[ParlTrack]

Proposal for a regulation
Recital 11a

(11a) It is becoming increasingly important to promote consistent, systematic and effective monitoring and assessment of risks in relation to money-laundering and terrorist financing in the Union's financial system. Given the consequences for financial stability which may stem from abuses of the financial sector for money- laundering or terrorist financing purposes, and building on, the ~~experience already gained by EBA in protecting the banking sector from such abuses, EBA~~ESAs should take a leading role at Union level to protect the financial system from money-laundering and terrorist financing risks. Therefore, it is necessary to entrust EBA, in addition to its present competences, with the authority to act within the remit of Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010 insofar as such authority relates to the prevention and combating of money-laundering and terrorist financing, where it concerns financial sector operators and the competent authorities supervising them, which are covered by those Regulations. Moreover, concentrating this mandate for the entire financial sector within EBA would optimise the use of its expertise and resources, and is without prejudice to the material obligations laid down in Directive (EU) 2015/849.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Recital 11b

(11b) In order for ~~EBA~~the ESAs to exercise ~~its~~their mandate effectively it should make full use of all its powers and tools under the Regulation. In line with its new role, it is important that EBA collects all relevant information in relation to money- laundering and terrorist financing activities identified by the relevant Union and national authorities, without prejudice to the tasks assigned to authorities under Directive (EU) 2015/849. ~~EBA~~The ESAs should store such information in a centralised database and foster cooperation among authorities by ensuring appropriate dissemination of relevant information. In addition ~~EBA~~the ESAs should carry out reviews of competent authorities, as well as risk assessment exercises relating to money- laundering and terrorist financing. Furthermore, ~~EBA~~the ESAs should also have a role cooperating and liaising with relevant third country authorities on these matters with a view to better coordinate action at Union level in material cases of anti- money laundering and terrorist financing having a cross-border and third country dimension.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Recital 11c

(11c) In order to enhance the effectiveness of supervisory control of compliance in the area of money laundering and terrorist financing and to ensure greater coordination of the enforcement by national competent authorities of breaches of directly applicable Union law or its national transposing measures, ~~EBA~~the ESAs should have the power, where there are indications of material breaches, to request competent authorities to investigate any possible breaches of the relevant rules, to consider taking decisions and imposing sanctions addressed to financial institutions requiring them to comply with their legal obligations. This power should only be used where ~~EBA~~the ESAs hasve indications of material breaches.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Recital 15a

(15a) In view of the importance of ensuring that the Union supervisory framework for combating of money- laundering and terrorist financing is applied effectively, independent reviews to provide objective and transparent perspectives on supervisory practices are of paramount importance. Where such reviews reveal serious concerns, which the competent authority does not remedy, ~~EBA~~the ESAs should notify the European Parliament, the Council and the Commission.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Recital 15b

(15b) For carrying out its tasks and exercising its powers, ~~EBA~~the ESAs should be able to take individual decisions addressed to financial ~~sector operator~~institutions or financial market participants in the context of the procedure for breach of Union law and of the procedure of binding mediation even when the material rules are not directly applicable to financial sector operators, after having taken a decision addressed to the competent authority. Where the material rules are laid down in Directives, ~~EBA~~the ESAs should apply the national legislation transposing those Directives. Where the relevant Union law is composed of Regulations and where, on the date of entry into force of this Regulation, those Regulations expressly grant options to Member States, ~~EBA~~the ESAs should apply the national legislation exercising those options.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Recital 24a

(24a) To ensure that the appropriate level of expertise underpins decisions relating to anti-money laundering and terrorist financing measures, it is necessary to set up a committee composed of the heads of authorities and bodies in charge of compliance with anti-money laundering and terrorist financing legislation , which will examine and prepare decisions to be taken by ~~EBA~~each Authority. In order to avoid duplication, this new committee will replace the existing anti-money laundering sub-committee which has been set up within the ESAs Joint Committee.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Recital 24a a (new)

(24a a) Any additional task conferred upon the ESAs shall be matched with sufficient human and financial resources.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b

Regulation (EU) No 1093/2010
Article 1 – paragraph 2 – subparagraph 1a

The Authority shall also act within the powers conferred by this Regulation and within the scope of Directive (EU) 2015/849(*) of the European Parliament and of the Council to the extent that that Directive applies to financial sector operators and the competent authorities that supervise them. For this purpose only, EBA shall carry out the tasks conferred by any legally binding Union act on the European Insurance and Occupational Pensions Authority established by Regulation (EU) No 1094/2010 or to the European Securities and Markets Authority established by Regulation (EU) No 1095/2010. When carrying out such tasks, the Authority shall keep those Authorities informed of its activities concerning any entity which is a "financial" institution" as defined in Article 4(1) of Regulation (EU) No 1094/2010 or a "financial market participant" as defined in Article 4(1) of Regulation (EU) No 1095/2010institutions and the competent authorities that supervise them. _______________________ (*) Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, p. 73)';

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b a (new)

Regulation (EU) No 1093/2010
Article 1 – paragraph 5 – point f a (new)

(b a) in Article 1(5), the following point (fa) is inserted: ‘(fa) to contribute to the prevention of the use of the financial system for the purposes of money-laundering, terrorist financing and associated predicated offenses, as set out in Articles 2 and 3 of Directive 2018/XX on countering money laundering by criminal law.’

