72 Amendments of Gianni PITTELLA related to 2009/0144(COD)
Amendment 152 #
Proposal for a regulation
Recital 14
Recital 14
(14) There is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure, also through a single rulebook, a level playing field and an adequate protection investors and consumers across Europe. As a body with highly specialised expertise, it is efficient and appropriate to entrust the Authority, in areas defined by CommunityUnion law, with the elaboration of draft technical standards, which do not involve policy choices. The Commission should endorse those draft technical standards in accordance with CommunityUnion law in order to give them binding legal effect. The draft technical standards have to be adopted by the Commission. They wshould not be subject to amendment if, for example,by the Commission. The Commission should reject the draft technical standards only if they were incompatible with Community lEuropean Union Law, would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of CommunityEuropean Union financial services legislation. To ensure a smooth and expedited adoption process for those standards, the Commission should be subject to a time limit for its decision on the endorsement.
Amendment 157 #
Proposal for a regulation
Recital 21
Recital 21
(21) Serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityEuropean Union require a swift and concerted response at CommunityEU level. The Authority should therefore be able to require national supervisory authorities to take specific actions to remedy an emergency situation. As the determination of an emergency situation involves a significant degree of discretion, this power should be conferred on the CommissThe European Systemic Risk Board should establish when there is an emergency situation. To ensure an effective response to the emergency situation, in the event of inaction by the competent national supervisory authorities, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial market participants in areas of CommunityUnion law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the markets.
Amendment 162 #
Proposal for a regulation
Recital 22
Recital 22
(22) In order to ensure efficient and effective supervision and a balanced consideration of the positions of the competent authorities in different Member States, the Authority should be able to settle disagreements between those competent authorities with binding effect, including within colleges of supervisors. A conciliation phase should be provided for, during which the competent authorities may reach an agreement. The Authority's competence should cover disagreements on procedural obligations in the cooperation process as well as on the interpretation and application of CommunityEuropean Union law in supervisory decisions. Existing conciliation mechanisms provided for in sectoral legislation have to be respected. In the event of inaction by the national supervisory authorities concerned, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial market participants in areas of CommunityEuropean Union law directly applicable to them. This also applies to disagreements within a college of supervisors.
Amendment 173 #
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34a) Within three years from the entry into force of this Regulation, clear and sound guidance on when the safeguard clause may and may not be triggered by Member States shall be laid down at EU level by the Commission on the basis of the experience acquired. The use of the safeguard clause shall then be assessed against that guidance.
Amendment 177 #
Proposal for a regulation
Recital 39 a (new)
Recital 39 a (new)
(39a) The implementation of the new supervisory architecture should be envisaged and its effectiveness carefully assessed. In the medium – long term an evolution of the supervisory architecture towards a system relying on only two authorities, one responsible for micro- prudential supervision and the other one responsible for transparency, investor protection and market integrity, should be taken into consideration.
Amendment 181 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The Authority shall act within the scope of Directive 97/9/EC, Directive 98/26/EC, Directive 2001/34/EC, Directive 2002/47/EC, Directive 2002/87/EC, Directive 2003/6/EC, Directive 2003/71/EC, Directive 2004/25/EC, Directive 2004/39/EC, Directive 2004/109/EC, Directive 20059/605/EC, Directive 20092/65/EC, Directive 2002/65/EC,7/36/EC and Directive 2006/49/EC, (without prejudice to the competence of the European Banking Authority in terms ofas far as prudential supervision), Directive … [future AIFM Directive], and Regulation … [future CRA Regulation] is concerned), Directive [AIFM], and Regulation (EC) No 1060/2009 [CRA] and within the relevant parts of Directive 2005/60/EC and 2002/65/EC, to the extent that these apply to firms providing investment services or to collective investment undertakings marketing their units or shares, including all directives, regulations, and decisions based on these acts, and of any further CommunityUnion act which confers tasks on the Authority.
