14 Amendments of Sari ESSAYAH related to 2009/0143(COD)
Amendment 156 #
Proposal for a regulation
Recital 13
Recital 13
(13) There is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure, also through a single rulebook, a level playing field and an adequate protection of depositors, investors and consumers across Europe. As a body with highly specialised expertise, it is efficient and appropriate to entrust the Authority, in areas defined by CommunityUnion law, with the elaboration of draft technical standards, which do not involve policy choices. Those standards should not therefore be in conflict with the legislation of any Member State since such legislation suggests existence of a policy choice. The Commission should endorse those draft technical standards in accordance with CommunityUnion law in order to give them binding legal effect. The draft technical standards have to be adopted or rejected by the Commission according to clear and transparent principles. They would be subreject to amendmented if, for example, the draft technical standards were incompatible with Community LUnion law, would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of CommunityUnion financial services legislation. To ensure a smooth and expedited adoption process for those standards, the Commission should be subject to a time limit for its decision on the endorsement.
Amendment 161 #
Proposal for a regulation
Recital 20
Recital 20
Amendment 178 #
Proposal for a regulation
Recital 23
Recital 23
(23) The delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks, foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions. The Regulation should therefore provide a clear legal basis for such delegation. A Member State may restrict the powers of the national supervisory authority to delegate its tasks. Delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority, while the responsibility for supervisory decisions remains with the delegating authority. By delegation of responsibilities one national supervisory authority, the delegatee, shallould be able to decide upon a certain supervisory matter in its name in lieu of another national supervisory authority. Delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter. A reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope, of coherence in group supervision, and of optimal use of technical expertise among national supervisory authorities. Relevant CommunityUnion legislation may further specify the principles for reallocation of responsibilities upon agreement. The Authority should facilitate delegation agreements between national supervisory authorities by all appropriate means. It should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate. It should centralise the publication of such agreements to ensure timely, transparent and easily accessible information about agreements for all parties concerned.
Amendment 226 #
Proposal for a regulation
Article 6 – paragraph 2 – point e
Article 6 – paragraph 2 – point e
Amendment 229 #
Proposal for a regulation
Article 6 – paragraph 2 a (new)
Article 6 – paragraph 2 a (new)
2a. When exercising its powers referred to in paragraph 2(a) and (d) the Authority shall have regard to the national laws of Member States that are in compliance with Union law.
Amendment 230 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
Amendment 292 #
Proposal for a regulation
Article 9 – paragraph 6
Article 9 – paragraph 6
Amendment 306 #
Proposal for a regulation
Article 10
Article 10
Action in emergency situations 1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Community, the Commission, upon its own initiative or following a request by the Authority, the Council, or the ESRB, may adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this regulation. 2. Where the Commission has adopted a decision pursuant to paragraph 1, the Authority may adopt individual decisions requiring national supervisory authorities to take the necessary action in accordance with the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial institutions and national supervisory authorities satisfy the requirements laid down in that legislation. 3. Without prejudice to the powers of the Commission under Article 226 of the Treaty, where a national supervisory authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, the Authority may, where the relevant requirements laid down in the legislation referred to in Article 1(2) are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under that legislation, including the cessation of any practice. 4. Decisions adopted under paragraph 3 shall prevail over any previous decision adopted by the national supervisory authorities on the same matter. Any action by the national supervisory authorities in relation to facts which are subject to a decision pursuant to paragraph 2 or 3 shall be compatible with those decisions.rticle 10 deleted
Amendment 366 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. NMember States shall allow competent authorities to delegate tasks and responsibilities to other national supervisory authorities may, by bilateral agreement, delegate tasks and responsibilities to other national supervisory authorities. subject to the conditions set out in this Article. Member States may set out specific arrangements that have to be complied with before their competent authorities enter into such agreements and may limit the scope of delegation to what is necessary for effective supervision of cross-border financial institutions and groups.
Amendment 399 #
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 1
Article 20 – paragraph 1 – subparagraph 1
1. At the request of the Authority, national supervisory authorities and other publiccompetent authorities of the Member States shall provide the Authority with all the necessary information to carry out the duties assigned to it by this Regulation.
Amendment 401 #
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
Amendment 475 #
Proposal for a regulation
Article 24 – paragraph 5
Article 24 – paragraph 5
5. The decisions which the Authority takes pursuant to Articles 9, 10 and 11 shall be made public and shall state the identity of the national supervisory authority or financial institution concerned and the main content of the decision, unless the publication would be in conflict with having regard to the legitimate interest of financial institutions in the protection of their business secrets or may seriously jeopardise the stability of the whole or part of the financial system in the community.
Amendment 494 #
Proposal for a regulation
Article 29 – paragraph 1
Article 29 – paragraph 1
1. TDecisions of the Board of Supervisors shall act on the basis of qualified majority of its members, as defined in Article 205 of the Treaty, for acts specified in Articles 7, 8 and all measures and decisions adopted under Chapter VI. All other decisions of the Board of Supervisors shall be taken by simple majority of membersbe taken by simple majority of its members, according to the principle where each member has one vote.
Amendment 549 #
Proposal for a regulation
Article 48 – paragraph 1 – point a
Article 48 – paragraph 1 – point a