83 Amendments of Olle SCHMIDT related to 2012/0242(CNS)
Amendment 75 #
Proposal for a regulation
Recital 1
Recital 1
(1) Over the past decades, the Union has made considerable progress in creating an internal market for banking services. Consequently, in many Member States, banking groups with their headquarters established in other Member States hold a significant market share, and credit institutions have geographically diversified their business, especially within the Euro area.
Amendment 96 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4 a) The single supervisory mechanism should not affect Member States prospects to impose higher prudential capital requirements for credit institutions above the minimum levels set out by EU law. Member States should also have the ability to put in force these higher requirements. This should apply for Member States regardless if a it joins the single supervisory mechanism or not.
Amendment 119 #
Proposal for a regulation
Recital 9
Recital 9
(9) A European banking union should therefore be set up, underpinned by a true single rulebook for financial services for the Single Market as a whole and composed of a single supervisory mechanism, and a common deposit insurance and resolution framework. . In view of the close links and interactions between Member States participating in the common currency, the banking union should apply at least to all Euro area Member States. With a view to maintaining and deepening the internal market, and to the extent that thiNevertheless, maintaining the unity of the internal market is of crucial importance, and the banking union must therefore be open to the participation of other Member States ias well. The institutionally possible, the banking union should also be open to the participation of other Member States and legal modalities to allow for this must strike a balance between equal status for all participating Member States and offering incentives for non-Euro area Member States to join the common currency.
Amendment 124 #
Proposal for a regulation
Recital 9
Recital 9
(9) A European banking union should therefore be set up, underpinned by a true single rulebook for financial services for the Single Market as a whole and composed of a single supervisory mechanism for prudential supervision of banks, and a common deposit insurance and resolution framework. . In view of the close links and interactions between Member States participating in the common currency, the banking union should apply at least to all Euro area Member States. With a view to maintaining and deepening the internal market, and to the extent that this is institutionally possible, the banking union should also be open to the participation of other Member States providing that there is no resulting discrimination.
Amendment 146 #
Proposal for a regulation
Recital 11
Recital 11
(11) As the Euro area's central bank with extensive expertise in macroeconomic and financial stability issues, the ECB is well placed to carry out supervisory tasks with a focus on protecting the stability of Europe's financial system. Indeed in many Member States Central Banks are already responsible for banking supervision. The ECB should therefore be, on a temporary basis and until a permanent supervisory structure has been put in place, conferred specific tasks concerning policies relating to the supervision of credit institutions within the Euro area. This permanent structure should be in place by the end of 2015 at the latest, building on the existing European supervisory authorities while drawing upon the expertise and experience of the ECB, particularly for the execution of supervisory tasks. For this reason, all tasks conferred on the ECB in this regulation shall be regarded as temporary, even where not explicitly stated.
Amendment 151 #
Proposal for a regulation
Recital 11
Recital 11
(11) As the Euro area's central bank with extensive expertise in macroeconomic and financial stability issues, the ECB is well placed to carry out supervisory tasks with a focus on protecting the stability of Europe's financial system. Indeed in many Member States Central Banks are already responsible for banking supervision. The ECB should therefore be conferred specific tasks concerning policies relating to the prudential supervision of credit institutions within the Euro area.
Amendment 159 #
Proposal for a regulation
Recital 12
Recital 12
(12) The ECB should be conferred those specific prudential supervisory tasks which are crucial to ensure a coherent and effective implementation of the Union's policy relating to the prudential supervision of credit institutions, while other tasks should remain with national authorities. The ECB's tasks should include measures taken in pursuance of macro-prudential stability. and may include varying macro- prudential provisions under Union legislation relating to prudential supervision differently for individual Member States to address local circumstances. This should not exclude Member States also having the ability to vary macro-prudential controls in accordance with Union legislation.
Amendment 172 #
Proposal for a regulation
Recital 13
Recital 13
(13) Safety and soundness of large banks is essential to ensure the stability of the financial system. However, recent experience shows that smaller banks can also pose a threat to financial stability. Therefore, the ECB should be able to exercise prudential supervisory tasks in relation to all banks of participating Member States.
Amendment 213 #
Proposal for a regulation
Recital 18
Recital 18
Amendment 214 #
Proposal for a regulation
Recital 18
Recital 18
Amendment 249 #
Proposal for a regulation
Recital 23
Recital 23
(23) The ECB should carry out the tasks conferred on it with a view to ensuring the safety and soundness of credit institutions and the stability of the financial system of the Union and the unity and integrity of the Internal Market, thereby ensuring also the protection of depositors and improving the functioning of the Internal Market, in accordance with the Treaties and single rulebook for financial services in the Union. In particular the ECB shall comply with all aspects of equality and non-discrimination on the basis of gender, nationality or between Member States and with any Union legislative measures intended to redress imbalances.