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point aa

Regulation (EU) No 1093/2010
Article 4 – paragraph 1 – point 1a

(la) 'financial sector operators' means any entity which is subject to Directive (EU) 2015/849 and which is either a 'financial institution' as defined in Article 4(1) of this Regulation and in Article 4(1) of Regulation (EU) No 1094/2010 or a ‘financial market participant’ as defined in Article 4(1) of Regulation (EU) No 1095/2010";deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a – point v

Regulation (EU) No 1093/2010
Article 8 – paragraph 1 – point l

(l) to contribute to the prevention of the use of the financial system for the purposes of money-laundering ~~and~~ terrorist financing and associated predicated offenses, as set out in Articles 2 and 3 of Directive XX/2018;

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9a –paragraph 1 – point a

(a) collecting information from competent authorities relating to weaknesses identified in the processes and procedures, governance arrangements, fit and proper assessments, business models and activities of financial ~~sector operator~~institutions to prevent money-laundering and terrorist financing as well as measures taken by competent authorities. Competent authorities shall provide all such information to the Authority in addition to any obligations under Article 35. The Authority shall coordinate closely with Financial Intelligence Units;

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

(b) developing common standards for combating money-laundering and terrorist financing in the ~~financial~~banking sector and promoting their consistent implementation;

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9a –paragraph 1 – point c

(c) monitoring market developments and assessing vulnerabilities to money- laundering and terrorist financing in the ~~financial~~banking sector.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 6a

Regulation (EU) No 1093/2010
Article 9b –paragraph 1

1. In matters concerning the prevention of the use of the financial system for the purpose of money laundering and terrorist financing in accordance with Directive (EU) 2015/849, the ~~Authority~~Chair of the Authority or the Executive Board may, where the Authority has indications of material breaches, request a competent authority as referred to in point (iia) of Article 4(2) to investigate possible breaches of Union law, and where such Union law is composed of Directives or explicitly grants options for Member States, breaches of national laws transposing Directives or exercising options granted to Member States by Union law, by a financial ~~sector operator~~institutions and to consider imposing sanctions on that ~~operator~~institution in respect of such breaches. Where necessary, it may also request a competent authority as referred to in point (iia) of Article 4(2) to consider adopting an individual decision addressed to that financial ~~sector operator~~institution requiring it to undertake all necessary action to comply with its obligations under directly applicable Union law, or under national laws transposing Directives or exercising options granted to Member States by Union law, including the cessation of any conduct.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 8 – point b

Regulation (EU) No 1093/2010
Article 17 – paragraph 6 – subparagraph 1

6. Without prejudice to the powers of the Commission pursuant to Article 258 TFEU, where a competent authority does not comply with the formal opinion referred to in paragraph 4 within the period of time specified therein, and where it is necessary to remedy in a timely manner such non-compliance in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements of the acts referred to in Article 1(2) are directly applicable to financial institutions ~~or, in the context of matters relating to the prevention and combating of money laundering and terrorist financing, to financial sector operators~~, adopt an individual decision addressed to a financial institution ~~or a financial sector operator~~ requiring it to take all necessary action to comply with its obligations under Union law, including the cessation of any conduct.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 8 – point b

Regulation (EU) No 1093/2010
Article 17 – paragraph 6 – subparagraph 2

In matters concerning the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, where the relevant requirements of the acts referred to in Article 1(2) are not directly applicable to financial ~~sector operator~~institutions, the Authority may adopt a decision requiring the competent authority to comply with the formal opinion referred to in paragraph 4 within the period of time specified therein. If the authority does not comply with that decision, the Authority may also adopt a decision in accordance with the first sub-paragraph. To that effect, the Authority shall apply all relevant Union law, and where that Union law is composed of Directives, the national legislation transposing those Directives. Where the relevant Union law is composed of Regulations and where currently those Regulations explicitly grant options for Member States, the Authority shall apply also the national legislation exercising those options.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point e

Regulation (EU) No 1093/2010
Article 19 – paragraph 4 – subparagraph 1

4. Without prejudice to the powers of the Commission pursuant to Article 258 TFEU, where a competent authority does not comply with the decision of the Authority, and thereby fails to ensure that a financial institution ~~or, in the context of matters relating to the prevention and combating of money laundering and terrorist financing, a financial sector operator~~ complies with requirements directly applicable to it by virtue of the acts referred to in Article 1(2), the Authority may adopt an individual decision addressed to that financial institution ~~or financial sector operator~~ requiring it to take all necessary action to comply with its obligations under Union law, including the cessation of any practice.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point e

