77 Amendments of Philippe LAMBERTS related to 2014/0020(COD)
Amendment 93 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1 a) One of the major factors responsible for the crisis that started in 2007 was the interaction between core banking services and investment banking activities. Securitisation markets promoted by investment banking led not only to lower underwriting standards by lenders eager to benefit from the capital velocity and risk transfer the capital markets were offering but also to a glut of liquidity in those markets resulting in exotic and unsafe securitisations replacing high grade government securities in investment and collateral pools in retail banks. The different risks to which real economy focused and capital markets focused banks are exposed can be a source of diversification for a financial system. However, where such activities are combined in large entities sharing the same capital and funding, the systemic diversification effect is significantly reduced as problems in one market can be rapidly transmitted to the other. By ensuring that capital markets activities that are not necessary to the prudent management of risk, capital, funding and liquidity of a core credit institution are conducted in a legally and operationally separate trading entity, this regulation promotes a more resilient banking system where such core credit institutions are much less likely to feed capital markets bubbles or be severely negatively impacted when they burst.
Amendment 94 #
Proposal for a regulation
Recital 1 b (new)
Recital 1 b (new)
(1 b) Certain services offered by banks are essential to the lives of private individuals as well as the SMEs that are the backbone of the European economy. It is the duty of the legislator and supervisory bodies to ensure that the banking system can continue to provide such "public good" services throughout the economic cycle. These services include safekeeping of deposits and assets, payment services and lending. A bank that has a close relationship with a customer may also be well placed to offer advice to such clients on suitable products for their risk management challenges, without the bank having to take on board any market or counterparty risk itself. Finally, in order to meet regulatory requirements, raise capital and hedge the market and credit risks that are an inevitable consequence of the core services, a core credit institution may use derivatives, securitisation or other security issuance etc. in order to reduce the volatility of its income or asset values.
Amendment 95 #
Proposal for a regulation
Recital 1 c (new)
Recital 1 c (new)
(1 c) It is widely acknowledged that capital markets financing, currently reliant on banks, is underdeveloped in the Union. The Capital Markets Union (CMU) programme that has been announced is aimed at significantly improving non-bank financing of the real economy. Any short term impact on the already inadequate bank mediated capital markets financing due to this Regulation is therefore amply compensated by the benefits of increased systemic resilience of the banking sector and the offsetting effect of the CMU.
Amendment 97 #
Proposal for a regulation
Recital 2
Recital 2
(2) The financial crisis has demonstrated the complex and interconnected nature of Union banks and the resulting risk tofragility the financial system. As a result, resolution has to date been challenging, involved entire banking groups, as opposed to only the non-viable parts, and has relied significantly on public supportwith authorities unable to target their interventions on critical functions and has relied significantly on public support, with the risk that Member States acting to avoid fiscal impacts on their taxpayers burden those of others.
Amendment 118 #
Proposal for a regulation
Recital 12
Recital 12
(12) This Regulation intends to reduce the impact of excessive risk taking andin trading activities on core credit institutions' services to the real economy, and also to reduce rapid balance sheet growth, difficult resolution, difficult monitoring, conflicts of interest, competition distortions, notably in the form of implicit or explicit public subsidies, and misallocation of capital. It also intends to shield institutions carrying out activities that deserve a public safety net from losses incurred as a result of other activities. Necessary rules should therefore contribute to refocusing banks on their core relationship-oriented role of serving the real economy, and avoid that bank capital be excessively allocated to trading at the expense of lending to the non-financial economy.
Amendment 126 #
Proposal for a regulation
Recital 13
Recital 13
(13) This Regulation will apply only to credit institutions and groups of significant size and with trading activities that meet the thresholds set out in the Regulation. This is in line with the explicit focus on the limited subset of the largest and most complex credit institutions and groups that in spite of other legislative acts remain too- big-to-fail, too-big-to-save and too complex to manage, supervise and resolve. The provisions of this Regulation should accordingly only apply to those Union credit institutions and groups that either are ideemed ofntified as a global systemically importancet institution (G-SIIs) or other systemically important institution (O-SIIs) or exceed certain relative and absolute accounting-based thresholds in terms of trading activity or absolute size. Member States or the competent authorities may decide to impose similar measures also on smaller credit institutions.