Amendment 264 #
Proposal for a regulation
Recital 25
Recital 25
Amendment 265 #
Proposal for a regulation
Recital 25
Recital 25
Amendment 266 #
Proposal for a regulation
Recital 25
Recital 25
(25) In order to ensure consistency between supervisory responsibilities conferredArticle 42 of the EBA Regulation 1093/2010 requires that the voting members of the Board of Supervisors shall act independently and objectively in the sole interest onf the ECB and decision making within the EBA, the ECB should coordinate a common position amongst representatives of the national authorities of Union as a whole and shall neither seek nor take instructions from Union institutions or bodies, or from any government of a member State or from any other public or private body. It further requires that neither Member States, the Union institutions or bodies, nor any other participating Member States in relation to matters falling within its competenceublic or private body should seek to influence the members of the Board of Supervisors in the performance of their tasks. Accordingly this should not be undermined by the ECB supervisory board nor governing council.
Amendment 274 #
Proposal for a regulation
Recital 26
Recital 26
(26) The ECB should carry out its tasks subject to and in compliance with any Union law rule including the whole of primary and secondary Union law, Commission decisions in the area of State aids, competition rules and merger control and the single rulebook applying to all Member States. The EBA is entrusted with developing draft technical standards and guidelines and recommendations ensuring supervisory convergence and consistency of supervisory outcomes within the Union. The ECB should not replace the exercise of these tasks by the EBA, and should therefore exercise powers to adopt regulations in accordance with Article 132 TFEU only where Union acts adopted by the European Commission upon drafts developed by the EBA or guidelines and recommendations issued by the EBA do not deal with certain aspects necessary for the proper exercise of the ECB's tasks or do not deal with them in sufficient detail and providing there is no detrimental impact on the single market or assumption of responsibilities assigned to the EBA.
Amendment 284 #
Proposal for a regulation
Recital 29
Recital 29
(29) As regards the supervision of cross- border banks active both inside and outside the Euro area the ECB should cooperate closely with the competent authorities of non participating Member States. As a competent authority the ECB should be subject to the related obligations to cooperate and exchange information under Union law and should participate fully in the colleges of supervisors. In addition, since the exercise of supervisory tasks by a European institution brings about clear benefits in terms of financial stability and sustainable market integration, Member States not participating in the common currency should therefore also have the possibility to participate in the new mechanism. However, it is a necessary pre-condition for an effective exercise of supervisory tasks, that supervisory decisions are implemented fully and without delay. Member States wishing to participate in the new mechanism should therefore undertake to ensure that their national competent authorities will abide by and adopt any measure in relation to credit institutions requested by the ECB. The ECB should be able to establish a close cooperation with the competent authorities of a Member State not participating in the common currency. It should be obliged to establish the cooperation where the conditions set out in this regulation are met. The conditions under which representatives of the competent authorities of the Member States which established a close co-operation take part to the activities of the Supervisory Board should allow the greatest possible involvement of those represenensure equal treatment of all participating Member Statives taking into account the limits following from the Statute of ESCB and of the ECB, in particular as regards the integrity of its decision making process.
Amendment 291 #
Proposal for a regulation
Recital 29
Recital 29
(29) As regards the supervision of cross- border banks active both inside and outside the Euro area the ECB should cooperate closely with the competent authorities of non participating Member States. As a competent authority the ECB should be subject to the related obligations to cooperate and exchange information under Union law and should participate fully in the colleges of supervisors. In addition, since the exercise of supervisory tasks by a European institution brings about clear benefits in terms of financial stability and sustainable market integration, Member States not participating in the common currency should therefore also have the possibility to participate in the new mechanism. However, it is a necessary pre- condition for an effective exercise of supervisory tasks, that supervisory decisions are implemented fully and without delay. Member States wishing to participate in the new mechanism should therefore undertake to ensure that their national competent authorities will abide by and adopt any measure in relation to credit institutions requested by the ECB. The ECB should be able to establish a close cooperation with the competent authorities of a Member State not participating in the common currency. It should be obliged to establish the cooperation where the conditions set out in this regulation are met. The conditions under which representatives of the competent authorities of the Member States which established a close co-operation take part to the activities of the Supervisory Board should allow the greatest possible involvement of those represenensure equal treatment of all participating Member Statives taking into account the limits following from the Statute of ESCB and of the ECB, in particular as regards the integrity of its decision making process.