Amendment 186 #
Proposal for a regulation
Article 1 – paragraph 3
Article 1 – paragraph 3
3. The provisions of this Regulation are without prejudice to the powers of the Commission, in particular under Article 22658 of the Treaty on the Functioning of the European Union to ensure compliance with CommunityUnion law.
Amendment 189 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) protecting investors, (ii) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investorsand ensuring adequate investor information, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 199 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityEuropean Union law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 228 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point d a (new)
Article 6 – paragraph 1 – subparagraph 1 – point d a (new)
(da) approve whether contracts offered by a central clearing house are clearing- eligible;
Amendment 229 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point d b (new)
Article 6 – paragraph 1 – subparagraph 1 – point d b (new)
(db) list on a public register all clearing- eligible contracts and all central clearing houses that have been authorised to clear those contracts;
Amendment 230 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point d c (new)
Article 6 – paragraph 1 – subparagraph 1 – point d c (new)
(dc) negotiate and conclude information exchange agreements with third country supervisors and procedures for handling emergency situations;
Amendment 233 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 – point f a (new)
Article 6 – paragraph 1 – subparagraph 1 – point f a (new)
(fa) foster investor protection, in particular by managing a Unit in charge of ensuring the enforcement of the harmonized EU regulations on product disclosure and selling processes to all retail investors for all retail investment products and services. EBA and EIOPA shall provide all the necessary support and cooperation to enable ESMA to properly execute this task;
Amendment 246 #
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – point f a (new)
Article 6 – paragraph 2 – subparagraph 1 – point f a (new)
(fa) directly collect the necessary data from financial institutions;
Amendment 249 #
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – point f b (new)
Article 6 – paragraph 2 – subparagraph 1 – point f b (new)
(fb) coordinate the collection by its members of the necessary data from financial institutions;
Amendment 265 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority may develop technical standards in the areas specifically set out in the legislation referred to in Article 1(2) and 1(2a). The Authority shall submit its draft standards to the Commission for endorsement.
Amendment 267 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Before submitting them to the Commission, the Authority shall, where appropriate, conduct open public consultations on technical standards and analyse the potential related costs and benefits, unless such consultations and analyses are disproportionate in relation to the scope and impact of the technical standards concerned or in relation to the particular urgency of the matter.
Amendment 279 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 3
Article 7 – paragraph 1 – subparagraph 3
Within three months of receipt of the draft standards, the Commission shall decide whether to endorse the draft standards. The Commission may extend that period by one month. The Commission may endorse the draft standards only in part or with amendments where the CommunityEuropean Union interest so requires.
Amendment 284 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Where the Commission doeintends not to endorse the standards or endorses them in part or with amendments, it shall inform the Authority of its reassend the draft standards back to the Authority, giving its comments and observations. The Authority may amend the draft standards on the basis of the Commission’s comments and resubmit them to the Commissions.
Amendment 285 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Where the Commission doeintends not to endorse the standards or endorses them in part or with amendments, it shall inform the Authority of its reaso, it shall send the draft standards back to the Authority, explaining in writing the reasons why they are in conflict with the European Union public interest, would not respect the principle of proportionality or hamper the integration of the European single market. Within a period of 6 weeks, the Authority shall amend the draft standards duly taking into account the Commission’s concerns.
Amendment 304 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
Where the competent authority does not apply those guidelines or recommendations it shall inform the Authority of its reasonsstate its reasons to the Authority, which shall make them public.
Amendment 307 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Where a competent authority has not correctly applied the legislation referred to in Article 1(2), including the technical standards adopted in accordance with Article 7, in particular by failing to ensure that a financial market participant satisfies the requirements laid down in that legislation, the Authority shall have the powers set out in paragraphs 2, 3 and 6 of this Article.
Amendment 311 #
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 1
Article 9 – paragraph 4 – subparagraph 1
4. Where the competent authority has not complied with CommunityUnion law within one monthten working days from receipt of the Authority's recommendation, the Commission may, after having been informed by the Authority or on its own initiative,Authority shall take a decision requirsetting the competent authority to take the action necessary to comply with Community lawrrect application of the legislation put under investigation by the Authority.
