28 Amendments of Gianni PITTELLA related to 2012/0150(COD)
Amendment 216 #
Proposal for a directive
Recital 44 a (new)
Recital 44 a (new)
(44a) Member States shall consider that the bail-in tool is not adequate for all legal forms of institutions to the same degree. This should be under consideration when applying the bail-in tool.
Amendment 320 #
Proposal for a directive
Article 3 – paragraph 3
Article 3 – paragraph 3
3. Resolution authorities may be the competent authorities for supervision for the purposes of Directives 2006/48/EC and 2006/49/EC, central banks, competent ministries or other public administrative authorities, provided that Member States adopt rules and arrangements necessary to avoid conflicts of interest between the functions of supervision pursuant to Directives 2006/48/EC and 2006/49/EC or the other functions of the relevant authority and the functions of resolution authorities pursuant to this Directive are adopted. In particular, Member States shall ensure that, within the competent authorities, central banks, competent ministries or other public administrative authorities there is a functional separation between the resolution function and the supervisory or other functions of the relevant authority.
Amendment 330 #
Proposal for a directive
Article 3 – paragraph 5
Article 3 – paragraph 5
5. Where the designated authority in accordance with paragraph 1 is not the competent ministry in a Member State, anyMember States should adopt rules and arrangements establishing when the decision of the designated authority pursuant to this Directive shall be taken in consultation with the competent ministry.
Amendment 361 #
Proposal for a directive
Article 4 – paragraph 1 – point a a (new)
Article 4 – paragraph 1 – point a a (new)
(aa) the requirement to draft recovery and resolution plans under articles 5 and 9 and the assessment of resolvability under Article 13.
Amendment 391 #
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Member States shall ensure that each institution that is not part of a group subject to consolidated supervision pursuant to Article 3, Articles 125 and 126 of Directive 2006/48/EC or part of a cooperative solidarity system according to Article 80 (8) of Directive 2006/48/EC draws up and maintains a recovery plan providing, through measures taken by the management of the institution or by a group entity, for the restoration of its financial situation following significant deterioration. Recovery plans shall be considered as a governance arrangement within the meaning of Article 22 of Directive 2006/48/EC.
Amendment 460 #
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Member States shall ensure that parent undertakings or institutions that are subject to consolidated supervision pursuant to Articles 3, 125 and 126 of Directive 2006/48/EC, or by a cooperative solidarity system according to Articles 3 and 80 (8) of Directive 2006/48/EC draw up and submit to the consolidating supervisor a group recovery plan that includes a recovery plan for the whole group, including for the companies referred to in points (c) and (d) of Article 1, as well as a recovery plan for each institution that is part of the group.
Amendment 475 #
Proposal for a directive
Article 7 – paragraph 3 – subparagraph 2
Article 7 – paragraph 3 – subparagraph 2
The group recovery plan shall include arrangements to ensure the coordination and consistency of measures to be taken at the level of the parent undertaking or relevant institution subject to consolidated supervision, and at the level of the companies referred to in points (c) and (d) of Article 1 as well as measures to be taken at the level of individual institutions.
Amendment 482 #
Proposal for a directive
Article 7 – paragraph 4
Article 7 – paragraph 4
4. The group recovery plan shall include for the whole group and for each of its entities the elements and arrangements provided in Article 5. It shall also include, where applicable, arrangements for possible intra-group financial support adopted in accordance with any agreement for group financial support that has been concluded in accordance with Article 16.
Amendment 745 #
Proposal for a directive
Article 16 – paragraph 6 a (new)
Article 16 – paragraph 6 a (new)
6a. The large exposure limits provided in article 384 of EU Regulation of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms do not apply to intra-group financial support transactions that are put in place in accordance with the provisions of this Chapter. Member States shall remove any legal and practical impediment to the performance of such transactions.
Amendment 761 #
Proposal for a directive
Article 17 – paragraph 6 a (new)
Article 17 – paragraph 6 a (new)
6a. Member States shall remove any legal and practical impediment to intra-group financial support transactions that are put in place in accordance with the provisions of this Chapter.
Amendment 796 #
Proposal for a directive
Article 21 – paragraph 5 a (new)
Article 21 – paragraph 5 a (new)
5a. Member States shall ensure that rules under their insolvency regimes or special resolution regimes do not hinder the legal certainty and enforceability of intra-group transactions approved and put in place in accordance with the provisions of this Chapter.
Amendment 810 #
Proposal for a directive
Article 23 – paragraph 1 – introductory part
Article 23 – paragraph 1 – introductory part
1. Where an institution does not meet or is likely to brecertain predetermined capital levels, supervisors must acht the requirements of Directive 2006/48/EC, Member States shall ensure that competent authorities, have at their disposal, in addition to the measures referred to in Article 136 of Directive 2006/48/EC where applicable, in particular,o restore adequate capitalization under a prompt corrective action framework. Capital levels are measured by the ratio of regulatory capital to total assets and by market-based capital indicators, calculated on the basis of the EBA technical standards referred to in paragraph 2. EBA shall also identify different capital zones corresponding to different capital levels. Corrective measures by supervisors under prompt corrective action shall become more intrusive as the capital position deteriorates. Supervisory powers shall include the following measures:
Amendment 815 #
Proposal for a directive
Article 23 – paragraph 1 – point a a (new)
Article 23 – paragraph 1 – point a a (new)
(aa) require recapitalization; (ab) suspend dividends distribution; (ac) restrict assets growth; (ad) dispose of assets; (ae) impose reorganization measures; (af) impose liquidation when the institution fails to restore adequate capitalization;
Amendment 833 #
Proposal for a directive
Article 23 – paragraph 1 – subparagraph 1 a (new)
Article 23 – paragraph 1 – subparagraph 1 a (new)
Member States must endow national resolution authorities with the same administrative resolution powers.