Amendment 314 #
Proposal for a regulation
Recital 34
Recital 34
(34) The conferral of supervisory tasks implies a significant responsibility for the ECB to safeguard financial stability in the Union, and to use its supervisory powers in the most effective and proportionate way. The ECB should therefore be accountable for the exercise of these tasks towards the European Parliament and the Council of Ministers respectively the Eurogroup as democratically legitimised institutions representing the European people and the Member States. That should include regular reporting and responding to questions. Where national supervisors take action under this Regulation, accountability arrangements provided under national law should continue to apply. The ECB should also be accountable to national parliaments for any actions imposed at least until such time as common financial backstops available to all participating Member States replace direct national taxpayer liability.
Amendment 318 #
Proposal for a regulation
Recital 34
Recital 34
(34) The conferral of supervisory tasks implies a significant responsibility for the ECB to safeguard financial stability in the Union, and to use its supervisory powers in the most effective and proportionate way. The ECB should therefore be accountable for the exercise of these tasks towards the European Parliament and the Council of Ministers respectively the Eurogroup as democratically legitimised institutions representing the European people and the Member States. That should include regular reporting and responding to questions. Where national supervisors take action under this Regulation, accountability arrangements provided under national law should continue to apply.
Amendment 319 #
Proposal for a regulation
Recital 34
Recital 34
(34) The conferral of supervisory tasks implies a significant responsibility for the ECB and its successor to safeguard financial stability in the Union, and to use its supervisory powers in the most effective and proportionate way. The ECB shouldand its successor must therefore be accountable for the exercise of these tasks towards the European Parliament and the Council of Ministers respectively the Eurogroup as democratically legitimised institutions representing the European people and the Member States. That should include regular reporting and responding to questions. Where national supervisors take action under this Regulation, accountability arrangements provided under national law should continue to apply.
Amendment 320 #
Proposal for a regulation
Recital 34
Recital 34
(34) The conferral of supervisory tasks implies a significant responsibility for the ECB to safeguard financial stability in the Union, and to use its supervisory powers in the most effective and proportionate way. The ECB should therefore be accountable for the exercise of these tasks towards the European Parliament and the Council of Ministers respectively the Eurogroup as democratically legitimised institutions representing the European people and the Member States. That should include regular reporting and responding to questions. Where national supervisors take action under this Regulation, accountability arrangements provided under national law should continue to apply.
Amendment 341 #
Proposal for a regulation
Recital 36
Recital 36
(36) In particular, a temporary supervisory board responsible for preparing decisions on supervisory matters should be set up as a separate entity within the ECB encompassing the specific expertise of national supervisors. The board should therefore be chaired by a Chair and a Vice-Chair elected by the ECB Governing Council and composed, in addition,have a Chair appointed by the ECB Governing Council after an open selection procedure and after approval by the European Parliament. It should appoint a Vice-Chair amongst itself and it should be composed of representatives from the ECB and from national authorities. In order to allow for an appropriate rotation while ensuring the full independence of the Chair and the Vice-Chair, their term should not exceed five years and should not be renewable. In order to ensure full coordination with the activities of the EBA and with the prudential policies of the Union until a permanent supervisory structure has been put in place, the EBA and the European Commission should be observers in the supervisory board. The performance of the supervisory tasks conferred upon the ECB requires the adoption of a large number of technically complex acts and decisions, including decisions on individual credit institutions. In order to effectively carry out those tasks in accordance with the principle of separation from tasks relating to monetary policy, the ECB Governing Council of the ECB should be able to delegate certain clearly defined supervisory tasks and related decisions to the supervisory board, subject to the oversight and responsibility of the Governing Council, which can give instructions and directions to that body. The supervisory board may be supported by a steering committee with a more limited composition.
Amendment 342 #
Proposal for a regulation
Recital 36
Recital 36
(36) In particular, a supervisory board responsible for preparing decisions on supervisory matters should be set up with the ECB encompassing the specific expertise of national supervisors. The board should therefore be chaired by a Chair and a Vice-Chair elected by the ECB Governing Councilsupervisory board and composed, in addition, of representatives from the ECB and from national authorities. There should be a 50-50 gender balance on the supervisory board, including for the roles of Chair and Vice Chair. The Chair and Vice-Chair should only be appointed following confirmation by the European Parliament. In order to allow for an appropriate rotation while ensuring the full independence of the Chair and the Vice- Chair, their term should not exceed five years and should not be renewable. In order to ensure full coordination with the activities of the EBA and with the prudential policies of the Union, the EBA and the European Commission should be observers in the supervisory board. The performance of the supervisory tasks conferred upon the ECB requires the adoption of a large number of technically complex acts and decisions, including decisions on individual credit institutions. In order to effectively carry out those tasks in accordance with the principle of separation from tasks relating to monetary policy, the ECB Governing Council of the ECB should be able to delegate certain clearly defined supervisory tasks and related decisions to the supervisory board, subject to the oversight and responsibility of the Governing Council, which can give instructions and directions to that body. The supervisory board may be supported by a steering committee with a more limited composition.
