41 Amendments of Andrew DUFF related to 2012/0242(CNS)
Amendment 69 #
Proposal for a regulation
Recital -1 (new)
Recital -1 (new)
(-1) The present financial and economic crisis has seen Europe's banking system brought close to collapse. The integrity of the single currency and the single market is threatened by the fragmentation of the financial sector. It is now essential to intensify the integration of the banking sector in order to bolster European unity, restore financial stability and lay the basis for economic recovery.
Amendment 70 #
Proposal for a regulation
Recital -1 (new)
Recital -1 (new)
(-1) The rapid establishment of a banking union is the critical first step in a process which leads to fiscal union and eventually to political union. The constitutional importance of this legislation for the long- term evolution of the European Union should not be underestimated. While a well-designed and well-managed banking union will succeed in its goals of raising market and political confidence in the process of European integration, a badly designed or badly managed banking union would risk opening up grave divisions between Member States, the collapse of the euro and even the dissolution of the Union.
Amendment 106 #
Proposal for a regulation
Recital 6
Recital 6
(6) The European Banking Authority (EBA), established in 2011 by Regulation (EU) No. 1093/2010 of the European Parliament and the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), and the European System of Financial Supervision established by Article 2 of that Regulation and of Regulation (EU) No 1094/2010 of 24 November 2010 establishing a European Supervisory Authority (EIOPA), and Regulation (EU) No 1095/2010 of 24 November 2010 establishing a European Supervisory Authority (ESMA) have significantly improved cooperation between banking supervisors within the Union. EBA is making important contributions to the creation of a single rulebook for financial services inacross the Union, and has been crucial in implementing in a consistent way the recapitalisation of major Union credit institutions agreed by the European Council in October 2011.
Amendment 111 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8 a) The European Council on 18 October 2012 concluded that the process towards deeper economic and monetary union should build on the EU's institutional and legal framework and be characterised by openness and transparency towards Member States which do not use the single currency and by respect for the integrity of the single market. The integrated financial framework will have a Single Supervisory Mechanism (SSM) which will be open to the extent possible to all Member States wishing to participate.
Amendment 116 #
Proposal for a regulation
Recital 9
Recital 9
(9) A European banking union should therefore be set up, underpinned by a truecomprehensive and detailed single rulebook for financial services for the Single Market as a whole and composed of a single supervisory mechanism, and a common deposit insurance and resolution framework. . In view of the close links and interactions betweeninterdependence of the Member States participating in the common currency, the banking union should apply at least tomust include all Eeuro area Member States and should include all other States intending and preparing to join the euro. With a view to maintaining and deepening the internal market, and to the extent that this is institutionally possible, the banking union should also be open to the eventual participation of otherthe United Kingdom or any other non- participating Member States.
Amendment 141 #
Proposal for a regulation
Recital 11
Recital 11
(11) As the Euro area's central bank with extensive expertise in macroeconomic and financial stability issues, enjoying implementing powers of its own, the ECB is well placed to carry out supervisory tasks with a focus on protecting the stability of Europe's financial system. Indeed in many Member States Central Banks are already responsible for banking supervision. The ECB should therefore be conferred specific tasks concerning policies relating to the prudential supervision of credit institutions within the Euro area.
Amendment 171 #
Proposal for a regulation
Recital 13
Recital 13
(13) Safety and soundness of large banks is essential to ensure the stability of the financial system. However, recent experience shows that smaller banks can also pose a threat to financial stability. Therefore, the ECB should be able to exercise supervisory tasks in relation to all banks of participating Member States without exception.
Amendment 176 #
Proposal for a regulation
Recital 13 a (new)
Recital 13 a (new)
(13 a) The ECB must be empowered to agree contractual arrangements with the national competent authorities of non- euro area states which participate in the banking union in order to enable the ECB to conduct the same supervisory tasks in relation to non-euro area banks.
