financial sector representatives, consumer associations, and user groups in the financial services area established by the Commission or CommunityUnion legislation …) and give them a fair opportunity to provide their comments through a formal Consultative Panel.
Amendment 195 #
Proposal for a regulation
Article 13
Article 13
In performing its tasks, the ESRB shall seek, where appropriate, the advice of relevant private sector stakeholders. For this purpose, a Consultative Panel shall be formed to allow the ESRB to benefit from input to the understanding of the evolution of the financial system.
Amendment 203 #
Proposal for a regulation
Article 15 – paragraph 4
Article 15 – paragraph 4
4. The ESRB may address a reasoned request to the European Supervisory Authorities to provide data that are not in summary or collective form. Where, to the extent that there might be a sustained and severe risk to market dislocation, supported by objectively verifiable data, and which might reasonably concern a specific institution, the information in Article 15(3) is not sufficient for the ESRB to achieve its tasks, the ESRB may address a reasoned request to the European Supervisory Authorities to provide data that are not in summary or collective form. Where the ESRB requests data that are not in summary or collective form, the reasoned request shall explain why data on the respective individual financial institution are deemed to be systemically relevant, and necessary, considering the prevailing market situation.
Amendment 205 #
Proposal for a regulation
Article 15 – paragraph 5
Article 15 – paragraph 5
5. Before each requesting for information in accordance with paragraphs 3 and 4which is not in summary or collective form, the ESRB shall duly consult the relevant European Supervisory Authority in order to ensure that the request is justified and proportionate. If the relevant European Supervisory Authority does not consider the request to be justified and proportionate, it shall, without delay, send the request back to the ESRB and ask for additional justification. After the ESRB has provided the relevant European Supervisory Authority with such additional justification, the European Supervisory Authority shall transmit the requested data to the ESRB, provided that it continues to have access to the relevant data.
Amendment 209 #
Proposal for a regulation
Article 15 – paragraph 5 a (new)
Article 15 – paragraph 5 a (new)
5a. Any request by the ESRB to see data relating to any particular financial institution shall also be communicated to that financial institution, which shall have the right – without prejudice to legal remedies available to it – to express a view on the merits of the request made by the ESRB. The relevant national competent authority shall, as its supervisor, act as the conduit for any such information from the institution concerned, and the national competent authority shall give its consent before the European Supervisory Authority can provide the information to the ESRB.
Amendment 211 #
Proposal for a regulation
Article 15 – paragraph 5 b (new)
Article 15 – paragraph 5 b (new)
5b. For the purposes of Article 15(4), (5) and (5a), the ESRB, the European Supervisory Authorities, and the national competent authorities shall take full account of the existing agreements with third country supervisors.