Regulation (EU) No 1093/2010
Article 19 – paragraph 4 – subparagraph 2

In matters concerning the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, the Authority may also adopt a decision in accordance with the first subparagraph where the relevant requirements of the acts referred to in Article 1(2) are not directly applicable to financial ~~sector operator~~institutions. To that effect, the Authority shall apply all relevant Union law, and where this Union law is composed of Directives, the national legislation transposing those Directives. Where the relevant Union law is composed of Regulations and where currently those Regulations explicitly grant options for Member States, the Authority shall apply also the national legislation exercising those options.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 38 – point c

Regulation (EU) No 1093/2010
Article 54 – paragraph 2a – subparagraph 1 a (new)

The Joint Committee shall assist to the effective interconnection of the national registers under Articles 30, 31, 32a and 32b of Directive (EU) 2018/843. The Joint Committee shall, on a regular basis and at least bi-annually, monitor the quality of the registers and the effective interconnection of the national registers, in particular the correct identification of the ultimate beneficial owner even for complex ownership structures. The Joint Committee shall make the results of its monitoring actions available to the public.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 2– paragraph 1 – point 1

Regulation (EU) No 1094/2010
Article 1 – paragraph 2

2. The Authority shall act within the powers conferred by this Regulation and within the scope of Directive 2009/138/EC with the exception of Title IV thereof, of Directives 2002/92/EC, 2003/41/EC, 2002/87/EC, Directive 2009/103/EC* and, to the extent that those acts apply to insurance undertakings, reinsurance undertakings, institutions for occupational retirement provision and insurance intermediaries, within the relevant parts of Directives (EU) 2015/849 and 2002/65/EC, including all directives, regulations, and decisions based on those acts, and of any further legally binding Union act which confers tasks on the Authority. _____________________ * Directive 2009/103/EC of the European Parliament and of the Council of 16 September 2009 relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability (OJ L 263, 7.10.2009, p. 11).

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 2 – paragraph 1 – point 1 a (new)

Regulation (EU) No 1094/2010
Article 1 – paragraph 6 – subparagraph 1 – point f a (new)

(1a) in Article 1, paragraph 6, subparagraph 1, new point (fa) is inserted: “(fa) to contribute to the prevention of the use of the financial system for the purposes of money-laundering, terrorist financing and associated predicated offenses, as set out in Articles 2 and 3 of Directive 2018/XX.”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 2 – paragraph 1 – point 3 a (new)

Regulation (EU) No 1094/2010
Article 4 – point 2 – point ii a (new)

(3a) in point 2 of Article 4, new point (iia) is inserted: ‘(iia) with regard to Directive (EU) 2015/849 the authorities and bodies that supervise financial institutions and are competent for ensuring their compliance with the requirements of that Directive.’

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point a – point iv a (new)

Regulation (EU) No 1094/2010
Article 8 – paragraph 1 –point l a (new)

(iv a) the following point (la) is inserted: ‘(la) to contribute to the prevention of the use of the financial system for the purposes of money-laundering terrorist financing and associated predicated offenses, as set out in Articles 2 and 3 of Directive 2018/XX.’

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 2 – paragraph 1 – point 6 a (new)

Regulation (EU) No 1094/2010
Article 9 a (new)

(6a)_ New Article 9a is inserted: ‘Article 9a 1. The Authority shall take a leading role in promoting integrity, transparency and security in the financial system by means of adopting measures to prevent and combat money laundering and terrorist financing, including by: (a) collecting information from competent authorities relating to weaknesses identified in the processes and procedures, governance arrangements, fit and proper assessments, business models and activities of financial institutions to prevent money-laundering and terrorist financing as well as measures taken by competent authorities. Competent authorities shall provide all such information to the Authority in addition to any obligations under Article 35. The Authority shall coordinate closely with Financial Intelligence Units; (b) developing common standards for combating money-laundering and terrorist financing in the insurance, re- insurance and occupational pensions sector and promoting their consistent implementation; (c) monitoring market developments and assessing vulnerabilities to money- laundering and terrorist financing in the insurance, re-insurance and occupational pensions sector. 2. The Authority shall establish and keep up to date a central database of information collected pursuant to point (a) in paragraph 1. The Authority shall ensure that information is analysed and made available to competent authorities on a need-to-know and confidential basis. 3. The Authority shall promote convergence of supervisory processes referred to in Directive (EU) 2015/849, including by conducting periodic reviews, in accordance with Article 30. Where such a review reveals serious shortcomings in the identification, assessment or addressing of risks of money-laundering and terrorist financing and the competent authority does not take action to address the follow-up measures set out in the report referred to in Article 30(3), the Authority shall inform the European Parliament, the Council and the Commission. 4. The Authority shall regularly perform risk assessments on competent authorities with a main focus on competent authorities as referred to in point (iia) of Article 4(2) to test their strategies and resources to address and monitor the most important emerging risks related to money-laundering and terrorist financing. The Authority shall inform the Commission of the outcomes of these risk assessments, including by integrating the analysis of the outcomes in the opinion it is requested to deliver pursuant to paragraph 5 of Article 6 of Directive (EU) 2015/849. 5. In material cases of money- laundering or terrorist financing affecting cross border matters with third countries, the Authority shall have a leading role in facilitating cooperation between competent authorities in the Union and the relevant authorities in third countries. 6. The Authority shall establish a permanent internal committee on anti- money laundering and countering terrorist financing to coordinate measures in order to combat money-laundering and terrorist financing and to prepare draft decisions to be taken by the Authority in accordance with Article 44. 7. The committee shall be chaired by the Chairperson of the Board of Supervisors and shall be composed of the heads of the authorities and bodies competent for ensuring compliance with the requirements of Directive (EU) 2015/849 by financial institutions. In addition, the Commission, the ESRB, the Supervisory Board of the European Central Bank, the European Banking Authority, and the European Securities and Markets Authority may each nominate a representative to participate in the committee meetings as observers.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 2 – paragraph 1 – point 6 b (new)