Amendment 131 #
Proposal for a regulation
Recital 15
Recital 15
(15) Credit institutions and entities belonging to the same group, should be prohibited from buying and selling financial instruments and commodities for their own accountengaging in proprietary trading or taking on exposures to financial institutions that engage in proprietary trading, as thissuch activityies hasve limited or no added value for the public good and isare inherently risky.
Amendment 133 #
Proposal for a regulation
Recital 16
Recital 16
(16) It is difficult to distinguish proprietary trading from market making. To overcome this difficulty, the prohibition of proprietary trading should be limited to desks, units, divisions or individual traders specifically dedicated to proprietary tradingThe prohibition of proprietary trading should apply to trading using own capital or borrowed money to take on positions without any connection to actual or anticipated client activity. Banks should not be able to circumvent the prohibition by running or benefiting from investments inowning, investing in or being otherwise exposed to non-bank entities engaging in proprietary trading.
Amendment 141 #
Proposal for a regulation
Recital 18
Recital 18
Amendment 148 #
Proposal for a regulation
Recital 21 a (new)
Recital 21 a (new)
(21 a) The core credit institution should only be permitted to engage in core services to individuals and non-financial institutions, which include taking deposits eligible for deposit insurance, lending, providing payment services, advising on and selling products of other regulated financial institutions without acting as a principal, and a number of other activities. The core credit institution should also be allowed to engage in certain trading activities to the extent that they are aimed at the prudent management of its risk, capital, liquidity and funding and do not pose concerns to its financial stability.
Amendment 150 #
Proposal for a regulation
Recital 21 b (new)
Recital 21 b (new)
(21 b) A core credit institution should publish, at least semi-annually, a separate balance sheet regarding its prudent risk, liquidity, capital and funding management activities, thereby increasing transparency and facilitating the monitoring by the competent authorities of whether those activities are strictly linked to the needs of the core services.
Amendment 152 #
Proposal for a regulation
Recital 22
Recital 22
(22) Other than proprietary trading, large credit institutions engage in numerous other trading activities, such as market making, issuance, investment and sponsorship activity linked to risky securitisation, or the structuring, arranging, or execution of complex derivative transactions. These trading activities are often related to client activity but may nevertheless give rise to concerns. Considering, however, the potentially useful nature of these activities they should not be subject to a direct prohibition. Instead, such activities should remain subject to an ex post assessment by the competent authority and, potentially, tobe separated from those permitted for the core credit institution, unless they a requirement to be separated from the rest of the groups’ activities deemed essential to the prudent management of its own risk, capital, liquidity, and funding.
Amendment 157 #
Proposal for a regulation
Recital 23
Recital 23
(23) If, when assessing the trading activities, the competent authority concludes that they exceed certain metrics in terms of relative size, leverage, complexity, profitability, associated market risk, as well as interconnectedness, it should require their separation from the core credit institution unless the core credit institution can demonstrate to the satisfaction of the competent authority that those trading activities do not pose a threat to the financial stability of the core credit institution or to the Union financial system as a whole, taking into account the objectives set out in this Regula core credit institution carries out trading activities that are not strictly necessary for the prudent management of risk, capital, liquidity and funding of its non-trading business, it should require their separation from the core credit institution.
Amendment 160 #
Proposal for a regulation
Recital 24
Recital 24
Amendment 167 #
Proposal for a regulation
Recital 25
Recital 25
Amendment 172 #
Proposal for a regulation
Recital 26
Recital 26
(26) To ensure an effective separation in legal, economic, governance and operational terms, core credit institutions and trading entities should meet capital, liquidity, and large exposure rules on a functional sub-group basis. They should have strong independent governance and separate management bodies. Furthermore, in order to prevent firewalls between the core and the trading sub- groups being circumvented through up/down streaming dividends or other parent operations, the EU parent should be a non-operating holding company, the only activity of which is to acquire holdings.
