12 Amendments of Sven GIEGOLD related to 2009/0140(COD)
Amendment 89 #
Proposal for a regulation
Recital 5
Recital 5
(5) In its Communication entitled “European Financial Supervision” of 27 May 2009 , the Commission set out a series of reforms to the current arrangements for safeguarding financial stability at the EU level, notably including the creation of a European Systemic Risk Board (ESRB) responsible for macro- prudential oversight. The Council on 9 June 2009 and the European Council at its meeting of 18 and 19 June supported the view of the Commission and welcomed the Commission’s intention to bring forward legislative proposals so that the new framework is in place in the course of 2010. In line with the views of the Commission, it concluded inter alia that the ECB “should provide analytical, statistical, administrative and logistical support to the ESRB, also drawing on technical advice from national Ccentral Bbanks and supervisors”. The support provided to the ESRB by the ECB as well as the tasks conferred upon the ESRB should be without prejudice to the principle of the independence of the ECB in the performance of its tasks pursuant to the Treaty on the Functioning of the European Union.
Amendment 114 #
Proposal for a regulation
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
Amendment 144 #
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) thea number of Governors of the national central banks not exceeding ⅓ of the total number of Member States and elected by the members of the General Council of the ECB for the same term as that of their membership of the General Council, with regard to the need for a balanced representation of large and small Member States and those within and outside the euro area;
Amendment 159 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Each Member of the General Board with a voting right shall have one voteThe General Board shall strive for consensus. Where consensus cannot be achieved each Member of the General Board with a voting right shall have one vote. Any Member of the Board may, at any time, request a vote on a draft warning or a draft recommendation.
Amendment 184 #
Proposal for a regulation
Article 12 – paragraph 1 – introductory part
Article 12 – paragraph 1 – introductory part
1. The Advisory TechnicalScientific Committee shall be composed of the following:
Amendment 189 #
Proposal for a regulation
Article 12 – paragraph 1 – point b a (new)
Article 12 – paragraph 1 – point b a (new)
(ba) one representative of the European Trade Union Confederation, Business Europe and the European Consumers’ Organisation, respectively;
Amendment 192 #
Proposal for a regulation
Article 12 – paragraph 4 a (new)
Article 12 – paragraph 4 a (new)
4a. In order to provide advice and assistance on substance issues relevant to the work of the ESRB, the Advisory Scientific Committee shall work closely with the experts' working groups of the ESCB.
Amendment 196 #
Proposal for a regulation
Article 13
Article 13
In performing its tasks, the ESRB shall seek, where appropriate, the adviceviews of relevant private or public sector stakeholders, particularly, but not exclusively, the stakeholder groups of the ESAs.
Amendment 199 #
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. The ESRB may request information fromOn the request of the ESRB, the European Supervisory Authorities shall provide information in summary or collective form, such that individual financial institutions cannot be identified. If the requested data are not available to those Authorities or are not made available in a timely manner, the ESRB may request the data from national supervisory authorities, national central banks or other authorities of Member States shall provide the data pursuant to a request by the ESRB.
Amendment 208 #
Proposal for a regulation
Article 15 – paragraph 5 a (new)
Article 15 – paragraph 5 a (new)
5a. Staff of the ESRB may attend, together with staff of the ESAs, meetings between supervisors and the systemically important financial groups, in particular the colleges of supervisors, and may ask questions and receive first-hand relevant information.
Amendment 221 #
Proposal for a regulation
Article 16 a (new)
Article 16 a (new)
Article 16a Action in emergency situations 1. In the event 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 European Union, the ESRB in accordance with point (b) of Article 3(2) and Article 10 of each of Regulation (EU) No …/… [EBA], No .../... [ESMA], No …/…[EIOPA], may issue warnings, on its own initiative or following a request by an ESA, the European Parliament, the Council or the Commission, declaring the existence of an emergency situation. 2. As soon as it issues a warning, the ESRB shall simultaneously notify the European Parliament, the Council, the Commission and the European Supervisory Authority. 3. The ESRB shall review the warning referred to in paragraph 1 upon its own initiative or following a request by a European Supervisory Authority, the Council, the European Parliament or the Commission.
Amendment 239 #
Proposal for a regulation
Article 18 – paragraph 3 a (new)
Article 18 – paragraph 3 a (new)
3a. Where the General Board of the ESRB decides not to make public a recommendation or a warning, that recommendation or warning shall remain confidential for two years following the decision. After this two-year period, the General Board of the ESRB shall take all the measures to ensure public access to the past confidential recommendation or warning. The General Board of the ESRB shall decide to extend the confidential nature of the recommendation or warning for a three-year period. By derogation to Article 10(2), unanimity of the votes is needed to extend the confidential nature of a warning or recommendation.