275 Amendments of John PURVIS
Amendment 23 #
2008/2334(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the unprecedented dimension of the current financial crisis and the depth of the ensuing downturn requires an urgent need to rethink considered overhaul, at European Union and at an international level, of the regulatory and governance framework of financial markets,
Amendment 29 #
2008/2334(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the consequences of the financial crisis on the real economy result in exceptional economic circumstances that require exceptional measures and decisions and whereas public intervention, although inevitable, drives a wedge between the gains of the approprivate sector in the recent past and the losses of theroles of the private and public sectors in the present and near futuremore normal times,
Amendment 34 #
2008/2334(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the short-term actions initiated by individual Member States require comprehensive EU coordination to guarantee a joint-multiplier effect on the one hand and to avoid spill-over effects and, distorted markets and wasteful duplication of efforts on the other,
Amendment 38 #
2008/2334(INI)
Motion for a resolution
Recital E
Recital E
E. whereas Member States’ different capacities to engage in recovery programmes should be recognised; whereas a sizeable complementary European Union approach with strong focus on multi-a mutually supportive mix of policy mix measures in the fields of economic, environment, employment and social policies should be developed,
Amendment 41 #
2008/2334(INI)
Motion for a resolution
Recital F
Recital F
F. whereas joiningmembership of the euro area has proved to enhance economic stability in the relevant Member States; whereas, however,, but also at substantial personal, business, social and financial cost, so that citizens expect, particularly inin such a time of economic recession, a strong enforcement of the Treatyresponse by the European Union's provisions on social and regional cohesion,
Amendment 47 #
2008/2334(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. welcomes the Commission's prompt initiative to launch a European economic recovery plan (Recovery Plan) as a reaction to the serious ongoing downturn; regrets, however, that the Community dimension of that proposal amounts to only 15 % of the budget for the recovery programme;
Amendment 55 #
2008/2334(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. stresses that the top priority of the Recovery Plan must be to protect citizens of the Union from the effects of the financial crisis, as they are the most strongly affected whether as workers, as members of households, or as entrepreneurs, and to assist them through any necessary transition to new and rewarding areas of employment and endeavour;
Amendment 60 #
2008/2334(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. insists that all financial aid be timely, targeted and temporary, so that it ceases once the worst of the crisis has been overcome; warns of possible crowding-out effects; urges for a return to sound state finance as soon as possible in order to avoid putting too much burden on future generations, to avoid, to the greatest extent possible, and to restrict to the shortest time possible, distortions to the EU markets;
Amendment 64 #
2008/2334(INI)
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. calls on the Commission to develop a plan with defined timings for the disbandment of temporary departures from EU competition policy so as to restore, as soon as practicable, the fair competitive market defined in the Treaties;
Amendment 68 #
2008/2334(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. strongly regrets the absence of clear growth and job benchmarks and targets from the Recovery Plan;while accepting the need to adjust to a globally competitive environment, calls for the European Union to agree on sustainable job creation, the safeguarding of employment where economically possible, and the prevention of mass unemployment as its mostvery important common goals, which should help determine the size and components of the Recovery Plan;
Amendment 71 #
2008/2334(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. recommends, as an essential requirement for effectiveness, that the coordination of national recovery plans allows for each programme to be tailored to each country's specific needs, but taking into account the common interest and the assurance of the strongest possible multiplier effect, nameespecially on employment;
Amendment 74 #
2008/2334(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. strongly calls focalls for assessing whether new horizontal initiatives at European Union level, given that different national capacities and margins of budgetary manoeuvre may generate very asymmetric outcomes across Europe might be necessary;
Amendment 79 #
2008/2334(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. calls onsupports the Commission to give clear guidance on the interpretation of the flexibility clause of the revised Stability and Growth Pact, namely when addressing short-term investment decisions which are compatible with medium-term budgetary targets and conducive to sustainable growth and long- term Lisbon goal´s commitment to the revised Stability and Growth Pact and notes its willingness to use all the flexibility which is provided for by the pact in order to allow Member States to respond adequately to the economic crisis;
Amendment 88 #
2008/2334(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. welcomes the short-term measures adopted to return confidence to the financial system; recalls that those emergency measures are insufficient to tackle one of the fundamental problems at the source of the crisis, namely excessivtreme risk- taking, leveraging and rewarding short- termism;
Amendment 93 #
2008/2334(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. warns of possible ill-considered, over- hasty and excessive regulation of the financial sector which could render economic recovery and innovation in the field of financial products impossible and reduce the attractiveness of EU financial markets, diverting financial flows and enterprises towards third markets;
Amendment 98 #
2008/2334(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. restates that safeguarding the savings of, and credit provision for, individuals and undertakings, including SMEs, areis the overriding justifications for the current exceptional public intervention in the financial system; reminds Member State governments of their responsibility infor the use of public money forin rescue plans and strongly recommends that a set of adequate incentives anddequate surveillance and, as necessary, sanctions be introduced to ensure the achievement of such goals;
Amendment 102 #
2008/2334(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. recalls the necessity for regulators and appropriate Member States' authorities to scrutinise in depth the bankings and bankers' activities over the last months in depth, so as to determine whether reprehensible and even criminal behaviour might have contributed to the banking meltdown;
Amendment 105 #
2008/2334(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. insistsaccepts that, only after due consideration onf the need forprobable consequences, conditionality tomay be attached to the banking sector rescue plans where and if needed in terms of dividend distribution, remuneration policy, provision of credit, lending conditions and protection of social policy terms;
Amendment 109 #
2008/2334(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. insists that prime consideration must be given to recovering to normal levels of credit extension by banks when considering any new regulatory environment particularly in the interests of reviving the securitisation process as essential to the recovery of finance for mortgages, car finance and credit card funding;
Amendment 125 #
2008/2334(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
Amendment 131 #
2008/2334(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. reaffirms that more transparency and better risk-management provide most of the solutions to further crisis-prevention and that the regulatory reform must be all- encompassing, applying to all actors and transactions in the financial markets; underlines that regulatory initiatives must cover executive remuneration, transparency, leverage, capital requirements and securitisation; reminds the Commission of its obligation to respond to Parliament's requests on the regulation of hedge funds and private equity;
Amendment 137 #
2008/2334(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. strongly recommends that sufficient, affordable and reasonably secure access to credit is urgently guaranteed across the European Union to SMEs, citizens and to those sectors in which a sustainable future is endangered due to the crisislack of credit; calls on the Commission to ensure exchanges of best practices in this respect;
Amendment 145 #
2008/2334(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. calls for a true European Pact for Employment; supports the Commission's initiative to put forward European Social Fund spending, to promote the development and matching of skills;
Amendment 152 #
2008/2334(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. calls on the Commission urgently to assess the recession risks affecting industrial sectors across Europe in order pro-actively to intervene at European Union level, if needed;
Amendment 163 #
2008/2334(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
Amendment 170 #
2008/2334(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. calls on the development offor refining the recovery instruments and policies both at European Union and at Member State level, capable of boosting demand and confidence across the European Union, in accordance with a common set of priorities within the Lisbon strategy, such as: investing in education, skills and lifelong learning, energy efficiency and green technologies, broadband networks, urban transport, creative industries and services, health services, and services for children and older people;
Amendment 184 #
2008/2334(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. calls for adequate detailed criteria and standards to be developed for close monitoring and permanent reassessment of the effectiveness of the recovery plans, bearing in mind that the full extent of the crisis and the requisite remedies cannot yet be totally assessed;
Amendment 187 #
2008/2334(INI)
Motion for a resolution
Paragraph 33
Paragraph 33
33. considers that the present disinflationary recessive environment still renders a broadstrict interpretation of the ECB mandate crucial; underlines that the ECB has a responsibility to ensure supportive monetary policy for recoverymonetary and fiscal discipline in the euro area;
Amendment 190 #
2008/2334(INI)
Motion for a resolution
Paragraph 34 - introductory part
Paragraph 34 - introductory part
34. calls upon all relevant parties - Parliament, Council, the Commission and the social partners at European Union and national level - to work together on the basis of the following suggestions, to be agreed upon, during the Spring European Council in March 2009:
Amendment 191 #
2008/2334(INI)
Motion for a resolution
Paragraph 34 - indent 1
Paragraph 34 - indent 1
- the development of mutual reinforcement of stability, and growth-oriented macro- economic policies by making stability policy and investment a matter of common and multi-tually supportive concern;
Amendment 193 #
2008/2334(INI)
Motion for a resolution
Paragraph 34 - indent 2
Paragraph 34 - indent 2
- the establishment of a binding framework for Member States within which they consult each other and the Commission before taking major economic policy decisions, based on a common understanding of problems and, priorities while accepting some national specificitiesand the remedial measures which are necessary and appropriate;
Amendment 195 #
2008/2334(INI)
Motion for a resolution
Paragraph 34 - indent 5
Paragraph 34 - indent 5
- the strengthening of the economic governance of the euro area in line with the recommendations set out in its resolution on the EMU@10;
Amendment 206 #
2008/2334(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
Amendment 208 #
2008/2334(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
36. calls on Member States to consider the implications of Eurobonds as a low-cost financing instrument for major European political priorities; stresses that issuing common euro area bonds would reduce the spreads and attract domestic and foreign saving, economic and financial priorities;
Amendment 210 #
2008/2334(INI)
Motion for a resolution
Paragraph 37
Paragraph 37
Amendment 212 #
2008/2334(INI)
Motion for a resolution
Paragraph 37
Paragraph 37
37. calls, once more, for the urgent strengtheningreappraisal of the European budget, by reassessing its size and expenditure structure, particularly in light of the constraints imposed by an enlarging and deepening monetary union;
Amendment 213 #
2008/2334(INI)
Motion for a resolution
Paragraph 38
Paragraph 38
Amendment 216 #
2008/2334(INI)
Motion for a resolution
Paragraph 39
Paragraph 39
39. strongly calls for the European Union per se to play a leading role in international fora, notably in the Financial Stability Forum (FSF) and International Monetary Fund (IMF), and at the coming meetings of the G20; considers it especially important to strengthen the multilateral surveillance of currency areas and financial market regulation, notably as concerns hedge funds and closing regulatory and tax havens; recalls that, in times of free global capital flows, convergence is at the heart of a true level playing field and of a comprehensive regulatory and supervisory framework;
Amendment 219 #
2008/2334(INI)
Motion for a resolution
Paragraph 40
Paragraph 40
40. strongly recommends that the impacts of international transactions on the real economy across the European Union, particularly as regards trade, climate change and finance, be duly assessed; supports enhanced international dialogue with the most important currency blocks to avoid the consequences of currency manipulation and volatility on the real economy;
Amendment 7 #
2008/2212(INI)
The Committee on Economic and Monetary Affairs calls on the Committee on Economic and Monetary AffairsIndustry, Research and Energy, as the committee responsible, to incorporate the following suggestions in its motion for a resolution:
Amendment 9 #
2008/2212(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Takes the view that higher oil prices broadly reflect a structural imthe balance between supply and demand caused, in by the main, by two factors: progressivlevel of discovery and the depletion of the oil reserves and a, changes in demographic and urbanisation trends, especially in emerging countries, where the rise in average income is causing an increase in demand, and global economic cycles;
Amendment 13 #
2008/2212(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Expresses its concerns about the volatility of oil and commodity prices and its impact on inflation, purchasing power and financial stability; stresses that soaring oil prices have been exacerbated by large trading activities on thateconomic and financial stability; while recognising the benefits of active market,s including hedge funds, which have increase oil and othe risk of speculative bubbles being formed;r energy products, urges the Commission and the Member States to ensure greaterthe highest practicable level of transparency on thein energy markets;
Amendment 15 #
2008/2212(INI)
Draft opinion
Paragraph 3
Paragraph 3
Amendment 22 #
2008/2212(INI)
Draft opinion
Paragraph 4
Paragraph 4
Amendment 26 #
2008/2212(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Underlines that green taxation or an effective cap on emissions trading system and the adoption of a wide range of other energy and transport-relatedsaving measures arshould be important tools for stimulating the development of a wide-ranging, cutting-edge market for energy- efficient technologies and products; also underlines the importance of the application of the ‘polluter-pays’ principle; recalls that the greater the number of countries that put similar policies in place, the more limited the impact on sectoral competitiveness of those policies, in particular where ecotaxes substitute taxes on activity;
Amendment 28 #
2008/2212(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Urges a more dynamic relationship between the European Union and the oil producing countries involving a willingness to give as well as take on both sides and aiming towards a more stable and smoothed supply and pricing environment for oil, which would be in the interests of all parties concerned and the world economy at large;
Amendment 29 #
2008/2212(INI)
Draft opinion
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Expects the petroleum companies to reinvest their substantial recent profits in exploration and development of new oil reserves and in promoting energy saving technology and research into oil substitutes (notably for transport applications).
