Activities of Ieke van den BURG
Plenary speeches (138)
Coordination of social security systems
Financial markets
Social security schemes for people moving within the Community
Health care and care of the elderly
Internal market strategy: priorities 2003 – 2006
Takeover bids
Alignment of social security rights and the simplification of procedures
Reduced rates of VAT
Mid-term Social Policy Agenda Review
EC Merger Regulation
Investment services and regulated markets
Coordination of social security systems
Broad economic policy guidelines (2003-2005)
Outcome of the European Council (Brussels, 21-22 March, 2003)
Activities and supervision of institutions for occupational retirement provision
Preparation for the 2003 Spring summit (Brussels, 21-22 March 2003) (continuation)
EIB Annual Report (2001)
Vote
Vote
Financial Services
Working conditions for temporary workers
Employment
Labour, social governance and globalisation
Vote
Financial markets (continuation)
Decisions taken at today's meeting
EIB Annual Report for 2000
Workers' rights
Cross-border provision of occupational pensions
Report on financial assistance for innovative and job creating SMEs
Protection of employees in the event of the insolvency of their employer
Protection of employees in the event of the insolvency of their employer
Informing and consulting employees
International monetary system
Strengthening economic policy coordination within the euro area – Contribution of public finances to growth and employment
Action taken on EIB annual report
Industrial restructuring and mergers (continuation)
Supplementary health insurance
Charter of Fundamental Rights
Preparation for the informal European Council in Biarritz of 13/14 October/Charter of Fundamental Rights
Broad outlines of economic policies
Financial services and complementary pensions
EU Charter of Fundamental Rights
Special European Council (23-24 March 2000 in Lisbon)
Union Economy (1999)
Company restructuring in Europe
Macroeconomic dialogue
ECB annual report
Credit requirements directives: Directives 2006/48/EC and 2006/49/EC - Community programme for financial services, financial reporting and auditing
Explanations of vote
Taxation of savings income in the form of interest payments - Common system of VAT as regards tax evasion linked to import and other cross-border transactions (debate)
Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)
Statute for a European private company - Cross-borders transfers of companies' registered offices - Small Business Act - Workers' participation in companies with a European Statute (debate)
Statute for a European private company - Cross-borders transfers of companies' registered offices - Small Business Act - Workers' participation in companies with a European Statute (debate)
Reduced rates of value added tax (debate)
Reduced rates of value added tax (debate)
Revision of the Broadcasting Communication - State aid for public broadcasting (debate)
Disclosure requirements for medium-sized companies and obligation to draw up consolidated accounts - Accounting requirements as regards medium-sized companies (debate)
Disclosure requirements for medium-sized companies and obligation to draw up consolidated accounts - Accounting requirements as regards medium-sized companies (debate)
Crises in the car industry (debate)
EU response to the world financial crisis: follow-up of the informal European Council from 7 November and of the G20 Summit from 15 November 2008 - Commission's legislative and work programme for 2009 (debate)
Publication and translation obligations of certain types of companies (debate)
European statistics (debate)
European Council meeting (15-16 October 2008) (debate)
Temporary workers (debate)
Lamfalussy follow up - Future Structure of Supervision (A6-0359/2008, Ieke van den Burg and Daniel Dăianu) (vote)
Lamfalussy follow up - Future Structure of Supervision (A6-0359/2008, Ieke van den Burg and Daniel Dăianu) (vote)
Lamfalussy follow up - Future Structure of Supervision (debate)
Lamfalussy follow up - Future Structure of Supervision (debate)
Hedge funds and private equity - Transparency of institutional investors (debate)
Common frame of reference for European contract law (debate)
Report on the ECB annual report for 2007 (debate)
Sovereign Wealth Funds (debate)
Sovereign Wealth Funds (debate)
Internal market in electricity - Conditions for access to the network for cross-border exchanges in electricity - Agency for the Cooperation of Energy Regulators - Towards a European Charter on the Rights of Energy Consumers (debate)
International Financial Reporting Standards and the governance of the International Accounting Standards Board (debate)
Follow-up after the review of the "Lamfalussy Process" (debate)
European Statistical Governance Advisory Board - European Statistical Advisory Council (debate)
Financial instability and the impact on the real economy (debate)
Financial services policy (2005-2010) - White Paper (vote)
Financial services policy (2005-2010) - White Paper (vote)
Eurozone (2007) - European Central Bank (2006) (continuation of debate)
Community Statistical Programme (2008-2012) – Timely transmission and verification of statistical data provided by Member States (debate)
Financial services policy (2005-2010) – White Paper (debate)
Portability of supplementary pension rights (debate)
Improving the method for consulting Parliament in procedures relating to enlargement of the euro area – Adoption by Cyprus of the single currency on 1 January 2008 – Adoption by Malta of the single currency on 1 January 2008 (debate)
Excise duty on alcohol (vote)
Excise duty on alcohol (debate)
Strengthening European legislation in the field of information and consultation of workers (debate)
Payment services in the internal market (debate)
Damages actions for breach of competition rules (debate)
One share, one vote - Proportionality between ownership and control in EU listed companies (debate)
EIB Annual Report 2005 (debate)
Shareholders' voting rights (debate)
Economic policy guidelines for 2007 – Member States’ employment policies (debate)
European Central Bank Annual Report (2005) (debate)
Public-private partnerships (debate)
Posting of workers (debate)
Services of general interest (debate)
Consolidation in financial services Mergers and acquisitions (M[amp]A) developments around Europe's stock exchanges (debate)
Recent developments in and prospects for company law (debate)
Level 2 implementing measures for Directive 2004/39/EC (MIFID) (debate)
Enlargement of the euro zone (vote)
Enlargement of the euro zone (vote)
Appointment of an Executive Board Member of the European Central Bank (debate)
Public finances in the EMU (debate)
Monitoring the application of Community law (2003-2004) - Better lawmaking 2004: application of the principle of subsidiarity - The implementation consequences and impact of the internal market legislation in force - Strategy for the simplification of the regulatory environment (debate)
Competition policy 2004 (debate)
Mergers in the Internal Market (debate)
Strategic review of the IMF (debate)
Services (continuation of the debate)
State aid reform (debate)
Markets in financial instruments
Corporate tax
Common system of VAT - VAT refunds - VAT applied to highly labour-intensive services
Legislative and work programme for 2006
Occupational Pensions Directive
1. Taking up and pursuit of the business of credit institutions, 2. Capital adequacy of investment firms and credit institutions
Clearing and settlement in the EU
Surveillance of budgetary positions and surveillance and coordination of economic policies
Economy, Employment, Social Policy
Economy, Employment, Social Policy
Possible stock exchange mergers in the European Union and future architecture of financial markets in the EU
Financial markets
Financial markets
Financial markets
Financial markets
Meeting of the European Council (Brussels, 22 and 23 March 2005)
Preparation of the European Council (Brussels, 22-23 March 2005)
EIB activity report 2003
Economy/Public finances
Voting time
Voting time
Voting time
State aid in the form of public service compensation
European Council of 4 and 5 November 2004
Statement by Mr Barroso, President-elect of the Commission
Stability and Growth Pact
Reports (11)
Report on prudential supervision rules in te European Union - Committee on Economic and Monetary Affairs PDF (157 KB) DOC (91 KB)
Report on the European Investment Bank annual report for 2001 - Committee on Economic and Monetary Affairs PDF (141 KB) DOC (82 KB)
Report on the proposal for a European Parliament and Council directive on working conditions for temporary workers - Committee on Employment and Social Affairs PDF (278 KB) DOC (208 KB)
Report on the Commission communication on the elimination of tax obstacles to the cross-border provision of occupational pensions - Committee on Economic and Monetary Affairs PDF (62 KB) DOC (97 KB)
REPORT Report on the proposal for a Council directive amending Directive 2006/112/EC as regards reduced rates of value added tax PDF (150 KB) DOC (192 KB)
REPORT Report on the proposal for a directive of the European Parliament and of the Council amending Council Directives 78/660/EEC and 83/349/EEC as regards certain disclosure requirements for medium-sized companies and obligation to draw up consolidated accounts PDF (181 KB) DOC (225 KB)
REPORT Report with recommendations to the Commission on Lamfalussy follow-up:- future structure of supervision PDF (178 KB) DOC (109 KB)
REPORT Report on the proposal for a Council directive amending Directive 2006/112/EEC with regard to certain temporary provisions concerning rates of value added tax PDF (175 KB) DOC (182 KB)
REPORT Report on the proposal for a decision of the European Parliament and of the Council setting up a European Advisory Committee on Community Statistical Information Policy PDF (219 KB) DOC (187 KB)
REPORT Report on financial services policy (2005-2010) - White Paper PDF (233 KB) DOC (168 KB)
REPORT Post financial services PDF (212 KB) DOC (85 KB)
Opinions (4)
OPINION Implementation of Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts
OPINION The future of social security systems and pensions: their financing and the trend towards individualisation
OPINION Communication from the Commission on a simplified business environment for companies in the areas of company law, accounting and auditing
OPINION Better lawmaking 2004: application of the principle of subsidiarity
Amendments (289)
Amendment 85 #
2008/2334(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
Amendment 112 #
2008/2334(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. calls on the Commission to produce a clear analysis of the impact of the rescue package on the competitiveness of the financial sector; and the functioning of the interbank market; calls on the Commission to establish interdisciplinary teams, including expertise from the Commission Directorates General for Competition, Economic and Financial Affairs, and Internal Market and Services, the three Level 3 supervisors, and the European System of Central Banks, in order to pool knowledge and know how and to ensure that there will be balanced impartial high-quality and timely judgements across the Member States;
Amendment 135 #
2008/2334(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. calls for the Council to approve the proposal to give all Member States the option to apply a reduced VAT rate for labour-intensive and locally supplied services; considering their potential employment and demand- boosting effect, encourages the Council to promote a common and coordinated reduction of the VAT rates on the labour-intensive and locally supplied services, as well as on energy efficient goods, in order to have a multiplier effect;
Amendment 207 #
2008/2334(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
36. calls on Member States to consider Eurobonds as a low-costn appropriate financing instrument for major European political priorities; stresses that issuing common euro area bonds would reduce the spreads and attract domestic and foreign savings; as they would contribute to the smooth financing of government action and render the euro area a more attractive and competitive location for international capital;
Amendment 209 #
2008/2334(INI)
Motion for a resolution
Paragraph 36 a (new)
Paragraph 36 a (new)
36a. stresses that issuing joint government bonds to cover public debt up to 60 % of the budget, as referred to in the revised Stability and Growth Pact, thus ensuring solidarity and surveillance, would reduce the spreads and allow the euro to play a stabilising role as a global currency; calls on the Council and the Commission to set up a task-force urgently in order to decide on an appropriate institutional framework to that end; strongly urges the Commission and the Eurogroup to consider such a proposal;
Amendment 2 #
2008/2247(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Points out that undue delay in the approval of International Standards on Auditing (ISAs) could have an adverse effect on the regulatory environment, resulting in further fragmentation, which is contrary to the general objective of the Directive; requests the Commission, therefore, to avoid unnecessary delay in adoption of ISAs and to launch a broad public consultation on their adoption;
Amendment 10 #
2008/2243(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Calls on the Commission to consider reviewing the operation of abusive practices in the services sector, which may prevent small businesses from being able to tender for work; notes that Article 81 of the EC Treaty is sometimes applied to the self-employed and freelancers to deny them the possibility of applying standard tariffs; considers it appropiate that, if a group of freelancers is almost exclusively economically dependent on one or a few large users of their sources and their position is comparable with that of employees, they should be able to organise themselves, negotiate and to conclude collective agreements;
Amendment 19 #
2008/2243(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Welcomes, in particular, the possibility of subsidising employers as regards child care and parent care costs incurred by their employees;
Amendment 20 #
2008/2243(INI)
Motion for a resolution
Paragraph 11 b (new)
Paragraph 11 b (new)
11b. Expresses its concern at the absence of a clear legal framework on the application of competition rules in the field of public services, which could reduce uncertainty among local and regional governments, service providers and employees; urges the Commission to work on a legal framework that clearly balances the general interests of public services, such as quality, affordability, universality, solidarity and internal market rules;
Amendment 32 #
2008/2243(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recognises the applicability of Article 87(3)b of the Treaty to the circumstances currently facing Member States' economies as a result of the turbulence on the financial markets; calls on the Commission to establish an interdisciplinary team, including experts from DG COMP, the 3L3 supervisors and the European System of Central Banks, in order to pool knowledge and know-how and to ensure that there will be balanced, impartial and high-quality judgments throughout the Member States;
Amendment 39 #
2008/2243(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Is worried about the increase in market concentration and conflicts of interest within the commercial banking sector because of the integration of primarily unregulated investment banks within retail banks; warns against possible global systemic risks that arise from such conflicts of interest and concentration;
Amendment 43 #
2008/2243(INI)
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Expresses its concern about the draft communication from the Commission on the revised rules for state funding of public service broadcasting; is worried that a compulsory market impact assessment by the Member States may have an adverse effect on the public service's remit to respond to the democratic, social and cultural needs of society;
Amendment 12 #
2008/2237(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Calls for better access foraffirmative action to promote a higher participation of SMEs toin public procurement as well as the opening up, where possible, of services of general interest to public tenders, for example by way of a mandatory quota of clearly monitored targets or contracts or preference for SMEs to public procurement;
Amendment 17 #
2008/2237(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Underlines the importance of a Statute for a European Private Company, provided that it is focused on SMEs that intend to engage in cross-border activities and cannot be misused by larger companies, to undermine and circumvent legal provisions in the Member States that foster a system of corporate governance that takes into account the interests of all stakeholders;
Amendment 20 #
2008/2237(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Welcomes the Commission proposal for a directive on reduced VAT rates, particularly as regards the focus of that proposal on SMEs that deliver labour- intensive and locally supplied services;
Amendment 30 #
2008/2237(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
Amendment 34 #
2008/2237(INI)
Draft opinion
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Calls on the Commission to stimulate simplification and harmonisation of company law and, in particular, accounting rules within the internal market in order to reduce the administrative burden for SMEs and increase the transparency for all relevant stakeholders; urges the Commission to promote strongly the use of new technology such as XBRL by presenting a roadmap for introducing XBRL reporting in the European Union with a view to making it mandatory within a reasonable time frame and to promote and support wide use of this open standard;
Amendment 40 #
2008/2237(INI)
Draft opinion
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Takes the view that the Commission should follow up on its communication of 5 July 2002 on a framework for the promotion of employee financial participation (COM(2002)0364); considers employee financial participation to be a potential safeguard for SMEs against the volatility and potential risks of the financial markets, and an opportunity for succession of the owner or shareholders of an SME by (some of) its employees, which could be stimulated through financial incentives;
Amendment 3 #
2008/2196(INI)
Motion for a resolution
Recital B
Recital B
B. whereas a cross-border transfer of the registered office of a company should not circumvent legal, social and fiscal conditions and should not give rise to its winding-up or any other interruption or loss of legal personality,
Amendment 4 #
2008/2196(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the rights of third parties concerned by the transfer, such as minority shareholders, employees and creditors, etc, should be taken into accountsafeguarded,
Amendment 8 #
2008/2196(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Requests the Commission to submit to Parliament duringby 31 January 2009, on the basis of Article 44 of the EC Treaty, a legislative proposal for a directive laying down measures for coordinating Member States’ national legislation in order to facilitate the cross-border transfer within the Community of the registered office of a company formed in accordance with the legislation of a Member State, and requests that this proposal be drawn up within the framework of inter-institutional deliberations and following the detailed recommendations below;
Amendment 9 #
2008/2196(INI)
Motion for a resolution
Recommendation 1
Recommendation 1
Cross-border transfers of registered offices shall not circumvent legal, social and fiscal conditions and shall not give rise to the winding-up of the company concerned or to any interruption or loss of its legal personality. The transfer shall take effect on the date of registration in the host Member State. From the date of registration in the host Member State, the company shall be governed by the legislation of that State.
Amendment 11 #
2008/2196(INI)
Motion for a resolution
Recommendation 2 – paragraph 1 – point g
Recommendation 2 – paragraph 1 – point g
(g) the rights guaranteed to the company’s members, employees and creditors or the relevant measures proposed;
Amendment 12 #
2008/2196(INI)
Motion for a resolution
Recommendation 2 – paragraph 1 – point h
Recommendation 2 – paragraph 1 – point h
(h) if the company is managed on the basis of employee participation and if the national legislation of the host Member States does not impose such a scheme, information on the procedures whereby the arrangements for employee participation are to be determined in accordance with the procedures set out in recommendation 5.
