97 Amendments of Sven GIEGOLD related to 2013/2166(INI)
Amendment 9 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas powers for micro-and macro- economic supervision are getting more and more concentrated in the hands of the ECB and there might arise conflicts of interest due to the ECB's tasks in monetary policy;
Amendment 12 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas, although the regulations establishing the ESAs are almost identical, their scope has evolved very differently;
Amendment 15 #
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas direct supervision of Credit Rating Agencies by ESMA has proven to enhance the quality of supervision in this area.;
Amendment 21 #
Motion for a resolution
Recital E
Recital E
E. whereas the European Systemic Risk Board (ESRB) has provided useful macroeconomic recommendations for the legislative process which were not alwaysin the areas of money market funds, capital requirements, the mortgage credit directive or symmetrical long-term guarantee measures in Solvency II not taken into account by the Commission and the co-legislators;
Amendment 23 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas the ESRB does not have a mandatory role in legislation, even where macro-economic issues are concerned;
Amendment 25 #
Motion for a resolution
Recital E b (new)
Recital E b (new)
Eb. Whereas some of the ESRB proposals might have been taken into account by the co-legislators or the Commission, if they were issued at an earlier stage of the legislative process;
Amendment 26 #
Motion for a resolution
Recital E c (new)
Recital E c (new)
Ec. whereas the ESRB has no binding powers;
Amendment 27 #
Motion for a resolution
Recital E d (new)
Recital E d (new)
Ed. whereas in the course of the financial crisis the ESRB was established to prevent further crisis;
Amendment 28 #
Motion for a resolution
Recital E e (new)
Recital E e (new)
Ee. whereas the systemic risk posed by very low interest rates kept for a long period was never mentioned by a statement issued by the ESRB;
Amendment 29 #
Motion for a resolution
Recital E f (new)
Recital E f (new)
Ef. whereas the ESRB following the first proposals of the Commission was supposed to have more than twice as many members of staff than it actually has and the fluctuation of qualified staff is detrimental to its work;
Amendment 30 #
Motion for a resolution
Recital E g (new)
Recital E g (new)
Eg. whereas the statements of the ESRB on the EMIR regulation were not taken into account by ESMA;
Amendment 42 #
Motion for a resolution
Recital J
Recital J
J. whereas the three different locations of the seats of the ESAs have proven to be an obstacle toESAs could further improve their cooperation and toin coherent supervision in the Union if they had a common seat in a single location;
Amendment 48 #
Motion for a resolution
Recital K a (new)
Recital K a (new)
Ka. whereas the establishment of the Single Supervisory Mechanism created an unlevel playing field in supervision of insurances, banks and securities markets;
Amendment 57 #
Motion for a resolution
Recital M
Recital M
M. whereas the ECB and the ESAs havuse different reporting standards and intervals and the creation of the SSM poses a serious risk of duplication of reporting requirements;
Amendment 59 #
Motion for a resolution
Recital N a (new)
Recital N a (new)
Na. whereas investigations against possible breaches of Union law which were issued by the EBA chair against some reluctance within his board of supervisors have proven to end questionable practices in supervision in member states;
Amendment 60 #
Motion for a resolution
Recital N b (new)
Recital N b (new)
Nb. whereas the emergency powers given to the ESAs were never used and are not likely to be used in the future;
Amendment 64 #
Motion for a resolution
Recital O a (new)
Recital O a (new)
Oa. whereas under the impression of the binding mediation powers of the ESAs many useful solutions were found by non- binding mediation between national supervisory authorities;
Amendment 65 #
Motion for a resolution
Recital O b (new)
Recital O b (new)
Ob. whereas especially in the fields of supervisory convergence and possible breaches of European law the decisions affecting the control of national supervisory authorities are taken by national supervisors within the ESA's Boards of Supervisors;