Amendment 256 #
Proposal for a regulation
Recital 24
Recital 24
(24) The conferral of supervisory tasks on the ECB for some of the Member States should be consistent with the framework of the European System of Financial Supervision (ESFS) set up in 2010 and its underlying objective to develop the single rulebook and enhance convergence of supervisory practices across the whole Union. Cooperation between the banking supervisors and the supervisors of insurance and securities markets is important to deal with issues of joint interest and to ensure proper supervision of credit institutions operating also in the insurance and securities sectors. The ECB should therefore be required to cooperate closely with the EBAuropean Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority, within the framework of the EFSFout prejudice to their competences.
Amendment 268 #
Proposal for a regulation
Recital 25
Recital 25
(25) In order to ensure consistency between supervisory responsibilities conferred on the ECB and decision making within the EBAmaintain the integrity of the single market, the ECB should only coordinate a common position amongst representatives of the national authorities of the participating Member States in relation to matters falling within its competencparticipating States in relation to matters falling within its competence and where participating states are directly involved in the matter in question. The ECB must fully respect the role of the EBA both in establishing the single rule book for Europe's banking sector and in monitoring the application of the rules across the Union as a whole.
Amendment 286 #
Proposal for a regulation
Recital 29
Recital 29
(29) As regards the supervision of cross- border banks active both inside and outside the Euro area the ECB should cooperate closely with the competent authorities of non participating Member States. As a competent authority the ECB should be subject to the related obligations to cooperate and exchange information under Union law and should participate fully in the colleges of supervisors. In addition, since the exercise of supervisory tasks by a European institution brings about clear benefits in terms of financial stability and sustainable market integration, Member States not participating in the common currency should therefore also have the possibility to participate in the new mechanism. However, it is a necessary pre- condition for an effective exercise of supervisory tasks, that supervisory decisions are implemented fully and without delay. Non-euro area Member States wishing to participateing in the new mechanism should therefore undertake to ensure that their national competent authorities will abide by and adopt any measure in relation to credit institutions requested by the ECB. The ECB should be able to establish a close cooperation with the competent authorities of a Member State not participating in the common currency. It should be obliged to establish the cooperation where the conditions set out in this regulation are met. The conditions under which representatives of the competent authorities of the Member States which established a close co- operation take part to the activities of the Supervisory Board should allow the greatest possible involvement of those representatives taking into account the limits following from the Statute of ESCB and of the ECB, in particular as regards the integrity of its decision making processwill be legally responsible for such measures. The ECB should establish binding contractual arrangements with the competent authorities of a non-euro area Member State. Non-euro area participating States should be obliged to legislate appropriately in their national jurisdiction to enforce the supervision of the ECB.
Amendment 295 #
Proposal for a regulation
Recital 29 a (new)
Recital 29 a (new)
(29 a) The conditions under which representatives of the competent authorities of the non-euro area Member States take part in the activities of the Supervisory Board should allow full and equal representation with the competent authorities of the euro area States. The powers of the Supervisory Board are to plan and execute the ECB's supervisory tasks. The Supervisory Board should exercise its powers in full recognition that the Governing Council of the ECB is the ultimate executive authority of the ECB.
Amendment 312 #
Proposal for a regulation
Recital 33
Recital 33
(33) In its decision-making procedures, the ECB should be bound by Union rules and general principles on due process and transparency. The right of the addressees of the ECB's decisions to be heard should be fully respected. The Supervisory Board should publish its minutes.
Amendment 313 #
Proposal for a regulation
Recital 34
Recital 34
(34) The conferral of supervisory tasks implies a significant responsibility for the ECB to safeguard financial stability in the Union, and to use its supervisory powers in the most effective and proportionate way. The ECB should therefore be accountable for the exercise of these tasks towards the European Parliament and the Council of Ministers respectively the Eurogroup as democratically legitimised institutions representing the European people and the Member StateWhile the ECB must remain independent in relation to monetary policy, it must be subject to new forms of democratic accountability with respect to its supervisory powers. That should include regular reporting and responding to questions. Where national supervisors take action under this Regulation, accountability arrangements provided under national law should continue to apply.
Amendment 322 #
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34 a) The Supervisory Board should present an annual report to the European Parliament and the Council. Representatives of the Supervisory Board may be invited to appear before relevant committees of the European Parliament or the national parliaments of the participating Member States. The right of the European Parliament to establish a temporary committee of enquiry should apply to the activities of the Supervisory Board.