Amendment 13 #
2008/2196(INI)
Motion for a resolution
Recommendation 3
Recommendation 3
The general meeting shall approve the transfer proposal in accordance with the arrangements laid down and by the majority required to amend the memorandum and articles of association under the legislation applicable to the company in its home Member State. If the company is managed on the basis of employee participation, tThe general meeting may make the completion of the transfer conditional on its expressly approving the arrangements for employee participation decided on in the host Member State.
Amendment 1 #
2008/2171(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Notes that the Chinese economy would need to encourage a more equitable share of the national income for workers and more private consumption in order to rebalance its current account; takstresses the view thatneed for an effective appreciation of its currency, which could be a way to both reduce inflationary pressures and improve external imbalances;
Amendment 4 #
2008/2171(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Expresses its concern about working conditions and employees’ rights in China; calls on the Commission to refer to compliance with the core ILO standards systematically in its formal and informal relations with China;
Amendment 6 #
2008/2171(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Believes that deep, liquid, open, transparent and well-regulated financial markets are capable of fostering economic growth, and considers that Chinese securities, banking and insurance sectors are underdeveloped, and encourages China to participate fully in the global debate on improving the regulatory and supervisory framework for the financial markets;
Amendment 7 #
2008/2171(INI)
Draft opinion
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Stresses the importance of Chinese involvement and cooperation with the IMF regarding the development of a global code of conduct for sovereign wealth funds, which is likely to lead to a higher degree of transparency and avoid politically oriented strategic investments;
Amendment 9 #
2008/2155(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas in the present turmoil, with the tremendous lack of liquidity and credits for companies, the EIB should play a major role in the economic recovery plans of the European Commission and the Member States,
Amendment 10 #
2008/2155(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas the role of the EIB as issuer of highly rated triple A bonds for the international capital markets should be emphasized and enhanced,
Amendment 17 #
2008/2155(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Calls on the governors of the EIB - the Ministers of Finance - to attribute a major role to the EIB in the present crisis to mitigate the recession by providing liquidity to the European market and by attracting capital from global investors looking for safe long term investments, through issuance of highly rated long term bonds;
Amendment 20 #
2008/2155(INI)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Calls on Member States to fully exploit the instruments of venture capital, global loans, and micro credit facilities offered by the EIB programs and facilities;
Amendment 31 #
2008/2155(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Urges for qualitatively high standing (micro) prudential supervision and macro economic stability surveillance on the EIB, to be executed for the short term with the involvement of the European Banking Supervisory Committee and the ECB; in future this supervision could be executed by a European prudential supervisory system linked to the prudential supervision over cross border financial institutions established in the EU;
Amendment 66 #
2008/2155(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes the Council decimportant role which the Commission to enhance the EIBEuropean Recovery plan has assigned to the EIB, especially with regard to the enhanced financing of SMEs in the Member States; calls on the Member States to increase the capital basis of the EIB accordingly;
Amendment 74 #
2008/2155(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Underlines that in the current period of tight credit conditions the role of the two banks is highlighted both inside and outside the European Union, for example in Russia, where after years of domestic liquidity, the private banking sector is squeezed; calls on both banks to keep their commitments with regard to third countries also in economic difficult times;
Amendment 76 #
2008/2155(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Suggests, that depending onPoints out, that considering the magnitude of the effects of the financial crisis on the real economy, the EIB should beis rightly invited to enhance its support to the newose Member States and that a review of the definition of the "transition" countries and an evaluation of the need of the EBRD to delay its withdrawal from those Member States should be undertakens well as those sectors and branches which were most severely affected, and especially with regard to innovative investment fields;
Amendment 80 #
2008/2155(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Considers that the EIB should have a crucial role to play in the European recovery plan and that a large share of the funds referred to in the recovery plan is within its competence; calls on the Member States to agree on the proposed EIB capital increase, but doubts if the 15 billion EUR figure is sufficient in relation to the extent of needs; reminds that some of the EIB interventions require support from the EU budget and urges for an open discussion about this;
Amendment 82 #
2008/2155(INI)
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18a. Notes that the spread in sovereign bond yields between Member States is rapidly increasing and that even the highest rated bonds experience problems in finding sufficient buyers; calls on Member States to join forces and to consider the instrument of Eurobonds, as a low cost financing instrument for major European political priorities; stresses that Eurobonds may help to reduce public debt and be successful in particular in attracting foreign savings;
Amendment 1 #
2008/2154(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Welcomes the drawing up of a White Paper to propose a Community-level solution to the problem of ensuring access to justice for claimants seeking low-value damages who have limited means at their disposal, thus pursuing general policy objectives (specifically, ensuring broader access to justice by enforcing competition policy and discouraging unlawful practices on the part of undertakings) while at the same time preventing unmeritorious and opportunistic litigation;
Amendment 4 #
2008/2154(INI)
Draft opinion
Paragraph 2 – point b
Paragraph 2 – point b
(b) be basepoints out that the Commission’s Directorate-General for Health and Con a model which can also be applied to other kinds of dispute to provide judicial protection for consumers in similar cases; sumer Protection is publishing in late 2008 the results of two studies of the collective law enforcement mechanisms in the Member States and possible obstruction of the internal market caused by different legislation in the Member States; also points out that the Commission has announced it will be publishing a communication in late 2008 on how the Community might respond; draws attention to the risk that measures at European level may lead to a fragmentation of procedural law and awaits the results of the studies and the communication with interest, so as to examine whether a horizontal approach should be chosen in order to make legal claims for compensation more easily effective; argues, however, that in anticipation of this a specific mechanism for cross-border cases is exceptionally desirable to improve an effective way of dealing with cartels and also to be able to penalise for their unlawful action companies that have been released from the Commission’s cartel fines as part of the clemency programme;
Amendment 15 #
2008/2154(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Emphasises that law firms must not be able to start legal proceedings for defendants with the primary aim of earning large sums on the basis of high percentages of compensation paid to the defendants;
Amendment 17 #
2008/2154(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Considers that reducing the fine imposed for committing the offence if undertakings offer a just settlement to citizens who have suffered damage would be both materially and procedurally advantageous for such citizens, while a compulsory settlement must not be a way of deterring parties from legal action;
Amendment 20 #
2008/2154(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Takes the view that mass and dispersed damages, information asymmetries and other problems encountered in prosecuting damages claims occur not only in EC competition law, but also in other areas such as product liability and other consumer-related matters;
Amendment 25 #
2008/2154(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Points out that at the end of 2008 the Commission’s DG ‘Health and Consumers’ will be publishing the results of two studies on collective law enforcement instruments in the Member States and possible barriers to the single market resulting from the differing legislation in the Member States; points out also that the Commission has announced a Communication for late 2008 on the Community’s possible options for action; stressespoints out the risk that measures at European level must notcould lead to any fragmentation of procedural law, and asks that wewaits wait forh interest the results of the studies and for the Communication beforein order to considering whether, and to what extent, a horizontal approach should be chosen to facilitate the prosecution of damage compensation claims; calls on the Commission in consequence to undertake an examination of the legal base and the need for a horizontal instrument, and to refraargues, however, that in the meantime a specific mechanism for cross- border transactions is highly desirable with a view to establishing a more effective method of tackling cartels and making in the meantime from presenting any collective law enforcement mechanisms for private individuals in the area of EC competition lawt possible to penalise the unlawful actions of companies that were exempted from Commission penalties under the leniency programme;
Amendment 28 #
2008/2154(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Takes the view that direct and indirect purchasers should have available to them, for the prosecution of their stand -alone or follow-up claims, individual, collective or representative claims, bearing in mind that a forced agreement must not constitute a means of preventing parties from pursuing a lawsuit;
Amendment 36 #
2008/2154(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Takes the view that the Member States, in accordance with Article 3 of Directive 98/27/EC of the European Parliament and the Council of 19 May 1998 on injunctions for the protection of consumer interests , should as a general rule give the power to prosecute in representative actions to qualified entities, and that authorisations to pursue such actions should primarily be considered for associations which arrange for actions in law for damages for companies; 1 OJ L 166, 11.6.1998, p. 51. and emphasises that law firms must not be allowed to initiate legal proceedings on behalf of victims with the main aim of earning large amounts of money on the basis of charging high percentages of the damages awarded;
Amendment 52 #
2008/2154(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses that collective claimantsaction must not be in a better position thanstand in the way of individual claimantsaction, and calls for application in the context of collective law enforcement mechanisms of the principle that the party bringing the infringement claim must provide evidence for their claim, provided the national law in question does not provide for any lightening of the burden of proof;
Amendment 66 #
2008/2154(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes the Commission’s work on a non-binding guidance framework for the calculation of damages, which must be designed to avoid the situation that pertains in America, where lawyers work for their own profit;
Amendment 72 #
2008/2154(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Considers it desirable to investigate how SMEs can win compensation for any harm via a collective damage claim instrument;
Amendment 1 #
2008/2085(INI)
Draft opinion
Recital -A (new)
Recital -A (new)
-A. whereas the Treaty establishing the European Community acknowledges the fundamental rights laid down in the Charter of Fundamental Rights of the European Union, as well as in the Member States' constitutions and in different international treaties and conventions, as fundamental references for EU law and practice,
Amendment 3 #
2008/2085(INI)
Draft opinion
Recital A
Recital A
A. whereas the Treaty establishing the European Community lays down a number of principles; whereas one of the main activities of the Community isCommunity promotes, on the one hand, an internal market characterised by the abolition, as between Member States, of obstacles to the free movement of goods, persons, services and capital, as well and on the other, the improvement of living and working conditions so as to make it possible the two whilst maintaining the improvement, and thus promotes a policy in the social sphere,
Amendment 5 #
2008/2085(INI)
Draft opinion
Recital B a (new)
Recital B a (new)
Ba. whereas, according to Article 39 of the Treaty establishing the European Community, freedom of movement for workers entails the abolition of any discrimination based on nationality between workers of the Member States as regards employment, remuneration and other conditions of work and employment,
Amendment 7 #
2008/2085(INI)
Draft opinion
Recital C
Recital C
C. whereas the right to take collective action is also recognised aand to conclude collective agreements is a fundamental right which forms an integral part of the general principles of Community law; whereas in that context it is unacceptable that the Court of Justice should rely on a statement of the Council and the Commission dated 24 September 19961 that has not been adopted by the European Parliament as co-legislator in order to restrict the interpretation of the concepts of "public policy provisions" and "national provisions crucial to political order" merely to mandatory rules laid down in legislation,
Amendment 8 #
2008/2085(INI)
Draft opinion
Recital C a (new)
Recital C a (new)
Amendment 9 #
2008/2085(INI)
Draft opinion
Recital C b (new)
Recital C b (new)
Cb. whereas Article 3(1)(a) of the Services Directive clearly indicates that that Directive is not intended to replace Directive 96/71/EC (the PWD)1 and is without prejudice to it,
Amendment 10 #
2008/2085(INI)
Draft opinion
Recital C c (new)
Recital C c (new)
Cc. whereas the Court of Justice has recognised (in its judgment in Case C- 67/96 Albany2) that collective agreements serve social objectives and has clearly rejected the application of competition rules towards collective agreements,
Amendment 12 #
2008/2085(INI)
Draft opinion
Recital D
Recital D
D. whereas restrictions on fundamental freedoms are possible under the EC Treaty, if they pursue legitimate aims compatible with the Treaty, are justified by an overriding reason of public interest, are suitable to attain the objectives pursued and do not go beyond what is necessary to attain them; whereas at the same time, according to Article 52 of the Charter of Fundamental Rights, any limitation on the exercise of the rights and freedoms recognised by that Charter may be made only if they are proportional, necessary and genuinely meet objectives of general interest recognised by the Union or the need to protect the rights and freedoms of others,
Amendment 13 #
2008/2085(INI)
Draft opinion
Recital E
Recital E
E. whereas it is exclusivthe role of the Court of Justice to interpret Community law in the light of fundamental rights and freedoms and to ensure that in the interpretation and application of the EC Treaty the lawright balance of objectives is obpreserved,
Amendment 16 #
2008/2085(INI)
Draft opinion
Recital G a (new)
Recital G a (new)
Ga. whereas it has been noted that differing views and interpretations existed within the Court of Justice and between the Court and its Advocates-General in the aforementioned cases relating to the PWD, in particular in Case C-341/05 Laval and Case C-346/06 Rüffert,
Amendment 17 #
2008/2085(INI)
Draft opinion
Recital G b (new)
Recital G b (new)
Amendment 19 #
2008/2085(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Points out that none of the recent judgments of the Court of Justice affects either the content of any collective agreements which might be concluded in Member States or the right to conclude such; 1 Judgment of the Court of Justice of 11 December 2007 in Case C-438/05 International Transporgive an unsatisfactory interpretation of the relationship between the rules relating to the freedom to provide services and the fundamental rights to take collective action and to conclude collective agreements, and thus create confusion about the PWD, which – as stated in recital 17 of that directive – is intended to ensure that Wworkers' Federation and Finish Seamen's Union (the Viking case), OJ C 51, 23.02.2008, p. 11; judgment of enjoy those terms and conditions of employment that are most favourable to them; is concerned theat Court of Justice of 18 December 2007 in Case C-341/05 Laval un Partneri Ltd (the Laval case), OJ C 51, 23.02.2008, p. 9; judgment of the Court of Justice of 3 April 2008 in Case C-346/06 Rüffert, OJ C 128, 24.5.2008, p. 9. relies on the above-mentioned statement of the Council and the Commission dated 24 September 1996, that has not been adopted by the European Parliament as co- legislator, in order to restrict the interpretation of the concepts of "public policy provisions" and "national provisions crucial to political order" merely to mandatory rules laid down in legislation, since in many Member States those fundamental rights are implemented not via legislation but in the form of collective agreements;
Amendment 21 #
2008/2085(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Underlines that, according to the case- law of the Court of Justice, Member States may not impose minimum standards in matters other than those provided for in the PWD and the content of such minimum standards may not be determined by a source which is not provided for by that directive the fact that in both the Laval and the Rüffert judgments the Court of Justice did not follow the advice of its Advocates-General indicates that different views and interpretations exist inside the Court;
Amendment 23 #
2008/2085(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Observes that national rules which fail to take into account collecIs firmly attached to its prerogatives agreements, irrespective of their content, to which undertakings that post workers to a host country are already bound in the Member State in which they are established, give rise, as ascertained by the Court of Justice, to discrimination against such undertakings, in so far as under those national rules they are treated in the same way as national unds a lawmaker and legislator and considers that, when secondary legislation gives rise to differences of interpretation and opinion amongst judges in Member States and even inside the Court of Justice, it is imperative to review and adapt such legislation with a view to clarifying, via a democratic decision-making process, the right balance of interests and fundamental rights involved, as well as to create legal certakings which have not concluded a collective agreementty for all parties involved and a clear legal framework for court rulings;
Amendment 24 #
2008/2085(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. RecognisNotes that, as the Court of Justice has clearly stated in the Laval and Viking cases, that the right to take collective action falls within the scope of application of Community law, in particular of Articles 43 and 49 of the EC Treaty, and mustshould therefore be justified by an overriding reason of public interest, mustshould be proportionate and mustshould use appropriate means which do not go beyond what is necessary; emphasises in that context that, in accordance with the judgments of the Court of Justice, the right to take collective action for the protection of workers may constitute such an overriding reason;
Amendment 26 #
2008/2085(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
Amendment 27 #
2008/2085(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Notes that the horizontal effect of certain provisions of the EC Treaty depends on precise conditions being fulfilled, inter alia the condition that they confer rights on an individual who has an interest in compliance with the obligations thus laid down; recognises that, in the specific circumstances of the cases recently ruled on by the Court of Justice,expresses concerns that the horizontal direct effect of Articles 43 and 49 of the EC Treaty was duly identifiedleads to uncertainty in industrial relations which could result in a flood of cases before the courts;
Amendment 30 #
2008/2085(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Calls on the Member States to ensure proper implementatiCommission to propose as soon, application and enforcement of the PWD; calls on the Commission to provide appropriate guidance to Member States regarding the implementation, application and enforcement of that directive in accordance with the judgments of the Court of Justices possible a review of the PWD that would clarify the intentions of the legislators and lead to better legislation and greater legal certainty;
Amendment 32 #
2008/2085(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. WelcomeIs in that respect of the view that the Commission's Recommendation of 3 April 2008 and the Council Conclusions of 9 June 2008 on enhanced administrative cooperation in the context of the posting of workers in the framework of the provision of services are insufficient and leave Member States with significant unsolved inconsistencies and complexities that clearly do not make a good case for the better legislation agenda;
Amendment 33 #
2008/2085(INI)
Draft opinion
Paragraph 8
Paragraph 8
8. Calls on the Commission to take appropriate action vis-à-vis those Member States that do not apply Community law in this field as interpreted by thegive priority and precedence to this legal clarification process over the taking of further action vis-à-vis those Member States that struggle with the application of contradictory Community law and Court of Justice case-law.