Amendment 71 #
Motion for a resolution
Recital P a (new)
Recital P a (new)
Pa. whereas some ESAs are still struggling to collect the information necessary for their work in the necessary format and whereas EBA had to carry out stress tests, but neither had the necessary legal power to collect the data required for the tests nor the legal powers to verify data which occurred to be imprecise;
Amendment 76 #
Motion for a resolution
Recital R a (new)
Recital R a (new)
Ra. whereas the ESAs were not able to prevent a renationalisation of financial markets in the European Union;
Amendment 77 #
Motion for a resolution
Recital R b (new)
Recital R b (new)
Rb. whereas the ESAs do have the mandate and the means to control the implementation of European law in the member states but lack the resources to assess the actual enforcement;
Amendment 78 #
Motion for a resolution
Recital R c (new)
Recital R c (new)
Rc. whereas MiFID I is implemented in all member states, but some member states refuse to apply and enforce the rules on consumer protection in practice;
Amendment 79 #
Motion for a resolution
Recital R d (new)
Recital R d (new)
Rd. whereas the participation of ESA representatives in colleges of supervisors has improved the functioning of colleges, but the colleges have only made limited progress in enhancing supervisory convergence;
Amendment 83 #
Motion for a resolution
Recital S a (new)
Recital S a (new)
Sa. whereas the resistance of some member states resulted in a bad compromise on the decision making procedures in the Board of Supervisors of the EBA which became more onerous and cumbersome;
Amendment 85 #
Motion for a resolution
Recital S b (new)
Recital S b (new)
Sb. whereas members of the stakeholder groups are put in a legally grey area by the requirement to comment on complex, technical pieces of law while respecting strict confidentiality rules;
Amendment 92 #
Motion for a resolution
Recital U a (new)
Recital U a (new)
Ua. whereas the development of implementing and delegated acts has dominated the ESAs' workload, and consequently their regulatory role has been to the fore at the expense of other responsibilities;
Amendment 97 #
Motion for a resolution
Recital U b (new)
Recital U b (new)
Ub. whereas the ESAs stated having difficulties in employing staff members of a certain seniority and the seniority of ESA's staff is often lower than of their colleagues in the NSAs;
Amendment 98 #
Motion for a resolution
Recital U c (new)
Recital U c (new)
Uc. whereas the common mandate to produce a consumer trends report requires that all member states collect information about these trends;
Amendment 99 #
Motion for a resolution
Recital U d (new)
Recital U d (new)
Ud. whereas EBA still lacks a legal basis in payment services and in the consumer credit directive et al.;
Amendment 102 #
Motion for a resolution
Recital V a (new)
Recital V a (new)
Va. whereas the ECB has the right to participate in Council working groups while the ESAs are largely absent from the formal decision making process;
Amendment 104 #
Motion for a resolution
Recital X a (new)
Recital X a (new)
Xa. whereas the ESAs were not yet empowered by sectorial legislation to restrict or suspend financial activities;
Amendment 105 #
Motion for a resolution
Recital X b (new)
Recital X b (new)
Xb. whereas the ESAs have not yet made use of their power to suggest to the Commission to take decisions on the suspension or restriction of financial activities;
Amendment 106 #
Motion for a resolution
Recital X c (new)
Recital X c (new)
Xc. Whereas ESMA lacks resources in the important field of agricultural derivatives;
Amendment 110 #
Motion for a resolution
Recital Y a (new)
Recital Y a (new)
Ya. whereas the composition of the stakeholder groups has in the past not been as balanced as foreseen in the regulations in all ESAs;
Amendment 112 #
Motion for a resolution
Recital Y b (new)
Recital Y b (new)
Yb. whereas the benefit of stakeholder groups contributions to the work of the ESAs was limited;
Amendment 113 #
Motion for a resolution
Recital Z a (new)
Recital Z a (new)
Z a. whereas the publication of the Financial Stability Report of the ESRB as promised by Mario Draghi is still due;
Amendment 119 #
Motion for a resolution
Recital AB a (new)
Recital AB a (new)