Regulation (EU) No 1094/2010
Article 9 b (new)

(6a) New Article 9b is inserted: ‘Article 9b 1. In matters concerning the prevention of the use of the financial system for the purpose of money laundering and terrorist financing in accordance with Directive (EU) 2015/849, the Chair of the Authority or the Executive Board may, where the Authority has indications of material breaches, request a competent authority as referred to in point (iia) of Article 4(2) to investigate possible breaches of Union law, and where such Union law is composed of Directives or explicitly grants options for Member States, breaches of national laws transposing Directives or exercising options granted to Member States by Union law, by financial institutions and to consider imposing sanctions on that institution in respect of such breaches. Where necessary, it may also request a competent authority as referred to in point (iia) of Article 4(2) to consider adopting an individual decision addressed to that financial institution requiring it to undertake all necessary action to comply with its obligations under directly applicable Union law, or under national laws transposing Directives or exercising options granted to Member States by Union law, including the cessation of any conduct. 2. The competent authority shall comply with any request addressed to it in accordance with paragraph 1 and shall inform the Authority within 10 days of the steps it has taken or intends to take to comply with that request. 3. Without prejudice to the powers of the Commission under Article 258 TFEU, where a competent authority does not comply with paragraph 2 of this Article, Article 17 shall apply.’

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 2 – paragraph 1 - point 8 a (new)

Regulation (EU) No 1094/2010
Article 17 – paragraph 6

(8a) In Article 17, paragraph 6 is replaced by the following: 6. Without prejudice to the powers of the Commission ~~under~~pursuant to Article 258 TFEU, where a competent authority does not comply with the formal opinion referred to in paragraph 4 within the period of time specified therein, and where it is necessary to remedy in a timely manner such non- compliance in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements of the acts referred to in Article 1(2) are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring ~~the~~it to take all necessary action to comply with its obligations under Union law, including the cessation of any ~~practice.~~ conduct. In matters concerning the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, where the relevant requirements of the acts referred to in Article 1(2) are not directly applicable to financial institutions, the Authority may adopt a decision requiring the competent authority to comply with the formal opinion referred to in paragraph 4 within the period of time specified therein. If the authority does not comply with that decision, the Authority may also adopt a decision in accordance with the first sub- paragraph. To that effect, the Authority shall apply all relevant Union law, and where that Union law is composed of Directives, the national legislation transposing those Directives. Where the relevant Union law is composed of Regulations and where currently those Regulations explicitly grant options for Member States, the Authority shall apply also the national legislation exercising those options. The decision of the Authority shall be in conformity with the formal opinion issued by the Commission pursuant to paragraph 4 of this Article.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point f

Regulation (EU) No 1094/2010
Article 19 – paragraph 4 – subparagraph 1 a (new)

‘In matters concerning the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, the Authority may also adopt a decision in accordance with the first subparagraph where the relevant requirements of the acts referred to in Article 1(2) are not directly applicable to financial institutions. To that effect, the Authority shall apply all relevant Union law, and where this Union law is composed of Directives, the national legislation transposing those Directives. Where the relevant Union law is composed of Regulations and where currently those Regulations explicitly grant options for Member States, the Authority shall apply also the national legislation exercising those options.’

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 2 – paragraph 1 – point 41 – point c

Regulation (EU) No 1094/2010
Article 54 – paragraph 2a – subparagraph 1 a (new)

The Joint Committee shall assist to the effective interconnection of the national registers under Articles 30, 31, 32a and 32b of Directive (EU) 2018/843. The Joint Committee shall, on a regular basis and at least bi-annually, monitor the quality of the registers and the effective interconnection of the national registers, in particular the correct identification of the ultimate beneficial owner even for complex ownership structures. The Joint Committee shall make the results of its monitoring actions available to the public.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 3 – paragraph 1 – point 1 – point a

Regulation (EU) No 1095/2010
Article 1 – paragraph 2

2. The Authority shall act within the powers conferred by this Regulation and within the scope of Directive 2009/138/EC with the exception of Title IV thereof, of Directives 2002/92/EC, 2003/41/EC, 2002/87/EC, Directive 2009/103/EC* and, to the extent that those acts apply to insurance undertakings, reinsurance undertakings, institutions for occupational retirement provision and insurance intermediaries, within the relevant parts of Directives (EU) 2015/849 and 2002/65/EC, including all directives, regulations, and decisions based on those acts, and of any further legally binding Union act which confers tasks on the Authority. ______________________ * Directive 2009/103/EC of the European Parliament and of the Council of 16 September 2009 relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability (OJ L 263, 7.10.2009, p. 11).