Amendment 6 #
2008/2026(BUD)
Draft opinion
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Stresses the need for funding to support consumer and SME organisations in better representing their interests by enabling them to hire experts to advise them on the various Commission initiatives and comitology (Lamfalussy level 3 committees) consultations in the area of financial services;
Amendment 7 #
2008/2026(BUD)
Draft opinion
Paragraph 8 b (new)
Paragraph 8 b (new)
8b. Considers it appropriate to provide budgetary resources for the Lamfalussy level 3 committees (the Committee of European Insurance and Occupational Pensions Supervisors, the Committee of European Securities Regulators, and the Committee of European Banking Supervisors) with a view to their increasing Community activities and responsibilities;
Amendment 36 #
2008/0224(CNS)
Proposal for a regulation – amending act
Recital 2
Recital 2
(2) A limited number of such staff (hereinafter referred to as “parliamentary assistants”) assist one or more Members or a group of Members within the premises of the European Parliament in Strasbourg, Brussels and Luxembourg. The others work for Members or a group of Members in the country where they have been elected.
Amendment 37 #
2008/0224(CNS)
Proposal for a regulation – amending act
Recital 3
Recital 3
(3) In contrast to the latter, parliamentary assistants are, as a general rule, expatriates. TheyParliamentary assistants work in the premises of the European Parliament in a European, multilingual and multicultural environment and undertake tasks which are directly linked to work of a Member, Members or a group of Members of the European Parliament.
Amendment 41 #
2008/0224(CNS)
Proposal for a regulation – amending act
Recital 7
Recital 7
(7) The introduction of this specific category of servants does not affects Article 29 of the Staff Regulations, which provides that internal competitions are only open to officials and temporary staff, in that the article likewise confers on this specific category of staff the right to participate in internal competitions.
Amendment 42 #
2008/0224(CNS)
Proposal for a regulation – amending act
Recital 10
Recital 10
(10) In the light of the nature of the duties of assistants, it is necessary to provide for only one category of assistants, but divided into grades, to which assistants should be assigned according to criteria to bea job classification system determined in an internal decision of the European Parliament and the criteria derived from it, such as training, experience and length of service.
Amendment 45 #
2008/0224(CNS)
Proposal for a regulation – amending act
Recital 11 a (new)
Recital 11 a (new)
(11a) Parliamentary assistants have the right of association outside the system that applies to officials and other staff who are not parliamentary assistants. Their association(s) must be accepted by the competent authority of the European Parliament as a consultation partner or partners with reference to their legal status and terms of employment.
Amendment 46 #
2008/0224(CNS)
Proposal for a regulation – amending act
Recital 12 a (new)
Recital 12 a (new)
(12a) Parliamentary assistants who are accredited in one of the three places of work before the date of entry into force of this regulation and have concluded an employment contract under the national law applicable which the appropriate department has registered as at 1 July 2008 and which guarantees their acquired social rights may, at their request, renew or extend this contract for a transitional period of one parliamentary term.
Amendment 49 #
2008/0224(CNS)
Proposal for a regulation – amending act
Annex – point 2
Annex – point 2
Regulation (EEC) no 31, (EAEC) no 11
Article 5 a
Article 5 a
For the purposes of these Conditions of Employment, “parliamentary assistant” means staff chosen by one or more Members or a group of Members and engaged by way of direct contract with the European Parliament to assist one or more Members or a group of Members of the European Parliament, as provided for in Article 125(1).
Amendment 50 #
2008/0224(CNS)
Proposal for a regulation – amending act
Annex – point 3
Annex – point 3
Regulation (EEC) nr. 31, (EAEC) nr. 11
Chapter 1 – Article 125 – paragraph 1 – point 1
Chapter 1 – Article 125 – paragraph 1 – point 1
1. “Parliamentary assistant” means a member of staff engaged by the European Parliament to assist, in the premises of the European Parliament in one of the European Parliament’s three places of work, one or more Members or a group of Members in carrying out their parliamentary mandate. He shall carry out tasks which are directly linked to the work of the European Parliament.
Amendment 52 #
2008/0224(CNS)
Proposal for a regulation – amending act
Annex – point 3
Annex – point 3
Regulation (EEC) no 31, (EAEC) no 11
Chapter 1 – Article 126 – paragraph 1
Chapter 1 – Article 126 – paragraph 1
1. Parliamentary assistants shall be classified by grade, according to how demanding the duties are which they are to perform.
Amendment 56 #
2008/0224(CNS)
Proposal for a regulation – amending act
Annex – punt 3
Annex – punt 3
Regulation (EEC) nr. 31, (EAEC) nr. 11
Chapter 3 – Article 128 – paragraph 2 – introductory phrase
Chapter 3 – Article 128 – paragraph 2 – introductory phrase
2. A parliamentary assistant shall be selected by the Member or Members or the group of Members of the European Parliament whom he is to assist. Without prejudice to any additional requirements which may be laid down in the prov, after the Member (or Members or group of Members) has/have first drawn up a job description and, on the basis thereof and in accordance with the internal decisions referred to in Article 12531(2), the assistant may be engaged only on condition that he:determined how demanding the post is.
Amendment 71 #
2008/0224(CNS)
Proposal for a regulation – amending act
Annex – point 3
Annex – point 3
Regulation (EEC) no 31, (EAEC) no 11
Chapter 3 – Article 131 – paragraph 1
Chapter 3 – Article 131 – paragraph 1
1. The contracts of parliamentary assistants shall be concluded for an indefinite or fixed period. Without prejudice to Article 140, thefixed-term contracts shall expire at the latest by the end of the parliamentary term during which they were concluded, but may immediately be renewed for a fixed period if a Member (or Members or a group of Members) choose(s) him or her as a parliamentary assistant pursuant to Article 128(2).
Amendment 74 #
2008/0224(CNS)
Proposal for a regulation – amending act
Annex – point 3
Annex – point 3
Regulation (EEC) no 31, (EAEC) no 11
Chapter 3 – Article 131 – paragraph 2
Chapter 3 – Article 131 – paragraph 2
2. The European Parliament shall adopt an internal decision defining the criteria applicable to classification on engagement, taking as a basis the demandingness of the job to be performed and the education/training and experience of the candidate.
Amendment 75 #
2008/0224(CNS)
Proposal for a regulation – amending act
Annex – point 3
Annex – point 3
Regulation (EEC) no 31, (EAEC) no 11
Chapter 3 – Article 131 – paragraph 3
Chapter 3 – Article 131 – paragraph 3
3. Where a parliamentary assistant concludes a new contract, a new decision concerning his grading shall be taken, on the basis of the job description and the decision taken in drawing it up as to how demanding the job is, taking account of education/training, experience and length of service for the European Parliament.
Amendment 82 #
2008/0224(CNS)
Proposal for a regulation – amending act
Annex – point 3
Annex – point 3
Regulation (EEC) no 31, (EAEC) no 11
Chapter 4 – Article 132 – paragraph 3
Chapter 4 – Article 132 – paragraph 3
3. However, overtime worked by parliamentary assistants shall carry no right to compensation or remuneration. remuneration but shall, in so far as the requirements of the service permit, be compensated by an equal amount of free time to be taken within one month of working the overtime.
Amendment 25 #
2008/0217(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) Long lasting relationships with the same rated entities or its related third parties could compromise the independence of analysts and persons approving credit ratingwho are in direct contact with issuers. Therefore those analysts and persons should be subject to a mandatory rotation mechanism.
Amendment 26 #
2008/0217(COD)
Proposal for a regulation
Recital 35
Recital 35
(35) The stricter and clearer legal framework within which credit rating agencies will operate should also facilitate recourse to civil actions in respect of credit rating agencies in appropriate cases, in accordance with the applicable regimes of liability of the Member States. In addition to internal independent ombudsman or complaint functions inside a credit rating agency, the CESR should establish an overall complaint procedure whereby complaints can be submitted by issuers, investors and other interested parties about the fulfilment of requirements and conditions linked to this Regulation. Member States should also encourage the setting-up of appropriate and effective systems for the out-of-court settlement of disputes between credit rating agencies and issuers, investors and other interested parties, so as to prevent an undesirable and inappropriate culture of recourse to litigation. The CESR should promote convergence and cooperation between Member States in respect of such procedures.
Amendment 27 #
2008/0217(COD)
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
Amendment 28 #
2008/0217(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point k a (new)
Article 3 – paragraph 1 – point k a (new)
ka) "regulatory purposes" means purposes that result from Community law or from national law implementing Community law.
Amendment 29 #
2008/0217(COD)
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
Amendment 30 #
2008/0217(COD)
Proposal for a regulation
Article 6 – paragraph 4 – subparagraph 1
Article 6 – paragraph 4 – subparagraph 1
4. A credit rating agency shall ensure that analysts and persons approving credit ratingwho are in direct contact with issuers shall not be involved in providing the credit rating services to the same rated entity or its related third parties for a period exceeding four years. For that purpose it shall establish a rotation mechanism with regard to those analysts and persons.
Amendment 31 #
2008/0217(COD)
Proposal for a regulation
Article 6 – paragraph 4 – subparagraph 2
Article 6 – paragraph 4 – subparagraph 2
The period after which the analysts and persons approving credit ratings may be involved in providing the credit rating services tomay be in direct contact again with the rated entity or related third parties referred to in the first subparagraph, in order to provide credit rating services, may not be shorter than two years.
Amendment 32 #
2008/0217(COD)
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. Paragraph 4 shall not apply to a credit rating agency which employs less than 50 employees and takes measures to ensure the objectivity of analysts in the relations with the rated entity or related third partiesthe number of entities rated by which or the turnover of which is below the threshold determined by the Commission in cooperation with the CESR and which takes measures to ensure the objectivity of analysts in the relations with the rated entity or related third parties. The Commission shall determine the threshold of rated entities or the turnover. That threshold, designed to amend non- essential elements of this Regulation by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 33(2).
Amendment 33 #
2008/0217(COD)
Proposal for a regulation
Article 31 – paragraph 2 a (new)
Article 31 – paragraph 2 a (new)
The CESR shall promote convergence in the rules applicable to infringements of the provisions of this Regulation.
Amendment 34 #
2008/0217(COD)
Proposal for a regulation
Article 31 a (new)
Article 31 a (new)
Article 31a Complaints The CESR shall ensure that procedures are set up which allow issuers, investors and other interested parties to submit complaints about the fulfilment of the requirements and conditions laid down in this Regulation. All complaints shall be dealt with diligently and in confidence.
Amendment 35 #
2008/0217(COD)
Proposal for a regulation
Article 31 b (new)
Article 31 b (new)
Article 31b Out-of-court redress 1. Member States shall encourage the setting-up of appropriate and effective complaints and redress procedures for the out-of-court settlement of disputes between credit rating agencies and issuers, investors and, where appropriate, other interested parties concerning the fulfilment or non-fulfilment of the requirements and conditions laid down in this Regulation. 2. Member States shall encourage these bodies to cooperate in the resolution of cross-border disputes. 3. The CESR shall promote convergence in the complaints and redress procedures.
Amendment 154 #
2008/0217(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) Long lasting relationships with the same rated entities or its related third parties could compromise independence of analysts and persons approving credit ratingthat are in direct contact with issuers. Therefore those analysts and persons should be subject to a mandatory rotation mechanism.
Amendment 208 #
2008/0217(COD)
Proposal for a regulation
Recital 35
Recital 35
(35) The stricter and clearer legal frameworkIn addition to an internal independent ombudsman or internal complaint procedures within which credit rating agencies will operate should also facilitate recourse to civil actions in respect of credit rating agencies in appropriate cases, in accordance with the applicable regimes of liability of the Member Stat, the CESR should establish an umbrella complaint procedure under which it is possibly to lodge a complaint by issuers, investors and other interested parties, in relation to the fulfilment of requirements and conditions under this Regulation. Members States should also encourage the setting up of appropriate and effective out-of-court settlement procedures for disputes between credit rating agencies, issuers, investors and other interested parties, in order to discourage an overly litigious culture. The CESR should promote convergence and cooperation between Member States in relation to such procedures.
Amendment 223 #
2008/0217(COD)
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. This Regulation shall applyies to credit ratings that are intended for use for regulatory purposes or otherwise by credit institutions as defined in Directive 2006/48/EC, investments firms as defined in Directive 2004/39/EC of the European Parliament and of the Council, insurance undertakings subject to Council Directive 73/239/EEC, assurance undertakings as defined in Directive 2002/83/EC of the European Parliament and of the Council, reinsurance undertakings as defined in Directive 2005/68/EC of the European Parliament and the Council, undertakings for collective investment in transferable securities (UCITS) as defined in Directive [2009/XX/EC] or institutions for occupational retirement provision as defined in Directive 2003/41/EC of the European Parliament and of the Council and are disclosed publicly or distributed by subscription.
Amendment 232 #
2008/0217(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point e a (new)
Article 3 – paragraph 1 – point e a (new)
(ea) 'regulatory purposes' means the use of credit ratings for the purposes that result from Community law or national law implementing Community law.
Amendment 254 #
2008/0217(COD)
Proposal for a regulation
Article 4 – paragraph 2 b (new)
Article 4 – paragraph 2 b (new)
Credit rating agencies registered in accordance with this Regulation shall endorse a credit rating issued in third countries where credit rating activities resulting in the issuance of such a credit rating comply with the following conditions: (a) the credit rating agency has verified and is able to demonstrate to the college that the conduct of credit rating activities by the third-country credit rating agency resulting in the issuance of the credit rating to be endorsed fulfils requirements which are at least as stringent as those laid down in this Regulation; (b) the credit rating agency makes available to its competent authorities, on request, all information necessary to enable the competent authorities to supervise, on an ongoing basis, compliance with this Regulation; (c) credit rating activities resulting in the issuance of the credit rating to be endorsed are undertaken by the endorsing credit rating agency or by credit rating agencies belonging to the same group.
Amendment 267 #
2008/0217(COD)
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
Amendment 276 #
2008/0217(COD)
Proposal for a regulation
Article 6 – paragraph 4 – subparagraph 1
Article 6 – paragraph 4 – subparagraph 1
4. A credit rating agency shall ensure that analysts and persons approving credit ratingthat are in direct contact with issuers shall not be involved in providing the credit rating services to the same rated entity or its related third parties for a period exceeding four years. For that purpose it shall establish a rotation mechanism with regard to those analysts and persons.
Amendment 282 #
2008/0217(COD)
Proposal for a regulation
Article 6 – paragraph 4 – subparagraph 2
Article 6 – paragraph 4 – subparagraph 2
The period after which the analysts and persons approving credit ratings may be involved in providing themay be in direct contact again to provide for credit rating services towith the rated entity or related third parties referred to in the first subparagraph may not beshall be no shorter than two years.
Amendment 285 #
2008/0217(COD)
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. Paragraph 4 shall not apply to a credit rating agency of which employs less than 50 employees and takes measures to ensure the objectivity of analysts in the relations with the rated entity or related third partiesthe number of rated entities or the turnover of a credit rating agency is below the threshold determined by the Commission, in cooperation with the CESR and which takes measures to ensure the objectivity of analysts in the relations with the rated entity or related third parties. The Commission shall determine the thresholds referred to in the first subparagraph. That measure, designed to amend non-essential elements of this Regulation by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 33(2).
Amendment 288 #
2008/0217(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. A credit rating agency shall disclose to the public the methodologies, models and key rating assumptions it uses in the rating processits credit rating activities as defined in Section E of Annex I.
