844 Amendments of Robert GOEBBELS
Amendment 47 #
2013/2006(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission’s focus, at last, on industrial policy (IP);
Amendment 65 #
2013/2006(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Notes that European industry’s share of aggregate European GDP has fallen from 20% to 15% in 15 years;
Amendment 66 #
2013/2006(INI)
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Notes that the European steel industry is working at 50% capacity and that European steel production has fallen 25% since 2008;
Amendment 67 #
2013/2006(INI)
Motion for a resolution
Paragraph 2 c (new)
Paragraph 2 c (new)
2c. Notes that the European automotive sector, which produced 16 million cars in 2007, will not manage to produce 12 million in 2013;
Amendment 68 #
2013/2006(INI)
Motion for a resolution
Paragraph 2 d (new)
Paragraph 2 d (new)
2d. Takes the view that, since the start of the crisis, about 5500 European industrial firms have been ‘restructured’, with the loss of some 2.7 million jobs;
Amendment 69 #
2013/2006(INI)
Motion for a resolution
Paragraph 2 e (new)
Paragraph 2 e (new)
2e. Notes that industrial competitiveness is being hit by overly high energy prices and that, according to the Commission, the price of industrial electricity is some 21% higher than in the US and 197% higher than in China;
Amendment 70 #
2013/2006(INI)
Motion for a resolution
Paragraph 2 f (new)
Paragraph 2 f (new)
2f. Notes that between 2005 and 2012, according to Commission President Barroso, the price of natural gas fell by 66% in the US and rose by 35% in the European Union;
Amendment 71 #
2013/2006(INI)
Motion for a resolution
Paragraph 2 g (new)
Paragraph 2 g (new)
2g. Notes that only the European Union operates an emission allowances scheme and that, apart from the EU Member States, fewer than half a dozen countries, not even accounting for 15% of global CO2 emissions, including the European Union, are still observing the Kyoto Protocol;
Amendment 72 #
2013/2006(INI)
Motion for a resolution
Paragraph 2 h (new)
Paragraph 2 h (new)
2h. Notes that, more and more often, the environmental costs borne by European industry are prompting European industrialists to invest outside the European industry;
Amendment 11 #
2013/0371(COD)
Proposal for a directive
–
–
The Committee on Industry, Research and Energy calls on the Committee on Environment, as the committee responsible, to propose rejection of the Directive of the European Parliament and of the Council amending Directive 94/62/EC on packaging and packaging waste to reduce the consumption of lightweight plastic carrier bags.
Amendment 12 #
2013/0371(COD)
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) The necessary fight against the proliferation of plastic bags and other packaging can only be efficiently implemented at national, regional or local level.
Amendment 13 #
2013/0371(COD)
Proposal for a directive
Recital 1 b (new)
Recital 1 b (new)
(1b) Many Members States have already managed to reduce their consumption levels of plastic bags significantly not by legislating but rather by organising voluntary actions in collaboration with different commercial structures and other market stakeholders.
Amendment 14 #
2013/0371(COD)
Proposal for a directive
Recital 1 c (new)
Recital 1 c (new)
(1c) The auto regulatory action of distribution chains in terms of plastic bag limitation and other packaging has been implemented without considerable bureaucracy showing, however, outstanding results in different countries.
Amendment 15 #
2013/0371(COD)
Proposal for a directive
Recital 1 d (new)
Recital 1 d (new)
(1d) The numerous statements of the Commission to ensure efficient legislation and especially to reduce the number of legislation in order to limit charges for SMEs have to encourage the Commission to withdraw this useless proposal for a directive.
Amendment 16 #
2013/0371(COD)
Proposal for a directive
Recital 1 e (new)
Recital 1 e (new)
(1e) The Commission should act in accordance with the principle of subsidiarity laid down in Article 5 of the Treaty on European Union. However the current proposal for a directive aiming at reducing the consumption levels of lightweight plastic carrier bags only constitutes an empty framework as Member States are, according to the Commission's text "free to decide about precise implementation methods".
Amendment 17 #
2013/0371(COD)
Proposal for a directive
Recital 1 f (new)
Recital 1 f (new)
(1f) The Commission should abandon the proposed Directive and confine to shortly present a Communication on the best practices of Member States in this field. This would have the advantage to invite Member States which have not yet implemented concrete actions to take over some ideas of well functioning systems from many Member States.
Amendment 17 #
Amendment 291 #
2013/0253(COD)
Proposal for a regulation
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
(a) the interests of the participating Member States where a group operates and in particular the impact of any decision or action or inaction on the financial stability, the economy, including the level of employment, the deposit guarantee scheme or the investor compensation scheme of any of those Member States;
Amendment 369 #
2013/0253(COD)
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. When drafting a resolution plan for entities referred to in Article 2, the Board shall assess the extent to which such an entity is resolvable in accordance with this Regulation. An entity shall be deemed resolvable if it is feasible and credible for the resolution authority to either liquidate it under normal insolvency proceedings or to resolve it by applying to it the different resolution tools and powers without giving rise to significant adverse consequences for financial systems, including circumstances of broader financial instability or system wide events, of the Member State in which the entity is situated, having regard to the financial, economic and social stability in the same or other Member States, or the Union and with a view to ensuring the continuity of critical functions carried out by the entity.
Amendment 372 #
2013/0253(COD)
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. When drafting resolution plans for groups, the Board shall assess the extent to which groups are resolvable in accordance with this Regulation. A group shall be deemed resolvable if it is feasible and credible for the resolution authorities to either wind up group entities under normal insolvency proceedings or to resolve group entities by applying resolution tools and powers to group entities without giving rise to significant adverse consequences for the financial systems, including circumstances of broader financial instability or system wide events, of the Member States in which entities belonging to a group are situated, having regard to the financial, economic and social stability in these Member States or other Member States or the Union and with a view to ensuring the continuity of critical functions carried out by those entities, either because they can be easily separated in a timely manner or by other means.
Amendment 418 #
2013/0253(COD)
Proposal for a regulation
Article 12 – paragraph 2 – subparagraph 1 – point b
Article 12 – paragraph 2 – subparagraph 1 – point b
(b) to avoid significant adverse effects on financial, economic and social stability, including to prevent contagion, and maintain market discipline;
Amendment 456 #
2013/0253(COD)
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. Where an institution is an entity belonging to a group, the Commission, where applicable, and the Board shall apply resolution tools and exercise resolution powers in a way that minimises the impact on other entities belonging to the group and on the group as a whole and minimises the adverse effect on financial, economic and social stability in the Union and particularly in Member States where the group operates.
Amendment 553 #
2013/0253(COD)
Proposal for a regulation
Article 16 – paragraph 6
Article 16 – paragraph 6
6. Having regard to the urgency of the circumstances in the case, the Commission shall decide, on its own initiative or taking into account, if any, the communication referred to in paragraph 1 or the recommendation of the Board referred to in paragraph 5The Commission shall decide pursuant to the recommendation by the Board referred to in paragraph 5, and after consultation of the ECB and the national competent authorities, whether or not to place the entity under resolution, and on the framework of the resolution tools that shall be applied in respect of the entity concerned and of the use of the Fund to support the resolution action. The Commission, on its own initiative, may decide to place an entity under resolution if all the conditions referred to in paragraph 2 are met.
Amendment 559 #
2013/0253(COD)
Proposal for a regulation
Article 16 – paragraph 7
Article 16 – paragraph 7
7. The decision of the Commission shall be addressed to the Board. IfWhere the Commission, after consultation of the ECB and national competent authorities, intends to decides not to place the entity under resolution, because the condition laid down in paragraph 2(c) is not met, it shall consult with the national resolution authority of the participating Member State where the entity is established. In cases where the national resolution authority considers that the Commission's draft decision and the potential subsequent winding up in accordance with national law, would have material negative impacts on the financial stability, the economy or the social system, it shall duly notify its objections to the Commission explaining in detail the prejudice that the decision could cause. The national resolution authority shall suggest alternative solutions. The Commission shall give due consideration to the arguments and alternative solutions brought forward by the national resolution authority. If the Commission determines in a reasoned decision that the entity is not to be placed under resolution, the entity concerned shall be wound up in accordance with national insolvency law.
Amendment 752 #
2013/0253(COD)
Proposal for a regulation
Article 39 – paragraph 1 – point a a (new)
Article 39 – paragraph 1 – point a a (new)
(aa) 4 independent members;
Amendment 753 #
2013/0253(COD)
Proposal for a regulation
Article 39 – paragraph 1 – point b
Article 39 – paragraph 1 – point b
Amendment 760 #
2013/0253(COD)
Proposal for a regulation
Article 39 – paragraph 1 – point c
Article 39 – paragraph 1 – point c
Amendment 768 #
2013/0253(COD)
Proposal for a regulation
Article 39 – paragraph 1 – point d
Article 39 – paragraph 1 – point d
Amendment 820 #
2013/0253(COD)
Proposal for a regulation
Article 49 – paragraph 1
Article 49 – paragraph 1
1. Subject to paragraphs 2 and 3, the members of the Board referred to in Article 4039(1)(a) to (dand (aa) shall participate in the executive sessions of the Board.
Amendment 821 #
2013/0253(COD)
Proposal for a regulation
Article 49 – paragraph 2
Article 49 – paragraph 2
2. When deliberating on an entity referred to in Article 2 or a group of entities established only in one participating Member State, the member appointed by that Member State shall also participate in the deliberations and in the decision- making process in accordance with Article 52(1) and (3)s an observer without voting rights.
Amendment 824 #
2013/0253(COD)
Proposal for a regulation
Article 49 – paragraph 3
Article 49 – paragraph 3
3. When deliberating on a cross-border group the member appointed by the Member State in which the group level resolution authority is situated, as well as the members appointed by the Member States in which a subsidiary or entity covered by consolidated supervision is established, shall participate in the deliberations and in the decision-making process in accordance with Article 52(2) and (3)s observers without voting rights.
Amendment 840 #
2013/0253(COD)
Proposal for a regulation
Article 51 – paragraph 1
Article 51 – paragraph 1
1. When deliberating on an individual entity or a group established only in one participating Member State, tThe Board shall take its decisions in its executive sessions by a simple majority of its participavoting members. In case of a tie the Executive Director shall have a casting vote.
Amendment 843 #
2013/0253(COD)
Proposal for a regulation
Article 51 – paragraph 2
Article 51 – paragraph 2
Amendment 870 #
2013/0253(COD)
Proposal for a regulation
Article 52 – paragraph 8 a (new)
Article 52 – paragraph 8 a (new)
8a. The 4 independent members of the Board shall be appointed by the Council, after hearing the European Parliament, on the basis of merit, skills, knowledge of banking and financial matters, of experience relevant to financial supervision regulation and resolution. When appointing the 4 independent members, the Council and the European Parliament shall ensure an appropriate geographical and gender balance as well as a balanced representation of participating Member states as a whole while taking into account the diversity of the participating Member states. The term of office of the 4 independent members shall be five years. That term shall be renewable once.
Amendment 872 #
2013/0253(COD)
Proposal for a regulation
Article 53 – paragraph 1 – subparagraph 2
Article 53 – paragraph 1 – subparagraph 2
When taking part in the deliberations and decision-making processes within the Board, the Executive Director and the Deputy Executive Director and the 4 independent members shall neither seek nor take instructions from the Union institutions or bodies, but express their own views and vote independently. In those deliberations and decision-making processes the Deputy Executive Director4 independent members shall not be under the authority of the Executive Director.
Amendment 873 #
2013/0253(COD)
Proposal for a regulation
Article 53 – paragraph 2
Article 53 – paragraph 2
2. Neither Member States nor any other public or private body shall seek to influence the Executive Director and the Deputy Executive Director and the 4 independent members in the performance of their tasks.
Amendment 874 #
2013/0253(COD)
Proposal for a regulation
Article 53 – paragraph 3
Article 53 – paragraph 3
3. In accordance with the Staff Regulations referred to in Article 78(6), the Executive Director and the Deputy Executive Director and the 4 independent members shall, after leaving service, continue to be bound by the duty to behave with integrity and discretion as regards the acceptance of certain appointments or benefits.
Amendment 881 #
2013/0253(COD)
Proposal for a regulation
Article 56 – paragraph 2 a (new)
Article 56 – paragraph 2 a (new)
2a. This Article is without prejudice to the right of the national resolution authorities to levy fees in accordance with national law, in respect of its costs, including costs for cooperating with and assisting the Board and acting on its instructions.
Amendment 31 #
2013/0224(COD)
Proposal for a regulation
Recital 25
Recital 25
Amendment 32 #
2013/0224(COD)
Proposal for a regulation
Recital 26
Recital 26
Amendment 37 #
2013/0224(COD)
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
2. This Regulation does not apply to warships, naval auxiliaries, fish catching or processing ships, wooden ships of a primitive build, ships not propelled by mechanical means and government ships used for non-commercial purposes.
Amendment 69 #
2013/0224(COD)
Proposal for a regulation
Article 23
Article 23
Amendment 71 #
2013/0224(COD)
Proposal for a regulation
Article 24
Article 24
Amendment 74 #
2013/0224(COD)
Proposal for a regulation
Article 25
Article 25
Amendment 2 #
2012/0806(NLE)
Motion for a resolution
Recital FA (new)
Recital FA (new)
FA. whereas the European Parliament, while delivering a favourable opinion on Mr Peter Praet as a replacement for Ms Tumpel-Gugerell, rejected the female candidate Ms Elena Kohutikova,
Amendment 3 #
2012/0806(NLE)
Motion for a resolution
Recital FB (new)
Recital FB (new)
FB. whereas the European Parliament subsequently delivered favourable opinions on male candidates Mr Mario Draghi as President of the European Central Bank, and Mr Jörg Asmussen and Mr Benoît Coeuré as a Member of the Executive Board of the European Central Bank,
Amendment 5 #
2012/0806(NLE)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Delivers a negativfavourable opinion on the Council recommendation to appoint Mr Yves Mersch as a Member of the Executive Board of the European Central Bank and requests that the recommendation be withdrawn and that a new one be submitted to Parliament;
Amendment 69 #
2012/0366(COD)
Proposal for a directive
Recital 34
Recital 34
Amendment 412 #
Amendment 448 #
2012/0366(COD)
Proposal for a directive
Article 22 – paragraph 2
Article 22 – paragraph 2
2. The power to adopt delegated acts referred to in Articles 3(2), 3(3), 4(3), 4(4), 6(3), 6(9), 6(10), 8(4), 9(3), 10(5), 11(3), 13(3), 13(4), 14(9), 18(2) and 18(54(9) shall be conferred on the Commission for an indeterminate period of time from [Office of Publications: please insert the date of the entry into force of this Directive].
Amendment 458 #
2012/0366(COD)
Proposal for a directive
Article 22 – paragraph 3
Article 22 – paragraph 3
3. The delegation of powers referred to in Articles 3(2), 3(3), 4(3), 4(4), 6(3), 6(9), 6(10), 8(4), 9(3), 10(5), 11(3), 13(3), 13(4), 14(9), 18(2) and 18(54(9) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
Amendment 467 #
2012/0366(COD)
Proposal for a directive
Article 22 – paragraph 5
Article 22 – paragraph 5
5. A delegated act pursuant to Articles 3(2), 3(3), 4(3), 4(4), 6(3), 6(9), 6(10), 8(4), 9(3), 10(5), 11(3), 13(3), 13(4), 14(9), 18(2) and 18(54(9) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of two months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or of the Council.
Amendment 477 #
2012/0366(COD)
Proposal for a directive
Article 26 – paragraph 1 – point b
Article 26 – paragraph 1 – point b
Amendment 407 #
2012/0242(CNS)
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 462 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
Amendment 471 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 1 – point e
Article 4 – paragraph 1 – point e
Amendment 494 #
2012/0242(CNS)
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 506 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 1 – point l
Article 4 – paragraph 1 – point l
(l) To coordinate and express a commonto the extent possible the positions of representatives from competent authorities of the participating Member States when participating in the Board of Supervisors and the Management Board of the European Banking Authority, for issues relating to the tasks conferred on the ECB by this Regulation.
Amendment 702 #
2012/0242(CNS)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The officials of and other persons authorised by the ECB to conduct an on- site inspection may enter any business premises and land of the legal persons subject to an investigation decision adopted by the ECB and shall have all the powers stipulated in Article 10 (1). They shall also have the power to seal any business premises and books or records for the period of, and to the extent necessary for, the inspection.
Amendment 705 #
2012/0242(CNS)
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. The legal persons referred to in Article 9(1) (a) to (g) shall submit to on-site inspections ordered by decision of the ECB.
Amendment 708 #
2012/0242(CNS)
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
4. Officials of, as well as those authorised or appointed by, the national competent authority of the Member State where the inspection is to be conducted shall, upon the request of the ECB, actively assist the officials of and other persons authorised by the ECB. To that end, they shall enjoy the powers set out in paragraph 2. Officials of the competent authority of the participating Member State concerned mayshall also attendparticipate in the on-site inspections upon request.
Amendment 713 #
2012/0242(CNS)
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
2. Where authorisation as referred to in paragraph 1 is applied for, the national judicial authority shall control that the decision of the ECB is authentic and that the coercive measures envisaged are neither arbitrary nor excessive having regard to the subject matter of the inspection. In its control of the proportionality of the coercive measures, the national judicial authority may ask the ECB for detailed explanations, in particular relating to the grounds the ECB has for suspecting that an infringement of the relevant acts of Union law has taken place and the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. However, the national judicial authority shall not review the necessity for the inspection or demand to be provided with the information on the ECB's file. The lawfulness of the ECB's decision shall be subject to review only by the Court of Justice of the European Union.
Amendment 719 #
2012/0242(CNS)
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 2
Article 13 – paragraph 1 – subparagraph 2
If the credit institution complies with all conditions of authorisation set out in national law of that Member State, the national competent authority shall take a draft decision to propose to the ECB to grant the authorisation. The draft decision shall be notified to the ECB and to the credit institution concernedwhich shall check within 2 months whether it agrees with the assessment of the national competent authority on those issues for which it is responsible under Article 4.
Amendment 723 #
2012/0242(CNS)
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 3
Article 13 – paragraph 1 – subparagraph 3
Whenre the ECB receives the proposal from the national competent authority referred to in the second subparagraph, it shall grant the authorisation where the conditions set out in Union law are met. The decision shall be notified to the credit institution concernedagrees with the national competent authority's assessment, the national competent authority shall take its decision. Where the ECB disagrees with the national competent authority's assessment on one of those issues for which the ECB is responsible under Article 4, the national competent authority shall amend its decision accordingly. The decision shall be notified to the credit institution concerned. In case of disagreement between the national competent authority and the ECB on the assessment of one of those issues for which the ECB is responsible under Article 4, the EBA may, at the request of one of the concerned parties, act in accordance with its powers under Article 19 of Regulation (EU) No 1093/2010.
Amendment 726 #
2012/0242(CNS)
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1
Article 13 – paragraph 2 – subparagraph 1
The ECBnational competent authority may withdraw the authorisation in the cases set out in Union acts on its own initiative or on a proposal from the national competent authority of the Member State where the credit institution is established.
Amendment 728 #
2012/0242(CNS)
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2
Article 13 – paragraph 2 – subparagraph 2
Amendment 733 #
2012/0242(CNS)
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
2. The provisions set out in Union acts in relation to the cooperation between competent authorities from different Member States for conducting supervision on a consolidated basis shall not apply to the extent that the ECB is the only competent authoritiesy involved are competent authorities of participating Member States. . Where the ECB does not exercise directly itself the tasks conferred upon it by Article 4 for a given banking group, or part of it, the provisions set out in Union acts in relation to the cooperation between competent authorities from different Member States for conducting supervision on a consolidated basis shall apply.
Amendment 736 #
2012/0242(CNS)
Proposal for a regulation
Article 14 – paragraph 2 a (new)
Article 14 – paragraph 2 a (new)
2a. Where the ECB does not exercise directly itself the tasks conferred upon it by Article 4 for a given credit institution, such tasks may only be exercised by the competent authority responsible for the supervision of that credit institution on an individual basis as determined by Regulation (EU) No .../2012 of the European Parliament and of the Council of ... on prudential requirements for credit institutions and investment firms.
Amendment 740 #
2012/0242(CNS)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. For the purpose of carrying out the tasks conferred upon it by this Regulation, where credit institutions, financial holding companies, or mixed financial holding companies, intentionally or negligibly, breach a requirement under directly applicable Union acts in relation to which administrative pecuniary sanctions shall be available to competent authorities under directly applicable Union law, the ECB may impose administrative pecuniary sanctions in accordance with national administrative procedural law of up to twice the amount of the profits gained or losses avoided because of the breach where those can be determined, or up to 10% of the total annual turnover of a legal person in the preceding business year.
Amendment 748 #
2012/0242(CNS)
Proposal for a regulation
Article 15 – paragraph 2
Article 15 – paragraph 2
Amendment 751 #
2012/0242(CNS)
Proposal for a regulation
Article 15 – paragraph 5 – subparagraph 1
Article 15 – paragraph 5 – subparagraph 1
5. In the cases not covered by paragraph 1, where necessary for the purpose of carrying out the tasks conferred upon it by this Regulation, the ECB may require national competent authorities to takeopen proceedings with a view to taking action in order to ensure that appropriate sanctions are imposed. The sanctions applied by national competent authorities will be effective, proportionate and dissuasive.
Amendment 2 #
Amendment 8 #
2011/2034(INI)
Motion for a resolution
Citation 14 a (new)
Citation 14 a (new)
Amendment 14 #
2011/2034(INI)
Motion for a resolution
Recital A
Recital A
A. whereas our major energy challenges are confronting climate change, strengthening energy autonomsecurity while reducing fossil fuel importdiversifying energy suppliers and sources, achieving a competitive internal energy market and ensuring universal access to sustainable, affordable and secure energy,
Amendment 27 #
2011/2034(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the Lisbon Treaty provides a specific legal basis for developing an EU energy policy which promotes the interconnection of energy networks across national and regional borders which is necessary to achieve the other EU energy policy objectives (functioning of the energy market, energy efficiency and renewable energy, security of supply),
Amendment 51 #
2011/2034(INI)
Motion for a resolution
Recital E
Recital E
E. whereas the availability of interconnection capacity or interconnection capacity itself between Member States remains generally insufficient in some cases, and whereas certain regions remain isolated,
Amendment 70 #
2011/2034(INI)
Motion for a resolution
Recital G
Recital G
G. whereas energy infrastructures planned today must be consistent with market needs and long-term EU climate and energy objectives,
Amendment 76 #
2011/2034(INI)
Motion for a resolution
Recital H
Recital H
H. whereas energy efficiency offers a powerful and cost-effective tool for achieving a sustainable energy future and can partially reduce the need for investment in energy infrastructure and to relocate plants in response to rising costs,
Amendment 86 #
2011/2034(INI)
Motion for a resolution
Recital I
Recital I
I. whereas smart grids and meters could provide an important opportunity to establish an efficient relationship between energy production, energy transmission, energy distribution and users,
Amendment 95 #
2011/2034(INI)
Motion for a resolution
Recital L
Recital L
L. whereas market-based tools must remain the basis for financing energy infrastructure, and whereas a limited amount of public finance may be required to fund certain projects which are not strictly commercially viablecriteria must provide the basis for the introduction of instruments to finance energy infrastructure, and whereas, on the basis of detailed assessments f individual cases, a limited amount of public finance may be required to fund the planning or implementation of certain projects, in keeping with predetermined, transparent criteria, provided that those projects are in the interests of the EU and serve the objectives of completing the internal market and/or increasing security of supply, whilst preventing distortions of competition,
Amendment 118 #
2011/2034(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Stresses the crucial importance of timely and full implementation of existing legislation, including the regulatory work called for by the third internal energy market package, in order to guarantee comparable terms of competition;
Amendment 149 #
2011/2034(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Emphasises the need to identify, according to a hierarchy of importance and cost-effectiveness, where infrastructure could be minimised through energy efficiency policies, where existing infrastructure can be upgraded or modernised and where new infrastructure is needed and can be built alongside existing infrastructure;
Amendment 156 #
2011/2034(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Considers that the development of electricity infrastructure between the EU and third countries can create a risk of carbon leakage importing network increase that risk where already present; calls on the Commission to bring forward, wherever necessary, measures to address this issue as a ‘carbon inclusion mechanism’ or require conformity wistability; calls, therefore, on the network operators, the regulatory authorities, including ACER, and the Commission to create, in cooperation with the network operators and authorities in third countries, conditions conducive to the establishment of the degree of network stability needed to secure the involvement of neighbouring countries in the EU internal energy market, a precondition for achieving the EU Directive 2009/28/EC; ’s objectives in the area of the development of renewable energies;
Amendment 174 #
2011/2034(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Calls on the Commission to submit by the end of 2011 proposed solutions to the trade-offs described by the European coordinator Georg Wilhelm Adamowitsch in his third annual report of 15 November 2010, for example that between the urgent need for new infrastructure and rigid environmental protection rules;
Amendment 179 #
2011/2034(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Considers that, although the Ten-Year Network Development Plan (TYNDP) identifies relevant electricity and gas infrastructure projects, it which should also set the priorities to be developed in order to achieve EU energy and climate goalprovide the basis for selecting EIP projects;
Amendment 190 #
2011/2034(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls on the Commission, with a view to ensuring better governance of future EU electricity and gas infrastructure planning, to present a concrete proposal to improve transparency and public participation in determining EU priorities within a broader stakeholder participation process involving the power sector, independent experts; consumer organisations and NGOs;
Amendment 205 #
2011/2034(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Considers that the TYNDP should form the basis of a rolling programme for developing European gas transport and electricity transmission infrastructure within a long- term European planning perspective and with monitoring by the Agency for Cooperation of Energy Regulators (ACER) and the Commission, with due account being taken of the relevant provisions of the Third Internal Market Package;
Amendment 248 #
2011/2034(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Endorses the importance of efficient gas infrastructures in enhancing diversification and security of supply and reducing energy dependence; highlights the need for additional flexibility requirements in gas infrastructures, as set out in Regulation 994/2010, in particular with a view to ensuring reverse flows, and stresses that gas infrastructure should be developed, with full account being taken of the contribution of LNG/ CNG terminals;
Amendment 252 #
2011/2034(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Welcomes the Commission’s announcement that natural gas will take on an important role as a backup fuel; stresses, however, that other forms of energy and energy storage facilities will also have to take on this role if security of supply is to be ensured; underlines that a broad energy mix will continue to be the basis for secure, cost-effective energy supply;
Amendment 261 #
2011/2034(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Considers that the development of infrastructure for unconventional gas sources has not yetAsks the Commission to conduct a thorough evaluation of the potential been given the necessary attention by the Commission as regards legal issues, life cycle assessment and environmental impacts; asks the Commission to conduct a thorough evaluation on this issueefits and the risks of using unconventional natural gas sources in the EU, taking into account the various methods of extraction and ongoing technical developments;
Amendment 296 #
2011/2034(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Urges the Commission to present by 2012 concrete initiatives to promote the development of energy storage capacities (including multi-use gas/hydrogen facilities, hydropower, high-temperature solar installations, compressed air and other technologies);
Amendment 310 #
2011/2034(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Urges the Commission – in cooperation with the relevant market operators – to critically assess and review, wherever necessary, the figures for investment needs given in the communication on energy infrastructure priorities, and asks it to report to the Council and to the Parliament on the investments likely to be needed;
Amendment 327 #
2011/2034(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Believes that smart grids and energy management solutions offer a unique opportunity to boost the competitiveness of European industry, with particular reference to SMEs; calls on the Commission to present a new proposal which includes a binding requirement to deploy smart meters for all non- residential customers by 2014;
Amendment 350 #
2011/2034(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Urges the Members States, in liaison with European standardisation bodies and industry, to speed up work on technical standards for electric vehicles, charging infrastructure and smart grids and meters, with a view to its completion by the end of 2012;
Amendment 398 #
2011/2034(INI)
Motion for a resolution
Paragraph 24 – indent 2
Paragraph 24 – indent 2
Amendment 408 #
2011/2034(INI)
Motion for a resolution
Paragraph 24 – indent 3
Paragraph 24 – indent 3
– they must be in line with climate and environmental objectivobjectives in the areas of security of supply and diversification of countries of origin and supply routes,
Amendment 482 #
2011/2034(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Welcomes the establishment of a national contact authority for each European interest project (‘one-stop shop’) as a single administrative interface between developers and the different authorities involved in the authorisation procedure; takes the view that, with regard to cross- border projects, further coordination between national ‘one-stop shops’ and an increased role for the Commission in such coordination should be ensured;
Amendment 495 #
2011/2034(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Welcomes the introduction of a time limit of five years within which the relevant executive authorities must reach a final decision; calls on the Commission to further asses this initiative, taking account of the diverse range of project specificities and the territorial characteristics of projects, and to evaluate the suitability of using arbitration procedures as a final decision-making tool;
Amendment 500 #
2011/2034(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
Amendment 513 #
2011/2034(INI)
Motion for a resolution
Paragraph 34
Paragraph 34
34. Notes that grid investments are cyclical and should be viewed in a historical perspective; points out that a large amount of the infrastructure built over the past decades to interconnect centralised power plants will become obsolete in the coming years; points out that society will expect the cost of keeping the existing infrastructure operational and of deploying new infrastructure to be optimised;
Amendment 523 #
2011/2034(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
35. Stresses that the bulk of the cost of infrastructure investments needs to be financed by the market and based on the ‘user pays’ principle; requests the Commission to assess to what extent the existing regulatory incentives are sufficient to send the necessary signals; takes the view that where key projects are not attractive to the market but their development is necessary in order to achieve the stated objectives, public funding should be used to lever private investment by setting up an innovative mix, subject to a clear ceiling, of financial instruments;
Amendment 542 #
2011/2034(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
36. Emphasises that a stable, predictable and appropriate regulatory framework that also provides incentives for the construction of new infrastructure is crucial in order to promote investment;
Amendment 545 #
2011/2034(INI)
Motion for a resolution
Paragraph 36 a (new)
Paragraph 36 a (new)
36a. Notes that a number of Member States have not yet fully implemented the provisions of the second internal market package and is concerned that there will be substantial delays in implementing the third internal market package; calls on the Commission, therefore, to make compliance with the core provisions of internal market legislation relating to electricity and gas a condition for the granting of public funding, so as to step up the pressure on the Member States;
Amendment 554 #
2011/2034(INI)
Motion for a resolution
Paragraph 37
Paragraph 37
37. Stresses that the fullest possible use should be made of market-based tools, including project bonds, loan guarantees, non-commercial risk-sharing facilities, incentives for funding public-private partnerships, partnerships with the EIB and the use of ETS revenue, in accordance with EU energy and climate objectives;
Amendment 565 #
2011/2034(INI)
Motion for a resolution
Paragraph 38
Paragraph 38
38. Recalls the importance of transparent and non-discriminatory tariffs with a view to ensuring appropriate cost allocation for cross-border investments, fair prices for consumers and greater competitiveness; welcomes, therefore, the REMIT proposal from the European Commission;
Amendment 13 #
2011/0298(COD)
Proposal for a directive
Recital 86 a (new)
Recital 86 a (new)
(86a) Member States should require regulated markets, and operators of Multilateral Trading Facilities (MTFs) which admit to trading or trade commodity derivatives to apply in addition to ex ante position limits such other controls on positions as are necessary to ensure the orderly operation of markets and in particular to reduce the potential for manipulation of the market for the derivative or the underlying by holders of large positions and to ensure that market participants have the necessary arrangements in place to physically settle the contract where necessary. Those controls should include the possibility for the trading venue to require members or participants to terminate or reduce a position.
Amendment 32 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – introductory part
Article 59 – paragraph 1 – subparagraph 1 – introductory part
1. Member States shall ensure that regulated markets, and operators of MTFs and OTFs which admit to trading or trade commodity derivatives apply limits on the number of contracts which any given market members or participants can enter into over a specified period of time, or alternative arrangements with equivalent effect such as position management with automatic review thresholds , to be imposed in order to:
Amendment 41 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 2
Article 59 – paragraph 1 – subparagraph 2
The limits or arrangements shall be transparent and non- discriminatory, specifying the persons to whom they apply and any exemptions, and taking account of the nature and composition of market participants and of the use they make of the contracts admitted to trading. In particular, they shall differentiate between positions which objectively reduce risks directly related to commercial activities related to the commodity and other positions. They shall specify clear quantitative thresholds such as the maximum number of contracts persons can enter or hold, taking account of the characteristics of the underlying commodity market, including patterns of production, consumption and transportation to market.
Amendment 42 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 a (new)
Article 59 – paragraph 1 a (new)
1a. Member States shall require that regulated markets and operators of MTFs which admit to trading or trade commodity derivatives also apply such other controls on positions as are necessary to ensure the orderly operation of markets and in particular to reduce the potential for manipulation of the market for the derivative or the underlying by holders of large positions and to ensure that market participants have the necessary arrangements in place to settle the contract physically where necessary. Such controls shall include the possibility for the trading venue to require members or participants to terminate or reduce a position.
Amendment 44 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 2
Article 59 – paragraph 2
2. Regulated markets, MTF and OMTFs shall inform their competent authority of the details of the limits or arrangements. The competent authority shall communicate the same information to ESMA which shall publish and maintain on its website a database with summaries of the limits or arrangements in force.
Amendment 47 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 4
Article 59 – paragraph 4
Amendment 51 #
2011/0298(COD)
Proposal for a directive
Annex 1 – section C – point 4
Annex 1 – section C – point 4
(4) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, emission allowances or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash;
Amendment 54 #
2011/0298(COD)
Proposal for a directive
Annex I – Section C - point 10
Annex I – Section C - point 10
(10) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates, emission allowances or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event, as well as any other derivative contracts relating to assets, rights, obligations, indices and measures not otherwise mentioned in this Section, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a regulated market , OTF, or an MTF, are cleared and settled through recognised clearing houses or are subject to regular margin calls.
Amendment 221 #
2011/0298(COD)
Proposal for a directive
Recital 8
Recital 8
(8) It is appropriate to include in the list of financial instruments certainall commodity derivatives and others which are constituted and traded in such a manner as to give rise to regulatory issues comparable to traditional financial instruments.
Amendment 224 #
2011/0298(COD)
Proposal for a directive
Recital 11
Recital 11
(11) It is necessary to establish a comprehensive regulatory regime governing the execution of transactions in financial instruments irrespective of the trading methods used to conclude those transactions so as to ensure a high quality of execution of investor transactions and to uphold the integrity and overall efficiency of the financial system. A coherent and risk-sensitive framework for regulating the main types of order-execution arrangement currently active in the European financial marketplace should be provided for. It is necessary to recognise the emergence of a new generation of organised trading systems alongside regulated markets whichand MTF which have benefited from a regulatory loophole under the current MiFID regime and that they should be subjected to obligations designed to preserve the efficient and orderly functioning of financial markets.
Amendment 225 #
2011/0298(COD)
Proposal for a directive
Recital 12
Recital 12
(12) All trading venues, namely regulated markets, MTFs, and OTFSystematic Internalisers, should lay down transparent rules governing access to the facility. However, while regulated markets and MTFs should continue to be subject to highly similar requirements regarding whom they may admit as members or participants, OTFSystematic Internalisers should be able to determine and restrict access based inter alia on the role and obligations which their operators have in ry have in relation to their clients. (This amendment (i.e. the delaetion to their clients.of "OTF") applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 232 #
2011/0298(COD)
Proposal for a directive
Recital 13
Recital 13
(13) An investment firm executing client orders against own proprietary capital should be deemed a systematic internaliser, unless the transactions are carried out on an over-the-counter (OTC) basis. OTC trading refers to bilateral trading outside regulated markets, MTFs and OMTFs on an occasional, ad hoc and irregular basis with eligible counterparties and at sizes above standard market size. Systematic internalisers should be defined as investment firms which, on an organised, frequent and systematic basis, deal on own account bywhen executing client orders outside a regulated market, an MTF or an OMTF. In order to ensure the objective and effective application of this definition to investment firms, any bilateral trading carried out with clients should be relevant and quantitative criteria should complement the qualitative criteria for the identification of investment firms required to register as systematic internalisers, laid down in Article 21 of Commission Regulation No 1287/2006 implementing Directive 2004/39/EC. While an OTF is any system or facility in which multiple third party buying and selling interests interact in the system, aA systematic internaliser should not be allowed to bring together third party buying and selling interests.
Amendment 250 #
2011/0298(COD)
Proposal for a directive
Recital 38
Recital 38
(38) It is necessary to strengthen the role of management bodies of investment firms in ensuring sound and prudent management of the firms, the promotion of the integrity of the market and the interest of investors. The management body of an investment firm should at all time commit sufficient time and possess adequate knowledge, skills and experience to be able to understand the business of the investment firm and its main risk. To avoid group thinking and facilitate critical challenge, management boards of investment firms should be sufficiently diverse as regards age, gender, provenance, education and professional background to present a variety of views and experiences. Gender balance is of a particular importance to ensure adequate representation of demographical realityMember States should adopt adequate legislation allowing to hold accountable members of management bodies in case of severe mismanagement.
Amendment 264 #
2011/0298(COD)
Proposal for a directive
Recital 47
Recital 47
(47) These potential risks from increased use of technology are best mitigated by a combination of specific risk controls directed at firms who engage in algorithmic or high frequency trading and other measures directed at operators of trading venues that are accessed by such firms. It is desirable to ensure that allgorithmic and high frequency trading firms be authorised when they are a direct member of a trading venue. This should ensure they are is considered as investment services or activities including when they are conducted on own account. This should ensure that firms providing these activities are authorised as investment firms and subject to organisational requirements under the Directive and are properly supervised.
Amendment 303 #
2011/0298(COD)
Proposal for a directive
Recital 53
Recital 53
(53) Investment firms are allowed to provide investment services that only consist of execution and/or the reception and transmission of client orders, without the need to obtain information regarding the knowledge and experience of the client in order to assess the appropriateness of the service or the instrument for the client. Since these services entail a relevant reduction of clients' protections, it is appropriate to improve the conditions for their provision. In particular, it is appropriate to exclude the possibility to provide these services in conjunction with the ancillary service consisting of granting credits or loans to investors to allow them to carry out a transaction in which the investment firm is involved, since this increases the complexity of the transaction and makes more difficult the understanding of the risk involved. It is also appropriate to better define the criteria for the selection of the financial instruments to which these services should relate in order to exclude the financial instruments, including collective investment in transferable securities (UCITS), which embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved.
Amendment 313 #
2011/0298(COD)
Proposal for a directive
Recital 67
Recital 67
(67) The financial crisis has shown limits in the ability of non-retail clients to appreciate the risk of their investments. While it should be confirmed that conduct of business rules should be enforced in respect of those investors most in need of protection, it is appropriate to better calibrate the requirements applicable to different categories of clients. To this extent, it is appropriate to extend some information and reporting requirements to the relationship with eligible counterparties. In particular, the relevant requirements should relate to the safeguarding of client financial instruments and monies as well as information and reporting requirements concerning more complex financial instruments and transaction. In order to better define the classification of municipalities and local public authorities, it is appropriate to clearly exclude them from the list of eligible counterparties and of clients who are considered to be professionals while still allowing these clients to ask a treatment as professional clients on request.