Amendment 177 #
Proposal for a regulation
Recital 29
Recital 29
(29) Irrespective of separation, the core credit institution should still be able to manage its own risk. Certain trading activities should therefore be allowed to the extent that they are aimed at the prudent management of the core credit institution's risk, capital, liquidity and funding and do not pose concerns to its financial stability. Similarly, the core credit institutions needs toshould be able to proadvidse certain necessaryon and sell risk management services to its clients. However, that should be done without exposing the core creditoriginated by legally separate regulated financial institutions to unnecessary risk and without posing concerns to its financial stabilityits clients, in compliance with MiFID/MIFIR provided that it does not act as a principal. Hedging activities eligible for the purpose of prudently managing own risk and for the provision of risk management services to clients can, but does not have to, qualify as hedge accounting under the International Financial Reporting Standards.
Amendment 184 #
Proposal for a regulation
Recital 32
Recital 32
(32) In order to promote transparency and legal certainty for the benefit of all market stakeholders, the European Banking Authority (EBA) should publish and keep up-to-date on its website a list of credit institutions and groups subject to the requirements concerning the ban of proprietary trading and separation of certain tradingtrading activities from core credit institution activities.
Amendment 194 #
Proposal for a regulation
Recital 38
Recital 38
(38) In order to specify the requirements set out in this Regulation, the power to adopt acts in accordance with Article 290 of the TFEU should be delegated to the Commission in respect of the following non-essential elements:; expanding the type of government bonds that should not prohibited under Article 6 and which competent authorities do not have to review or consider for separation; setting the relevant limits and conditions for when a competent authority shall presume that certain trading activities must be separated; expanding the list of instruments that are allowed for the management of a credit institution's own risk; expanding the list of instruments that a credit institution may transact in to manage clients' risks; calculating the limit above which derivatives may not be sold nor recorded on the balance sheet of a core credit institution;list of instruments that are allowed for the management of a credit institution's own risk; specifying the criteria for assessing whether trading qualifies as prudent management of risk, capital, funding or liquidity; specifying additional intra- group large exposure limits; adjusting the level of the extra-group large exposures andlimits; the extent of recognition of credit risk mitigation techniques; amending the components of the concept of ‘"trading activities’" used for establishing the conditions of application of Chapter II and Chapter III of this Regulation; specifying the types of securitisations that do not pose a threat to the financial stability of a core credit institution or to the Union financial system; the criteria for assessing the equivalence of third country legal and supervisory frameworks. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.
Amendment 196 #
Proposal for a regulation
Recital 41
Recital 41
Amendment 198 #
Proposal for a regulation
Recital 43
Recital 43
(43) In accordance with the principle of proportionality, it is necessary and appropriate for the achievement of the aim of preventing systemic risk, financial stress or failure of large, complex and interconnected credit institutions to lay down rules on prohibition on proprietary trading and separation of certain tradingtrading activities from a core credit institution’s permitted activities. This Regulation does not go beyond what is necessary in order to achieve the objectives pursued in accordance with Article 5(4) of the Treaty on the European Union.
Amendment 199 #
Proposal for a regulation
Recital 44
Recital 44
(44) The freedom to conduct a business in accordance with Union law and national laws and practices is recognised under Article 16 of the Charter of Fundamental Rights of the European Union (the Charter). Each person within the Union has the right to start-up or to continue a business without being subject to either discrimination or unnecessary restriction. Moreover, share ownership is protected as property under Article 17 of the Charter. Shareholders have the right to own, use, and dispose of their property, and the right not to be deprived involuntarily of this property. The prohibition of proprietary trading and the separation of certain tradtrading activities from core banking activities provided for in this Regulation may affect the freedom to conduct a business as well as the property rights of shareholders who, in such situation, cannot freely dispose of their property.
Amendment 208 #
Proposal for a regulation
Article 1 – paragraph 1 – point a a (new)
Article 1 – paragraph 1 – point a a (new)
(a a) to insulate core banking services to private individuals and the real economy from risks inherent to trading activities;
Amendment 213 #
Proposal for a regulation
Article 1 – paragraph 1 – point b a (new)
Article 1 – paragraph 1 – point b a (new)
(b a) to prevent banks from selling complex investment products that they originate directly to retail clients
Amendment 216 #
Proposal for a regulation
Article 1 – paragraph 1 – point d
Article 1 – paragraph 1 – point d
(d) to remove implicit and explicit subsidies to the banking sector and contribute to undistorted conditions of competition for all credit institutions within the internal market;
Amendment 230 #
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) the prohibition of proprietary trading and exposures to financial institutions that engage in proprietary trading;
Amendment 233 #
Proposal for a regulation
Article 2 – paragraph 1 – point b
Article 2 – paragraph 1 – point b
(b) the separation of certain tradtrading activities from core banking activities.