Amendment 348 #
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36a) The minutes of the supervisory board including decisions relating to prudential supervision and voting records should be published, subject to any necessary professionally secrecy. The minutes of the Governing Council with regard to supervisory matters should be published.
Amendment 373 #
Proposal for a regulation
Recital 41 a (new)
Recital 41 a (new)
(41a) The ECB should operate in a framework of openness, transparency and non-discrimination towards all Member States which do not use the single currency and with a duty of care towards the single market.
Amendment 374 #
Proposal for a regulation
Recital 41 b (new)
Recital 41 b (new)
(41b) The ECB should enter into memorandums of understanding with the supervisors of Member States not participating in the supervisory mechanism. Where a Member State has a systemic interest with regard to branches or subsidiaries, the competent authority of those Member State should be present as an observer in the supervisory board.
Amendment 375 #
Proposal for a regulation
Recital 43 a (new)
Recital 43 a (new)
(43a) It is critical that the banking union contains democratic accountability mechanisms. There should be consideration of the function of national parliaments.
Amendment 389 #
Proposal for a regulation
Recital 45
Recital 45
(45) The current framework of prudential requirements for credit institutions and the supplementary supervision of financial conglomerates is formed by Directives providing for a significant number of options and discretions for Member States when circumscribing the powers of competent authorities. Pending the adoption of new Union legislative acts which spell out the powers which competent authorities shall have directly and without reference to Member States' options or discretions, the ECB can therefore not take any decisions directly applicable to credit institutions, financial holding companies or mixed financial holding companies. In this transitional phase, the ECB should therefore exercise its tasks only by instructing national competent authorities to act, with the ECB accepting the relevant national legal responsibility and democratic accountability.
Amendment 395 #
Proposal for a regulation
Recital 47 a (new)
Recital 47 a (new)
(47a) Whereas the pending financial crisis contributed immensely to the fragmentation of European financial markets, it is indispensable to enhance the common integrated financial framework. However, it should be borne in mind that the deepening of integration in the EMU cannot give rise to new, not outlined in the Treaties, convergence criteria, which can create additional barriers to entry for countries under a temporary derogation.
Amendment 396 #
Proposal for a regulation
Recital 47 b (new)
Recital 47 b (new)
(47b) Whereas, efforts to secure financial stability within the EU require a diversified approach to distinctive types of risks in different markets and considering that the economies of the Member States, including those in the EMU, remain heterogeneous and that economic cycles are not synchronized, it should be borne in mind that according to the ESRB Recommendation (ESRB/2011/3) and standard no. 138 of Basel III, effective response to the problems of macroeconomic imbalances necessitates the use of discretionary instruments at local level. Moreover, the scope to customize macroprudential instruments is of the utmost significance to the Member States remaining in the EMU, due to their inability to use macroeconomic automatic stabilizers, such as interest rate or exchange rate.
Amendment 400 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation confers on the ECB specific tasks concerning policies relating to the prudential supervision of credit institutions, with a view to promoting the safety and soundness of credit institutions and the stability of the financial system, with duefull regard and duty of care for the unity and integrity of the internal market. and respecting equality of Member States, freedom of establishment and non- discrimination on any basis including that of currency and location. In the carrying out of tasks conferred to it by this Regulation the ECB shall at no time undermine Article 119 paragraphs (1) and (2) of the Treaty of the Functioning of the European Union nor the tasks of the EBA, in particular with regard to Article 1 (5)(d) of Regulation 1093/2010.
Amendment 403 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation confers, on a temporary basis and until a permanent supervisory structure has been put in place, on the ECB specific tasks concerning policies relating to the prudential supervision of credit institutions, with a view to promoting the safety and soundness of credit institutions and the stability of the financial system, with due regard for the unity and integrity of the internal market.
Amendment 406 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation confers on the ECB specific tasks concerning policies relating to the prudential supervision of credit institutions, with a view to promoting the safety and soundness of credit institutions and the stability of the financial system within the EU and each Member State, with due regard for the unity and integrity of the internal market.
Amendment 409 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation confers on the ECB specific tasks concerning policies relating to the prudential supervision of credit institutions, with a view to promoting the safety and soundness of credit institutions and the stability of the financial system within the EU and each Member State, with due regard for the unity and integrity of the internal market.