Amendment 315 #
2011/0298(COD)
Proposal for a directive
Recital 72
Recital 72
(72) The provision of services by third country firminvestment firms and market operators in the Union is subject to national regimes and requirements. These regimes are highly differentiated and the firms authorised in accordance with them do not enjoy the freedom to provide services and the right of establishment in Member States other than the one where they are established. It is appropriate to introduce a common regulatory framework at Union level. The regime should harmonize the existing fragmented framework, ensure certainty and uniform treatment of third country firminvestment firms and market operators accessing the Union, ensure that and equivalence assessment has been carried out by the Commission in relation to the regulatory and supervisory framework of third countries and should provide for a comparable level of protections to investors in the EU receiving services by third country firms.investment firms and market operators. (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 322 #
2011/0298(COD)
Proposal for a directive
Recital 73
Recital 73
(73) The provision of services to retail and professional clients should always require the establishment of a branch in the Union. The establishment of the branch shall be subject to authorisation and supervision in the Union. Proper cooperation arrangements should be in place between the competent authority concerned and the competent authority in the third country. Sufficient initial capital should be at free disposal of the branch. Once authorised the branch should be subject to supervision in the Member State where the branch is established; the third country firm should be able to provide services in other Member States through the authorised and supervised branch, subject to a notification procedure. The provision of services without branches should be limited to eligible counterparties. It should be subject to registration by ESMA and to supervision in the third country. Proper cooperation arrangements should be in place between ESMA and the competent authorities in the third country.
Amendment 351 #
2011/0298(COD)
Proposal for a directive
Recital 88
Recital 88
Amendment 358 #
2011/0298(COD)
Proposal for a directive
Recital 101
Recital 101
(101) This Directive ishould be without prejudice to any provisions in the law of Member States relating to criminal sanctions.
Amendment 359 #
2011/0298(COD)
Proposal for a directive
Recital 108
Recital 108
(108) Technical standards in financial services should ensure consistent harmonisation and adequate protection of depositors, investors and consumers across the Union. As a body with highly specialised expertise, it would be efficient and appropriate to entrust ESMA, with the elaboration of draft regulatory and implementing technical standards which do not involve policy choices, for submission to the Commission. To ensure consistent investor and consumer protection across financial services sectors, ESMA should carry out its tasks, to the extent possible, in close cooperation with the other two ESAs within the framework of the Joint Committee.
Amendment 380 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 1 – point c
Article 2 – paragraph 1 – point c
(c) persons providing an investment service where that service is provided in an incidental manner in the course of a professional activity and that activity is regulated by legal or regulatory provisions or a code of ethics governing the profession which do not exclude the provision of that service;
Amendment 384 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 1 – point d – point ii a (new)
Article 2 – paragraph 1 – point d – point ii a (new)
(iia) engage in algorithmic trading;
Amendment 391 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 1 – point d – subparagraph 2
Article 2 – paragraph 1 – point d – subparagraph 2
Amendment 412 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 1 – point i – paragraph 1 – subparagraph 2 a (new)
Article 2 – paragraph 1 – point i – paragraph 1 – subparagraph 2 a (new)
unless they are a member or a participant on a trading venue;
Amendment 418 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 1 – subparagraph 1 a (new)
Article 2 – paragraph 1 – subparagraph 1 a (new)
Persons and firms as referred in points i, j and k shall not be considered exempted unless the relevant competent authority will grant the exemption.
Amendment 461 #
2011/0298(COD)
Proposal for a directive
Article 4 – paragraph 2 – point 6
Article 4 – paragraph 2 – point 6
6) ‘Market maker’ means a person who holds himself out on the financial markets on a continuous basis as being willing to deal on own account by buying and selling financial instruments against his proprietary capital at prices defined by him;
Amendment 477 #
2011/0298(COD)
Proposal for a directive
Article 4 – paragraph 2 – point 30 a (new)
Article 4 – paragraph 2 – point 30 a (new)
30a) "High frequency algorithmic trading strategy" means an algorithmic trading strategy characterised by taking positions for short periods, using order handling systems with speeds close to minimal latency of a trade, as well as by infrastructure intended to minimise network and other types of latencies on a continuous basis and independent of order flow submitted to the investment firm by its clients. In particular, a high frequency algorithmic trading strategy as defined above, can contain one or more of the following elements: (a) order initiation, generating, routing and execution are determined by the system without human intervention for each individual trade or order (b) a short time-frame for establishing and liquidating positions; (c) a high daily portfolio turnover; (d) a high order-to-trade ratio intraday; and (e) ending the trading day at or close to a flat position.
Amendment 489 #
2011/0298(COD)
Proposal for a directive
Article 4 – paragraph 2 – point 33 a (new)
Article 4 – paragraph 2 – point 33 a (new)
33a) 'Market distorting positions' means positions which do not objectively reduce risks directly related to commercial activities related to the commodity and are above the level required to provide sufficient liquidity for positions which do objectively reduce risks directly related to commercial activities related to the commodity, or which otherwise disrupt the price discovery function of the market;
Amendment 498 #
2011/0298(COD)
Proposal for a directive
Article 4 – paragraph 3
Article 4 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 94 concerning measures to specify some technical elements of or amend the definitions laid down in paragraph 1 of this Article, to adjust them to market developmentsif appropriate, to take into account: (a) technical developments in financial markets; (b) the list of abusive practices referred to in Article 34b(b) of Regulation (EU) No …/… of the European Parliament and of the Council of ... [MAR] in particular with regard to high-frequency trading and including, but not limited to, spoofing, quote stuffing and layering.
Amendment 503 #
2011/0298(COD)
Proposal for a directive
Article 5 – paragraph 4 a (new)
Article 5 – paragraph 4 a (new)
4a. Member States shall require that individuals providing investment advice, independent investment advice or, where appropriate, ancillary investment advice to clients, possess an appropriate level of knowledge and competences based on recognised qualifications.
Amendment 526 #
2011/0298(COD)
Proposal for a directive
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Member States shall require investment firms to take into account diversity as one of the criteria for selection of members of the management body. In particular, taking into account the size of their management body, investment firms shall put in place a policy promoting gender, age, educational, professional and geographical diversity on the adopt adequate legislation allowing to hold accountable members of management bodies in case of severe mismanagement body.
Amendment 535 #
2011/0298(COD)
Proposal for a directive
Article 9 – paragraph 4 – subparagraph 1 – point e a (new)
Article 9 – paragraph 4 – subparagraph 1 – point e a (new)
(ea) the cases of severe mismanagement in order for Member States to adopt appropriate legislation.
Amendment 542 #
2011/0298(COD)
Proposal for a directive
Article 9 – paragraph 6 – subparagraph 1 – point c a (new)
Article 9 – paragraph 6 – subparagraph 1 – point c a (new)
(ca) define, approve and oversee the firm's remuneration of sales staff which should be designed to encourage responsible business conduct, fair treatment of consumers and to avoid conflicts of interest. The remuneration structure should be disclosed to customers where appropriate, such as where potential conflicts of interest cannot be managed or avoided;
Amendment 546 #
2011/0298(COD)
Proposal for a directive
Article 9 – paragraph 8 – subparagraph 2 – point ii
Article 9 – paragraph 8 – subparagraph 2 – point ii
(ii) the natural persons concerned are of sufficiently good repute, possess sufficient knowledge, skills and experiencean appropriate level of knowledge and competences based on recognised qualifications, and commit sufficient time to perform their duties.
Amendment 561 #
2011/0298(COD)
Proposal for a directive
Article 16 – paragraph 7 – subparagraph 2
Article 16 – paragraph 7 – subparagraph 2
Records of telephone conversation or electronic communications recorded in accordance with sub-paragraph 1 shall be provided to the clients involved upon request and shall be kept for a period of threequal to the investment period of the client plus one year with a maximum of five years.
Amendment 573 #
2011/0298(COD)
Proposal for a directive
Article 16 a (new)
Article 16 a (new)
Article 16 a Market makers A market maker as defined in Article 4(6) shall regularly provide buy and sell quotations that are reasonable and related to the market. It shall remain in as continuous operation as possible during the trading hours of the regulated market or MTF to which it sends orders or through the system of which it executes transactions.
Amendment 582 #
2011/0298(COD)
Proposal for a directive
Article 17 – paragraph 2
Article 17 – paragraph 2
2. An investment firm that engages in algorithmic trading shall at least annually provide to its home Competent Authority a description of the nature of its algorithmic trading strategies, details of the trading parameters or limits to which the system is subject, the key compliance and risk controls that it has in place to ensure the conditions in paragraph 1 are satisfied and details of the testing of its systems. A competent authority may at any time request further information from an investment firmn investment firm shall, at the request of a competent authority, submit further information about its algorithmic trading and the systems used for that trading.
Amendment 587 #
2011/0298(COD)
Proposal for a directive
Article 17 – paragraph 2 a (new)
Article 17 – paragraph 2 a (new)
2a. An investment firm that engages in a high frequency trading strategy shall on a daily basis provide to its home competent authority the raw audit-trail of its quotation and trading activity performed on any regulated market or MTF.
Amendment 590 #
2011/0298(COD)
Proposal for a directive
Article 17 – paragraph 2 b (new)
Article 17 – paragraph 2 b (new)
Amendment 592 #
2011/0298(COD)
Proposal for a directive
Article 17 – paragraph 3
Article 17 – paragraph 3
3. An algorithmic trading strategy shall beinvestment firm engaging in algorithmic trading shall ensure that each high frequency algorithmic trading strategy it operates is in continuous operation during the trading hours of the trading venue to which ithe investment firm sends orders or through the systems of which it executes transactions. The trading parameters or limits of an high frequency algorithmic trading strategy shall ensure that the high frequency algorithmic trading strategy posts firm quotes at competitive prices in line with its ordinary trading behaviour, with the result of providing liquidity on a regular and ongoing basis to these trading venues at all times, regardless of prevailing market conditions. except under exceptional circumstances, specified by the Commission in delegated acts in accordance with Article 94, where this would contravene the risk controls established in accordance with paragraph 1. The investment firm shall request its competent authority for the authorisation not to comply with the obligation established in the first subparagraph. The competent authority shall assess within 24 hours whether the exceptional circumstances specified in the delegated act established under the first subparagraph are fulfilled and take a decision. In case the decision allows the investment firm not to comply with the obligation established in the first subparagraph, the competent authority shall notify ESMA about that decision. ESMA shall immediately inform the competent authorities of the other Member States. If a competent authority disagrees with the action taken by another competent authority on an investment firm providing services in its territory, ESMA may assist those authorities in reaching an agreement in accordance with Article 19 of Regulation (EU) No 1095/2010. The conciliation shall be completed in 2 days. If the competent authorities concerned fail to reach an agreement within the conciliation phase, ESMA may take a decision in accordance with Article 19(3) of Regulation (EU) No 1095/2010. The decision shall be taken in 2 days.
Amendment 612 #
2011/0298(COD)
Proposal for a directive
Article 17 – paragraph 6 a (new)
Article 17 – paragraph 6 a (new)
6a. Any financial institution authorised under Directive 2009/65/EC [on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)], Directive 2009/138/EC [on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)], Directive 2003/41/EC [on the activities and supervision of institutions for occupational retirement provision] or Directive 2011/61/EU [on Alternative Investment Fund Managers], shall fulfil the obligations under paragraphs 1, 2, 2a and 3 of this Article when engaging in algorithmic trading, including high frequency algorithmic trading.
Amendment 614 #
2011/0298(COD)
Proposal for a directive
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Member States shall require that investment firms or market operators operating an MTF or an OTF, in addition to meeting the requirements laid down in Article 16, establish transparent rules and procedures for fair and orderly trading and establish objective and non-discretionary criteria for the efficient execution of orders. They shall have arrangements for the sound management of the technical operations of the facility, including the establishment of effective contingency arrangements to cope with risks of systems disruption.
Amendment 638 #
2011/0298(COD)
Proposal for a directive
Article 19 – paragraph 4 a (new)
Article 19 – paragraph 4 a (new)
4a. Member States shall require that the trading platform has at least four materially active members or users, each having the opportunity to interact with all the others in respect to price formation in the system.
Amendment 687 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 2 a (new)
Article 24 – paragraph 2 a (new)
2 a. An investment firm shall only be allowed to either provide non-independent investment advice or independent advice.
Amendment 714 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 3 – subparagraph 2
Article 24 – paragraph 3 – subparagraph 2
The information referred to in the first subparagraph should be provided in a comprehensible form in such a manner that clients or potential clients are reasonably able to understand the nature and risks of the investment service and of the specific type of financial instrument that is being offered and, consequently, to take investment decisions on an informed basis. TMember States may require that this information may beis provided in a standardised format.
Amendment 738 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 5 – point i
Article 24 – paragraph 5 – point i
(i) shall assess a sufficiently large number of financial instruments available on the market and provide advice which is unbiased and unrestricted. The financial instruments should be diversified with regard to their type and issuers or product providers and should not be limited to financial instruments issued or provided by entities having close links with the investment firm,
Amendment 745 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 5 – point ii
Article 24 – paragraph 5 – point ii
(ii) shall not accept or receive fees, commissions or any monetary benefi, benefits or other inducements paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clients.
Amendment 765 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 6
Article 24 – paragraph 6
6. When providing portfolio management or investment advice the investment firm shall not accept or receive fees, commissions or any monetary benefi, benefits or other inducements paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clients.
Amendment 780 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 7 – subparagraph 2
Article 24 – paragraph 7 – subparagraph 2
ESMA, in cooperation with EBA and EIOPA, through the Joint Committee, shall develop by [] at the latest, and update periodically, guidelines for the assessment and the supervision of cross- selling practices indicating, in particular, situations in which cross-selling practices are not compliant with obligations in paragraph 1.
Amendment 820 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
(iv) shares or units in UCITS excluding structured UCITS as referred to in Article 36 paragraph 1 subparagraph 2 of Commission Regulation 583/2010;
Amendment 863 #
2011/0298(COD)
Proposal for a directive
Article 29 – paragraph 3 – subparagraph 2
Article 29 – paragraph 3 – subparagraph 2
Member States shall ensure that tied agents are only admitted to the public register if it has been established that they are of sufficiently good repute and that they possess an appropriate general, commercial and professional knowledgelevel of knowledge and competences based on recognised qualifications so as to be able to communicate accurately all relevant information regarding the proposed service to the client or potential client.
Amendment 903 #
2011/0298(COD)
Proposal for a directive
Article 35 – paragraph 7
Article 35 – paragraph 7
7. Member States shall require that where a financial instrument of an issuer is admitted to trading on one SME growth market, the financial instrument may alsoonly be traded on another SME growth market without the consent of the issuer. In such a case however, the issuer shall not be subject to any obligation relating to corporate governance or initial, ongoing or ad hoc disclosure with regard to the latter SME market.
Amendment 919 #
2011/0298(COD)
Proposal for a directive
Article 41 – paragraph 1 – introductory part
Article 41 – paragraph 1 – introductory part
1. Member States shall require that a third country firminvestment firm or market operator intending to provide investment services or, activities together with any ancillary services or trading venue services in their territory through a branch acquire a prior authorisation by the competent authorities of those Member States in accordance with the following provisions:
Amendment 928 #
2011/0298(COD)
Proposal for a directive
Article 41 – paragraph 1 – point g
Article 41 – paragraph 1 – point g
(g) the firm has requested membership ofbelongs to an investor- compensation scheme authorised or recognised in accordance with Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on Investor- Compensation Schemes, at the time of authorisation.
Amendment 931 #
2011/0298(COD)
Proposal for a directive
Article 41 – paragraph 2
Article 41 – paragraph 2
2. Member States shall require that a third country firm intending to provide investment services or activities together with any ancillary services to retail and/or professional clients in those Member States' territory shall establish a branch in the Union.
Amendment 934 #
2011/0298(COD)
Proposal for a directive
Article 41 – paragraph 3 – subparagraph 1
Article 41 – paragraph 3 – subparagraph 1
The Commission mayshall adopt a decision in accordance with the procedure referred to in Article 95 in relation to a third country if the legal and supervisory arrangements of that third country ensure that firms authorised in that third country comply with legally binding requirements which have equivalent effect to the requirements set out in this Directive, in Regulation (EU) No …/… [MiFIR] and in Directive 2006/49/EC [Capital Adequacy Directive] and their implementing measures and that third country provides for equivalent reciprocal recognition of the prudential framework applicable to investment firms authorised in accordance with this directive.
Amendment 943 #
2011/0298(COD)
Proposal for a directive
Article 41 – paragraph 3 a (new)
Article 41 – paragraph 3 a (new)
3 a. The third country can be considered to give equivalent and reciprocal recognition if all of the following conditions are met: (a) the recognition refers to the whole EU framework and access is provided on an equal basis to all EU countries; (b) the rights and duties imposed on the firms are similar in the EU and in the third country.
Amendment 945 #
2011/0298(COD)
Proposal for a directive
Article 42 – introductory part
Article 42 – introductory part
A third country firminvestment firm or market operator intending to obtain authorisation for the provision of any investment services or, activities together with any ancillary services or providing trading venue services in the territory of a Member State shall provide the competent authority of that Member State with the following:
Amendment 987 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 1
Article 51 – paragraph 1
1. Member States shall require a regulated market or MTF to have in place effective systems, procedures and arrangements to ensure its trading systems are resilient, have sufficient capacity to deal with peak order and message volumes, are able to ensure orderly trading under conditions of market stress, are fully tested to ensure such conditions are met and are subject to effective business continuity arrangements to ensure continuity of its services if there is any unforeseen failure of its trading systems. (This Amendment applies throughout Article 51. Adopting it will necessitate corresponding changes to it.)
Amendment 999 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 2 a (new)
Article 51 – paragraph 2 a (new)
2a. Member States shall require a regulated market or MTF to have effective systems, procedures and arrangements in place to ensure that all orders entered into the system by a member or participant are valid for a period of minimum 500 milliseconds in which the order cannot be cancelled or modified.
Amendment 1005 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 3
Article 51 – paragraph 3
3. Member States shall require a regulated market or MTF to have in place effective systems, procedures and arrangements to allow identification of orders following an algorithmic trading strategy and of orders following a high-frequency trading strategy when placing such an order and ensure that algorithmic or high-frequency trading systems cannot create or contribute to disorderly trading conditions on the market including systems to limit the ratio of unexecuted orders to transactions that may be entered into the system by a member or participant, to be able to slow down the flow of orders if there is a risk of its system capacity being reached and to limit the minimum tick size that may be executed on the market. In particular Member States shall prohibit a regulated market or MTF from allowing its members to provide direct electronic access.
Amendment 1009 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 3 – subparagraphs 1 a, 1 b and 1 c (new)
Article 51 – paragraph 3 – subparagraphs 1 a, 1 b and 1 c (new)
Amendment 1022 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 4 a (new)
Article 51 – paragraph 4 a (new)
4a. Member States shall require regulated markets and MTFs to set in place a threshold that limits the share of orders entered by a market member compared to the overall order book.
Amendment 1026 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 5
Article 51 – paragraph 5
5. Member States shall require a regulated market or MTF to ensure that its rules on co- location services and fee structures are transparent, fair and non-discriminatory. The fee structure shall not create incentives to place orders or to execute transactions in a way which contributes to disorderly trading conditions or market abuse. In particular, in order to reflect the additional burden on system capacity, Member States shall require a regulated market or MTF to impose a higher fee on participants that place a ratio of cancelled orders to executed orders that exceeds 4:1.
Amendment 1046 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 7 – point c
Article 51 – paragraph 7 – point c
(c) to set out the maximum and minimum ratio of unexecuted orders to transactions that may be adopted by regulated markets and minimum tick sizes that should be adopted;
Amendment 1097 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – introductory part
Article 59 – paragraph 1 – subparagraph 1 – introductory part
Member States shall ensure that regulated markets, operators of MTFcompetent authorities apply to regulated markets and OMTFs which admit to trading or trade commodity derivatives apply limits on the number of contracts which any given market members or participants, or class of market members or participants, can enter into over a specified period of time, or alternative arrangements with equivalent effect such as position management with automatic review thresholds , to be imposed in order to:
Amendment 1108 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – point c a (new)
Article 59 – paragraph 1 – subparagraph 1 – point c a (new)
(c a) ensure price discovery for the physical market;
Amendment 1111 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – point c b (new)
Article 59 – paragraph 1 – subparagraph 1 – point c b (new)
(cb) prevent the build-up of market distorting positions.
Amendment 1116 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 2
Article 59 – paragraph 1 – subparagraph 2
The limits or arrangements shall be transparent and non- discriminatory, specifying the persons to whom they apply and any exemptions, and taking account of the nature and composition of market participants and of the use they make of the contracts admitted to trading. In particular, they shall differentiate between positions which objectively reduce risks directly related to commercial activities related to the commodity, and other positions. They shall specify clear quantitative thresholds such as the maximum number of contracts persons can enter, taking account of the characteristics of the underlying commodity market, including patterns of production, consumption and transportation to market. They shall apply to both cash-settled and physically-settled contracts and for spot, single and all delivery month(s).
Amendment 1129 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 2
Article 59 – paragraph 2
2. Regulated markets, MTF and OMTFs shall inform their competent authority of the details of the limits or arrangements. The competent authority shall communicate the same information to ESMA which shall publish and maintain on its website a database with summaries of the limits or arrangements in force.
Amendment 1134 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 3
Article 59 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 94 to determine (a) the limits or alternative arrangements on the number of contracts which any person can enter into over a specified period of time and the necessary equivalent effects of the alternative arrangements established in accordance with paragraph 1, as well as the conditions for exemptions. The limits or alternative arrangements shall take account of the conditions referred to in paragraph 1 and the limits that have been set by regulated markets, MTFs and OTFs. The limits or alternative arrangemen, (b) the proportion of contracts held across regulated market and MTF on commodity derivatives which do not objectively reduce risks directly related to commercial activities related to the commodity, versus contracts which do, (c) additional controls needed to ensure orderly operation of markets, and (d) the conditions for exemptions and for determining when positions objectively reduce risks directly related to commercial activities relating to the commodity. The limits shall take account of the conditions referred to in paragraph 1, the need for appropriate differentiation between commodities and categories of market participants, and the limits that have been set by trading venues. The limits determined in the delegated acts shall also take precedence over any measures imposed by competent authorities pursuant to Article 72(1) paragraph (g) of this Directive.
Amendment 1141 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 4
Article 59 – paragraph 4
Amendment 1160 #
2011/0298(COD)
Proposal for a directive
Article 60 – paragraph 1 a (new)
Article 60 – paragraph 1 a (new)
1 a. Member States shall ensure that investment firms trading in commodity derivatives or emission allowances or derivatives thereof outside of a trading venue provide the competent authority, upon request, with a complete breakdown of their positions, in accordance with Article 23 of Regulation (EU) No .../... [MiFIR].
Amendment 1171 #
2011/0298(COD)
Proposal for a directive
Article 60 – paragraph 3 – subparagraph 2
Article 60 – paragraph 3 – subparagraph 2
The reports mentioned in point (a) of paragraph 1 shouldall specify the number of long and short positions by category of trader, changes thereto since the previous report, percent of total open interest represented by each category, and the number of traders in each category. The reports mentioned in point (a) of paragraph 1 and in paragraph 1a shall also differentiate between: (i) positions that have been identified as positions which objectively reduce risks directly related to commercial activities related to the commodity; (ii) other positions.
Amendment 1176 #
2011/0298(COD)
Proposal for a directive
Article 60 – paragraph 4 – subparagraph 1
Article 60 – paragraph 4 – subparagraph 1
ESMA shall develop draft implementing technical standards to determine the format of the reports mentioned in point (a) ofaragraph 1 and in paragraph 1,a and the content of the information to be provided in accordance with paragraph 2.
Amendment 1270 #
2011/0298(COD)
Proposal for a directive
Article 91 – title
Article 91 – title
Cooperation and exchange of information with ESMA, within the European System of Financial Supervision (ESFS), and with the European System of Central Banks (ESCB)
Amendment 1273 #
2011/0298(COD)
Proposal for a directive
Article 91 – paragraph 1 a (new)
Article 91 – paragraph 1 a (new)
1a. Competent authorities, as parties to the ESFS, shall cooperate with trust and full mutual respect, in particular when ensuring the flow of appropriate and reliable information between them and other parties to the ESFS in accordance with the principle of sincere cooperation pursuant to Article 4(3) of the Treaty on European Union.
Amendment 1274 #
2011/0298(COD)
Proposal for a directive
Article 91 – paragraph 2
Article 91 – paragraph 2
2. The competent authorities shall, without delay, provide ESMA with all information necessary to carry out its duties under this Directive and in accordance with Article 35 of Regulation (EU) No 1095/2010 and, as appropriate, provide the ESCB central banks with all information relevant for the performance of their respective tasks.
Amendment 1276 #
2011/0298(COD)
Proposal for a directive
Article 91 a (new)
Article 91 a (new)
Article 91a ESMA advisory committee on high- frequency trading By 30 June 2014, ESMA shall set up an advisory committee of national experts to determine developments of high- frequency trading that could potentially constitute market manipulation with a view to: (a) increasing ESMA's knowledge about high-frequency trading; and (b) providing a list of abusive practices with regard to high-frequency trading, including spoofing, quote stuffing and layering, for the purpose of Article 5(1a) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [MAR].
Amendment 1298 #
2011/0298(COD)
Proposal for a directive
Annex 1 – Section A – point 10 a (new)
Annex 1 – Section A – point 10 a (new)
(10a) Algorithmic trading;
Amendment 1317 #
2011/0298(COD)
Proposal for a directive
Annex 2 – part I – paragraph 1 – point 1 – point h
Annex 2 – part I – paragraph 1 – point 1 – point h
Amendment 1319 #
2011/0298(COD)
Proposal for a directive
Annex 2 – part II – point II.1 – paragraph 1
Annex 2 – part II – point II.1 – paragraph 1
Clients other than those mentioned in section I, inbut excluding public sector bodies, local public authorities, and municipalities and private individual investors, may also be allowed to waive some of the protections afforded by the conduct of business rules.
Amendment 98 #
2011/0296(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) Definitions of regulated market and MTF should be introduced andclarified and remain closely aligned with each other to reflect the fact that they represent the same organised trading functionality. The definitions should exclude bilateral systems where an investment firm enters into every trade on own account, even as a riskless counterparty interposed between the buyer and seller. The term ‘'system’' encompasses all those markets that are composed of a set of rules and a trading platform as well as those that only function on the basis of a set of rules. Regulated markets and MTFs are not obliged to operate a ‘'technical’' system for matching orders. A market which is only composed of a set of rules that governs aspects related to membership, admission of instruments to trading, trading between members, reporting and, where applicable, transparency obligations is a regulated market or an MTF within the meaning of this Directive and the transactions concluded under those rules are considered to be concluded under the systems of a regulated market or an MTF. The term ‘'buying and selling interests’' is to be understood in a broad sense and includes orders, quotes and indications of interest. The requiremento address one of the main ambiguities created by the original Directive, the definitions of Regulated markets and MTFs should not include any reference to a requirement on these trading venues. The current requirements on these two venue types should be kept the same, but be presented separately from the definitions to ensure that the definition captures the trading functionality which then becomes subject to a clear set of rules. One of the important requirements concerns the obligation that the interests be brought together in the system by means of non- discretionary rules set by the system operator, which means that they are brought together under the system's rules or by means of the system's protocols or internal operating procedures (including procedures embodied in computer software). The term ‘'non-discretionary rules’' means that these rules leave the investment firm operating an MTF with no discretion as to how interests may interact. The definitions require that interests be brought together in such a way as to result in a contract, meaning that execution takes place under the system's rules or by means of the system's protocols or internal operating procedures.
Amendment 102 #
2011/0296(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) In order to make European markets more transparent, safer, more efficient, and to level the playing field between various venues offering trading services, it is necessary to introduce a newclarify the existing categoryies of organised trading facility (OTF). This new category is broadly definedtrading venues so that all functionally identical trading is subject to identical rules. These clarifications should cover all the major sources of ambiguity so that now and in the future ithe existing trading venues should be able to capture all types of organised execution and arranging of trading which do not correspond to the functionalities or regulatory specifications of existing venues. Consequently appropriate, identical organisational requirements and transparency rules which support efficient price discovery need to be applied. The new category includesas well as identical rules aimed at ensuring objective, non- discretionary execution and non- discriminatory access to the platforms need to be applied. The clarifications of the RM, MTF and SI definitions should ensure that broker crossing systems, which can be described as internal electronic matching systems operated by an investment firm which execute client orders against other client orders. The new category, are regulated either as MTFs or SIs, depending on which trading functionality they have. The clarified definitions of RMs, MTFs and SIs should also encompasses systems eligible for trading clearing-eligible and sufficiently liquid derivatives. IBy contrast, it shall not include facilities where there is no genuine trade execution or arranging taking place in the system, such as bulletin boards used for advertising buying and selling interests, other entities aggregating or pooling potential buying or selling interests, or electronic post-trade confirmation services., should continue to be defined as OTC. (This amendment (i.e. the deletion of "OTF") applies throughout the text. Adopting it will necessitate corresponding changes throughout including the definition in article 2.)
Amendment 111 #
2011/0296(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) This new category of organisede clarification of the existing types of trading venues is needed to ensure that all multilateral and bilateral trading facility will complement the existing types of trading venues. Whiletivities are subject to the same rules. In particular, the clarifications of the definitions of and the regimes imposed on regulated markets and multilateral trading facilities are characterised byshould clarify that both trading venues must have non- discretionary execution of transactions, the operator of an organised trading facility should have discretion over how a transaction is to be executed. The non- discretionary execution of transactions in a RM or MTF is fully separate from, and complementary to, the client-facing requirements imposed on intermediaries when executing client orders. Consequently, conduct of business rules, best execution and client order handling obligations should continue to apply to the transactions concluded on an O RM or MTF operated by an investment firm or a market operator. However, because an OTF constitutes a genuine trading pthe market- facing regulatform, the platform operator should be neutral. Therefore, the operator of an OTF should not be allowed to execute in the OTF any transaction between multiple third-party buying and selling interests including client orders brought together in the system against his own proprietary capital. This also excludes them from acting as systematic internay duties associated with operating a trading platform are different from the client-facing duties of an intermediary, both types of platforms must continue to be subject to the requirement to delisvers in the OTF operated by them non-discretionary execution.
Amendment 133 #
2011/0296(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) An investment firm executing client orders against own proprietary capital should be deemed a systematic internaliser, unless the transactions are carried out outside regulated markets, MTFs and OTFs on an occasional, ad hoc and irregular basin an over-the-counter (OTC) basis. OTC trading refers to bilateral trading outside systematic internalisers on an occasional, ad hoc and irregular basis with eligible counterparties and at sizes above standard market size. Any platform by definition cannot be considered as OTC since it cannot be ad hoc or irregular. Any trading that combines the characteristics of multilateral and bilateral trading should also not be considered as OTC, and instead be split into its separate multilateral and bilateral components. Systematic internalisers should be defined as investment firms which, on an organised, frequent and systematic basis, deal on own account by executing client orders outside a regulated market, an MTF or an OMTF. In order to ensure the objective and effective application of this definition to investment firms, any bilateral trading carried out with clients should be relevant and quantitative criteria should complement the qualitative criteria for the identification of investment firms required to register as systematic internalisers, laid down in Article 21 of Commission Regulation No 1287/2006 implementing Directive 2004/39/EC. While an OTF is any system or facility in which multiple third party buying and selling interests interact in the system, aA systematic internaliser should not be allowed to bring together third party buying and selling interests.
Amendment 146 #
2011/0296(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) It is not the intention of this Regulation to require the application of pre-trade transparency rules as well as other market-facing rules imposed on trading venues to transactions carried out on an OTC basis, the characteristics of which includare that they are bilateral, ad-hoc and irregular and are carried out with wholesaeligible counterparties and are part of a business relationship which is itself characterised by dealings above standard market size, and where the deals are carried out outside the systems usually used by the firm concerned for its business as a systematic internaliser.
Amendment 166 #
2011/0296(COD)
Proposal for a regulation
Recital 31
Recital 31
Amendment 168 #
2011/0296(COD)
Proposal for a regulation
Recital 32
Recital 32
Amendment 172 #
2011/0296(COD)
Proposal for a regulation
Recital 33
Recital 33
Amendment 178 #
2011/0296(COD)
Proposal for a regulation
Recital 34
Recital 34
(34) The provision of services by third country firmsinvestment firms and market operators* in the Union is subject to national regimes and requirements. These regimes are highly differentiated and the firms authorised in accordance with them do not enjoy the freedom to provide services and the right of establishment in Member States other than the one where they are established. It is appropriate to introduce a common regulatory framework at Union level. The regime should harmonize the existing fragmented framework, ensure certainty and uniform treatment of third country firminvestment firms and market operators accessing the Union, ensure that and equivalence and reciprocity assessment has been carried out by the Commission in relation to the regulatory and supervisory framework of third countries and should provide for a comparable level of protections to investors in the EU receiving services by third country firms.investment firms and market operators. * (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 186 #
2011/0296(COD)
Proposal for a regulation
Recital 35
Recital 35
(35) The provision of services to retail or professional clients should always require the establishment of a branch in the Union. The establishment of the branch shall be subject to authorisation and supervision in the Union. Proper cooperation arrangements should be in place between the competent authority concerned and the competent authority in the third country. The provision of services without branches should be limited to eligible counterparties. It should be subject to registration by ESMA and to supervision in the third country. Proper cooperation arrangements should be in place between ESMA and the competent authorities in the third country.
Amendment 199 #
2011/0296(COD)
Proposal for a regulation
Article 1 – paragraph 4 a (new)
Article 1 – paragraph 4 a (new)
4 a. Title VII of this Regulation also applies to all financial counterparties as defined in Article 2 of Directive [new MiFID].
Amendment 204 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 2 a (new)
Article 2 – paragraph 1 – point 2 a (new)
(2 a) 'Multilateral system' means a system that brings together or facilitates the bringing together of buying and selling interests in financial instruments, whereby the operator does not take on capital risk, irrespective of the actual number of orders that are executed in the resulting transactions;
Amendment 205 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 2 b (new)
Article 2 – paragraph 1 – point 2 b (new)
(2 b) 'Bilateral system' means a system that brings together or facilitates the buying and selling interests in financial instruments, whereby the operator of the investment firms takes on capital risk;
Amendment 206 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 3
Article 2 – paragraph 1 – point 3
(3) ‘systematic internaliser’ means an investment firm which, on an organised, frequent and systematic basis, deals on own account by executing client orders outside a regulated market or an MTF or an OTFcarries out bilateral trading;
Amendment 211 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(5) ‘regulated market’ means a multilateral system operated and/or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments – in the system and in accordance with its non-discretionary rules – in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems, and which is authorised and functions regularly and in accordance with the provisions of Title III of Directive [new MiFID];
Amendment 217 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6
Article 2 – paragraph 1 – point 6
(6) ‘multilateral trading facility (MTF)’ means a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments – in the system and in accordance with non-discretionary rules – in a way that results in a contract in accordance with the provisions of Title II of Directive [new MiFID];
Amendment 221 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 a (new)
Article 2 – paragraph 1 – point 6 a (new)
(6 a) 'Over-the-counter (OTC) trading' means any bilateral trading which is, cumulatively, carried out by a broker outside a platform on its own account on an occasional, ad hoc and irregular basis with eligible counterparties and always at sizes above standard market size;
Amendment 240 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 25
Article 2 – paragraph 1 – point 25
(25) ‘trading venue’ means any regulated market, MTF or OTFSystematic Internaliser.
Amendment 255 #
2011/0296(COD)
Proposal for a regulation
Title 2
Title 2
Transparency for trading venues with multilateral systems
Amendment 260 #
Amendment 268 #
2011/0296(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Before granting a waiver in accordance with paragraph 1, competent authorities shall notify ESMA and other competent authorities of the intended use of each individual waiver request and provide an explanation regarding their functioning. Notification of the intention to grant a waiver shall be made not less than 6 months before the waiver is intended to take effect. Within 3 months following receipt of the notification, ESMA shall issue an positive opinion to the competent authority in question assessing the compatibility of each waiver with the requirements established in paragraph 1 and specified in the delegated act adopted pursuant to paragraphs 3(b) and (c). A competent authority shall only grant waivers upon that positive opinion of ESMA. Where that competent authority grants a waiver and a competent authority of another Member State disagrees with this, that competent authority may refer the matter back to ESMA, which may act in accordance with the powers conferred on it under Article 19 of Regulation (EU) No 1095/2010. ESMA shall monitor the application of the waivers and shall submit an annual report to the Commission on how they are applied in practice.
Amendment 272 #
2011/0296(COD)
Proposal for a regulation
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
2 a. Competent authorities shall be able to withdraw the authorisation for regulated markets, market operators or investment firms to use one of the waivers specified in paragraph 3. Competent authorities shall withdraw the authorisation if they observe that the waiver is used in a way that is deviating from its original purpose or if they believe that the waiver is used to circumvent the rules established in this article. Before withdrawing the authorisation to use a waiver, competent authorities shall notify ESMA and other competent authorities of their intention providing a full explanation of the rationale behind such an intention. Notification of the intention to withdraw the authorisation to use a waiver shall be made as soon as possible. Within 1 month following receipt of the notification, ESMA shall issue a non-binding opinion to the competent authority in question. After receiving the opinion, the competent authority shall make its decision effective.
Amendment 308 #
2011/0296(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF based on the trading system operated shall make public prices and the depth of trading interests at those prices for orders or quotes advertised through their systems for bonds and structured finance products admitted to trading on a regulated market or traded on an MTF or for which a prospectus has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF. This requirement shall also apply to actionable indications of interests. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make this information available to the public on a continuous basis during normal trading hours.
Amendment 323 #
Amendment 338 #
2011/0296(COD)
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Before granting a waiver in accordance with paragraphs 1 and 2, competent authorities shall notify ESMA and other competent authorities of the intended use of waivers and provide an explanation regarding their functioning. Notification of the intention to grant a waiver shall be made not less than 6 months before the waiver is intended to take effect. Within 3 months following receipt of the notification, ESMA shall issue an positive opinion to the competent authority in question assessing the compatibility of each individual waiver request with the requirements established in paragraphs 1 and 2 and specified in the delegated act adopted pursuant to paragraph 4(b). A competent authority shall only grant waivers upon that positive opinion of ESMA. Where that competent authority grants a waiver and a competent authority of another Member State disagrees with this, that competent authority may refer the matter back to ESMA, which may act in accordance with the powers conferred on it under Article 19 of Regulation (EU) No 1095/2010. ESMA shall monitor the application of the waivers and shall submit an annual report to the Commission on how they are applied in practice.
Amendment 342 #
2011/0296(COD)
Proposal for a regulation
Article 8 – paragraph 3 a (new)
Article 8 – paragraph 3 a (new)
3 a. Competent authorities shall be able to withdraw the authorisation for regulated markets, market operators or investment firms to use one of the waivers specified in paragraph 4. Competent authorities shall withdraw the authorisation if they observe that the waiver is used in a way that is deviating from its original purpose or if they believe that the waiver is used to circumvent the rules established in this article. Before withdrawing the authorisation to use a waiver, competent authorities shall notify ESMA and other competent authorities of their intention providing a full explanation of the rationale behind such an intention. Notification of the intention to withdraw the authorisation to use a waiver shall be made as soon as possible. Within 1 month following receipt of the notification, ESMA shall issue a non-binding opinion to the competent authority in question. After receiving the opinion, the competent authority shall make its decision effective.
Amendment 365 #
2011/0296(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make public the price, volume and time of the transactions executed in respect of bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make details of all such transactions public as close to real- time as is technically possible, and in particular with a maximum delay of 3 minutes for bonds markets.
Amendment 385 #
2011/0296(COD)
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) the conditions for authorising for each class of financial instrument concerned a deferred publication of trades for a regulated market, an investment firm, including a systematic internaliser or an investment firm or market operator operating an MTF or an OTF and the criteria to be applied when deciding the transactions for which, due to their size orand the type of bond, structured finance product, emission allowance or derivative involved, and/or deferred publication and/or the omission of the volume of the transaction is allowed.