Amendment 240 #
Proposal for a regulation
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) any credit institution or an EU parent, including all branches and subsidiaries irrespective of where they are located, when either (i) it is identified as a global systemically important institution (G-SIIs) in application of Article 131 of Directive 2013/36/EU; or other systemically important institution (O-SIIs) in application of Article 131 of Directive 2013/36/EU or (ii) it satisfies any of the following criteria - the total value of its assets exceeds EUR 30 billion; - the ratio of its total assets over the GDP of the participating Member State of establishment exceeds 20 %, unless the total value of its assets is below EUR 5 billion;
Amendment 246 #
Proposal for a regulation
Article 3 – paragraph 1 – point b – introductory part
Article 3 – paragraph 1 – point b – introductory part
(b) any of the following entities that forat any point during a period of three consecutive years has total assets amounting at least to EUR 30 billion and has trading activities, measured in accordance with Article 23, amounting at least to EUR 70 billion or 10 per cent of its total assets:
Amendment 267 #
Proposal for a regulation
Article 4 – paragraph 1 – point c a (new)
Article 4 – paragraph 1 – point c a (new)
(c a) credit institutions that have been set up by a Member State's central or regional government and whose liabilities are fully and explicitly guaranteed by that government.
Amendment 272 #
Proposal for a regulation
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
Amendment 280 #
Proposal for a regulation
Article 5 – paragraph 1 – point 4
Article 5 – paragraph 1 – point 4
4. ‘proprietary trading’ means using own capital or borrowed money to take positions in any type of transaction to purchase, sell or otherwise acquire or dispose of any financial instrument or commodities for the sole purpose of making a profit for own account, and without anywithout demonstrable connection to actual or anticipated client activity or for the purpose of hedging the entity’s risk as result of actual or anticipated client activity, through the use of desks, units, divisions or individual traders specifically dedicated to such position taking and profit making, including through dedicated web-based proprietary trading platformsprudent management of the entity's own risk, capital, funding or liquidity;
Amendment 299 #
Proposal for a regulation
Article 5 a (new)
Article 5 a (new)
Amendment 310 #
Proposal for a regulation
Article 6 – paragraph 1 – point b – point i
Article 6 – paragraph 1 – point b – point i
(i) extend credit or guarantees to or acquire or retain units or shares of AIFs as defined by Article 4(1)(a) of Directive 2011/61/EU;
Amendment 318 #
Proposal for a regulation
Article 6 – paragraph 1 – point b – point iii
Article 6 – paragraph 1 – point b – point iii
(iii) extend credit or guarantees to or hold any units or shares in an entity that engages in proprietary trading or acquires units or shares in AIFs.
Amendment 327 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
Amendment 359 #
Proposal for a regulation
Chapter 3 – title
Chapter 3 – title
Separation of certain trading activities prohibited in a Core Credit Institution
Amendment 367 #
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. For the purposes of this Chapter, trading activities shall include activities other thanprohibited for a core credit institution shall include activities other than those permitted for the core credit institution under Article 5a(new):
Amendment 371 #
Proposal for a regulation
Article 8 – paragraph 1 – point a
Article 8 – paragraph 1 – point a
Amendment 374 #
Proposal for a regulation
Article 8 – paragraph 1 – point b
Article 8 – paragraph 1 – point b
Amendment 376 #
Proposal for a regulation
Article 8 – paragraph 1 – point c
Article 8 – paragraph 1 – point c
Amendment 377 #
Proposal for a regulation
Article 8 – paragraph 1 – point d
Article 8 – paragraph 1 – point d
Amendment 378 #
Proposal for a regulation
Article 8 – paragraph 1 – point e
Article 8 – paragraph 1 – point e
Amendment 379 #
Proposal for a regulation
Article 8 – paragraph 1 – point f
Article 8 – paragraph 1 – point f
Amendment 380 #
Proposal for a regulation
Article 8 – paragraph 1 – point g
Article 8 – paragraph 1 – point g
Amendment 381 #
Proposal for a regulation
Article 8 – paragraph 1 – point h
Article 8 – paragraph 1 – point h
Amendment 382 #
Proposal for a regulation
Article 8 – paragraph 1 – point i
Article 8 – paragraph 1 – point i
Amendment 401 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
Amendment 406 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
Amendment 413 #
Proposal for a regulation
Article 9 – paragraph 1 – introductory part
Article 9 – paragraph 1 – introductory part
1. The competent authority shall assess trading activities including in particular: market making, investments in and acting as a sponsor for securitisation, and trading in derivatives other than those derto determine the extent to which they are permissible activaitives permitted under Articles 11 and 12 of 5a(new) for the following entities:
Amendment 423 #
Proposal for a regulation
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1 a. When performing the assessment referred to in paragraph 1, the competent authority shall use the definition of prudent of management of risk, capital and liquidity as laid down in this Regulation.