Amendment 12 #
2008/2199(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Would encourage the US Congress to consider a more coherent supervisory structure in the banking and insurance sectors so as to provide an easier means of EU/US coordination;
Amendment 19 #
2008/2199(INI)
Draft opinion
Paragraph 9
Paragraph 9
9. Calls for joint discussions on reforms at the IMF and World Bank in order to present joint proposals in the various forums where these reforms are being discussed, so as to provide an effective mechanism for global financial surveillance and solidarity in time of crisis.
Amendment 22 #
2008/2199(INI)
Draft opinion
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Calls on both the US and the EU authorities to avoid barriers to inward investment and legislation of extra- territorial impact without prior consultation and agreement.
Amendment 2 #
2008/2148(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the condition set out in Rule 39(2), that no proposal should be in preparation, is duly fulfilled, except in the case of the Commission's published review of Directives 2006/48/EC and 2006/49/EC,
Amendment 12 #
2008/2148(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the current financial crisis, which was triggered by US subprime mortgages, has spread worldwide due to the increasingly integrated and contagious nature of markets, indicating that existing financial market regulation and supervision could not cope with it and a significant reform is therefore welcome,
Amendment 18 #
2008/2148(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the crisis has led to a credit crunch entailing a higher price of credit for all market players; whereas longshort-term economic growth and employment are threatened by the resulting fragile financial markets,
Amendment 20 #
2008/2148(INI)
Motion for a resolution
Recital E
Recital E
Amendment 22 #
2008/2148(INI)
Motion for a resolution
Recital F
Recital F
F. whereas the possibility to transfer credit risk through "originate-to-distribute" model while providing a means origination and distribution model has weakened incentives to evaluate and monitor riskf additional competition among mortgage lenders and providing additional products and lower pricing to consumers, needs to be made more transparent,
Amendment 26 #
2008/2148(INI)
Motion for a resolution
Recital G
Recital G
G. whereas herding, inadequate risk management, irresponsible lending, excessive debt (leverage), andexcessive investment in illiquid and complex financial instruments pose significantcould pose risks to financial stabilityinstitutions,
Amendment 30 #
2008/2148(INI)
Motion for a resolution
Recital H
Recital H
H. whereas financial regulation and innovation,novative techniques which wasere designed to diminish risk at the micro level, hasand were regulation compliant in themselves, could lead in certain circumstances to risk concentration and has exacerbated risk at the macro level, thus amplifying systemic risk,
Amendment 34 #
2008/2148(INI)
Motion for a resolution
Recital I
Recital I
I. whereas regulatory arbitrage mustshould be prevented,
Amendment 36 #
2008/2148(INI)
Motion for a resolution
Recital J
Recital J
J. whereas transparency towardshe full confidence of the public, investors and supervisory authorities must be restored,
Amendment 41 #
2008/2148(INI)
Motion for a resolution
Recital K
Recital K
K. whereas current compensation schemes can reward excessive risk at the expense of-taking rather than prudence,
Amendment 46 #
2008/2148(INI)
Motion for a resolution
Recital L
Recital L
L. whereas conflicts of interest can arise from the business model used by some financial institutions, and credit rating agencies, and audit and law firms,
Amendment 49 #
2008/2148(INI)
Motion for a resolution
Recital M
Recital M
M. whereas failures bythe limitations of credit ratings agencies generated substantial negative externalities and market uncertaintre often poorly understood by recipients and inadequately defined by the agencies; and whereas credit rating agencies have offered unsatisfactory' procedures need reviewing, particularly the adequacy of selfregulatory solutions,
Amendment 51 #
2008/2148(INI)
Motion for a resolution
Recital M a (new)
Recital M a (new)
Ma. whereas self-regulatory solutions, proposed by the credit rating agencies are as yet untested and probably insufficient to meet the pivotal role they play in the financial system,
Amendment 54 #
2008/2148(INI)
Motion for a resolution
Recital N
Recital N
N. whereas market integration, desirable as it may be in many respects, does not necessarily enhance financial stability,
Amendment 57 #
2008/2148(INI)
Motion for a resolution
Recital O
Recital O
O. whereas the EU needs more cohernsistently and harmoniseffectively implemented regulation and supervision in order to mitigate the risk of future financial crises and to ensure a level playing field across borders and between regulated and unregulated market participants,
Amendment 60 #
2008/2148(INI)
Motion for a resolution
Recital P
Recital P
P. whereas a comprehensive reformview of current EU regulatory and supervisory arrangements is necessarunderway together with measurinitiatives to improve global supervisory cooperation; whereas such a reform should refer to covering the capital adequacy framework, transparency, and governance as key prerequisites for improved and effective regulatory and supervisory arrangements in a globally coordinated manner,
Amendment 64 #
2008/2148(INI)
Motion for a resolution
Recital P a (new)
Recital P a (new)
Pa. whereas supervisory cooperation needs to take into account the third country dimension of supervision of international groups as most, if not all, major financial groups in the EU have third country interests,
Amendment 65 #
2008/2148(INI)
Motion for a resolution
Recital P b (new)
Recital P b (new)
Pb. whereas following the ECOFIN Council conclusions of October 2007, December 2007 and June 2008, a major programme of work is already under way to make targeted improvements to the arrangements for EU supervisory cooperation; whereas extensive programmes of work are also in the EU and worldwide to understand the causes of market turmoil and to respond appropriately and therefore any new legislative proposals for fundamental reform of the EU supervisory configuration and associated issues may be inappropriate, and give rise to new uncertainty and risk,
Amendment 68 #
2008/2148(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Requests the Commission to submit to Parliament, by 30 November 2008, on the basis of Article 44, Article 47(2), Article 55, Article 95, Article 105(6), Article 202, Article 211 or Article 308 of the EC Treaty, a legislative proposal or proposals on an EU supervisory configuration, credit rating agencies and other relevant issues, following the detailed recommendations below.
Amendment 70 #
2008/2148(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Requires the Commission to carry out a comprehensive impact assessment of such legislative proposal.
Amendment 72 #
2008/2148(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 86 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.1 – point a
Annex – recommendation 1 – point 1.1 – point a
(a) imposensure appropriate capital requirements onfor all entities operating on financial markets;
Amendment 93 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.1 – point c
Annex – recommendation 1 – point 1.1 – point c
(c) ensure that the rules are anti-cyclical as far as possible;
Amendment 97 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.1 – point d
Annex – recommendation 1 – point 1.1 – point d
(d) reform the framework to improve risk management and not to rely excessivelyensure the adequacy of the risk management framework and in particular onf mathematical models;
Amendment 102 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.1 – point e
Annex – recommendation 1 – point 1.1 – point e
(e) require higher capital chargeensure appropriate capital requirements for complex financial products and derivatives;
Amendment 104 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.1 – point f
Annex – recommendation 1 – point 1.1 – point f
(f) requiensure disclosure of off-balance-sheet items, structured investment vehicles (SIVs) and any liquidity assistance facility, and require proper assessment of the risks that they pose, so that market participants are aware of the existence of these vehicles and how they operate.
Amendment 110 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.2 – point a
Annex – recommendation 1 – point 1.2 – point a
(a) Securitisation: FRequire national regulation to monitor the implementation of industry-led initiatives to foster transparency, clarity, and data (quarterly)timely provision of data on complex financial products and the securitisation process.
Amendment 113 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.2 – point b
Annex – recommendation 1 – point 1.2 – point b
(b) Complex Financial Products (CFS): Require investors to evaluate and monitor risk of CFS. Consistent rating terminology that clearly differentiates rating for such products should be established and ratings should reflect the vulnerability of such products to downgradesInstitute a programme to enhance the ability of investors to evaluate and monitor risk of CFS.
Amendment 117 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.2 – point c – point i
Annex – recommendation 1 – point 1.2 – point c – point i
Amendment 121 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.2 – point c – point ii
Annex – recommendation 1 – point 1.2 – point c – point ii
Amendment 125 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.2 – point d
Annex – recommendation 1 – point 1.2 – point d
(d) Unregulated markets: RequireDetermine to what extent increased transparency of over-the-counter (OTC) markets and address major sources of systemic risk (i.e. counterparty concentration risk), e.g. by requiring OTC trades to be cleared in clearing housesis appropriate.