Amendment 413 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) ‘'participating Member State’' means a Member State whose currency is the euro; or a Member State whose currency is not the euro, which has entered into a close cooperation in accordance with Article 6.
Amendment 432 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
The ECB shall cooperate closely with the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority and the European Systemic Risk Board, which form part of the European System of Financial Supervision established by Article 2 of Regulations (EU) No. 1093/2010, (EU) No 1094/2010, and (EU) No 1095/2010 and national competent authorities of both participating and non-participating Member States. Where necessary the ECB shall enter into memorandums of understanding with competent authorities responsible for markets in financial instruments. Such memorandums shall be non-discriminatory and shall be made available to the European Parliament, the European Council and competent authorities of all Member States.
Amendment 433 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
The ECB shall cooperate closely with the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions AuthorityEBA, ESMA, EIOPA and the European Systemic Risk Board, which form part of the European System of Financial SupervisionSFS established by Article 2 of Regulations (EU) No. 1093/2010, (EU) No 1094/2010, and (EU) No 1095/2010, which ensure an adequate level of regulation and supervision in the Union.
Amendment 441 #
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
In accordance with the principle of sincere cooperation pursuant to Article 4(3) of the Treaty on European Union, the ECB shall cooperate with parties within the ESFS with trust and full mutual respect, in particular in ensuring the flow of appropriate and reliable information between them. For the purposes of the tasks and responsibilities set out in Regulation 1093/2010(EU) the ECB shall be considered a competent authority.
Amendment 447 #
Proposal for a regulation
Article 4 – title
Article 4 – title
Tasks temporarily conferred on the ECB
Amendment 453 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. The ECB shall, in accordance with the relevant provisions of Union law, be exclusively competent to carry out, for prudential supervisory purposes, on a temporary basis, until a permanent supervisory structure has been put in place, the following tasks in relation to all credit institutions established in the participating Member States:
Amendment 460 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. The ECB shall, in accordance with the relevant provisions of Union law, be exclusively competent to carry out, for prudential supervisory purposes, the following tasks in relation to all credit institutions established in the participating Member States:
Amendment 473 #
Proposal for a regulation
Article 4 – paragraph 1 – point e
Article 4 – paragraph 1 – point e
Amendment 474 #
Proposal for a regulation
Article 4 – paragraph 1 – point e
Article 4 – paragraph 1 – point e
Amendment 495 #
Proposal for a regulation
Article 4 – paragraph 1 – point k
Article 4 – paragraph 1 – point k
(k) To carry out supervisory tasks in relation to early intervention where a credit institution does not meet or is likely to breach the applicable prudential requirements, including recovery plans and intra group financial support arrangements, in coordination with the relevant resolution authorities;.
Amendment 496 #
Proposal for a regulation
Article 4 – paragraph 1 – point k
Article 4 – paragraph 1 – point k
(k) To carry out supervisory tasks in relation to early intervention where a credit institution does not meet or is likely to breach the applicable prudential requirements, including recovery plans and intra group financial support arrangements, in coordination with the relevant resolution authorities;
Amendment 503 #
Proposal for a regulation
Article 4 – paragraph 1 – point l
Article 4 – paragraph 1 – point l
Amendment 504 #
Proposal for a regulation
Article 4 – paragraph 1 – point l
Article 4 – paragraph 1 – point l
Amendment 505 #
Proposal for a regulation
Article 4 – paragraph 1 – point l
Article 4 – paragraph 1 – point l
(l) To coordinate and express a common position of representatives from competent authoritabide by Article 42 of the EBA Regulation (EU) No 1093/2010 which requires that the voting members of the Board of Supervisors of the EBA shall act independently and objectively in the sole interest of the Union as a whole and shall neither seek nor take instructions from Union institutions or bodies, of the participating Member States when participating inr from any government of a member State or from any other public or private body and that neither Member States, the Union Institutions or bodies, nor any other public or private body shall seek to influence the members of the Board of Supervisors andin the Management Board of the European Banking Authority, for issues relating to the tasks conferrperformance of their tasks. Accordingly this shall not be undermined onby the ECB by this Regulation. SSM, ECB, ECB supervisory board or Governing Council.
Amendment 523 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. For credit institutions established in a non-participating Member State, which establish a branch or provide cross-border services in a participating Member State, the ECB shall carry out the temporary tasks referred to in paragraph 1 for which the national competent authorities of the participating Member State are competent.