Amendment 849 #
Proposal for a directive
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Where there is a significant deterioration in the financial situation of an institution or where there are serious violations of law, regulations or bylaws or serious administrative irregularities, and other measures taken in accordance withenvisaged in Article 23 are not sufficient to reverse that deterioration, Member States shall ensure that competent authorities may appoint aone or more special managers to replace the management of the institution. Competent authorities shall make public the appointment of a special manager. Member States shall further ensure that the special manager has the qualifications, ability and knowledge required to carry out his or her functions.
Amendment 852 #
Proposal for a directive
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1a. The functions of the general meeting shall be suspended by effect of the appointment of a special manager except as provided for in paragraph 3 of this Article.
Amendment 854 #
Proposal for a directive
Article 24 – paragraph 2
Article 24 – paragraph 2
2. The special manager shall have all the powers of the management of the institution under the statutes of the institution and under national law, including the power to exercise all the administrative functions of the management of the institution. However, the special manager may only exercise the power to convene the general meeting of the shareholders of the institution and to set the agenda only with the prior consent of the competent authority.
Amendment 912 #
Proposal for a directive
Article 27 – paragraph 1 – point c a (new)
Article 27 – paragraph 1 – point c a (new)
(ca) Resolution authorities shall also take resolution actions if the authorisation has been withdrawn according to Article 18 of the Directive (CRD IV) and a resolution action is necessary in the public interest pursuant to paragraph 2.
Amendment 1025 #
Proposal for a directive
Article 34 – paragraph 2 – subparagraph 1
Article 34 – paragraph 2 – subparagraph 1
Except where the bail-in tool is applied for the purpose specified in point (b) of Article 37(2), for the purposes of the bridge institution tool a bridge institution shall be a legal entity that is wholly or partially owned by one or more public authorities (which may includeunder the control of the resolution authority) and that is created for the purpose of carrying out some or all of the functions of an institution under resolution and for holding some or all of the assets and liabilities of an institution under resolution.
Amendment 1034 #
Proposal for a directive
Article 34 – paragraph 9 a (new)
Article 34 – paragraph 9 a (new)
9 a. By way of derogation to paragraph 1(c) and (d), the resolution authority may allow the bridge institution to operate temporarily without complying with the requirements of Directives 2006/48/EC, 2006/49/EC and 2004/39/EC. In these cases, the ability of the bridge institution to expand activities and the operational structure shall be duly limited to avoid that the derogation results in a competitive advantage. EBA shall develop draft regulatory technical standards to specify cases and conditions of the derogation provided for in paragraph 10. EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in points (a) and (b) of the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010."
Amendment 1041 #
Proposal for a directive
Article 35 – paragraph 1 – point d a (new)
Article 35 – paragraph 1 – point d a (new)
(d a) The bridge institution must not operate in such a way as to distort competition. When establishing a bridge institution, Member States may specify restrictions on its operation in terms of: (i) market share in certain products; (ii) advertising; (iii) rates, fees and terms of business.
Amendment 1049 #
Proposal for a directive
Article 36 – paragraph 2
Article 36 – paragraph 2
2. For the purposes of the asset separation tool, an asset management vehicle shall be a legal entity that is wholly owned by one or more public authorities, which may includeunder the control of the resolution authority.
Amendment 1360 #
Proposal for a directive
Article 76 – paragraph 2 a (new)
Article 76 – paragraph 2 a (new)
2 a. The resolution authority shall be the single entry point for the information mentioned in the first subparagraph and shall be bound by a strict confidentiality agreement. The resolution authority shall then be responsible for ensuring that confidentiality requirements are respected.
Amendment 1441 #
Proposal for a directive
Article 92 – paragraph 1 – subparagraph 1 – point a
Article 92 – paragraph 1 – subparagraph 1 – point a
(a) to guarantee the assets orand the liabilities of the institution under resolution, its subsidiaries, a bridge institution or an asset management vehicle;
Amendment 1442 #
Proposal for a directive
Article 92 – paragraph 1 – subparagraph 1 – point d
Article 92 – paragraph 1 – subparagraph 1 – point d
(d) to make contributions and provide capital to a bridge institution and an asset management vehicle;
Amendment 1445 #
Proposal for a directive
Article 92 – paragraph 1 – subparagraph 1 – point e a (new)
Article 92 – paragraph 1 – subparagraph 1 – point e a (new)
(e a) pay any compensation due to shareholders and creditors according to Article 67 of this Directive.
Amendment 1500 #
Proposal for a directive
Article 94 – paragraph 7 – point a a (new)
Article 94 – paragraph 7 – point a a (new)
(a a) the existence of a risk mitigating cooperative solidarity system, which ensures the prevention of resolution events by reporting requirements and early interventions in the sense of the DGS Directive;
Amendment 1635 #
Proposal for a directive
Article 100 – paragraph 1 a (new)
Article 100 – paragraph 1 a (new)
1 a. EBA shall periodically report to the Commission whether there are injustified divergences regarding the implementation at national level of that requirement referred to in paragraph 1.