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 3 – paragraph 1 – point 1 – point b a (new)

Regulation (EU) No 1095/2010
Article 1 – paragraph 5 –point f a (new)

(b a) in paragraph 5, subparagraph 1, the following point (fa) is inserted: ‘(fa) to contribute to the prevention of the use of the financial system for the purposes of money-laundering terrorist financing and associated predicated offenses, as set out in Articles 2 and 3 of Directive 2018/XX.’

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 3 – paragraph 1 – point 3 a (new)

Regulation (EU) No 1095/2010
Article 4 – point 3 – point iia (new)

(3 a) in Article 4, the following point is inserted in point (3): ‘(iia) with regard to Directive (EU) 2015/849 the authorities and bodies that supervise financial institutions and are competent for ensuring their compliance with the requirements of that Directive.’

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 3 – paragraph 1 – point 5 – point a – point iv a (new)

Regulation (EU) No 1095/2010
Article 8 – paragraph 1 – point l a (new)

(iv a) new point (la) is inserted: ‘(la) to contribute to the prevention of the use of the financial system for the purposes of money-laundering terrorist financing and associated predicated offenses, as set out in Articles 2 and 3 of Directive 2018/XX.’

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 3 – paragraph 1 – point 6 a (new)

Regulation (EU) No 1095/2010
Article 9 a (new)

(6a) new Article 9a is inserted: ‘Article 9a Special tasks related to combating money- laundering and terrorist financing 1. The Authority shall take a leading role in promoting integrity, transparency and security in the financial system by means of adopting measures to prevent and combat money laundering and terrorist financing, including by: (a) collecting information from competent authorities relating to weaknesses identified in the processes and procedures, governance arrangements, fit and proper assessments, business models and activities of financial market participants to prevent money-laundering and terrorist financing as well as measures taken by competent authorities. Competent authorities shall provide all such information to the Authority in addition to any obligations under Article 35. The Authority shall coordinate closely with Financial Intelligence Units; (b) developing common standards for combating money-laundering and terrorist financing in the securities sector promoting their consistent implementation; 2. The Authority shall establish and keep up to date a central database of information collected pursuant to point (a) in paragraph 1. The Authority shall ensure that information is analysed and made available to competent authorities on a need-to-know and confidential basis. 3. The Authority shall promote convergence of supervisory processes referred to in Directive (EU) 2015/849, including by conducting periodic reviews, in accordance with Article 30. Where such a review reveals serious shortcomings in the identification, assessment or addressing of risks of money-laundering and terrorist financing and the competent authority does not take action to address the follow-up measures set out in the report referred to in Article 30(3), the Authority shall inform the European Parliament, the Council and the Commission. 4. The Authority shall regularly perform risk assessments on competent authorities with a main focus on competent authorities as referred to in point (iia) of Article 4(2)to test their strategies and resources to address and monitor the most important emerging risks related to money-laundering and terrorist financing. The Authority shall inform the Commission of the outcomes of these risk assessments, including by integrating the analysis of the outcomes in the opinion it is requested to deliver pursuant to paragraph 5 of Article 6 of Directive (EU) 2015/849. 5. In material cases of money- laundering or terrorist financing affecting cross border matters with third countries, the Authority shall have a leading role in facilitating cooperation between competent authorities in the Union and the relevant authorities in third countries. 6. The Authority shall establish a permanent internal committee on anti- money laundering and countering terrorist financing to coordinate measures in order to combat money-laundering and terrorist financing and to prepare draft decisions to be taken by the Authority in accordance with Article 44. 7. The committee shall be chaired by the Chairperson of the Board of Supervisors and shall be composed of the heads of the authorities and bodies competent for ensuring compliance with the requirements of Directive (EU) 2015/849 by financial institutions. In addition, the Commission, the ESRB, the Supervisory Board of the European Central Bank, the European Banking Authority, and the European Securities and Markets Authority may each nominate a representative to participate in the committee meetings as observers.’

