[ParlTrack]

Proposal for a directive – amending act
Article 1 – point 5

Directive 97/9/EC
Article 4a – paragraph 2 – subparagraph 1

2. Member States shall ensure that each scheme establishes a target fund level of at least 0.51% of the value of the monies and financial instruments held, administered or managed by the investment firms or UCITS that are covered by the protection of the investor compensation scheme. The value of the covered monies and financial instruments shall be calculated every year as at 1 January.

2011/03/02
Committee: ECON

Gianni PITTELLA

Proposal for a directive – amending act
Article 1 – point 5

Directive 97/9/EC
Article 4a – paragraph 2 – subparagraph 1 a (new)

The Member States shall have the power to determine the percentage of the contribution referred to above (0.1%) to be paid ex ante and the percentage to be paid ex post.

2011/03/02
Committee: ECON

Gianni PITTELLA

Proposal for a directive – amending act
Article 1 – point 5

Directive 97/9/EC
Article 4a – paragraph 4

4. Member States shall ensure that the schemes may make additional calls for contribution to the members of the scheme in case the target fund level is insufficient to meet the payment of the compensation claims referred to in Article 9(2). Those additional contributions shall not exceed 0.5% of the covered monies and financial instruments as referred to in paragraph 2 of this Article. Those additional contributions shall not jeopardise the stability of the financial system of the Member State concerned and be based on affordability criteria.deleted

2011/03/02
Committee: ECON

Gianni PITTELLA

Proposal for a directive – amending act
Article 1 – point 7

Directive 97/9/EC
Article 9 – paragraph 2 – subparagraph 5

If final payment has not been made within nine months of the determination or ruling referred to in Article 2(2) or (2b), Member States shall ensure that the scheme provides, within three months of that determination or ruling, for a provisional payout of partial compensation of not less than one third of the claim based on an initial assessment of the claim. The balance shall be paid out within the period set out in the first subparagraph of this paragraph after the eligibility and the amount of the claim are finally established. Member States shall ensure that the scheme has the means to recover amounts provisionally paid out if it is established that the claim was not eligible.deleted

2011/03/02
Committee: ECON

4 Amendments of Gianni PITTELLA related to 2010/0199(COD)

ParlTrack - 2011-2024