Amendment 525 #
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. Subject to and in compliance with any relevant Union law rule and in particular any legislative and non-legislative act including technical standards developed by EBA and adopted by the Commission, the ECB may adopt regulations and recommendations and take decisions to implement or apply Union law, to the extent necessary to carry out the tasks conferred upon it by this Regulation, and only where those Union acts, do not deal with certain aspects necessary for the proper exercise of the ECB's tasks or do not deal with them in sufficient detail. Before adopting a regulation, the ECB shall conduct open public consultations, including EBA and the Commission, and analyse the potential related costs and benefits.
Amendment 527 #
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. Subject to and in compliance with any relevant Union law rule and in particular any legislative and non-legislative act, the ECB may adopt regulations and recommendations and take decisions to implement or apply Union law, to the extent necessary to carry out the tasks temporarily conferred upon it by this Regulation.
Amendment 529 #
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. Subject to and in compliance with any relevant Union law rule and in particular any legislative and non-legislative act including technical standards developed by EBA and adopted by the Commission, the ECB may adopt regulations and recommendations and take decisions to set out the modalities of implementation or applyication of Union law, to the extent necessary to carry out the tasks conferred upon it by this Regulation.
Amendment 545 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The ECB shall carry out its tasks within a single supervisory mechanism composed of the ECB and national competent authorities until a permanent supervisory structure has been put in place which effectively takes over the task. This permanent structure shall be in place by the end of 2015 at the latest, building on the existing European Supervisory Authorities while drawing upon the expertise and experience of the ECB with regards to the execution of supervisory tasks.
Amendment 580 #
Proposal for a regulation
Article 5 – paragraph 3 a (new)
Article 5 – paragraph 3 a (new)
3a. Without prejudice to the competencies within national law and other Union acts not covered by this Regulation, national competent authorities shall, to the extent necessary to comply with this Regulation, follow instructions given by the ECB.
Amendment 587 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. National competent authorities shall follow the instructions given by the ECB for the purposes of the tasks mentioned in Article 4(1). Instructions given by the ECB shall not interfere with the exercise of voting rights by competent authorities of participating Member States within the Board of Supervisors and the Management Board of the European Banking Authority.
Amendment 588 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. National competent authorities shall follow the instructions given by the ECB for the purposes of the tasks mentioned in Article 4(1). Instructions given by the ECB shall not interfere with the exercise of voting rights by competent authorities of participating Member States within the Board of Supervisors and the Management Board of the European Banking Authority.
Amendment 615 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
1. Within the limits set out in this Article, the ECB shall carry out the tasks in the areas referred to in Article 4 (1) and (2) in relation to credit institutions established in a participating Member State whose currency is not the euro, where a close cooperation has been established between the ECB and the national competent authority of such Member State in accordance with this Article.
Amendment 627 #
Proposal for a regulation
Article 6 – paragraph 2 – introductory part
Article 6 – paragraph 2 – introductory part
2. The close cooperation between the ECB and the national competent authority of a non participating Member State, whose currency is not the euro, shall be established, by a decision adopted by the ECB, where the following conditions are met:
Amendment 637 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
Amendment 639 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
Amendment 650 #
Proposal for a regulation
Article 6 – paragraph 5 a (new)
Article 6 – paragraph 5 a (new)
5a. The Member State that has established a close cooperation with ECB may request the ECB to terminate the close cooperation at any time. In this case, the ECB shall immediately proceed to adopt a decision terminating the close cooperation. The decision shall be published in the Official Journal of the European Union and shall specify the date from which it is legally valid.
Amendment 651 #
Proposal for a regulation
Article 6 – paragraph 5 a (new)
Article 6 – paragraph 5 a (new)
5a. The Member State that has established a close cooperation with the ECB may request the ECB to terminate the close cooperation at any time. In this case, the ECB shall immediately proceed to adopt a decision terminating the close cooperation.
Amendment 686 #
Proposal for a regulation
Article 9 – paragraph 1 – introductory part
Article 9 – paragraph 1 – introductory part
1. The ECB may by simple request or by decision require the following legal or natural persons of participating Member States to provide all information that is necessary in order to carry out the tasks conferred upon it by this Regulation, including information to be provided at recurring intervals and in specified formats for supervisory and related statistical purposes:
Amendment 808 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. The planning and execution of the tasks conferred upon the ECB, shall be undertaken by an internal body composed of four representatives of the ECB appointed by the Executive Board of the ECB and one representative of the national authority competent for the supervision of credit institutions in each participating Member State (hereinafter ‘supervisory board’).
Amendment 811 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. The planning and execution of the tasks conferred upon the ECB, shall be undertaken by an internal body composed of four representatives of the ECB appointed by the Executive Board of the ECB and one representative of the national authority competent for the supervision of credit institutions in each participating Member State (hereinafter ‘supervisory board’). The supervisory board shall be required to have a 50-50 gender balance including for the roles of Chair and Vice- Chair.
