9 Amendments of Thierry CORNILLET related to 2017/0358(COD)
Amendment 29 #
Proposal for a directive
Recital 24 a (new)
Recital 24 a (new)
(24a) While the requirements based on the K-factors largely stem from the market risk rules, their design in [Regulation (EU) ---/----[IFR] does not cover their full scope as in Regulation (EU) No 575/2013. In particular, the provisions set out in Title 4 in Part Three of Regulation (EU) No 575/2013 (the market risk rules) also apply to positions outside the prudential trading book. In order to mitigate for this difference in scopes, not driven by a difference in risks, the general prudential requirements laid down in [Regulation (EU)---/----[IFR]are supplemented by individual arrangements to be decided by the competent authorities as a result of the ongoing supervisory review of each individual investment firm as regards positions outside the trading book.
Amendment 114 #
Proposal for a directive
Article 30 – paragraph 1 – introductory part
Article 30 – paragraph 1 – introductory part
1. When establishing and applying the remuneration policy referred to in this article, Member States shall ensure that any variable remuneration awarded and paid by an investment firm complies with all of the following requirements in a way and to the extent that is appropriate to their size, internal organisation and the nature, scope and complexity of their activities:
Amendment 119 #
Proposal for a directive
Article 30 – paragraph 1 – point j – point 3 a (new)
Article 30 – paragraph 1 – point j – point 3 a (new)
(3a) Non-listed investment firms which may not be in a situation to pay any part of variable compensation in instruments as prescribed above may instead include an ad hoc firm level solvency and financial performance payment criteria in their differed compensation scheme.
Amendment 141 #
Proposal for a directive
Article 32 – paragraph 4 a (new)
Article 32 – paragraph 4 a (new)
4a. The Commission shall ensure that Member States respect and enforce the remuneration policies. It shall also ensure a consistent implementation across the EU in order to avoid arbitrage.
Amendment 143 #
Proposal for a directive
Article 33 – paragraph 1 – point c a (new)
Article 33 – paragraph 1 – point c a (new)
(ca) the exposure of the investment firm to balance sheet and off-balance sheet exposures not covered by own funds requirements as defined in Article 9 IFR;
Amendment 191 #
Proposal for a directive
Article 57 – paragraph 1 – point 2
Article 57 – paragraph 1 – point 2
Directive 2013/36/EU
Article 1 – point c
Article 1 – point c
(c) the prudential supervision of credit institutions and certain investment firms referred to in Article 2(2) by competent authorities in a manner that is consistent with the rules set out in Regulation (EU) No 575/2013;
Amendment 193 #
Proposal for a directive
Article 57 – paragraph 1 – point 3 – point b
Article 57 – paragraph 1 – point 3 – point b
Directive 2013/36/EU
Article 2 – paragraphs 2 and 3
Article 2 – paragraphs 2 and 3
(b) paragraphs 2 and 3 are deleted;replaced by the following: “2. Titles VII of this Directive shall also apply to undertakings which carry out any of the activities referred to in points (3) and (6) of Section A of Annex I of Directive 2014/65/EU and where one of the following applies, but the undertaking is not a credit institution, a commodity and emission allowance dealer, a collective investment undertaking or an insurance undertaking: (i) the total value of the assets of the undertaking exceeds EUR 5 billion for three consecutive quarters, or (ii) the gross revenues stemming from the activities referred to in points (3) and (6) of Section A of Annex I of Directive 2014/65/EU exceeds EUR 500 million for two consecutive years.”
Amendment 197 #
Proposal for a directive
Article 58 – paragraph 1 – point 3
Article 58 – paragraph 1 – point 3
Directive 2014/65/EU
Article 41 – paragraph 2 – subparagraph 1
Article 41 – paragraph 2 – subparagraph 1
The branch of the third-country firm authorised in accordance with paragraph 1, shall comply with the obligations laid down in Articles 16 to 20, 23, 24, 25 and 27, Article 28(1), and Articles 30, 31 and 32 of this Directive and in Articles 3 to 268 of Regulation (EU) No 600/2014 and the measures adopted pursuant thereto and shall be subject to the supervision of the competent authority in the Member State where the authorisation was granted.
Amendment 199 #
Proposal for a directive
Article 58 – paragraph 1 – point 3 a (new)
Article 58 – paragraph 1 – point 3 a (new)
Directive 2014/65/EU
Article 42
Article 42
(3a) Article 42 is replaced by the following: “Article 42 Provision of services at the exclusive initiative of the client 1. Member States shall ensure that where a retail client or professional client within the meaning of Section II of Annex II established or situated in the Union initiates at its own exclusive initiative the provision of an investment service or activity by a third-country firm, the requirement for authorisation under Article 39 shall not apply to the provision of that service or activity by the third country firm to that person including a relationship specifically relating to the provision of that service or activity. An initiative by such clients shall not entitle the third-country firm to market otherwise than through the branch, where one is required in accordance with national law, new categories of investment products or investment services to that client. content/EN/TXT/?qid=1528104386274&uri=CELEX:02014L0065-20160701)Where a third-country firm, including through an entity acting on its behalf or having close links with such third-country firm or another person acting on behalf of such entity, solicits clients or potential clients in the Union or promotes or advertises investment services or activities together with ancillary services in the Union, regardless of the means of communication used, it shall not be deemed as a service provided at the own exclusive initiative of the client. Any contractual clause or disclaimer purporting to state that a third country firm shall be deemed to respond to the exclusive initiative of the client shall be null and void. 2. An initiative by any client referred to in paragraph 1 shall not in itself entitle the third-country firm to market otherwise than through the branch, where one is required in accordance with national law, new categories of investment products or investment services to that client. 3. ESMA shall develop draft regulatory technical standards to further specify the conditions for considering that investment products or investment services constitute new categories of investment products or investment services for the purpose of paragraph 2. ESMA shall submit those draft regulatory technical standards to the Commission by [date to be inserted]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.” Or. en (https://eur-lex.europa.eu/legal-