Amendment 433 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
Amendment 484 #
Proposal for a regulation
Article 9 – paragraph 4
Article 9 – paragraph 4
Amendment 490 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and conditions linked to the metrics referred to in points (a) to (h) of Article 9(2) and specified in the delegated act referred to icore credit institution pcaragraph 5 are met, and it therefore deems that there is a threat to the financial stability of the core credit institution or to the Union financial system as a whole, taking into account the objectives referred to in Article 1,ries out trading activities that are not permitted it shall, no later than two months after the finalisation of that assessment, start the procedure leading to a decision as referred to in the second subparagraph of paragraph 3.
Amendment 504 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
Amendment 533 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 4
Article 10 – paragraph 3 – subparagraph 4
Amendment 549 #
Proposal for a regulation
Article 10 – paragraph 5
Article 10 – paragraph 5
Amendment 562 #
Proposal for a regulation
Article 11 – title
Article 11 – title
Prudent management of own risk, capital, liquidity and funding of a core credit institution
Amendment 566 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1
Article 11 – paragraph 1 – subparagraph 1
Amendment 569 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2
Article 11 – paragraph 1 – subparagraph 2
Amendment 581 #
Proposal for a regulation
Article 11 – paragraph 3 a (new)
Article 11 – paragraph 3 a (new)
Amendment 582 #
Proposal for a regulation
Article 11 – paragraph 3 b (new)
Article 11 – paragraph 3 b (new)
3 b. The Commission shall, [OP insert the correct date by 6 months of publication of this Regulation] adopt delegated acts in accordance with Article 35 to specify the criteria for determining that the hedging activity referred to in paragraph 1 is designed to reduce, and demonstrably reduces or significantly mitigates, specific, identifiable risks of individual or aggregated positions of the core credit institution.
Amendment 583 #
Proposal for a regulation
Article 12
Article 12
[…] deleted
Amendment 610 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. When a competent authority has made a decision in accordance with Article 10(3) that a core credit institution cannot carry out certain trading activities and if the core credit institution belongs to a group, then the trading activities to be separatedose activities may be carried out only by a group entity that is legally, economically and operationally separate (‘trading entity’) from the core credit institution.
Amendment 612 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. The EU parent shall ensure that a group containing core credit institutions and trading entities shall be structured so that on a sub-consolidated basis two distinct sub-groups are created, only one of which contains core credit institutions. The EU parent shall be an undertaking other than an institution as defined in Regulation 2014/575/EU and the parent's only activity shall be to acquire holdings.
Amendment 628 #
Proposal for a regulation
Article 13 – paragraph 6
Article 13 – paragraph 6
6. The core credit institution and the trading entity shall issue their own debt on an individual or sub-consolidated basis provided that this is not inconsistent with the resolution plan agreed by the relevant resolution authorities in accordance with Directive [BRRD]. . After the two separate sub-groups are established the EU parent should not be allowed to purchase capital instruments of or grant loans to the entities from the trading sub-group unless approval is granted by the competent authority. The competent authority may grant the approval only if the trading entity and trading sub-group are not deemed to be failing or likely to fail as defined in Directive 2014/59/EU.
Amendment 630 #
Proposal for a regulation
Article 13 – paragraph 6 a (new)
Article 13 – paragraph 6 a (new)
6 a. All contracts and other transactions entered into between the EU Parent and the entities from trading sub-group shall be concluded at arm's length.