ABa. whereas the ESRB established outside the ECB would due to Article 130 TFEU not be allowed to address the ECB in opinions, recommendations or warnings;
Amendment 120 #
Motion for a resolution
Recital AB b (new)
Recital AB b (new)
ABb. whereas the United States of America created a federal Consumer Financial Protection Bureau with a strong mandate;
Amendment 121 #
Motion for a resolution
Recital AB c (new)
Recital AB c (new)
ABc. whereas monetary policy can have significant influence on credit and asset price bubbles and therefore a conflict of interests between the monetary policy of the ECB and the ESRB's activity might arise;
Amendment 138 #
Motion for a resolution
Annex – paragraph 1 – indent 1
Annex – paragraph 1 – indent 1
– Enhance the mandate for the all ESAs for binding and non-binding mediation especially with regard to the ECB and delete Recital 32 which is misleading on the mandate for non-binding mediationagainst possible misinterpretation of the relevant Recitals in all ESA Regulations, and clarify the ability of the ESAs to carry out binding mediation in areas involving the exercise of supervisory judgement;
Amendment 151 #
Motion for a resolution
Annex – paragraph 1 – indent 4
Annex – paragraph 1 – indent 4
– Ensure that the ESAs, the ESRB, national supervisory authorities and the ECB have access to the same supervisory information which has to be provided where possible in a common format which has to be determined by the ESAs;
Amendment 154 #
Motion for a resolution
Annex – paragraph 1 – indent 5
Annex – paragraph 1 – indent 5
Amendment 160 #
Motion for a resolution
Annex – paragraph 1 – indent 5 a (new)
Annex – paragraph 1 – indent 5 a (new)
– Appoint an independent ESRB Chair who is not the ECB President;
Amendment 162 #
Motion for a resolution
Annex – paragraph 1 – indent 5 c (new)
Annex – paragraph 1 – indent 5 c (new)
– Clarify the reference to macroeconomic developments in the ESRB’s mandate;
Amendment 163 #
Motion for a resolution
Annex – paragraph 1 – indent 5 d (new)
Annex – paragraph 1 – indent 5 d (new)
– Expand the list of possible addressees of warnings and recommendations to include the ECB (in its roles as defined by the SSM) and national macro-prudential authorities;
Amendment 167 #
Motion for a resolution
Annex – paragraph 2 – introductory part
Annex – paragraph 2 – introductory part
Where experience has shown the necessity for revision, new legislative acts shall improve the functioning of the ESAsFS by:
Amendment 173 #
Motion for a resolution
Annex – paragraph 2 – indent 1
Annex – paragraph 2 – indent 1
– proposing a single seat for all three ESAs;
Amendment 176 #
Motion for a resolution
Annex – paragraph 2 – indent 1 a (new)
Annex – paragraph 2 – indent 1 a (new)
– revising the scope of action and enhancing the list of sectorial legislation in Article 1 Paragraph 1 of the ESA regulations;
Amendment 179 #
Motion for a resolution
Annex – paragraph 2 – indent 2
Annex – paragraph 2 – indent 2
– enhancing the powers of the chairpersons of all three ESAs to take technical and operational decisions or to request information from other supervisory authorities without requiring consent by the respective Boards of Supervisors;
Amendment 188 #
Motion for a resolution
Annex – paragraph 2 – indent 2 a (new)
Annex – paragraph 2 – indent 2 a (new)
– empowering the chairpersons to issue peer reviews pursuant to Article 30 without the mandatory consent of the Board of Supervisors;
Amendment 189 #
Motion for a resolution
Annex – paragraph 2 – indent 2 b (new)
Annex – paragraph 2 – indent 2 b (new)
– granting the chairpersons and the executive directors the right to vote in the Board of Supervisors;
Amendment 196 #
Motion for a resolution
Annex – paragraph 2 – indent 3 a (new)
Annex – paragraph 2 – indent 3 a (new)
– reallocating the tasks between the Management Board and the Board of Supervisors in a way that the Board of Supervisors will focus on giving strategic guidance to the ESA’s work, adopting technical standards, general guidelines and recommendations and decisions on temporary interventions and other decisions are taken by the Management Board with, in certain cases a right for the Board of Supervisors to object to the Management Board’s proposal;
Amendment 201 #
Motion for a resolution
Annex – paragraph 2 – indent 4 a (new)
Annex – paragraph 2 – indent 4 a (new)