Amendment 400 #
2011/0296(COD)
Proposal for a regulation
Title 3
Title 3
Transparency for investment firms trading OTC including systematic internaliserstrading venues with bilateral systems including OTC
Amendment 487 #
2011/0296(COD)
Proposal for a regulation
Article 23 – paragraph 2
Article 23 – paragraph 2
Amendment 492 #
2011/0296(COD)
Proposal for a regulation
Article 23 – paragraph 3
Article 23 – paragraph 3
3. The reports shall, in particular, include details of the type, asset class, names and numbers of the instruments bought or sold, the quantity, the dates and times of execution, the transaction prices, a designation to identify the clients on whose behalf the investment firm has executed that transaction, a designation to identify the persons and the computer algorithms within the investment firm responsible for the investment decision and the execution of the transaction, and means of identifying the investment firms concerned. For transactions not carried out on a regulated market, MTF or OTF, the reports shall also include a designation identifying the types of transactions in accordance with the measures to be adopted pursuant to Article 19(3)(a) and Article 20(3)(a).
Amendment 504 #
2011/0296(COD)
Proposal for a regulation
Article 23 – paragraph 7 – subparagraph 1 (new)
Article 23 – paragraph 7 – subparagraph 1 (new)
The competent authorities shall transmit all the information received pursuant to this Article to a single system, appointed by ESMA, for transaction reporting at Union level. The single system shall allow relevant competent authorities access to all the information reported pursuant to this Article.
Amendment 508 #
2011/0296(COD)
Proposal for a regulation
Article 23 – paragraph 8 – subparagraph 1 – point c a (new)
Article 23 – paragraph 8 – subparagraph 1 – point c a (new)
(c a) The processing of the single system referred to in paragraph 7 and the procedures for the exchange of information between this system and the competent authorities.
Amendment 513 #
2011/0296(COD)
Proposal for a regulation
Article 23 – paragraph 9
Article 23 – paragraph 9
9. Two years after entry into force of this Regulation, ESMA shall report to the Commission on the functioning of this Article, including whether the content and format of transaction reports received and exchanged between the single system referred to in paragraph 7 and competent authorities comprehensively enable to monitor the activities of investment firms in accordance with Article 21. The Commission may take steps to propose any changes, including providing for transactions to be transmitted to a system appointed by ESMA instead of to competent authorities, which allows relevant competent authorities to access all the information reported pursuant to this Articleonly to the single system referred to in paragraph 7 instead of to competent authorities.
Amendment 546 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 1 – introductory part
Article 26 – paragraph 1 – subparagraph 1 – introductory part
ESMA shall develop draft implementing technical standards to determine the following:date from which the trading obligation takes effect.
Amendment 548 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 1 – point a
Article 26 – paragraph 1 – subparagraph 1 – point a
Amendment 551 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 1 – point b
Article 26 – paragraph 1 – subparagraph 1 – point b
Amendment 555 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 2 – point a
Article 26 – paragraph 2 – point a
(a) the class of derivatives or a relevant subset thereof has to be admitted to trading or traded on at least one regulated market, MTF or OMTF referred to in Article 24(1), and
Amendment 560 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 2 – point b
Article 26 – paragraph 2 – point b
(b) the class of derivatives or a relevant subset thereof are considered sufficiently liquid to trade only on the venues referred to in Article 24(1should be subject to the clearing obligation in accordance with Article 4 paragraphs 2 and 4 of Regulation [ ] (EMIR).
Amendment 565 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 3
Article 26 – paragraph 3
Amendment 588 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 4
Article 26 – paragraph 4
Amendment 593 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 5
Article 26 – paragraph 5
Amendment 595 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 6
Article 26 – paragraph 6
Amendment 598 #
Amendment 621 #
Amendment 657 #
Amendment 705 #
2011/0296(COD)
Proposal for a regulation
Article 32 – paragraph 2 – subparagraph 1 – point a
Article 32 – paragraph 2 – subparagraph 1 – point a
(a) an investment product, a financial instrument or activity or practice gives rise to significant investor protection concerns or poses a serious threat to the orderly functioning and integrity of financial markets or the stability of whole or part of the financial system, or a derivative product has a detrimental effect on the price formation mechanism in the underlying market;
Amendment 720 #
2011/0296(COD)
Proposal for a regulation
Article 32 a (new)
Article 32 a (new)
Article 32a Prohibition of certain financial instruments National competent authorities shall prohibit the marketing, distribution and sale of all financial instruments offering commodity index replications. This measure shall take effect six months after the entry into force of this Regulation.
Amendment 721 #
2011/0296(COD)
Proposal for a regulation
Article 33 – paragraph 1
Article 33 – paragraph 1
1. ESMA shall perform a facilitation and coordination role in relation to action taken by competent authorities under Article 32 and 32a. In particular ESMA shall ensure that action taken by a competent authority is justified and proportionate and that where appropriate a consistent approach is taken by competent authorities.
Amendment 724 #
2011/0296(COD)
Proposal for a regulation
Article 33 – paragraph 2
Article 33 – paragraph 2
2. After receiving notification under Article 32 and 32a of any action that is to be imposed under that Article, ESMA shall adopt an opinion on whether it considers the prohibition or restriction is justified and proportionate. If ESMA considers that the taking of a measure by other competent authorities is necessary to address the risk, it shall also state this in the opinion. The opinion shall be published on ESMA's website.
Amendment 733 #
2011/0296(COD)
Proposal for a regulation
Article 35 – paragraph 1 – point b
Article 35 – paragraph 1 – point b
(b) after analysing the information obtained, require any such person to take steps to reduce the size of or to eliminate the position or exposure;
Amendment 742 #
2011/0296(COD)
Proposal for a regulation
Article 35 – paragraph 2 – subparagraph 1 – introductory part
Article 35 – paragraph 2 – subparagraph 1 – introductory part
ESMA shall only take a decision under paragraph 1 if all of the following conditions are fulfilled:
Amendment 747 #
2011/0296(COD)
Proposal for a regulation
Article 35 – paragraph 3 – point a
Article 35 – paragraph 3 – point a
(a) does significantly address the threat to the orderly functioning and integrity of financial markets or of delivery arrangements for physical commodities, or the stability of the whole or part of the financial system in the Union or significantly improve the ability of competent authorities to monitor the threat, and in particular the extent to which the measure: (i) supports liquidity as necessary to facilitate transactions which objectively reduce risks directly related to commercial activities related to the commodity; (ii) prevents market abuse; (iii) supports orderly pricing and settlement conditions; (iv) ensures price discovery for the physical market; (v) prevents the build-up of market distorting positions;
Amendment 782 #
2011/0296(COD)
Proposal for a regulation
Article 36 – paragraph 4 a (new)
Article 36 – paragraph 4 a (new)
4a. Third country investment firms and market operators providing services to eligible counterparties in accordance with this Article shall be subject to requirements in Article 19, 20, 21, 22 and 23 of this Regulation.
Amendment 437 #
2011/0203(COD)
Proposal for a directive
Article 122 – paragraph 1 – point 4
Article 122 – paragraph 1 – point 4
(4) ‘'Domestically authorised institution’' means an institution that has been authorised in the Member State for which a particular designated authority is responsible for setting the countercyclical buffer rate;
Amendment 463 #
2011/0203(COD)
Proposal for a directive
Article 125 – paragraph 1 – point b – introductory part
Article 125 – paragraph 1 – point b – introductory part
(b) general guidance on:
Amendment 469 #
2011/0203(COD)
Proposal for a directive
Article 125 – paragraph 2 a (new)
Article 125 – paragraph 2 a (new)
2a. Where it issues a recommendation under paragraph 1, the ESRB shall duly take into account the differences between Member States and in particular the specificities of Member States with small and open economies.
Amendment 470 #
2011/0203(COD)
Proposal for a directive
Article 126 – paragraph 1
Article 126 – paragraph 1
1. Each Member State shall designate an public authority or body (hereafter, a ‘'designated authority’') that is responsible for setting the countercyclical buffer rate for that Member State.
Amendment 472 #
2011/0203(COD)
Proposal for a directive
Article 126 – paragraph 2 – introductory part
Article 126 – paragraph 2 – introductory part
2. Each designated authority shall calculate for every quarter a buffer guide as a reference to guide its exercise of judgement in setting the countercyclical buffer rate in accordance with paragraph 3. The buffer guide shall reflect, in a meaningful way, the credit cycle and the risks due to excess credit growth in the Member State and shall duly take into account specificities of the national economy. It shall be based on the deviation of the ratio of credit-to-GDP from its long-term trend, taking inter alia into account:
Amendment 475 #
2011/0203(COD)
Proposal for a directive
Article 126 – paragraph 2 – point a
Article 126 – paragraph 2 – point a
(a) thean indicator of growth of levels of credit within that jurisdiction and, in particular, an indicator reflective of the changes in the ratio of credit granted in that Member State to GDP;
Amendment 485 #
2011/0203(COD)
Proposal for a directive
Article 126 – paragraph 4 – subparagraph 2
Article 126 – paragraph 4 – subparagraph 2
Where, in setting the countercyclical buffer rate, a designated authority takes into account variables mentioned in point (c), and the setting of that buffer rate would have been lower if variables mentioned in point (c) had not been taken into account, the designated authority shall notify EBA and the ESRB. EBA and the ESRB shall assess whether the variables on which the buffer rate is based relate to risks to financial stability and whether the setting of a buffer rate taking into account those variables is consistent with the fundamental principles of the internal market for financial services as reflected in Union legislation in the field of financial services.
Amendment 488 #
2011/0203(COD)
Proposal for a directive
Article 126 – paragraph 4 – subparagraph 3
Article 126 – paragraph 4 – subparagraph 3
Amendment 501 #
2011/0203(COD)
Proposal for a directive
Article 126 – paragraph 9
Article 126 – paragraph 9
Amendment 173 #
2011/0202(COD)
Proposal for a regulation
Recital 53 a (new)
Recital 53 a (new)
(5a) This Regulation should not affect the ability of competent authorities to maintain pre-approval processes regarding the contracts governing Additional Tier 1 and Tier 2 capital instruments. In these cases such capital instruments may only be computed towards the institution's Additional Tier 1 capital or Tier 2 capital once they have successfully completed these approval processes.
Amendment 175 #
2011/0202(COD)
Proposal for a regulation
Recital 53 b (new)
Recital 53 b (new)
(53b) Debt instruments such as subordinated loans should qualify as capital instruments as long as they meet the conditions set out in part two of this regulation.
Amendment 198 #
2011/0202(COD)
Proposal for a regulation
Recital 75 a (new)
Recital 75 a (new)
(75a) It can not be taken for granted that credit institutions or investment firms will receive liquidity support from other credit institutions or investment firms belonging to the same group when they experience difficulties to meet their payment obligations. However, subject to stringent conditions and the individual agreement of all competent authorities involved, competent authorities should be able to waive the application of the LCR to individual credit institutions or investment firms and subject those credit institutions or investment firms to a consolidated requirement, in order to allow institutions to manage their liquidity centrally at the group level or subgroup level.
Amendment 200 #
2011/0202(COD)
Proposal for a regulation
Recital 75 b (new)
Recital 75 b (new)
(75b) In the same vein, where no waiver is granted, liquidity flows between two institutions belonging to the same group and which are subject to consolidated supervision, should, when the LCR becomes a binding measure, receive preferential inflow and outflow rates only in those cases where all the necessary safeguards are in place. Such specific preferential treatments should be narrowly defined and linked to the fulfilment of a number of stringent and objective conditions. The specific treatment applicable to a given intra- group flow should be obtained through a methodology using objective criteria and parameters in order to determine specific levels of inflows and outflows between the institution and the counterparty. Based on the observations and supported by the EBA report, the Commission should lay down these specific intra-group treatments, the methodology together with the objective criteria to which they are linked as well as joint decision modalities for the assessment of those criteria in a co-decision act in accordance with article 481 of this Regulation.
Amendment 244 #
2011/0202(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point 9
Article 4 – paragraph 1 – point 9
(9) ‘'collective investment undertaking (CIU)’' means an Alternative Investment Fund as defined by Article 4(1)(a) of Directive 2011/61/EU of the European Parliament and the Council of 8 June 2011 on Alternative Investment Fund Managers or an undertaking for collective investment in transferable securities (UCITS) as defined in Article 1 of Directive 2009/65/EU of the European Parliament and the Council on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS). including third country entities, that carry out similar activities, that are subject to supervision pursuant to EU legislation or to legislation of a third country which applies supervisory and regulatory requirements at least equivalent to those applied in the Union;
Amendment 246 #
2011/0202(COD)
Proposal for a regulation
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
For the purposes of this Regulation, exposures to recognised third-country investment firms and exposures to recognised clearing houses and exchanges shall be treated as exposures to institutions, unless otherwise provided.
Amendment 264 #
2011/0202(COD)
Proposal for a regulation
Article 7 – paragraph 1 – introductory part
Article 7 – paragraph 1 – introductory part
1. The competent authorities shallmay waive in full or in part the application of Article 401 to a parent institution and to all or some of its subsidiaries in the European Union and supervise them as a single liquidity sub- group so long as they fulfil all of the following conditions:
Amendment 309 #
2011/0202(COD)
Proposal for a regulation
Article 18 – paragraph 1 – subparagraph 1 – point b
Article 18 – paragraph 1 – subparagraph 1 – point b
Amendment 315 #
2011/0202(COD)
Proposal for a regulation
Article 18 – paragraph 2 – subparagraph 1 – point b
Article 18 – paragraph 2 – subparagraph 1 – point b
Amendment 318 #
2011/0202(COD)
Proposal for a regulation
Article 18 – paragraph 3 – point b
Article 18 – paragraph 3 – point b
Amendment 322 #
2011/0202(COD)
Proposal for a regulation
Article 18 – paragraph 4 – subparagraph 1
Article 18 – paragraph 4 – subparagraph 1
In the absence of a joint decision between the competent authorities within six months, the consolidating supervisor shall make its own decision on paragraph 1(a) and 1(b). The decision of the consolidating supervisor on paragraph 1(b) shall not limit the powers of the competent authorities under Article 102.
Amendment 332 #
2011/0202(COD)
Proposal for a regulation
Article 18 – paragraph 7 – subparagraph 1
Article 18 – paragraph 7 – subparagraph 1
EBA shall develop draft implementing technical standards to specify the joint decision process referred to in paragraph 1(a), with regard to the applications for permissions referred to in Articles 138(1), 146(9), 301(2), 277, 352, and for the liquidity intra-group treatment referred to in paragraph 1(b) with a view to facilitating joint decisions.
Amendment 337 #
2011/0202(COD)
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 2
Article 19 – paragraph 2 – subparagraph 2
However, any competent authority may during the six months period refer to EBA the question whether the conditions of (a) to (d) of Article 7(1) are met and request its assistance. In this case, EBA may carry out its non-binding mediation in accordance with Article 1931(c) of Regulation No (EC) 1093/2010. If at the end of the six month period any of the competent authorities concerned has done so, all the competent authorities involved shall defer their decisions pending a decision by EBA. Such decision shall be taken within three months of the request. Once EBA has taken its decision, the competent authorities shall take their decisions concerning the conditions (a) to (d) of Article 7(1), in conformity with then such case, all the competent authorities involved shall defer their decisions pending the conclusion of the non-binding mediation. Where, during the mediation, no agreement has been reached by the competent authorities within 3 months, each competent authority responsible for supervision on an individual basis shall take its own decision of EBA. The matter shall not be referred to EBA after the end of the six month period or after a joint decision has been reached.
Amendment 340 #
2011/0202(COD)
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 3
Article 19 – paragraph 2 – subparagraph 3
The joint decision referred to in paragraph 1 and the decision referred to in the previous subparagraph shall be binding in accordance with Article 19(3) of Regulation No (EC) 1093/2010.
Amendment 341 #
2011/0202(COD)
Proposal for a regulation
Article 19 – paragraph 3
Article 19 – paragraph 3
Amendment 343 #
2011/0202(COD)
Proposal for a regulation
Article 19 – paragraph 4
Article 19 – paragraph 4
Amendment 524 #
2011/0202(COD)
Proposal for a regulation
Article 79 – paragraph 1 – point a – point i
Article 79 – paragraph 1 – point a – point i
(i) the amount of Common Equity Tier 1 capital of that subsidiary required to meet the sum of the requirement laid down in point (a) of Article 87(1) and the combined buffer referred to in Article 122(2) of Directive [inserted by OP] and any specific own funds requirement referred to in article 100 of Directive [inserted by OP] plus a significant margin as determined by the competent authority of the subsidiary. The amount shall also take into account, where relevant, article 476 and any requirements imposed under article 443;
Amendment 530 #
2011/0202(COD)
Proposal for a regulation
Article 79 – paragraph 1 – point a – point ii
Article 79 – paragraph 1 – point a – point ii
(ii) the amount of consolidated Common Equity Tier 1 capital that relates to that subsidiary that is required on a consolidated basis to meet the sum of the requirement laid down in point (a) of Article 87(1) and the combined buffer referred to in Article 122(2) of Directive [inserted by OP] and any specific own funds requirement referred to in article 100 of Directive [inserted by OP] plus a significant margin as determined by the competent authority of the subsidiary. The amount shall also take into account, where relevant, article 476 and any requirements imposed under article 443;
Amendment 541 #
2011/0202(COD)
Proposal for a regulation
Article 80 – paragraph 1 – point a – introductory part
Article 80 – paragraph 1 – point a – introductory part
(a) the Tier 1 capital of the subsidiary minus the lower of the following:
Amendment 544 #
2011/0202(COD)
Proposal for a regulation
Article 80 – paragraph 1 – point a – point i
Article 80 – paragraph 1 – point a – point i
(i) the amount of Tier 1 capital of the subsidiary required to meet the sum of the requirement laid down in point (b) of Article 87(1) and the combined buffer referred to in Article 122(2)of Directive [inserted by OP] and any specific own funds requirement referred to in article 100 of Directive [inserted by OP] plus a significant margin as determined by the competent authority of the subsidiary. The amount shall also take into account, where relevant, article 476 and any requirements imposed under article 443;
Amendment 548 #
2011/0202(COD)
Proposal for a regulation
Article 80 – paragraph 1 – point a – point ii
Article 80 – paragraph 1 – point a – point ii
(ii) the amount of consolidated Tier 1 capital that relates to the subsidiary that is required on a consolidated basis to meet the sum of the requirement laid down in point (b) of Article 87(1) and the combined buffer referred to in Article 122(2)of Directive [inserted by OP] and any specific own funds requirement referred to in article 100 of Directive [inserted by OP] plus a significant margin as determined by the competent authority of the subsidiary. The amount shall also take into account, where relevant, article 476 and any requirements imposed under article 443;
Amendment 555 #
2011/0202(COD)
Proposal for a regulation
Article 82 – paragraph 1 – point a – introductory part
Article 82 – paragraph 1 – point a – introductory part
(a) the own funds of the subsidiary minus the lower of the following:
Amendment 559 #
2011/0202(COD)
Proposal for a regulation
Article 82 – paragraph 1 – point a – point i
Article 82 – paragraph 1 – point a – point i
(i) the amount of own funds of the subsidiary required to meet the sum of the requirement laid down in point (c) of Article 87(1) and the combined buffer referred to in Article 122(2) of Directive [inserted by OP] and any specific own funds requirement referred to in article 100 of Directive [inserted by OP] plus a significant margin as determined by the competent authority of the subsidiary. The amount shall also take into account, where relevant, article 476 and any requirements imposed under article 443;
Amendment 563 #
2011/0202(COD)
Proposal for a regulation
Article 82 – paragraph 1 – point a – point ii
Article 82 – paragraph 1 – point a – point ii
(ii) the amount of own funds that relates to the subsidiary that is required on a consolidated basis to meet the sum of the requirement laid down in point (c) of Article 87(1) and the combined buffer referred to in Article 122(2)of Directive [inserted by OP] and any specific own funds requirement referred to in article 100 of Directive [inserted by OP] plus a significant margin as determined by the competent authority of the subsidiary. The amount shall also take into account, where relevant, article 476 and any requirements imposed under article 443;
Amendment 588 #
2011/0202(COD)
Proposal for a regulation
Article 94 – paragraph 1 a (new)
Article 94 – paragraph 1 a (new)
By derogation to paragraph 1, competent authorities may require that institutions effect the valuation of assets and off- balance-sheet items in accordance with International Accounting Standards as applicable under Regulation (EC) No 1606/2002.
Amendment 621 #
2011/0202(COD)
Proposal for a regulation
Article 111 – paragraph 6
Article 111 – paragraph 6
Amendment 662 #
2011/0202(COD)
Proposal for a regulation
Article 119 – paragraph 2 – subparagraph 1
Article 119 – paragraph 2 – subparagraph 1
Based on the data collected under Article 96, and any other relevant indicators, the competent authorities shall periodically, and at least annually, assess whether the risk-weight of 35% for exposures secured by mortgages on residential property referred to in Article 120 and the risk weight of 50% for exposures secured on commercial immovable property referred to in Article 121 located in its territory are appropriate based on the default experience of exposures secured by immovable property and taking into account forward- looking immovable property markets developments, and may set a higher risk weight or stricter criteria than those set out in Article 120(2) and 121(2), where appropriate, on the basis of financial stability considerations. EBA shall coordinate the assessments carried out by the competent authorities.
Amendment 664 #
2011/0202(COD)
Proposal for a regulation
Article 119 – paragraph 2 – subparagraph 2
Article 119 – paragraph 2 – subparagraph 2
Amendment 665 #
2011/0202(COD)
Proposal for a regulation
Article 119 – paragraph 2 – subparagraph 3
Article 119 – paragraph 2 – subparagraph 3
Amendment 666 #
2011/0202(COD)
Proposal for a regulation
Article 119 – paragraph 2 – subparagraph 4
Article 119 – paragraph 2 – subparagraph 4
Amendment 667 #
2011/0202(COD)
Proposal for a regulation
Article 119 – paragraph 2 – subparagraph 5
Article 119 – paragraph 2 – subparagraph 5
Amendment 721 #
2011/0202(COD)
Proposal for a regulation
Article 137 – paragraph 1 – point 4 – point a – point v a (new)
Article 137 – paragraph 1 – point 4 – point a – point v a (new)
(va) a financial institution;
Amendment 722 #
2011/0202(COD)
Proposal for a regulation
Article 137 – paragraph 1 – point 4 – point a – point v b (new)
Article 137 – paragraph 1 – point 4 – point a – point v b (new)
(vb) a mixed financial holding company;
Amendment 723 #
2011/0202(COD)
Proposal for a regulation
Article 137 – paragraph 1 – point 4 – point a – point v c (new)
Article 137 – paragraph 1 – point 4 – point a – point v c (new)
(vc) a collective investment undertaking (CIU);
Amendment 724 #
2011/0202(COD)
Proposal for a regulation
Article 137 – paragraph 1 – point 4 – point a – point v d (new)
Article 137 – paragraph 1 – point 4 – point a – point v d (new)
(vd) a central counterparty (CCP) fulfilling the conditions set out in Article 295(2).
Amendment 771 #
2011/0202(COD)
Proposal for a regulation
Article 190 – paragraph 3 – point b
Article 190 – paragraph 3 – point b
Amendment 772 #
2011/0202(COD)
Proposal for a regulation
Article 190 – paragraph 5 – point b
Article 190 – paragraph 5 – point b
Amendment 773 #
2011/0202(COD)
Proposal for a regulation
Article 190 – paragraph 10 – subparagraph 1 – point a
Article 190 – paragraph 10 – subparagraph 1 – point a
Amendment 774 #
2011/0202(COD)
Proposal for a regulation
Article 190 – paragraph 10 – subparagraph 1 – point c
Article 190 – paragraph 10 – subparagraph 1 – point c
Amendment 859 #
2011/0202(COD)
Proposal for a regulation
Article 374 a (new)
Article 374 a (new)
Article 374a Alternative to using CVA methods to calculating own funds requirements As an alternative to Article 374, for instruments referred to in Article 372(1) and subject to the prior consent of the competent authority, institutions using the Original Exposure Method as laid down in Article 270, may apply a multiplication factor of 4 to the risk-weighted exposure amounts for credit risk instead of calculating own funds requirements for CVA risk.
Amendment 1165 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 8 – subparagraph 1 – point d
Article 410 – paragraph 8 – subparagraph 1 – point d
(d) the institution and the depositor are established in the same Member State unless Article 18(1)(b) applies.
Amendment 1233 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 4 – subparagraph 1 – point c
Article 413 – paragraph 4 – subparagraph 1 – point c
(c) the institution and the provider shall be established in the same Member State unless Article 18(1)(b) applies.
Amendment 1345 #
2011/0202(COD)
Proposal for a regulation
Article 443 – paragraph 1 – introductory part
Article 443 – paragraph 1 – introductory part
The Commission shall be empowered to adopt delegated acts in accordance with Article 445, to impose stricter prudential requirements, for a limited period of time, for all exposures or for exposures to one or more sectors, regions orone year, for all Member States, where this is necessary to address changes in the intensity of micro-prudential and macro-prudential risks in Europe which arise from market developments emerging after the entry into force of this Regulation, in particular upon the recommendation or opinion of the ESRB or EBA, concerning:
Amendment 1431 #
2011/0202(COD)
Proposal for a regulation
Article 450 – paragraph 2 – introductory part
Article 450 – paragraph 2 – introductory part
2. For the purposes of paragraph 1, the applicable percentage shall be 0 % during the period from 1 January 2013 to 31 December 20134, and shall, after that date, fall within the following ranges:
Amendment 1432 #
2011/0202(COD)
Proposal for a regulation
Article 450 – paragraph 2 – point a
Article 450 – paragraph 2 – point a
Amendment 1476 #
2011/0202(COD)
Proposal for a regulation
Article 471 a (new)
Article 471 a (new)
Article 471a By way of derogation from article 4(23)(b), eligible capital may include Tier 2 capital up to the following: (a) 100 % of Tier 1 capital during the period from 1 January 2013 to 31 December 2013; (b) 80 % of Tier 1 capital during the period from 1 January 2014 to 31 December 2014; c) 60 % of Tier 1 capital during the period from 1 January 2015 to 31 December 2015; (d) 40 % of Tier 1 capital during the period from 1 January 2016 to 31 December 2016.
Amendment 1495 #
2011/0202(COD)
Proposal for a regulation
Article 476 a (new)
Article 476 a (new)
Article 476a By derogation from article 18, and pending further coordination as set out in article 481 and the definition of a methodology which uses objective criteria and parameters in order to determine specific inflow and outflow levels for intra-group flows between the institution and the counterparty, competent authorities may waive condition (d) of article 410(8) and condition (c) of article 413(4) where the counterparty is covered by the supervision on a consolidated basis to which the institution itself is subject, in accordance with this Regulation, Directive 2002/87/EC or with equivalent standards in force in a third country and where they apply the following: (a) The competent authorities shall work together, in full consultation and shall do everything within their power to reach a joint decision within six months. This joint decision shall be set out in a document containing the fully reasoned decision, highlighting the objective criteria which justify the preferential treatment. This document shall be provided to the institution and the EBA by the consolidating supervisor. (b) The period referred to in point (a) shall begin on the date of receipt by competent authorities of a report prepared by the consolidating supervisor analysing intra group commitments within the group. (c) In the absence of a joint decision between the competent authorities within six months, the supervisor of the subsidiary shall make its own decision which shall be binding for both, the supervisor of the subsidiary and the consolidating supervisor. The decision shall be set out in a document containing the fully reasoned decision, highlighting the objective criteria which justify the preferential treatment, This document shall be provided to the institution and the EBA by the consolidating supervisor.
Amendment 1500 #
2011/0202(COD)
Proposal for a regulation
Article 478 – paragraph 1
Article 478 – paragraph 1
The Commission shall, by 31 December 2015 and after consulting the EBA, report to the Parliament and the Council, together with any appropriate proposals, whether the risk weights laid down in Article 124 and the own funds requirements for specific risk in Article 325(5) are adequate for all the instruments that qualify for these treatments and whether the criteria in Article 124 should be made stare appropricater.
Amendment 1520 #
2011/0202(COD)
Proposal for a regulation
Article 481 – paragraph 1 – subparagraph 2 – point c a (new)
Article 481 – paragraph 1 – subparagraph 2 – point c a (new)
(c a) providing for specific lower outflow and/or higher inflow rates for intra-group flows. The report shall specify under which conditions such specific in- or outflow rates would be justified from a prudential point of view and shall set out the high level outline of a methodology using objective criteria and parameters in order to determine specific levels of inflows and outflows between the institution and the counterparty when they are not established in the same Member State.
Amendment 1542 #
2011/0202(COD)
Proposal for a regulation
Article 481 – paragraph 2 a (new)
Article 481 – paragraph 2 a (new)
2 a. By 31 December 2013, the Commission shall submit a legislative proposal to the European Parliament and Council to introduce the liquidity coverage requirement according to Article 401 by 31 December 2015 at the latest. In particular, the Commission shall point out where appropriate specific treatments for intra-group, taking into account the report referred to in paragraph 1.
Amendment 59 #
2011/0187(COD)
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
Amendment 62 #
2011/0187(COD)
Proposal for a regulation
Recital 1 b (new)
Recital 1 b (new)
(1b) A single telecoms market cannot be said to exist while significant price differences exist between domestic and roaming prices; therefore the ultimate aim should be to eliminate roaming charges altogether, thus establishing a pan-EU mobile communications market.
Amendment 100 #
2011/0187(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) The transitory Eurotariff to be offered to roaming customers should reflect a reasonable margin over the wholesale cost of providing a roaming service, whilst allowing operators the freedom to compete by differentiating their offerings and adapting their pricing structures to market conditions and consumer preferences. Such safeguard caps should be set at levels which do not distort the competitive benefits of structural solutions and could be removed once the structural solutions have had an opportunity to deliver concrete gains for customers. This regulatory approach should not apply to value added services. the part of the tariff that is charged for value added services but only to the tariffs for the connection to such services.
Amendment 117 #
2011/0187(COD)
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2 a (new)
Article 1 – paragraph 1 – subparagraph 2 a (new)
The separate sale of roaming services from domestic mobile communications services is a temporary and intermediate step to increase competition so as to lower roaming prices for customers in order to achieve a common European mobile market with no differentiation between national and roaming tariffs.
Amendment 119 #
2011/0187(COD)
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. This Regulation also lays down rules aimed at increasing price transparency and improving the provision of information on charges to users of Union-wide roaming services both within and outside the Union.
Amendment 133 #
2011/0187(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point o
Article 2 – paragraph 2 – point o
Amendment 137 #
2011/0187(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point o a (new)
Article 2 – paragraph 2 – point o a (new)
(oa) 'Single tariff' means a tariff which all operators are obliged to offer, which offers identical prices for call, SMS and data use within the Union, irrespective of whether the customer is roaming or not;
Amendment 185 #
2011/0187(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
In order to ensure the development of the singletemporarily single roaming market, implementation of the technical solutions for the facility of separate sale of roaming services shall take place simultaneously across the Union and meet the following criteria: a) any technical solution must be cost- effective; b) it shall be designed in a consumer- friendly way; c) it shall allow for a maximum degree of interoperability; d) it shall allow for a local break-out solution for data usage in a consumer- friendly manner; e) it shall ensure that the concept of net neutrality is respected for all data use, in particular access to VOIP and other similar services; f) end-users shall be able to easily and quickly switch to an alternative roaming provider or between alternative roaming providers while retaining their mobile number; g) roaming by EU citizens in third countries or by third country citizens in the EU shall not be impeded.
Amendment 190 #
2011/0187(COD)
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
For the purpose of separate sale of roaming services, operators shall make sure that facilities meeting the requirements set out in paragraph 1 are in place by 1 July 2014 at the latest, to ensure that the customer can use domestic mobile services and separate roaming services offered by an alternative roaming operator while keeping their mobile number. In order to enable the separate sale of roaming services, operators may in particular allow the use of a ‘EU roaming profile’ on the same SIM card and the use of the same terminal alongside domestic mobile services. Pricing for interconnection related to the provision of this facilityPricing for interconnections shall be cost-orientated and there should be no direct charges to consumers for the use of this facility.
Amendment 199 #
2011/0187(COD)
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
BEREC, after consulting stakeholders and in close co-operation with the Commission, shall lay down, within a reasonable period of time not exceeding three months after the adoption of this Regulation, guidelines with regard to harmonised technical solutions relating to the facility for separate roaming services and to harmonised procedures to change the provider of roaming services. The harmonised technical solutions shall meet the requirements set out in paragraph 1. Upon a reasoned request from the BEREC, the Commission may extend that period.
Amendment 213 #
2011/0187(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. The average wholesale charge that the operator of a visited network may levy from the customer's home provider for the provision of a regulated roaming call originating on that visited network, inclusive inter alia of origination, transit and termination costs, shall not exceed EUR 0,140 per minute as of 1 July 2012.
Amendment 219 #
2011/0187(COD)
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. The average wholesale charge referred to in paragraph 1 shall apply between any pair of operators and shall be calculated over a twelve-month period or any such shorter period as may remain before the end of the period of application of a maximum average wholesale charge as provided for in this paragraph or the expiry of this Regulation. The maximum average wholesale charge shall decrease to EUR 0,107 and EUR 0,064 , on 1 July 2013 and on 1 July 2014 respectively. Without prejudice to Article 13, the maximum average wholesale charge shall remain at EUR 0,064 for the duration of this Regulation.
Amendment 224 #
2011/0187(COD)
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 2
Article 6 – paragraph 3 – subparagraph 2
The average wholesale charge referred to in paragraph 1 shall be calculated by dividing the total wholesale roaming revenue received by the total number of wholesale roaming minutes actually used for the provision of wholesale roaming calls within the Union by the relevant operator over the relevant period, aggregated on a per second basis adjusted to take account of the possibility for the operator of the visited network to apply an initial minimum charging period not exceeding 30 seconds.
Amendment 237 #
2011/0187(COD)
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1
Article 7 – paragraph 2 – subparagraph 1
2. The retail charge (excluding VAT) of a Eurotariff which a home provider may levy from its roaming customer for the provision of a regulated roaming call may vary for any roaming call but shall not exceed EUR 0,320 per minute for any call made or EUR 0,1104 per minute for any call received as of 1 July 2012 . The price ceiling for calls made shall decrease to EUR 0,2815 and EUR 0,2410 on 1 July 2013 and on 1 July 2014 respectively, and for calls received to EUR 0,103 on 1 July 2013 . Without prejudice to Articles 13 and 19 these regulated maximum retail charges for the Eurotariff shall remain valid until 30 June 2016.
Amendment 240 #
2011/0187(COD)
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 4
Article 7 – paragraph 2 – subparagraph 4
Amendment 247 #
2011/0187(COD)
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. With effect from 1 July 2012 , the average wholesale charge that the operator of a visited network may levy from the customer's home provider , for the provision of a regulated roaming SMS message originating on that visited network, shall not exceed EUR 0,03 per SMS message. The maximum average wholesale charge for the provision of a regulated roaming SMS message shall decrease to EUR 0,02 on 1 July 20143 and EUR 0,01 on 1 July 2014 respectively. Without prejudice to Article 13 the regulated wholesale charge for the provision of regulated roaming SMS messages shall remain at EUR 0,021 for the duration of this Regulation.
Amendment 261 #
2011/0187(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. With effect from 1 July 2012 , the retail charge (excluding VAT) of a Euro-SMS tariff which a home provider may levy from its roaming customer for a regulated roaming SMS message sent by that roaming customer may vary for any roaming SMS message but shall not exceed EUR 0,10 . 07. The price ceiling shall decrease to EUR 0,06 on 1 July 2013 and to EUR 0,05 on 1 July 2014.Without prejudice to Articles 13 and 19, the regulated maximum retail charge for the Euro-SMS tariff shall remain at EUR 0,105 until 30 June 2016.
Amendment 268 #
2011/0187(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. With effect from 1 July 2012 the average wholesale charge that the operator of a visited network may levy from the roaming customer's home provider for the provision of regulated data roaming services by means of that visited network shall not exceed a safeguard limit of EUR 0,30,25 EUR 0,2015 as of 1 July 2013 and EUR 0,10 as of 1 July 2014 per megabyte of data transmitted. Without prejudice to Article 13 the maximum average wholesale charge for the provision of regulated data roaming services shall remain at EUR 0,10 per megabyte of data transmitted for the duration of this Regulation.
Amendment 283 #
2011/0187(COD)
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1
Article 12 – paragraph 1 – subparagraph 1
1. Roaming providers shall make available to all their roaming customers, clearly and transparently, a Euro-data tariff as provided for in paragraph 2. This Euro-data tariff shall not entail any associated subscription or other fixed or recurring charges and may be combined with any retail tariff. The Euro-data tariff shall encompass the concept of net neutrality in respect for all data use, in particular access to VOIP and other similar services.
Amendment 296 #
2011/0187(COD)
Proposal for a regulation
Article 12 – paragraph 2 – subparagraph 1
Article 12 – paragraph 2 – subparagraph 1
2. With effect from 1 July 2012, the retail charge (excluding VAT) of a Euro-data tariff which a home provider may levy from its roaming customer for the provision of a regulated roaming data shall not exceed EUR 0,950 per megabyte. The price ceiling for data used shall decrease to EUR 0,730 and EUR 0,520, per megabyte used on 1 July 2013 and on 1 July 2014 respectively. Without prejudice to Articles 13 and 19, the regulated maximum retail charge shall remain at EUR 0,520, per megabyte used until 30 June 2016. Home providers shall not be allowed to charge roaming customers extra for their use of applications or services such as VOIP.
Amendment 304 #
2011/0187(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12 a Single Tariff With effect from 1 July 2015, in addition to their existing tariffs, providers who offer both national and roaming communications shall make available and publicise to all their customers a single tariff for calls, SMS and data use, which shall offer identical prices, irrespective of whether the consumer is roaming or not. The single tariff shall not exceed the price limits set out in Articles 7(2), 9(2) and 12(2).
Amendment 307 #
2011/0187(COD)
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. If, after 30 June 2018, the average wholesale charge for one of the roaming services (voice, SMS or data) for unbalanced traffic between operators that do not belong to the same group falls to 75% or less of the maximum wholesale charges provided for in Articles 6(2), 8(1) and 11(1) in at least 75% of the Member States, the maximum wholesale charges for the roaming service concerned shall no longer apply. The Commission shall regularly verify, on the basis of the market data collected by BEREC, whether this condition is met and, if so, it shall publish without delay in the C series of the Official Journal of the European Union the data proving that the maximum wholesale charges no longer apply for the service concerned.
Amendment 310 #
2011/0187(COD)
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. If, following the implementation of the separate sale of roaming services referred to in Article 5 and before 1 July 2016, the average retail charge at the Union level falls to 75% or less of the maximum retail charges provided for in Articles 7(2), 9(2) and 12(2), the maximum retail charges for that roaming services shall no longer apply. ThThe maximum retail charges provided for in Articles 7(2), 9(2) and 12(2) shall no longer apply once a true single market in mobile Ccommission shall regularly veunications with one single tarifyf, on the basis of the market data collected by BEREC, whetherprohibiting discriminatory pricing between domestic and EU communications is in place. Once this condition is met and, if so, itthe Commission shall publish without delay in the C series of the Official Journal of the European Union the data proving that the maximum retail charges no longer apply for the service concerned.
Amendment 313 #
2011/0187(COD)
Proposal for a regulation
Article 14 – title
Article 14 – title
Transparency of retail charges for regulated roaming calls and SMS messages
Amendment 316 #
2011/0187(COD)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1
Article 14 – paragraph 1 – subparagraph 1
1. To alert a roaming customer to the fact that he will be subject to roaming charges when making or receiving a call or when sending an SMS message, each home provider shall, except when the customer is at least 18 years old and has notified his home provider that he does not require this service, provide the customer, automatically by means of a Message Service, without undue delay and free of charge, when he enters a Member Statecountry other than that of his home network, with basic personalised pricing information on the roaming charges (including VAT) that apply to the making and receiving of calls and to the sending of SMS messages by that customer in the visited Member Statecountry.