Amendment 130 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.3 – point a
Annex – recommendation 1 – point 1.3 – point a
(a) Securitisation: Require originators to assess and monitor risk and retain a significant portion of the debt or mortgage backed securities originated by them onEnsure that originators improve transparency to initial investors by clearly disclosing whether they intend to retain risk in a pool, or whether they intend to sell all risks to third parties, either immediately or in the future, so that investors in securitisation could make the decision at the outset as to whether the interests of the originator are aligned with their booksown.
Amendment 136 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.3 – point b
Annex – recommendation 1 – point 1.3 – point b
(b) Remuneration schemes: RequiEnsure financial institutions to disclose their remuneration policy, remuneration of individual directors, and remuneration packages for individuals other than directors and that all elements in compensation packages are expensed and remuneration of individual directors. Ensure that all transactions involving management can be clearly identified in the financial statements. RequiEnsure prudential supervisors to include in their assessment of risk management the influence of remuneration and bonus schemes to ensure that they contain balanced incentives and do not encourage extreme risk taking.
Amendment 139 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.3 – point c
Annex – recommendation 1 – point 1.3 – point c
(c) Corporate liability regime: Require aAmend the approach to liability regimes addressing fines and other penalties for failure to comply with financial services legislation. Ensure that executives in financial institutions in case of omission of duties or wrongful trading can be disqualified from working in the financial sector.
Amendment 144 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 1 – point 1.3 – point d
Annex – recommendation 1 – point 1.3 – point d
(d) Credit rating agencies: MEnsure appropriate measures addressing e.g. conflicts of interests, quality assurance systems and oversight in a manner similar to those applicable to auditors. Ensure that credit rating agencies apply differentiated symbols for, and encourage further credit rating agency transparency on ratings methodologies, including information on how the ratings of complex debt products, mortgage related products and traditional debt. Ensure that full transparency is practised in ratings and that credit rating agencies do not turn sub-investments into investment grade securitiea particular structured product may be different from that for other products in terms of volatility or complexity, taking account of the need for investors to develop procedures to assess the credit of structured products without relying solely on ratings.
Amendment 147 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point a
Annex – recommendation 2 – point a
Amendment 151 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point b
Annex – recommendation 2 – point b
Amendment 153 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point c – point i – introductory part
Annex – recommendation 2 – point c – point i – introductory part
(i) enhancing as necessary crisis prevention and management arrangements at EU level including:
Amendment 154 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point (c) – point (i) – indent 1
Annex – recommendation 2 – point (c) – point (i) – indent 1
- facilitate monitoring and assessment of systemic financial risks at EU level;
Amendment 156 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point c – point i – indent 2
Annex – recommendation 2 – point c – point i – indent 2
- set up an EU early-interventiona mechanism for dealing with weak and failing banks if the EU financial stability is threatened. Such a mechanism should be well-defined, clear, able to prompt action, and financed by the financial institutions;
Amendment 160 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point c – point i – indent 3
Annex – recommendation 2 – point c – point i – indent 3
- facilitate the cross-border transfer of funds within a group in extreme situations;
Amendment 166 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point c – point i – indent 4
Annex – recommendation 2 – point c – point i – indent 4
- discourage major financial groups from engaging in overly risky origination and distribution activities;
Amendment 167 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point c – point i – indent 5
Annex – recommendation 2 – point c – point i – indent 5
- set clear and binding rules on cross- border crisis management and clarify state aid rules in cases of cross-border crisis;
Amendment 176 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point d
Annex – recommendation 2 – point d
(d) Amend EU rules on deposit guarantees to introduce obligatory ex-ante schemes financed by contributions from financial institutions and administered independently of these institutions. The level of refund should be significantly increased andContinue to monitor the effectiveness of current EU rules on deposit guarantees. The level of refund will be made available to retail clients within a clearly defined and short timeframe.
Amendment 182 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point f
Annex – recommendation 2 – point f
Amendment 188 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 2 – point g
Annex – recommendation 2 – point g
Amendment 204 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.1 – point d
Annex – recommendation 3 – point 3.1 – point d
(d) RequiEnsure collection, exchange and access to relevant information amongst the members of the college and amongst all supervisors involved.
Amendment 205 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.1 – point e– introductory part
Annex – recommendation 3 – point 3.1 – point e– introductory part
Amendment 210 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.1 – point e – points i to iii
Annex – recommendation 3 – point 3.1 – point e – points i to iii
Amendment 217 #
Amendment 228 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – title
Annex – recommendation 3 – point 3.3 – title
Amendment 231 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – point a
Annex – recommendation 3 – point 3.3 – point a
Amendment 239 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – point b
Annex – recommendation 3 – point 3.3 – point b
Amendment 245 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – point c
Annex – recommendation 3 – point 3.3 – point c
Amendment 248 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – point d
Annex – recommendation 3 – point 3.3 – point d
Amendment 254 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – point e
Annex – recommendation 3 – point 3.3 – point e
Amendment 258 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – point f – introductory part
Annex – recommendation 3 – point 3.3 – point f – introductory part
Amendment 261 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – point f – point i
Annex – recommendation 3 – point 3.3 – point f – point i
Amendment 262 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – point f – point ii
Annex – recommendation 3 – point 3.3 – point f – point ii
Amendment 264 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – point f – point iii
Annex – recommendation 3 – point 3.3 – point f – point iii
Amendment 267 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – point f – point iv
Annex – recommendation 3 – point 3.3 – point f – point iv
Amendment 269 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – point f – point v
Annex – recommendation 3 – point 3.3 – point f – point v
Amendment 271 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – point g
Annex – recommendation 3 – point 3.3 – point g
Amendment 278 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – point h – introductory part
Annex – recommendation 3 – point 3.3 – point h – introductory part
Amendment 282 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – point h – point i
Annex – recommendation 3 – point 3.3 – point h – point i
Amendment 287 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – point h – point ii
Annex – recommendation 3 – point 3.3 – point h – point ii
Amendment 290 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.3 – point h – point iii
Annex – recommendation 3 – point 3.3 – point h – point iii
Amendment 294 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.4 – title
Annex – recommendation 3 – point 3.4 – title
Amendment 298 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.4 – point a
Annex – recommendation 3 – point 3.4 – point a
Amendment 303 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.4 – point b
Annex – recommendation 3 – point 3.4 – point b
Amendment 309 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.4 – point c – introductory part
Annex – recommendation 3 – point 3.4 – point c – introductory part
Amendment 313 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.4 – point c – points i to iv
Annex – recommendation 3 – point 3.4 – point c – points i to iv
Amendment 317 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.4 – point c – point v
Annex – recommendation 3 – point 3.4 – point c – point v
Amendment 322 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.4 – point c – point vi
Annex – recommendation 3 – point 3.4 – point c – point vi
Amendment 326 #
2008/2148(INI)
Motion for a resolution
Annex – recommendation 3 – point 3.4 – point d
Annex – recommendation 3 – point 3.4 – point d
Amendment 147 #
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 ratingsin particular of lead analysts in any such relationship. Therefore thoselead analysts and persons should be subject to a rotation mechanism. while ensuring successors of an equivalent professional quality and expertise are available as replacements.
Amendment 190 #
2008/0217(COD)
Proposal for a regulation
Recital 25 a (new)
Recital 25 a (new)
(25a) In the context of its Communication of 29 October 2008 entitled 'From financial crisis to recovery: A European framework for action', the Commission set up the De Larosière Group, a group of experts with a mandate to consider the organisation of European financial institutions to ensure prudential soundness, the orderly functioning of markets and stronger European cooperation on financial stability oversight, early warning mechanisms and crisis management, including the management of cross-border and cross- sectoral risks. The group will also look at cooperation between the European Union and other major jurisdictions to help safeguard financial stability and ensure consistency and efficient operation at the global level. To ensure consistency and coherence in all relevant financial sector regulation, the Commission will, within one year of the adoption of the conclusions of the De Larosière Group and taking into account those conclusions, put forward appropriate legislative proposals regarding the provisions of this Directive related to supervisory cooperation arrangements.
Amendment 195 #
2008/0217(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) In order to maintain a high level of investor and consumer confidence and enable an on-going control of credit ratings used by financial institutions in the Community, credit rating agencies whose headquarters are located outside the Community should be required to set up a subsidiary in the Community in order to allow for an efficient supervision of their activities in the Community. The emergence of new actors on the credit rating agency market should also be encouraged.
Amendment 206 #
2008/0217(COD)
Proposal for a regulation
Recital 33
Recital 33
(33) Member States should lay down rules on sanctions applicable to infringements of the provisions of this Regulation and ensure that they are implemented. The sanctions should be effective, proportionate and dissuasive. but also consistent with ensuring an orderly market. The Commission, with the advice of the CESR, should establish guidelines relating to such sanctions.
Amendment 207 #
2008/0217(COD)
Proposal for a regulation
Recital 35
Recital 35
Amendment 214 #
2008/0217(COD)
Proposal for a regulation
Recital 37
Recital 37
(37) In particular the Commission should be empowered to adopt measures to define ancillary services, to adopt guidelines for sanctions and to amend Annex I and II of the Regulation which lay down the specific criteria for assessing the compliance of a credit rating agency with its duties in terms of internal organisation, operational arrangements, rules on employees, presentation of credit ratings and disclosure. Since those measures are of general scope and are designed to amend non-essential elements of this Regulation, they must be adopted in accordance with the regulatory procedure with scrutiny provided for in Article 5a of Decision 1999/468/EC.
Amendment 222 #
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 229 #
2008/0217(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point d a (new)
Article 3 – paragraph 1 – point d a (new)
(da) 'lead analyst' means a person with primary responsibility for communicating with the issuer with respect to a particular credit rating or generally to the ratings of instruments emanating from that issuer and, where relevant, preparing recommendations about them to the rating committee;
Amendment 238 #
2008/0217(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
Credit institutions, investments firms, insurance, assurance and reinsurance undertakings, undertakings for collective investment in transferable securities (UCITS) and institutions for occupational retirement provision referred to in Article 2 may only use for regulatory purposes credit ratings which are issued by credit rating agencies established in the Community and registered in accordance with this Regulation, save in the case of credit ratings issued by third-country rating agencies which are recognised by a Member State competent authority in accordance with Annex VI, Part 2 of Directive 2006/48/EC.
Amendment 248 #
2008/0217(COD)
Proposal for a regulation
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
The ratings of entities or products located in a third country issued by credit rating agencies that are established in a third country may be used within the Community on condition that those ratings are confirmed by a credit rating agency established in the Community and registered in accordance with this Regulation.