Amendment 300 #
2008/0217(COD)
Proposal for a regulation
Article 7 – paragraph 5 a (new)
Article 7 – paragraph 5 a (new)
5a. A credit rating agency shall, on the request of a competent authority, explain ex post their methodologies, models and key rating assumptions. Such an explanation shall not prejudice the content of the rating and the independence of the credit rating agency.
Amendment 311 #
2008/0217(COD)
Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 2
Article 8 – paragraph 5 – subparagraph 2
Unsolicited credit ratings shall be identified with a different credit rating category. ies and symbols in such a way that investors are able to identify the differences.
Amendment 380 #
2008/0217(COD)
Proposal for a regulation
Article 27 – paragraph 2
Article 27 – paragraph 2
2. In case of disagreement between competent authorities of Member States on an assessment or action under this Regulation, competent authorities shall refer the matter to CESR for mediation. The competent authorities shall take into account the opinion of CESRcommit themselves to following up the advice of CESR and shall make every reasonable effort to reach acceptable and coherent decisions.
Amendment 382 #
2008/0217(COD)
Proposal for a regulation
Article 27 – paragraph 2 a (new)
Article 27 – paragraph 2 a (new)
2a. All decisions shall be set out in a document, provided by the competent authority of the home Member State, containing the fully reasoned decision, shall take into account the views and reservations that the competent authorities expressed during the whole decision-making process, and shall be provided to the other competent authorities involved and to the credit rating agency. The CESR may decide to disclose its advice.
Amendment 383 #
2008/0217(COD)
Proposal for a regulation
Article 27 – paragraph 2 b (new)
Article 27 – paragraph 2 b (new)
2b. The joint decision shall be recognised as final and shall be applied by the competent authorities in the Member State concerned. The CESR shall determine procedures for the convergence of supervisory practices with regard to the joint decision process.
Amendment 384 #
2008/0217(COD)
Proposal for a regulation
Article 27 – paragraph 2 c (new)
Article 27 – paragraph 2 c (new)
2c. As soon as mediation and appeal procedures that will have the legal basis to give more binding rules are established at Community level, they will be applied to the decision-making process.
Amendment 392 #
2008/0217(COD)
Article 31 – paragraph 2 a (new)
The CESR shall promote convergence in the rules applicable to infringements of the provisions of this Regulation.
Amendment 393 #
2008/0217(COD)
Article 31 a (new)
Article 31a Complaints The CESR shall ensure that procedures are set up which allow issuers, investors and other interested parties to register complaints about the fulfillment of the requirements and conditions laid down in this Regulation. All complaints shall be dealt with care and confidentiality.
Amendment 394 #
2008/0217(COD)
Article 31 b (new)
Amendment 1 #
2008/0215(CNS)
Proposal for a directive – amending act
Recital 13
Recital 13
(13) Member States should provide relevant statistics on the application of Directive 2003/48/EC in order to improve the quality of information held by the Commission for the preparation of the report on the application of that Directive that is presented to the Council every three years.
Amendment 2 #
2008/0215(CNS)
Proposal for a directive – amending act
Recital 13 a (new)
Recital 13 a (new)
(13a) The Commission should report every year on the operation of this Directive and propose to the Council any amendments that prove necessary in order better to ensure effective taxation of savings income and to remove undesirable distortions of competition.
Amendment 3 #
2008/0215(CNS)
Proposal for a directive – amending act
Recital 13 b (new)
Recital 13 b (new)
(13b) In thus reviewing the operation of this Directive, the Commission should specifically pay attention to those types of capital income, such as income derived from life assurance products, annuities, swaps and some pensions, that are not yet within the scope of this Directive.
Amendment 8 #
2008/0215(CNS)
Proposal for a directive – amending act
Article 1 – point 10
Article 1 – point 10
Directive 2003/48/EC
Article 18 – sentence 1
Article 18 – sentence 1
“The Commission shall report to the Council every threeand the European Parliament every years on the operation of this Directive on the basis of the statistics listed in Annex V, which shall be provided by each Member State to the Commission.”
Amendment 14 #
2008/0199(COD)
Proposal for a directive – amending act
Recital 3
Recital 3
(3) The current minimum coverage level provided for in Directive 94/19/EC is set at EUR 20 000 with the option for Member States to determine a higher coverage. However, this has proved to be not adequate for a large number of deposits in the Community. In order to maintain depositors' confidence, the minimum coverage level should be raised and greater stability on the financial markets, the minimum coverage level should be increased to a fully harmonised coverage level.
Amendment 15 #
2008/0199(COD)
Proposal for a directive – amending act
Recital 4
Recital 4
(4) Under Directive 94/19/EC, Member States may limit the coverage by a certain percentage. That option has proven counter-productive for the confidence of depositors and should be discontinuduring the current international financial crisis. Before possibly reintroducing co-insurance in Directive 94/19/EC, therefore, an adequate level of financial education, including basic principles such as 'high return, high risk', within the Member States should be ensured.
Amendment 23 #
2008/0199(COD)
Proposal for a directive – amending act
Recital 6 a (new)
Recital 6 a (new)
(6a) Deposit-guarantee schemes should not be used deliberately for marketing purposes to attract new deposits or gain a competitive advantage in the market, including the market of the European Economic Area. The use of topping up as marketing strategy should be minimised to the greatest extent possible until there is a fully harmonised coverage level.
Amendment 37 #
2008/0199(COD)
Proposal for a directive – amending act
Article 1 – point 3 – subpoint a
Article 1 – point 3 – subpoint a
Directive 94/19/EC
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
By 31 December 2009 at the latest coverage shall be increased to at least EUR 100 000, coverage shall be increased to EUR 100 000 and fully harmonised, in the event that a Commission impact assessment, submitted to the European Parliament and the Council by 31 March 2009, concludes that such a harmonised increase is required and is financially viable for all Member States in order to ensure consumer protection and financial market stability.
Amendment 44 #
2008/0199(COD)
Proposal for a directive – amending act
Article 1 – point 3 – subpoint a
Article 1 – point 3 – subpoint a
Directive 94/19/EC
Article 7 – paragraph 3
Article 7 – paragraph 3
3. This Directive shall cover depositors who are natural persons acting for purposes other than their trade, business or profess, micro entities and non-profit organisations.
Amendment 27 #
2008/0191(COD)
Proposal for a directive – amending act
Recital 1
Recital 1
(1) Article 3 of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions allows Member States to provide for special prudential regimes for credit institutions which are permanently affiliated to a central body since 15 December 1977, provided that those regimes were introduced in national laws no later than 15 December 1979. Those time limits prevent Member States, especially those which have acceded to the European Union since 1980, to introduce the same regimes for similar affiliations of credit institutions which have been set up later on their territories. It is therefore appropriate to remove the time limits set out in Article 3, in order to ensure equal conditions for competition between credit institutions in Member States. The Committee of European Banking Supervisors should provide for non- binding guidelines in order to enhance the convergence of supervisory practices in this regard.
Amendment 35 #
2008/0191(COD)
Proposal for a directive – amending act
Recital 7
Recital 7
(7) Competent authorities should be able to participate in colleges established for the supervision of credit institutions the parent institution of which is situated in a third country. The Committee of European Banking Supervisors should provide, where necessary, for non-binding guidelines and recommendations in order to enhance the convergence of supervisory practices pursuant to Directive 2006/48/EC. In order to avoid inconsistencies and regulatory arbitrage, which could result from differences in the approaches and rules applied by the various colleges and application of discretion by Member States, guidelines on the proceedings of rules governing colleges should be developed by the Committee of European Banking Supervisors.
Amendment 41 #
2008/0191(COD)
Proposal for a directive – amending act
Recital 8 a (new)
Recital 8 a (new)
(8a) Cooperation between supervisory authorities, dealing with groups and holdings and their subsidiaries and branches, in colleges is a phase in a development towards further regulatory convergence and supervisory integration. Trust between supervisors and respect for their respective responsibilities is essential. In the event of a conflict between members of a college linked to those different responsibilities, neutral and independent advice, mediation and conflict resolving mechanisms at Community level are essential. If voluntary and non-binding mediation mechanisms are complemented or replaced by binding mechanisms in the future, these should be applicable to the procedures in this Directive.
Amendment 51 #
2008/0191(COD)
Proposal for a directive – amending act
Recital 15 a (new)
Recital 15 a (new)
(15a) In the light of the present turmoil in the financial markets and the liquidity and credit problems in the real economy the rules to be applied on securitisation demand a balanced and flexible approach and should therefore be elaborated, assessed and where necessary promptly and properly adapted in a comitology procedure. In order to avoid inconsistencies and regulatory arbitrage, which could result from differences in the approaches and rules applied by various colleges and national discretions, guidelines should be developed by the Committee of European Banking Supervisors.
Amendment 61 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 3
Article 1 – point 3
Directive 2006/48/EC
Article 40 – paragraph 3
Article 40 – paragraph 3
3. The competent authorities in one Member State shall take into account to the potential impact of their decisions on the stability of the financial system and the real economy in all other Member States concerned and, in particular, in emergency situations.
Amendment 63 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2006/48/EC
Article 42a – paragraph 1 – subparagraph 2 – point b
Article 42a – paragraph 1 – subparagraph 2 – point b
(b) the likely impact of a suspension or closure of the operations of the credit institution on liquidity and the payment and clearing and settlement systems in the host Member State;
Amendment 84 #
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 30 June 2011, apply uniform formats, frequencies and dates of reporting. To facilitate this, the Committee of European Banking Supervisors shall, by 31 December 2009, elaborate guidelines to introduce, within the Community, a uniform reporting format."
Amendment 139 #
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
Article 122a – paragraph 1
1. A credit institution shall only be exposed to the credit risk of an obligation or potential obligation or a pool of obligatiThe securitisation market needs to be properly risk managed in order to provide the EU capital markets with liquidity. Prudent risk taking serves the stability of the financial markets and the real economy. A credit institution other than an originator, sponsor or potential obligations where it was not involved in directly negotiating, structuring and documenting the original agreement which created the obligations or potential obligations, if: (a) the persons or entities that directly negotioriginal lender shall: (a) be exposed to the credit risk of a securitisation position in its trading book or non-trading book only if the originator, sponsor or original lender has explicitly disclosed to the credit institution that it will retain, on an ongoing basis, a material net economic interest which, in any event shall be no less than 10%; (b) be able to demonstrated, structured and docufrom the momented the original agreement with the obligor or potential obligor; or alternatively and where applicable, (b) the persons or enty invest, to the competent authorities for each of their individual securitisation positieons that manage and purchase such obligations or potential obligations directly or indirectly on behalf of the credit institution, havthey have a comprehensive and thorough understanding of and have implemented formal policies and procedures appropriate to their trading book and non-trading book and commensurate with the rissued an explicit commitment to the credit institution to maintak profile of their investments in securitised positions for analysing, recording and monitorin,g on an ongoing basis, a material net economic interest and in any event not less than 5 per cent in positions having the same risk profile as the one thatnd in a timely manner performance information on the exposures underlying their securitisation positions. Where the requirements under Annex IX part 4a are not met in any material respect, the competent authority shall impose a proportionate penalty upon the credit institution is exposed to. concerned.
Amendment 161 #
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. Credit institutions shall comply with the definition of the net economic interest and the conditions attached to it regarding a prudent process of retention as provided in Annex IX, part 4a. The Committee of European Banking Supervisors will report annually to the European Parliament, the Council and the Commission about the compliance of credit institutions with and enforcement by competent authorities of this Article. The Committee of European Banking Supervisors shall elaborate guidelines and recommendations for the convergence of supervisory practices and avoidance of regulatory arbitrage with regard to the tasks and responsibilities of competent authorities as provided under Annex IX, part 4a. The Commission shall, by 31 December 2014, report to the European Parliament and the Council on the application and effectiveness of this Article in the light of market developments.
Amendment 162 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 2 – subparagraph 1 – introductory part
Article 122a – paragraph 2 – subparagraph 1 – introductory part
Amendment 165 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 2 – subparagraph 1 - point a
Article 122a – paragraph 2 – subparagraph 1 - point a
Amendment 167 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 2 – subparagraph 1 - point b
Article 122a – paragraph 2 – subparagraph 1 - point b
Amendment 169 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 2 – subparagraph 1 - point c
Article 122a – paragraph 2 – subparagraph 1 - point c
Amendment 170 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 2 – subparagraph 2
Article 122a – paragraph 2 – subparagraph 2
Amendment 178 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 3
Article 122a – paragraph 3
Amendment 181 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 4
Article 122a – paragraph 4
Amendment 206 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 5
Article 122a – paragraph 5
Amendment 215 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 6
Article 122a – paragraph 6
Amendment 217 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 7
Article 122a – paragraph 7
Amendment 223 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 8
Article 122a – paragraph 8
Amendment 226 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 9
Article 122a – paragraph 9
Amendment 232 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 10
Article 122a – paragraph 10
Amendment 240 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 28 – point a – point i
Article 1 – point 28 – point a – point i
Directive 2006/48/EC
Article 129 – paragraph 1 – point b
Article 129 – paragraph 1 – point b
(b) planning and coordination of supervisory activities in going concern situations, including in relation to the activities referred to in Articles 123, 124, and 136, in Chapter 5 and in Annex V, in cooperation with the competent authorities and central banks involved;
Amendment 241 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 28 – point a – point ii
Article 1 – point 28 – point a – point ii
Directive 2006/48/EC
Article 129 – paragraph 1 – point c – subparagraph 1
Article 129 – paragraph 1 – point c – subparagraph 1
(c) planning and coordination of supervisory activities in cooperation with the competent authorities involved, and if necessary with central banks and relevant competition authorities, in preparation of and during emergency situations, including adverse developments in credit institutions or in financial markets.
Amendment 250 #
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
Amendment 255 #
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
Amendment 257 #
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 a (new)
Article 129 – paragraph 3 – subparagraph 6 a (new)
Where mediation and appeal procedures are established at Community level, binding rulings in relation to the decision- making process shall be applied.
Amendment 258 #
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 a (new)
Article 129 – paragraph 3 – subparagraph 6 a (new)
All decisions shall be set out in a document, provided by the consolidating supervisor, containing the fully reasoned decision and shall take into account the views and reservations of the other competent authorities expressed during the whole decision-making period and shall be provided to the other competent authorities involved and to the EU parent credit institution. The Committee of European Banking Supervisors may disclose its advice.
Amendment 260 #
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 decisions referred to in the sixth subparagraph shall be recognised as determinative and applied by the competent authorities in the Member State concerned. The Committee of European Banking Supervisors shall determine procedures for the convergence of supervisory practices with regard to the joint decision process referred to in this paragraph and with regard to application of Articles 123, 124 and 136(2) with a view to facilitating joint decisions.
Amendment 267 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 30
Article 1 – point 30
Directive 2006/48/EC
Article 131a – paragraph 2 – subparagraph 5
Article 131a – paragraph 2 – subparagraph 5
The decision of the consolidating supervisor shall take account of the relevance of the supervisory activity to be planned or coordinated for those authorities, and the obligationsin particular the potential impact on the stability of the financial system and the real economy in the Member States concerned referred to in Articles 40(3) and Article 42a(2).
Amendment 272 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 33 a (new)
Article 1 – point 33 a (new)
Directive 2006/48/EC
Article 156 – paragraph -1 (new)
Article 156 – paragraph -1 (new)
(33a) In Article 156, the following paragraph -1 is inserted: "By 31 January 2010, the Commission shall review this Directive as whole to address how this Directive should take into account the economic cycle. The review should take into account how valuation, leverage, bank capital and provisioning may exacerbate cyclical trends, and should promote through-the- cycle provisioning. The Commission shall consult, where appropriate, the Committee of European Banking Supervisors on the above issues, and in particular on the Annex regarding securitisation, and take their advice duly into account. The Commission shall, by 31 January 2010 submit a report on the above issues to the Parliament and to the Council with any appropriate proposals."
Amendment 281 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 35 b (new)
Article 1 – point 35 b (new)
Directive 2006/48/EC
Annex IX – part 4 a (new)
Annex IX – part 4 a (new)
Amendment 13 #
2008/0182(COD)
Proposal for a directive – amending act
Recital 6
Recital 6
(6) An independent expert report as provided for under Directive 77/91/EEC is often not needed where an expert report has to be drawn up also under the rules of Directive 78/855/EEC and the Sixth Council Directive 82/891/EEC of 17 December 1982 based on Article 54 (3) (g) of the Treaty, concerning the division of public limited liability companies. Member States should therefore have the possibility to dispense companies from the reporting requirement under the Second Directive in these cases or to provide that both reports may be established by the same expert. Any modification should be without prejudice to the systems of protection of the interests of creditors of the companies involved as well as to any rules aimed at ensuring the provision of information to the employees of the companies involved.