Amendment 318 #
2011/0187(COD)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 2 – point b
Article 14 – paragraph 1 – subparagraph 2 – point b
(b) sending regulated roaming SMS messages while in the visited Member Statecountry.
Amendment 319 #
2011/0187(COD)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 4
Article 14 – paragraph 1 – subparagraph 4
On the occasion of each message, a customer who is at least 18 years old shall have the opportunity to give notice to home provider, free of charge and in an easy manner, that he does not require the automatic Message Service. A customer who has given notice that he does not require the automatic Message Service shall have the right at any time and free of charge to require the home provider to provide the service again.
Amendment 324 #
2011/0187(COD)
Proposal for a regulation
Article 14 – paragraph 3 a (new)
Article 14 – paragraph 3 a (new)
Amendment 328 #
2011/0187(COD)
Proposal for a regulation
Article 15 – paragraph 1 – subparagraph 1
Article 15 – paragraph 1 – subparagraph 1
1. Home providers shall ensure that their roaming customers, both before and after the conclusion of a contract, are kept adequately informed of the charges which apply to their use of regulated data roaming services, both inside and outside the Union, in ways which facilitate customers' understanding of the financial consequences of such use and permit them to monitor and control their expenditure on regulated data roaming services in accordance with paragraphs 2 and 3. The safeguard mechanisms referred to in paragraph 3 shall not apply to pre-paid customers that use pre-paid services without automatic top-ups.
Amendment 331 #
2011/0187(COD)
Proposal for a regulation
Article 15 – paragraph 1 – subparagraph 2
Article 15 – paragraph 1 – subparagraph 2
Amendment 334 #
2011/0187(COD)
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 1
Article 15 – paragraph 2 – subparagraph 1
2. An automatic message from the home provider shall inform the roaming customer that he is roaming and provide basic personalised tariff information on the charges applicable to the provision of regulated data roaming services to that roaming customer in the Member State concerned, except where the customer who is at least 18 years old has notified his home provider that he does not require this information.
Amendment 337 #
2011/0187(COD)
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 2
Article 15 – paragraph 2 – subparagraph 2
Such basic personalised tariff information shall be delivered to the roaming customer's mobile telephone or other device, for example by an SMS message, an e-mail or a pop-up window on the computer, every time the roaming customer enters a Member Statecountry other than that of his home network and initiates for the first time a regulated data roaming service in that particular Member Statecountry. It shall be provided free of charge at the moment the roaming customer initiates a regulated data roaming service, by an appropriate means adapted to facilitate its receipt and easy comprehension.
Amendment 338 #
2011/0187(COD)
Proposal for a regulation
Article 15 – paragraph 3 – subparagraph 1
Article 15 – paragraph 3 – subparagraph 1
3. Each home provider shall grant to all their roaming customers the opportunity to opt deliberately and free of charge for a facility which provides information on the accumulated consumption expressed in volume or in the currency in which the roaming customer is billed for regulated data roaming services provided both inside and outside the Union and which guarantees that, without the customer's explicit consent, the accumulated expenditure for regulated data roaming services over a specified period of use does not exceed a specified financial limit.
Amendment 339 #
2011/0187(COD)
Proposal for a regulation
Article 15 – paragraph 3 – subparagraph 2
Article 15 – paragraph 3 – subparagraph 2
To this end, the home provider shall make available one or more maximum financial limits for specified periods of use, provided that the customer who is at least 18 years old is informed in advance of the corresponding volume amounts. One of these limits (the default financial limit) shall be close to, but not exceed, EUR 50 of outstanding charges per monthly billing period (excluding VAT). For customers younger than 18 years the limit shall be close to, but not exceed, EUR 20 of outstanding charges per monthly billing period (excluding VAT).
Amendment 340 #
2011/0187(COD)
Proposal for a regulation
Article 15 – paragraph 3 – subparagraph 3
Article 15 – paragraph 3 – subparagraph 3
Alternatively, the home provider may establish limits expressed in volume, provided that the customer who is at least 18 years old is informed in advance of the corresponding financial amounts. One of these limits (the default volume limit) shall have a corresponding financial amount not exceeding EUR 50 of outstanding charges per monthly billing period (excluding VAT). For customers younger than 18 years the limit shall be close to, but not exceed, EUR 20 of outstanding charges per monthly billing period (excluding VAT).
Amendment 341 #
2011/0187(COD)
Proposal for a regulation
Article 15 – paragraph 3 – subparagraph 6
Article 15 – paragraph 3 – subparagraph 6
Each home provider shall also ensure that an appropriate notification is sent to the roaming customer's mobile telephone or other device, for example by an SMS message, an e-mail or a pop-up window on the computer, when the data roaming services have reached 50% and 80 % of the agreed financial or volume limit. Customers who are at least 18 years old shall have the right to require their operators to stop sending such notifications and shall have the right at any time and free of charge to require the home provider to provide the service again.
Amendment 342 #
2011/0187(COD)
Proposal for a regulation
Article 15 a (new)
Article 15 a (new)
Article 15 a Price comparison Any price information about retail voice, SMS and data roaming services to customers shall include VAT. The Commission shall also investigate transparency and comparability of different tariffs proposed by operators to their customers, and report back to the European Parliament and the Council on further measures necessary to ensure that consumers can easily compare these tariffs, and thus make it easier to take a decision to switch from one operator to another.
Amendment 343 #
2011/0187(COD)
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
Member States shall lay down the rules on penalties applicable to infringements of this Regulation and shall take all measures necessary to ensure that they are implemented. The penalties provided for must be effective, proportionate and dissuasive. They shall include an obligation to compensate subscribers when providers delay or hinder a subscriber's switch to an alternative roaming provider. Member States shall notify those provisions to the Commission no later than 30 March 2012 and shall notify it without delay of any subsequent amendment affecting them.
Amendment 347 #
2011/0187(COD)
Proposal for a regulation
Article 19 – paragraph 1 – indent 1
Article 19 – paragraph 1 – indent 1
– the developments in wholesale and retail charges for the provision to roaming customers of voice, SMS and data communication services, and the corresponding development inin comparison to the charges for mobile communications services at domestic level in the Member States, both for pre-paid and post-paid customers separately, and in the quality and speed of these services;
Amendment 351 #
2011/0187(COD)
Proposal for a regulation
Article 19 – paragraph 1 – indent 3
Article 19 – paragraph 1 – indent 3
– the extent to which consumers have benefited through realfrom reductions in the price of roaming services or in other ways from reductions in the costs of the provision of roamingcosts of the mobile communication services and the variety of tariffs and products which are available to consumers with different calling patterns;
Amendment 354 #
2011/0187(COD)
Proposal for a regulation
Article 19 – paragraph 1 – indent 5
Article 19 – paragraph 1 – indent 5
– the extent to which the structural solutions foreseen in Articles 3 and 4 have produced results in developing competition in the roaming market so as to entail one single tariff.
Amendment 358 #
2011/0187(COD)
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. If the report shows that the structural measures provided for by the present Regulation are not sufficient to promote competition in the roaming market for the benefit of European consumers so as to entail one single tariff, the Commission shall make appropriate proposals to the European Parliament and the Council to address this situation. The Commission shall examine, in particular, whether it is necessary to modify the structural measures or to extend the duration of any of the maximum retail charges foreseen in Articles 7, 9 and 12. bring about the technical and structural changes necessary for a true single market in mobile communications which would entail one single tariff, prohibiting discriminatory pricing between domestic and EU communications.
Amendment 126 #
2011/0172(COD)
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) The attainment of these objectives must take into account the Union’s international competitiveness. Efficiency of implementation is an absolute necessity. The bureaucracy involved, both for the public administration and for private industry, must be kept to a minimum. Particularly at times when public budgets are tight, costs must remain sustainable in the long term. Deindustrialisation of the Union must be prevented, if necessary by taxing imports from third countries whose undertakings are subject to inadequate requirements to save energy and achieve energy efficiency. The requirements of this Directive must not result in growing energy poverty for people in the Union.
Amendment 131 #
2011/0172(COD)
Proposal for a directive
Recital 2
Recital 2
(2) The Presidency Conclusions of the European Council of 8 and 9 March 2007 emphasized the need to increase energy efficiency in the Union to achieve the objective of saving 20% of the Union’s primary energy consumption by 2020 compared to projections. ThisEven if the Council decided not to adopt an absolute, binding objective, this would amounts to a reduction of the Union's primary energy consumption of 368 Mtoe in 2020.
Amendment 156 #
2011/0172(COD)
Proposal for a directive
Recital 11
Recital 11
(11) The Effort Sharing Decision (No 406/2009/EC) requires the Commission to assess and report by 2012 on the progress of the Community and its Member States towards the objective of reducing energy consumption by 20% by 2020 compared to projections. It also states that, to help Member States meet the Community’s greenhouse gas emission reduction commitments, the Commission should propose, by 31 December 2012, strengthened or new measures to accelerate energy efficiency improvements. This Directive responds to this requirement. It also contributes to meeting the goals set out in the Roadmap for moving to a competitive low carbon economy in 2050, notably by reducing greenhouse gas emissions from the energy sector, and to achieving zero emission electricity production by 2050.
Amendment 192 #
2011/0172(COD)
Proposal for a directive
Recital 15
Recital 15
(15) The rate of building renovation needs to be increased, as the existing building stock represents the single biggest potential sector for energy savings. Moreover, buildings are crucial to achieving the EU objective of dramatically reducing greenhouse gas emissions by 80-95% by 2050 compared to 1990. Buildings owned by public bodies account for a considerable share of the building stock and have high visibility in public life. It is therefore appropriate to set an annual rate of renovation of all buildings owned by public bodies to upgrade their energy performance. This renovation rate should be without prejudice to the obligations with regard to nearly- zero energy buildings set in Directive 2010/31/EU of the European Parliament and of the Council of 19 May 2010 on the energy performance of buildings. The obligation to renovate public buildings complements the provisions of that Directive, which requires Member States to ensure that when existing buildings undergo major renovation their energy performance is upgraded so that they meet minimum energy performance requirements.
Amendment 252 #
2011/0172(COD)
Proposal for a directive
Recital 23
Recital 23
(23) High-efficiency cogeneration (CHP) and district heating and cooling has significant potential for saving primary energy which is largely untapped in the Union. Member States should draw up national plans to develop high-efficiency CHP and district heating and cooling. These plans should cover a sufficiently long period to provide investors with information concerning national development plans and contribute to a stable and supportive investment environment. New electricity generation installations and existing installations which are substantially refurbished or whose permit or licence is updated should be equipped with high-efficient CHP units to recover waste heat stemming from the production of electricity. This waste heat could then be transported where it is needed through district heating networks. To this end, Member States should adopt authorisation criteria to ensure the location of installations in sites close to heat demand points. Member States should however be able to lay down conditions for exemption from these obligations where certain conditions are met. To promote investment in CHP, these installations should not be required to be covered by Directive 2003/87/EC of 13 October 2003.
Amendment 308 #
2011/0172(COD)
Proposal for a directive
Article 1 – paragraph 1 – subparagraph 1
Article 1 – paragraph 1 – subparagraph 1
This Directive establishes a common framework for the promotion of energy efficiency within the Union in order to ensure the achievement of the Union's target of 20% primary energy savings by 2020 and to pave the way for further energy efficiency improvements beyond that date. As low-CO2 and renewable energy become established, the pressure to make savings will ease after 2020.
Amendment 336 #
2011/0172(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 1 a (new)
Article 2 – paragraph 1 – point 1 a (new)
1 a. ‘Energy efficiency’ means the input of less primary energy to produce the same or more economic activities;
Amendment 446 #
2011/0172(COD)
Proposal for a directive
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Member States shall set a national energy efficiency target expressed as an absolute level of primary energy consumption in 2020. When setting these targets, they shall take into account the Union’s target of 20 % energy savings, the measures provided for in this Directive, the measures adopted to reach the national energy saving targets adopted pursuant to Article 4(1) of Directive 2006/32/EC and other measures to promote energy efficiency within Member States and at Union level. Each Member State may declare its national targets binding.
Amendment 477 #
2011/0172(COD)
Proposal for a directive
Article 3 – paragraph 2
Article 3 – paragraph 2
2. By 30 June1 December 2014, the Commission shall assess whether the Union is likely to achieve its target of 20 % primary energy savings by 2020, requiring a reduction of EU primary energy consumption of 368 Mtoe in 2020, taking into account the sum of the national targets referred to in paragraph 1 and the evaluation referred to in Article 19(4).
Amendment 521 #
2011/0172(COD)
Proposal for a directive
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Without prejudice to Article 7 of Directive 2010/31/EU, Member States shall ensure that as from 1 January 2014, 3 % of the total floor area owned by their public bodies is renovated each year to meet at least the minimum energy performance requirements set by the Member State concerned in application of Article 4 of Directive 2010/31/EU. The 3 % rate shall be calculated on the total floor area of buildings with a total useful floor area over 251000 m2 owned by the public bodies of the Member State concerned that, on 1 January of each year, does not meet the national minimum energy performance requirements set in application of Article 4 of Directive 2010/31/EU.
Amendment 571 #
2011/0172(COD)
Proposal for a directive
Article 4 – paragraph 3
Article 4 – paragraph 3
Amendment 588 #
2011/0172(COD)
Proposal for a directive
Article 4 – paragraph 3 a (new)
Article 4 – paragraph 3 a (new)
3a. Public bodies that rent buildings should be required by the Member States to ensure that the landlord renovates the rented premises to make them more energy-efficient. For reasons of competition, public bodies may not renovate with public money rented premises belonging to private landlords.
Amendment 707 #
2011/0172(COD)
Proposal for a directive
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
1a. Paragraph 1 above shall not apply to a Member State which is in an economic recession.
Amendment 785 #
2011/0172(COD)
Proposal for a directive
Article 6 – paragraph 8
Article 6 – paragraph 8
8. Member States may exempt small energy distributors and small retail energy sales companies, namely those that distribute or sell less than the equivalent of 75130 GWh of energy per year, or that employ fewer than 10 persons or have an annual turnover or annual balance sheet total that does not exceed EUR 2 000 000, from the application of this Article. Energy produced for self use shall not count towards these thresholds.
Amendment 1070 #
2011/0172(COD)
Proposal for a directive
Article 10 – paragraph 1
Article 10 – paragraph 1
1. By 1 January 20145, Member States shall establish and notify to the Commission a national heating and cooling plan for developing the potential for the application of high-efficiency cogeneration and efficient district heating and cooling, containing the information set out in Annex VII. The plans shall be updated and notified to the Commission every five years. Member States shall ensure by means of their regulatory framework that national heating and cooling plans are taken into account in local and regional development plans, including urban and rural spatial plans, and fulfil the design criteria in Annex VII.
Amendment 1193 #
2011/0172(COD)
Proposal for a directive
Article 10 – paragraph 4 – subparagraph 2
Article 10 – paragraph 4 – subparagraph 2
Member States shall notify such conditions for exemption to the Commission by 1 January 20145. The Commission may refuse those conditions or make suggestions for modifications in the 6 months following notification. In such cases, the conditions for exemption shall not be applied by the Member State concerned until the Commission expressly accepts the resubmitted or modified conditions.
Amendment 1253 #
2011/0172(COD)
Proposal for a directive
Article 10 – paragraph 7 – subparagraph 2
Article 10 – paragraph 7 – subparagraph 2
Member States shall notify such conditions for exemption to the Commission by 1 January 20145. The Commission may refuse those conditions or make suggestions for modifications in the 6 months following notification. In such cases, the conditions for exemption shall not be applied by the Member State concerned until the Commission expressly accepts the resubmitted or modified conditions.
Amendment 21 #
Amendment 7 #
2010/2239(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Notes the Commission’s statement that, “this Green Paper does not question Member States’ prerogatives in pensions or the role of social partners and it does not suggest that there is one ‘ideal’ one- size-fits-all pension system design” (page 2 of the Green Paper, 5th paragraph); considers that it is for Member States to draw their own conclusions, where necessary, as this matter falls under the subsidiarity principle;
Amendment 7 #
2010/2108(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the Union faces the problem of poorlate or incomplete implementation of energy legislation and overall energy strategies which calls for strong leadership from the Commission to bridge this gapan absence of overall or coordinated energy strategies,
Amendment 22 #
2010/2108(INI)
Motion for a resolution
Recital E
Recital E
E. whereas investments in the energy sector are very capital intensive, and there is a need to create a stable long-term regulatory framework and which therefore enables companies to take environmentally and economically sound investment decisions, and whereas this should on no account entail distortions of competition,
Amendment 43 #
2010/2108(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Underlines that the proposed strategy should also be carried out, above all, in the spirit of solidarity and responsibility, where no Member State can be left behind or isolated and all Member States take measures to ensure the Union's mutual security; stresses the inclusion of a specific chapter on energy (article 194 TFEU) ensuring a firm legal basis for Union action based on the Community method;
Amendment 58 #
2010/2108(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Stresses that the completion of the European internal energy market is indispensable for the fulfilment of the EU's policy objectives; believes this should be based onat a clear legal framework, where legislation is strictly enforced and the Commission refers more member states to the ECJ for infringements if need for this exists and must now be implemented;
Amendment 70 #
2010/2108(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 76 #
2010/2108(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Believes that the role of energy market regulators and the cooperation between national regulators and the Commissioncooperation between the relevant national authorities should be strengthened, especially in regards to retail and wholesale markets; notes that if the ACER and ENTSOs should first begin their work in an orderly way before additional tasks are assigned to them; notes that it might become necessary to consider amending the mandate of the ACER if, after thorough evaluation, its competences prove to be insufficient to create a more integrated regional and European energy markets, it might become necessary to amend their mandates;
Amendment 95 #
2010/2108(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Recalls the 2005 Commission sector inquiry; calls for a second energy sector inquiry to be launched in 20128;
Amendment 114 #
2010/2108(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Believes that the TYNDP plans to integrate the EU's electricity and gas grid networks should be implemented and completed by 2020by 2020 should provide the technological and methodological bases for new legislation on infrastructure; stresses the need for better gas grid interconnections and LNG terminals which should lead to the ending of the market isolation of some Member States;
Amendment 124 #
2010/2108(INI)
Motion for a resolution
Paragraph 15 – point a
Paragraph 15 – point a
a) evaluate the problem of authorisation permits for energy infrastructure and public opposition to it and remove red tape;
Amendment 129 #
2010/2108(INI)
Motion for a resolution
Paragraph 15 – point b
Paragraph 15 – point b
b) seupport priority projects and set criteria to identify key investments for the development of the internal energy market;
Amendment 140 #
2010/2108(INI)
Motion for a resolution
Paragraph 15 – point e
Paragraph 15 – point e
e) create a cross-border cost sharing model, especially in terms of coordinated development of infrastructure and renewables;
Amendment 158 #
2010/2108(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Believes that innovative financial instruments (as for instance risk-sharing facilities and loan schemes by public banks) could be an important tool for supporting investments in the energy infrastructure and energy efficiency; calls, therefore, on the Commission to increasingly replace traditional loans by these schemes; strongly endorses the proposal to use the EU budget equity as loan guarantees to encourage private and PPP investsupport Member States in introducing innovative financial instruments;
Amendment 171 #
2010/2108(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 185 #
2010/2108(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
Amendment 203 #
2010/2108(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Asks the Commission to come forward with an impact assessment study onf the future of the world and EU gas market, including the impact of the already planned gas infrastructure projects (i.e. Nabucco), new LNG terminals, the impact of shale gas on the US gas market (notably on LNG import needs) and the impact of possible shale gas developments in the EU on future gas security of gas supply and prices before the end of the year; , by next year; the study should reflect, and take as a starting point, the current state of infrastructure development;
Amendment 240 #
2010/2108(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Calls on the Member States to agree on a common methodology for measuring national and regional energy efficiency and savings targets and monitoring progress on achieving these targets; stresses that binding legal targets can only be included once a common methodology is agreed;
Amendment 255 #
2010/2108(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Asks the Commission to present a communication on how to increase efficiency in the deploymentpromotion of renewable sources of energy within the EU by striving towards a system of EU-wide common incentives for renewable sources of energy, which would allow to deploy the specific type of renewables in those parts of the EU, where they are most cost-efficient, and, thereby, lower electricity prices; believes that in the midterm, regional renewables market groups could be createdthe cost of promoting them and guarantee the efficient allocation of funding;
Amendment 281 #
2010/2108(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Believes that in coordination with the EEAS, the Commission should ensure that the Union speaks with one voice on energxternal energy policy;
Amendment 288 #
2010/2108(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Considers that all external pipelines and other energy networks entering the territory of the European Union should be governed by transparent agreements and subject to internal market rules, including rules on third party access and, destination clauses, allocation and bottleneck management rules and the duration of contracts; calls on the Commission to assure that current and future pipelines and commercial agreements respect the European energy acquis and to take action if necessary;
Amendment 308 #
2010/2108(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
36. Calls on the Commission and the involved Member States to further proceed with the implementation of the EU pipeline project Nabuccos, which could significantly enhance the security of gas supply of the European Union; asks for the vacancy of the EU Nabucco co-ordinator post to be filled as soon as possible;
Amendment 327 #
2010/2108(INI)
Motion for a resolution
Paragraph 38 a (new)
Paragraph 38 a (new)
Amendment 338 #
2010/2108(INI)
Motion for a resolution
Paragraph 40
Paragraph 40
40. Encourages and supports the construction of LNG terminals, notably in countries most vulnerable to disruptions of gas supply, on the basis of a cost-benefit analysis carried out in advance and subject to the proviso that no distortions of competition or forms of discrimination arise;
Amendment 367 #
2010/2108(INI)
Motion for a resolution
Paragraph 43
Paragraph 43
43. Calls on the Commission to promote and support financially pilot projects in the EU for the exploitation of unconventional domestic energy sources, including shale gas; asks the commission to assist Member States to carry out geological surveys to determine the level of available resourceerves of shale gas in the Union and asks for it to be included in the long term strategy of the Union;
Amendment 373 #
2010/2108(INI)
Motion for a resolution
Paragraph 44
Paragraph 44
44. Believes that in the mid-term, conventional and unconventional sources of natural gas are the quickest and easiest way to lower carbon emissions before moving to a non-fossil fuel based economy, therefore calls for SET initiatives on CCS to focus also on gas burning power plants and other bio-fuels' emissions;
Amendment 382 #
2010/2108(INI)
Motion for a resolution
Paragraph 45
Paragraph 45
45. As cited in the Second Energy Review, coal is still a key domestic source of energy and therefore the Union should continue research towards clean coal technologies such as CCS, coal gasification and coal liquefaction;
Amendment 415 #
2010/2108(INI)
Motion for a resolution
Paragraph 51
Paragraph 51
51. Reminds the energy industry of its obligations under the 3rd energy package to introduce clear and understandable energy invoices; believes that the information contained in the Commission's Citizens' Energy Forum templates for invoices should be used as a basis for standardised energy invoices across the Unionthe minimum standard for every energy invoice;
Amendment 163 #
2010/0363(COD)
Proposal for a regulation
Article 2 – point 1 – subparagraph 3
Article 2 – point 1 – subparagraph 3
By way of example, information which is required to be made public in accordance with the provisions of Regulation (EC) No. 714/2009 or Regulation (EC) No. 715/2009, including guidelines and network codes adopted pursuant to those Regulations, can constitute inside information. particular information relevant to facilities for production, consumption or transmission of electricity or gas, including: (a) any planned outage, limitation, expansion or dismantling of capacity beyond the thresholds which is required to be made public in accordance with the provisions of Regulation (EC) No. 714/2009 or Regulation (EC) No. 715/2009, including guidelines and network codes adopted pursuant to those Regulations; (b) any unplanned outage or failure beyond the thresholds which is required to be made public in accordance with the provisions of Regulation (EC) No 714/2009 or Regulation (EC) No 715/2009, including guidelines and network codes adopted pursuant to those Regulations; (c) any other information that is likely to have a significant effect on the prices of one or more wholesale energy products if made public; constitutes inside information. The following information is not considered inside information: (a) information regarding the market participant’s own plans and strategies for trading; (b) information that a client representative receives in this capacity as such regarding a client, as well as any other information conveyed by a client to a client representative.
Amendment 185 #
2010/0363(COD)
Proposal for a regulation
Article 2 – point 4 – subparagraph 2
Article 2 – point 4 – subparagraph 2
Contracts for the supply of natural gas or electricity for the use of final consumers with a consumption of less than 100 GWh per year are not wholesale energy products.
Amendment 202 #
2010/0363(COD)
Proposal for a regulation
Article 2 – point 8 a (new)
Article 2 – point 8 a (new)
8a. ‘trading venues’ means organised trading venues for wholesale energy products which are financial instruments, particularly regulated markets and multilateral trading facilities as defined in Directive 2004/39/EC, and spot markets, including gas hubs, for physical wholesale energy products.
Amendment 328 #
2010/0363(COD)
Proposal for a regulation
Article 13
Article 13
The Member States shall lay down the rules on penalties applicable to infringements of the provisions of this Regulation and shall take all measures necessary to ensure that they are implemented. The penalties provided for must be effective, proportionate and dissuasive. They must reflect the gravity of the infringements and must considerably exceed the real or potential gains from illegal operations. The Member States shall notify those provisions to the Commission by ... at the latest and shall notify it without delay of any subsequent amendment affecting them.
Amendment 182 #
2010/0252(COD)
Proposal for a decision
Article 2 – point b
Article 2 – point b
(b) applying technology and service neutrality infor the harmonised use of spectrum for electronic communications networks and services, in accordance with Article 9 of Directive 2002/21/EC (Framework Directive), and where possible for other sectors and applications, in such a way as to promote efficiency of spectrum use, in particular by fostering flexibility, and to promote innovation; and facilitate increased mobile data traffic and broadband services, in particular by fostering flexibility, and to promote innovation, taking account of the need to avoid harmful interference and ensure technical quality of service;
Amendment 227 #
2010/0252(COD)
Proposal for a decision
Article 3 – point b
Article 3 – point b
(b) maximiseenhance the efficient use of spectrum by fostering, where appropriate, flexibility in the use of spectrum, to promote innovation and investment, through the application of the principles of technology and service neutrality and through adequate regulatory predictability, the opening of spectrum to new services, and the possibility to trade spectrum rights;
Amendment 349 #
2010/0252(COD)
Proposal for a decision
Article 6 – paragraph 6
Article 6 – paragraph 6
6. If necessary,n order to ensure that all citizens have access to advanced digital services including broadband, in particular in rural, remote and sparsely populated areas, Member States and the Commission shall ensure the availability of additionalsufficient spectrum bands for the provision of harmonised satellite services for broadband access that will cover the whole territory of the Union including the most remote areas with a broadband offering enabling Internet access at a comparable price to terrestrial offeringsenabling Internet access and the delivery of audiovisual content. Taking into account the appropriate compatibility studies, technical harmonisation of additional frequency bands may be considered in accordance with Decision 676/2002/EC.
Amendment 139 #
2010/0251(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) It is appropriate and necessary for the provisions to take the legislative form of a Regulation as some provisions impose direct obligations on private parties to notify and disclose net short positions relating to certain instruments and regarding uncovered short selling. A regulation is also necessary to confer powers on the European Securities and Markets Authority (ESA(ESMA) established by Regulation (EU) No […/…]1095/2010 of the European Parliament and of the Council16 to coordinate measures taken by competent authorities or to take measures itself.
Amendment 142 #
2010/0251(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) To set an end to the current fragmented situation in which some Member States have taken divergent measures and to restrict the possibility of divergent measures being taken by competent authorities it is important to address the potential risks arising from short selling and credit default swaps in a harmonised manner. The requirements to be imposed should address the identified risks without unduly detracting from the benefits that short selling provides toand ensure the quality and efficiency of markets.
Amendment 148 #
2010/0251(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) Although commodities markets, and especially agricultural markets, are exposed to similar risks to those of other financial instruments in this Regulation, commodities do not fall within the scope of this Regulation. Purely speculative trading should be prohibited and ESA(ESMA) and the competent authorities should be given the competence to tackle dysfunctions in commodities markets effectively. In this regard, the Commission should put forward an appropriate proposal for regulating commodities markets, taking into consideration their specificities. Commodities relevant to the energy sector should be addressed in the Commission's proposal for a Regulation on energy market integrity and transparency (COM(2010)0726).
Amendment 154 #
2010/0251(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) Enhanced transparency relating to significant net short positions in specific financial instruments is likely to be of benefit to both the regulator and to market participants. For shares admitted to trading on a trading venue or privately placed in the Union, a two-tier model should be introduced that provides for greater transparency of significant net short positions in shares at the appropriate level. At a lower threshold notification of a position should be made privately to the regulators concerned to enable them to monitor and, where necessary, investigate short selling that may create systemic risks or be abusive; at a higher threshold, positions should be publicly disclosed to the market in order to provide useful information to other market participants about significant individual short selling positions in shares.
Amendment 155 #
2010/0251(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) Disclosure to regulators of significant net short positions relating to sovereign debt or relating to the indices of financial markets of Member States or the Union would provide important information to assist regulators in monitoring whether such positions are in fact creating systemic risks or being used for abusive purposes. Notification to regulators of significant net short positions relating to sovereign debt inor the indices of financial markets of Member States or the Union should therefore be provided for. Such a requirement should only include private disclosure to regulators as publication of information to the market for such instruments could have a detrimental effect on sovereign debt markets where liquidity is already impaired or relating to the indices of financial markets of Member States or the Union. Any requirement should include notification of significant exposures to sovereign issuers obtained by using credit default swaps and financial instruments related to the financial indices of Member States or of the Union.
Amendment 159 #
2010/0251(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) In order to ensure a comprehensive and effective transparency requirement, it is important to include not only short positions created by trading shareecurities, index-related instruments or sovereign debt on trading venues but also short positions created by trading outside trading venues and economic net short positions created by the use of derivatives.
Amendment 163 #
2010/0251(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) To be useful to regulators and the market, any transparency regime should provide complete and accurate information about a natural or legal person's positions. In particular, information provided to the regulator or the market should take into account both short and long positions so as to provide valuable information about the natural or legal person's net short position in sharecurities, indices, sovereign debt and credit default swaps.
Amendment 164 #
2010/0251(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) The calculation of short position or long position should take into account any form of economic interest which a natural or legal person has in relation to the issued share capital of company or, issued sovereign debt of the Member State or the Union or indices of financial markets of a Member State or the Union. In particular, it should take into account such an interest obtained directly or indirectly through the use of derivatives such as options, futures, contracts for differences and spread bets relating to shares orecurities, sovereign debt or indices. In the case of positions relating to sovereign debt it should also take into account credit default swaps relating to sovereign debt issuers.
Amendment 172 #
2010/0251(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) In addition to the transparency regime for the disclosure of net short positions in sharecurities, a requirement for the marking of sell orders that are executed on trading venues as short orders should be introduced to provide supplementary information about the volume of short sales of sharecurities executed on trading venues. Information about short sale orders should be collated by the trading venue or by the investment firm which executes orders on behalf of clients or for own account when orders are not executed on trading venues and published in summary form at least daily in order to also help competent authorities and market participants to monitor levels of short selling.
Amendment 176 #
2010/0251(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) Buying credit default swaps without having a long position in underlying sovereign debt can be, economically speaking, equivalent to taking a short position on the underlying debt instrument. The calculation of a net short position in relation to sovereign debt should therefore include credit default swaps relating to an obligation of a sovereign debt issuer. The credit default swap position should be taken into account both for the purposes of determining whether a natural or legal person has a significant net short position relating to sovereign debt that needs to be notified to a competent authority or a significant uncovered position in a credit default swap relating to an issuer of sovereign debt that needs to be notified to the authoritythat is prohibited pursuant to this Regulation.
Amendment 178 #
2010/0251(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) In order to be effective, it is important that the transparency obligations apply regardless of where the natural or legal person is located, including where the natural or legal person is located outside the Union, but has a significant net short position in a company that has shares admitted to trading on a trading venue in the Union or a net short position in sovereign debt issued by a Member State or the Unfinancial instrument covered by this Regulation.
Amendment 182 #
2010/0251(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) Uncovered short selling of shares and sovereign debt is sometimes viewed as increasing the potential risk of settlement failure and volatility. To reduce such risks it is appropriate to place proportionate restrictions on uncovered short selling. The detailed restis increasing the risk of market manipulation, settlement failure and volatility. For this reason uncovered short sales and uncovered positions in credit default swaps are prohibited. It is appropriate to allow short sales only of previously borrowed securities or debt or of securictions should take into account the different arrangements currently used for covered short sellinges or debt of which the loan is guaranteed. It is also appropriate to include requirements on trading venues relating to buy-in procedures and fines for failed settlement of transactions in those instruments. The buy-in procedures and late settlement requirements should set basic standards relating to settlement discipline.
Amendment 192 #
2010/0251(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) Measures relating to sovereign debt and sovereign credit default swaps including increased transparency and restrictions on uncovered short selling should impose requirements which are proportionate and at the same time avoid an adverse impact on the liquiditefficiency of sovereign bond markets and sovereign bond repurchase (repo) markets.
Amendment 198 #
2010/0251(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) In the case of a significant fall in the price of a financial instrument on a trading venue a competent authority should also have the ability to temporarily restrict short selling of the financial instrument on that venue in order to be able to intervene rapidly where appropriate and for a 24 hour period to prevent a disorderly price fall of the instrument concerned.
Amendment 204 #
2010/0251(COD)
Proposal for a regulation
Recital 29
Recital 29
(29) ESA(ESMA) should be given a general power to conduct an inquiry into an issue or practice relating to short selling or the use of credit default swaps to assess whether that issue or practice poses any potential threat to financial stability or to market confidence. ESA(ESMA) should publish a report setting out its findings when it conducts such an inquiry and, if ESA (ESMA) considers that a measure should be introduced at Union level, its decision should be binding on competent authorities.
Amendment 206 #
2010/0251(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) Based on guidelines adopted by ESA(ESMA) and taking into consideration the Commission's Communication on reinforcing sanctioning regimes in the financial services sector, Member States should lay down rules on sanctionpenalties applicable to infringements of the provisions of this Regulation and ensure that they are implemented. The sanctionpenalties should be effective, proportionate and dissuasive. Ultimately, a harmonised penalties regime should be established in the Union.
Amendment 209 #
2010/0251(COD)
Proposal for a regulation
Article 1 – point 1
Article 1 – point 1
(1) financial instruments that are admitted to trading on a trading venue in the Union or privately placed, including such instruments when traded outside a trading venue;
Amendment 219 #
2010/0251(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point m
Article 2 – paragraph 1 – point m
(m) "principal venue" in relation to a shareecurity means the venue for the trading of that shareecurity with the highest turnover;
Amendment 220 #
2010/0251(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point p
Article 2 – paragraph 1 – point p
(p) "short sale" in relation to a share or debfinancial instrument means any sale of the share or debfinancial instrument which the seller does not own at the time of entering into the agreement to sell including such a sale where at the time of entering into the agreement to sell the seller has borrowed or agreed to borrow the share or debt for delivery at settlementnd any sale that is completed by the delivery of a financial instrument borrowed by, or for the account of, the seller;
Amendment 225 #
2010/0251(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point s a (new)
Article 2 – paragraph 1 – point s a (new)
(sa) "uncovered short sale" in relation to a financial instrument means the short sale of a financial instrument when the seller has not borrowed, or entered into an agreement to borrow, before or at the time of submitting the short sale order, the financial instrument that it is to deliver to the purchaser.
Amendment 226 #
2010/0251(COD)
Proposal for a regulation
Article 3 – paragraph 1 – introductory part
Article 3 – paragraph 1 – introductory part
1. For the purposes of this Regulation, a position resulting from either of the following shall be considered a short position relating to the issued share capital of a company or, to the issued sovereign debt of a Member State or the Union or to the indices of financial markets of a Member State or the Union:
Amendment 229 #
2010/0251(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) a short sale of a shareecurity issued by the company or a debt instrument issued by the Member State or Union;
Amendment 233 #
2010/0251(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
(b) a natural or legal person entering into transaction which creates or relates to a financial instrument other than the instruments referred to in point (a) and the effect or one of the effects of the transaction is to confer a financial advantage on the natural or legal person in the event of a decrease in the price or value of the share orecurity, debt instrument or index.
Amendment 235 #
2010/0251(COD)
Proposal for a regulation
Article 3 – paragraph 2 – introductory part
Article 3 – paragraph 2 – introductory part
2. For the purposes of this Regulation, a position resulting from either of the following shall be considered a long position relating to the issued share capital of a company or, issued sovereign debt of a Member State or the Union or indices of financial markets of a Member State or the Union:
Amendment 239 #
2010/0251(COD)
Proposal for a regulation
Article 3 – paragraph 2 – point a
Article 3 – paragraph 2 – point a
(a) holding a shareecurity issued by the company or a debt instrument issued by the Member State or Union;
Amendment 241 #
2010/0251(COD)
Proposal for a regulation
Article 3 – paragraph 2 – point b
Article 3 – paragraph 2 – point b
(b) a natural or legal person entering into a transaction which creates or relates to a financial instrument other than the instruments referred to in point (a) and the effect or one of the effects of the transaction is to confer a financial advantage on the natural or legal person in the event of an increase in the price or value of the share or debtecurity, debt instrument or index-related instrument.
Amendment 250 #
2010/0251(COD)
Proposal for a regulation
Article 3 – paragraph 7 – point a
Article 3 – paragraph 7 – point a
(a) where a natural or legal person is considered to hold a shareecurity or debt instrument for the purposes of paragraph 2;
Amendment 251 #
2010/0251(COD)
Proposal for a regulation
Article 3 – paragraph 7 – point c a (new)
Article 3 – paragraph 7 – point c a (new)
(ca) the method of calculating net short positions for index-related instruments.
Amendment 261 #
2010/0251(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. A natural or legal person who has a net short position in relation to the issued share capital of a company that has shares admitted to trading on a trading venue shall notify the relevant competent authority whenever the position reaches or falls below a relevant notification threshold referred to in paragraph 2.
Amendment 273 #
Amendment 277 #
2010/0251(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
A trading venue that has sharecurities admitted to trading or an investment firm which executes orders on behalf of clients of for own accounts in those instruments outside a trading venue shall establish procedures that ensure that natural or legal persons executing orders on the trading venue or through the investment firm are in a position to mark sell orders as short orders if the seller is entering into a short sale of the shareecurities. The trading venue or the investment firm shall publish at least daily a summary of the volume of orders marked as short orders.
Amendment 284 #
2010/0251(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. A natural or legal person who has a net short position in relation to the issued share capital of a company that has shares admitted to trading on a trading venue shall disclose to the public details of the position whenever the position reaches or falls below a relevant publication threshold referred to in paragraph 2.
Amendment 294 #
2010/0251(COD)
Proposal for a regulation
Article 8 – title
Article 8 – title
Notification to competent authorities of significant net short positions in sovereign debt and credit default swapfinancial instruments other than shares
Amendment 297 #
2010/0251(COD)
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. A natural or legal person who has any of the following positions shall notify the relevant competent authority wheneveras soon as any such position reaches or falls below a relevant notification threshold for the Member State concerned or the Union:
Amendment 298 #
2010/0251(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point a
Article 8 – paragraph 1 – point a
(a) a net short position relating to the issued sovereign debt of a Member State or of the Union or a net short position in a financial instrument relating to the issued sovereign debt of a Member State or of the Union;
Amendment 302 #
2010/0251(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point b
Article 8 – paragraph 1 – point b
(b) an uncovered position in a credit default swap relating to an obligation net short position relating to the indices of a financial market of a Member State or the Union or a net short position in a financial instrument relating to the indices of a financial market of a Member State or the Union.