Amendment 250 #
2008/0217(COD)
Proposal for a regulation
Article 4 – paragraph 2 b (new)
Article 4 – paragraph 2 b (new)
By ...*, the Commission will introduce legislation whereby equivalence of regulatory, governance and operational standards in third countries can replace the need for endorsement of ratings by domiciled credit rating agencies established in the EU. * OJ please insert date: 3 years after entry into force of this Regulation.
Amendment 270 #
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 approvthe lead analyst making credit ratings shall not be involved in providing the credit rating services to the same rated entity or its related third parties for a period exceeding fourive years. For that purpose it shall establish a rotation mechanism with regard to thosee lead analysts and persons.
Amendment 283 #
2008/0217(COD)
Proposal for a regulation
Article 6 – paragraph 4 – subparagraph 2
Article 6 – paragraph 4 – subparagraph 2
The period after which the lead analysts and persons approv making credit ratings may be involved in providing the credit rating services to the rated entity or related third parties referred to in the first subparagraph may not beshall be no shorter than two years.
Amendment 286 #
2008/0217(COD)
Proposal for a regulation
Article 6 – paragraph 6
Article 6 – paragraph 6
6. Compensation and performance evaluation of lead analysts and persons approvmaking the credit ratings shall not be contingent on the amount of revenue that the credit rating agency derives from the rated entities or related third parties to which the lead analyst or persons approvs making the credit ratings provide services.
Amendment 316 #
2008/0217(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Credit rating agencies shall make available in a central repository established by CESR information on their historical performance data and information about past credit rating activities. The repository shall be open to the public. On the basis of the information contained in the repository, the CESR shall monitor the past performances of credit ratings on the basis of statistical results.
Amendment 343 #
2008/0217(COD)
Proposal for a regulation
Article 17 – paragraph 4 a (new)
Article 17 – paragraph 4 a (new)
4a. In the event of withdrawal of registration the competent authorities shall provide for a transition for ratings previously made by the deregistered agency whereby those ratings stand for 12 months with appropriate qualification attached thereto by the competent authorities.
Amendment 363 #
2008/0217(COD)
Proposal for a regulation
Article 23
Article 23
Competent authorities of Member States shall, in relation to all of the activities referred to in this Chapter, cooperate with the re it is necessary for the purposes of this Regulation, includinglevant competent authorities responsible for the use of credit ratings for regulatory purposes, and with the corresponding authorities in third countries, wherever it is necessary for the purposes of this Regulation. In all cases, the objective of such cooperation shall be to reach consistent decisions about registration, withdrawal, variation, and oversight in relation to the entire worldwide operation of each credit rating agency or group of credit rating agencies. Competent authorities of Member States shall cooperate in cases where the conduct under investigation does not constitute an infringement of any regulation in force in the Member State concerned.
Amendment 439 #
2008/0217(COD)
Proposal for a regulation
Annex I – Section B – point 7
Annex I – Section B – point 7
Amendment 59 #
2008/0215(CNS)
Proposal for a directive – amending act
Annex – point 2
Annex – point 2
Directive 2003/48/EC
Annex I – paragraph 1 - table
Annex I – paragraph 1 - table
Antigua and Barbuda International business company The Bahamas Trust Foundation International business company Bahrain Financial trust Barbados Trust Belize Trust International business company Bermuda Trust Brunei Trust International business company International trust International Limited Partnership Cook Islands Trust International trust International company International partnership Costa Rica Trust Djibouti Exempt company (Foreign) trust Dominica Trust International business company Fiji Trust French Polynesia Société (Company) Société de personnes (Partnership) Société en participation (Joint venture) (Foreign) trust Guam Company Sole proprietorship Partnership (Foreign) trust Guatemala Trust Fundación (Foundation) Hong Kong Trust Kiribati Trust Labuan (Malaysia) Offshore company Malaysian offshore bank, Offshore limited partnership Offshore trust Lebanon Companies benefiting from the Offshore company regime Macao Trust Fundação (Foundation) Maldives All the companies, partnership and Foreign trust Northern Marianas Islands Foreign sales corporation Offshore banking corporation (Foreign) trust Marshall Islands Trust Mauritius Trust Global business company cat. 1 and 2 Micronesia Company Partnership (Foreign) trust Nauru Trusts/nominee company Company Partnership Sole proprietorship Foreign will Foreign estate Other form of business negotiated with the Government New Caledonia Société (Company) Société civile (Civil company) Société de personnes (Partnership) Joint venture Estate of deceased person (Foreign) trust Niue Trust International business company Panama Fideicomiso (Trust) Fundación de interés privado (Foundation) Palau Company Partnership Sole proprietorship Representative office Credit union (financial cooperative) Cooperative (Foreign) trust Philippines Trust Puerto Rico Estate Trust International banking entity Saint Kitts and Nevis Trust Foundation Exempt company Saint Lucia Trust Saint Vincent and the Grenadine Trust Samoa Trust International trust International company Offshore bank Offshore insurance company International partnership Limited partnership Seychelles Trust International business company Singapore Trust Solomon Islands Company Partnership Trust South Africa Trust Tonga Trust Tuvalu Trust Provident fund United Arab Emirates Trust USA State of Delaware Limited Liability Corporation US Virgin Islands Trust Exempt company Uruguay Trust Vanuatu Trust Exempt company International company
Amendment 22 #
2008/0211(COD)
Proposal for a directive
Recital 16
Recital 16
(16) With current scientific knowledge the use of non-human primates in scientific procedures is still necessary in biomedical research. Due to their genetic proximity to human beings and to their highly developed social skills, the use of non- human primates in scientific procedures raises specific ethical and practical problems in terms of meeting their behavioural, environmental and social needs in a laboratory environment. Furthermore, the use of non-human primates is of the highest concern to the public. Therefore the use of non-human primates should only be allowed in those essential biomedical areas for the benefit of human beings for which no other replacement alternative methods are yet available and only in cases where the procedures are carried out in relation to clinical conditions having a substantial impact on patients’ day-today functioning as being either life-threatening or debilitating, or for the preservation of the respective non-human primate species. F, or for the purposes of fundamental research in some areas of the biomedical sciences canwhich potentially will provide important new information relevant to manybasic scientific knowledge and in due course to life- threatening and debilitating human conditions. The reference to life- threatening or debilitating clinical conditions is established terminology in EC legislation as reflected in Regulation 141/2000/EC, in Directive 2001/20/EC, Regulation 726/2004/EC and Commission Regulation 507/2006/EC.
Amendment 25 #
2008/0211(COD)
Proposal for a directive
Recital 21
Recital 21
(21) To enhance transparency, facilitate the project authorisation and provide tools for monitoring compliance, a severity classification of procedures should be introduced on the basis of estimated level of pain, suffering, distress and lasting harm that is inflicted on the animals. To give greater precision as to how severity classes should be assigned, the Commission should develop criteria with stakeholder input using existing severity classification schemes in place in Member States and third countries as well as those promoted by international organisations as basis. In order to ensure greater clarity in the classification system, the number of gradations should be expanded by dividing the existing "moderate" grade into "low moderate" and "high moderate".
Amendment 28 #
2008/0211(COD)
Proposal for a directive
Recital 23 a (new)
Recital 23 a (new)
(23a) In that it would reduce the number of animals required for experiments and greatly assist research, the extended re- use of animals should be permitted where a tracking, recording or transmitting device has been introduced by means of a surgical intervention under anaesthetic and where such intervention involves pain not exceeding the "low moderate" gradation.
Amendment 29 #
2008/0211(COD)
Proposal for a directive
Recital 26
Recital 26
(26) The welfare of the animals used in procedures is highly dependent on the quality and professional competence of the personnel supervising procedures, as well as of those performing procedures or supervising those taking care of the animals on a daily basis. In order to secure an adequate degree of competence of the persons dealing with animals and with procedures involving animals, those activities should only be performed in establishments and by persons authorised by the competent authorities. The main focus should be on obtaining and maintaining an adequate level of competence which should be demonstrated before authorising those persons or renewing their authorisation.
Amendment 30 #
2008/0211(COD)
Proposal for a directive
Recital 27
Recital 27
(27) Establishments should have adequate installations and equipment in place to meet the accommodation requirements of the animal species concerned and to allow the procedures to be performed efficiently and with the least distress both to the animals directly concerned and their animal companions. The establishments should operate only if they are authorised by the competent authorities.
Amendment 32 #
2008/0211(COD)
Proposal for a directive
Recital 40
Recital 40
(40) To ensure that the public is informed, it is important that objective information on the projects using live animals is made publicly available. The format of that information should not violate proprietary rights or expose confidential information. Therefore, with due consideration for security risks, user establishments should provide authorised access to anonymous non-technical summaries of those projects, including the results of any retrospective assessments, and make those summaries publicly available.
Amendment 69 #
2008/0211(COD)
Proposal for a directive
Article 8 – paragraph 1 – point a
Article 8 – paragraph 1 – point a
(a) the procedure has one of the purposes referred to in points (1), (2)(a), (3) and is undertaken with a view to the avoidance, prevention, diagnosis or treatment of life- threatening or debilitating clinical conditions in human beings or the purpose referred to in point (5) of Article 5, or is justified by the expected advancement of science that ultimately benefits human beings;
Amendment 72 #
2008/0211(COD)
Proposal for a directive
Article 8 – paragraph 1 – point b a (new)
Article 8 – paragraph 1 – point b a (new)
(ba) the procedure is necessary for significant fundamental research justified by its potential for improved human health and quality of the human condition.
Amendment 84 #
2008/0211(COD)
Proposal for a directive
Article 10 – paragraph 1 – subparagraph 2
Article 10 – paragraph 1 – subparagraph 2
Amendment 96 #
2008/0211(COD)
Proposal for a directive
Article 15 – paragraph 1
Article 15 – paragraph 1
1. Member States shall ensure that all procedures are classified as 'up to mild', 'low moderate', 'high moderate', 'severe' or 'non-recovery' on the basis of the duration and intensity of potential pain, suffering, distress and lasting harm, the frequency of intervention, the deprivation of ethological needs and the use of anaesthesia or analgesia or both.
Amendment 103 #
2008/0211(COD)
Proposal for a directive
Article 16 – paragraph 1 – point a
Article 16 – paragraph 1 – point a
(a) the previous procedure was classified as 'up to mildnot higher than 'low moderate';
Amendment 105 #
2008/0211(COD)
Proposal for a directive
Article 16 – paragraph 1 – point c
Article 16 – paragraph 1 – point c
(c) the further procedure is classified as 'up to mildnot higher than 'low moderate' or 'non- recovery'.