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 3 – paragraph 1 – point 6 b (new)

(6a) new Article 9b is inserted: ‘Article 9b Request for investigation related to the prevention of money laundering and terrorist financing 1. In matters concerning the prevention of the use of the financial system for the purpose of money laundering and terrorist financing in accordance with Directive (EU) 2015/849, the Chair of the Authority or the Executive Board may, where the Authority has indications of material breaches, request a competent authority as referred to in point (iia) of Article 4(2) to investigate possible breaches of Union law, and where such Union law is composed of Directives or explicitly grants options for Member States, breaches of national laws transposing Directives or exercising options granted to Member States by Union law, by financial market participants and to consider imposing sanctions on that participant in respect of such breaches. Where necessary, it may also request a competent authority as referred to in point (iia) of Article 4(2) to consider adopting an individual decision addressed to that financial market participant requiring it to undertake all necessary action to comply with its obligations under directly applicable Union law, or under national laws transposing Directives or exercising options granted to Member States by Union law, including the cessation of any conduct. 2. The competent authority shall comply with any request addressed to it in accordance with paragraph 1 and shall inform the Authority within 10 days of the steps it has taken or intends to take to comply with that request. 3. Without prejudice to the powers of the Commission under Article 258 TFEU, where a competent authority does not comply with paragraph 2 of this Article, Article 17 shall apply.’;

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 3 – paragraph 1 – point 8 a (new)

Regulation (EU) No 1095/2010
Article 17 – paragraph 6

(8a) In Article 17, paragraph 6 is replaced by the following: 6. Without prejudice to the powers of the Commission ~~under~~pursuant to Article 258 TFEU, where a competent authority does not comply with the formal opinion referred to in paragraph 4 within the period of time specified therein, and where it is necessary to remedy in a timely manner such non -compliance in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements of the acts referred to in Article 1(2) are directly applicable to financial market participants, adopt an individual decision addressed to a financial market participant requiring ~~the~~it to take all necessary action to comply with its obligations under Union law, including the cessation of any ~~practice.~~ conduct. In matters concerning the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, where the relevant requirements of the acts referred to in Article 1(2) are not directly applicable to financial market participants, the Authority may adopt a decision requiring the competent authority to comply with the formal opinion referred to in paragraph 4 within the period of time specified therein. If the authority does not comply with that decision, the Authority may also adopt a decision in accordance with the first sub-paragraph. To that effect, the Authority shall apply all relevant Union law, and where that Union law is composed of Directives, the national legislation transposing those Directives. Where the relevant Union law is composed of Regulations and where currently those Regulations explicitly grant options for Member States, the Authority shall apply also the national legislation exercising those options. The decision of the Authority shall be in conformity with the formal opinion issued by the Commission pursuant to paragraph 4 of this Article.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 3 – paragraph 1 – point 9 – point e

Regulation (EU) No 1095/2010
Article 19 – paragraph 4 – subparagraph 1 a (new)

‘In matters concerning the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, the Authority may also adopt a decision in accordance with the first subparagraph where the relevant requirements of the acts referred to in Article 1(2) are not directly applicable to financial market participants. To that effect, the Authority shall apply all relevant Union law, and where this Union law is composed of Directives, the national legislation transposing those Directives. Where the relevant Union law is composed of Regulations and where currently those Regulations explicitly grant options for Member States, the Authority shall apply also the national legislation exercising those options.’

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 3 – paragraph 1 – point 41 – point c

Regulation (EU) No 1095/2010
Article 54 – paragraph 2a – subparagraph 1 a (new)

The Joint Committee shall assist to the effective interconnection of the national registers under Articles 30, 31, 32a and 32b of Directive (EU) 2018/843. The Joint Committee shall, on a regular basis and at least bi-annually, monitor the quality of the registers and the effective interconnection of the national registers, in particular the correct identification of the ultimate beneficial owner even for complex ownership structures. The Joint Committee shall make the results of its monitoring actions available to the public.

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point -1 (new)

Directive (EU) 2015/849
Article 3 – paragraph 6 – point b – point iv

(iv) the beneficiaries, or where the individuals benefiting from the legal arrangement or entity have yet to be determined, the class of persons in whose main interest the legal arrangement or entity is set up or operata) In Article 3, paragraph 6, point (b), point (iv) is replaced by the following: “(iv) the beneficiaries;”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 1 – point a

Directive (EU) 2015/849
Article 6 – paragraph 3

3. The Commission shall make the report referred to in paragraph 1 available to Member States and obliged entities in order to assist them to identify, understand, manage and mitigate the risk of money-laundering and terrorist financing, and to allow other stakeholders, including national legislators, the European Parliament, the European Banking Authority ('EBA'), and representatives from Financial Intelligence Units, to better understand the risks. Reports shall be made public at the latest six months after having been made available to Member States, except for the elements of the reports which contain classified information.deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 1 – point a a (new)

Directive (EU) 2015/849
Article 6 – paragraph 4

(aa) paragraph 4 is replaced by the following: “4. The Commission shall make recommendations to Member States on the measures suitable for addressing the identified risks. In the event that Member States decide not to apply any of the recommendations in their national AML/ CFT regimes, they shall notify the Commission thereof and provide a justification for such a decision. If either the justification provided by a Member State is not deemed satisfactory or a Member State fails to enforce measures to comply with those recommendations, the Commission may recommend to this Member State the application of specific measures to address these failures.”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 1 – point b

Directive (EU) 2015/849
Article 6 – paragraph 5 – second sentence

~~(b) in paragraph 5 the second sentence is replaced by the following: "Thereafter, EBA shall issue an opinion every two years."~~deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 2 – point a

