BETA

6 Amendments of Philippe LAMBERTS related to 2017/0810(COD)

Amendment 17 #
Proposal for a decision
Recital 5
Bank (5) On 29 March 2017, tThe United Kingdom of Great Britain and Northern Ireland notified the European Council of its intention to withdraw from the European Union. The withdrawal of the United Kingdom willmay lead to a fundamental change in how certain systemically important euro- denominated clearing activities are regulated, overseen and supervised, thereby adversely affecting the Eurosystem’s ability to monitor and manage risks relevant to the smooth operation of payment systems, and having a direct impact on the implementation of the Eurosystem’s monetary policy.
2018/06/12
Committee: ECONAFCO
Amendment 21 #
Proposal for a decision
Recital 7
Bank (7) In order to address these issues, on 13 June 2017 the Commission presented its legislative proposal to ensure financial stability and the safety and soundness of CCPs that are of systemic relevance for financial markets across the Union. In order to ensure that the Eurosystem as central bank of issue for the euro can carry out the role envisaged by the legislative proposal, it is of utmost importance that it has the relevant powers under the Treaty and the Statute of the ESCB. In particular, the Eurosystem should have regulatory powers to adopt binding assessments and require remedial action, in full respect and consistency with the regulatory powers provided for in the relevant Union legislative acts and in close cooperation with other Union authorities. Moreover, where necessary to protect the stability of the euro, the ECB should also have the regulatory powers to adopt specific additional requirements provided for in the relevant Union legislation related to the Union recognition of clearing systems established in third countries for CCPs involved in the clearing of significant amounts of euro-denominated transactions.
2018/06/12
Committee: ECONAFCO
Amendment 24 #
Proposal for a decision
Recital 7 a (new)
Bank (7a) The ECB should adopt rules on public and stakeholder consultation and feedback in analogy to those provided for in paragraph 19 of the inter-institutional agreement on better law making when exercising regulatory powers committing the ECB, before adopting a proposal, to conduct public consultations in an open and transparent way, and ensuring that the modalities and time-limits of those public consultations allow for the widest possible participation to encourage the direct involvement of a broad range of stakeholders in such consultations, including public internet-based consultations, to communicate the results of such public and stakeholder consultations without delay to the Commission, the Parliament and the Council and to publish them;
2018/06/12
Committee: ECONAFCO
Amendment 26 #
Proposal for a decision
Recital 8
Bank (8) Article 22 of the Statute of the ESCB is part of Chapter IV ‘Monetary functions and operations of the ESCB’. The tasks conferred therein should accordingly only be used for monetary policy purposes. Those tasks should relate to areas that are of relevance to the conduct of monetary policy and be limited to requirements allowing to monitor the activities of the clearing system, such as reporting requirements or requirements relevant for assessing the risks and the resilience of the system to adverse market conditions. They could also include specific requirements which fully respects and are fully consistent with Union legislative acts necessary to address situations in which a clearing system for financial instruments poses an imminent risk of substantial harm to Union financial institutions, critical Union markets, or the broader financial system of the Union limited to liquidity, settlement, collateral, interoperability and margin requirements imposed on the basis of provisional measures related to systemic liquidity risks, with a view in particular to facilitate the transmission of monetary policy and the smooth functioning of payment systems.
2018/06/12
Committee: ECONAFCO
Amendment 28 #
Proposal for a decision
Recital 8 a (new)
Bank (8a) The new powers conferred to the ECB regarding clearing systems for financial instruments under Article 22 of the Statute of the ESCB should be exercised alongside the powers of other Union institutions, agencies and bodies on the basis of provisions relating to the establishment or functioning of the internal market provided for in Part III of the TFEU, including those contained in acts adopted by the Commission or by the Council pursuant to the powers conferred upon them. Therefore, in order to safeguard that the respective powers of each entity are respected and to avoid parallel or conflicting rules and inconsistencies between the decisions taken by different Union institutions and agencies, the powers conferred under Article 22 of the Statute of the ESCB should only be exercised in a manner which fully respects and is fully consistent with the general framework for the internal market established by the co- legislators and relevant Union institutions which includes regulatory powers provided for in the relevant Union legislative acts as well as acts adopted by the Commission or by the Council pursuant to the powers conferred upon them. Appropriate and accountable cooperation mechanisms should be established to prevent such potential conflicts and inconsistencies. A specific inter-institutional instrument should be drawn up for that purpose.
2018/06/12
Committee: ECONAFCO
Amendment 38 #
Proposal for a decision
Article 1 – paragraph 1
Statute of the European System of Central Banks and of the European Central Bank
Article 22
Bank The ECB and national central banks may provide facilities, and the ECB may make regulations, to ensure efficient and sound clearing and payment systems, and within the Union and with other countries. In order to achieve the objectives of the ESCB and perform its tasks, the ECB may make regulations concerning clearing systems for financial instruments, within the Union and with other countries. s well as regulations related to the Union recognition of clearing systems established in third countries, provided that it does so in a manner that fully respects and is fully consistent with the legislative acts adopted by the European Parliament and the Council in this area, as well as measures adopted under such acts and in any case limited to requirements allowing to monitor the activities of the clearing system, reporting requirements or requirements relevant for assessing the risks and the resilience of the system to adverse market conditions. Such requirements may also include specific requirements provided for in Union legislative acts necessary to address situations in which a clearing system for financial instruments poses an imminent risk of substantial harm to Union financial institutions, critical Union markets, or the broader financial system of the Union limited to liquidity, settlement, collateral, interoperability and margin requirements.
2018/06/12
Committee: ECONAFCO