Amendment 812 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. The planning and execution of the tasks conferred upon the ECBdrafting of decisions to be taken by the ECB with regards to supervisory tasks conferred upon it by this Regulation, shall be undertaken by an internal body composed of four representatives of the ECB appointed by the Executive Board of the ECB and one representative of the national authority competent for the supervision of credit institutions in each participating Member State (hereinafter ‘s'Supervisory bBoard’').
Amendment 825 #
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. In addition, the supervisory board shall include a Chair elecappointed by the members of the Governing Council from the members, with the exception of the President, of the Executive Boardafter an open selection procedure and after approval by the European Parliament, and a Vice-Chair elected by and from the members of the Governing Council of the ECBsupervisory board.
Amendment 828 #
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. In addition, the supervisory board shall include a Chair elected by the members of the Governing Councilsupervisory board, from the members, with the exception of the President, of the Exand a Vice-Chair elected by the members of the supervisory board of the ECB on the basis of merit, skills and knowledge of prudential supervision following an open selecutive Board,on procedure. The Chair and a Vice-Chair electedshall only bye and from the members of the Governing Council of the ECBppointed after confirmation by the European Parliament.
Amendment 829 #
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. In addition, the supervisory board shall include a Chair elected by the members of the Governing Couperson. Appointment shall be made on the basis of merit, skills, knowledge of financial institutions and markets, and of experience relevant to financial from the members, with the exception of the Presidsupervision and regulation, following an open selection procedure. The Chairperson shall be appointed by common accord of the government,s of the Executive Board, and a Vice-Chair elected by and from the members of the Governing Council of the ECBMember States at the level of Heads of State or Government, on a recommendation from the supervisory board, after it has consulted the Council and the European Parliament. The Supervisory Board elects from among its members two Vice-Chairmen.
Amendment 837 #
Proposal for a regulation
Article 19 – paragraph 3
Article 19 – paragraph 3
3. TUntil a permanent supervisory structure has been put in place to take over its supervisory responsibilities, the Governing Council of the ECB may delegate clearly defined supervisory tasks and related decisions regarding individual or a set of identifiable credit institutions, financial holding companies or mixed financial holding companies to the supervisory board, subject to the oversight and responsibility of the Governing Council.
Amendment 839 #
Proposal for a regulation
Article 19 – paragraph 3
Article 19 – paragraph 3
3. The Governing Council of the ECB may delegate clearly defined supervisory tasks and relatedFor the purpose of paragraph 1 the Governing Council of the ECB authorises the Supervisory Board to draft decisions regarding individual or a set of identifiable credit institutions, financial holding companies or mixed financial holding companies to the supervisory board, subject to. The Supervisory Board proposes a decision for final adoption by the Goversight and responsibility of the Governing Councilning Council. The decision proposed by the Supervisory Board shall be considered as adopted unless it is rejected by the Governing Council. The Governing Council can only accept or reject the proposed decision. If the Governing Council rejects the proposed decision, it shall be returned to the Supervisory Board for a review.
Amendment 841 #
Proposal for a regulation
Article 19 – paragraph 3 a (new)
Article 19 – paragraph 3 a (new)
3a. There shall be a clear division of competences between the supervisory board and the governing council of the ECB.
Amendment 858 #
Proposal for a regulation
Article 19 – paragraph 6
Article 19 – paragraph 6
6. The Chair of the European Banking Authority and a member of the European Commission may participate as observers in the meetings of the supervisory board. The same right shall be ensured for non- participating Member States, when the supervisory board takes decisions relating to credit institutions operating within jurisdictions of the Member States concerned, or when the supervisory board takes decisions on broader matters of policy, such as structure or decision- making process of the Single Supervisory Mechanism.
Amendment 860 #
Proposal for a regulation
Article 19 – paragraph 6
Article 19 – paragraph 6
6. The Chair of the European Banking Authority and, a member of the European Commission may participate as observers in the meetings of the supervisory boardand chairmen of national competent authorities from Member States remaining outside the SSM may participate as observers in the meetings of the supervisory board on condition that their request has been accepted by the supervisory board by simple majority. The Supervisory board may, if appropriately justified, restrict observers' access to confidential data.
Amendment 863 #
Proposal for a regulation
Article 19 – paragraph 7
Article 19 – paragraph 7
7. The Governing Council shall adopt the rules of procedure of the supervisory board includingand shall make them public. They shall ensure equal treatment of all participating Member States, including voting rights. They shall also include rules on the term of office of the Chair and the Vice-Chair. The term of off, whiceh shall not exceed five years and shall not be renewable.