Amendment 325 #
Proposal for a regulation
Recital 34 b (new)
Recital 34 b (new)
(34 b) Without prejudice to Article 263 TFEU, the Court of Justice should be enabled to review the legality of the acts of the ECB in its supervisory capacity that are intended to produce legal effects vis-à- vis third parties.
Amendment 334 #
Proposal for a regulation
Recital 36
Recital 36
(36) In particular, a supervisory board responsible for preparing decisions on supervisory matters should be set up with the ECB encompassing the specific expertise of national supervisors. The board should therefore be chaired by a Chair and a Vice-Chair elected by the ECB Governing Council andChair of the Board should be nominated by the ECB Governing Council and elected by the European Parliament. The Board should be composed, in addition, of representatives from the ECB and from national authorities. In order to allow for an appropriate rotation while ensuring the full independence of the Chair and the Vice-Chair, t, his or heir term should not exceed five years and should not be renewable. In order to ensure full coordination with the activities of the EBA and with the prudential policies of the Union, the EBA and the European Commission should be observers in the supervisory board. The performance of the supervisory tasks conferred upon the ECB requires the adoption of a large number of technically complex acts and decisions, including decisions on individual credit institutions. In order to effectively carry out those tasks in accordance with the principle of separation from tasks relating to monetary policy, the ECB Governing Council of the ECB should be able to delegate certain clearly defined supervisory tasks and related decisions to the supervisory board, subject to the oversight and responsibility of the Governing Council, which can give instructions and directions to that body. The supervisory board may be supported by a steering committee with a more limited composition.
Amendment 347 #
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36a) The Supervisory Board should be responsible for preparing and executing the decisions of the Governing Council of the ECB. Proposals of the Supervisory Board should be accepted by the Governing Council unless a qualified majority of its members rejects them.
Amendment 349 #
Proposal for a regulation
Recital 36 b (new)
Recital 36 b (new)
(36b) Where a national competent authority disagrees with a supervisory decision of the ECB, it may appeal to the European Banking Authority which should establish an appropriate appellate process whose decisions should be addressed to the Supervisory Board. Where an action is brought in the courts of a home or host Member State with regard to the activities of the ECB in its supervisory capacity, the ECB should be a party to that proceeding.
Amendment 416 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) ‘participating Member State’ means a Member State whose currency is the euro and other Member States which choose to participate;
Amendment 418 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1 a (new)
Article 2 – paragraph 1 – point 1 a (new)
(1a) 'non-participating Member State' means a non-euro area Member State which chooses not to participate;
Amendment 437 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
The ECB in its supervisory capacity shall cooperate closely with the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority and the European Systemic Risk Board, which form part of the European System of Financial Supervision established by Article 2 of Regulations (EU) No. 1093/2010, (EU) No 1094/2010, and (EU) No 1095/2010.
Amendment 457 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. The ECB shall, without prejudice to the powers of the EBA and in accordance with the relevant provisions of Union law, be exclusively competent to carry out, for prudential supervisory purposes, the following tasks in relation to all credit institutions established in the participating Member States:
Amendment 486 #
Proposal for a regulation
Article 4 – paragraph 1 – point h
Article 4 – paragraph 1 – point h
(h) To carry out supervisory stress-tests on credit institutions to support the supervisory review, and to publish the results of the tests;
Amendment 508 #
Proposal for a regulation
Article 4 – paragraph 1 – point l
Article 4 – paragraph 1 – point l
(l) To coordinate and expressformulate a common position of representatives from competent authorities of the participating Member States when participating in the Board of Supervisors and the Management Board of the European Banking Authority, for issues relating directly to the tasks conferred on the ECB by this Regulation.
Amendment 531 #
Proposal for a regulation
Article 4 – paragraph 4
Article 4 – paragraph 4
4. This regulation is without prejudice to the responsibilities and related powers of the competent authorities of the participating Member States to carry out supervisory tasks not reconferred to in this Regulation.