Amendment 13 #
2008/0157(COD)
Proposal for a directive – amending act
Recital 7
Recital 7
Amendment 49 #
2008/0157(COD)
Proposal for a directive – amending act
Recital 17 a (new)
Recital 17 a (new)
(17a) Among the accompanying transitional measures is also the mandatory collective exercise of the rights of performers and phonogram producers concerning on-demand services by broadcasters of their radio or television productions of which music from lawfully published phonograms is an integral part. This system of collective rights management complements the remuneration regime for the broadcasting of lawfully published phonograms under Article 8(2) of Directive 2006/115/EC and guarantees that, throughout the full term of protection of lawfully published phonograms, the relevant performers and phonogram producers receive a fair share of the remuneration also for the on- demand use of broadcast productions.
Amendment 53 #
2008/0157(COD)
Proposal for a directive – amending act
Article 1 – point 1
Article 1 – point 1
Directive 2006/116/EC
Article 3 – paragraph 1 – sentence 2
Article 3 – paragraph 1 – sentence 2
Amendment 61 #
2008/0157(COD)
Proposal for a directive – amending act
Article -1 – point 2
Article -1 – point 2
Directive 2006/116/EC
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 68 #
2008/0157(COD)
Proposal for a directive – amending act
Article 1 – point 3
Article 1 – point 3
Directive 2006/116/EC
Article 10 – paragraph 5
Article 10 – paragraph 5
Amendment 86 #
2008/0157(COD)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2006/116/EC
Article 10a – paragraph 5 a (new)
Article 10a – paragraph 5 a (new)
5a. With respect to the administration of rights concerning the on-demand services by broadcasters of their radio or television productions incorporating music from lawfully published phonograms, Member States shall ensure that the rights of performers and phonogram producers to grant or refuse authorization for such use may be exercised only through the collecting society which has been established for collecting and distributing the remuneration for broadcasting such phonograms.
Amendment 100 #
2008/0157(COD)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2006/116/EC
Article 10a – paragraph 6 – subparagraph 2
Article 10a – paragraph 6 – subparagraph 2
If, onfive years after the moment at which, by virtue of Article 3 (1) and (2) in their version before amendment by Directive [// insert: Nr. of this amending directive]/EC, the performer and the phonogram producer would be no longer protected in regard of, respectively, the fixation of the performance and the phonogram, the phonogram is not made available to the public, by wire or wireless means, in such a way that members of the public may access them from a place and at a time individually chosen by them, the rights of the phonogram producer in the phonogram and the rights of the performers in relation to the fixation of their performance shall expire.
Amendment 38 #
2008/0130(CNS)
Proposal for a regulation
Article 3 – paragraph 1 – point e a (new)
Article 3 – paragraph 1 – point e a (new)
(ea) its purpose shall be to be materially active in more than one Member State, and/or for more than one third of its shares to be held by shareholders in one or more Member States;
Amendment 39 #
2008/0130(CNS)
Proposal for a regulation
Article 3 – paragraph 1 – point e b (new)
Article 3 – paragraph 1 – point e b (new)
(eb) its objectives shall be clearly stated and shall comprise producing, or trading in, goods and/or providing services.
Amendment 40 #
2008/0130(CNS)
Proposal for a regulation
Article 7
Article 7
An SPE shall have its registered office and its central administration or principal place of business in the Community. An SPE shall not be under any obligation to have its central administration or principal place of business in the Member State in which it has its registered offica single Member State.
Amendment 43 #
2008/0130(CNS)
Proposal for a regulation
Article 10 – paragraph 2 – point b a (new)
Article 10 – paragraph 2 – point b a (new)
(ba) a description of its cross-border characteristics, in accordance with Article 3(1)(ea);
Amendment 50 #
2008/0130(CNS)
Proposal for a regulation
Article 14 – paragraph 4 a (new)
Article 14 – paragraph 4 a (new)
4a. Member States may provide that the share ownership is to be disclosed in a public register.
Amendment 55 #
2008/0130(CNS)
Proposal for a regulation
Recital 4
Recital 4
(4) In order to enable businesses to reap the full benefits of the internal market, the SPE should be able to have its registered office and principal place of business in different Member States and to transfer its registered office from one Member State to another, with or without also transferring its central administration or principal place of busines; at the same time, however, steps should be taken to prevent SPEs from being misused for regime shopping and circumventing legitimate legal requirements of Member States.
Amendment 55 #
2008/0130(CNS)
Proposal for a regulation
Article 15 – paragraph 3 a (new)
Article 15 – paragraph 3 a (new)
3a. Member States may provide for disclosure of the list of shareholders in a public register.
Amendment 57 #
2008/0130(CNS)
Proposal for a regulation
Recital 7
Recital 7
(7) In order to make the SPE an accessible company form for individuals and small businesses, it should be capable of being created ex nihilo or of resulting from the transformation, the merger or the division of existing national companies. The creation of an SPE by way of transformation, merger or division of companies should be governed by the applicable national law and by the relevant Community law. If an SPE created ex nihilo has more than 25 employees, engages in cross-border activities after its creation or transfers its registered office to another Member State, the question whether the company is required to conduct negotiations with its employees on their participation, in line with the rules of the SPE statute, must be examined. If it is so required, a special negotiating body should be set up pursuant to Council Directive 2001/86/EC of 8 October 2001 supplementing the Statute for a European company with regard to the involvement of employees1, in order to reach agreement, in line with Article 5 of that Directive. 1 OJ L 294, 10.11.2001, p. 22.
Amendment 61 #
2008/0130(CNS)
Proposal for a regulation
Recital 11
Recital 11
(11) The SPE should not be subject to an excessively high mandatory capital requirement since this would be a barrier to the creation of SPEs. Creditors, however, should be protected from excessive contributions to shareholders which could affect the ability of the SPE to pay its debts. To this end, distributions that leave the SPE with liabilities exceeding the value of the assets of the SPE should be prohibited. Shareholders and other stakeholders having a significant interest, such as trade unions and the works council, however, should also be free to require the management body of the PSE to sign a solvency certificate and to ask for an independent investigation if necessary.
Amendment 65 #
2008/0130(CNS)
Proposal for a regulation
Recital 16
Recital 16
(16) Employees’ rights other than rights of participation should remain subject toshould remain subject to Community law and its implementation in Member States, in particular Council Directive 94/45/EC of 22 September 1994 on the establishment of a European Works Council or a procedure in Community-scale undertakings and Community-scale groups of undertakings for the purposes of informing and consulting employees, Council Directive 98/59/EC of 20 July 1998 on the approximation of the laws of the Member States relating to collective redundancies, Council Directive 2001/23/EC of 12 March 2001 on the approximation of the law of the Member States relating to the safeguarding of employees' rights in the event of transfers of undertakings, businesses or parts of undertakings or businesses and Directive 2002/14/EC of the European Parliament and of the Council of 11 March 2002 establishing a general framework for informing and consulting employees in the European Community.
Amendment 71 #
2008/0130(CNS)
Proposal for a regulation
Article 35 – paragraph 1 – subparagraph 1
Article 35 – paragraph 1 – subparagraph 1
1. Taking into account Article 9(1) of this Regulation, the registered office of an SPE may be transferred to another Member State, where it effectively carries out its economic activity, in accordance with this Chapter.
Amendment 72 #
2008/0130(CNS)
Proposal for a regulation
Article 3 - paragraph 1 - point e a (new)
Article 3 - paragraph 1 - point e a (new)
(ea) it shall have as its object significant activity in more than one Member State, and/or than one third of its shares shall be held by shareholders in one or more other Member States.
Amendment 77 #
2008/0130(CNS)
Proposal for a regulation
Article 3 - paragraph 1 - point e b (new)
Article 3 - paragraph 1 - point e b (new)
(eb) the objectives of the company must be clearly described and consist in producing or trading in goods and/or providing services.
Amendment 83 #
2008/0130(CNS)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
An SPE shall have its registered office and its central administration or principal place of business in the Community. An SPE shall not be under any obligation to have its central administration or principal place of business in the Member State in which it has its registered officeone and the same Member State of the Community.
Amendment 92 #
2008/0130(CNS)
Proposal for a regulation
Article 8 – paragraph 3 – point b
Article 8 – paragraph 3 – point b
(b) in relation to third parties, in accordance with the provisions of the applicable national law implementing paragraphs 5, 6 and 7 of Article 3 of Directive 68/151/EEC. Reliance in relation to third parties may be subject to disclosure pursuant to Article 3(2) of Directive 68/151/EEC under the national law of the Member State in which the registered office is situated.
Amendment 95 #
2008/0130(CNS)
Proposal for a regulation
Article 9 – paragraph 3 a (new)
Article 9 – paragraph 3 a (new)
3a. A copy of each registration of an SPE and of all subsequent amendments thereto shall be held in a European register managed by the Commission. The Commission shall monitor the data entered in that register, particularly with a view to avoiding possible abuses and mistakes. Where the Commission, having regard to objective factors, such as the location of the premises, workforce and equipment of the SPE, ascertains that the seat of an SPE is not in conformity with its economic activity, the SPE may be obliged to transfer its seat and be registered in another Member State.
Amendment 96 #
2008/0130(CNS)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Application for registration shall be made by the founding shareholders of the SPE or by any person authorised by them. Such application may be made by electronic means pursuant to Article 3(2) of Directive 68/151/EEC.
Amendment 98 #
2008/0130(CNS)
Proposal for a regulation
Article 10 – paragraph 2 – point b a (new)
Article 10 – paragraph 2 – point b a (new)
(ba) a description of the cross-border nature of the SPE, as required by Article 3(1)(ea);
Amendment 101 #
2008/0130(CNS)
Proposal for a regulation
Article 10 – paragraph 2 – point c a (new)
Article 10 – paragraph 2 – point c a (new)
(ca) the list of shareholders in accordance with Article 15;
Amendment 107 #
2008/0130(CNS)
Proposal for a regulation
Article 10 – paragraph 4 – introductory part
Article 10 – paragraph 4 – introductory part
4. Registration of the SPE mayshall be subject to onlyat least one of the following requirements:
Amendment 112 #
2008/0130(CNS)
Proposal for a regulation
Article 10 – paragraph 5
Article 10 – paragraph 5
5. The SPE shall submit any change in the particulars or documents referred to in points (a) to (g) of paragraph 2 to the register within 14 calendar days of the day on which the change takes place. After every amendment to the articles of association, the SPE shall submit its complete text to the register as amended to date. Paragraphs 1 and 4 shall apply accordingly. Every amendment shall be disclosed pursuant to Article 3(2) of Directive 68/151/EEC.
Amendment 115 #
2008/0130(CNS)
Proposal for a regulation
Article 14 – paragraph 4 a (new)
Article 14 – paragraph 4 a (new)
4a. Member States may provide that ownership of shares is to be disclosed in a public register.
Amendment 120 #
2008/0130(CNS)
Proposal for a regulation
Article 15 – paragraph 3 a (new)
Article 15 – paragraph 3 a (new)
3a. Member States may provide that the list of shareholders is to be disclosed in a public register.
Amendment 123 #
2008/0130(CNS)
Proposal for a regulation
Article 16
Article 16
1. Subject to Article 27, a decision introducing or amending a restriction on or prohibition of the transfer of shares may be adopted only with the consent of all shareholders affected by the restriction or prohibition in question. 2. All agreements on the transfer of shares shall at least be in written form. Member States may make the entry into force of such agreements conditional on verification of the legality of the transfer by an administrative or judicial body or on their public authentication. 3. On notification of a transfer, the management body shall, without undue delay, enter the shareholder in the list referred to in Article 15, provided that the transfer has been executed in accordance with this Regulation and the articles of association of the SPE and the shareholder submits reasonable evidence as to his lawful ownership of the share. In the circumstances described in Article 14(5), the management body shall be required to file the application for disclosure with the public register without undue delay. 4. Subject to paragraph 3, any transfer of shares shall become effective as follows: (a) in relation to the SPE, on the day the shareholder notifies the SPE of the transfer; (b) in relation to third parties, on the day the shareholder is entered in the list referred to in Article 15 or his share is disclosed in the register referred to in Article 14(5). 5. A transfer of shares shall be valid only if it complies with this Regulation and the articles of association. The provisions of the applicable national law concerning the protection of persons who acquire shares in good faith shall apply. 6a. Article 16(5) shall also apply to cases of pledge and/or usufruct.
Amendment 140 #
2008/0130(CNS)
Proposal for a regulation
Article 19 – paragraph 4
Article 19 – paragraph 4
4. The capital of the SPE shall be at least EUR 10.000.
Amendment 154 #
2008/0130(CNS)
Proposal for a regulation
Article 26 – paragraph 2 a (new)
Article 26 – paragraph 2 a (new)
(2a) If the annual average number of its employees exceeds 250, the SPE shall be obliged to establish a supervisory board or, in Member States that have only a one-tier system, to appoint one or more non-executive members of the management body. The supervisory board or, as the case may be, the non-executive members of the management body shall be responsible for the supervision of the functioning of the management. Their exact duties and competences shall depend on the national provisions applicable to such bodies or non-executive directors under the company law and practice of the Member State in which the company’s registered office is situated and shall be set out in the articles of association. Where the thresholds for any of the above requirements are lower in the home Member State, those lower thresholds shall apply.
Amendment 156 #
2008/0130(CNS)
Proposal for a regulation
Article 29 – paragraph 2
Article 29 – paragraph 2
2. In the case of suspicion of serious breach of law or of the articles of association of the SPE, shareholders holding 5% of the voting rights attached to the shares of the SPE and/or other stakeholders having a significant interest therein shall have the right to request the competent court or administrative authority to appoint an independent expert to investigate and report on the findings of the investigation to shareholders and/or other stakeholders having a significant interest in the SPE.
Amendment 158 #
2008/0130(CNS)
Proposal for a regulation
Article 31 – paragraph 2
Article 31 – paragraph 2
2. The duties of directors shall be owed to the SPE and its bodies, such as the supervisory board and the works council.
Amendment 159 #
2008/0130(CNS)
Proposal for a regulation
Article 31 – paragraph 3 a (new)
Article 31 – paragraph 3 a (new)
(3a) An SPE shall have an internal and balanced conflict resolution mechanism, in which the interests of all stakeholders are properly represented, designed to resolve possible conflicts within the management body and/or with other stakeholders having a significant interest in the SPE.
Amendment 163 #
2008/0130(CNS)
Proposal for a regulation
Article 33 – paragraph 3 a (new)
Article 33 – paragraph 3 a (new)
3a. The appointment, termination of office and particulars of those directors who are authorised to represent the company in relation to third parties and in legal proceedings shall be disclosed in the register referred to in Article 9(1).