Amendment 864 #
Proposal for a regulation
Article 19 – paragraph 7
Article 19 – paragraph 7
7. The Governing Council shall adopt the rules of procedure of the supervisory board includingand shall make them public. They shall ensure equal treatment of all participating Member States, including voting rights. They shall also include rules on the term of office of the Chair and the Vice-Chair. The term of off, whiceh shall not exceed five years and shall not be renewable.
Amendment 867 #
Proposal for a regulation
Article 19 – paragraph 7
Article 19 – paragraph 7
7. The Governing Council shall adopt the rules of procedure of the supervisory board including rules on the term of office of the Chair and the Vice-Chair and the modalities for observers on the Governing Council from non-euro participants in the supervisory mechanism when discussing prudential supervision. The term of office shall not exceed five years and shall not be renewable. These rules of procedure shall be made public.
Amendment 934 #
Proposal for a regulation
Article 26 – paragraph 1 – introductory part
Article 26 – paragraph 1 – introductory part
By 31 December 2015, a permanent supervisory structure shall be in place to take over all tasks conferred to the ECB through this Regulation. By 31 December 2013, the Commission shall publish a report on the application of this Regulation. That report shall evaluate, inter alia:
Amendment 953 #
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
The report shall be forwarded to the European Parliament and to the Council. The Commission shall make accompanying proposals, as appropriate to the report to establish, by 1 January 2016, a single European Supervisory Authority built on the European System for Financial Supervision and competent for all aspects of prudential supervision in the Union.
Amendment 959 #
Proposal for a regulation
Article 26 a (new)
Article 26 a (new)
Article 26a Board of Appeal 1. The ECB shall establish a Board of Appeal for the purposes of discharge of its responsibilities under this Regulation. The Board of Appeal shall be composed of individuals of high repute, with a proven record of relevant knowledge and professional experience, including supervisory experience, to a sufficiently high level in the fields of banking or other financial services, excluding current staff of the ECB, competent authorities or other national or Union institutions. The Board of Appeal shall have access to sufficient legal expertise to provide expert legal advice on the legality of the Authority's exercise of its powers. 2. Members of the Board of Appeal and two alternates shall be appointed by the ECB for a non renewable term of five years, following a public call for expressions of interest published in the Official Journal of the European Union. The Board of Appeal shall establish and make public the modalities for decision making. The members of the Board of Appeal shall be independent in making their decisions. They shall not be bound by any instructions. They shall not perform any other duties in relation to the ECB. 3. Members of the Board of Appeal shall not take part in any appeal proceedings in which they have any personal interest, if they have previously been involved as representatives of one of the parties to the proceedings, or if they have participated in the decision under appeal. The members of the Board of Appeal shall undertake to act independently and in the public interest. For that purpose, they shall make a declaration of commitments and a public declaration of interests indicating any direct or indirect interest which might be considered prejudicial to their independence. 4. Any natural or legal person, including competent authorities, may appeal against a decision of the ECB under this Regulation. The Board of Appeal shall decide upon the appeal within 2 months after the appeal has been lodged. An appeal lodged pursuant to paragraph 1 shall not have suspensive effect. However, the Board of Appeal may, if it considers that circumstances so require, suspend the application of the contested decision. The Board of Appeal may confirm the decision taken by the ECB, or remit the case to the ECB who shall comply with the decision or explain the reasons for not complying.
Amendment 969 #
Proposal for a regulation
Article 27 – paragraph 1
Article 27 – paragraph 1
1. From 1 July 2013 until 31 December 2015, the ECB shall carry out the supervisory tasks conferred on it also in relation to the most significant credit institutions, financial holding companies and mixed financial holding companies of European systemic importance at the highest level of consolidation, based on their size as reflected in, the sum of exposure values of all assets and off- balance sheet liabilities not deducted when determining the common equity tier 1 capital for regulatory purposes, and their cross-border activity as reflected in cross- jurisdictional claims such as deposits and other assets in respect of customers or other financial operators located in another country and cross- jurisdictional liabilities such as loans and notes in respect of customers or other financial operators located in another country, which together cover at least half of the banking sector in the Euro area as a whole, on 1 January 2013. The ECB shall adopt and make public the list of those institutions before 1 March 2013.
Amendment 983 #
Proposal for a regulation
Article 28 – title
Article 28 – title
Entry into force and duration
Amendment 986 #
Proposal for a regulation
Article 28 – paragraph 1
Article 28 – paragraph 1
This Regulation shall enter into force on 1 January 2013 and it shall come to an end on December 31st 2015 at the latest.