Amendment 117 #
2008/0211(COD)
Proposal for a directive
Article 20 – paragraph 3
Article 20 – paragraph 3
3. All authorisations of persons shall be granted for a limited period of time, not exceeding fiseven years. Member States shall ensure that the renewal of an authorisation of persons is only granted on the basis of demonstration of the requisite competence.
Amendment 160 #
2008/0211(COD)
Proposal for a directive
Article 36 – paragraph 2
Article 36 – paragraph 2
2. Member States may waive the requirement in paragraph 1(b) and permit the user establishment to submit a reduced project proposal covering only the ethical evaluation and elements listed in Article 41(2), provided that the project involves only procedures classified as "up to mild" and does not use non-human primlow moderates".
Amendment 175 #
2008/0211(COD)
Proposal for a directive
Article 38 – paragraph 4
Article 38 – paragraph 4
4. Without prejudice to paragraph 3, all projects involving only procedures classified as "up to mild"low moderate" shall be exempted from the requirement for a retrospective assessment.
Amendment 200 #
2008/0211(COD)
Proposal for a directive
Article 46 – paragraph 1
Article 46 – paragraph 1
1. Each Member State shall, by [one year after entry into force of this Directive], designate a nationalensure access to one or more accredited European reference laboratorycentre(s) for the validation of alternative methods replacing, reducing and refining the use of animals.
Amendment 24 #
2008/0199(COD)
Proposal for a directive – amending act
Recital 7
Recital 7
(7) Member States should ensure that deposit-guarantee schemes have adequate funds available to meet their needs. The deposit-guarantee scheme should be empowered to raise finance for the purposes of underpinning the continuity of banking services and access to monies and should stand as a creditor in the normal sequence of insolvency.
Amendment 35 #
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, or equivalent, in the event that a Commission impact assessment, submitted to the European Parliament and the Council by 31 March 2009, concludes that such an increase is required and is financially viable for all Member States in order to ensure consumer protection and financial market stability.
Amendment 29 #
2008/0191(COD)
Proposal for a directive – amending act
Recital 3
Recital 3
(3) Therefore, it is important to lay down criteria for those capital instruments to be eligible for original own funds of credit institutions and to align the provisions in Directive 2006/48/EC to that agreement while taking into account the importance of a strong core capital base to be able to absorb losses. The amendments to Annex XII to Directive 2006/48/EC result directly from the establishment of those criteria. The eligibility criteria should refer to the most subordinated instruments of a credit institution that does not have proprietors or shareholders under national law, such as certain members' certificates of cooperative banks, insofar as the respective capital has been paid up and ranks after all other claims. Original own funds referred to in Article 57(a) of Directive 2006/48/EC include all instruments that are regarded under national law as equity capital, rank pari passu with ordinary shares during liquidation and fully absorb losses pari passu with ordinary shares on a going concern basis. These may include instruments providing preferential rights for dividend payment on a non cumulative basis, provided that they are included in Article 22 of Directive 86/635/EEC, rank pari passu with ordinary shares during liquidation and fully absorb losses on a going concern basis pari passu with ordinary shares. Original own funds referred to in Article 57(a) of Directive 2006/48/EC also include any other instrument under credit institutions' statutory terms taking into account the specific constitution of mutuals, cooperative societies and similar institutions and which are deemed equivalent to ordinary shares in terms of their capital qualities. Instruments that do not rank pari passu with ordinary shares during liquidation or that do not absorb losses on a going concern basis pari passu with ordinary shares are included in the category of hybrids referred to in Article 57(ca) of Directive 2006/48/EC.
Amendment 58 #
2008/0191(COD)
Proposal for a directive – amending act
Recital 19 a (new)
Recital 19 a (new)
(19a) By 31 December 2009, the Commission should report to the European Parliament and the Council on the appropriateness and expected impact of requiring institutions to retain a material net economic interest in their securitisations in the light of international market and policy developments. If the Commission concludes that retaining a material net economic interest is appropriate, it should put forward proposals with that report.
Amendment 106 #
2008/0191(COD)
Proposal for a directive – amending act
Article 1 – point 19 – point a
Article 1 – point 19 – point a
Directive 2006/48/EC
Article 111 – paragraph 1 – subparagraph 3
Article 111 – paragraph 1 – subparagraph 3
Amendment 138 #
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
Amendment 140 #
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 obligations 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 negotiated, structured and documented the original agreement with the obligor or potential obligor; or alternatively and where applicable, (b) the persons or entities that manage and purchase such obligations or potential obligations directly or indirectly on behalf of the credit institution, have issued either an explicit commitment to the credit institution to maintain, 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 that the credit institution is exposed to or an explicit and unconditional warranty that they have carried out due diligence on the obligation and the obligor concerned and have properly defined and disclosed the risk profiles thereof.
Amendment 177 #
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 a (new)
Article 122a – paragraph 2 – subparagraph 2 a (new)
Paragraph 1 shall not apply to securitisation positions which a credit institution holds or intends to hold on a short-term basis for the purposes of market making or providing liquidity.
Amendment 180 #
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 a (new)
Article 122a – paragraph 3 a (new)
3a. The Commission shall adopt implementing measures to specify: (a) the conditions and procedures for a suspension of the requirement set out in paragraph 1 in the event of a temporary breach of the explicit commitment; (b) the transitional measures to be applied in the event of a permanent breach of the explicit commitment; and (c) the manner in which the explicit commitment shall be disclosed.
Amendment 182 #
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 – introductory part
Article 122a – paragraph 4 – introductory part
4. Before investing, and on an ongoing basis, credit institutions, as appropriate thereafter, credit institutions, other than originators or sponsors or original lenders, shall be able to demonstrate at all times to the competent authorities for each of their individual securitisation positions that they have a comprehensive and thorough understanding of their securitisation positions and have implemented formal policies and procedures for analysing and recording, in writto ensure that appropriate due care and attention has been taken, which is appropriate to their trading book and non-trading book and is commensurate with the risk profile of their investments in securitised positions, and that they have implemented review and recording procedures regarding:
Amendment 186 #
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 – point a
Article 122a – paragraph 4 – point a
Amendment 187 #
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 – point a
Article 122a – paragraph 4 – point a
(a) the commitment, under paragraph 1, of originators and/or sponsors either to maintain a net economic interest in or an explicit and unconditional warranty regarding the securitisation and the period for which such commitment is given;
Amendment 189 #
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 – point b
Article 122a – paragraph 4 – point b
(b) the risk characteristics of the individualsecuritisation positions including structural features of the securitisation positransaction;
Amendment 192 #
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 – point c
Article 122a – paragraph 4 – point c
(c) the risk characteristics of the exposures underlying their securitisation positions;
Amendment 194 #
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 – point d
Article 122a – paragraph 4 – point d
(d) the reputation and loss experience in earlier securitisations of the originators or sponsors in the relevant exposure class or classes underlying the securitizsation positions;
Amendment 196 #
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 – point d a (new)
Article 122a – paragraph 4 – point d a (new)
(da) consideration of the likely impact of stress events, provided that the institution does not solely rely on stress tests performed by an ECAI;
Amendment 197 #
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 – point e
Article 122a – paragraph 4 – point e
Amendment 200 #
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 – point f
Article 122a – paragraph 4 – point f
Amendment 202 #
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 – point g
Article 122a – paragraph 4 – point g
(g) all the structural features of the securitisation that can materially impact the performance of the credit institution's securitisation positions. To this end, cCredit institutions shall prior to investing and regularly thereafter perform and record appropriate stress tests, such stress tests to be conducted independently of the ECAI or ECAIs who have rated the securitisation and to be based on all relevant information provided by the originator for this purposeregularly perform stress tests appropriate to their securitisation positions.
Amendment 282 #
2008/0191(COD)
Proposal for a directive – amending act
Article 2 – point 7
Article 2 – point 7
Directive 2006/49/EC
Article 45 – paragraph 1
Article 45 – paragraph 1
(7). In Article 45(1) the date "31 December 2010" is replaced by "31 December 20124".
Amendment 284 #
2008/0191(COD)
Proposal for a directive – amending act
Article 2 – point 8
Article 2 – point 8
Directive 2006/49/EC
Article 48 – paragraph 1
Article 48 – paragraph 1
(8). In Article 48(1) the date "31 December 2010" is replaced by "31 December 20124".
Amendment 25 #
2008/0190(COD)
Proposal for a directive – amending act
Recital 12
Recital 12
(12) Electronic money needs to be redeemable to preserve bearer confidence. Redeemability does not imply, in itself, that the funds received in exchange for electronic money should be regarded as deposits or other repayable funds for the purpose of Directive 2006/48/EC. Redemption should always be possible at any time, at par value. Redemption of the full amountn termination of the contract where a termination date is specified should always be free of charge. PFull or partial redemption before termination may generate someextra costs to the issuer. ItSuch redemption may, therefore, be subject to a proportionate and cost- based fee. This is without prejudice to national legislation on tax or social matters as well as any obligations on the issuer under other relevant Community or national legislation, such as anti-money laundering and anti- terrorist financing rules, any action targeting the freezing of funds or any specific measure linked to the prevention and investigation of crimes.
Amendment 27 #
2008/0190(COD)
Proposal for a directive – amending act
Article 1 – paragraph 2
Article 1 – paragraph 2
2. With the exception of Article 5s 1, 2 and 5, Article 8(2), and Titles III and IV, this Directive shall not apply to credit institutions as defined in Article 4 (1) (a) of Directive 2006/48/EC.
Amendment 28 #
2008/0190(COD)
Proposal for a directive – amending act
Article 1 – paragraph 3
Article 1 – paragraph 3
3. This Directive shall not apply to services based on instruments thatundertakings issuing electronic money which can be used to acquire goods or services only: (a) in the premises used by the issuer; or (b) under commercial agreement with the issuer, either within a limited local network of goods or services providers or for a limited range of goods or services, such as a common marketing or distribution scheme.
Amendment 29 #
2008/0190(COD)
Proposal for a directive – amending act
Article 1 – paragraph 4
Article 1 – paragraph 4
4. This Directive shall not apply to servicesundertakings issuing electronic money based on any telecommunication, digital or information technology (IT) device, where the goods or services purchased are delivered to and are to be used through a telecommunication, digital or IT device, provided that the telecommunication, digital or IT operator does not act only as an intermediary between the payment service user and the supplier of the goods and services.