– ensuring that the Chairpersons of the ESAs and the ESRB are formally invited to ECOFIN meetings at least twice per year to report on their activities and work programme;
Amendment 202 #
Motion for a resolution
Annex – paragraph 2 – indent 4 b (new)
Annex – paragraph 2 – indent 4 b (new)
– ensuring that the ESRB will be represented in the meetings of the Economic and Financial Committee;
Amendment 207 #
Motion for a resolution
Annex – paragraph 2 – indent 5
Annex – paragraph 2 – indent 5
– taking account of the size of Member States when reviewing the voting rights on the boards of supervisors, simplifying the voting mechanisms and reintroducing simple majoritythe same voting rules for all decisions within the ESAsthree ESAs, based on the current voting mechanisms of ESMA and EIOPA;
Amendment 211 #
Motion for a resolution
Annex – paragraph 2 – indent 6
Annex – paragraph 2 – indent 6
– clarifying that guidelines to improve common standards for the whole internal market pursuant to Article 16 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010, and of Regulation (EU) No 1095/2010 can be issued without additional empowerment in sectorial legislation and deleting Recital 26 of those Regulationclarifying the relevant Recitals;
Amendment 215 #
Motion for a resolution
Annex – paragraph 2 – indent 6 a (new)
Annex – paragraph 2 – indent 6 a (new)
– clarifying that guidelines pursuant to Article 9(1) of the ESA regulations are identical with guidelines pursuant to Article 16;
Amendment 216 #
Motion for a resolution
Annex – paragraph 2 – indent 6 b (new)
Annex – paragraph 2 – indent 6 b (new)
– clarifying that the ESA’s ability to settle disagreements is a separate power from their ability to investigate potential breaches of Union law and can be used to promote the coordination of supervisory consistency and convergence of supervisory practices without additional empowerment in sectorial legislation;
Amendment 217 #
Motion for a resolution
Annex – paragraph 2 – indent 6 c (new)
Annex – paragraph 2 – indent 6 c (new)
– revising the ESAs’ peer review model and developing a more independent assessment model, such as that of the IMF (FSAP);
Amendment 218 #
Motion for a resolution
Annex – paragraph 2 – indent 6 d (new)
Annex – paragraph 2 – indent 6 d (new)
– creating less restrictive conditions for the use of powers for the EU-wide restriction or suspension of financial activities or products that threaten consumers pursuant to Article 9(5) of the ESA Regulations;
Amendment 219 #
Motion for a resolution
Annex – paragraph 2 – indent 6 e (new)
Annex – paragraph 2 – indent 6 e (new)
– enhancing the power of the ESA in data collection and ensuring that justification for requests for data has not to be provided on a case by case basis;
Amendment 224 #
Motion for a resolution
Annex – paragraph 2 – indent 7 a (new)
Annex – paragraph 2 – indent 7 a (new)
– giving all ESAs the mandate, the power and the resources to establish a single supervisory handbook;
Amendment 225 #
Motion for a resolution
Annex – paragraph 2 – indent 7 b (new)
Annex – paragraph 2 – indent 7 b (new)
– giving the ESAs the mandate to report to the Commission where national legislation or differences in national legislation hamper the functioning of the single market;
Amendment 226 #
Motion for a resolution
Annex – paragraph 2 – indent 7 c (new)
Annex – paragraph 2 – indent 7 c (new)
– revising and simplifying Article 15 of the ESRB Regulation in order to facilitate data collection by the ESRB, establishing swifter and easier decision-making on data requests for the ESRB and ensuring that the ESRB will have access to real- time data;
Amendment 228 #
Motion for a resolution
Annex – paragraph 2 – indent 8
Annex – paragraph 2 – indent 8
– withdrawing the right to voteensuring that on questions concerning consumer protection for members of the Board of Supervisors which do not have a mandate for consumer protection in their Member State are replaced in the relevant board meetings by a representative from the national authority in charge, who shall in any event coordinate with the competent national authority;
Amendment 233 #
Motion for a resolution
Annex – paragraph 2 – indent 8 a (new)
Annex – paragraph 2 – indent 8 a (new)