Amendment 165 #
2008/0130(CNS)
Proposal for a regulation
Article 34
Article 34
1. The SPE shallIn the case of an SPE in which the annual average number of employees exceeds 250, the SPE shall, in accordance with Article 26, be subject to the rules on employee participation, ifn any, applicableccordance with the rules applying in the Member State in which it has its registered office, subject to the provisions of this Article. 2. In the case of the transfer of the registered office of an SPE Article 38 shall apply. 3. In the case of a cross-border merger of an SPE with an SPE or other company registered in another Member State, the provisions of the laws of the Member States implementing Directive 2005/56/EC of the European Parliament and of the Council28 shall apply. 1a. In the case of an SPE which, in the aggregate, employs fewer than 50 employees, employee participation shall be governed by the following: – in the SPE as a whole, the legislation of the Member State where its registered office is situated which is applicable to other entities of the same type; – in its subsidiaries and establishments, the legislation of the Member State where those subsidiaries and establishments are situated which is applicable to other entities of the same type. 1b. If at least one third of the total number of employees of the SPE and its subsidiaries and establishments in at least two different Member States so request, or if the total number of employees is equal to or exceeds 50 employees, the following provisions of Council Directive 2003/72/EC of 22 July 2003 supplementing the Statute for a European Cooperative Society with regard to the involvement of employees1 shall apply, mutatis mutandis: – Articles 3 to 7, – Articles 11 to 15, – the Annex. 2. In the case of the transfer of the registered office of an SPE Article 38 shall apply. 2a. Supervisory board members or non- executive members of the management board, alternatively at least 2/5 of the members of the supervisory board or of the non-executive members of the management board in a one-tier system, shall be nominated on a recommendation by, and after approval by, the employees´ representative body. 2b. Where there is a change in the structure of the SPE which significantly affects existing arrangements governing employees' participation rights, Article 38(3) to (6a) shall apply mutatis mutandis. The first subparagraph shall apply, in particular, to cases involving the transfer of the registered office of the SPE, changes in its administrative arrangements, the closure, cutting back or transfer of any of its undertakings or establishments, the merger of any of its establishments or undertakings, and the acquisition by the SPE of substantial holdings in other companies in so far as this has a significant effect on its overall structure, as well as significant changes in the number of persons employed by the SPE and its subsidiaries. 3. In the case of a cross-border merger of an SPE with an SPE or other company registered in another Member State, the provisions of the laws of the Member States implementing Directive 2005/56/EC of the European Parliament and of the Council28 shall apply. In those circumstances, the opening wording of Article 16(2) of that Directive shall read as follows 'However, the rules in force concerning employee participation, if any, in the Member State where the company resulting from the cross-border merger has its registered office shall not apply, where at least one of the merging companies has, in the six months before the publication of the draft terms of the cross-border merger as referred to in Article 6, an average number of workers that exceeds 50 and is operating under an employee participation system within the meaning of Article 2(k) of Directive 2001/86/EC, or where the national law applicable to the company resulting from the cross-border merger does not'. 1 OJ L 207, 18.8.2003, p. 25.
Amendment 172 #
2008/0130(CNS)
Proposal for a regulation
Article 35 – paragraph 1 – subparagraph 1
Article 35 – paragraph 1 – subparagraph 1
1. Taking into account Article 9(1a) of this Regulation, the registered office of an SPE may be transferred to another Member State where it effectively carries on its economic activity, in accordance with this Chapter.
Amendment 176 #
2008/0130(CNS)
Proposal for a regulation
Article 38
Article 38
1. The SPE shall be subject, as from the date of registration, to the rules in force in the host Member State, if any, concerning arrangements for the participation of employees. 2. Paragraph 1 shall not apply where the employees of the SPE in the home Member State account for at least one third of the total number of employees of the SPE including subsidiaries or branches of the SPE in any Member State, and where one of the following conditions is met: (a) the legislation of the host Member State does not provide for at least the same level of participation as that operated in the SPE in the home Member State prior to its registration in the host Member State. The level of employee participation shall be measured by reference to the proportion of employee representatives amongst the members of the administrative or supervisory body or their committees or of the management group which covers the profit units of the SPE, subject to employee representation; (b) the legislation of the host Member State does not confer on the employees of establishments of the SPE that are situated in other Member States the same entitlement to exercise participation rights as such employees enjoyed before the transfer. 3. Where one of the conditions set out in points a) or b) of paragraph 2 is met, the management body of the SPE shall take the necessary steps, as soon as possible, after disclosure of the transfer proposal, to start negotiations with the representatives of the SPE’s employees with a view to reaching an agreement on arrangements for the participation of the employees. 4. The agreement between the management body of the SPE and the representatives of the employees shall specify: a) the scope of the agreement; b) where, during the negotiations, the parties decide to establish arrangements for participation in the SPE following the transfer, the substance of those arrangements including, where applicable, the number of members in the company's administrative or supervisory body employees will be entitled to elect, appoint, recommend or oppose, the procedures as to how these members may be elected, appointed, recommended or opposed by employees, and their rights; c) the date of entry into force of the agreement and its duration, and any cases in which the agreement should be renegotiated and the procedure for its renegotiation. 5. Negotiations shall be limited to a period of six months. The parties may agree to extend negotiations beyond this period for an additional six-month period. The negotiations shall otherwise be governed by the law of the home Member State. 6. In the absence of an agreement, the participation arrangements existing in the home Member State shall be maintainedone of the following conditions is met: (a) the legislation of the host Member State does not provide for at least the same level of participation as that operated in the SPE in the home Member State prior to its registration in the host Member State. The level of employee participation shall be measured by reference to the proportion of employee representatives amongst the members of the administrative or supervisory body or their committees or of the management group which covers the profit units of the SPE, subject to employee representation; (b) the legislation of the host Member State does not confer on the employees of establishments of the SPE that are situated in other Member States the same entitlement to exercise participation rights as such employees enjoyed before the transfer. 3. Where one of the conditions set out in points a) or b) of paragraph 2 is met, the participation of workers in the SPE and their involvement in the definition of their participation rights shall be regulated in accordance with the following rules: (a) a special negotiating body representing the employees of the participating companies and of the subsidiaries or establishments concerned shall be set up in accordance with the following provisions: – the members of the special negotiating body must be elected or appointed in proportion to the number of employees employed in each Member State by the participating companies and subsidiaries or establishments concerned, by allocating in respect of a Member State one seat per portion of employees employed in that Member State which equals 10%, or a fraction thereof, of the number of employees employed by the participating companies and subsidiaries or establishments concerned in all the Member States taken together; – Member States shall determine the method to be used for the election or appointment of the members of the special negotiating body who are to be elected or appointed in their territories. They shall adopt the necessary measures to ensure that, as far as possible, such members include at least one member representing each participating company which has employees in the Member State concerned. Such measures must not increase the overall number of members. Member States may provide that such members may include representatives of trade unions whether or not they are employees of a participating company or subsidiary or establishment concerned. Without prejudice to national legislation and/or practice laying down thresholds for the establishment of a representative body, Member States shall provide that employees in undertakings or establishments in which, through no fault of their own, there is no employee representation have the right to elect or appoint members of the special negotiating body; (b) the special negotiating body and the competent organs of the participating companies shall determine, by written agreement, arrangements for the involvement of employees within the SPE; (c) subject to point (e), the special negotiating body shall take decisions by an absolute majority of its members, provided that such majority also represents an absolute majority of the employees. Each member shall have one vote. However, should the result of the negotiations lead to a reduction of participation rights, the majority required for a decision to approve such an agreement shall be the votes of two thirds of the members of the special negotiating body representing at least two thirds of the employees, including the votes of members representing employees employed in at least two Member States. Reduction of participation rights means a proportion of members of the organs of the SPE within the meaning of Article 2(k) of Directive 2003/72/EC which is lower than the highest proportion existing within the participating companies; (d) for the purpose of the negotiations, the special negotiating body may request experts of its choice, for example representatives of appropriate Community-level trade union organisations, to assist it with its work. Such experts may be present at negotiation meetings in an advisory capacity at the request of the special negotiating body, in order where appropriate to promote coherence and consistency at Community level. The special negotiating body may decide to inform the representatives of appropriate external organisations, including trade unions, of the start of the negotiations; (e) the special negotiating body may decide by the majority set out below not to open negotiations or to terminate negotiations already opened, and to rely instead on the rules in force in the home Member State which provide for employees to be informed and consulted. The majority required to decide not to open or to terminate negotiations shall be the votes of two thirds of the members representing at least two thirds of the employees, including the votes of members representing employees employed in at least two Member States. The special negotiating body shall be reconvened at the written request of at least 10% of the employees of the SPE, its subsidiaries and establishments, or their representatives, at the earliest two years after the above-mentioned decision, unless the parties agree to negotiations being reopened sooner. If the special negotiating body decides to reopen negotiations with the management but no agreement is reached as a result of those negotiations, the participation arrangements in the home Member State shall be maintained; (f) any expenses relating to the functioning of the special negotiating body and, in general, to negotiations shall be borne by the participating companies so as to enable the special negotiating body to carry out its task in an appropriate manner. 4. The competent organs of the participating companies and the special negotiating body shall negotiate in a spirit of cooperation with a view to reaching an agreement on arrangements for the involvement of the employees within the SPE. Without prejudice to the autonomy of the parties, the agreement between the management body of the SPE and the special negotiating body shall specify: a) the scope of the agreement; aa) the composition, number of members and allocation of seats on the representative body which will be the discussion partner of the competent organ of the SPE in connection with arrangements for the provision of information to, and consultation of, the employees of the SPE and its subsidiaries and establishments; ab) the functions and the procedure for the provision of information to, and consultation of, the representative body; ac) the frequency of meetings of the representative body; ad) the financial and material resources to be allocated to the representative body; ae) where, during negotiations, the parties decide to establish one or more information and consultation procedures instead of a representative body, the arrangements for implementing those procedures; b) where, during the negotiations, the parties decide to establish arrangements for participation, the substance of those arrangements including, where applicable, the number of members in the SPE's administrative or supervisory body which the employees will be entitled to elect, appoint, recommend or oppose, the procedures as to how those members may be elected, appointed, recommended or opposed by the employees, and their rights; c) the date of entry into force of the agreement and its duration, and any cases in which the agreement should be renegotiated and the procedure for its renegotiation. 5. Negotiations shall be limited to a period of six months. The parties may agree to extend negotiations beyond this period for an additional six-month period. 6. Protection of employees' representatives: the members of the special negotiating body, the members of the representative body, any employees' representatives exercising functions under the information and consultation procedure and any employees' representatives within the supervisory or administrative organ of an SPE who are employees of the SPE, its subsidiaries or establishments, or of a participating company shall, in the exercise of their functions, enjoy the same protection and guarantees as those afforded to employees' representatives by the national legislation and/or practice in force in their country of employment. This shall apply in particular to attendance at meetings of the special negotiating body or representative body, any other meeting held pursuant to the agreement referred to in point (ae) of paragraph 4 or any meeting of the administrative or supervisory organ, and to the payment of wages for members employed by a participating company or the SPE or its subsidiaries or establishments during a period of absence necessary for the performance of their duties.
Amendment 178 #
2008/0130(CNS)
Proposal for a regulation
Article 38 a (new)
Article 38 a (new)
Article 38a Misuse of procedures Member States shall take appropriate measures in conformity with Community law to prevent the misuse of an SPE for the purpose of depriving employees of rights to employee involvement or withholding such rights.
Amendment 179 #
2008/0130(CNS)
Proposal for a regulation
Article 38 b (new)
Article 38 b (new)
Article 38b Compliance with this Regulation 1. Each Member State shall ensure that the management of establishments of an SPE and the supervisory or administrative organs of subsidiaries and of participating companies which are situated within its territory and the employees' representatives or, as the case may be, the employees themselves comply with the obligations laid down by this Regulation, regardless of whether or not the SPE has its registered office within its territory. 2. Member States shall provide for appropriate measures in the event of failure to comply with this Regulation. In particular, they shall ensure that administrative or legal procedures are available to enable the obligations laid down by this Regulation to be enforced.
Amendment 180 #
2008/0130(CNS)
Proposal for a regulation
Article 38 c (new)
Article 38 c (new)
Article 38c Link between this Regulation and other provisions 1. Where an SPE is a Community-scale undertaking or a controlling undertaking of a Community-scale group of undertakings within the meaning of Council Directive 94/45/EC of 22 September 1994 on the establishment of a European Works Council or a procedure in Community-scale undertakings and Community-scale groups of undertakings for the purposes of informing and consulting employees1 or of Directive 97/74/EC of 15 December 1997 extending Directive 94/45/EC to the United Kingdom2, the provisions of those Directives and the provisions transposing them into national legislation shall not apply to the SPE in question or to its subsidiaries. However, where the special negotiating body decides in accordance with point (f) of Article 38(3) not to open negotiations or to terminate negotiations already opened, Directive 94/45/EC or Directive 97/74/EC and the provisions transposing them into national legislation shall apply. 2. This Regulation shall not prejudice: (a) the existing rights to involvement of employees provided for by national legislation and/or practice in the Member States as enjoyed by employees of the SPE and its subsidiaries and establishments, other than participation in the bodies of the SPE; (b) the provisions on participation in the bodies laid down by national legislation and/or practice applicable to the subsidiaries of the SPE. 3. 3. Member States may take the necessary measures to guarantee that the structures of employee representation in participating companies which will cease to exist as separate legal entities are maintained after the registration of the SPE. 1 OJ L 254, 30.9.1994, p. 64. 2 OJ L 10, 16.1.1998, p. 22.
Amendment 19 #
2008/0083(COD)
Proposal for a directive – amending act
Article 1
Article 1
Directive 68/151/EEC
Article 3 – paragraph 4 – subparagraph 2 a (new)
Article 3 – paragraph 4 – subparagraph 2 a (new)
This paragraph is without prejudice to the freedom of Member States to pass on to companies publication-related costs, including those connected with the setting up and operation of the central electronic platform.
Amendment 3 #
2008/0082(COD)
Proposal for a directive – amending act
Article 1 – point -1 (new)
Article 1 – point -1 (new)
Directive 2002/47/EC
Recital 9 a (new)
Recital 9 a (new)
(-1) The following recital 9 a shall be inserted: "(9a) In order to limit the administrative burdens for parties using financial collateral coming within the scope of this Directive, the only perfection requirement which national law may impose in respect of financial collateral should be that the financial collateral is delivered, transferred, held, registered or otherwise designated so as to be in the possession or under the control of the collateral taker or of a person acting on the collateral taker's behalf while not excluding collateral techniques where the collateral provider is allowed to substitute collateral or to withdraw excess collateral. This Directive does not preclude Member States from requiring that a credit claim be delivered by means of its inclusion in a list of claims."
Amendment 44 #
2008/0082(COD)
Proposal for a directive – amending act
Article 2 – point -1 (new)
Article 2 – point -1 (new)
Directive 2002/47/EC
Recital 9
Recital 9
(-1) Recital 9 shall be replaced by the following: “(9) In order to limit the administrative burdens for parties using financial collateral under the scope of this Directive, the only perfection requirement which national law may impose in respect of financial collateral should be that the financial collateral is delivered, transferred, held, registered or otherwise designated so as to be in the possession or under the control of the collateral taker or of a person acting on the collateral taker's behalf while not excluding collateral techniques where the collateral provider is allowed to substitute collateral or to withdraw excess collateral. This Directive should not prohibit Member States from requiring that a credit claim be delivered by means of inclusion in a list of claims.”
Amendment 8 #
2008/0026(COD)
Proposal for a regulation – amending act
Article 1 – point 4 – point a
Article 1 – point 4 – point a
Regulation (EC) No 638/2004
Article 10 – paragraph 3
Article 10 – paragraph 3
3. TheFor definition of theng thresholds below which parties are exempted from providing any Intrastat information shall be specified by the Commission, Member States shall ensure that the information referred to in Article 9(1), first sub-paragraph, points (a) to (f), made available by the parties responsible for providing it, covers at least 90% and at most 95% of arrivals and dispatches of the relevant Member State’s total trade expressed in value. The Commission may adapt the thresholds to technical and economic developments. Those measures, designed to amend non-essential elements of this Regulation, inter alia, by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 14(3).
Amendment 21 #
2007/2288(INI)
Draft opinion
Paragraph F a (new)
Paragraph F a (new)
Fa. Stresses that consumer education can never replace prudent consumer protection and supervision.
Amendment 12 #
2007/2287(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Commends that while product innovation is key to providing the consumer with a wider choice when looking for the most suitable financial products at the most competitive price, new financial products have to be presented in a clear, objective and non-misleading way; urges the Commission to present proposals to streamline the regulatory requirements with respect to information, distribution and organisation of comparable retail products in all European legislation and regulation regarding different sectors of the financial market; particularly with respect to mixed retail products (such as unit linked life insurance or other long term savings products), this streamlining should prevent regulatory arbitrage and unfair competition between the distributors of these products and bring an end to misleading and confusing information to consumers; in this streamlining exercise, on the basis of the study and the consultation that are currently being undertaken by the Commission on competing retail investment products, basic principles that have been set in the MiFid directive such as “best advice” and “know your customer” should be made applicable cross-sector for all comparable investment products according to the degree of complexity involved;
Amendment 26 #
2007/2287(INI)
Draft opinion
Paragraph 9
Paragraph 9
9. Supports a coherent European suggestion providing consumers access to balanced forms of collective redress for the settlement of cross-border complaints related to retail financial products; asks the Commission to present detailed proposals for a European form of collective redress that is primarily focussed on real consumer interests in terms of corrective measures that may help to improve overall behaviour whilst avoiding a US-style litigation culture that is primarily driven by the financial interests of law firms.