Amendment 314 #
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 2
Article 9 – paragraph 4 – subparagraph 2
The CommissionAuthority shall take such a decision no later than threone months from the adoption of the recommendation. The Commission may extend this period by one month.
Amendment 316 #
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 3
Article 9 – paragraph 4 – subparagraph 3
The CommissionAuthority shall ensure that the right to be heard of the addressees of the decision is respected.
Amendment 318 #
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 4
Article 9 – paragraph 4 – subparagraph 4
The Authority and the competent authorities shall provide the CommissionAuthority with all necessary information.
Amendment 320 #
Proposal for a regulation
Article 9 – paragraph 5
Article 9 – paragraph 5
5. The competent authority shall, within ten working days of receipt of the decision referred to in paragraph 4, inform the Commission and the Authority of the steps it has taken or intends to take to implement the CommissionAuthority's decision.
Amendment 323 #
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 1
Article 9 – paragraph 6 – subparagraph 1
6. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a competent authority does not comply with the decision referred to in paragraph 4 of this Article within the period of time specified therein, and where it is necessary to remedy in a timely manner the non compliance by the competent authority in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements ofshall pursuant to the legislation referred to in Article 1(2) are directly applicable to financial market participants, adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under CommunityUnion law including the cessation of any practice.
Amendment 325 #
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 2
Article 9 – paragraph 6 – subparagraph 2
The decision of the Authority shall be in conformity with the decision adopted by the Commission pursuant to paragraph 4.
Amendment 327 #
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 1 a (new)
Article 9 – paragraph 7 – subparagraph 1 a (new)
Decisions adopted under paragraph 6 are applicable, if the case be, to all relevant financial institutions which are active in the non-complying jurisdiction.
Amendment 329 #
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 2
Article 9 – paragraph 7 – subparagraph 2
Amendment 335 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Community, the CommissionEuropean Union, the ESRB, upon its own initiative or following a request by the Authority, the Council, or the ESRB, may adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this regulationuropean Parliament, or the Commission, may issue a warning declaring the existence of an emergency situation. This warning will enable the Authority without further requirements to adopt the individual decisions referred to in paragraph 3.
Amendment 343 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commission has adopted a decision pursuant to paragraph 1ESRB takes the view that co- ordinated action by national authorities is necessary to respond to adverse developments which may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system, the Authority mayshall adopt individual decisions requiring competent authorities to take the necessary action in accordance with the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial systemsuch developments by ensuring that financial market participants and competent authorities satisfy the requirements laid down in that legislation.
Amendment 353 #
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a competent authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, the Authority may, where the relevant requirements laid down in the legislation referred to in Article 1(2) are directly applicable to financial market participantsshall pursuant to the legislation referred to in Article 1(2), adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under that legislation, including the cessation of any practice.
Amendment 356 #
Proposal for a regulation
Article 10 – paragraph 4 – subpara 2
Article 10 – paragraph 4 – subpara 2
Any action by the competent authorities in relation to facts which are subject to a decision pursuant to paragraph 2 or 3 shall be compatibleliant with those decisions. Non- compliance shall be duly justified in writing by the competent authorities to the ESRB and the Authority.
Amendment 366 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. If, at the end of the conciliation phase, the competent authorities concerned have failed to reach an agreement, the Authority may take a decision requiring them to take specific action or to refrain from action in order to settle the matter, inwith binding effects for the competent authorities concerned, in order to ensure compliance with CommunityEuropean Union law.
Amendment 371 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. The Authority shall contribute to promote and monitor the efficient, effective and consistent functioning of colleges of supervisors referred to in Directives 2006/49/EC and 2009/111/EC and foster the coherence of the application of CommunityUnion legislation across colleges.
Amendment 372 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 a (new)
Article 12 – paragraph 1 – subparagraph 1 a (new)
The Authority shall issue guidelines and recommendations adopted under Articles 7 and 8 that harmonise supervisory functioning and practices adopted by the colleges of supervisors.