– strengthening the legal basis for the ESAs’ work on consumer protection, by bringing legislation containing consumer protection measures into the ESAs’ scope of action; extending the definition of “financial institutions” and updating references to “competent authorities” for the purposes of ESAs’ regulations;
Amendment 234 #
Motion for a resolution
Annex – paragraph 2 – indent 8 b (new)
Annex – paragraph 2 – indent 8 b (new)
– ensuring that the consumer protection work of the ESAs is not hampered by differences between the legal bases of the ESAs, in their respective founding regulations and in the mandates assigned to them in the sectorial legislation;
Amendment 236 #
Motion for a resolution
Annex – paragraph 2 – indent 9
Annex – paragraph 2 – indent 9
– enabling the ESRB to explore and to propose additional measures for macroeconomic stability such as leverage and loan-to-value ratios, counter cyclical buffers and accounting standards promoting financial stabilityissue EU-wide guidance to Members States on macro- prudential instruments including – in addition to those already foreseen in EU legislation – both those already identified at international level, but not yet translated in EU law as leverage ratios as well as those already existing in the legal system of several member states, but not yet in the EU law as loan to value and debt to income ratios;
Amendment 240 #
Motion for a resolution
Annex – paragraph 2 – indent 9 a (new)
Annex – paragraph 2 – indent 9 a (new)
– ensuring that the ESRB will be consulted where stress testing regimes are developed by competent authorities including the ECB or by the ESAs;
Amendment 241 #
Motion for a resolution
Annex – paragraph 2 – indent 9 b (new)
Annex – paragraph 2 – indent 9 b (new)
– ensuring that representatives from the ESRB will be invited as observers to relevant meetings and discussions within the ECB, including the meetings of the Financial Stability Committee;
Amendment 242 #
– introducing direct supervision by the ESAs of highly integrated pan European entities or activities, such as central counterparties (CCPs) or large cross border insurance undertakings;
Amendment 243 #
Motion for a resolution
Annex – paragraph 2 – indent 9 d (new)
Annex – paragraph 2 – indent 9 d (new)
– enhancing the mandate of the ESAs for contributing to the dissemination of financial data and market discipline by requiring them to publish on their websites information concerning individual financial institutions which it considers is necessary to ensure the transparency of financial markets;
Amendment 244 #
Motion for a resolution
Annex – paragraph 2 – indent 9 e (new)
Annex – paragraph 2 – indent 9 e (new)
– giving EBA the power, the mandate and the resources to develop measures to identify new risks for consumers in the banking sector;
Amendment 245 #
Motion for a resolution
Annex – paragraph 2 – indent 9 f (new)
Annex – paragraph 2 – indent 9 f (new)
– strengthening the ESRB’s contribution to international macro-prudential regulatory forums;
Amendment 246 #
Motion for a resolution
Annex – paragraph 2 – indent 9 g (new)
Annex – paragraph 2 – indent 9 g (new)
– expanding the analytical resources available to the ESRB Secretariat;
Amendment 247 #
Motion for a resolution
Annex – paragraph 2 – indent 9 h (new)
Annex – paragraph 2 – indent 9 h (new)
– revising Article 18 of the ESRB Regulation on publication of warnings and recommendations in order to strengthen the ESRB’s public profile and the follow up its warnings and recommendations;
Amendment 250 #
Motion for a resolution
Annex – paragraph 2 – indent 10 a (new)
Annex – paragraph 2 – indent 10 a (new)
– requiring the ESAs to carry out assessments on the impact of proposed measures on small businesses and barriers to entry to the financial sector;
Amendment 251 #
Motion for a resolution
Annex – paragraph 2 – indent 10 b (new)
Annex – paragraph 2 – indent 10 b (new)
– giving ESMA the power, the mandate and the resources to conduct stress tests on trading venues and market infrastructures (in particular CCPs) and requiring ESMA to control the relevant recovery and resolution planning;
Amendment 257 #
– develop quick and effective decision making procedures within the Joint Committee to allow swifter decisions and reduce the possibilities for veto and objections;
Amendment 262 #
Motion for a resolution
Annex – paragraph 2 – indent 11 b (new)