Amendment 30 #
2007/2287(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Recognises the option of a 28th legal framework, such as the Common Reference Framework, as a possible new approach to European regulation, to enable mobile cross-border market choice to be provided tousers access to simplified pan-European financial products with a uniformly high consumer protection standard; calls on the Commission again to put forward a time-frame for developing a 28th legal framework;
Amendment 39 #
2007/2287(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Urges the Commission to initiate proposals to streamline the regulatory requirements with respect to the information, distribution and organisation of comparable retail products across European legislation and regulation in different sectors of the financial market; is of the opinion that, particularly with respect to mixed retail products (such as unit-linked life insurance or other long-term savings products) this is necessary to prevent regulatory arbitrage and an unlevel playing field for the distributors of those products and to prevent the dissemination of misleading and confusing information to (potential) consumers; proposes that on the basis of the current study and the consultation regarding competing retail investment products, it would be worthwhile considering extending the application of the basic principles that have been established in Directive 2004/39/EC on markets in financial instruments (MiFID) such as ‘best advice’ and ‘know your customer’ should apply across the board to all comparable investment products in proportion to the degree of complexity involved;
Amendment 43 #
2007/2287(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Emphasises that effective self- regulation of the financial services industry shouldmay be preferred to anyin some cases to legislative regulation; calls on the financial services industry to work steadfastly towards the aims of the above Green Paper by self- regulation and thus reduce the need for binding legal acts;
Amendment 69 #
2007/2287(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Regrets that cross-border providers of financial services incur high costs as a result of the differing legal provisions and differing practice of national supervisory authorities lead to legal uncertainty and high costs for cross- border providers of financial services; calls on the Lamfalussy committees to step up their work for uniform European standards; in particular, advocates agreement on standard forms for reporting and approval procedures;
Amendment 5 #
2007/2239(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Observes that a lack of due diligence by investors cannot be counteracted by more transparency alone; stresses that transparency contributes to a better understanding of complex financial products;
Amendment 6 #
2007/2239(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
Amendment 9 #
2007/2239(INI)
Motion for a resolution
Recital A
Recital A
A. whereas it is recognised that alternative investment vehicles such as hedge funds and private equity funds can offer new diversification benefits for asset managers, increase market liquidity and the prospects of high returns for investors, and improve market efficiency; whereas it is also recognised that they take advantage to a large extent of asymmetry of information on financial markets and that the aggregated activities of hedge funds and private equity may create systemic risks and constraints for the real economy and international financial stability,
Amendment 10 #
2007/2239(INI)
Motion for a resolution
Recital B
Recital B
B. whereas EU-based hedge funds and private equity funds require an regulated environment which will respect their innovative strategies in order to enable them to remain internationally competitive while mitigating the effects of potential adverse market dynamics,
Amendment 10 #
2007/2239(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. States that purposive transparency is a prime tool for managing risk; stresses the need for a diversified level of transparency: for the general public, openness about objectives is important, for investors it is the detail of the nature, valuation and risk of investments and for supervisors a full view of positions and strategies, whilst observing the confidentiality of that information; thnegative effects of transparency can be negative, such as herding where investment strategies are revealed to competitors, should be avoided and positive effects, including preventing the assumption of worse-than- actual scenarios, promoted;
Amendment 12 #
2007/2239(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas hedge funds and private equity funds which have their management company domiciled in the EU have to comply with existing and future Community legislation; whereas non-EU-based entities also have to comply with this legislation in the context of certain activity,
Amendment 13 #
2007/2239(INI)
Motion for a resolution
Recital C
Recital C
C. whereas in some Member States hedge funds and private equity funds are subject to national regulatory regimes; whereas such divergent national rules give rise to the risk of regulatory fragmentation and arbitrage in the internal market, which may have the effect of impeding the cross- border development of this business in Europe, and also, and more importantly, may cause a race to the bottom resulting in weakening of the regulatory and supervisory regime necessary to prevent companies, employees and the real economy from being negatively affected,
Amendment 13 #
2007/2239(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Considers that standardisation of over- the-counter (OTC) products is a contradiction in terms: an OTC clearing system is attractive in theory but would add to costs, so unless it is done on an international basis it could damagewould help to prevent systemic risks and an OTC clearing system would provide the transparency and oversight required for supervisors to assess such risks; considers that such a system, introduced on an international basis, would be preferable in order not to harm European competitiveness in a global market;
Amendment 18 #
2007/2239(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. NotWelcomes thate public attention wathat is drawn to hedge funds and private equity following high-profile cases and activity in the context of well-known companies; recognises that both hedge funds and private equity are responding to criticism by way of self-regulatory proposals incorporating a 'comply or explain' principle; considers that those codes need to be allowed sufficient time to operate, spread globally and for their effects be analysedare a step forward but not sufficient to prevent the sector from taking undue risks, which possibly negatively influence the macro economics; urges the Commission to put forward targeted legislation;
Amendment 20 #
2007/2239(INI)
Motion for a resolution
Recital E
Recital E
E. whereas it is recognised that one of the main issues is the need for transparencythe current financial crisis has highlighted a lack of transparency and a need to enhance it at different levels is recognised; whereas transparency has several facets, such as the transparency of hedge funds and private equity funds vis- à-vis the companies whose shares they acquire or own, as well as vis-à-vis prime brokers, institutional investors such as pension funds or banks, retail investors, business partners, regulators and authorities; whereas one of the main transparency deficits lies in the relationship between a hedge fund or private equity fund and the companies whose shares it acquires or owns,
Amendment 23 #
2007/2239(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas transparency is an essential condition for investor confidence and the understanding of complex financial products, and thus favours the optimum functioning and stability of the financial markets,
Amendment 26 #
2007/2239(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Recognises that EU onshore hedge funds, hedge fund managers and private equity firms are subject to pieces of existing legislation, notably concerning market abuse, and that indirect regulation applies to them through counterparties and when related investments in regulated products are sold; notes that share holdings are subject to the usual disclosure requirements;
Amendment 28 #
2007/2239(INI)
Motion for a resolution
Recital F
Recital F
F. whereas the primary reason for the current sub-prime crisis is not the lack of regulation of investors butlies in several elements such as the lack of regulation of American investment banks, the excesses of the originate-and-distribute model and the securitisation process, failure to comply with the due diligence process, the inadequate valuation of risks as well as the failure of rating agencies; whereas the rating agencies should therefore be made subject in principle to the same compliance rules as those applying to auditors,
Amendment 32 #
2007/2239(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Asserts that additional, especially frequent, reporting requirements can induce pressure for short-term returns rather than long-term stabilitymay be necessary to reveal information about strategies of hedge funds and private equity firms that are relevant for long-term stability, and urges the IASB to put forward assessments and proposals;
Amendment 33 #
2007/2239(INI)
Motion for a resolution
Recital H
Recital H
H. whereas numerous different business initiatives have established their own codes of best practice which may serve as a model for EU legislation; whereas, in addition to complying with EU legislation, companies and business associations should be encouraged to establish their own codes of best practice; whereas those codes should be accompanied by the 'comply or explain' principle and should be properly assessed in a transparent way,
Amendment 35 #
2007/2239(INI)
Motion for a resolution
Recital I
Recital I
I. whereas there seems to be no need for product-related legislationproduct-related legislation does not seem to be the appropriate type of regulation to deal with this innovative sector,
Amendment 37 #
2007/2239(INI)
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas securities lending with the purpose of voting on borrowed shares is a bad practice and shareholders with a long-term horizon are preferable to those with a short-term orientation,
Amendment 39 #
2007/2239(INI)
Motion for a resolution
Recital I b (new)
Recital I b (new)
Ib. whereas the current structure of corporate governance includes imbalances in terms of ownership, control, transparency, supervision, accountability and information; whereas hedge funds and private equity potentially affect the transparency of the operational management of companies in a negative way,
Amendment 40 #
2007/2239(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Notes that securities lending with the purpose of voting on borrowed shares is a bad practice; stresses that a long-term prospect of shareholders is preferable to borrowed shares for the short term; urges the Commission to put forward legislation that requires intermediaries to enable shareholders to vote and ensure that their voting instructions are implemented, and to ensure that voting policies of identified shareholders are disclosed;
Amendment 54 #
2007/2239(INI)
Motion for a resolution
Annex – on hedge funds and private equity funds – subparagraph 1
Annex – on hedge funds and private equity funds – subparagraph 1
The European Parliament asks the Commission to submit the appropriate legislative proposals by way of review of the existing acquis communautaire affecting the various types of investors and counterparties, and to adapt or establish rules providing for the clear disclosure and timely communication of relevant and material information so as to facilitate high-quality decision-making and transparent communication between investors and the company management, as well as between investors and other counterparties;
Amendment 56 #
2007/2239(INI)
Motion for a resolution
Annex – on hedge funds and private equity funds – subparagraph 4
Annex – on hedge funds and private equity funds – subparagraph 4
With a view to the above-mentioned legislative proposals, the Commission should in particular: – explore the possibility of contract terms, to be applied to alternative investments, that provide for an unambiguous limitation of risk, for measures to be taken in the event of thresholds being exceeded, for adequate disclosure, for a clear description of lock-up periods, and for explicit conditions governing cancellation and termination of the contract; – investigate the issue of money laundering in the context of hedge funds and private equity funds; – harmonise rules and recommendations for registering and identifying shareholders beyond a certain proportion, as well as for disclosure of their strategies and intentions; – propose rules and recommendations to prevent abuse of securities lending for the purpose of exercising voting rights linked to borrowed shares in shareholder meetings; – propose rules and recommendations to oblige intermediaries to enable the original shareholders to participate actively in voting at general meetings of shareholders and to make sure that their voting instructions are respected by proxy- holders, as well as to ensure that voting policies of identified shareholders are disclosed; – establish, together with the industry, a code of best practice on how to rebalance the current structure of corporate governance with a view to reinforcing long-term orientation and discouraging financial and other incentives for short- term excessive risk-taking and irresponsible behaviour;
Amendment 61 #
2007/2239(INI)
Motion for a resolution
Annex – on private equity funds specifically
Annex – on private equity funds specifically
The European Parliament asks the Commission to establish rules that forbid private equity funds to “'plunder”' companies (so -called “asset stripping”) and thus misuse their financial power in a way that merely disadvantages the company acquired, without having any positive impact on the company’s future and the situation of its employees, creditors and business partners; To this end, the Commission should introduce limitations on the withdrawal of liquid assets from the acquired company; the practise of dividends financed by an additional debt on the company's assets should be stopped, in particular; a common set of rules should be adopted to guarantee the capital maintenance of companies; In the same spirit, the Commission should establish provisions that foresee full transparency of managers' remuneration systems, including stock options, through formal approval by the general meeting of the company's shareholders;
Amendment 65 #
2007/2239(INI)
Motion for a resolution
Annex – on private equity funds specifically – subparagraph 2
Annex – on private equity funds specifically – subparagraph 2
With a view to the above-mentioned legislative proposal(s), the Commission should examine ways of addressing the issues arising when banks lend huge amounts of money to private equity funds and then disclaim any responsibility whatsoever as to the purpose for which that money is used or the provenance of the money used to repay the loan; the Commission should also examine ways to set an upper limit to the total leverage linked to a single buy-out with a view to the viability of the company.
Amendment 67 #
2007/2239(INI)
Motion for a resolution
Annex – on private equity funds specifically – subparagraph 2 a (new)
Annex – on private equity funds specifically – subparagraph 2 a (new)
The European Parliament asks the Commission to review the Transfers of Undertakings Directive 77/187/EC in order to extend its application to transfers of shares, as is the case with leveraged buyouts; this would concern, in particular, the provisions dedicated to employees' rights in terms of disclosure, consultation and protection.
Amendment 1 #
2007/2238(INI)
Draft opinion
Recital A
Recital A
A. whereas long-term investments of hedge funds and private equity can play an important positive role in the European economy by increasing Europe's competitiveness and contributing to job creation,
Amendment 2 #
2007/2238(INI)
Draft opinion
Recital A a (new)
Recital A a (new)
Aa. whereas hedge funds and private equity investment strategies are often based on significant financial risk-taking and high leverage, which give rise to financial stability concerns,
Amendment 3 #
2007/2238(INI)
Draft opinion
Recital B a (new)
Recital B a (new)
Ba. whereas specific Community legislation concerning hedge funds or private equity does not exist,
Amendment 4 #
2007/2238(INI)
Draft opinion
Recital C
Recital C
C. whereas self-regulation of hedge funds and private equity is insufficient; whereas principle-based regulation is an appropriate approach to regulating financial markets as it is better able to keep up with market developments than product-specific regulation,
Amendment 6 #
2007/2238(INI)
Draft opinion
Recital D
Recital D
D. whereas, the current financial crisis has highlighted a lack of transparency and whereas it is recognised that there is a need to enhance transparancy at different levels; whereas while transparency is vital for a functioning market, it must be purposive in relation to the target group; whereas transparency that is not purposive will have adverse effects on market stability through herding and predatory trading, and risks destroying the entire alternative investment business model based on innovative trading strategies,
Amendment 7 #
2007/2238(INI)
Draft opinion
Recital E a (new)
Recital E a (new)
Ea. whereas the aggregated effects of the behaviour of hedge funds and private equity can lead to systemic risks; whereas financial market supervisors lack a complete overview of the activities of hedge funds and private equity; whereas no appropriate legal instruments enabling market authorities to stop hedge funds and private equity from harming the stability of financial markets currently exist,
Amendment 8 #
2007/2238(INI)
Draft opinion
Recital E b (new)
Recital E b (new)
Eb. whereas the remuneration systems for hedge funds and private equity managers may give rise to perverse incentives leading to irresponsible risk-taking,
Amendment 9 #
2007/2238(INI)
Draft opinion
Recital E c (new)
Recital E c (new)
Ec. whereas the current structure of corporate governance includes imbalances in terms of ownership, control, transparency, supervision, accountability and information; whereas hedge funds and private equity potentially affect the level of transparency of the operational management in a negative way,
Amendment 10 #
2007/2238(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Notes that there is a body of Community legislation concerning financial markets that directly or indirectly, and only to some extent, applies to hedge funds and private equity; emphasises that most of that legislation is relatively recent and that its full impact cannot therefore be assessed yet; consequently, calls on the Member States and the Commission to ensure its consistent implementation and application;
Amendment 13 #
2007/2238(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Notes that, in addition to existing legislation, the hedge fund and private equity industries have produced their own voluntary standards of best practice; supports these initiatives and takes the viewbut stresses that such a soft-law approach is appropriateinsufficient for the regulation of the two sectors because industry-initiated standards can keep up with market developments better than heavy regulation and are more likelythey are non-binding and do not prevent less responsible players in the industry from taking excessive risks in order to get higher returns from investments; urges thane Community legislation to impose a certain degree of global control, particularly over market players domiciled off-shoreission to initiate proposals that are principle-based along the lines of the Lamfalussy process, so they can keep up with market developments;
Amendment 14 #
2007/2238(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Calls on the Commission to investigate the possibilities of regulating off-shore market players globally;
Amendment 16 #
2007/2238(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Calls on the Commission to consider extending the definition of the “prudent person” principle in such a way as to require investors to verify that the alternative investment funds in which they invest also abide by the industry's best practice standards;
Amendment 18 #
2007/2238(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Calls on the Commission to study the possibility of requiring hedge fund and private equity industries' bodies to notify the Committee of European Securities Regulators of best practice standards as well as any substantive changes made thereto; considers that a public and harmonised database thus established could serve as a point of reference for investors;
Amendment 20 #
2007/2238(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Takes the view that, in order to satisfy the need to monitor market activity for supervisory purposes, all necessary information on hedge fund holdings and lending should be made available to competent supervisory authorities via prime brokers; stresses that the information requirements should not be such as to place an excessive burden on prime brokers and that the national supervisory authorities should aim, where necessary and/national supervisory authorities should aim to harmonise their requirements in order to avoid gold-plating and regulatory appropriate, to harmonise their requirementsrbitrage and to promote a truly integrated financial market;
Amendment 23 #
2007/2238(INI)
Draft opinion
Paragraph 6
Paragraph 6
6. Recognises that excessive leverage may pose risks to the stability of financial markets; takes the view, however, that risk is part of those markets and that it must be left to participants in the markets concerned to assess the appropriate level of risk to take; does not support, therefore, the idea of setting a legal maximum level of leveragecalls on the Commission to put forward proposals to limit the level of possible leverage in order to prevent the spreading of systemic risks; urges the Commission to establish a set of legal instruments that would enable supervisors to intervene and make the financial markets function for the benefit of the real economy;
Amendment 25 #
2007/2238(INI)
Draft opinion
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Notes that the current structure of corporate governance is imbalanced; calls on the Commission and industry to establish codes of conduct that would enhance the competences of important gatekeepers such as supervisory boards, works councils and accountants, and to improve the working methodology of analysts and rating agencies.