Amendment 304 #
2010/0251(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point b a (new)
Article 8 – paragraph 1 – point b a (new)
(ba) a net short position in a financial instrument relating to the issued share capital of a company.
Amendment 307 #
2010/0251(COD)
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. The relevant notification thresholds shall consist of an initial amount and then additional incremental levels in relation to each Member State and the Union, asbe specified in the measures taken by the Commission in accordance with paragraph 3.
Amendment 309 #
2010/0251(COD)
Proposal for a regulation
Article 8 – paragraph 3 – introductory part
Article 8 – paragraph 3 – introductory part
3. The Commission shall, by means of delegated acts in accordance with Article 36 and subject to the conditions of Articles 37 and 38, specify the amounts and incremental levelrelevant notification thresholds referred to in paragraph 2. It shall take into account all of the following elements:
Amendment 323 #
2010/0251(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Competent authorities shall provide information in summary form to ESMA on a quarterly basis on net short positions relating to shares or sovereign debt, and uncovered positions relating to credit default swapsecurities, indices or sovereign debt, for which it is the relevant competent authority and receives notifications under Articles 5 to 8.
Amendment 324 #
2010/0251(COD)
Proposal for a regulation
Article 11 – paragraph 2 – subparagraph 1
Article 11 – paragraph 2 – subparagraph 1
ESMA may request at any time, in order to carry out its duties under this Regulation, additional information from a relevant competent authority of a Member State about net short positions relating to shares or sovereign debtecurities, indices or uncsovered positions relating to credit default swapsign debt.
Amendment 325 #
2010/0251(COD)
Proposal for a regulation
Chapter 3 – title
Chapter 3 – title
Amendment 326 #
Amendment 328 #
2010/0251(COD)
Proposal for a regulation
Article 12 – paragraph 1 – introductory part
Article 12 – paragraph 1 – introductory part
1. A natural or legal person may only enter into a short sale of a share admitted to trading on a trading venue or a short sale of a sovereign debt instrument wheren one of the following conditions is fulfilled:
Amendment 339 #
2010/0251(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point a
Article 12 – paragraph 1 – point a
(a) the natural or legal person has borrowed the share or sovereign debtfinancial instrument;
Amendment 343 #
2010/0251(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point b
Article 12 – paragraph 1 – point b
(b) the natural or legal person has entered into an agreement to borrow the share or sovereign debtfinancial instrument;
Amendment 348 #
2010/0251(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point c
Article 12 – paragraph 1 – point c
Amendment 364 #
2010/0251(COD)
Proposal for a regulation
Article 12 – paragraph 2 – subparagraph 1
Article 12 – paragraph 2 – subparagraph 1
2. In order to ensure uniform conditions of application of paragraph 1 powers are conferred to the Commission to adopt implementing technical standards identifying the types of agreements or arrangements that adequately ensure that the share or sovereign debtfinancial instrument will be available for settlement.
Amendment 365 #
2010/0251(COD)
Proposal for a regulation
Article 12 – paragraph 2 – subparagraph 2
Article 12 – paragraph 2 – subparagraph 2
The Commission shall in particular take into account the need to preserve liquiditthe efficiency of markets especially sovereign bond markets and sovereign bond repurchase markets (repo markets).
Amendment 371 #
2010/0251(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Uncovered short sales Uncovered short sales shall be prohibited.
Amendment 373 #
2010/0251(COD)
Proposal for a regulation
Article 12 b (new)
Article 12 b (new)
Article 12b Uncovered positions in credit default swaps Uncovered positions in credit default swaps shall be prohibited.
Amendment 406 #
2010/0251(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. Articles 5, 7, 12 and 13 shall not apply to shares of a company admitted to trading on a trading venue in the Union where the principal venue for the trading of the shares is located in a country outside the Union.
Amendment 407 #
2010/0251(COD)
Proposal for a regulation
Article 14 – paragraph 2 – subparagraph 1
Article 14 – paragraph 2 – subparagraph 1
2. The relevant competent authority for sharecurities of a company that are traded on a trading venue in the Union and a venue located outside the Union shall determine, at least every two years, whether the principal venue for the trading of those sharecurities is located outside the Union.
Amendment 408 #
2010/0251(COD)
Proposal for a regulation
Article 14 – paragraph 2 – subparagraph 2
Article 14 – paragraph 2 – subparagraph 2
The relevant competent authority shall notify ESA (ESMA) of any such sharesecurity identified as having their principal venue located outside the Union.
Amendment 409 #
2010/0251(COD)
Proposal for a regulation
Article 14 – paragraph 2 – subparagraph 3
Article 14 – paragraph 2 – subparagraph 3
ESA (ESMA) shall publish the list of sharecurities for which the principal venue is located outside the Union every two years. The list shall be effective for a two year period.
Amendment 412 #
2010/0251(COD)
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
Article 15 – paragraph 1 – introductory part
1. Articles 5, 6, 7, 8 and 12 to 8 shall not apply to the activities of an investment firm or a third country entity or a local firm that is a member of a trading venue or of a market in a third country, whose legal and supervisory framework has been declared equivalent pursuant to paragraph 2, when it deals as principal in a financial instrument, whether traded on or outside a trading venue, in either or both of the following capacities:
Amendment 434 #
2010/0251(COD)
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. Articles 8 and 12 shall not apply to the activities of a natural or legal person when, acting as an authorised primary dealer pursuant to an agreement with an issuer of sovereign debt, it is dealing as principal in a financial instrument in relation to primary or secondary market operations relating to the sovereign debt.
Amendment 436 #
2010/0251(COD)
Proposal for a regulation
Article 15 – paragraph 4
Article 15 – paragraph 4
4. Articles 5, 6, 7 and 127 shall not apply to a natural or legal person when it enters into a short sale of a security or has a net short position in relation to the carrying out of a stabilisation under Chapter III of Commission Regulation (EC) No 2273/2003.
Amendment 443 #
2010/0251(COD)
Proposal for a regulation
Article 16 – paragraph 1 – introductory part
Article 16 – paragraph 1 – introductory part
1. The competent authority of a Member State may require natural or legal persons who have net short positions in relation to a specific financial instrument or class of financial instruments to notify it or to disclose to the public details of the position whenever the position reaches or falls below a notification threshold fixed by the competent authority, where all the following conditdverse events or developments constitute a serionus are fulfilled:threat to financial stability or to market confidence in the Member State or in another Member State.
Amendment 444 #
2010/0251(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point a
Article 16 – paragraph 1 – point a
Amendment 445 #
2010/0251(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point b
Article 16 – paragraph 1 – point b
Amendment 449 #
2010/0251(COD)
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. The competent authority of a Member State may take the measure referred to in paragraphs 2 or 3, where all of the following conditions are fulfilled:dverse events or developments constitute a serious threat to financial stability or to market confidence in the Member State or one or more other Member States.
Amendment 451 #
2010/0251(COD)
Proposal for a regulation
Article 17 – paragraph 1 – point a
Article 17 – paragraph 1 – point a
Amendment 452 #
2010/0251(COD)
Proposal for a regulation
Article 17 – paragraph 1 – point b
Article 17 – paragraph 1 – point b
Amendment 463 #
2010/0251(COD)
Proposal for a regulation
Article 18 – paragraph 1 – introductory part
Article 18 – paragraph 1 – introductory part
1. The competent authority of a Member State may limit natural or legal persons from entering into credit default swap transactions relating to an obligation of a Member State or the Union or limit the value of uncovered credit default swap positions that may be entered into by natural or legal persons that relate to an obligation of a Member State or the Union, where both the following conditions are fulfilled: (a) there are adverse events or developments which constitute a serious threat to financial stability or to market confidence in the Member State or one or more other Member States; (b) the measure is necessary to address the threat.
Amendment 472 #
2010/0251(COD)
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
Amendment 490 #
2010/0251(COD)
Proposal for a regulation
Article 23 – paragraph 3
Article 23 – paragraph 3
3. Where a competent authority proposes to take or takes measures contrary to an ESMA opinion under paragraph 2 or declines to take measures contrary to an ESMA opinion under that paragraph it shall immediately publish on its website a notice fully explaIf ESA (ESMA) considers that a measure should be introduced at Union level its decision shall be binding its reasons for doing soon competent authorities.
Amendment 510 #
2010/0251(COD)
Proposal for a regulation
Article 35 – paragraph 1
Article 35 – paragraph 1
Based on guidelines adopted by ESA (ESMA) and taking into consideration the Commission's Communication on reinforcing sanctioning regimes in the financial services sector, Member States shall establish rules on administrative measures, sanctions and pecuniary penalties applicable to infringements of the provisions of this Regulation and shall take all measures necessary to ensure that they are implemented. The measures, sanctions and penalties provided for must be effective, proportionate and dissuasive.
Amendment 512 #
2010/0251(COD)
Proposal for a regulation
Article 35 – paragraph 2
Article 35 – paragraph 2
Member States shall notify those provisions to ESA (ESMA) and the Commission by [1 July 2012] at the latest and shall notify it without delay of any subsequent amendment affecting them.
Amendment 516 #
2010/0251(COD)
Proposal for a regulation
Article 40 – paragraph 1 – subparagraph 1 a (new)
Article 40 – paragraph 1 – subparagraph 1 a (new)
The Commission, taking into account ESA (ESMA)'s opinion, shall establish harmonised rules on administrative measures, pecuniary and non-pecuniary penalties applicable to infringements of the provisions of this Regulation.
Amendment 44 #
2009/2225(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas blocking, degradation of or discrimination against Internet content, services, applications, hardware or protocols stifles consumer choice and innovation,
Amendment 48 #
2009/2225(INI)
Motion for a resolution
Recital E b (new)
Recital E b (new)
Eb. whereas the Communication from the Commission on Cross-Border Business to Consumer e-Commerce in the EU (COM(2009)0557) reveals that there is considerable potential for substantial savings through cross-border e-commerce for EU citizens,
Amendment 79 #
2009/2225(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Believes that every EU household should have access to broadband Internet at a competitive price by 2013; believes that this result could be reached using a combination of different technologies to provide cost-effective and environmentally friendly broadband connectivity in a given area based on constant, high quality performance; urges the Commission therefore to carry out a review of the universal service obligations and calls on Member States to impart new impetus to the European high-speed broadband strategy, notably by updating national targets for broadband and high- speed coverage;
Amendment 83 #
2009/2225(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
Amendment 122 #
2009/2225(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Considers that, as Internet access rates are increasing, 50% of EU households should be connected to high-speed networks by 2015 enabling a reliable and improved end-user experience in line with consumer expectations and needs;
Amendment 157 #
2009/2225(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Recalls that one aim of the new electronic communications regulatory framework is progressively to reduce ex ante sector-specific rules as competition in the markets develops and, ultimately, for electronic communications to be governed by competition law only;
Amendment 171 #
2009/2225(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Stresses that all primary and secondary schools must have reliable, quality Internet connections by 2013 and high- speed Internet connections by 2015;
Amendment 173 #
2009/2225(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Underlines the importance of broadband for European citizens’ health enabling the use of efficient health information technologies, enhancing the quality of care, extending the geographic reach of healthcare to rural insular, mountainous and sparsely populated areas, facilitating in-home care especially for seniors and people with disabilities and reducing unnecessary treatments and costly patient transfers;
Amendment 244 #
2009/2225(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Calls on the Commission to further its ongoing assessment of the current legal framework for the information society in order to ensure that it keeps pace with technological developments whilst lowering barriers to cross-border trade and promoting opportunities for innovative business models and consumer choice;
Amendment 253 #
2009/2225(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Recalls that Broadband can help protect European citizens by facilitating and promoting public safety information, procedures, disaster response and recovery;
Amendment 298 #
2009/2225(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Emphasises that the great potential of the digital agenda is not only linked to the challenges ahead concerning the ICT sector, but is much broader and directly linked to EU targets for achieving a high- productivity knowledge economy, boosting the European economy's competitiveness through innovating industries, promoting social and territorial cohesion and universal access to public services, enhancing job creation within the European labour market and therefore promoting altogether a new sustainable EU growth model;
Amendment 7 #
2009/2150(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Stresses that a comprehensive response must be provided to the economic and financial crisis, that no financial institution, market segment or jurisdiction must be exempt from regulation or supervision and that the transparency and accountability of all parties must form the bedrock of a new brand of international finance governance;
Amendment 26 #
2009/2150(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Stresses the importance of supporting developing countries to build up effective taxation capaciticapacities to increase, in their own interest, especially where a foreign undertaking has its seat or most of its shareholders in OECD countrigood governance and transparency in their public finances in order to improve budget predictability, implementation and control; stresses the importance of parliamentary oversight over public finances;
Amendment 610 #
2009/0144(COD)
Proposal for a regulation
Article 48 – paragraph 1 – point a
Article 48 – paragraph 1 – point a
(a) obligatory contributions from the competent national supervisory authority or authoritieswhich shall be made in accordance with the weighting of votes set out in Article 3(3) of the Protocol (No 36) on transitional provisions annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union. For the purposes of this Article, Article 3(3) of the Protocol (No 36) on transitional provisions shall continue to apply beyond the deadline of 31 October 2014 therein established;
Amendment 550 #
2009/0143(COD)
Proposal for a regulation
Article 48 – paragraph 1 – point a
Article 48 – paragraph 1 – point a
(a) obligatory contributions from the national public authorities competent for the supervision of financial institutions which shall be made in accordance with the weighting of votes set out in Article 3(3) of the Protocol (No 36) on transitional provisions annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union. For the purposes of this Article, Article 3(3) of the Protocol (No 36) on transitional provisions shall continue to apply beyond the deadline of 31 October 2014 therein established;
Amendment 766 #
2009/0142(COD)
Proposal for a regulation
Article 48 – paragraph 1 – point a
Article 48 – paragraph 1 – point a
(a) obligatory contributions from the national public authorities competent for the supervision of financial institutions which shall be made in accordance with the weighting of votes set out in Article 3(3) of the Protocol (No 36) on transitional provisions annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union. For the purposes of this Article, Article 3(3) of the Protocol (No 36) on transitional provisions shall continue to apply beyond the deadline of 31 October 2014 therein established;
Amendment 144 #
2009/0064(COD)
Proposal for a directive
Title
Title
on Alternative Investment Fund Managers and amending Directives 2004/39/EC, 2009/…/EC and 2009/…3/6/EC
Amendment 147 #
2009/0064(COD)
Proposal for a directive
Recital 2
Recital 2
(2) The impact of AIFM on the markets in which they operate is largely beneficial, but rRecent financial difficulties have underlined how activities of AIFM may also serve to spread or amplify risks through the financial system and the economy. Uncoordinated national responses to these risks make the efficient management of these risks difficult. This Directive therefore aims at establishing common requirements governing the authorisation and supervision of AIFM in order to provide a coherent approach to the related risks and their impact on investors and markets in the CommunityUnion. As a matter of principle, there should be regulation in view of long-term sustainable growth and to promote social cohesion. Such regulation should address consumer and investor protection, market integrity and stability and it should prevent systemic risk and tackle social externalities.
Amendment 154 #
2009/0064(COD)
Proposal for a directive
Recital 3 a (new)
Recital 3 a (new)
(3a) The purpose of this Directive should also be to create incentives towards the relocation of off-shore funds in the EU, bringing not only regulatory and investor protection advantages but also allowing for a proper taxation of revenues, at manager, fund and investor level.
Amendment 159 #
2009/0064(COD)
Proposal for a directive
Recital 4
Recital 4
(4) The Directive lays down requirements regarding the way in which AIFM should manage alternative investment funds (AIF) under their responsibility. It would be disproportionatefficult to regulate the structure or composition of the portfolios of the AIF managed by AIFM and it would be difficult to provide for such extensive harmonisation due to the very diverse types of AIF managed by AIFM.
Amendment 168 #
2009/0064(COD)
Proposal for a directive
Recital 5
Recital 5
(5) The scope of this Directive should be confined tocover the management of collective investment undertakings which raise capital from a number of investors with a view to investing it in accordance with a defined or discretionary investment policy on the principle of risk-spreading for the benefit of those investors. This Directive should notalso apply to the management of pension funds or managers of non-pooled investments such as endowments, sovereign wealth funds or assets single investor funds and leveraged managed accounts, in order to preserve a level playing field between similar types of investment vehicles. It should on own account by credit institutions, insurance or reinsurance undertakingnot apply to public interest entities. This Directive should neither apply to actively managed investments in the form of securities, such as certificates, managed futures, or index- linked bonds. Nor should this Directive apply to holding companies insofar as they hold shares in their subsidiaries, given that such holding companies are not established for the main purpose of generating returns for their investors by means of, in particular, the divestment of their subsidiaries within a set timeframe, but which are aimed at carrying out a business strategy through their subsidiaries. It should, however, cover managers of all collective investment undertakings which are not required to be authorised as UCITS. Investment firms authorised under Directive 2004/39/EC on Markets in Financial Instruments should not be required to obtain an authorisation under this Directive in order to provide investment services in respect of AIF. Investment firms can however only provide investment services in respect of AIF, if and to the extent the units or shares thereof can be marketed in accordance with this Directive.
Amendment 179 #
2009/0064(COD)
Proposal for a directive
Recital 5 a (new)
Recital 5 a (new)
(5a) Public interest entities, which solicit or hold funds received from the public, such as credit institutions, pension funds, insurance or reinsurance undertakings holding assets on their own account should be subject to their specific regime and their investment in funds be regulated in light of the specific characteristics of each category and the type of the funds. In this regard, the European Commission shall review Directive 2006/48/EC of the European Parliament and the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast), Directive 2003/41/EC of the European Parliament and the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision1, Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance2, Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance3 and Directive 2005/68/EC of the European Parliament and Council of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC4reinsurance4 so as to ensure that the following principles are followed: due diligence requirements similar to those applicable to AIFM are imposed to public interest entities when investing and an appropriate framework is set regarding such investments (in the form in particular of capital requirements and capital reserves). 1 OJ L 235, 23.9.2003, p. 10. 2 OJ L 228, 16.8.1973, p. 3. 3 OJ L 345, 19.12.2002, p. 1. 4 OJ L 323, 9.12.2005, p. 1.
Amendment 185 #
2009/0064(COD)
Proposal for a directive
Recital 6
Recital 6
Amendment 195 #
2009/0064(COD)
Proposal for a directive
Recital 7
Recital 7
(7) This Directive aims at providing a harmonised and stringent regulatory and supervisory framework for the activities of AIFM. Authorisation in accordance with this Directive should cover the services of management and administration of AIF throughout the Community. In addition, authorised AIFM should be entitled to market AIF in the Community to professional investors, subject to a notification procedureUnion.
Amendment 214 #
2009/0064(COD)
Proposal for a directive
Recital 11
Recital 11
(11) It is necessary to provide for the application of minimum capital requirements to ensure the continuity and the regularity of the management services provided by the AIFM. The ongoing capital requirements should cover the potential exposure of AIFM to professional liability in respect of all their activities, including management services provided under delegation or on the basis of a mandate. Own funds should be invested in liquid assets or assets readily convertible to cash in the short-term and should not include speculative positions.
Amendment 225 #
2009/0064(COD)
Proposal for a directive
Recital 12 a (new)
Recital 12 a (new)
(12a) In order to address the potentially detrimental effect of poorly designed remuneration structures on the sound management of risk and control of risk- taking behaviour by individuals, there should be an express obligation for AIFM to establish and maintain, for those categories of staff whose professional activities have a material impact on their risk profile or the risk profiles of AIF they manage, remuneration policies and practices that are consistent with effective risk management. Those categories of staff should at least include senior management, risk takers and control functions.
Amendment 226 #
2009/0064(COD)
Proposal for a directive
Recital 12 b (new)
Recital 12 b (new)
(12b) In order to avoid excessive risk taking and provide for a better alignment of interest, fund managers should commit some of their own money in the funds they manage.
Amendment 240 #
2009/0064(COD)
Proposal for a directive
Recital 15 a (new)
Recital 15 a (new)
(15a) In view of the general objective of financial stability and containment of systemic risk, particular attention should be paid to financial institutions such as lending institutions and prime brokers which are key partners to the AIF and are active in the building risk processes. Those institutions, in addition to complying with disclosure requirements towards competent authorities, should also be subject to specific capital requirements considering the risk they incur, depending on their links with AIF. Moreover, the conflict of interest arising when those institutions run AIF themselves in parallel of providing services to their customers should be addressed in the appropriate legislative texts as a matter of urgency.
Amendment 249 #
2009/0064(COD)
Proposal for a directive
Recital 16 a (new)
Recital 16 a (new)
(16a) Short selling is a widespread market practice extensively used by AIFM and other market participants. Although it may sometimes perform a useful role in keeping markets liquid, it also makes them more volatile and plays a part in destabilising them because of its pro- cyclical effect. In particular, the part played by short selling in accelerating a market downturn has long been documented whenever a financial market crisis occurs. In addition, short selling can encourage the spread of false rumours with a view to making a profit on a falling market. As the orderly operation and integrity of markets is vital to restoring the confidence of long-term investors, who are vital to finance the economy, and as the integration of financial markets demands common practices within the European Union in order to avoid regulatory shopping, Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) should be amended to provide a regulatory framework for short selling and should prohibit naked short selling. The Commission should take into consideration, when establishing and subsequently adapting rules, the provisions in place in the United States in order to achieve a common standard on both sides of the Atlantic and thus facilitate the orderly operation of global financial markets.
Amendment 254 #
2009/0064(COD)
Proposal for a directive
Recital 16 b (new)
Recital 16 b (new)
(16b) The European Central Bank and the High-Level Group on Financial Supervision chaired by Jacques De Larosière have proposed the setting up of a global credit register. The creation of a global directory of all trading positions should help identify systemic risk arising from credit and counterparty exposures and from herding and contagion in the financial markets. A register should thus be set up by CESR and all information collected on AIFM leverage should be filed there.
Amendment 255 #
2009/0064(COD)
Proposal for a directive
Recital 16 c (new)
Recital 16 c (new)
(16c) Improper conduct by AIFM, but also by other market players, through the use of certain techniques such as stealth purchases or empty voting, could have destabilising effects on Union markets. In order to curb stealth acquisitions, an appropriate disclosure regime should include both direct voting interest in terms of outright ownership shares as well as indirect interest acquired through derivatives transactions or financial instruments giving rights to newly issued shares. The practice of empty voting should be banned as it is detrimental to companies and to markets. In this context, the Commission should review Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market1, Commission Directive 2007/14/EC of 8 March 2007 laying down detailed rules for the implementation of certain provisions of Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market2 and Directive 2007/36/EC of the European Parliament and of the Council of 11 July 2007 on the exercise of certain rights of shareholders in listed companies3. 1 OJ L 390 31.12.2004, p. 38. 2 OJ L 69, 9.3.2007, p. 27. 3 OJ L 184, 11.7.2007, p. 17.
Amendment 263 #
2009/0064(COD)
Proposal for a directive
Recital 17 a (new)
Recital 17 a (new)
(17a) There is no Union-wide database of standardised information on AIFM. As a result, there is an information gap that cannot be satisfactorily filled with information supplied by the industry itself. It is therefore of critical importance to create a statistical database compiling information on AIFM. That database should be set up and managed by the Commission.
Amendment 264 #
2009/0064(COD)
Proposal for a directive
Recital 17 b (new)
Recital 17 b (new)
(17b) AIFM controlling a company wishing to dispose of assets in order to repay a portion of the acquisition debt should be appropriately controlled. To that effect, in the event a company under private equity control wishes to sell company assets in any material respect, the management of both the target company and the acquisition vehicles should issue a statement as to why the sale is implemented and certifying that the proposed sale is in the best interest of the target company. In the event the proposed sale is connected to a repayment of the acquisition debt, the employees of the target company should be informed and consulted. In the event the company becomes insolvent after the asset stripping, the private equity firm should be held liable. More generally, management of companies under leverage buy-outs should be required to issue a statement that capital outflows, including fees paid, are in the long term interest of the company, including its long term growth and research and development needs.
Amendment 279 #
2009/0064(COD)
Proposal for a directive
Recital 19
Recital 19
(19) AIFM should also be able to market AIF domiciled in third countries to professional investors both in the home Member State of the AIFM and in other Member States. That right should be subject to notification procedures and the existence of a tax agreement with the third country concerned which ensures an efficient exchange of information with the tax authorities in the domicile of the Community investorthe signature of multilateral agreements on information exchange and tax cooperation between the third country and the Commission acting on behalf of Member States. Given the fact that such AIF and the third country in which they are domiciled have to meet additional requirements, some of which first have to be laid down in implementing measures, the rights granted under the Directive to market AIF domiciled in third countries to professional investors should only become effective three years after the transposition period. In the meantime Member States may allow or continue to allow AIFM to market AIF domiciled in third countries to professional investors on their territory subject to national law. During this period of three years, AIFM can however not market such AIF to professional investors in other Member States on the basis of rights granted under this Directive.
Amendment 301 #
2009/0064(COD)
Proposal for a directive
Recital 27
Recital 27
(27) In particular the Commission should be empowered to adopt the measuredelegated acts necessary for the implementation of this Directive. In this respect, the Commission should be able to adopt measures determining the procedures under which AIFM managing portfolios of AIF whose assets under management do not exceed the threshold set out in this Directive may exercise their right to be treated as AIFM covered by this Directive. These measures are also designed in accordance with Article 290 of the Treaty to specify the criteria to be used by competent authorities to assess whether AIFM comply with their obligations as regards their conduct of business, the type of conflicts of interests AIFM have to identify, as well as the reasonable steps AIFM are expected to take in terms of internal and organizsational procedures in order to identify, prevent, manage and disclose conflicts of interest. They arshould also be designed to specify the principles to be respected by AIFM in their remuneration policies and practises. They should also be designed to specify the risk management requirements to be employed by AIFM as a function of the risks which the AIFM incurs on behalf of the AIF that it manages as well as any arrangements needed to enable AIFM to manage the particular risks associated with short selling transactions, including any relevant restrictions that might be needed to protect the AIF from undue risk exposures. They arshould also be designed to specify the liquidity management requirements of this Directive and in particular the minimum liquidity requirements for AIF. They arshould also be designed to specify the requirements that originators of securitisation instruments have to meet in order for an AIFM to be allowed to invest in such instruments issued after 1 January 2011. They are as wellshould also be designed to specify the requirements that AIFM have to comply with when investing in such securitisation instruments. They arshould also be designed to lay down the requirements related to initial and on going capital of AIFM. They should also be designed to specify the criteria under which a valuator can be considered independent in the meaning of this Directive. They arshould also be designed to specify the conditions under which the delegation of AIFM functions should be approved and the conditions under which the manager could no longer be considered to be the manager of the AIF in case of excessive delegation. They arshould also be designed to specify the content and format of the annual report that AIFM have to make available for each AIF they manage and to specify the disclosure obligations of AIFM to investors and reporting requirements to competent authorities as well as their frequency. They arshould also be designed to specify the disclosure requirements imposed on AIFM as regards leverage and the frequency of reporting to competent authorities and of disclosure to investors. They arshould also be designed to setting limits to the level of leverage AIFM can employ when managing AIF. They arshould also be designed to determine the detailed content and the way AIFM acquiring controlling influence in issuers and non-listed companies should fulfil their information obligation towards issuers and non-listed companies and their respective shareholders and representatives of employees, including the information to be provided in the annual reports of the AIF they manage. They arshould also be designed to specify the detailed content of the statements to be provided in relation with value extraction. They should also be designed to specify the types of restrictions or conditions that can be imposed on the marketing of AIF to professional investor in the home Member State of the AIFM. They arshould also be designed to specify general criteria for assessing equivalence of valuation standards of third countries where the valuator is established in a third country, the equivalence of legislation of third countries regarding depositaries and, for the purpose of the authorisation of AIFM established in third countries, the equivalence of prudential regulation and ongoing supervision. They arshould also be designed to specify general criteria for assessing whether third countries grant CommunityUnion AIFM effective market access comparable to that granted by the CommunityUnion to AIFM from third countries. They arshould also be designed to specify the modalities, content and frequency of exchange of information regarding AIFM between the competent authorities of the home Member State of the AIFM and other competent authorities where the AIFM individually or collectively with other AIFM may have an impact on the stability of systemically relevant financial institutions and the orderly functioning of markets. They arshould also be designed to specify the procedures for on-the-spot verifications and investigations.
Amendment 311 #
2009/0064(COD)
Proposal for a directive
Article 1
Article 1
This Directive lays down the rules for the authorisation, ongoing operation and transparency of the managers of alternative investment funds (AIFM) which provide management services to one or more alternative investment funds (AIF).
Amendment 344 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 2 – point a
Article 2 – paragraph 2 – point a
Amendment 361 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 2 – point c
Article 2 – paragraph 2 – point c
Amendment 396 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 2 – point g q (new)
Article 2 – paragraph 2 – point g q (new)
(gq) national central banks;
Amendment 416 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 3
Article 2 – paragraph 3
Amendment 428 #
2009/0064(COD)
Proposal for a directive
Article 2 – paragraph 4
Article 2 – paragraph 4
Amendment 443 #
2009/0064(COD)
Proposal for a directive
Article 3 – point a
Article 3 – point a
(a) ‘Alternative investment fund’ or AIF means any collective investment undertaking, including investment compartments thereof whose object is the collective investment in assets and, single investor funds and leveraged managed accounts, which does not require authorisation pursuant to Article 5 of Directive 2009/…65/EC [the UCITS Directive];
Amendment 471 #
2009/0064(COD)
Proposal for a directive
Article 3 – point e
Article 3 – point e
(e) ‘Marketing’ means any general offering or placement of units or shares in an AIF to or with investors domiciled in the CommunityUnion, regardless of at whose initiative the offer or placement takes place;
Amendment 487 #
2009/0064(COD)
Proposal for a directive
Article 3 – point l
Article 3 – point l
(l) ‘Leverage’ means any method by which the AIFM increases the exposure of an AIF it manages to a particular investment whether through borrowing of cash or securities, or leverage embedded in derivative positions or by any other means, including leverage used by funds or other legal entities controlled by the AIF, alone or jointly with other AIF;
Amendment 493 #
2009/0064(COD)
Proposal for a directive
Article 3 – point oa (new)
Article 3 – point oa (new)
(oa) ‘Leveraged managed account’ means an investment account that is managed by a third party who has the authority to do transactions without prior approval from the holder and in respect of which leverage is used in connection with such transactions.
Amendment 496 #
2009/0064(COD)
Proposal for a directive
Article 3 – point o d (new)
Article 3 – point o d (new)
(od)’short selling’ means the sale of a security that the seller does not own and any sale that is completed by the delivery of a security borrowed by, or for the account of, the seller;
Amendment 497 #
2009/0064(COD)
Proposal for a directive
Article 3 – point o e (new)
Article 3 – point o e (new)
(oe)’naked short selling’ means any abusive or manipulative transaction in which securities are sold by a counterpart which does not have the stock available in full ownership or through securities borrowing for delivery in compliance with the standard settlement cycle;
Amendment 551 #
2009/0064(COD)
Proposal for a directive
Article 5 – paragraph 1 - point b
Article 5 – paragraph 1 - point b
(b) a programme of activity, including information on how the AIFM intends to comply with its obligations under chapters III, IV and where applicable, V, VI and VII, and information on the Member States in which the AIFM intends to market the AIF it manages;
Amendment 566 #
2009/0064(COD)
Proposal for a directive
Article 5 – paragraph 1 - point g c (new)
Article 5 – paragraph 1 - point g c (new)
(gc) information on the track record of the AIFM and, when the AIFM is a legal person, information on the track record of the legal representatives, directors and key employees of the AIFM;
Amendment 568 #
2009/0064(COD)
Proposal for a directive
Article 5 – paragraph 2
Article 5 – paragraph 2
Amendment 570 #
2009/0064(COD)
Proposal for a directive
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
The information provided to a competent authority pursuant to paragraph 1, as well as any amendment or addition thereto, shall be notified without delay by such authority to the Member States in which the AIFM intends to market the AIF it manages and filed without delay by such authority with the Committee of European Securities Regulators (CESR). The CESR shall set up and operate a specific database for this purpose, which shall be accessible to the competent authorities of all Member States.
Amendment 571 #
2009/0064(COD)
Proposal for a directive
Article 5 – paragraph 2a (new)
Article 5 – paragraph 2a (new)
2a. The competent authorities of the Member States in which the AIFM intends to market the AIF it manages shall, within six weeks of receipt of the notification, be entitled to: (a) require from the competent authority with which the AIFM has filed its application any additional information regarding the applicant AIFM that the latter competent authority is entitled to require; (b) provide information to the competent authority with which the AIFM has filed its application; (c) state any objection to the authorisation of the applicant and receive from the competent authority with which the AIFM has filed its application a detailed answer to such objections.
Amendment 576 #
2009/0064(COD)
Proposal for a directive
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
1. The competent authorities of the home Member State shall grant authorisation only if they are satisfied that the AIFM will be able to fulfil the conditions of this Directive, after taking into account any objection received pursuant to Article 5(2a).
Amendment 585 #
2009/0064(COD)
Proposal for a directive
Article 6 – paragraph 4 – subparagraph 2
Article 6 – paragraph 4 – subparagraph 2
Reasons shall be given whenever an authorisation is refused or when restrictions are imposed. In case the competent authorities do not inform the applicant, such lack of response shall be deemed a rejection without justification of the requested authorisation.
Amendment 605 #
2009/0064(COD)
Proposal for a directive
Article 9 a (new)
Article 9 a (new)
Amendment 637 #
2009/0064(COD)
Proposal for a directive
Article 11 – paragraph 4
Article 11 – paragraph 4
4. In the case of AIFM which engage in short selling when investing on behalf of one or more AIF, Member States shall ensure that the AIFM operates procedures which provide it with access toNaked short selling of equity securities, including securities convertible into equity securities, is prohibited. In order to be able to deliver such securities on the settlement date of the transaction, the seller shall ensure access to securities available for borrowing (and control over these securities or other financial instruments at the date when the AIFM committed to deliver them, and that the AIFM implem) prior to undertaking short sales. AIFM engaged in short selling shall disclose information on significant short positions to the Member States competent authorities. In extreme market situations, the Member State competents a risk management procedure which allows the risks associated with tuthority can request AIFM to report all short positions and securities borrowed. The drelivery of short sold securities or other financial instruments to be adequately managed. evant Member State authority shall share information relating to short selling with the ESMA.
Amendment 661 #
2009/0064(COD)
Proposal for a directive
Article 13 – paragraph 1 - point a
Article 13 – paragraph 1 - point a
(a) the requirements that need to be met by the originator in order for an AIFM to be allowed to invest in securities or other financial instruments of this type issued after 1 January 2011 on behalf of one or more AIF, including requirements that ensure that the originator retains a net economic interest of not less than 510 per cent;
Amendment 669 #
2009/0064(COD)
Proposal for a directive
Chapter III – Section 2 – Title
Chapter III – Section 2 – Title
Amendment 677 #
2009/0064(COD)
Proposal for a directive
Article 14 – paragraph 2
Article 14 – paragraph 2
2. Where the value of the portfolios of AIF managed by the AIFM exceeds EUR 250 million, the AIFM shall provide an additional amount of own funds; that additional amount of own funds shall be equal to 0.02 %a specified percentage of the amount by which the value of the portfolios of the AIFM exceeds EUR 250 million.
Amendment 696 #
2009/0064(COD)
Proposal for a directive
Article 14 – paragraph 4 a (new)
Article 14 – paragraph 4 a (new)
4a. The Commission shall adopt delegated acts laying down the specified percentage, which shall be set between 1 % and 5 % referred to in paragraph 2, in accordance with the risk profile of the AIF, and specifying the assets in which the own funds may be invested. Those acts, designed to amend non- essential elements of this Directive by supplementing it, shall be adopted in accordance with the procedure referred to in Article 290 of the Treaty on the Functioning of the European Union.
Amendment 697 #
2009/0064(COD)
Proposal for a directive
Article 14 – paragraph 4 b (new)
Article 14 – paragraph 4 b (new)
4b. The amount invested by AIFM in each AIF they manage shall be such that, on an annual basis, the AIFM hold a net economic exposure superior or equal to a specified percentage of the total amount invested by all the investors in that AIF.
Amendment 698 #
2009/0064(COD)
Proposal for a directive
Article 14 – paragraph 4 c (new)
Article 14 – paragraph 4 c (new)
4c. The Commission shall adopt delegated acts laying down the requirements in the following areas: (a) the specified percentage to be invested by the AIFM, which shall be set between 1 % and 5 % of the total amount invested by all the investors, in accordance with the risk profile of the AIF; (b) the manner in which the computation is to be made; (c) the process to be followed by the AIFM in order to comply with the above requirements. Those acts, designed to amend to amend non-essential elements of this Directive by supplementing it, shall be adopted in accordance with the procedure referred to in Article 290 of the Treaty on the Functioning of the European Union.
Amendment 699 #
2009/0064(COD)
Proposal for a directive
Article 14 – paragraph 4 d (new)
Article 14 – paragraph 4 d (new)
4d. Own funds shall be invested in liquid assets or assets readily convertible to cash in the short term and shall not include speculative positions.
Amendment 728 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 1 – subparagraph 2
Article 16 – paragraph 1 – subparagraph 2
The valuator shall ensure that the assets, shares and units are valued at least once a year, and each time shares or units of the AIF are issued or redeemed or management fees are paid (if such fees are based in whole or in part on the value of the assets) if this is more frequent.
Amendment 760 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 3
Article 16 – paragraph 3
3. The standards and rules applicable to the valuation of assets and the calculation of the net asset value per unit or share of the AIF shall be based on generally accepted valuation principles and shall comply with standards and rules laid down in the law of the countryMember State where the AIF is domiciled orand in the AIF rules or instruments of incorporation.
Amendment 778 #
2009/0064(COD)
Proposal for a directive
Article 16 – paragraph 4 – subparagraph 1
Article 16 – paragraph 4 – subparagraph 1
4. The Commission shall adopt implementing measuresdelegated acts in accordance with Articles 49a, 49b and 49c further specifying the criteria under which a valuator can be considered independent within the meaning of paragraph 1 and the generally accepted valuation principles to be applied pursuant to paragraph 3.
Amendment 919 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 4
Article 17 – paragraph 4
4. Depositaries may delegate their taskfunctions to other depositaries in accordance with Article 18.
Amendment 942 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 2
Article 17 – paragraph 5 – subparagraph 2
In case of any loss of financial instruments which the depositary safe-keeps, the depositary can only discharge itself of its liability if it can prove that ithe loss has been caused by an external event, that it was not foreseeable and that the depositary could not have avoided the loss which has occurred.
Amendment 963 #
2009/0064(COD)
Proposal for a directive
Article 17 – paragraph 5 – subparagraph 3
Article 17 – paragraph 5 – subparagraph 3
Liability to AIF investors may be invoked either directly or indirectly through the AIFM, depending on the legal nature of the relationship between the depositary, the AIFM and the investors. The depositary's liability shall not be affected by any delegation referred to in paragraph 4.
Amendment 1035 #
2009/0064(COD)
Proposal for a directive
Article 19 – paragraph 2 – point c a (new)
Article 19 – paragraph 2 – point c a (new)
(ca) the information listed in Article 20, to the extent it has changed during the financial year covered by the report.