Amendment 375 #
Proposal for a regulation
Article 12 – paragraph 3 a (new)
Article 12 – paragraph 3 a (new)
3a. A legally binding mediation role should allow the Authority to solve disputes between national supervisors following the procedure set up in Article 11. The Authority should be empowered to, when no agreement can be found between the supervisors of a cross-border institution, take supervisory decisions directly applicable to the institution concerned.
Amendment 425 #
Proposal for a regulation
Article 21 – paragraph 2
Article 21 – paragraph 2
2 The Authority shall cooperate closely with the ESRB. It shall provide the ESRB with regular and up-to-date information necessary for the achievement of its tasks. Any data necessary for the achievement of its tasks that are not in summary or collective form shall be provided without delay to the ESRB upon a reasoned request, as specified in Article [15] of Regulation (ECU) No …./… [ESRB]. The Authority shall develop an adequate protocol for the disclosure of confidential information regarding individual financial institutions.
Amendment 427 #
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
1. For the purpose of consultation with stakeholders in areas relevant to the tasks of the Authority, a Securities and Markets Stakeholder Group shall be established. The stakeholder Group shall be consulted on all important decisions and actions of the Authority, and in particular on all decisions submitted to or taken by the Authority’s Board of Supervisors.
Amendment 431 #
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 1
Article 22 – paragraph 2 - subparagraph 1
2. The Securities and Markets Stakeholder Group shall be composed of 30 members, representing in balanced proportions CommunityEU financial market participants, their employees as well as consumers, investors and users of financial services. No stakeholders in the group shall have an overall majority. Each stakeholder sub-group shall be composed of an equal number of representatives. Minimum five seats in the stakeholder group shall be reserved for consumer representatives.
Amendment 440 #
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 2
Article 22 – paragraph 2 - subparagraph 2
The Securities and Markets Stakeholder Group shall meet at least twicefour times a year.
Amendment 444 #
Proposal for a regulation
Article 22 – paragraph 3 - subparagraph 1
Article 22 – paragraph 3 - subparagraph 1
3. The members of the Securities and Markets Stakeholder Group shall be appointed by the Board of Supervisors of the Authority, following proposals from the relevant stakeholders. Stakeholders shall be effectively involved in the selection of their respective representatives.
Amendment 455 #
Proposal for a regulation
Article 22 – paragraph 4 – subparagraph 2 a (new)
Article 22 – paragraph 4 – subparagraph 2 a (new)
The chair shall be designated by the members.
Amendment 460 #
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Securities and Markets Stakeholder Group may submit opinions and advice to the Authority on any issue related to the tasks of the Authority specified in Articles 7 and 8to 19.
Amendment 463 #
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 1 a (new)
Article 22 – paragraph 5 – subparagraph 1 a (new)
The stakeholder group shall decide on the issues relevant for consultation as well as have the possibility to influence the agenda for the meetings. All group representatives shall have the opportunity to give inputs. The final decision on the proposed agenda items shall be taken by the stakeholder group, with the right for each stakeholder sub-group to have their proposed items on the agenda.
Amendment 465 #
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 1 b (new)
Article 22 – paragraph 5 – subparagraph 1 b (new)
Each stakeholder sub-group shall have the freedom to submit its opinions and advice to the Authority which will not necessarily be the opinions of the majority of the stakeholder group.
Amendment 468 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
Amendment 473 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any wadirectly on the fiscal responsibilities of Member States.
Amendment 477 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 1
Article 23 – paragraph 2 – subparagraph 1
Amendment 479 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 1
Article 23 – paragraph 2 – subparagraph 1
2. Where a Member State considers that a decision taken under Article 11 impinges on its fiscal responsibilities, it may notify the Authority and the Commission within one monthten working days after notification of the Authority's decision to the competent authority that the decision will not be implemented by the competent authority.