Directive (EU) 2015/849
Article 7 – paragraph 2 – second sentence

(a) in paragraph 2 the second sentence is replaced by the following: “The identity of that authority or the description of the mechanism shall be notified to the Commission, EBA, and other Member States.”deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 2 – point b

Directive (EU) 2015/849
Article 7 – paragraph 5 – first sentence

(b) in paragraph 5 the first sentence is replaced by the following: “5. Member States shall make the results of their risk assessments, including their updates, available to the Commission, EBA and the other Member States.”deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 2 a (new)

Directive (EU) 2015/849
Article 13 – paragraph 1 – point b

(a) in in Article 13, paragraph 1, point (b) is replaced by the following: “(b) identifying the beneficial owner and taking reasonable measures to verify that person's identity so that the obliged entity is satisfied that it knows who the beneficial owner is, including, as regards legal persons, trusts, companies, foundations and similar legal arrangements, taking ~~reasonabl~~effective measures to understand the ownership and control structure of the customer; Where the beneficial owner identified is the senior managing official as referred to in Article 3(6)(a) (ii), obliged entities shall take the necessary reasonable measures to verify the identity of the natural person who holds the position of senior managing official and shall keep records of the actions taken as well as any difficulties encountered during the verification process;”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 2 b (new)

Directive (EU) 2015/849
Article 13 – paragraph 2 – subparagraphs 1 a (new) and1 b (new)

(b) in Article 13, paragraph 2, the following subparagraphs are inserted: “The ESAs shall develop draft regulatory technical standards specifying the effective identification of the beneficial owner referred to in paragraph 1 and the appropriate times referred to in paragraph 5 of Article 14 at which due diligence measures shall be applied to existing customers on a risk-sensitive basis. The ESAs shall submit the draft regulatory technical standards referred to in the second subparagraph to the Commission by 26 December 2019.”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 2 c (new)

Directive (EU) 2015/849
Article 13 – paragraph 6

(c) paragraph 6 is replaced by the following: “6. In the case of beneficiaries of trusts or of similar legal arrangements that are designated by particular characteristics or class, an obliged entity shall obtain sufficient information concerning the beneficiary to satisfy the obliged entity that it ~~will be able to establish~~knows the identity of the beneficiary at ~~the time of the payout or at the time of the exercise by the beneficiary of its vested rights.~~any point in time.”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 3

Directive (EU) 2015/849
Article 17 – first sentence

(3) in Article 17 the first sentence is replaced by the following: “By 26 June 2017, the ESAs, and thereafter EBA shall issue guidelines addressed to competent authorities and the credit institutions and financial institutions in accordance with Article 16 of Regulation (EU) No 1093/2010 on the risk factors to be taken into consideration and the measures to be taken in situations where simplified customer due diligence measures are appropriate.”deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 4

Directive (EU) 2015/849
Article 18 – paragraph 4 – first sentence

(4) in paragraph 4 of Article 18, the first sentence is replaced by the following: “4. By 26 June 2017, the ESAs, and thereafter EBA shall issue guidelines addressed to competent authorities and the credit institutions and financial institutions, in accordance with Article 16 of Regulation (EU) No 1093/2010 on the risk factors to be taken into consideration and the measures to be taken in situations where enhanced customer due diligence measures are appropriate.”deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 4 a (new)

Directive (EU) 2015/849
Article 21 – paragraph 1 – first sentence

(4a) in Article 21, the first sentence of the first paragraph is be replaced by the following: “Member States shall require obliged entities to take ~~reasonabl~~effective measures to determine whether the beneficiaries of a life or other investment-related insurance policy and/or, where required, the beneficial owner of the beneficiary are politically exposed persons.”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 4 b (new)

Directive (EU) 2015/849
Article 31 – paragraph 1 – subparagraph 2 – point d

(~~d) the beneficiaries or class of~~4b) in Article 31, paragraph 1, point (d) of subparagraph 2 is replaced by the following: “(d) the beneficiaries;”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 4 c (new)

Directive (EU) 2015/849
Article 33 – paragraph 1 – subparagraph 1 – point b a (new)

(4c) in Article 33, paragraph 1, subparagraph 1, a new point (ba) is inserted: “(ba) transmitting, on their own initiative, a suspicious transaction report to the FIU and the competent authority supervising credit institutions and financial institutions of the Member State in whose territory the obliged entity transmitting the information is established, where the identification of the beneficial owner failed and the natural person(s) who hold the position of senior managing official(s) were recorded in accordance with Article 3, paragraph 6, point (a), point (ii).”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 5

Directive (EU) 2015/849
Article 41 – paragraph 1

(5) in Article 41, paragraph 1 is replaced by the following: “1. The processing of personal data under this Directive is subject to Directive 95/46/EC, as transposed into national law. Personal data that is processed pursuant to this Directive by the Commission or by EBA is subject to Regulation (EC) No 45/2001.”deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 6 – point a