Amendment 1086 #
2009/0064(COD)
Proposal for a directive
Article 20 – paragraph 1 – point h
Article 20 – paragraph 1 – point h
(h) a description of all fees, charges and expenses and of the maximum amounts thereof which are directly or indirectly borne by investors, together with, if applicable, a description of fees, charges and expenses paid in the last twelve months;
Amendment 1101 #
2009/0064(COD)
Proposal for a directive
Article 20 – paragraph 1 – point j b (new)
Article 20 – paragraph 1 – point j b (new)
(jb) a description of the past performance of the AIF from its inception to the most recent assessment;
Amendment 1104 #
2009/0064(COD)
Proposal for a directive
Article 20 – paragraph 1 – point j e (new)
Article 20 – paragraph 1 – point j e (new)
(je) information on the identities of the AIFM shareholders or members, whether direct or indirect and whether natural or legal persons, that have qualifying holdings and on the amounts of those holdings;
Amendment 1105 #
2009/0064(COD)
Proposal for a directive
Article 20 – paragraph 1 – point j f (new)
Article 20 – paragraph 1 – point j f (new)
(jf) information on the track record of AIF managed by the AIFM, including performance data on on-going and wound up AIF, and, where the AIFM is a legal person, on the legal representatives, directors and key employees of the AIFM;
Amendment 1106 #
2009/0064(COD)
Proposal for a directive
Article 20 – paragraph 1 – point j g (new)
Article 20 – paragraph 1 – point j g (new)
(jg) a detailed description of the source, maturity and amount of funds raised by the AIF, including the share directly or indirectly contributed by the AIFM managing the AIF and its representatives, directors and employees;
Amendment 1114 #
2009/0064(COD)
Proposal for a directive
Article 20 – paragraph 2 – introductory part
Article 20 – paragraph 2 – introductory part
2. For each AIF that an AIFM manages, it shall periodically disclose to investors:
Amendment 1115 #
2009/0064(COD)
Proposal for a directive
Article 20 – paragraph 2 – points a and b
Article 20 – paragraph 2 – points a and b
(a) on a periodic basis, the percentage of the AIF's assets which are subject to special arrangements arising from their illiquid nature; (b) on a periodic basis, any new arrangements for managing the liquidity of the AIF;
Amendment 1116 #
2009/0064(COD)
Proposal for a directive
Article 20 – paragraph 2 – point c
Article 20 – paragraph 2 – point c
(c) the current risk profile of the AIFon a periodic basis, but not less than every month, unless the information has not changed since the last disclosure, the current risk profile of the AIF, including the level of leverage used, and the risk management systems employed by the AIFM to manage these risks.
Amendment 1134 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 1 – subparagraph 2
Article 21 – paragraph 1 – subparagraph 2
It shall provide aggregated information on the main instruments in which it is trading, markets of which it is a member or where it actively trades, and on the principal exposures and most important concentrations of each of the AIF it manages.
Amendment 1152 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 2 – point c
Article 21 – paragraph 2 – point c
(c) the actual risk profile of the AIF, including the level of leverage used, and the risk management tools employed by the AIFM to manage these risks;
Amendment 1155 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 2 – point e a (new)
Article 21 – paragraph 2 – point e a (new)
(ea) the structure of fees and the amounts paid to the AIFM;
Amendment 1156 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 2 – point e b (new)
Article 21 – paragraph 2 – point e b (new)
(eb) the list of investors;
Amendment 1157 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 2 – point e c (new)
Article 21 – paragraph 2 – point e c (new)
(ec) performance data of the AIF, including valuation of assets.
Amendment 1158 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 2 – subparagraph 1 a (new)
Article 21 – paragraph 2 – subparagraph 1 a (new)
In exceptional circumstances and where required in order to ensure the stability and integrity of the financial system, or to promote long term sustainable growth, the competent authorities of the home Member State and the Commission may impose additional reporting requirements.
Amendment 1171 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 3 b (new)
Article 21 – paragraph 3 b (new)
3b. Each competent authority shall periodically disclose aggregate figures to the public on information received pursuant to paragraphs 1 and 2.
Amendment 1178 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 4 – subparagraph 1
Article 21 – paragraph 4 – subparagraph 1
4. The Commission shall adopt implementing measuresdelegated acts in accordance with Articles 49a, 49b and 49c further specifying the reporting obligations referred to in paragraphs 1, 2 and 3, which may be adapted and complemented in view of evolving financial techniques, and their frequency.
Amendment 1179 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 4 – subparagraph 2
Article 21 – paragraph 4 – subparagraph 2
Those measuree Commission shall also adopt delegated acts regarding the type of information made public pursuant to paragraph 3a. Those acts, 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 49(3)Articles 49a, 49b and 49c.
Amendment 1202 #
2009/0064(COD)
Proposal for a directive
Article 22 – subparagraph 3
Article 22 – subparagraph 3
For the purposes of the second subparagraph, an AIF shall be deemed to employ high levels of leverage on a systematic basis where the combined gross leverage from all sources exceeds the value of the equity capital of the AIF in two out of the past four quarters.
Amendment 1212 #
2009/0064(COD)
Proposal for a directive
Article 23 – point b
Article 23 – point b
(b) quarterly disclose to investors the total amount of leverage employed by each AIF in the preceding quarter, the five largest sources of borrowed cash or securities and a break-down between leverage arising from borrowing of cash or securities and leverage embedded in financial derivatives.
Amendment 1243 #
2009/0064(COD)
Proposal for a directive
Article 25 – paragraph 2
Article 25 – paragraph 2
2. Home Member States shall ensure that all information received under Article 24, aggregated in respect of all AIFM that it supervises, are is made available to other competent authorities through the procedure set out in Article 46 on supervisory co-operation. It shall, without delay, also provide information through this mechanism, and bilaterally to other Member States directly concerned, if an AIFM under its responsibility could potentially constitute an important source of counterparty risk to a credit institution or other systemically relevant institution in other Member States. The information provided under this paragraph shall be filed at the ESMA. The ESMA shall set up and operate a specific database for the purpose of such filing, which shall be accessible to the competent authorities of all Member States.
Amendment 1254 #
2009/0064(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1
Article 25 – paragraph 3 – subparagraph 1
3. In order to ensure the stability and integrity of the financial system, the Commission shall adopt implementing measures and to promote long-term sustainable growth of the economy, the Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c setting limits to the level of gross leverage AIFM can employ. Those limits shall not exceed five times the value of the equity capital of each AIF, except for specific categories of AIF for which a higher multiple would be permitted on the basis of their business model and to the extent that such multiple does not increase the systemic risk, is compatible with the risk profile of the related type of AIF and is not likely to lead to a disproportionate impact of the related type of AIF on the market on which they operate. These limits should take into account, inter alia, the type of AIF, their strategy and the sources of their leverage. The Commission shall also specify the level of aggregation of the information transmitted pursuant to paragraph 2.
Amendment 1277 #
2009/0064(COD)
Proposal for a directive
Article 25 – paragraph 4
Article 25 – paragraph 4
4. In exceptional circumstances and when this is required in order to ensure the stability and integrity of the financial system, or to protect long-term sustainable growth of the economy the competent authorities of the home Member State and the Commission may impose additional limits to the level of leverage that AIFM can employ. Measures taken by the competent authorities of the home Member States shall have a temporary nature and should comply with the provisions adopted by the Commission pursuant to paragraph 3.
Amendment 1285 #
2009/0064(COD)
Proposal for a directive
Chapter V – Section 2 – Title
Chapter V – Section 2 – Title
OBLIGATIONS FOR AIFM MANAGING AIF WHICH ACQUIRE A SIGNIFICANT INTEREST OR A CONTROLLING INFLUENCE IN COMPANIES
Amendment 1290 #
2009/0064(COD)
Proposal for a directive
Article 26 – paragraph 1 – point a
Article 26 – paragraph 1 – point a
(a) AIFM managing one or more AIF which either individually or in aggregation acquires 310 %, 20 %, 30 % and 50 % or more of the voting rights of an issuer or of a non-listed company domiciled in the CommunityUnion, as appropriate;
Amendment 1295 #
2009/0064(COD)
Proposal for a directive
Article 26 – paragraph 1 – point b
Article 26 – paragraph 1 – point b
(b) AIFM havacting in concluded an agreemenert with one or more other AIFM which would allow the AIF managed by these AIFM to acquire 3regarding the acquisition or exercise of voting rights by the AIF managed by these AIFM where such AIFM manages one or more AIF which either individually or in aggregation acquires 10 %, 20 %, 30 % and 50 % or more of the voting rights of the issuer or the non-listed company, as appropriate.
Amendment 1302 #
2009/0064(COD)
Proposal for a directive
Article 26 – paragraph 2
Article 26 – paragraph 2
Amendment 1314 #
2009/0064(COD)
Proposal for a directive
Article 27 – title
Article 27 – title
Notification of the acquisition of controlling influencea significant interest in non-listed companies and issuers
Amendment 1315 #
2009/0064(COD)
Proposal for a directive
Article 27 – paragraph 1
Article 27 – paragraph 1
1. Member States shall ensure that whenre an AIFM is in a position to exercise, acting alone or in concert with another AIFM, acquires, through one or several AIF that it manages, 10 %, 20 %, 30 % or more50 % of the voting rights of an issuer or a non-listed company, such AIFM notifiesit shall notify the issuer or the non- listed company, and all other share- holderss appropriate, its employee representatives or, where there are no such representatives, the employees themselves, the competent authority of the AIFM and the competent authority of the Member State where the issuer or the non-listed company is established, the information provided in paragraph 2. This notification shall be made, as soon as possible, but not later than four trading days the first of which being the day on which the AIFM has reachacquired, the positirough one of being able to exercise 3r several AIF that it manages, 10 %, 20 %, 30 % or 50 % of the voting rights.
Amendment 1326 #
2009/0064(COD)
Proposal for a directive
Article 27 – paragraph 2 – point b
Article 27 – paragraph 2 – point b
(b) the conditions under which the 30 % threshold has been reached, including information about the full identityfication of the different AIFM, AIF and shareholders involved and of persons acting in concert with them, any natural person or legal entity entitled to exercise voting rights on their behalf and, if applicable, the chain of undertakings through which voting rights are effectively held;
Amendment 1328 #
2009/0064(COD)
Proposal for a directive
Article 27 – paragraph 2 – point c a (new)
Article 27 – paragraph 2 – point c a (new)
(ca) the intent of the AIFM regarding the further acquisition of voting rights, the intent to acquire control, the extent of leverage used to finance the acquisition and the planned investment horizon of the acquisition.
Amendment 1329 #
2009/0064(COD)
Proposal for a directive
Article 27 – paragraph 2 a (new)
Article 27 – paragraph 2 a (new)
2a. In the event of a material change to the information notified, the AIFM shall notify the updated information in accordance with the procedure set forth in paragraph 1.
Amendment 1339 #
2009/0064(COD)
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 1
Article 28 – paragraph 1 – subparagraph 1
1. In addition to Article 27, Member States shall ensure that where an AIFM, acquirting alone or in concert with other AIFM, comes to hold through one or several AIF it manages 30 % or more of the voting rights of an issuer or a non-listed company or otherwise holds a controlling influence in such AIF, that AIFM maknotifies the information set out in the second and third subparagraphs available to the issuer, the non-listed company, their respective shareholders and representatives of employees or, where there are no such representatives, to the employees themselves, the competent authority of the AIFM and the competent authority of the Member State where the issuer or the non-listed company is established.
Amendment 1347 #
2009/0064(COD)
Proposal for a directive
Article 28 – paragraph 1– subparagraph 2– introductory part
Article 28 – paragraph 1– subparagraph 2– introductory part
With regard to issuers, the AIFM shall make available the following to the issuer concerned, its shareholders and representatives of employees:out prejudice to Article 6(3) of Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids1, the notification required under subparagraph 1 shall contain the following information: 1 OJ L 142, 304.2004, p .12.
Amendment 1352 #
2009/0064(COD)
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 2 – point a
Article 28 – paragraph 1 – subparagraph 2 – point a
(a) the information referred to in Article 6(3) of Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids1AIFM’s intentions with regard to the future business of the issuer or the non-listed company, the safeguarding of the jobs of their employees and management, including any material change in the conditions of employment, and in particular the AIFM’s strategic or development plan and the likely repercussions on employment and the locations of the companies' places of business of such plan;
Amendment 1353 #
2009/0064(COD)
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 2 – point aa (new)
Article 28 – paragraph 1 – subparagraph 2 – point aa (new)
Amendment 1363 #
2009/0064(COD)
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 3
Article 28 – paragraph 1 – subparagraph 3
Amendment 1380 #
2009/0064(COD)
Proposal for a directive
Article 28 – paragraph 1 a (new)
Article 28 – paragraph 1 a (new)
1a. The information of the employee representatives or the employees pursuant to paragraph 1 shall be subject to Council Directive 2001/23/EC of 12 March 2001 on the approximation of the laws of the Member States relating to the safeguarding of employee’s rights in the event of transfers of undertakings, businesses or parts of undertakings or businesses 1. 1 OJ L 82, 22.3.2001, p. 16.
Amendment 1383 #
2009/0064(COD)
Proposal for a directive
Article 28 – paragraph 2 – point a
Article 28 – paragraph 2 – point a
(a) the detailed content of the information provided under paragraph 1this Article;
Amendment 1397 #
2009/0064(COD)
Proposal for a directive
Article 29 – paragraph 2 – introductory part
Article 29 – paragraph 2 – introductory part
2. The AIF annual report shall include the following additional information for each issuer and non listed company in which thean AIF has investedM exercises a controlling influence within the meaning of Article 28 :
Amendment 1399 #
2009/0064(COD)
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 1 - point a
Article 29 – paragraph 2 – subparagraph 1 - point a
(a) with regard to operational and financial developments, presentation of revenue and earnings by business segment, statement on the progress of company's activities and financial affairs, assessment of expected progress on activities and financial affairs, report on significant events in the financial year, research and development efforts;
Amendment 1403 #
2009/0064(COD)
Proposal for a directive
Article 29 – paragraph 2 – point c
Article 29 – paragraph 2 – point c
(c) with regard to employee matters, turnover, terminations, recruitment., remuneration policy and other conditions of employment;
Amendment 1404 #
2009/0064(COD)
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 1 - point d
Article 29 – paragraph 2 – subparagraph 1 - point d
(d) statement on realized, ongoing or planned significant divestment of assets.;
Amendment 1407 #
2009/0064(COD)
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 1 - point da (new)
Article 29 – paragraph 2 – subparagraph 1 - point da (new)
(da) the environment policy;
Amendment 1408 #
2009/0064(COD)
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 1 - point db (new)
Article 29 – paragraph 2 – subparagraph 1 - point db (new)
(db) financing of the acquisition, plan for refinancing post acquisition;
Amendment 1409 #
2009/0064(COD)
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 1 - point dc (new)
Article 29 – paragraph 2 – subparagraph 1 - point dc (new)
(dc) management compensation package;
Amendment 1410 #
2009/0064(COD)
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 1 - point dd (new)
Article 29 – paragraph 2 – subparagraph 1 - point dd (new)
(dd) acquisition and resale price;
Amendment 1411 #
2009/0064(COD)
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 1 - point de (new)
Article 29 – paragraph 2 – subparagraph 1 - point de (new)
(de) material changes to the locations of the issuer’s or private company’s places of business.
Amendment 1413 #
2009/0064(COD)
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 2
Article 29 – paragraph 2 – subparagraph 2
In addition, the AIF annual report shall, for each issuer in which it has acquiredan AIFM exercises a controlling influence, contain the information provided for in point within the meaning or Article 28, contain: (a) the composition and operation of the administrative, management and supervisory bodies and their committees; and (fb) of Article 46a(1) of Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54 (3) (g) of the Treaty on the annual accounts of certain types of companies2 and an overview of the capital structure as referred to in points (a) and (d) of Article 10(1) of Directive 2004/25/EC. 1 OJ L 222, 14.8.1978, p. 11. 2 OJ L 222, 14.8.1978, p. 11. an overview of the capital structure, including securities which are not admitted to trading on a regulated market in a Member State, where appropriate with an indication of the different classes of shares and, for each class of shares, the rights and obligations attaching to them and the percentage of total share capital that they represent, and detailed information on the holders of any securities with special control rights and a description of those rights.
Amendment 1415 #
2009/0064(COD)
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 3
Article 29 – paragraph 2 – subparagraph 3
For each non-listed company in which it has acquiredan AIFM exercises a controlling influence within the meaning of Article 28, the AIF report shall provide an overview of the following management arrangements and the information provided for in points (b), (c) and (e) to (h) of Article 3 of Second Council Directive 77/91/EEC of 13 December 1976 on coordination of safeguards which, for the protection of: (a) the nominal value of the shares subscribed and, at least once a year, the number thereof; (b) the number of shares subscribed without stating the nominal value, where such shares may be issued under national law; (c) where there are several classes of shares, the information under (a) and (b) for each class and the rights attaching to the intesharests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent2. 1 OJ L 26, 31.1.1977, p. 1. 2 OJ L 26, 31.1.1977, p. 1. each class; (d) whether the shares are registered or to the bearer, where national law provides for both types, and any provisions relating to the conversion of such shares unless the procedure is laid down by law; (e) the amount of the subscribed capital paid up at the time the company is incorporated or is authorized to commence business; (f) the nominal value of the shares or, where there is no nominal value, the number of shares issued for a consideration other than in cash, together with the nature of the consideration and the name of the person providing such consideration;
Amendment 1416 #
2009/0064(COD)
Proposal for a directive
Article 29 – paragraph 3
Article 29 – paragraph 3
3. The AIFM shall, for each AIF it manages and for which it is subject to this section, provide the information referred to in paragraph 2 above to all representatives of employees of the company concerned referred to in paragraph 1 of Article 26, to the competent authority of the AIFM and to the competent authority of the Member State where the issuer or the non-listed company is established, within the period referred to in Article 19 (1) .
Amendment 1423 #
2009/0064(COD)
Proposal for a directive
Article 29 c (new)
Article 29 c (new)
Article 29c Specific provisions regarding value extraction 1. Where an AIFM, which exercises a controlling influence within the meaning of Article 28 on an issuer or a non-listed company, wishes to dispose of company assets in any material respect, the following principles shall be applicable: (a) The legal representatives of both the issuer or non-listed company and the AIF shall issue a statement as to why the disposal is implemented and certifying that the proposed disposal is, to their reasonable knowledge and belief, after due consideration, in the best interest of the issuer or non-listed company. The statement shall be reproduced in the annual report; (b) In the event the proposed sale is connected to a repayment of the acquisition debt, the employee representatives of the issuer or non-listed company shall be informed and consulted; (c) In the event the issuer or non-listed company becomes insolvent as a result of the disposal, the AIFM shall be held liable of any consequence thereof. 2. Where an AIFM exercises a controlling influence within the meaning of Article 28 on an issuer or a non-listed company, the legal representative of the issuer or non-listed company shall be required to issue a statement in the annual report that all capital outflows (including management fees) are in the long term interest of the issuer or non-listed company. 3. The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c specifying the detailed content of the statements to be provided under paragraphs 1 and 2 and the conditions under which the liability of the AIFM may be called pursuant to paragraph 1.
Amendment 1424 #
2009/0064(COD)
Proposal for a directive
Article 29 d (new)
Article 29 d (new)
Article 29d Specific provisions regarding the leverage of companies or issuers further to acquisition 1. In addition to the limitations set forth in article 29c, an AIFM exercising a controlling influence within the meaning of Article 28 on an issuer or a non-listed company shall not increase the leverage used by such issuer or company in connection with a distribution paid to the AIF or any subsidiary thereof by more than 20% as compared to the situation before the acquisition if, as a result of such increase, the leverage of such issuer or company exceeds 1.5 times the average of industry leverage applicable to this issuer or company, or the leverage of such issuer or company exceeds three times the value of its equity capital. 2. The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c regarding leverage, distribution, average of industry leverage and process.
Amendment 1425 #
2009/0064(COD)
Proposal for a directive
Article 29 e (new)
Article 29 e (new)
Article 29e Specific provisions regarding the lock-in period 1. Where an AIFM exercises a controlling influence within the meaning of Article 28 on an issuer or a non-listed company through an AIF, such issuer or company shall not be entitled to distribute directly or indirectly to such AIF or any subsidiary thereof an amount in excess of 50% of the value of its initial investment regarding such issuer or company before the end of a period expiring either on the fifth anniversary of the completion of the investment or on the sale of its interest in such company or issuer, whichever is earlier. 2. The Commission shall adopt delegated acts in accordance with Articles 49a, 49b and 49c implementing paragraph 1.
Amendment 1448 #
2009/0064(COD)
Proposal for a directive
Article 31 – paragraph 3 – subparagraph 1
Article 31 – paragraph 3 – subparagraph 1
3. No later than twenty working days after receipt of a complete notification pursuant to paragraph 2, the competent authorities of the home Member State shall inform the AIFM whether it may start marketing the AIF identified in the notification referred to in paragraph 2.
Amendment 1486 #
2009/0064(COD)
Proposal for a directive
Article 33 – paragraph 2
Article 33 – paragraph 2
2. The competent authorities of the home Member State shall, no later than twenty working days after the date of receipt of the complete documentation, transmit the complete documentation referred to in paragraph 1 to the competent authorities of the Member State where the AIF will be marketed. They shall enclose an attestation that the AIFM concerned is authorised. The procedure set forth in Article 5(3) shall apply.
Amendment 1487 #
2009/0064(COD)
Proposal for a directive
Article 33 – paragraph 3
Article 33 – paragraph 3
3. Upon transmission of the documentation, the competent authorities of the home Member State shall without delay notify the AIFM about the transmission. The AIFM may start the marketing of AIF in the host Member State as of the date of that notificationNo later than twenty working days after this transmission, and after taking into consideration any objection received from the competent authorities of host Member States, the competent authorities of the home Member State shall inform the AIFM whether it may start marketing as proposed in the notification submitted pursuant to paragraph 1.
Amendment 1491 #
2009/0064(COD)
Proposal for a directive
Article 34 – paragraph 4 – subparagraph 1
Article 34 – paragraph 4 – subparagraph 1
4. The competent authorities of the home Member State shall, no later than ten working daywo months after the date of receipt of the complete documentation, transmit the complete documentation referred to in paragraph 2, and where relevant 3, to the competent authorities of the Member State where the management services will be provided and an attestation that they have authorised the AIFM concerned. They shall immediately notify the AIFM about the transmission. The procedure set forth in Article 5(3) shall apply.
Amendment 1493 #
2009/0064(COD)
Proposal for a directive
Article 34 – paragraph 4 – subparagraph 2
Article 34 – paragraph 4 – subparagraph 2
Amendment 1496 #
2009/0064(COD)
Proposal for a directive
Article 34 – paragraph 6 a (new)
Article 34 – paragraph 6 a (new)
Amendment 1507 #
2009/0064(COD)
Proposal for a directive
Article 35 – paragraph 1
Article 35 – paragraph 1
An AIFM may only market shares or units of an AIF domiciled in a third country to professional investors domiciled in a Member State, if the third country has signed anis bound by a multi-lateral agreement with thisall Member State which fully complies with the standards laid down ins signed by the Commission on their behalf, providing for: (a) an effective exchange of information in tax matters, on the basis of Article 26 of the OECD Model Tax Convention, and ensures(b) an effective exchange of information in tax matterswith competent authorities regarding information referred to in Article 5 and Chapters IV and V.
Amendment 1532 #
2009/0064(COD)
Proposal for a directive
Article 36 – point c
Article 36 – point c
(c) there is an appropriate and effective co- operation agreement between the competent authorityies of the AIFM and the supervisory authority of the entityMember States, signed by the Commission acting on their behalf, with the supervisory authority of the entity, in accordance with the standards defined by the Commission in accordance with Article 39b.
Amendment 1541 #
2009/0064(COD)
Proposal for a directive
Article 37 – paragraph 1 – point b a (new)
Article 37 – paragraph 1 – point b a (new)
(ba) there is an appropriate and effective cooperation agreement between the competent authorities of the Member States, signed by the Commission acting on their behalf, with the supervisory authority of the entity, in accordance with the standards defined by the Commission under Article 39a.
Amendment 1549 #
2009/0064(COD)
Proposal for a directive
Article 38 – paragraph 1 – point b
Article 38 – paragraph 1 – point b
(b) an appropriate and effective co- operation agreement between the hcome Member State and the relevantpetent authorities of the Member States, signed by the Commission acting on their behalf, with the supervisory authoritiesy of the third country is sufficiently ensured;entity, in accordance with the standards defined by the Commission under Article 39a.
Amendment 1571 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 – point d
Article 39 – paragraph 1 – point d
(d) athe competent authority of the third country where the AIFM is established is bound with a multi-lateral cooperation- agreement betweenwith the competent authorities of thate Member State and the supervisor of the AIFM exists whichs where the AIFM intends to market the shares or units of AIF. In accordance with Article 35, that agreement shall ensures an efficient exchange of all information that are relevant for monitoring the potential implications of the activities of the AIFM for the stability of systemically relevant financial institutions and the orderly functioning of markets in which the AIFM is active. as referred to in Article 5 and Chapters IV and V, in accordance with the standards defined by the Commission under Article 39a.
Amendment 1574 #
2009/0064(COD)
Proposal for a directive
Article 39 – paragraph 1 – point e
Article 39 – paragraph 1 – point e
(e) the third country has signed an agreement with the Commission, acting on behalf of the Member State in which ithe AIFM has appliesd for authorisation which fully complies with, on the basis of the standards laid down in Article 26 of the OECD Model Tax Convention and, ensuresing an effective exchange of information in tax matters, in accordance with the standards defined by the Commission under Article 39a.
Amendment 1592 #
2009/0064(COD)
Proposal for a directive
Article 39 a (new)
Article 39 a (new)
Article 39a Application and review of conventions The Commission shall adopt and regularly review the standards applicable to the agreements signed with third countries pursuant to this Chapter. The Commission shall periodically review with Member States the agreements signed with third countries pursuant to this Chapter in order to check whether those third countries effectively comply with such conventions. The Commission shall notify a report on the result of the reviews to the Member Sates, which shall take them into account when assessing whether authorisations issued or to be issued under this Directive should be granted, suspended or withdrawn. The Commission shall, in accordance with Articles 49a, 49b and 49c, adopt delegated acts in order to specify the procedure to be followed for the adoption and review of the standards, the compliance reviews and the conditions for ensuring effective cooperation, and the consequences of the report on authorisations.
Amendment 1600 #
2009/0064(COD)
Proposal for a directive
Article 41 – paragraph 2 – introductory part
Article 41 – paragraph 2 – introductory part
2. The competent authorities shall have at least the following powers of investigation: , which shall be exercisable at any time: Or. en Justification
Amendment 1604 #
2009/0064(COD)
Proposal for a directive
Article 42 – paragraph 1 – introductory part
Article 42 – paragraph 1 – introductory part
1. The home Member State shall ensure that the competent authorities may takeshall have at least the following measurepowers:
Amendment 1606 #
2009/0064(COD)
Proposal for a directive
Article 43 – paragraph 1
Article 43 – paragraph 1
1. Member States shall lay down the rules on measures and sanctions applicable to infringements of the national provisions adopted pursuant to this Directive and shall take all measures necessary to ensure that those rules are enforced. Without prejudice to the procedures for the withdrawal of authorisation or to the right of Member States to impose criminal sanctions, Member States shall ensure, in conformity with their national law, that the appropriate administrative measures can be taken or administrative sanctions be imposed against the persons responsible where the provisions adopted in the implementation of this Directive have not been complied with. Member States shall ensure that these measures are effective, proportionate and dissuasive.
Amendment 1612 #
2009/0064(COD)
Proposal for a directive
Article 46 – title
Article 46 – title
Exchange of information relating to the potential systemic consequences of AIFM activity
Amendment 1617 #
2009/0064(COD)
Proposal for a directive
Article 46 – paragraph 2 a (new)
Article 46 – paragraph 2 a (new)
2a. All information received by competent authorities and relating to AIFM shall be communicated, upon request, to the Commission, which shall periodically issue statistical reports in relation thereto.
Amendment 1618 #
2009/0064(COD)
Proposal for a directive
Article 46 – paragraph 3
Article 46 – paragraph 3
3. The Commission shall adopt implementing measures specifying the modalities, content and frequency of the information to be exchanged pursuant to paragraph 1 and communicated to the Commission pursuant to paragraph 1.
Amendment 1627 #
2009/0064(COD)
Proposal for a directive
Article 48 – paragraph 2
Article 48 – paragraph 2
2. In case of disagreement between competent authorities on an assessment, action or omission of one of the competent authorities concerned under this Directive, competent authorities shall refer the matter to the CESR, where discussion will take place in order to reach a rapid and effective solution. The competent authorities shall duly consider the advice of thebe bound by the ruling of CESR.
Amendment 1635 #
2009/0064(COD)
Proposal for a directive – amending act
Article 50 – paragraph 1
Article 50 – paragraph 1
Two years after the date referred to in Article 54, the Commission shall, by ...*, on the basis of public consultation, taking into account national tax regimes, and in the light of the discussions with competent authorities, review the application and the scope of this Directive. This review shall also take due account of developments at international level and discussions with third countries and international organisations. * OJ please3 insert date: two years after the date referred to in Article 54,
Amendment 1637 #
2009/0064(COD)
Proposal for a directive – amending act
Article 50 – paragraph 2 a (new)
Article 50 – paragraph 2 a (new)
Before reviewing the application and the scope of this Directive, the Commission shall put forward proposals for amendments to Directives 2006/48/EC and 2006/49/EC to ensure an appropriate level of capital requirements for those financial institutions involved in business with AIF, taking into account the risk incurred, financial stability at large and potential conflicts of interest.
Amendment 1659 #
2009/0064(COD)
Proposal for a directive – amending act
Article 53 a (new)Directive 2003/6/EC
Article 53 a (new)Directive 2003/6/EC
Article 1 – paragraph 1 – points 7 a and 7 b (new) and Article 5 a (new)
Amendment 1668 #
2009/0064(COD)
Proposal for a directive – amending act
Annex I a (new)
Annex I a (new)
Amendment 269 #
2008/2239(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Recalls that coal remains an important element in the EU's supplies and an alternative to oil and gas; stresses, however, that the major disadvantage of coal lies in its very high rate of carbon dioxide emissions, and thus calls on the Commission to foster the community financing of clean coal technologies;
Amendment 11 #
2008/2212(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Takes the view that fluctuations in the price of oil, and in particular recent higher oil prices reflect a structural imbalance between supply and demand caused, in the main, by two factors: progressive depletion of the oil reserves and a change in demographic and urbanisation trends, especially in emerging countries, where the rise in average income is causing an increase in demand;
Amendment 21 #
2008/2212(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Expresses its concern that with structurally higher energy prices, there is more of a burden on labour to absorb increased costs through lower wages; considers that the inflation triggered by the increase in oil price should be addressed, in particular, by distributing purchasing power more evenly, particularly through targeted measures to help the poorest people;
Amendment 27 #
2008/2212(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5b. Notes the extreme volatility of the price of oil, which went from USD 100 a barrel on 2 January 2008 to USD 148 on 4 July, before falling to the current price of around USD 60 a barrel; asks the Commission to analyse whether this volatility, which is harmful to the economy and consumers, is a consequence of speculative practices on the markets, in particular the NYMEX, where 60% of trading is in virtual oil; considers that, with a view to a better regulatory framework for financial markets, specialised market practices for trading in raw materials must also be reviewed in order to avoid excessive speculation;
Amendment 2 #
2008/2171(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Notes that the Chinese economy would need to encourage more private consumption in order to rebalance its current account; takes the view that an effective more substantial appreciation of its currency could be a way to both reduce inflationary pressures and improve external imbalances;
Amendment 3 #
2008/2171(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Welcomes China’s activities in the environmental sector as regards the preparation of the 2008 Olympic Games; calls upon the Chinese Government to make sure of an early adaptation of the financial sector to a post-Kyoto Emission Trade Scontribute actively to the success of the Copenhagen Conference on the Kyoto successor arrangements by encouraging its financial sector to prepare itself for the introduction of an international emissions trading scheme;
Amendment 5 #
2008/2171(INI)
Draft opinion
Paragraph 6
Paragraph 6
Amendment 7 #
2008/2104(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. StressNotes that cooperation on energy should be based on the principles in the Energy Charter Treaty (ECT) - in particular reciprocity on access to investments, markets and infrastructure; calls on the Commission to make Russian ratification of the ECT one of its key aims in neither Russia nor Norway intends to ratify the European Energy Charter, which is judged by these two major energy suppliers to be excessively advantageous to the European Union; calls on all the signatory states to the Charter to enter into a renegotiations on the Partnership and Cooperation Agreementreof so that it can be ratified by all the countries concerned, including Russia and Norway;
Amendment 44 #
2008/0215(CNS)
Proposal for a directive – amending act
Article 1 – point 5 a (new)
Article 1 – point 5 a (new)
Directive 2003/48/EC
Article 10 – paragraph 3
Article 10 – paragraph 3
(5a) Article 10(3) is replaced by the following: "3. At the end of the transitional period, the paying agent shall levy a final withholding tax that is determined by the Member State where the paying agent is established and does not exceed 25%."
Amendment 46 #
2008/0215(CNS)
Proposal for a directive – amending act
Article 1 – point 6 – point -a (new)
Article 1 – point 6 – point -a (new)
Directive 2003/48/EC
Article 11 – paragraph 1 a (new)
Article 11 – paragraph 1 a (new)
-a) The following paragraph is added: "1a. At the end of the transitional period referred to in Article 10, when the beneficial owner of the interest is resident in a Member State other than that where the paying agent is established, the latter shall levy a final withholding tax of not more than 25%."
Amendment 47 #
2008/0215(CNS)
Proposal for a directive – amending act
Article 1 – point 6 – point a a (new)
Article 1 – point 6 – point a a (new)
Directive 2003/48/EC
Article 11 – paragraph 4
Article 11 – paragraph 4
Amendment 48 #
2008/0215(CNS)
Proposal for a directive – amending act
Article 1 – point 6 – point b
Article 1 – point 6 – point b
Directive 2003/48/EC
Article 11 – paragraph 5
Article 11 – paragraph 5
5. During the transitional period or at the end of the transitional period, Member States levying withholding tax may provide that an economic operator making an interest payment to, or securing such a payment for, an entity or legal arrangement referred to in Article 4(2) which has its place of effective management in another Member State and which is of a type listed in Annex III for that Member State, shall be considered the paying agent in place of the entity or legal arrangement and shall levy the withholding tax on that income, unless the entity or legal arrangement has formally agreed to its name, address and the total amount of income paid to it or secured for it being communicated in accordance with the seventh subparagraph of Article 4(2). In the case of legal arrangements the name and address to be communicated shall be those of the person who primarily holds legal title and primarily manages their property and income.
Amendment 49 #
2008/0215(CNS)
Proposal for a directive – amending act
Article 1 – point 6 a (new)
Article 1 – point 6 a (new)
Directive 2003/48/EC
Article 12 – paragraph 1
Article 12 – paragraph 1
(6a) Article 12(1) is replaced by the following: "1. Member States levying withholding tax in accordance with Article 11(1) or Article 11(1a) shall retain 25% of their revenue and transfer 75% of the revenue to the Member State of residence of the beneficial owner of the interest."
Amendment 52 #
2008/0215(CNS)
Proposal for a directive – amending act
Article 1 – point 7
Article 1 – point 7
Directive 2003/48/EC
Article 13
Article 13
7) In Article 13 is replaced by the following: Exception to the withholding tax procedure Member States(1), the introductory phrase shall be replaced by the following: "Article 13 "Member States which, during the transitional period, levying withholding tax in accordance with Article 11 shall ensure that a beneficialprovide for owner may request that no tax be withheld when he expressly authorises the paying agent to report information in accordance with Chapter II, such authorisation covering all interest payments made to the beneficial owner by that paying agent. In such a case, Article 9 shall apply. or both of the following procedures allowing beneficial owners to request that no such tax be withheld:"
Amendment 53 #
2008/0215(CNS)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/48/EC
Article 14
Article 14
8) Article 14 is amended as follows: a) The following paragraph 2, the first sentence is replaced by the following: “If an interest payment received by a beneficial owner has been subject to withholding tax in the Member State of the paying agent, the Member State of residence for tax purposes of the beneficial owner shall grant him a tax credit equal to the amount of the tax withheld in accordance with its national law.” b) paragraph 3 is replaced by the following: “3. If, in addition to the withholding tax referred to in Article 11, an interest payment received by a beneficial owner has been subject to any other type of withholding tax and the Member State of residence for tax purposes grants a tax credit for such withholding tax in accordance with its national law or double taxation conventions, such ois added to Article 14: "5. At the end of the transitional period, the Member State of residence for tax purposes of the beneficial owner shall revoke the tax credit mechanism or, where applicable, the refund of ther withholding tax shall be credited before the procedure in paragraph 2 is applied.”."
Amendment 85 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 13 a (new)
Article 1 – point 13 a (new)
Directive 2006/48/EC
Article 74 – paragraph 2 – subparagraph 2 a (new)
Article 74 – paragraph 2 – subparagraph 2 a (new)
13a. In Article 74(2), the following subparagraph is added: "For the communication of these calculations by credit institutions, the competent authorities shall, by 31 December 2012, apply uniform formats, frequencies and dates of reporting. To facilitate this, the Committee of European Banking Supervisors shall, by 31 December 2011, elaborate guidelines to introduce, within the Community, a uniform reporting format. The reporting formats shall be proportionate to the nature, scale and complexity of the credit institutions' activities."
Amendment 89 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 14 – point a
Article 1 – point 14 – point a
Directive 2006/48/EC
Article 87 – paragraph 11 – subparagraph 1
Article 87 – paragraph 11 – subparagraph 1
"11. Where exposures in the form of a collective investment undertaking (CIU) meet the criteria set out in Annex VI, Part 1, points 77 and 78 and the credit institution is aware of all or parts of the underlying exposures of the CIU, the credit institution shall look through to those underlying exposures in order to calculate risk-weighted exposure amounts and expected loss amounts in accordance with the methods set out in this Subsection. Paragraph 12 shall apply to the part of the underlying exposures of the CIU the credit institution is not aware of andor could not reasonably be aware of. In particular, paragraph 12 shall apply where it would be unduly burdensome for the credit institution to look through to the underlying exposures in order to calculate risk-weighted amounts and expected loss amounts in accordance with the methods set out in this section.
Amendment 90 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 14 – point a
Article 1 – point 14 – point a
Directive 2006/48/EC
Article 87 – paragraph 11 – subparagraph 2 – point b – point i
Article 87 – paragraph 11 – subparagraph 2 – point b – point i
(i) for exposures subject to a specific risk weight for unrated exposures or subject to the highest credit quality step yielding the highest risk weight for a given exposure class, the risk weight shall be multiplied by a factor of 2two but cannot be higher than 1 250 %;
Amendment 91 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 14 – point a
Article 1 – point 14 – point a
Directive 2006/48/EC
Article 87 – paragraph 11 – subparagraph 3
Article 87 – paragraph 11 – subparagraph 3
If, for the purposes of point (a), the credit institution is unable to differentiate between private equity, exchange-traded and other equity exposures, it shall treat the exposures concerned as other equity exposures. Without prejudice to Article 154(6), where these exposures, taken together with the credit institution's direct exposures in this exposure class, are not material within the meaning of Article 89(2), Pparagraph 1 of that Article may be applied subject to the approval of the competent authorities.
Amendment 100 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 16 – point a
Article 1 – point 16 – point a
Directive 2006/48/EC
Article 106 – paragraph 2 – point c
Article 106 – paragraph 2 – point c
(c) in the case of the provision of money transmission or securitiefinancial instruments clearing and, settlement and custody services to clients, delayed receipts in funding and other exposures arising from client activity, which do not last longer than the following business day.
Amendment 101 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 16 – point b
Article 1 – point 16 – point b
Directive 2006/48/EC
Article 106 – paragraph 3
Article 106 – paragraph 3
3. In order to determine the existence of a group of connected clients, in respect of exposures referred to in points (m), (o) and (p) of Article 79(1), where there is an exposure to underlying assets, a credit institution shall assess the scheme andor its underlying exposures, or both. For that purpose, a credit institution shall evaluate the economic substance and the risks inherent in the structure of the transaction.