Annex – paragraph 2 – indent 11 b (new)
– ensuring that the chairpersons of ESAs will be empowered to appoint the chairpersons of internal committees pursuant to Article 41 of the ESA Regulations;
Amendment 266 #
Motion for a resolution
Annex – paragraph 2 – indent 12 a (new)
Annex – paragraph 2 – indent 12 a (new)
– expanding the mandate of supervisory colleges in supervision and improving the role of the ESA as lead supervisor within the colleges;
Amendment 267 #
Motion for a resolution
Annex – paragraph 2 – indent 12 b (new)
Annex – paragraph 2 – indent 12 b (new)
– enabling the ESRB to issue formal opinions and to make them public in order to strengthen the ESRBs public profile;
Amendment 268 #
Motion for a resolution
Annex – paragraph 2 – indent 12 c (new)
Annex – paragraph 2 – indent 12 c (new)
– enabling the ESRB to address warnings and recommendations to the ECB in its role in monetary policy as well as in its function as single supervisor (SSM);
Amendment 269 #
Motion for a resolution
Annex – paragraph 2 – indent 12 d (new)
Annex – paragraph 2 – indent 12 d (new)
– enhancing the role of the ESAs and the ESRB in representing the EU within international organisations and granting them the same membership status as national supervisory authorities;
Amendment 271 #
Motion for a resolution
Annex – paragraph 2 – indent 14
Annex – paragraph 2 – indent 14
Amendment 277 #
Motion for a resolution
Annex – paragraph 2 – indent 15 a (new)
Annex – paragraph 2 – indent 15 a (new)
– revising the system of the stakeholder groups including their structure, their composition and resources;
Amendment 283 #
Motion for a resolution
Annex – paragraph 2 – indent 17
Annex – paragraph 2 – indent 17
– providing for the mandatory involvement of the ESAs and of the ESRB in legislative processes concerning their fields of expertise at the earliest stage possible;
Amendment 287 #
Motion for a resolution
Annex – paragraph 2 – indent 19 a (new)
Annex – paragraph 2 – indent 19 a (new)
– ensuring that the European Parliament will have at least three months to consider a rejection of delegated or implementing acts;
Amendment 310 #
Motion for a resolution
Annex – paragraph 3 – indent 2
Annex – paragraph 3 – indent 2
Amendment 318 #
Motion for a resolution
Annex – paragraph 3 – indent 5 a (new)
Annex – paragraph 3 – indent 5 a (new)
– whether merging responsibilities i.e. for consumer protection in standing committees under the responsibility of the Joint Committee could enhance efficiency and minimise duplication of tasks;
Amendment 319 #
Motion for a resolution
Annex – paragraph 3 – indent 5 b (new)
Annex – paragraph 3 – indent 5 b (new)
– whether in the light of the independence of the ESAs their strong dependence on the European Commission is hampering the development of the ESAs and transparency in this relationship should be enhanced;
Amendment 320 #
Motion for a resolution
Annex – paragraph 3 – indent 5 c (new)
Annex – paragraph 3 – indent 5 c (new)
– whether an Insurance Union following the model of the Banking Union is necessary and what roles the ESFS could take in an Insurance Union;
Amendment 321 #
Motion for a resolution
Annex – paragraph 3 – indent 5 d (new)
Annex – paragraph 3 – indent 5 d (new)
– whether EBA and EIOPA should receive further resources to control supervisory convergence in internal models for capital requirements;
Amendment 322 #
Motion for a resolution
Annex – paragraph 3 – indent 5 e (new)
Annex – paragraph 3 – indent 5 e (new)
– whether the recently created US financial consumer protection bureau's mandate, powers and resources could serve as a model for the ESFS;
Amendment 323 #
Motion for a resolution
Annex – paragraph 3 – indent 5 f (new)
Annex – paragraph 3 – indent 5 f (new)
– whether further fees from financial industry could be an additional source of revenue for the ESAs for example when accepting of CCPs from third countries;
Amendment 324 #
Motion for a resolution
Annex – paragraph 3 – indent 5 g (new)
Annex – paragraph 3 – indent 5 g (new)
– whether the ESAs could contribute more efficiently to enhance financial literacy through the operation of a "European financial PISA";
Amendment 325 #
Motion for a resolution
Annex – paragraph 3 – indent 5 h (new)
Annex – paragraph 3 – indent 5 h (new)
– whether the three ESAs should issue a common newsletter;