Amendment 30 #
2008/0190(COD)
Proposal for a directive – amending act
Article 2 – point 2
Article 2 – point 2
2. 'electronic money' means any electronically stored monetary value as represented by a claim on the issuer which is stored electronically and issued on receipt of funds, for the purpose of making payment transactions as defined in Article 4(5) of Directive 2007/64/EC, and is acceptedissued on receipt of funds and accepted as a means of payment by a natural or legal persons other than the issuer;
Amendment 32 #
2008/0190(COD)
Proposal for a directive – amending act
Article 3
Article 3
Articles 5, Article 7(3), and Articles 10 to 15 and 17 to 25 of Directive 2007/64/EC shall apply mutatis mutandis to electronic money institutions.
Amendment 34 #
2008/0190(COD)
Proposal for a directive – amending act
Article 5
Article 5
Issuance and Redeemability 1. Member States shall ensure that, upon request by the holder, issuers of electronic money: (a) issuers of electronic money redeem, at any moment and at par value, the monetary value of the electronic money held. 2. The contract between the issuer and the holder shall clearly state the conditions of redemption. 3. The contract between the issuer and the holder shall clearly stat par value on receipt of funds; and (b) upon request by the holder, redeem, at any moment, free of charge, partially or fully and at par value, the monetary value of the electronic money held. 2. Notwithstanding paragraph 1(b), the issuer may charge a fee for the partial or full redemption before the agreed termination date of the conditions of redemption. 4. Where redemption takes place before the date of termination of the contract, it may cover either a part of or the totality of the money stored electronically. 5tract or where no termination date is specified. That fee shall be set out prominently and in detail in the contract. It shall be proportionate and commensurate with the actual costs incurred by the issuer. Where redemption takes place on theor after the agreed and specified date of termination of the contract, the monetary value of the electronic money held shall be redeemed free of charge. 63. The issuer may charge a fee only in the case of partial or full redemption before termination of the contract. The level of this fee shall be mentioned in the contract. It shall be proportionate and commensurate with the actual costs incurred by the issuerRedemption rights of merchants shall be subject to contractual agreement between issuers of electronic money and merchants.
Amendment 47 #
2008/0190(COD)
Proposal for a directive – amending act
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. Apart from issuing electronic money, electronic money institutions shall be entitled to engage in any of the following activities, subject to compliance with Article 3:
Amendment 49 #
2008/0190(COD)
Proposal for a directive – amending act
Article 8 – paragraph 1 – point b
Article 8 – paragraph 1 – point b
(b) granting credit related to payment services referred to in points 4, 5 or 7 of the Annex to Directive 2007/64/EC, where the conditions laid down in Article 16(3) and (5) of that Directive are met, and such credit is not granted from the funds received in exchange for electronic money and held in accordance with Article 9(2);
Amendment 52 #
2008/0190(COD)
Proposal for a directive – amending act
Article 8 – paragraph 1 – point c
Article 8 – paragraph 1 – point c
(c) the provision of operational and closely related ancillary services closely related to the issuing of e-money, as described in Article 16(1)(a) of Directive 2007/64/EC;
Amendment 54 #
2008/0190(COD)
Proposal for a directive – amending act
Article 8 – paragraph 1 – point d
Article 8 – paragraph 1 – point d
(d) the operation of payment systems, without prejudice to Article 28 of Directive 2007/64/EC;
Amendment 57 #
2008/0190(COD)
Proposal for a directive – amending act
Article 8 – paragraph 2
Article 8 – paragraph 2
2. Any funds received by electronic money institutions from the payment service user in exchange for electronic money shall not constitute a deposit or other repayable funds within the meaning of Article 5 of Directive 2006/48/EC. Funds received for any other payment service shall not constitute either a deposit or other repayable funds within the meaning of Article 5 of Directive 2006/48/EC, or electronic money within the meaning of this Directive. Electronic money institutions shall not grant credit from the funds received or held for the purpose of executing e-money transactions.
Amendment 59 #
2008/0190(COD)
Proposal for a directive – amending act
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Member States or their competent authorities shall require an electronic money institution which carries on any of the activities referred to in Article 8(1)(a) to (d) and, at the same time, is engaged in other business activities referred to in Article 8(1)(e) to safeguard all funds that have been received from the payment service users or through another payment service providerin relation to those activities for the execution of payment transactions, in accordance with the provisions of Article 9(1), (2) and (4) of Directive 2007/64/EC, mutatis mutandis, in relation to which credit and debit card receivables shall be considered to qualify as liquid low-risk assets.
Amendment 61 #
2008/0190(COD)
Proposal for a directive – amending act
Article 9 – paragraph 1 – subparagraph 1 a (new)
Article 9 – paragraph 1 – subparagraph 1 a (new)
Notwithstanding the first subparagraph, Article 9(1)(b) of Directive 2007/64/EC shall not apply except where electronic money institutions offer credit or non- payment services.
Amendment 62 #
2008/0190(COD)
Proposal for a directive – amending act
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Member States or their competent authorities mayshall require that electronic money institutions which are not engaged in other business activsafeguard all funds that represent the financial liabilities referrlated to in Article 8(1)(a) to (d) shall also comply with the safeguarding requirements under paragraph 1 of this Articleoutstanding electronic money in accordance with Article 9(1), (2) and (4) of Directive 2007/64/EC, mutatis mutandis.
Amendment 65 #
2008/0190(COD)
Proposal for a directive – amending act
Article 10 – paragraph 1 – subparagraph 1 a (new)
Article 10 – paragraph 1 – subparagraph 1 a (new)
Where electronic money institutions carry out any of the activities referred to in Article 8(1)(a) to (e) and the amount of outstanding electronic money is unknown in advance, the competent authorities shall allow those institutions to apply this paragraph on the basis of a representative portion assumed to be used for payment services, provided such a representative portion can be reasonably estimated on the basis of historical data and to the satisfaction of the competent authorities.
Amendment 104 #
2008/0153(COD)
Proposal for a directive
Recital 18
Recital 18
(18) Despite the need for consolidation between UCITS to achieve economies of scale and lower costs, mergers of UCITS encounter many legislative and administrative difficulties in the Community. It is therefore necessary, in order to improve the functioning of the Internal Market, to lay down Community provisions facilitating mergers between UCITS (and investment compartments thereof). Although some Member States have authorised only contractual funds, mergers between all types of funds (contractual, corporate and unit trusts) and between funds with differing investment objectives should be allowed and recognised by the laws of each Member State. This Directive covers those merger techniques which are most commonly used in the Member States. It does not prevent UCITS from using other techniques on a domestic or cross-border basis. These will however remain subject to the relevant provisions of national law.
Amendment 201 #
2008/0153(COD)
Proposal for a directive
Article 35 – introductory part
Article 35 – introductory part
Member States shall, subject to the conditions set out in this Section and irrespective of the manner in which UCITS are constituted as set out in Article 1(3) and irrespective of their investment policies, allow for mergers between:
Amendment 254 #
2008/0153(COD)
Proposal for a directive
Article 53 – paragraph 2 – subparagraph 1 – point b
Article 53 – paragraph 2 – subparagraph 1 – point b
(b) financial derivative instruments in accordance with Article 45(1)(g) and Article 46(2) and (3) taken into account at their accounting value.
Amendment 276 #
2008/0153(COD)
Proposal for a directive
Article 55 – paragraph 2
Article 55 – paragraph 2
2. The master UCITS and the feeder UCITS shall take appropriate measures to ensure that no unitscoordinate the timing of eitheir the master UCITS or the feeder UCITS can be issued, sold, re-purchased or redeemed for the same business day after either the master UCITS or the feeder UCITS published the issue, sale, re-purchase or redemption price of its units for that daynet asset value calculation and publication, or employ other recognised techniques such as fair value pricing, in order to avoid market timing in their fund units and prevent arbitrage.
Amendment 335 #
2008/0153(COD)
Proposal for a directive
Article 88 – paragraph 3 – subparagraph 2
Article 88 – paragraph 3 – subparagraph 2
The competent authorities of the UCITS home Member State shall transmit the complete documentation referred to in paragraphs 1 and 2 to the competent authorities of the Member State in which the UCITS proposes to market its units, no later that one monthn three working days after the date of receipt of the notification letter. They shall enclose to the documentation an attestation that the UCITS fulfils the conditions imposed by this Directive.
Amendment 337 #
2008/0153(COD)
Proposal for a directive
Article 88 – paragraph 6
Article 88 – paragraph 6
For the purpose of the notification procedure set out in this Article, the competent authorities of the Member State in which a UCITS proposes to market its units shall not request any additional documentor require prior approval for any non-marketing documents including contractual documents such as application forms, certificates or other information other than those provided for in this Article.
Amendment 18 #
2008/0143(CNS)
Proposal for a directive – amending act
Annex - point 6
Annex - point 6
Directive 2006/112/EC
Annex III - point 12 a (new)
Annex III - point 12 a (new)
"(12a) supply of restaurant and catering services excluding the supply of alcoholic beverages;"
Amendment 20 #
2008/0143(CNS)
Proposal for a directive – amending act
Annex - point 7
Annex - point 7
Directive 2006/112/EC
Annex III - point 16
Annex III - point 16
"(16) supply of funeral undertaking services or cremation servicmonuments and gravestones, and the supply of goods relatedcare theretof;
Amendment 3 #
2008/0084(COD)
Proposal for a directive – amending act
Article 2
Article 2
Directive 83/349/EEC
Article 13 −- paragraph 2a
Article 13 −- paragraph 2a
(2a) Without prejudice to Articles 4(2) and Articles 5 and 6, Member States may permit any parent undertaking governed by the national law of a Member State which only has subsidiary undertakings which are not material for the purposes of Article 16(3), both individually orand as a whole, shall to be exempted from the obligation imposed in Article 1(1).
Amendment 75 #
2008/0013(COD)
Proposal for a directive – amending act
Recital 10
Recital 10
(10) Where equivalent measures to reduce greenhouse gas emissions, in particular taxation, are in place for small installations whose emissions do not exceed a threshold of 1025 000 tonnes of CO2 per year, there should be a procedure for enabling Member States to exclude such small installations from the emissions trading system for so long as those measures are applied. This threshold relatively offers the maximum gain in terms of reduction of administrative costs for each tonne excluded from the system, for reasons of administrative simplicity. As a consequence of the move from five-year allocation periods, and in order to increase certainty and predictability, provisions should be set on the frequency of revision of greenhouse gas emission permits.