Amendment 132 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 21 – point d
Article 1 – point 21 – point d
Directive 2006/48/EC
Article 113 – paragraph 4 – point f
Article 113 – paragraph 4 – point f
(f) asset items constituting claims on and other exposures to institutions, provided that these exposures do not constitute such institutions' own funds, and do not last longer than the following business day and are denominated in a currency of the Member State exercising this option, provided that such currency is not the euro.
Amendment 160 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 1 a (new)
Article 122a – paragraph 1 a (new)
1a. Where an EU parent credit institution or an EU financial holding company, or one of its subsidiaries, as an originator or sponsor, securitises exposures from several credit institutions, investment firms or financial institutions which are included in the scope of supervision on a consolidated basis, the requirement referred to in paragraph 1 may be satisfied on the basis of the consolidated situation of the related EU parent credit institution or EU financial holding company. This paragraph shall apply only where credit institutions, investment firms or financial institutions which created the securitised exposures have committed themselves to comply with the requirements set out in paragraph 6 and deliver, in a timely manner, to the originator or sponsor and to the EU parent credit institution or an EU financial holding company the information needed to satisfy the requirements referred to in paragraph 7.
Amendment 242 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 28 – point b
Article 1 – point 28 – point b
Directive 2006/48/EC
Article 129 – paragraph 3 – subparagraph 1 – point a
Article 129 – paragraph 3 – subparagraph 1 – point a
Amendment 243 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 28 – point b
Article 1 – point 28 – point b
Directive 2006/48/EC
Article 129 – paragraph 3 – subparagraph 1 – point b
Article 129 – paragraph 3 – subparagraph 1 – point b
Amendment 247 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 28 – point b
Article 1 – point 28 – point b
Directive 2006/48/EC
Article 129 – paragraph 3 – subparagraph 2
Article 129 – paragraph 3 – subparagraph 2
Amendment 248 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 28 – point b
Article 1 – point 28 – point b
Directive 2006/48/EC
Article 129 – paragraph 3 – subparagraph 3
Article 129 – paragraph 3 – subparagraph 3
Amendment 249 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 28 – point b
Article 1 – point 28 – point b
Directive 2006/48/EC
Article 129 – paragraph 3 – subparagraph 4
Article 129 – paragraph 3 – subparagraph 4
The joint decision referred to in the first subparagraph shall be set out in a document containing the fully reasoned decision which shall be provided to the EU parent credit institution by the consolidating supervisor. In case of disagreement, the consolidating supervisor shall at the request of any of the other competent authorities concerned consult the Committee of European Banking Supervisors. The consolidating supervisor may consult the Committee of European Banking Supervisors on its own initiative.
Amendment 252 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 28 – point b
Article 1 – point 28 – point b
Directive 2006/48/EC
Article 129 – paragraph 3 – subparagraph 5
Article 129 – paragraph 3 – subparagraph 5
In the absence of such a joint decision between the competent authorities within six months, the consolidating supervisor shall make its owndecision on the application of Articles 123, 124 and 136(2) shall be taken by the consolidating supervisor on a consolidated basis after duly considering the risk assessment of subsidiaries performed by relevant competent authorities. The decision on the application of Articles 74(2), 123, 124 and 136(2) shall be taken by the competent authorities responsible for the supervision of subsidiaries of an EU parent credit institution or an EU parent financial holding company on an individual or, where applicable on a sub-consolidated basis. The decision shall be set out in a document containing the fully reasoned decision and shall take into account the views and reservations of the other competent authorities expressed during the six months period. The decision shall be provided to the other competent authorities by the consolidating supervisor.
Amendment 256 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 28 – point b
Article 1 – point 28 – point b
Directive 2006/48/EC
Article 129 – paragraph 3 – subparagraph 6
Article 129 – paragraph 3 – subparagraph 6
Where the Committee of European Banking Supervisors has been consulted, the consolidating supervisorall competent authorities shall consider such advice, and explain any significant deviation there from.
Amendment 259 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 28 – point b
Article 1 – point 28 – point b
Directive 2006/48/EC
Article 129 – paragraph 3 – subparagraph 7
Article 129 – paragraph 3 – subparagraph 7
The joint decision referred to in the first subparagraph and the decision referred to in the sixth subparagraphs taken by the competent authorities in the absence of a joint decision shall be recognised as determinative and applied by the competent authorities in the Member State concerned.
Amendment 283 #
2008/0191(COD)
Proposal for a directive – amending act
Article 2 – point 7 a (new)
Article 2 – point 7 a (new)
Directive 2006/49/EC
Article 47
Article 47
(7a) In Article 47 the date "31 December 2009" is replaced by "31 December 2010".
Amendment 36 #
2008/0142(COD)
Proposal for a directive
Article 1
Article 1
This Directive establishes a general framework for the provision of safe, high qual, while respecting national competencies as regards the organisation and provision of healthcare, establishes the rules on access to healthcare services in another Member State, based on the principles of universality, quality, equity and solidarity, and efficient cross-borderstablishes mechanisms for cooperation between the Member States in the area of healthcare.
Amendment 51 #
2008/0142(COD)
Proposal for a directive
Article 5 – paragraph 1 – introductory part
Article 5 – paragraph 1 – introductory part
1. TWhe Member States of treatment shall be rere healthcare is dispoensible for the organisation and the delivery of healthcare. In such a context and takinged in a Member State other than that in which the patient is affiliated, this shall take place into account principles of universality, access to good quality care, equity and solidarity, they shall define clear quality and safety standards for healthcare provided on their territory, andrdance with the legislation of the Member State where the treatment is dispensed. Healthcare shall be provided in accordance with the quality and safety standards and guidelines defined by the Member State in which the treatment takes place. The latter must ensure that:
Amendment 52 #
2008/0142(COD)
Proposal for a directive
Article 5 – paragraph 3
Article 5 – paragraph 3
Amendment 64 #
2008/0142(COD)
Proposal for a directive
Article 8 – paragraph 1
Article 8 – paragraph 1
1. For the purposes of reimbursement of healthcare provided in another Member State in accordance with this Directive, hospital care shall mean: (a) healthcare which requires overnight accommodation of the patient in question for at least one night. (b) healthcare, included in a specific list, that does not require overnight accommodation of the patient for at least one night. This list shall be limited to: - healthcare thatbe defined in accordance with the legislation of the Member State of affiliation, provided that the healthcare in question requires use of highly specialised and cost-intensive medical infrastructure or medical equipment; or - healthcare involvinges treatments presenting a particular risk for the patient or the population.
Amendment 69 #
2008/0142(COD)
Proposal for a directive
Article 8 – paragraph 2
Article 8 – paragraph 2
Amendment 92 #
2008/0142(COD)
Proposal for a directive
Article 11
Article 11
Applicable rules to healthcare provided in 1. When healthcare is provided in a Member State other than that where the patient is an insured person, or in a Member State other than that where the healthcare provider resides, is registered or established, such healthcare service is provided according to the legislation of the Member State of treatment in accordance with Art.5. 2. This article does not apply as far as the recognition of the professional qualifications is concerned.rticle 11 deleted another Member State
Amendment 130 #
2008/0016(COD)
Proposal for a directive
Recital 4
Recital 4
(4) The Renewable Energy Roadmap demonstrated that a 20% target for the overall share of energy from renewable sources and a 10% target for renewable energy in transport would be appropriate and achievable objectives, and that a framework that includes mandatory targets should provide the business community with the long term stability it needs to make rational investment decisions in the renewable energy sector. Investments in low CO2 energy sources should also be encouraged.
Amendment 155 #
2008/0016(COD)
Proposal for a directive
Recital 9
Recital 9
(9) Member States' starting points, renewable energy potentials and energy mixes vary. It is therefore necessary to translate the overall 20% target into individual targets for each Member State, with due regard to a fair and adequate allocation taking account of different national starting points and potentials, including the existing level of renewable energies and energy mix. It is appropriate to do this by sharing the required total increase in the use of energy from renewable sources between Member States on the basis of an equal increase in each Member State's share weighted by their Gross DomesticNational Product, modulated to reflect national starting points, and by accounting in terms of final energy consumption..
Amendment 159 #
2008/0016(COD)
Proposal for a directive
Recital 10
Recital 10
(10) By contrast, it is appropriate for the 10% target for renewable energy in transport to be set at the same level for each Member State in order to ensure consistency in transport fuel specifications and availability. Because transport fuels are traded easily, Member States with low endowments of the relevant resources will easily be able to obtain renewable transport fuels from elsewhere. While it would technically be possible for the Community to meet its biofuel target solely from domestic production, it is both likely and desirable that the target will in fact be met through a combination of domestic production and imports. To this end, the Commission should monitor the supply of the Community market for biofuels, and should, as appropriate, propose relevant measures to achieve a balanced approach between domestic production and imports, taking into account the development of multilateral and bilateral trade negotiations as well as environmental, social, cost, energy security and other considerations.
Amendment 243 #
2008/0016(COD)
Proposal for a directive
Recital 28
Recital 28
(28) A coordinated approach is needed to develop training and appropriate certification should be made available to small scale renewable energy equipment installers in order to avoid market distortions and to ensure high quality products and service provision for consumers. National certification schemes should be mutually recognised by Member States and should therefore be based on minimum harmonised principles, taking into account European technology standards, and existing training and qualification regimes for renewable energy equipment installers. Directive 2005/36/EC of the European Parliament and of the Council of 7 September 2005 on the recognition of professional qualifications should continue to apply to issues not governed by this Directive, such as the recognition of professional qualifications of installers notgovern the recognition of professional qualifications for regulated professions. In so far as entering or exercising the profession of installer is regulated, the preconditions for recognition of professional qualifications are laid down in Directive 2005/36/EC; these preconditions should also apply to installers certified in onea Member State.
Amendment 331 #
2008/0016(COD)
Proposal for a directive
Article 1
Article 1
This Directive establishes a common framework for the promotion of energy from renewable sources. It sets mandatory targets for the overall share of energy from renewable sources in energy consumption and for the share of energy from renewable sources in transport. It lays down rules relating to guarantees of origin, administrative procedures and electricity grid connections in relation to energy from renewable sources. It establishes environmental sustainability criteria for biofuels and other bioliquids. It is based on the definitions laid down in Directive 2003/30/EC.
Amendment 448 #
2008/0016(COD)
Proposal for a directive
Article 5 – paragraph 2 – subparagraph 1
Article 5 – paragraph 2 – subparagraph 1
2. Member States may apply to the Commission for account to be taken, for the purposes of paragraph 1, of the construction of renewable energy plants with very long lead-times on their territory under the following, on conditions: (a) that construction of the renewable energy plant must havehas started by 2016; (b) the renewable energy plant must have a production capacity equal to or in excess of 5000 MW; (c) it must not be possible for the plant to become operational by 2020; (d) it must be possible for the plant to become operational by 2022.9;
Amendment 517 #
2008/0016(COD)
Proposal for a directive
Article 6 a (new)
Article 6 a (new)
Article 6a For the achievement of national targets, biofuel certificates coming from a Member State with whom another Member State has signed a bilateral agreement will be taken into account. Those biofuel certificates shall be cancelled in the acquisition country. The greenhouse gas emission savings linked to the biofuel certificates shall be counted in the acquisition country.
Amendment 580 #
2008/0016(COD)
Proposal for a directive
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Member States whose share of energy from renewable sources equalled or exceeded the indicative trajectory in Part B of Annex I in the immediately preceding two-year period may request the competent bodies designated in accordance with Article 7 to transfer the guarantees of origin submitted for cancellation under Article 8(1) to another Member State. Such guarantees of origin shall immediately be cancelled by the competent body in the receiving Member State.
Amendment 712 #
2008/0016(COD)
Proposal for a directive
Article 13 – paragraph 3
Article 13 – paragraph 3
3. Member States shall develop certensure that certification schemes or equivalent qualification schemes for installers of small-scale biomass boilers and stoves, solar photovoltaic and solar thermal systems and heat pumps. Those are available. The certification schemes shall be based on the criteria laid down in Annex IV. Each Member State shall recognise certification awarded by other Member States in accordance with these criteria; this shall not affect Directive 2005/36/EC.
Amendment 718 #
2008/0016(COD)
Proposal for a directive
Article 13 – paragraph 3
Article 13 – paragraph 3
3. Member States shall develop certification schemes for installers of small-scale biomass boilers and stoves, solar photovoltaic and solar thermal systems and heat pump, including heat pumps and geothermal systems. Those schemes shall be based on the criteria laid down in Annex IV. Each Member State shall recognise certification awarded by other Member States in accordance with these criteria.
Amendment 761 #
2008/0016(COD)
Proposal for a directive
Article 14 – paragraph 4
Article 14 – paragraph 4
4. Where appropriate, Member States may require transmission system operators and distribution system operators to bear, in full or in part, the costs referred to in paragraph 3. Member States may also require these operators to bear, fully or in part, the cost of supplying energy to individuals with an income lower than their national poverty threshold. Member States shall review and take the necessary measures to improve the frameworks and rules for bearing and sharing of costs referred to in paragraph 3 by 30 June 2011 at the latest and every two years thereafter to ensure the integration of new producers as referred to in that paragraph.
Amendment 862 #
2008/0016(COD)
Proposal for a directive
Article 15 – paragraph 6
Article 15 – paragraph 6
6. Member States shall not refuse to take into account, for the purposes referred to in paragraph 1, biofuel and other bioliquids obtained in compliance with this Article, on other grounds of sustainability. Nor shall Member States refuse to use biomass produced by genetic engineering.
Amendment 970 #
2008/0016(COD)
Proposal for a directive
Article 18 a (new)
Article 18 a (new)
Article 18a Barriers to national target achievement Where a Member State considers that, due to 1) insufficient availability of sustainable biofuel or guarantees of origin on the market or 2) any administrative or legal obstacle that is not from its responsibility, it is under the impossibility to meet the share of energy from renewable sources in final consumption of energy in 2020 set out in the third column of the table in Annex 1, it shall inform the Commission as soon as possible. The Commission shall adopt a decision on whether these aforementioned barriers have been demonstrated, in which case it shall decide what adjustment shall be made to the Member State's final consumption of energy from renewable sources for the year 2020.
Amendment 1038 #
2008/0016(COD)
Proposal for a directive
Annex IV – introductory phrase
Annex IV – introductory phrase
The criteria referred to in Article 13(3) shall be as followsfollowing criteria shall apply solely to certification schemes under Article 13(3):
Amendment 55 #
2008/0014(COD)
Proposal for a decision
Recital 8 a (new)
Recital 8 a (new)
(8a) Greenhouse gas emissions from sectors not covered by Directive 2003/87/EC should continue to diminish annually in a linear manner after 2020. However, it is useless to establish extremely ambitious reductions as of now up to 2050, while neither current scientific knowledge nor technological development make it possible to make realistic projections beyond the next twenty years.
Amendment 80 #
2008/0014(COD)
Proposal for a decision
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
'International agreement' means a global and comprehensive agreement in the context of the UNFCCC entailing, for the EU, the objective of a 30% reduction in greenhouse gas emissions by 2020 compared to 1990, commitments to comparable efforts by other developed countries and adequate contributions by economically more advanced developing countries, according to their responsibilities and respective capabilities.
Amendment 94 #
2008/0014(COD)
Proposal for a decision
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
1a. Annex -1 applies in the event that a future international agreement on climate change ensures comparable commitments for other developed countries and adequate contributions by economically more advanced developing countries according to their responsibilities and respective capabilities and the Community agrees to a reduction target of 30% compared to 1990 levels.
Amendment 96 #
2008/0014(COD)
Proposal for a decision
Article 4 – paragraph 4 – subparagraph 1
Article 4 – paragraph 4 – subparagraph 1
4. The annual use of credits by each Member State pursuant to paragraphs 1, 2 and 3 shall not exceed a quantity equal to 34% of the greenhouse gas emissions of that Member State not covered under Directive 2003/87/EC in the year 2005.
Amendment 97 #
2008/0014(COD)
Proposal for a decision
Article 3 – paragraph 2 – subparagraph 1
Article 3 – paragraph 2 – subparagraph 1
2. Subject to paragraph 3 and Article 4, each Member State shallould ensure that its anthropogenic net total greenhouse gas emissions in 2013 from sources and sinks not covered under Directive 2003/87/EC do not exceed the average annual greenhouse gas emissions of that Member State from those sources and sinks during the years 2008, 2009 and 2010, as reported and verified pursuant to Directive 2003/87/EC and Decision 280/2004/EC.
Amendment 98 #
2008/0014(COD)
Proposal for a decision
Article 4 – paragraph 4 – subparagraph 2
Article 4 – paragraph 4 – subparagraph 2
Each Member State may transfer the unused part of that quantity to another another Member State. Member State, or carry it over to the following year. In Member States affected by international road transit to a significant degree, the annual utilisation of credits may be doubled. The Commission shall propose objective rules for determining the level of international road transit starting from which such additional credits may be utilised by the Member States concerned. These rules shall be agreed pursuant to Article 9(2).
Amendment 124 #
2008/0014(COD)
Proposal for a decision
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) Certified Emission Reductions (CERs) and Emission Reduction Units (ERUs) issued in respect of emission reductions until 31 December 2012 from project types which were accepted by all Member States pursuant to Directive 2003/87/EC during the period 2008 to 2012.in accordance with the modalities and procedures adopted for Article 6 and Article 12 under the Kyoto Protocol and subsequent decisions thereunder
Amendment 128 #
2008/0014(COD)
Proposal for a decision
Article 4 – paragraph 1 – point b
Article 4 – paragraph 1 – point b
(b) CERs issued in respect of emission reductions from 1 January 2013 from project types which were registered during the period 2008 to 2012 of which the project type was accepted by all Member States pursuant to Directive 2003/87/EC during the period 2008 to 2012accepted in accordance with the modalities and procedures adopted for Article 6 and Article 12 under the Kyoto Protocol and subsequent decisions thereunder.
Amendment 133 #
2008/0014(COD)
Proposal for a decision
Article 4 – paragraph 1 – point c
Article 4 – paragraph 1 – point c
(c) CERs issued in respect of emission reductions achieved from projects implemented in Least Developed Countries of which the project type was accepted by all Member States pursuant to Directive 2003/87/EC during the period 2008 to 2012were accepted in accordance with the modalities and procedures adopted for Article 6 and Article 12 under the Kyoto Protocol and subsequent decisions thereunder, until those countries have ratified an agreement with the Community or until 2020, whichever is the earlier.
Amendment 171 #
2008/0014(COD)
Proposal for a decision
Article 6 – title
Article 6 – title
Adjustments applicable upon the Adjustments applicable upon the approval conclusion of a future international by the Community and the Member States agreement on climate change of a future international agreement on climate change
Amendment 172 #
2008/0014(COD)
Proposal for a decision
Article 6
Article 6
Amendment 183 #
2008/0014(COD)
Proposal for a decision
Article 6 a (new)
Article 6 a (new)
Article 6a Use of removals by sinks in the absence of a future international agreement on climate change. In the absence of an international agreement on climate change for the period after 2012, Member States may use the removals of greenhouse gas emissions by sinks for the implementation of their obligations under Article 3.
Amendment 67 #
2008/0013(COD)
Proposal for a directive – amending act
Recital 13
Recital 13
(13) The additional effort to be made by the European economy requires inter alia that the revised Community scheme operate with the highest possible degree of economic efficiency and on the basis of fully harmonised conditions of allocation within the Community. Auctioning shouldmust therefore be the basic principle for allocation, as it is the simplest and generally considered to be the most economically efficient system. This should also eliminate windfall profits and put new entrants and higher than average growing economies on the same competitive footing as existing installations.
Amendment 72 #
2008/0013(COD)
Proposal for a directive – amending act
Recital 15
Recital 15
(15) Given the considerable efforts of combating climate change and of adapting to its inevitable effects, it is appropriate that at least 2100% of the proceeds from the auctioning of allowances should be used to reduce greenhouse gas emissions, to adapt to the impacts of climate change, to fund research and development for reducing emissions and adaptation, to develop renewable energies to meet the EU’s commitment to using 20% renewable energies by 2020, to meet the commitment of the Community to increase energy efficiency by 20% by 2020, for the capture and geological storage of greenhouse gases, to contribute to the Global Energy Efficiency and Renewable Energy Fund, for measures to avoid deforestation and facilitate adaptation in developing countries, and for addressing social aspects such as possible increases in electricity prices in lower and middle income households. This proportion is significantly below the expected net revenues for public authorities from auctioning, taking into account potentially reduced income from corporate taxes. In addition, proceeds from auctioning of allowances should be used to cover administrative expenses of the management of the Community scheme. Provisions should be included on monitoring the use of funds from auctioning for these purposes. Such notification does not release Member States from the obligation laid down in Article 88(3) of the Treaty, to notify certain national measures. The Directive does not prejudice the outcome of any future State aid procedures that may be undertaken in accordance with Articles 87 and 88 of the TreatyIn addition, proceeds from auctioning of allowances should be used to cover administrative expenses of the management of the Community scheme.
Amendment 83 #
2008/0013(COD)
Proposal for a directive – amending act
Recital 16 a (new)
Recital 16 a (new)
(16a) Whether or not produced in combination with electricity, heat supplied for the use of industry, should receive free allowances in accordance with the proportion of free allowances allocated to the industrial sectors concerned. Whether or not produced in combination with electricity, heat supplied for the use of district heating qualifying under the Guidelines on State aid for environmental protection should receive free allowances to ensure equal treatment with regard to other producers of heat that are not covered by the community scheme.
Amendment 108 #
2008/0013(COD)
Proposal for a directive – amending act
Recital 20
Recital 20
(20) The Commission should therefore review the situation by June 2011 at the latest, consult with all relevant social partners, and, in the light of the outcome of the international negotiations, submit a report accompanied by any appropriate proposals. In this context, the Commission should identify whichIn order to ensure the efficiency of the European emission allowance trading system and prevent European restrictions from prompting industry to move to countries with less stringent environmental restrictions - preventing a decrease in global emissions - energy- intensive industry sectors orand sub-sectors are likely to be subject to carbon leakage not later than 30 June 2010. It should base its analysis on the assessment of the inability to pass on the cost of requsubject to international competition need to introduce an efficient system enabling Community installations to be placed on the same footing as thired allowances in product prices without significant loss of market share tocountry installations, inter alia by subjecting importers to requirements comparable to those set by European Union installations outsidethrough the Ccommunity not taking comparable action to reduce emissions. Energy-intensive industries which are determined to be exposed to a significant risk of carbon leakage could receive a higher amountpulsory surrender of allowances. This mechanism is intended for use only vis-à-vis countries which, following an international agreement, in the case of developed countries, have failed to give undertakings comparable to those assumed by the European Union in terms of fgree allocation or an effective carbon equalisation system could be introduced with a view to putting installations from the Community which are at significant risk of carbon leakage and those from third countries onhouse gas emission reduction or, in the case of emerging countries, have failed to introduce new and appropriate actions which are measurable, reportable and verifiable in a ccomparable footing. Such a system coulrdance with the road mapply requirements to importers that would be no less favourable than those applicable to installations within the EU, for example by requiring the surrender of allowances. Any action taken would need to be in conformity with the principles of the UNFCCC, in particular adopted at the Bali Conference. The Commission should identify sectors likely to be subject to carbon leakage on the basis of highly specific criteria so as to ensure that the principle of common but differentiated responsibilities and respective capabilities, taking into account the particular situation of Least Developed Countries. It would also need to be in conformity with the international obligations of the Community including the WTO agreementsk of carbon leakage is properly estimated and to avoid any over- compensation. The border adjustment mechanism should be consistent with the Community’s international obligations, particularly as regards the WTO.
Amendment 112 #
2008/0013(COD)
Proposal for a directive – amending act
Recital 20
Recital 20
(20) The Commission should therefore review the situation by June 20110 at the latest, consult with all relevant social partners, and, in the light of the outcome of the international negotiations, submit a report accompanied by any appropriate proposals. In this context, the Commission should identify which energy intensive industry sectors or sub-sectors are likely to be subject to carbon leakage not later than 30 June 2010. Itshould be identified in the body of the directive. It is vital that this list should be able to be supplemented so that all industrial sectors and sub-sectors liable to this risk can be identified by 30 June 2009 at the latest. This list could be reviewed or supplemented subsequently so as to take into account - using the same criteria - the effects of changes in the global situation. The Commission should base its analysis on the assessment of the inabilidifficulty tof passing on the cost of required allowances in product prices without significant loss of market share to installations outside the Community not taking comparable action to reduce emissions. Energy-intensive industries which are determined to be exposed to a significant risk of carbon leakage could receive a higher amount of free allocation or an effective carbon equalisation system could be introduced with a view to putting installations from the Community which are at significant risk of carbon leakage and those from third countries on a comparable footing. Such a system could apply requirements to importers that would be no less favourable than those applicable to installations within the EU, for example by requiring the surrender of allowances. Any action taken would need to be in conformity with the principles of the UNFCCC, in particular the principle of common but differentiated responsibilities and respective capabilities, taking into account the particular situation of Least Developed Countries. It would also need to be in conformity with the international obligations of the Community including the WTO agreement. Comparable undertakings assumed between developed countries and the contributions of developing countries, particularly the most economically advanced developing countries, should be measurable, verifiable and reportable. The methods of measurement and verification should be recognised at international level.
Amendment 140 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 2 – point b
Article 1 – point 2 – point b
Directive 2003/87/EC
Article 3 – point h
Article 3 – point h
h) 'new entrant' means any installation carrying out one or more of the activities indicated in Annex I, which has obtained a greenhouse gas emission permit or updated its greenhouse gas emission permit because of a change in its character or operation, or a significant extension of the installation itself, or of its capacity’s use, subsequent to the submission to the Commission of the list referred to in Article 11(1);";
Amendment 149 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 2 – point c
Article 1 – point 2 – point c
Directive 2003/87/EC
Article 3 – point u
Article 3 – point u
[(u)] 'Electricity generator' means an installation or part of an installation that, on or after 1 January 2005, has produced electricity for sale to third parties, and which is only covered by the category 'Supply of power or heat' in Annex I. The supply of electricity under a purchase obligation shall not be considered a sale to a third party, unless the take-over tariff contains an adjustment mechanism enabling the price of allowances to be reflected in the tariff.
Amendment 167 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 7
Article 1 – point 7
Directive 2003/87/EC
Article 10
Article 10
1. From 2013 onwards, Member Statesa Community body shall auction all allowances which are not allocated free of charge in accordance with Article 10a. 2. The total quantity of allowances to be auctioned by each Member State shall be composed as follows: (a) allowances to be auctioned being distributed amongst Member States in shares that are identical to the share of verified emissions under the Community scheme in 2005 of the Member State concerned (b) allowances to be auctioned being distributed amongst certain Member States for the purpose of solidarity and growth within the Community, thereby increasing the amount of allowances that those Member States auction under point (a) by the percentages specified in Annex IIa. For the purposes of point (a), in respect of Member States which did not participate in the Community scheme in 2005, their share shall be calculated using their verified Community scheme emissions under the Community scheme in 2007. If necessary, the percentages referred to in point (b) of the first subparagraph shall be adapted in a proportional manner to ensure that the redistribution is 10%. 3. At least 20% of the revenues generated from the auctioning of allowances referred to in paragraph 2, including all revenues from the auctioning referred to in point (b) thereof, should be used90% of the total quantity of 10% of the total quantity of 3. The EU shall use 100 % of the revenues generated from the auctioning of allowances for the following: (a) to reduce greenhouse gas emissions, including by contributing to the Global Energy Efficiency and, Renewable Energy and Non-Carbon Energy Fund, to adapt to the impacts of climate change and to fund research and development for reducing emissions and adapting, including participation in initiatives within the framework of European Strategic Energy Technology Plan; (b) to develop renewable energies to meet the commitment of the Community to using 20% renewable energies by 2020, and to meet the commitment of the Community to increase energy efficiency by 20% by 2020; (c) for the capture and geological storage of greenhouse gases, in particular from coal power stations; (ca) development of clean energy vectors; (d) for measures to avoid deforestation, in particular in Least Developed Countries; (e) for aid to some Member States to promote solidarity and growth in the Community, up to 10% of the revenue from the auctions for all these Member States, and for aid to facilitate developing countries' adaptation to the impacts of climate change; (f) to address social aspects in lower and middle income households, for example by increasing their energy efficiency and insulation; and (g) to cover administrative expenses of the management of the Community scheme. 4. Member States, up to [x% to be decided] of the total revenue from the auctions. 4. The Commission shall include information on the use of revenues for each of these purposes in their reports submitted under Decision No 280/2004/EC. 5. By 31 December 20109, the Commission shall adopt a Regulation in accordance with the regulatory procedure with scrutiny referred to in Article 23(3) on timing, administration and other aspects of auctioning to ensure that it is conducted in an open, transparent and non- discriminatory manner. AThe auctions system shall be designed to ensure that operators, and a continuously liquid and transparent market. To ensure that these objectives are achieved, the above Regulation shall be based on the following particular any small and medium size enterprises covered by the Community scheme, have full access and any other participants do not undermrinciples : - use of a single system, accessible from a distance, simple (one round), effective, available at an acceptable cost, and its integrity guaranteed by a single manager at Community level; - guaranteed access to the auction at minimal cost for any actor providing proof of solvency and holding an open account ine the operation of the auction. That measure, designed to amend non-essential eleallowances register; - the regulation shall lay down a timetable of volumes to be auctioned, consistent with deadlines for repayments of this Directive by supplementing it, shall be adopted in accordance with tallowances and with the undertakings’ financial constraints; this timetable shall exclude recourse to a single auction for the whole period. The rRegulatory procedure with scrutiny referred to in Article [23(3)]. ion shall provide for supervision of this market by an existing organisation or one to be set up, with a similar remit to that of supervisory bodies for raw materials markets.
Amendment 173 #
2008/0013(COD)
Proposal for a directive – amending act
Recital 20
Recital 20
(20) The Commission should therefore review the situation by June 2011 at the latest, consult with all relevant social partners, and, in the light of the outcome of the international negotiations, submit a report accompanied by any appropriate proposals. In this context, the Commission should identify whicho ensure that the European emission allowance market is able to operate effectively and that European constraints do not prompt industry to relocate to countries where the environmental constraints are not so strong – thus preventing any reduction in global emissions – highly energy -intensive industry sectors orand sub-sectors are likely to be subject to carbon leakage not later than 30 June 2010. It should base its analysis on the assessment of the inability to pass on the cost of requshould be encompassed within an effective system serving to put installations from the Community and those from thired allowanccountries ion product prices without significant loss of market share to installations outside the Community not taking comparable action to reduce emissions. Energy-intensive industries which are determined to be exposed to a significant risk of carbon leakage could receive a higher amount of free allocation or an effective carbon equalisation system could be introduced with a view to putting installations from the Community which are at significant risk of carbon leakage and those from third countries on a comparable footing. Such a system could apply requirements to importers that would be no less favourable than those applicable to installations within the EU, for example by requira comparable footing, for instance by imposing requirements on importers comparable to those applying to EU installations, to that end providing for the compulsory surrender of allowances. The above arrangement is intended to apply only, in the case of developing countries, to those to those which, under a future international agreement, will not have entered into commitments comparable to those of the EU regarding the reduction of greenhouse gas emissions; or, in the case of emerging countries, to those which have failed to provide for appropriate, measurable, notifiable, and verifiable new initiatives, as laid down ing the surrender of allowances. Any action taken would need to be in conformity with the principles of the UNFCCC, in particular the principle of common but differentiated responsibilities and respective capabilities, takroad map adopted at the Bali Conference. The Commission should compile a list of sectors at risk of carbon leakage, applying very precise criteria enabling int to accounscertain that the pcarticular situation of Least Developed Countries. It would also need to be in conformity with the international obligations of the Community including the WTO agreementbon leakage risk has been estimated accurately and to avert all forms of overcompensation. The border adjustment mechanism has to be compatible with the Community’s international obligations, not least in relation to the World Trade Organisation.
Amendment 228 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10a – paragraph 1 – subparagraph 3 a (new)
Article 10a – paragraph 1 – subparagraph 3 a (new)
Where an unavoidable gas from a production process is used as a fuel, allowances shall be allocated to the operator of the installation generating the unavoidable gas with the same allocation principles as applied for that installation.
Amendment 244 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10a – paragraph 3
Article 10a – paragraph 3
3. Free allocation may be given to electricity generators in respect of the production of heat through high efficiency cogeneration as defined by Directive 2004/8/EC for economically justifiable demand to ensure equal treatment with regard to other producers of heat. In each year subsequent to 2013, the total allocation to such installations in respect of Whether or not produced in combination with electricity, heat supplied for the use of industry shall receive free allowances in accordance with the proportion of free allowances allocated to the industrial sectors concerned. Whether or not produced in combination with electricity, heat supplied for the use of district heating qualifying under the Guidelines on State aid for environmental protection shall receive free allowances to ensure equal treatment with regard to other productioners of theat theat shall be adjusted by the linear factor referred to in Article 9are not covered by the EU ETS.
Amendment 275 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10a – paragraph 6 – subparagraph 3
Article 10a – paragraph 6 – subparagraph 3
No free allocation shall be made in respect of any electricity production by new entrants. Auctioning shall not apply to electricity produced from the use of unavoidable residues and unavoidable gases from production processes with the aim of using the corresponding amount of electricity within the installation having generated those gases.
Amendment 277 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10a – paragraph 6 – subparagraph 3 a (new)
Article 10a – paragraph 6 – subparagraph 3 a (new)
By 30 June 2010 at the latest, the Commission shall publish the harmonised rules on allocation to new entrants and rules intended to optimise the industrial plant – pooling, closures, transfers within the EU – drawn up and adopted in accordance with the regulatory procedure with scrutiny referred to in Article 23(3).
Amendment 305 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10a – paragraph 9 – subparagraph 1
Article 10a – paragraph 9 – subparagraph 1
9. At the latest by 30 June 2010 and every 3 years thereafter09 the Commission shall determine the sectors referred to in paragraph 8 and the percentage of free allowances received by the installations in those sectors.
Amendment 314 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10b
Article 10b
Amendment 331 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10b – paragraph 2 a (new)
Article 10b – paragraph 2 a (new)
Amendment 369 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/87/EC
Article 10a – paragraph 1
Article 10a – paragraph 1
1. The Commission shall, by 30 June1 December 20110, adopt Community wide and fully- harmonised implementing measures for allocating the allowances referred to in paragraphs 2 to 6 and 8 in a harmonised manner. Those 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 [23(3)]. The measures referred to in the first subparagraph shall, to the extent feasible, constitute harmonised measures designed to ensure that allocation takes place in a manner that gives incentives for greenhouse gas and energy efficient techniques and technologies and for reductions in emissions, by taking account of the most efficient techniques, substitutes, alternative production processes, use of biomass and greenhouse gas capture and storage, and shall not give incentives to increase emissions. No free allocation shall be made in respect of any electricity production, except for electricity generated as a by-product of an industrial process, through the use of heat, water vapour or gases deriving from the industrial process. The Commission shall, upon the conclusion by the Community of an international agreement on climate change leading to mandatory reductions of greenhouse gas emissions comparable to those of the Community, review those measures to provide that free allocation only takes place where this is fully justified in the light of that agreement.
Amendment 553 #
2008/0013(COD)
Proposal for a regulation – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10 a - paragraph 9 - paragraph 1
Article 10 a - paragraph 9 - paragraph 1
At the latest by 30 June 2010 and every 3 years thereafter09 the Commission shall determine the sectors referred to in paragraph 8 and the percentage of free allowances received by installations in those sectors.
Amendment 584 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 8
Article 1 - point 8
Directive 2003/87/EC
Article 10b
Article 10b
Amendment 623 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 9
Article 1 - point 9
Directive 2003/87/EC
Article 11 - paragraph 2 - subparagraph 2
Article 11 - paragraph 2 - subparagraph 2
An installation which ceases to operate shall receive no further free allowances, unless the operator demonstrates to the competent authority that it will replace in his home country production within a specified and reasonable time.
Amendment 61 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 50
Recital 50
Amendment 64 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 60 a (new)
Recital 60 a (new)
(60a) Activities pursued under this Directive should recognise the work of international and regional organisations related to radio spectrum management, e.g. the International Telecommunication Union (ITU) and the European Conference of Postal and Telecommunications Administrations (CEPT), to ensure the efficient management, and harmonisation of use of spectrum across the Community. Member States and the Commission should recognise the content of international agreements entered into by Member States pursuant to the ITU Radio Regulations in the implementation of this Directive.
Amendment 72 #
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 – first subparagraph
Article 9 – paragraph 3 – first subparagraph
3. Unless otherwise provided in the second subparagraph or in the measures adopted pursuant to Articles 9c and 9d, Member States shall ensure that, insofar as possible, facilitate the use of all types of radio network or wireless access technology may be used in the radio frequency bands openallocated to electronic communications services, in accordance with their respective national frequency plan and the ITU Radio Regulations.
Amendment 74 #
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 frequencies sharing where the use of frequencies is subject to a general authoriscomply with an obligation under an international agreement relating to the use of frequencies or the ITU Radio Regulations, or
Amendment 76 #
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 a (new)
Article 9 – paragraph 3 – subparagraph 2 – point c a (new)
(ca) ensure the efficient use of radio frequencies, or
Amendment 77 #
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
Article 9 – paragraph 4
4. Unless otherwise provided in the second subparagraph or in the measures adopted pursuant to Article 9c, Member States shall ensure that, Member States shall, insofar as possible, facilitate the use of all types of electronic communications services may be provided in the radio frequency bands open to electronic communications, in accordance with their respective national frequency plan and 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. Restrictions that require an electronic communications service to be provided in a specific band shall be justified in order to ensure the fulfilment of a general interest objective in conformity with Community law, such as safety of life, the provision of universal or public services, the promotion of social, regional or territorial cohesion, the avoidance of inefficient use of radio frequencies, or, as defined in national legislation in conformity with Community law, and the effective management of spectrum to take into account international commitments and practices or the promotion of cultural and linguistic diversity and media pluralism. A restriction which prohibits the provision of any other electronic communications service in a specific band may only be provided for where justified by the need to protect safety of life services or to ensure the fulfilment of a general interest objective defined in national legislation consistently with Community law.
Amendment 84 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 10
Article 1 – point 10
Directive 2002/21/EC
Article 9a
Article 9a
Amendment 93 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 10 a (new)
Article 1 – point 10 a (new)
Directive 2002/21/EC
Article 9 d (new)
Article 9 d (new)
Amendment 115 #
2007/0247(COD)
Proposal for a directive – amending act
Article 3 – point 3
Article 3 – point 3
Directive 2002/20/EC
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Member States shall not make the use of radio frequencies subject to the granting of individual rights of use but shall include the conditions for usage of such radio frequencies in the general authorisation, unless it is justified to grant individual rights in order to: (a) avoid a seriousny risk of harmful interference; or (b) fulfil other objectives of general interest; or (ba) ensure the efficient use of spectrum.
Amendment 117 #
2007/0247(COD)
Proposal for a directive – amending act
Article 3 – point 3
Article 3 – point 3
Directive 2002/20/EC
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
Without prejudice to specific criteria defined in advanceand procedures adopted by Member States to grant rights of use of radio frequencies to providers of radio or television broadcast content services with a view to pursuing ge.9.neral interest objectives in conformity with Community law, such rights of use shall be granted through objective, transparent, non-discriminatory and proportionate procedures, and, in the case of radio frequencies, in accordance with the provisions of Article 9 of Directive 2002/21/EC (Framework Directive). The procedures shall also be open, except in cases where the granting of individual rights of use for radio frequencies to the providers of radio or television broadcast content services can be shown to be essential to meet a particular obligation defined in advance by the Member State which is necessary to achieve a general interest objective in conformity with Community law.