Amendment 607 #
Proposal for a regulation
Article 6 – title
Article 6 – title
Amendment 617 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 2
Article 6 – paragraph 1 – subparagraph 2
To that end, the ECB may address guidelines or requests to the national competent authority of the non participating Memberat State.
Amendment 623 #
Proposal for a regulation
Article 6 – paragraph 2 – introductory part
Article 6 – paragraph 2 – introductory part
2. The close cooperation between the ECB and the national competent authority of a non participating Member St-euro area State choosing to participate shall be established, by a decision adopted by the ECB, where the following conditions are met:
Amendment 641 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The decision referred to in paragraph 2 shall determine, in compliance with the Statute of ESCB and of the ECB, the conditions under which representatives of the competent authorities of the Member States which established a close cooperation in accordance with this Article shall take part tonon-euro area participating States shall take part on a full and equal basis with the representatives of the euro area States in the activities of the Supervisory Board.
Amendment 818 #
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. In addition, the supervisory board shall include a Chair elected by the members of the Governing Council from the members, with the exception of the President, of the Executive Board, and a Vice-Chair elected by and from the membersEuropean Parliament on the nomination of the Governing Council of the ECB.
Amendment 848 #
Proposal for a regulation
Article 19 – paragraph 5
Article 19 – paragraph 5
Amendment 861 #
Proposal for a regulation
Article 19 – paragraph 7
Article 19 – paragraph 7
7. The Governing Council shall adopt the rules of procedure ofor itself and the sSupervisory bBoard including rules on the term of office of the Chair and the Vice-Chair. The term of office, and shall make them public. The rules of procedure of the Supervisory Board shall ensure equal treatment of all its members. They shall establish rules for the term of office of the Chair which shall not exceed five years and shall not be renewable.
Amendment 868 #
Proposal for a regulation
Article 19 – paragraph 7 a (new)
Article 19 – paragraph 7 a (new)
7a. The Supervisory Board shall make its minutes public.
Amendment 874 #
Proposal for a regulation
Article 19 a (new)
Article 19 a (new)
Article 19a Decision-making procedure The Supervisory Board, acting by simple majority, shall make proposals to the Governing Council of the ECB in the form of draft decisions. The Governing Council may adopt these draft decisions, refer them back with comments to the Supervisory Board, or reject them. In the case that the Governing Council rejects the draft decisions of the Supervisory Board it shall act by a two-thirds majority of its members having a voting right, as defined in Article 10 of the Statute of the ESCB and ECB. A draft decision shall be deemed adopted unless the Governing Council acts within three weeks.
Amendment 881 #
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
1. The ECB shall submit each yearan annual report to the European Parliament, the Council, the Commission and, the Eurogroup a reportnd the national parliaments of participating States on the execution of the tasks conferred upon it by this Regulation.
Amendment 885 #
Proposal for a regulation
Article 21 – paragraph 2
Article 21 – paragraph 2
2. The Chair of the supervisory board of the ECB shall present this report to the European Parliament and to the Eurogroup in the presence of representatives from any nonother participating Member State in relation to which a close cooperation in accordance with Article 6 is in placeStates.
Amendment 889 #
Proposal for a regulation
Article 21 – paragraph 3
Article 21 – paragraph 3
3. The Chair of the supervisory board may, at the request of the European Parliament, beAt the request of the European Parliament, the Chair of the Supervisory Board shall participate in a hearding on the execution of its supervisory tasks by the competent committees of the European Parliament.
Amendment 895 #
Proposal for a regulation
Article 21 – paragraph 4
Article 21 – paragraph 4
4. The ECB shall reply orally or in writing to questions put to it by the European Parliament or by the EurogroupCouncil.
Amendment 908 #
Proposal for a regulation
Article 21 a (new)
Article 21 a (new)
Article 21a Appeals A competent authority from a participating State may lodge an appeal against a decision of the ECB at the Board of Appeal as provided for in Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority).
Amendment 952 #
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
The report shall be forwarded to the European Parliament and to the Council. The Commission shall make accompanying proposals, as appropriate, including the integration of all current supervisory authorities and mechanisms into a single EU financial services authority covering the whole sector.