Amendment 4 #
2007/2201(INI)
Motion for a resolution
Recital D
Recital D
D. considering the lack ofdifficulties surrounding harmonisation of consumer policy in the EU and the inherent complexity of financial products,
Amendment 11 #
2007/2201(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Regrets that the Commission inquiry does not take sufficient account of the specificities of the strictly regulated banking sector and the importance of culture, habits and languages in consumer choices and protection for financial products;
Amendment 56 #
2007/2201(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls onWelcomes the Commission to intensify its work on credit intermediaries's current study on the EU credit intermediation market; looks forward to the results of that study and requests the Commission to improve the legislative framework where necessary in order to ensurimprove consumer protection and avoid mis-selling practices which are particularly damaging to more vulnerable populations;
Amendment 77 #
2007/2201(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Notes that the Commission has repeatedly qualified multilateral interchange fees as anti-competitive and consequently requested the industry to abolish them; is of the opinion that the Commission should provide stakeholders with clear indications, guidelines and transparency requirements that could enable the industry to ensure a fair and transparent calculation method, compatible with EC competition law; recommends the Commission not to hesitate to propose ex ante regulation that aims to correct market imperfections if the situation does not improve within two or three years;
Amendment 33 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 1 – point 2
Article 1 – point 2
Directive 2006/112/EC
Article 135a – point 10
Article 135a – point 10
(10) 'investment funds' means undertakings for collective investment in the exempted financial instruments referred to in points (a) to (e) of Article 135(1) and in real estatespecially constituted investment vehicles, created with the sole purpose of gathering assets from investors and investing those assets in a diversified pool of assets including pension funds and vehicles used to implement and execute collective pension schemes;
Amendment 40 #
2007/0267(CNS)
Proposal for a directive – amending act
Article 1 – point 4
Article 1 – point 4
Directive 2006/112/EC
Article 137a – paragraph 2
Article 137a – paragraph 2
2. The Council shall adopt the measures necessary for the implementation of paragraph 1 pursuant to the procedummission shall report to the Council and Parliament on the operation of the right of option under paragraph 1 by ...*. Where approvided for in Article 397. So long as the Council has not adopted such measures, Member States may lay down thepriate, the Commission shall present a legislative proposal concerning detailed rules governing the exercise of theat right of option uander paragraph 1 any other amendments of Directive .../.../EC in this respect. * Three years after the entry into force of Directive .../.../ EC.
Amendment Amendment9 #
2007/0267(CNS)
Proposal for a directive – amending act
Recital 2
Recital 2
(2) The existing rules governing the exemptions from VAT for financial and insurance services laid down in Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax are out of date and have led to uneven interpretation and application. The complexity of the rules and the variation in administrative practices generates legal uncertainty for economic operators and tax authorities and fails to secure a level playing field in the EU. This uncertainty has led to considerable litigation and has increased the administrative burden. It is therefore necessary to clarify which insurance and financial services are exempt and thereby create greater legal certainty and a level playing field in the EU and reduce the administrative burden for operators and authorities.
Amendment 42 #
2007/0220(COD)
Proposal for a regulation
Article 6 – paragraph -1 (new)
Article 6 – paragraph -1 (new)
-1. Within the Commission, Eurostat (hereinafter referred to as “the Commission (Eurostat)”) is the Directorate-General entrusted with the development, production, and dissemination of European Statistics pursuant to this Regulation and the applicable rules and procedures of the Commission.
Amendment 44 #
2007/0220(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
2. At Community level, the Commission (Within the Commission, the Director- General of Eurostat) shall ensure the production of European Statistics according to established rules and statistical principles; in this respect, ithe or she shall have the sole responsibility for deciding on processes, statistical methods, standards and procedures, and on the content and timing of statistical releases.
Amendment 46 #
2007/0220(COD)
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. Without prejudice to Article 5 of the Protocol on the Statute of the European System of Central Banks (ESCB) and the European Central Bank (ECB), the Commission (Eurostat) shall coordinate the statistical activities of the institutions and bodies of the Community, in particular with a view to ensuring consistency and quality of the data and minimising response burden. To that end, the Commission (Director- General of Eurostat) may invite any institution or body of the Community to consult and cooperate with it for the purpose of developing methods and systems for statistical purposes in their respective field of competence; any of these Institutions and bodies which may propose to produce statistics shall consult with the Commission (Eurostat) and take into account any recommendation that it may make to this effect.
Amendment 58 #
2007/0220(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. The European Approach to Statistics aims at: (a) maximising the availability and timeliness of European totals where the production and dissemination of European Statistics may rely entirely or not on national data produced and disseminated by the national authorities of all Member States (b) optimising the transmission of data and the release and revision of statistics where a coordinated policy and approach need to be establishedIn specific and duly justified cases and within the framework of the European Statistical Programme, the European Approach to Statistics aims at: (a) maximising the availability of statistical aggregates at European level and improving the timeliness of European Statistics; (b) reducing the burden on respondents and national authorities.
Amendment 60 #
2007/0220(COD)
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
1a. The cases where the European approach to statistics is relevant include: (a) the production of European Statistics by use of: - non-published national contributions or national contributions from a subset of Member States; - specifically designed survey schemes; - partial information by modelling techniques; (b) the dissemination of statistical aggregates at European level by applying specific statistical disclosure control techniques.
Amendment 62 #
2007/0220(COD)
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
2. The measures to take shall be determined in the individual statistical actions laid down in Article 12(1) for the sectoral statistical domains or in accordance with the regulatory procedure with scrutiny.implement the European Approach to Statistics shall be carried out with full involvement of Member States and shall be laid down in the individual statistical actions referred to in Article 12(1)
Amendment 64 #
2007/0220(COD)
Proposal for a regulation
Article 14 – paragraph 2 a (new)
Article 14 – paragraph 2 a (new)
2a. If necessary, a coordinated release and revision policy shall be established in cooperation with Member States.
Amendment 76 #
2007/0220(COD)
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Transmission between the national authorities and between the national authorities and the Commission (Eurostat), of confidential dataof confidential data from an ESS authority, as referred to in Article 4, that collected the data to another ESS authority may take place provided that this transmission is necessary for the efficient development, production and dissemination of European Statistics. Any further transmission must be explic or for increasing the qualitly authorised by the national authority that collected the dataof European Statistics.
Amendment 78 #
2007/0220(COD)
Proposal for a regulation
Article 20 – paragraph 1 a (new)
Article 20 – paragraph 1 a (new)
1a. Transmission of confidential data between an ESS authority that collected the data and an ESCB member may take place provided that this transmission is necessary for the efficient development, production and dissemination of European Statistics or for increasing the quality of European Statistics within the respective spheres of competence of the ESS and the ESCB.
Amendment 80 #
2007/0220(COD)
Proposal for a regulation
Article 20 – paragraph 1 b (new)
Article 20 – paragraph 1 b (new)
1b. Any transmission beyond the first transmission must be explicitly authorized by the authority that collected the data.
Amendment 82 #
2007/0220(COD)
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
2. National rules on statistical confidentiality may not be invoked to prevent the transmission of confidential data under paragraph 1 and 1a where an act of Community law provides for the transmission of such data.
Amendment 85 #
2007/0220(COD)
Proposal for a regulation
Article 20 – paragraph 2 a (new)
Article 20 – paragraph 2 a (new)
2a. Confidential data transmitted according to the provisions of this Article shall be used exclusively for statistical purposes and only accessible to staff working in statistical activities within their specific domain of work.
Amendment 96 #
2007/0143(COD)
Proposal for a directive
Recital 43
Recital 43
(43) It is necessary that the Minimum Capital Requirement is calculated in accordance with a simple formula, on the basis of data which can be audited. . The supervisory regime should provide for a risk-sensitive requirement, which is based on a prospective calculation to ensure accurate and timely intervention by supervisory authorities (the Solvency Capital Requirement), and a minimum level of security below which the amount of financial resources should not fall (the Minimum Capital Requirement). Both capital requirements should be harmonised throughout the Community in order to achieve a uniform level of protection for policyholders.
Amendment 118 #
2007/0143(COD)
Proposal for a directive
Recital 93 a (new)
Recital 93 a (new)
(93a) Recasting the applicable instruments and, consequently, repealing Directive 2002/83/EC should not lead to pension funds becoming subject to the solvency rules of this new Directive. The review of Directive 2003/41/EC, which was due in 2007, should be carried out by the Commission as quickly as possible, with a view to establishing also a more harmonised solvency regime in the IORP- directive that could come into force at the same time or shortly after the implementation date of this Directive. The Commission should, supported by CEIOPS, develop a proper system of solvency rules for institutions for occupational retirement provision (IORPs), similar to the Solvency II regime, but fully taking into account the essential differences between IORPS and insurance companies.
Amendment 215 #
2007/0143(COD)
Proposal for a directive
Article 70 – paragraph -1 (new)
Article 70 – paragraph -1 (new)
Member States shall ensure that in the exercise of the supervisory authorities’ responsibilities, their national mandate refers to the following objectives: (a) convergent implementation in the Community of this Directive and its implementing measures, and, insofar as possible, convergent application of guidelines and recommendations adopted by the Committee of European Insurance and Occupational Pensions Supervisors; (b) financial stability in other Member States.
Amendment 219 #
2007/0143(COD)
Proposal for a directive
Article 70 – paragraph 1 a (new)
Article 70 – paragraph 1 a (new)
The Committee of European Insurance and Occupational Pensions Supervisors shall, where necessary, provide for a joint interpretation of the provisions of this Directive and its implementing measures in order to enhance the convergence of supervisory practices. The Committee shall report regularly on the progress of the supervisory convergence in the Community.
Amendment 222 #
2007/0143(COD)
Proposal for a directive
Article 70 a (new)
Article 70 a (new)
Amendment 307 #
2007/0143(COD)
Proposal for a directive
Article 96 – point 3
Article 96 – point 3
(3) any future claims which Protection and Indemnity Associamutual or mutual-type associations with variable contributions may have against their members by way of a call for supplementary contributions, within the financial year, shall be classified in Tier 2.
Amendment 497 #
2007/0143(COD)
Proposal for a directive
Article 210 – paragraph 1 – point c
Article 210 – paragraph 1 – point c
(c) "group" means a group of undertakings, which consists of a participating undertaking, its subsidiaries and the entities in which the participating undertaking or its subsidiaries hold a participation, as well as undertakings linked to each other by a relationship as set out in Article 12(1) of Directive 83/349/EEC, as well as a group of undertakings including mutuals or mutual-type associations, based on contractual or other material recognition of strong and sustainable financial links among the members, provided that centralised coordination effectively exercises a dominant influence over the financial decisions of the related undertakings;
Amendment 529 #
2007/0143(COD)
Proposal for a directive
Article 229 – paragraph 4
Article 229 – paragraph 4
4. Where the Committee of European Insurance and Occupational Pensions Supervisors has been consulted, the supervisory authorities concerned shall duly consider such advice before taking their joint decision. The group supervisor shall provide to the applicant the joint decision referred to in paragraph 2In the absence of a joint decision between the supervisory authorities concerned within six months from the date of receipt of the complete application by the group supervisor, the group supervisor shall request the CEIOPS, within a further eight weeks, to deliver its advice to all supervisory authorities concerned. That advice shall, in principle, be binding on all supervisors involved. The group supervisor shall then take the final decision within one week of the transmission of the advice of CEIOPS, fully reflecting that advice. The group supervisor’s decision shall be set out in a document containing the fully reasons for thed decision and an explanation of any significant deviation from the positions adopted by the Committee of European Insurance and Occupational Pensions Supervisors. That joint decision shall be recognised as determinative and applied by tshall take into account the views of the other supervisory authorities concerned expressed within the six month period. The group supervisor shall provide its decision to the applicants and the other supervisory authorities concerned. The supervisory authorities concerned shall comply with the decision.
Amendment 612 #
2007/0143(COD)
Proposal for a directive
Article 236 – paragraph 4 – subparagraph 2
Article 236 – paragraph 4 – subparagraph 2
The group supervisor sh’s finall duly consider such advice before taking its final decisionecision shall fully reflect that advice. The decision shall be submitted to the subsidiary and the supervisory authority by the group supervisor.
Amendment 671 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 1
Article 238 – paragraph 1
1. By way of derogation from Article 136, the supervisory authority having authorised the subsidiary shall not be responsible for enforcing its Solvency Capital Requirement by taking measures at the level of the subsidiary. That supervisory authority shall however continue to monitorparagraphs 2 and 3 of Article 136, in cases of non- compliance with the Solvency Capital Requirement of the subsidiary aprocedures set out in paragraphs 2 and 3to 4b shall apply.
Amendment 675 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 2
Article 238 – paragraph 2
2. Whereithin two months of the observation that the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) and the amount of group support declared in accordance with Article 237, but the own funds eligible under Article 98(5) are sufficient to cover the minimum cthe subsidiary shall submit a plan for the reestablishment of the coverage of the Solvency Capital rRequirement, to the supervisory authority may call on the parent undertaking tofor approval within three months from the observation of the non-compliance, either by increasing the level of eligible own funds or provideing a new declaration bringing theof group support to the amount necessary to ensure that the Solvency Capital Requirement is again fully covered. The supervisory authority shall inform and forward the plan to the group supervisor without delay.
Amendment 682 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 3
Article 238 – paragraph 3
3. Where the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) Before approving the pland, the amount of group support declared in accordance with Article 237, and the own funds eligible under Article 98(5) are not sufficient to cover the minimum capital requirement, thesupervisory authority shall ensure that the group supervisory authority may call on the parent undertaking toccepts the proposed transfer own fundsf eligible under Article 98(5) to the extent necessary to ensure that the minimum capital requirement is again covered, and to provide aown funds or the new declaration bringing theof group support toby the amount necessary to ensure that the Solvency Capital Requirement is again fully coveredparent undertaking set out in the plan.
Amendment 688 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 1
Article 238 – paragraph 4 – subparagraph 1
Amendment 694 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 2
Article 238 – paragraph 4 – subparagraph 2
Where the parent undertaking doelan is not approvide the new declarationed and the level of the Solvency Capital Requirement of the subsidiary is not requ-ested, or where the new declaration provided is not acceptedablished within the timetable referred in paragraph 2, the derogations provided for in Articles 236 and 237 and in paragraph 1 shall cease to apply.
Amendment 699 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 3
Article 238 – paragraph 4 – subparagraph 3
Amendment 705 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 4 a (new)
Article 238 – paragraph 4 – subparagraph 4 a (new)
4a. The supervisory authority that authorised the subsidiary shall regain full responsibility for setting the Solvency Capital Requirement of the subsidiary and taking appropriate measures to ensure that it is adequately met by own funds eligible under Article 98(4). The parent undertaking shall not, however, be released from the commitment resulting from the most recent declaration accepted.
Amendment 708 #
2007/0143(COD)
Proposal for a directive
Article 238 – paragraph 4 – subparagraph 4 b (new)
Article 238 – paragraph 4 – subparagraph 4 b (new)
4b. Where the Solvency Capital Requirement is no longer fully covered by the combination of own funds eligible under Article 98(4) and the amount of group support declared in accordance with Article 237, and the own funds eligible under Article 98(5) are not sufficient to cover the Minimum Capital Requirement, in addition to the powers set out in Article 137, the supervisory authority may call on the parent undertaking to transfer basic own funds eligible under Article 98(5) to the extent necessary to ensure that the Minimum Capital Requirement is met again.
Amendment 816 #
2007/0143(COD)
Proposal for a directive
Article 311 – paragraph 1 a (new)
Article 311 – paragraph 1 a (new)
1a. Notwithstanding paragraph 1, references to Articles 27 and 28 of Directive 2002/83/EC in Article 17 of Directive 2003/41/EC shall continue to be read as references to those Articles. As long as Directive 2003/41/EC is not revised with new solvency rules for IORPS, the provisions of Directive 2002/83/EC will continue to apply as regards IORPs.