Amendment 118 #
2007/0247(COD)
Proposal for a directive – amending act
Article 3 – point 3
Article 3 – point 3
Directive 2002/20/EC
Article 5 – paragraph 2 – subparagraph 3
Article 5 – paragraph 2 – subparagraph 3
When granting rights of use, Member States shall specify whether those rights can be transferred by the holder of the rights, and under which conditions. In the case of radio frequencies, such provisions shall be in accordance with Article 9b of Directive 2002/21/EC (Framework Directive).
Amendment 120 #
2007/0247(COD)
Proposal for a directive – amending act
Article 3 – point 3
Article 3 – point 3
Directive 2002/20/EC
Article 5 – paragraph 3
Article 5 – paragraph 3
3. Decisions on rights of use shall be taken, communicated and made public as soon as possible after receipt of the complete application by the national regulatory authority, within three weeks in the case of numbers that have been allocated for specific purposes within the national numbering plan and within six weeks in the case of radio frequencies that have been allocated for electronic communicationspecific purposes within the national frequency plan. The latter time limit shall be without prejudice to any applicable international agreements relating to the use of radio frequencies or of orbital positions.
Amendment 121 #
2007/0247(COD)
Proposal for a directive – amending act
Article 3 – point 3
Article 3 – point 3
Directive 2002/20/EC
Article 5 – paragraph 4 – subparagraph 1
Article 5 – paragraph 4 – subparagraph 1
4. Where it has been decided, after consultation with interested parties in accordance with Article 6 of Directive 2002/21/EC (Framework Directive), that rights for use of numbers of exceptional economic value are to be granted through competitive or comparative selection procedures, Member States may extend the maximum period of three weeks by up to a further period of three weeks.
Amendment 122 #
2007/0247(COD)
Proposal for a directive – amending act
Article 3 – point 3
Article 3 – point 3
Directive 2002/20/EC
Article 5 – paragraph 6
Article 5 – paragraph 6
6. National regulatory authorities shall ensure that radio frequencies are efficiently and effectively used in accordance with Article 9(2) of Directive 2002/21/EC (Framework Directive). They shall also ensure competition is not distorted as a result of any transfer or accumulation of radio frequencies usage rights. For such purposes, Member States may take appropriate measures such as reducing, withdrawing or forcing the sale of a right to use radio frequencies.
Amendment 132 #
2007/0247(COD)
Article 1 – point 8– point b a (new)
Directive 2002/21/EC
Article 8 – paragraph 2 – point b
Article 8 – paragraph 2 – point b
(ba) in paragraph 2, point (b) shall be replaced by the following: "(b) ensuring that there is no distortion or restriction of competition in the electronic communications and information society services, in particular for the delivery of and access to content and electronic communications and information society services across all networks."
Amendment 148 #
2007/0247(COD)
Article 2 – point 3 – point a a (new)
Directive 2002/19/EC
Article 5 – paragraph 1 – point a
Article 5 – paragraph 1 – point a
(aa) in paragraph 1, point (a) shall be replaced by: “(a) to the extent that is necessary to ensure end-to-end connectivity or fair and reasonable access to third-party services and applications, obligations on undertakings that control access to end- users, including in justified cases the obligation to interconnect their networks and to provide access where this is not already the case or to make their services interoperable on fair, transparent and reasonable terms;”
Amendment 150 #
2007/0247(COD)
Article 2 – point 7 – point a
Directive 2002/19/EC
Article 9 – paragraph 1
Article 9 – paragraph 1
1. National regulatory authorities may, in accordance with the provisions of Article 8, impose obligations for transparency in relation to interconnection and/or access, requiring operators to make public specified information, such as accounting information, technical specifications, network characteristics, terms and conditions for supply and use, including the purpose and effect of traffic management policies, and prices.
Amendment 166 #
2007/0247(COD)
Annex – point 2 – point h
Directive 2002/21/EC
Annex – part A – point 19
Annex – part A – point 19
19. Transparency obligations on undertakings providing electronic communications services available to the public to ensure end-to-end connectivity, including unrestricted access to and distribution of content, services and applications, in conformity with the objectives and principles set out in Article 8 of Directive 2002/21/EC (Framework Directive), disclosure regarding traffic management policies and, where necessary and proportionate, access by national regulatory authorities to such information needed to verify the accuracy of such disclosure.
Amendment 190 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 50
Recital 50
Amendment 196 #
2007/0247(COD)
Proposal for a directive – amending act
Recital 57 a (new)
Recital 57 a (new)
(57a) Activities pursued under this Directive should recognize the work of international and regional organizations related to radio spectrum management, e.g. the International Telecommunication Union (ITU) and the European Conference of Postal and Telecommunications Administrations (CEPT), to ensure the efficient management, and harmonisation of use of spectrum across the Community. Member States and the Commission should recognise the content of international agreements entered into by Member States pursuant to the ITU Radio Regulations in the implementation of this Directive.
Amendment 326 #
2007/0247(COD)
Proposal for a regulation – amending act
Article 1 – point 9
Article 1 – point 9
Directive 2002/21/EC
Article 9 – paragraph 3 – subparagraph 1
Article 9 – paragraph 3 – subparagraph 1
3. Unless otherwise provided in the second subparagraph or in the measures adopted pursuant to Article 9c and Article 9d, Member States shall ensure that, insofar as possible, facilitate the use of all types of radio network or wireless access technology may be used in the radio frequency bands openallocated to electronic communications services, in accordance with their national frequency plans and the ITU Radio Regulations.
Amendment 337 #
2007/0247(COD)
Proposal for a regulation – 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 frequencies sharing where the use of frequencies is subject to a general authoriscomply with an obligation under an international agreement relating to the use of frequencies or under the ITU Radio Regulations, or
Amendment 342 #
2007/0247(COD)
Proposal for a regulation – amending act
Article 1 – point 9
Article 1 – point 9
Directive 2002/21/EC
Article 9 – paragraph 3 – subparagraph 2 – point c a (new)
Article 9 – paragraph 3 – subparagraph 2 – point c a (new)
(ca) ensure the efficient use of radio frequencies, or
Amendment 350 #
2007/0247(COD)
Proposal for a regulation – 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, Member States shall, insofar as possible, facilitate the use of all types of electronic communications services may be provided in the radio frequency bands open to electronic communications, in accordance with their national frequency plans and 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 362 #
2007/0247(COD)
Proposal for a regulation – amending act
Article 1 – point 9
Article 1 – point 9
Directive 2002/21/EC
Article 9 – paragraph 4 – subparagraph 2
Article 9 – paragraph 4 – subparagraph 2
Restrictions that require an electronic communications service to be provided in a specific band shall be justified in order to ensure the fulfilment of a general interest objective in conformity with Community law, such as safety of life, the provision of universal or public services, the promotion of social, regional or territorial cohesion, the avoidance of inefficient use of radio frequencies, or, as defined in national legislation in conformity with Community law, the effective management of spectrum so as to take account of international commitments and practices, or the promotion of cultural and linguistic diversity and media pluralism.
Amendment 368 #
2007/0247(COD)
Proposal for a regulation – amending act
Article 1 – point 9
Article 1 – point 9
Directive 2002/21/EC
Article 9 – paragraph 4 – subparagraph 3
Article 9 – paragraph 4 – subparagraph 3
A restriction which prohibits the provision of any other electronic communications service in a specific band may only be provided for where justified by the need to protect safety of life services or to ensure the fulfilment of a general interest objective defined in national legislation in conformity with Community law.
Amendment 381 #
2007/0247(COD)
Proposal for a regulation – amending act
Article 1 – point 10
Article 1 – point 10
Directive 2002/21/EC
Article 9 a
Article 9 a
Amendment 482 #
2007/0247(COD)
Proposal for a directive – amending act
Article 1 – point 10a (new)
Article 1 – point 10a (new)
Directive 2002/20/EC
Article 9ca (new)
Article 9ca (new)
Amendment 636 #
2007/0247(COD)
Proposal for a directive – amending act
Article 2 – point 3 – point -a a (new)
Article 2 – point 3 – point -a a (new)
Directive 2002/19/EC
Article 5 – paragraph 1 – subparagraph 2 – point ba (new)
Article 5 – paragraph 1 – subparagraph 2 – point ba (new)
(-aa) In the second subparagraph of paragraph 1, the following point is added: "(ba) ensure the efficient use of spectrum."
Amendment 731 #
2007/0247(COD)
Proposal for a directive – amending act
Article 3 – point 3
Article 3 – point 3
Directive 2002/20/EC
Article 5 – paragraph 1 – point a
Article 5 – paragraph 1 – point a
(a) avoid a seriousthe risk of harmful interference; or
Amendment 751 #
2007/0247(COD)
Proposal for a directive – amending act
Article 3 – point 3
Article 3 – point 3
Directive 2002/20/EC
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
Without prejudice to specific criteria defined in advanceand procedures adopted by Member States to grant rights of use of radio frequencies to providers of radio or television broadcast content services with a view to pursuing general interest objectives in conformity with Community law, such rights of use shall be granted through objective, transparent, non-discriminatory and proportionate procedures, and, in the case of radio frequencies, in accordance with the provisions of Article 9 of Directive 2002/21/EC (Framework Directive). The procedures shall also be [open], except in cases where the granting of individual rights of use for radio frequencies to the providers of radio or television broadcast content services can be shown to be essential to meet a particular obligation defined in advance by the Member State which is necessary to achieve a general interest objective in conformity with Community law.
Amendment 752 #
2007/0247(COD)
Proposal for a directive – amending act
Article 3 – point 3
Article 3 – point 3
Directive 2002/20/EC
Article 5 – paragraph 2 – subparagraph 3
Article 5 – paragraph 2 – subparagraph 3
When granting rights of use, Member States shall specify whether those rights can be transferred by the holder of the rights, and under which conditions. In the case of radio frequencies, such provisions shall be in accordance with Article 9b of Directive 2002/21/EC (Framework Directive).
Amendment 760 #
2007/0247(COD)
Proposal for a directive – amending act
Article 3 – point 3
Article 3 – point 3
Directive 2002/20/EC
Article 5 – paragraph 3
Article 5 – paragraph 3
3. Decisions on rights of use shall be taken, communicated and made public as soon as possible after receipt of the complete application by the national regulatory authority, within three weeks in the case of numbers that have been allocated for specific purposes within the national numbering plan and within six weeks in the case of radio frequencies that have been allocated for electronic communicationspecific purposes within the national frequency plan. The latter time limit shall be without prejudice to any applicable international agreements relating to the use of radio frequencies or of orbital positions.
Amendment 761 #
2007/0247(COD)
Proposal for a directive – amending act
Article 3 – point 3
Article 3 – point 3
Directive 2002/20/EC
Article 5 – paragraph 4 – subparagraph 1
Article 5 – paragraph 4 – subparagraph 1
4. Where it has been decided, after consultation with interested parties in accordance with Article 6 of Directive 2002/21/EC (Framework Directive), that rights for use of numbers of exceptional economic value are to be granted through competitive or comparative selection procedures, Member States may extend the maximum period of three weeks by up to a further three weeks.
Amendment 764 #
2007/0247(COD)
Proposal for a directive – amending act
Article 3 – point 3
Article 3 – point 3
Directive 2002/20/EC
Article 5 – paragraph 6
Article 5 – paragraph 6
6. National regulatory authorities shall ensure that radio frequencies are efficiently and effectively used in accordance with Article 9(2) of Directive 2002/21/EC (Framework Directive). They shall also ensure that competition is not distorted as a result of any transfer or accumulation of radio frequencies usage rights. For such purposes, Member States may take appropriate measures such as reducing, withdrawing or forcing the sale of a right to use radio frequencies.
Amendment 25 #
2007/0198(COD)
Proposal for a regulation – amending act
Article 1 – point 1
Article 1 – point 1
Regulation (EC) No 1228/2003
Article 1
Article 1
"This Regulation also aims at facilitating the emergence of well functioning and transparent cross-border retail market and a well functioning and transparent wholesale marketwholesale market with a high level of security of supply. It provides mechanisms to harmonise these rules."
Amendment 54 #
2007/0198(COD)
Proposal for a regulation – amending act
Article 1 – point 3
Article 1 – point 3
Regulation 1228/2003
Article 2c – paragraph 5
Article 2c – paragraph 5
5. The European Network of Transmission System Operators for Electricity shall publish a Community-wide 10-year network investment plan every two years. The investment plan shall include the modelling of the integrated network, scenario development, a generation adequacy report and an assessment of the resilience of the system. The investment plan shall, in particular, build on national investment plans and on the Guidelines for Trans-European energy networks in accordance with Decision No 1364/2006/EC of the European Parliament and of the Council. The investment plan shall identify investment gaps, notably with respect to cross border capacities.
Amendment 117 #
2007/0198(COD)
Proposal for a regulation – amending act
Article 1 – point 5
Article 1 – point 5
Regulation (EC) No 1228/2003
Article 6 – paragraph 6 – first sentence
Article 6 – paragraph 6 – first sentence
6. Any revenues resulting from the allocation of interconnection shall be used for the following purposes in the order of priority:
Amendment 137 #
2007/0198(COD)
Proposal for a regulation – amending act
Article 1 – point 7
Article 1 – point 7
Regulation (EC) No 1228/2003
Article 7 a
Article 7 a
Amendment 142 #
2007/0198(COD)
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1228/2003
Article 8 – paragraph 3 – point b
Article 8 – paragraph 3 – point b
Amendment 20 #
2007/0197(COD)
The Committee on Economic and Monetary Affairs calls on the Committee on Industry, Research and Energy, as the committee responsible, to reject the Commission proposal.
Amendment 25 #
2007/0197(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) On the basis of the impact assessment of the resource requirements for a central entity, it was concluded that an independent central entity offered a number of long-term advantages over other options. An Agency Network for the Cooperation of Energy Regulators, hereinafter referred to as ‘the AgencyNetwork’, should therefore be established (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 27 #
2007/0197(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The AgencyNetwork should ensure that regulatory functions performed at national level by the national regulatory authorities in accordance with Directive 2003/54/EC and Directive 2003/55/EC are properly coordinated and, where necessary, completed at the Community level. To that end, it is necessary to guarantee the independence of the Agency, its technical and regulatory capacities and its transparency and efficiency.
Amendment 29 #
2007/0197(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The AgencyNetwork should monitororganise the cooperation between transmission system operators in the electricity and gas sectors as well as the execution of the tasks of the European Network of Transmission System Operators for electricity and the European Networks of Tnational transmission Ssystem Ooperators for Gas. The involvement of the Agency is essential in order to ensure that the cooperation between transmission system operators proceeds in an efficient and transparent way for the benefit of the internal market in the electricity and gas sectors.
Amendment 30 #
2007/0197(COD)
Proposal for a regulation
Recital 8
Recital 8
Amendment 32 #
2007/0197(COD)
Proposal for a regulation
Recital 9
Recital 9
Amendment 34 #
2007/0197(COD)
Proposal for a regulation
Recital 10
Recital 10
Amendment 37 #
2007/0197(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) On the basis of the impact assessment of the resource requirements for a central entity, it was concluded that an independent central entity offered a number of long-term advantages over other options. An Agency Network for the Cooperation of Energy Regulators, hereinafter referred to as ‘the AgencyNetwork’, should therefore be established. (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 37 #
2007/0197(COD)
Proposal for a regulation
Recital 11
Recital 11
Amendment 38 #
2007/0197(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The AgencyNetwork should ensure that regulatory functions performed at national level by the national regulatory authorities in accordance with Directive 2003/54/EC and Directive 2003/55/EC are properly coordinated and, where necessary, completed at the Community level. To that end, it is necessary to guarantee the independence of the Agency, its technical and regulatory capacities and its transparency and efficiency.
Amendment 38 #
2007/0197(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) The Network’s Administrative Board should have the necessary powers to establish the budget, check its implementation, draw up internal rules, adopt financial regulations and appoint the Director.
Amendment 40 #
2007/0197(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The AgencyNetwork should monitororganise the cooperation between transmission system operators in the electricity and gas sectors as well as the execution of the tasks of the European Network of Tnational transmission Ssystem Operators for electricity and the European Networks of Transmission System Operators for Gas. The involvement of the Agency is essential in order to ensure that the cooperation between transmission system operators proceeds in an efficient and transparent way for the benefit of the internal marketoperators in the electricity and gas sectors.
Amendment 40 #
2007/0197(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) The AgencyNetwork should have the necessary powers to perform the regulatory functions in an efficient and above all independent manner. The independence of regulatory authorities is not only a key principle of good governance but also and a fundamental condition to ensure market confidence. Reflecting the situation on a national level, the BoardNetwork of Regulators should therefore act independently from any market interest and shall not seek or take instructions from any government or other public or private entity.
Amendment 41 #
2007/0197(COD)
Proposal for a regulation
Recital 8
Recital 8
Amendment 41 #
2007/0197(COD)
Proposal for a regulation
Recital 14
Recital 14
Amendment 43 #
2007/0197(COD)
Proposal for a regulation
Recital 9
Recital 9
Amendment 45 #
2007/0197(COD)
Proposal for a regulation
Recital 10
Recital 10
Amendment 46 #
2007/0197(COD)
Proposal for a regulation
Article 1 – title
Article 1 – title
Establishment of a Network of Energy Regulators
Amendment 47 #
2007/0197(COD)
Proposal for a regulation
Recital 11
Recital 11
Amendment 47 #
2007/0197(COD)
Proposal for a regulation
Article 1
Article 1
An Agency Network for the Cooperation of Energy Regulators, hereinafter referred to as ‘the Agency’ isNetwork’ shall be established forby the purpose of complementing at Community level the regulatory tasks performed at national level by the regulatory authorities mentioned in Article 22a of Directive 2003/54/EC and Article 24a of Directive 2003/55/EC, and, where necessary, to coordinate their action.Commission, after receiving the assent of the European Parliament and the Council.
Amendment 49 #
2007/0197(COD)
Proposal for a regulation
Article 2
Article 2
Amendment 50 #
2007/0197(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) The Network’s Administrative Board should have the necessary powers to establish the budget, check its implementation, draw up internal rules, adopt financial regulations and appoint the Director.
Amendment 51 #
2007/0197(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) The AgencyNetwork should have the necessary powers to perform the regulatory functions in an efficient and above all independent manner. The independence of regulatory authorities is not only a key principle of good governance but also and a fundamental condition to ensure market confidence. Reflecting the situation on a national level, the BoardNetwork of Regulators should therefore act independently from any market interest and shall not seek or take instructions from any government or other public or private entity.
Amendment 52 #
2007/0197(COD)
Proposal for a regulation
Recital 14
Recital 14
Amendment 52 #
2007/0197(COD)
Proposal for a regulation
Article 3
Article 3
Amendment 55 #
2007/0197(COD)
Proposal for a regulation
Article 1
Article 1
Amendment 57 #
2007/0197(COD)
Proposal for a regulation
Article 2
Article 2
Amendment 58 #
2007/0197(COD)
Proposal for a regulation
Article 5
Article 5
The Agency may, upon a request from the Commission or on its own initiative,Network may provide an opinion to the Commission on all issues related to the purpose for which it has been established .
Amendment 60 #
2007/0197(COD)
Proposal for a regulation
Article 6
Article 6
Amendment 61 #
2007/0197(COD)
Proposal for a regulation
Article 3
Article 3
Amendment 71 #
2007/0197(COD)
Proposal for a regulation
Article 7
Article 7
Amendment 74 #
2007/0197(COD)
Proposal for a regulation
Article 5
Article 5
The Agency may, upon a request from the Commission or on its own initiative,Network may provide an opinion to the Commission on all issues related to the purpose for which it has been established.
Amendment 76 #
2007/0197(COD)
Proposal for a regulation
Article 8
Article 8
Amendment 78 #
2007/0197(COD)
Proposal for a regulation
Article 9
Article 9
Amendment 84 #
2007/0197(COD)
Proposal for a regulation
Article 6
Article 6
Amendment 87 #
2007/0197(COD)
Proposal for a regulation
Article 10
Article 10
Amendment 89 #
Amendment 90 #
2007/0197(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. The BoardNetwork of Regulators shall be composed of one representative per Member State from the regulatory authorities, as mentioned in Article 22a of Directive 2003/54/EC and Article 24a of Directive 2003/55/EC, and one non-voting representative of the Commission. They shall constitute the Administrative Board of the Network. The national regulatory authorities shall nominate one alternate per Member State. Alternates shall participate in meetings only in the absence of a full representative.
Amendment 92 #
2007/0197(COD)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The BoardNetwork of Regulators shall elect a Chairperson and a Vice-Chairperson from among its members. The Vice-Chairperson shall replace the Chairperson if the latter is not in a position to perform his or her duties. The term of office of the Chairperson and of the Vice-Chairperson shall be two and a half years and shall be renewable. In any event, however, the term of office of the Chairperson and that of the Vice-chairperson shall expire the moment they cease to be members of the BoardNetwork of Regulators.
Amendment 94 #
2007/0197(COD)
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. The BoardNetwork of Regulators shall act by a majority of two-thirds of it members. Each member or alternate shall have one vote.
Amendment 95 #
2007/0197(COD)
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
4. The BoardNetwork of Regulators shall adopt its Rules of procedure.
Amendment 96 #
2007/0197(COD)
Proposal for a regulation
Article 11 – paragraph 5
Article 11 – paragraph 5
5. When carrying out the tasks conferred upon it by this Regulation, the BoardNetwork of Regulators shall act independently and shall not seek or take instructions from any government of a Member State or from any public or private interest.
Amendment 97 #
2007/0197(COD)
Proposal for a regulation
Article 11 – paragraph 6
Article 11 – paragraph 6
6. The BoardNetwork of Regulators’ secretarial services shall be provided by the Agency shall appoint its director, organise its secretarial services, draw up its budget and determine its seat.
Amendment 98 #
2007/0197(COD)
Proposal for a regulation
Article 12
Article 12
Amendment 100 #
2007/0197(COD)
Proposal for a regulation
Article 13
Article 13
Amendment 109 #
2007/0197(COD)
Proposal for a regulation
Article 14
Article 14
Amendment 113 #
2007/0197(COD)
Proposal for a regulation
Article 15 – paragraph 2
Article 15 – paragraph 2
2. The members of the Board of Appeal shall be appointed by the Administrative BoardEuropean Parliament, on a proposal from the Commission, following a call for expression of interest, after consultation of the BoardNetwork of Regulators.
Amendment 114 #
2007/0197(COD)
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. The term of office of the members of the Board of Appeal shall be five years. This term shall be renewable. The members of the Board of Appeal shall be independent in making their decisions; they shall not be bound by any instructions. They may not perform any other duties in the Agency, in its Administrative Board or in its Board of Regulators. A member of the Board of Appeal may not be removed during his or her term of office, unless he or she has been found guilty of serious misconduct, and the Administrative Board, after consulting the Board of Regulators, takes a decision to this effect.
Amendment 116 #
2007/0197(COD)
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
Amendment 117 #
2007/0197(COD)
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The AgencyNetwork shall be required to take the necessary measures to comply with the judgment of the Court of First Instance or the Court of Justice.
Amendment 118 #
2007/0197(COD)
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. By 15 February of each year at the latest, the Director shall drawn up a preliminary draft budget covering the operational expenditure and the programme of work anticipated for the following financial year, and shall forward this preliminary draft to the Administrative Board, together with a list of provisional posts. Each year the Administrative Board shall, on the basis of the draft prepared by the Director, make an estimate of revenue and expenditure of the AgencyNetwork for the following financial year. This estimate, including a draft establishment plan, shall be transmitted by the Administrative Board to the Commission by 31 March at the latest. Prior to adoption of the estimate, the draft prepared by the Director shall be transmitted to the Regulatory Board, which may deliver an opinion on the draft.
Amendment 119 #
2007/0197(COD)
Proposal for a regulation
Article 20 – paragraph 4
Article 20 – paragraph 4
Amendment 120 #
2007/0197(COD)
Proposal for a regulation
Article 25
Article 25
Amendment 121 #
2007/0197(COD)
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
Amendment 123 #
2007/0197(COD)
Proposal for a regulation
Article 7
Article 7
Amendment 123 #
2007/0197(COD)
Proposal for a regulation
Article 30
Article 30
Amendment 133 #
2007/0197(COD)
Proposal for a regulation
Article 8
Article 8
Amendment 141 #
2007/0197(COD)
Proposal for a regulation
Article 9
Article 9
Amendment 162 #
2007/0197(COD)
Proposal for a regulation
Article 10
Article 10
Amendment 187 #
2007/0197(COD)
Proposal for a regulation
Article 11 – title
Article 11 – title
Board of Regulators Network of Regulators
Amendment 188 #
2007/0197(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
Amendment 189 #
2007/0197(COD)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The BoardNetwork of Regulators shall elect a Chairperson and a Vice-Chairperson from among its members. The Vice-Chairperson shall replace the Chairperson if the latter is not in a position to perform his or her duties. The term of office of the Chairperson and of the Vice-Chairperson shall be two and a half years and shall be renewable. In any event, however, the term of office of the Chairperson and that of the Vice-chairperson shall expire the moment they cease to be members of the BoardNetwork of Regulators.
Amendment 196 #
2007/0197(COD)
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. The BoardNetwork of Regulators shall act by a majority of two-thirds of it members. Each member or alternate shall have one vote.
Amendment 197 #
2007/0197(COD)
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
4. The BoardNetwork of Regulators shall adopt its Rules of procedure.
Amendment 199 #
2007/0197(COD)
Proposal for a regulation
Article 11 – paragraph 5
Article 11 – paragraph 5
5. When carrying out the tasks conferred upon it by this Regulation, the BoardNetwork of Regulators shall act independently and shall not seek or take instructions from any government of a Member State or from any public or private interest.
Amendment 201 #
2007/0197(COD)
Proposal for a regulation
Article 11 – paragraph 6
Article 11 – paragraph 6
6. The BoardNetwork of Regulators’ secretarial services shall be provided by the Agency shall appoint its director, organise its secretarial services, draw up its budget and decide on its seat.
Amendment 210 #
2007/0197(COD)
Proposal for a regulation
Article 12
Article 12
Amendment 226 #
2007/0197(COD)
Proposal for a regulation
Article 13
Article 13
Amendment 260 #
2007/0197(COD)
Proposal for a regulation
Article 14
Article 14
Amendment 273 #
2007/0197(COD)
Proposal for a regulation
Article 15 – paragraph 2
Article 15 – paragraph 2
2. The members of the Board of Appeal shall be appointed by the Administrative BoardEuropean Parliament, on a proposal from the Commission, following a call for expression of interest, after consultation of the BoardNetwork of Regulators.
Amendment 275 #
2007/0197(COD)
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. The term of office of the members of the Board of Appeal shall be five years. This term shall be renewable. The members of the Board of Appeal shall be independent in making their decisions; they shall not be bound by any instructions. They may not perform any other duties in the Agency, in its Administrative Board or in its Board of Regulators. A member of the Board of Appeal may not be removed during his or her term of office, unless he or she has been found guilty of serious misconduct, and the Administrative Board, after consulting the Board of Regulators, takes a decision to this effect.
Amendment 277 #
2007/0197(COD)
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
Amendment 278 #
2007/0197(COD)
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The AgencyNetwork of Regulators shall be required to take the necessary measures to comply with the judgment of the Court of First Instance or the Court of Justice.
Amendment 283 #
2007/0197(COD)
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. By 15 February of each year at the latest, the Director shall drawn up a preliminary draft budget covering the operational expenditure and the programme of work anticipated for the following financial year, and shall forward this preliminary draft to the Administrative Board of the Network, together with a list of provisional posts. Each year the Administrative Board shall, on the basis of the draft prepared by the Director, make an estimate of revenue and expenditure of the Agency for the following financial year. This estimate, including a draft establishment plan, shall be transmitted by the Administrative Board to the Commission by 31 March at the latest. Prior to adoption of the estimate, the draft prepared by the Director shall be transmitted to the Regulatory Board, which may deliver an opinion on the draft.
Amendment 284 #
2007/0197(COD)
Proposal for a regulation
Article 20 – paragraph 4
Article 20 – paragraph 4
Amendment 285 #
2007/0197(COD)
Proposal for a regulation
Article 25
Article 25
Amendment 287 #
2007/0197(COD)
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
Amendment 290 #
2007/0197(COD)
Proposal for a regulation
Article 30
Article 30
Amendment 65 #
2007/0196(COD)
Proposal for a directive – amending act
Recital 10 a (new)
Recital 10 a (new)
(10a) In complying with the regulations on effective and efficient legal unbundling, and provided that the network undertaking performs all the functions of the network operator and detailed regulation and extensive regulatory control mechanisms are put in place, vertically integrated undertakings may maintain their ownership of network assets whilst at the same time ensuring an effective separation of interests.
Amendment 71 #
2007/0196(COD)
Proposal for a directive – amending act
Recital 11
Recital 11
(11) Where the undertaking owning a transmission system is part of a vertically integrated undertaking, Member States should therefore be given a choice between ownership unbundling and, as a derogation, setting up system operators which are independent from supply and generation interests, and effective and efficient legal unbundling of transmission system operators. The full effectiveness of the independent system operator solution needs to be assured by way of specific additional rules. To preserve fully the interests of the shareholders of vertically integrated companies, Member States should have the choice of implementing ownership unbundling either by direct divestiture or by splitting the shares of the integrated company into shares of the network company and shares of the remaining supply and generation business, provided that the requirements resulting from ownership unbundling are complied with.
Amendment 114 #
2007/0196(COD)
Proposal for a directive – amending act
Recital 23 a (new)
Recital 23 a (new)
(23a) Energy poverty is a growing problem in the Community. Member States should develop national action plans to tackle energy poverty and to ensure the necessary energy consumption for vulnerable customers. An integrated approach is needed and measures should include policies, tariff policies and energy efficiency improvements for housing. At the very least, this Directive should allow national positive discrimination policies, in terms of pricing models, for vulnerable customers.
Amendment 158 #
2007/0196(COD)
Proposal for a directive – amending act
Article 1 – point 1 b (new)
Article 1 – point 1 b (new)
Directive 2003/55/EC
Article 3 – paragraph 3
Article 3 – paragraph 3
Amendment 200 #
2007/0196(COD)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2003/55/EC
Article 7 – paragraph –1 (new)
Article 7 – paragraph –1 (new)
Amendment 273 #
2007/0196(COD)
Proposal for a directive – amending act
Article 1 – point 8 a (new)
Article 1 – point 8 a (new)
Directive 2003/55/EC
Article 9 b (new)
Article 9 b (new)
Amendment 556 #
2007/0196(COD)
Proposal for a directive – amending act
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
2a. The Commission shall report to the European Parliament and the Council annually on the formal and practical implementation of this Directive in each Member State.
Amendment 558 #
2007/0196(COD)
Proposal for a directive – amending act
Article 2 – paragraph 2 b (new)
Article 2 – paragraph 2 b (new)
2b. Six years after the entry into force of this Directive, the Commission shall, on the basis of public consultations, in the light of discussions with the competent authorities and after having received an opinion by the Agency for the Cooperation of Energy Regulators, report to the European Parliament and the Council on the desirability of maintaining or amending this Directive. The several versions of restructuring gas companies laid down in Articles 7a to 7d and Articles 9 and 9b of Directive 2003/55/EC shall be verified, in particular, in terms of the effectiveness of their impact on network access and the necessary investments.
Amendment 11 #
2007/0195(COD)
Proposal for a directive – amending act
Recital 7
Recital 7
(7) Only the removal of the inherent incentive for vertically integrated companies to discriminate against competitors as regards network access and investment can ensure effective unbundling. Ownership unbundling, which implies the network owner being appointed as the network operator and being independent from any supply and production interests, is clearly the mostan effective and stable way to solve the inherent conflict of interest and to ensure security of supply. For this reason, the European Parliament in its Resolution on Pprospects for the internal gas and electricity market adopted on 10 July 2007 referred to ownership unbundling at transmission level as the most effective tool to promote investments in infrastructures in a non-discriminatory way, fair access to the grid for new entrants and transparency in the market. Member States should therefore be required to ensure that the same person or persons are not entitled to exercise control, including through minority blocking rights on decisions of strategic importance such as investments, over a production or supply undertaking and, at the same time, hold any interest in or exercise any right over a transmission system operator or transmission system. Conversely, control over a transmission system operator should preclude the possibility of holding any interest in or exercising any right over a supply undertaking.
Amendment 12 #
2007/0195(COD)
Proposal for a directive – amending act
Recital 10 a (new)
Recital 10 a (new)
(10a) Assuming that they comply with the provisions on effective and efficient corporate unbundling, vertically integrated companies can continue to own network assets while making for effective separation of interests, provided that the network company performs all the functions of a network operator and the necessary provision is made for detailed regulation and comprehensive regulatory oversight mechanisms.
Amendment 14 #
2007/0195(COD)
Proposal for a directive – amending act
Recital 11
Recital 11
(11) Where the undertaking owning a transmission system is part of a vertically integrated undertaking, Member States should therefore be given a choice between ownership unbundling and, as a derogation, setting up system operators which are independent from supply and generation interests, and effective and efficient corporate unbundling of transmission system operators. The full effectiveness of the independent system operator solution needs to be assured by way of specific additional rules. To preserve fully the interests of the shareholders of vertically integrated companies, Member States should have the choice of implementing ownership unbundling either by direct divestiture or by splitting the shares of the integrated company into shares of the network company and shares of the remaining supply and generation business, provided that the requirements resulting from ownership unbundling are complied with.
Amendment 22 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 2
Article 1 – point 2
Directive 2003/54/EC
Article 3 – paragraph 10
Article 3 – paragraph 10
Amendment 31 #
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 a (new)
Article 8 – paragraph -1 a (new)
-1a. To guarantee the independence of transmission system operators, Member States shall ensure that, with effect from [transposition deadline + 1 year], vertically integrated companies comply either with Article 8(1)(a) to (d) on complete ownership unbundling or with Article 10 on independent system operators, or Article 10b on effective and efficient corporate unbundling..
Amendment 52 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 6 a (new)
Article 1 – point 6 a (new)
Directive 2003/54/EC
Article 9 – paragraph 1 a to 1 h (new)
Article 9 – paragraph 1 a to 1 h (new)
Amendment 59 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 8
Article 1 – point 8
Directive 2003/54/EC
Article 10 b (new)
Article 10 b (new)
Amendment 64 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 10
Article 1 – point 10
Directive 2003/54/EC
Article 15 – paragraph 4
Article 15 – paragraph 4
4. The Commission may adopt guidelines or procedural requirements to ensure full and effective compliance of the distribution system operator with paragraph 2 as regards the full independence of the distribution system operator, the absence of discriminatory behaviour, and that supply activities of the vertically integrated undertaking cannot take unfair advantage of its vertical integration. This measure 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 27b(3).”.
Amendment 65 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 12
Article 1 – point 12
Directive 2003/54/EC
Article 22c – paragraph 1 – point (m)
Article 22c – paragraph 1 – point (m)
(m) ensuring accesthat all market participants have efficient access on equal terms to customer consumption data, the application of a harmonised format for consumption data and the access to data under paragraph (h) of Annex A;
Amendment 66 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 12
Article 1 – point 12
Directive 2003/54/EC
Article 22c – paragraph 3 – point (b)
Article 22c – paragraph 3 – point (b)
(b) to carry out in cooperation with the national competition authority investigations of the functioning of electricity markets, and, taking into account the respective powers and responsibilities of the two authorities, to decide, in the absence of violations of competition rules, ofn any appropriate measures necessary and appropriate proportionate measures to promote effective competition and ensure the proper functioning of the market, including virtual power plants;.
Amendment 71 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 12
Article 1 – point 12
Directive 2003/54/EC
Article 22c – paragraph 4 – point (a)
Article 22c – paragraph 4 – point (a)
(a) connection and access to national networks, including transmission and distribution tariffs and the methods of calculating them. These tariffs shall allow the necessary investments in the networks to be carried out in a manner allowing these investments to ensure the viability of the networks;
Amendment 72 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 12
Article 1 – point 12
Directive 2003/54/EC
Article 22c – paragraph 13
Article 22c – paragraph 13
13. Member States shall ensure that suitable mechanisms exist at national level under which a party affected by a decision of the national regulatory authority has a right of appeal to a body independent of the parties involvnational judicial body or other national authorities independent of the parties involved and the Government of the Member State concerned.
Amendment 80 #
2007/0195(COD)
Proposal for a directive – amending act
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
2a. The Commission shall report annually to the European Parliament and the Council on the progress of the practical and formal transposition of this Directive in the individual Member States.
Amendment 113 #
2007/0195(COD)
Proposal for a directive – amending act
Recital 10 a (new)
Recital 10 a (new)
(10a) Complying with the regulations on an effective and efficient legal unbundling and provided that the network undertaking performs all the functions of the network operator and a detailed regulation and extensive regulatory control mechanism are put in place, vertical integrated undertakings may remain the owner of their network assets and ensure an effective separation of interests at the same time.
Amendment 122 #
2007/0195(COD)
Proposal for a directive – amending act
Recital 11
Recital 11
(11) Where the undertaking owning a transmission system is part of a vertically integrated undertaking, Member States should therefore be given a choice between ownership unbundling and, as a derogation, setting up system operators which are independent from supply and generation interests and effective and efficient legal unbundling of transmission system operators. The full effectiveness of the independent system operator solution needs to be assured by way of specific additional rules. To preserve fully the interests of the shareholders of vertically integrated companies, Member States should have the choice of implementing ownership unbundling either by direct divestiture or by splitting the shares of the integrated company into shares of the network company and shares of the remaining supply and generation business, provided that the requirements resulting from ownership unbundling are complied with.
Amendment 177 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 1 i (new)
Article 1 – point 1 i (new)
Directive 2003/54/EC
Article 3 – paragraph 7
Article 3 – paragraph 7
Amendment 226 #
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 – introductory part
Article 8 – paragraph 1 – introductory part
1. In order to ensure the independence of transmission system operators, Member States shall ensure that as from [date of transposition plus one year] vertically integrated undertakings have to comply either with the following points (a) to (d) or with Article 10 or with the provisions of Article 10b:
Amendment 303 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 8 a (new)
Article 1 – point 8 a (new)
Directive 2003/54/EC
Article 10 b (new)
Article 10 b (new)
Amendment 314 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 9
Article 1 – point 9
Directive 2003/54/EC
Article 12 – paragraph 2 a (new)
Article 12 – paragraph 2 a (new)
2a. Commercial information of essential importance to market competition, with particular reference to information enabling the point of delivery to be identified, information on installed capacity and information on subscribed capacity, shall be accessible to all electricity supply operators on the market.Where necessary, the national regulatory authority shall require incumbents to supply such information to stakeholders.
Amendment 570 #
2007/0195(COD)
Proposal for a directive – amending act
Article 1 – point 15
Article 1 – point 15
Directive 2003/54/EC
Annex A – point (j a) (new)
Annex A – point (j a) (new)
(ja) shall have access to an impartial advice service providing information, free of charge, on a case-by-case basis on energy efficiency measures and the most appropriate supplier and payment options to suit their needs.
Amendment 574 #
2007/0195(COD)
Proposal for a directive – amending act
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
2a. The Commission shall report to the European Parliament and the Council annually on the formal and practical implementation of this Directive in each Member State."
Amendment 575 #
2007/0195(COD)
Proposal for a directive – amending act
Article 2 – paragraph 2 b (new)
Article 2 – paragraph 2 b (new)
2b. On the basis of public consultations and of discussions with the competent authorities and after having received an opinion by the Agency for the Cooperation of Energy Regulators, and six years following the entry into force of this Directive, the Commission shall report to the European Parliament and the Council on the desirability of maintaining or amending this Directive. The several versions of restructuring electricity companies laid down in Articles 8a to 8d, 10 and 10b of Directive 2003/54/EC shall be verified in particular in terms of the effectiveness of their impact on network access and the necessary investments.