[ParlTrack]

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) No 1060/2009
Article 8 a – Title

Information on ~~structured~~ finance instruments

2010/10/15
Committee: ECON

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) No 1060/2009
Article 8 a – paragraph 1

1. The issuer of a ~~structured~~ finance instrument or a related third party shall provide to the credit rating agency it appoints, on a p~~assword-protected~~ublically accessible website that it shall manage, all information necessary for the credit rating agency to initially determine or monitor a credit rating of a ~~structured~~ finance instrument in accord~~ing to~~ance with the methodology set out in Article 8(1).

2010/10/15
Committee: ECON

Sven GIEGOLD

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) No 1060/2009
Article 8 a – paragraph 2

2. Where other credit rating agencies registered or certified according to this Regulation request access to the information referred to in paragraph 1, they shall be granted access without delay provided that they meet all of the following conditions: (a) they have the systems and organisational structure in place to ensure the confidentiality of this information (b) they provide ratings on a yearly basis for at least 10% of the structured finance instruments for which they request access to information referred to in paragraph 1.deleted

2010/10/15
Committee: ECON

Sven GIEGOLD

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) No 1060/2009
Article 8 a – paragraph 3

3. In order to ensure a coherent application of this Article, the Commission shall adopt in accordance with the regulatory procedure referred to in Article 38(2) detailed rules specifying in particular the conditions of access and the requirements of the website in order to ensure the accuracy and the confidentiality of data and the protection of personal data in accordance with Directive 95/46/EC.deleted

2010/10/15
Committee: ECON

Sven GIEGOLD

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) No 1060/2009
Article 8 b

Access to rating information 1. A credit rating agency registered in the Union shall maintain a password- protected website containing: (a) a list of the structured finance instruments for which it is in the process of providing a credit rating, identifying the type of the structured finance instrument, the name of the issuer and the date when the rating process was initiated; (b) a link to the password protected website on which the issuer of the structured finance instrument or a related third party provides the information required under Article 8a(1), as soon as it is in possession of this link. 2. A credit rating agency shall grant access without delay to the password protected website referred to in paragraph 1 to any credit rating agency registered or certified under this Regulation provided that the credit rating agency requesting access complies with the requirements set out in Article 8a (2).rticle 8b deleted

2010/10/15
Committee: ECON

Sven GIEGOLD

Proposal for a regulation – amending act
Article 1 – point 19

Regulation (EC) No 1060/2009
Article 30

~~ESMA~~The European Supervisory Authority (European Securities and Markets Authority) may delegate specific supervisory tasks of non-essential and operational nature to the competent authority of a Member State and provide clear instructions as to the implementation of those tasks. Those supervisory tasks may in particular include information requests in accordance with Article 23a and investigations and on-site inspections in accordance with Article 23c(6). Delegation of tasks shall not affect the responsibility of ~~ESMA~~the European Supervisory Authority (European Securities and Markets Authority). A revocation of the delegation is possible at any time. Decision-making powers, including final assessment and follow-up decisions concerning infringements, shall not be delegated.

2010/10/15
Committee: ECON

Sven GIEGOLD

Proposal for a regulation – amending act
Article 1 – point 24

Regulation (EC) No 1060/2009
Article 36 a – paragraph 1

1. At ~~ESMA's request~~the request of the European Supervisory Authority (European Securities and Markets Authority), the Commission may by decision impose on a credit rating agency a fine where, intentionally or negligently, the credit rating agency has committed one of the breaches listed in Annex III. Where the Commission decides not to impose a fine, it shall state reasons.

2010/10/15
Committee: ECON

Sven GIEGOLD

Proposal for a regulation – amending act
Article 1 – point 24

Regulation (EC) No 1060/2009
Article 36 a – paragraph 4 a (new)

4a. The European Supervisory Authority (European Securities and Markets Authority) shall assist the Commission in drafting the delegated acts referred to in paragraph 4.

2010/10/15
Committee: ECON

8 Amendments of Sven GIEGOLD related to 2010/0160(COD)

ParlTrack - 2011-2024