Amendment 483 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 2
Article 23 – paragraph 2 – subparagraph 2
Amendment 484 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 2
Article 23 – paragraph 2 – subparagraph 2
In its notification, the Member State shall justify why and clearly demonstrate howprovide an impact assessment on how much the decision impinges on its fiscal responsibilities.
Amendment 489 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 3
Article 23 – paragraph 2 – subparagraph 3
Amendment 491 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 4
Article 23 – paragraph 2 – subparagraph 4
Amendment 492 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Article 23 – paragraph 2 – subparagraph 5
Amendment 495 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Article 23 – paragraph 2 – subparagraph 5
Where the Authority maintains its decision, the Council, acting by shall take a decision whether the Authority's decision is maintained or revoked on the basis of a qualified majority of its members, as defined in Article 20516(4) of the Treaty, shall, within two m on European Union and in Article 3 of the Protocol No 36 on transitional provisions annexed to the Treaty on European Union and to the Treaty on ths, decide whether the Authority's decision is maintained or revokede Functioning of the European Union, at one of its meetings at the latest two months after the Authority has informed the Member State as set out in the previous subparagraph.
Amendment 500 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 6
Article 23 – paragraph 2 – subparagraph 6
Amendment 504 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 1
Article 23 – paragraph 3 – subparagraph 1
Amendment 505 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 1
Article 23 – paragraph 3 – subparagraph 1
3. Where a Member State considers that a decision taken under Article 10(2) impinges on its fiscal responsibilities, it may notify the Authority, the Commission and the Council within threewo working days after notification of the Authority's decision to the competent authority that the decision will not be implemented by the competent authority.
Amendment 506 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 2
Article 23 – paragraph 3 – subparagraph 2
Amendment 509 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
Article 23 – paragraph 3 – subparagraph 3
Amendment 510 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
Article 23 – paragraph 3 – subparagraph 3
The Council, acting by shall take a decision whether the Authority's decision is maintained or revoked on the basis of a qualified majority of its members, as defined in Article 20516(4) of the Treaty, shall, within ten working days, decide whether the Authority's decision is maintained or revoked on European Union and in Article 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, at one of its meetings at the latest two months after the Authority has informed the Member State as set out in the previous subparagraph.
Amendment 515 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 4
Article 23 – paragraph 3 – subparagraph 4
Amendment 516 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 4
Article 23 – paragraph 3 – subparagraph 4
Where the Council does not take a decision within tenfive working days, the Authority's decision shall be deemed to be maintained.
Amendment 520 #
Proposal for a regulation
Article 25 – paragraph 1 – subparagraph 1 – point a
Article 25 – paragraph 1 – subparagraph 1 – point a
(a) the Chairperson, who shall be non- votingsix member of the Management Board, including the Chairperson;
Amendment 545 #
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 1
Article 30 – paragraph 1 – subparagraph 1
1. The Management Board shall be composed of the Chairperson, a representative of the Commissisix independent members appointed by common, and four members elected by the Board of Supervisors from among its memberccord of the Heads of States or Governments.
Amendment 548 #
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 2
Article 30 – paragraph 1 – subparagraph 2
Amendment 550 #
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 3
Article 30 – paragraph 1 – subparagraph 3
Amendment 583 #
Proposal for a regulation
Article 40 a (new)
Article 40 a (new)
Article 40 a In case a significant cross border financial institution reaches across different sectors the European Supervisory Authority (Joint Committee) shall decide which European Supervisory Authority shall act as leading competent authority and/ or adopt binding decisions to resolve problems between the European Supervisory Authorities.
Amendment 634 #
Proposal for a regulation
Article 66 – paragraph 2 a (new)
Article 66 – paragraph 2 a (new)
2a. The implementation of the new supervisory architecture should be envisaged and its effectiveness carefully assessed. In the medium – long term an evolution of the supervisory architecture towards a system relying on only two authorities, one responsible for micro- prudential supervision and the other one responsible for transparency, investor protection and market integrity, should be taken into consideration.