Amendment 640 #
Proposal for a regulation
Article 13 – paragraph 13 a (new)
Article 13 – paragraph 13 a (new)
13 a. The Commission shall be empowered to adopt delegated acts in accordance with Article 35 to specify criteria for assessing the effective operational separation of a CCI from the rest of the group as required in paragraph 1, including the supply of all of the relevant infrastructure independently of CCI, the integration of the critical infrastructure of the group into a separate subsidiary, or the CCI's direct ownership of its entire operational infrastructure;
Amendment 645 #
Proposal for a regulation
Article 14 – paragraph 2 a (new)
Article 14 – paragraph 2 a (new)
2 a. The Commission shall be empowered to adopt delegated acts in accordance with Article 35 to specify the following additional exposure limits: a) Limits on secured exposures (gross of the value exposure) between the CCI and the rest of the group; b) Limits on guarantees, indemnities, joint liabilities or any similar commitments provided by the CCI to the rest of the group; c) Limits on the total intraday exposures permitted between the CCI and the rest of the group; d) Limits on wholesale funding received by the CCI from the rest of the group;
Amendment 677 #
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 1a (new)
Article 19 – paragraph 2 – subparagraph 1a (new)
A finding by the relevant resolution authority that there are no substantive impediments to resolvability shall not in itself be deemed sufficient indication that the conclusions referred to in Article 10(3) is not justified. If the competent authority takes the decision referred to in Article 10 (3) the resolution plans should be reviewed and where appropriate updated in accordance with Article 10 or 13 of Directive [BRRD].
Amendment 690 #
Proposal for a regulation
Article 20 – paragraph 1 – point a a (new)
Article 20 – paragraph 1 – point a a (new)
(a a) directly sell structured products meeting the criteria set out in Article 36 paragraph 1 of Regulation (EU) No 583/2010, originated by the trading entity to retail clients as defined in Article 4 paragraph 1 point 11 of Directive 2014/65/EU;
Amendment 713 #
Proposal for a regulation
Article 21 – paragraph 1 – point b
Article 21 – paragraph 1 – point b
(b) it prevents credit institutions taking eligible deposits from individuals and SMEs from engaging in the regulated activity of dealing in investments as principal and holding trading assets; however, the national legislation may provide for limited exceptions to allow the credit institution taking deposits from individuals and SMEs to undertake risk- mitigating activities for the purpose of prudently managing its capital, liquidity and funding and to provide limited risk management services to customers as long as such activities are permitted in accordance with Article 5a(new);
Amendment 757 #
Proposal for a regulation
Article 23 – paragraph 1 – subparagraph 2 – point a
Article 23 – paragraph 1 – subparagraph 2 – point a
(a) Trading Securities Assets (TSA) are total assets that are part of a portfolio managed as a whole and for which there is evidence of a recent actual pattern of short-term profit takingminus non-bank loans minus cash and deposits at central bank minus intangible assets, excluding derivative assets;
Amendment 760 #
Proposal for a regulation
Article 23 – paragraph 1 – subparagraph 2 – point b
Article 23 – paragraph 1 – subparagraph 2 – point b
(b) Trading Securities Liabilities (TSL) are liabilities taken with the intent of repurchasing in the near term, part of a portfolio managed as a whole, and for which there is evidence of a recent actual pattern of short-term profit-taking, excluding derivative liabilities;
Amendment 771 #
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
2. The entities subject to this Regulation shall provide the competent authority with all the information necessary, including the information necessary for the metrics- based assessmentassessment of permitted trading activities referred to in Article 9(2), for the assessment of their compliance with this Regulation. Those entities shall also ensure that their internal control mechanisms and administrative and accounting procedures permit the monitoring of their compliance with this Regulation at all times.
Amendment 790 #
Proposal for a regulation
Article 28 – paragraph 1 – subparagraph 1 – point b a (new)
Article 28 – paragraph 1 – subparagraph 1 – point b a (new)
(b a) any infringement of the rules for separated entities in Article 13.
Amendment 792 #
Proposal for a regulation
Article 28 – paragraph 1 – subparagraph 1 – point b b (new)
Article 28 – paragraph 1 – subparagraph 1 – point b b (new)
(b b) any infringement of the large exposure provisions set out in Articles 14 and 15;