Amendment 724 #
2008/0013(COD)
Proposal for a directive – amending act
Article 1 - point 21
Article 1 - point 21
Directive 2003/87/EC
Article 27 - paragraph 1
Article 27 - paragraph 1
1. Member States may exclude, from the Community scheme, combustion installations which have a rated thermal input below 25MW, reported emissions to the competent authority of less than 1025 000 tonnes of carbon dioxide equivalent, excluding emissions from biomass, in each of the preceding 3 years, and which are subject to measures that will achieve an equivalent contribution to emission reductions, if the Member State concerned complies with the following conditions: (a) it notifies the Commission of each such installation, specifying the equivalent measures that are in place, (b) it confirms that monitoring arrangements are in place to assess whether any installation emits 1025 000 tonnes or more of carbon dioxide equivalent, excluding emissions from biomass, in any one calendar year; (c) it confirms that if any installation emits 1025 000 tonnes or more of carbon dioxide equivalent, excluding emissions from biomass, in any one calendar year or the equivalent measures are no longer in place, the installation will be re-introduced into the system; (d) it publishes the information referred to in points (a), (b) and (c) for public comment.
Amendment 789 #
2008/0013(COD)
Proposal for a directive – amending act
Annex I - point 2
Annex I - point 2
Directive 2003/87/EC
Annex I - point 2
Annex I - point 2
When calculating the total capacity of combustion installations, units with a rated thermal input under 3 MW shall not be taken into account fthe following shall not be taken into account: (a) units with a rated thermal input under 3 MW, and (b) units with a rated thermal input below 50 MW and operating no more the purposes of this calculationan 350 hours per year.
Amendment 81 #
2007/2287(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Emphatically draws attention to the importance of enabling credit institutions and credit data agencies to have non- discriminatory cross-border access to credit data registers; suggests also that banks should be encouraged to use information on credit data available in other Member States better;
Amendment 5 #
2007/2265(INI)
Draft opinion
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Stresses that opening markets abroad is now primarily a question of eliminating non-tariff barriers to the movement of goods, services and investment capital;
Amendment 6 #
2007/2265(INI)
Draft opinion
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Supports an active trade policy with an emphasis on areas of importance to business in the Union, especially intellectual property rights and counterfeiting, services, investment safeguards, public procurement and fair competition;
Amendment 7 #
2007/2265(INI)
Draft opinion
Paragraph 7 c (new)
Paragraph 7 c (new)
7c. Regrets that, at the EU-ASEAN Summit held in Singapore in November 2007, certain provisions relating to business practices and conduct were not treated in depth, thus inhibiting EU investment in ASEAN countries;
Amendment 8 #
2007/2265(INI)
Draft opinion
Paragraph 7 d (new)
Paragraph 7 d (new)
Amendment 9 #
2007/2265(INI)
Draft opinion
Paragraph 7 e (new)
Paragraph 7 e (new)
7e. Would welcome the development of joint research projects conducted by research establishments in the Union and in ASEAN countries and urges the Commission to take steps to facilitate such arrangements.
Amendment 22 #
2007/2239(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Suggests that voluntary guidelines offer better scope for dealing with a wide range of complexities and circumstances, at least until they have been road-tested;
Amendment 28 #
2007/2239(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. In the interests of ensuring that there is a level playing field, considers it inappropriate to discriminate between different investors;
Amendment 38 #
2007/2239(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Considers it impractical and counterproductive in terms of encouraging investment to make an artificial differentiation between categories of private investors in equities;
Amendment 39 #
2007/2239(INI)
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Recommends that hedge funds which seek investment by retail investors should be required to commit themselves to a defined sector and to a formulaic risk profile and should be sold only through sales people who are specifically authorised as regards their technical qualifications, counselling ability and ethical probity;
Amendment 1 #
2007/2238(INI)
Motion for a resolution
Title
Title
Draft Report with recommendations to the CommissionOwn Initiative Report on Hedge Funds and private equity (2007/2238(INI)) Committee on Economic and Monetary Affairs Rapporteur: Poul Nyrup Rasmussen (Own Initiative - Rule 3947 of the Rules of Procedure)
Amendment 2 #
2007/2238(INI)
Motion for a resolution
Citation 31 a (new)
Citation 31 a (new)
– having regard to the IOSCO "Objectives and Principles of Securities Regulation" 2003, which cover principles for, amongst others, the marketing of collective investment schemes including hedge funds,
Amendment 3 #
2007/2238(INI)
Motion for a resolution
Citation 31 b (new)
Citation 31 b (new)
– having regard to the study published by the European Parliament Policy Department for Economic and Scientific Policy on Hedge Funds: Transparency and Conflict of Interest, published in December 2007 (IP/A/ECON/IC/2007- 24),
Amendment 4 #
2007/2238(INI)
Motion for a resolution
Citation 31 c (new)
Citation 31 c (new)
– having regard to the best practice standards published by the Hedge Fund Working Group on Tuesday, 22 January 2008, and the subsequent setting up of a Hedge Fund Standards Board to act as custodian of those standards,
Amendment 5 #
2007/2238(INI)
Motion for a resolution
Recital A
Recital A
Amendment 12 #
2007/2238(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the condition in Rule 39(2), that no proposal should be in preparation, is not duly fulfilled,
Amendment 17 #
2007/2238(INI)
Motion for a resolution
Recital E
Recital E
Amendment 23 #
2007/2238(INI)
Motion for a resolution
Recital F
Recital F
Amendment 37 #
2007/2238(INI)
Motion for a resolution
Recital J
Recital J
J. whereas financial stability also requires better supervisory cooperation, including globally, which logically requires, in due course, a comprehensive revision of current EU supervisory arrangements,
Amendment 43 #
2007/2238(INI)
Motion for a resolution
Recital K
Recital K
K. whereas enhanced appropriate levels of transparency towards the public, investors and supervisory authorities, including, in future, any new EU supervisory body, are crucial to ensure such well-functioning and stable financial markets as well as for promoting competition between market actors and products,
Amendment 50 #
2007/2238(INI)
Motion for a resolution
Recital L
Recital L
Amendment 57 #
2007/2238(INI)
Motion for a resolution
Recital M
Recital M
Amendment 62 #
2007/2238(INI)
Motion for a resolution
Recital N
Recital N
N. whereas in the event of extreme debt loads, private equity leveraged buy-outs can affect the viability of the target companies,
Amendment 70 #
2007/2238(INI)
Motion for a resolution
Recital O
Recital O
Amendment 79 #
2007/2238(INI)
Motion for a resolution
Recital P
Recital P
P. whereas whilst there is no evidence that those vehicles caused the current financial crisis, they have been involved in the business of non-regulated and highly complex structured products; whereas not being adequately capitalised and thus volatile to turbulences, those vehicles enhanced the crisis,
Amendment 88 #
2007/2238(INI)
Motion for a resolution
Recital Q
Recital Q
Q. whereas in order to minimise the risk of future financial crises and given the strong interactions across markets and between market participants and given the objective of a level playing field across borders and between regulated and unregulated market participants, the EU needs better, and more coherent and harmonised regulation across the board,
Amendment 105 #
2007/2238(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. RequestAsks the Commission to submit to Parliament by 30 November 2008, on the basis of Article 44, Article 47(2), or Article 95 of the EC Treaty, a legislative proposal or proposals onexamine whether any further EU legislation specific to hedge funds, and /or private equity and other relevant actors, followis required and to report to the Parliament ing the detailed recommendations below;is regard not later than 30th November 2008.
Amendment 117 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 1
Annex – recommendation 1
Amendment 136 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 1 – point d
Annex – recommendation 1 – point d
Amendment 153 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 2
Annex – recommendation 2
Amendment 177 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 2 – point e
Annex – recommendation 2 – point e
Amendment 182 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 3
Annex – recommendation 3
Amendment 199 #
2007/2238(INI)
Motion for a resolution
Annex – recommendation 4
Annex – recommendation 4
Amendment 1 #
2007/2201(INI)
Motion for a resolution
Citation 5
Citation 5
- having regard to the recent decision on Mastercard's intra-EEA multilateral interchanges fees (COMP 34/579 MasterCard),
Amendment 7 #
2007/2201(INI)
Motion for a resolution
Recital F
Recital F
F. Considering the need to balance a high degree of consumer protection and a proper functioning of the single market,
Amendment 13 #
2007/2201(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Recalls that competition policy is a powerful tool for completing the internal market but that aiming for more competition should not lead to weakened risk management in the banking sector and endanger the stability of a particularly crucial and strategic sector of the world economy; emphasises that market and consumer confidence isare both essential for thea further development of financial services;
Amendment 21 #
2007/2201(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Requests the Commission to work omonitor Member States progress in facilitating customers' mobility in order for consumers to have the choicbe more easily able to change operator, thus reinforcing a healthy competition between operators; wants to see the continuity of service to be ensured even when closing a current account or changing providers and to avoid any duplication of services;
Amendment 25 #
2007/2201(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Recommends low or non-existent closing costs in order to encourage mobility and competition; invites the EU banking industry to develop and requests the Commission to definmonitor and disseminate best practice on swift and efficient procedures for account switching, taking into account both the duration of the procedure and the costs associated withto it; is of the opinion that to switch current accounts should not cause any harmbring any damages to customers; is against any unon-necessary contractual links impeding customers' mobility;
Amendment 37 #
2007/2201(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Requests the Commission to work on enforctake into account existing national self-regulatory provisions when considering obligations for banks to provide consumers, before they open an account, with a single document summarising details of all costs, including closing costs;
Amendment 42 #
2007/2201(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Recommends the creation of a single European prospectus for providers to describe their basic products, related costs and conditions in order to allow an easy and transparent comparison that tied products do not allow at the moment; recommends the setting up of an independent EuropeWelcomes the Commission’s study of the regulatory landscape for retail investment products and trusts that this will lead to better disclosure of costs, risks and controller to guarantee the quality of the information provided as well as a Europe-wide research engine to allow easy and freeditions and thereby provide useful cross-border comparisons;
Amendment 55 #
2007/2201(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls onWelcomes the Commission to intensify its work on credit intermediaries in order to ensure consumer protection and avoid mis-selling practices which are particularly damaging to more vulnerable populations's recent intention to publish a study analysing the EU credit intermediation market, review the regulatory framework and examine possible consumer detriments, and only thereafter to consider whether a European legal framework is appropriate;
Amendment 62 #
2007/2201(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Requests the Commission to clarify and harmonise the rights and liabilities of intermediaries, since problems often arise in the sale, administration and enforcement in the selling of financial services agreements; requests the Commission to distinguish clearly between information, which has to be clear, concise, readable and cost-free, and the provision of advisory services;
Amendment 80 #
2007/2201(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Notes that the Commission has repeatedly qualifiedquestioned the legitimacy of multilateral interchange fees as anti-competitive and consequently requested the industry to abolish themcurrently operated in the European Union and has recently issued a negative decision; 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 methods, compatible with EC competition law;
Amendment 85 #
2007/2201(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Believes in a strong need for better clarification concerning the methodology and rules for the management of multilaterally agreed interchange fees for ATMs and non-card payments; recalls that the SEPA direct debit scheme and the SEPA credit transfer scheme are two sided networks creating economic benefits thanks to network effects; asks the Commission to providmonitor that there are balancing mechanism in order tos which distribute more evenly the costs and benefits of network membership; suggests to the Commission to define and communicate to all stakeholders the methodology to be used to calculate all multilaterally agreed interchange fees in order to and methodologies which ensure a real level playing field and the enforcementobservance of all competition rules;
Amendment 19 #
2007/0198(COD)
Proposal for a regulation – amending act
Article 1 – point 3
Article 1 – point 3
Regulation (EC) No 1228/2003
Article 2e – paragraph 1
Article 2e – paragraph 1
1. After consulting the Agency, the Commission may invite the European Network of Transmission System Operators for Electricity, within a reasonable period of time, to prepare codes in the areas listed in Article 2c(3) where it considers that such codes are necessary for the efficient functioning of the marketOn advice of the Agency, which will have consulted relevant stakeholders, the Commission shall draw up strategic guidelines for the European Network of Transmission System Operators for Electricity covering the issues listed in Article 2c(1)(c) and Article 2c(3), from which the European Network of Transmission System Operators for Electricity will prepare codes in the areas listed in Article 2c(1)(c) and Article 2c(3).
Amendment 20 #
2007/0198(COD)
Proposal for a regulation – amending act
Article 1 – point 3
Article 1 – point 3
Regulation (EC) No 1228/2003
Article 2e – paragraph 1 a (new)
Article 2e – paragraph 1 a (new)
(1a) The European Network of Transmission System Operators for Electricity shall develop the detailed codes pursuant to paragraph 1, and submit these for approval to the Agency.
Amendment 21 #
2007/0198(COD)
Proposal for a regulation – amending act
Article 1 – point 3
Article 1 – point 3
Regulation (EC) No 1228/2003
Article 2e – paragraph 1 b (new)
Article 2e – paragraph 1 b (new)
(1b) The Agency shall verify that the codes submitted by the European Network of Transmission System Operators for Electricity are in line with the strategic guidelines set out in paragraph 1.
Amendment 22 #
2007/0198(COD)
Proposal for a regulation – amending act
Article 1 – point 3
Article 1 – point 3
Regulation (EC) No 1228/2003
Article 2e – paragraph 3 a (new)
Article 2e – paragraph 3 a (new)
(3a) The Agency shall monitor the implementation of such codes by the European Network of Transmission System Operators for Electricity and report any contravention to the Commission, which shall take the necessary action to ensure correct implementation.
Amendment 5 #
2007/0192(CNS)
Proposal for a regulation – amending act
Recital 2
Recital 2
(2) It is important to ensure that circulating euro notes and coins are authentic. Procedures are now available which enable credit institutions and other related institutions to check the authenticity and fitness for circulation of the euro notes and coins they receive before they put them back into circulation. In order to comply with the obligation to check authenticity and fitness for circulation, and to implement those procedures, these institutions need time to adapt their internal functioning.
Amendment 6 #
2007/0192(CNS)
Proposal for a regulation – amending act
Recital 2 a (new)
Recital 2 a (new)
(2a) In order to ensure that credit institutions and other related institutions are able to comply with the obligation to check euro notes and coins for authenticity and fitness for circulation, technical procedures and standards for such checking should be defined. Article 106(1) of the Treaty assigns competence to define such standards for euro notes to the European Central Bank. With regard to euro coins, the Commission has been conferred related competences on the basis of Article 211 of the Treaty.
Amendment 7 #
2007/0192(CNS)
Proposal for a regulation – amending act
Article 1 – paragraph 3 – point a
Article 1 – paragraph 3 – point a
Regulation (EC) No 1338/2001
Article 6 – paragraph 1
Article 6 – paragraph 1
1. Credit institutions, and any other institutioneconomic agents engaged in the sorting and distribution to the public of notes and coins as a professional activity, including: - establishments whose professional activity consists in exchanging notes and coins of different currencies, such as bureaux de change, and - economic agents engaged, as a subsidiary activity, in the sorting and distribution of notes to the public by means of automated teller machines, shall be obliged to ensure that euro notes and coins which they have received and which they intend to put back into circulation are checked for authenticity and fitness for circulation and counterfeits are detected. This verification of authenticity and fitness for circulation shall be carried out in line with procedures to be defined by the European Central Bank and the Commission for euro notes and coins respectively. The institution, in accordance with those institutions' respective competences and taking into account the particularities of euro notes and coins. The credit institutions and other economic agents referred to in the first subparagraph shall be obliged to withdraw from circulation all euro notes and coins received by them which they know or have sufficient reason to believe to be counterfeit. They shall immediately hand them over to the competent national authorities.
Amendment 8 #
2007/0192(CNS)
Proposal for a regulation – amending act
Article 1 – paragraph 3– point b
Article 1 – paragraph 3– point b
Regulation (EC) No 1338/2001
Article 6 – paragraph 3
Article 6 – paragraph 3
By way of derogation from the first subparagraph of this paragraph 3, the laws, regulations and administrative provisions for applying the procedures mentioned in the first subparagraph of paragraph 1 of this Article shall be adopted by 31 December 2009 at the latin accordance with the deadlines laid down in such procedurest. They Member States shall forthwith inform the Commission and the European Central Bank thereof.
Amendment 9 #
2007/0192(CNS)
Proposal for a regulation – amending act
Article 2 – paragraph 1 a (new)
Article 2 – paragraph 1 a (new)
The procedures referred to in Article 6(1) of Regulation (EC) No 1338/2001 shall have effect in the participating Member States as stipulated in the second subparagraph of Article 6(3) thereof.
Amendment 73 #
2007/0143(COD)
Proposal for a directive
Recital 10
Recital 10
(10) The protection of policyholders presupposes that insurance and reinsurance undertakings are subject to effective solvency requirements. In light of market developments the current system is no longer adequate. It is therefore necessary to introduce a new regulatory framework which optimises the efficiency of capital in the European Union with proper policyholder safeguards.
Amendment 86 #
2007/0143(COD)
Proposal for a directive
Recital 29 a (new)
Recital 29 a (new)
(29a) It is the practice in some Member States that insurance companies sell life insurance products in relation to which the policy holders and beneficiaries contribute to the risk capital of the company in exchange for all or part of the return on the contributions. Those accumulated profits constitute surplus funds. In line with the requirements on own funds, surplus funds should be subject to the criteria laid down in the Directive on the classification into tiers. This means, inter alia, that, insofar as they meet the requirements for classification into tier 1, surplus funds should be considered as tier 1 capital.
Amendment 106 #
2007/0143(COD)
Proposal for a directive
Recital 65 a (new)
Recital 65 a (new)
(65a) The consolidated Solvency Capital Requirement for a group should take into account the global diversification of risks that exists across all the insurance entities in the group so as to reflect properly the group’s risk exposures.
Amendment 107 #
2007/0143(COD)
Proposal for a directive
Recital 69 a (new)
Recital 69 a (new)
(69a) Lead supervisors must operate without discrimination at a Community level. In particular, with regard to the settling of claims and winding-up situations where group support arrangements have been in place, assets should be distributed on an equitable basis to all relevant policy holders, regardless of nationality or domicile.
Amendment 265 #
2007/0143(COD)
Proposal for a directive
Article 90 – paragraph -1 (new)
Article 90 – paragraph -1 (new)
Surplus funds shall be deemed to be accumulated profits, which are assigned either individually or collectively to policy holders and beneficiaries in the form of future discretionary bonuses.
Amendment 277 #
2007/0143(COD)
Proposal for a directive
Article 90– paragraph 1
Article 90– paragraph 1
Amendment 282 #
2007/0143(COD)
Proposal for a directive
Article 90 – paragraph 1 a (new)
Article 90 – paragraph 1 a (new)
In so far as authorised under national law and to the extent that they fulfil the criteria as set out in Article 94(1), surplus funds that have not been made available for distribution to policyholders and beneficiaries shall be considered as Tier 1 capital.
Amendment 322 #
2007/0143(COD)
Proposal for a directive
Article 98 – paragraph 1 – point a
Article 98 – paragraph 1 – point a
(a) in order to ensure that the proportion of Tier 1 items in the eligible own funds is higher than one third of the total eligible own funds, the eligible amount of Tier 2 together with the eligible amount of Tier 3 shall be limited to twice the total amount of Tier 1 items;; and
Amendment 327 #
2007/0143(COD)
Proposal for a directive
Article 98 – paragraph 1 – point b
Article 98 – paragraph 1 – point b
(b) in order to ensure that the proportion of Tier 3 items in the eligible own funds is less than one third of the total eligible own funds, the eligible amount of Tier 3 shall be limited to half the total amount of Tier 1 and eligible amount of Tier 2 items.
Amendment 332 #
2007/0143(COD)
Proposal for a directive
Article 98 – paragraph 2
Article 98 – paragraph 2
2. As far as the Minimum Capital Requirement is concerned, in order to ensure that the proportion of Tier 1 items in the eligible basic own funds shall be higher than one half of the totalthe eligible basic own funds, the amount of basic own fund items eligible to cover the Minimum Capital Requirement which are classified in Tier 2 shall be limited to the total amount of Tier 1 items which are classified in Tier 2.
Amendment 334 #
2007/0143(COD)
Proposal for a directive
Article 98 – paragraph 2 a (new)
Article 98 – paragraph 2 a (new)
2a. Tier 1 items shall always be eligible to cover the Minimum Capital Requirement.
Amendment 515 #
2007/0143(COD)
Proposal for a directive
Article 225 – paragraph 1 – subparagraph 1
Article 225 – paragraph 1 – subparagraph 1
1. When calculating, in accordance with Article 231, the group solvency of an insurance or reinsurance undertaking which is a participating undertaking in a third-country insurance or reinsurance undertaking, the latter shall be treated solely for the purposes of the calculation as a related insurance or reinsurance undertaking.
Amendment 809 #
2007/0143(COD)
Proposal for a directive
Article 284 – paragraph 2
Article 284 – paragraph 2
2. The claims of all creditors referred to in paragraph 1 shall be treated in the same way and given the same ranking as claims of an equivalent nature which may be lodged by creditors who have their habitual residence, domicile or head office in the home Member State. Lead supervisors must therefore operate without discrimination at a Community level. In particular, with regards to the settling of claims and winding-up situations where group support arrangements have been in place, assets should be distributed on an equitable basis to all relevant policy holders regardless of nationality or domicile.