Directive (EU) 2015/849
Article 45 – paragraph 4

(a) paragraph 4 is replaced by the following: “4. The Member States and EBA shall inform each other of instances in which the law of a third country does not permit the implementation of the policies and procedures required under paragraph 1. In such cases, coordinated actions may be taken to pursue a solution. In the assessing which third countries do not permit the implementation of the policies and procedures required under paragraph 1, Member States and EBA shall take into account any legal constraints that may hinder proper implementation of those policies and procedures, including secrecy, data protection and other constraints limiting the exchange of information that may be relevant for that purpose.”deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 6 – point b

Directive (EU) 2015/849
Article 45 – paragraph 6

(b) paragraph 6 is replaced by the following: “6. EBA shall develop draft regulatory technical standards specifying the type of additional measures referred to in paragraph 5 and the minimum action to be taken by credit institutions and financial institutions where a third country's law does not permit the implementation of the measures required under paragraphs 1 and 3. EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 26 December 2016.”deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 6 – point c

Directive (EU) 2015/849
Article 45 – paragraph 10

(c) paragraph 10 is replaced by the following: “10. EBA shall develop draft regulatory technical standards on the criteria for determining the circumstances in which the appointment of a central contact point pursuant to paragraph 9 is appropriate, and what the functions of the central contact points should be. EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 26 June 2017.”deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 7 – point a

Directive (EU) 2015/849
Article 48 – paragraph 1a – subparagraph 2 – final sentence

(a) in the second subparagraph of paragraph 1a the final sentence is replaced by the following: “Financial supervisory authorities of the Member States shall also serve as a contact point for EBA.”deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 7 – point b

Directive (EU) 2015/849
Article 48 – paragraph 10 – first sentence

(b) in paragraph 10 the first sentence is replaced by the following: “By 26 June 2017, the ESAs and thereafter EBA shall issue guidelines addressed to competent authorities in accordance with Article 16 of Regulation (EU) No 1093/2010, on the characteristics of a risk- based approach to supervision and the steps to be taken when conducting supervision on a risk-based basis.”deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 8

Directive (EU) 2015/849
Section 3 – Subsection II – title

~~(8) in Section 3 the title of Subsection II is replaced by the following: “Cooperation with EBA”~~deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 9

Directive (EU) 2015/849
Article 50

~~(9) Article 50 is replaced by the following: “The competent authorities shall provide EBA with all the information necessary to allow it to carry out its duties under this Directive.”~~deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 9a (new)

Directive (EU) 2015/849
Article 57b – paragraph 1 – subparagraph 1

(9 a) in Article 57b, paragraph 1, subparagraph 1 is replaced by the following: “1. Notwithstanding Article 57a(1) and (3) and without prejudice to Article 34(2), Member States ~~may authoris~~shall ensure the exchange of information between competent authorities in the same Member State or in different Member States, between the competent authorities and authorities entrusted with the supervision of financial sector entities and natural or legal persons acting in the exercise of their professional activities as referred to in point (3) of Article 2(1) and the authorities responsible by law for the supervision of financial markets in the discharge of their respective supervisory functions.”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 9 b (new)

Directive (EU) 2015/849
Article 57b – paragraph 2 – subparagraph 1

(9 b) in Article 57b, paragraph 2, subparagraph 1 is replaced by the following: “2. Notwithstanding Article 57a(1) and (3), Member States ~~may~~shall, by virtue of provisions laid down in national law, ~~authoris~~ensure the disclosure of certain information to other national authorities responsible by law for the supervision of the financial markets, or with designated responsibilities in the field of combating or investigation of money laundering, the associated predicate offences or terrorist financing.”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 9 c (new)

Directive (EU) 2015/849
Article 57b – paragraph 3 – introductory part

(9 c) in Article 57b, paragraph 3, the introductory part is replaced by the following: “3. Member States ~~may authoris~~shall ensure the disclosure of certain information relating to the supervision of credit institutions for compliance with this Directive to Parliamentary inquiry committees, courts of auditors and other entities in charge of enquiries, in their Member State, under the following conditions:”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 9 d (new)

Directive (EU) 2015/849
Article 60 – paragraph 1 – subparagraph 2 – introductory part

W(9d) in Article 60, paragraph 1, the introductory part of subparagraph 2 is replaced by the following: “In exceptional circumstances, where the publication of the identity of the natural persons responsible as referred to in the first subparagraph or the personal data of such natural persons is considered by the competent authority to be disproportionate following a case-by-case assessment conducted on the proportionality of the publication of such data, or where publication jeopardises ~~the stability of financial markets or~~ an on-going investigation, competent authorities shall:”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 9 e (new)

(~~i) that the stability of the financial markets would not be put in jeopardy; or”~~9e) in Article 60, in point (c) of subparagraph 2 of paragraph 1, point (i) is be deleted.; deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 9 f

Directive (EU) 2015/849
Article 60 – paragraph 3

(9 f) in Article 60, paragraph 3 is replaced by the following: “Competent authorities shall ensure that any publication in accordance with this Article shall remain on their official website for a period of ~~five~~20 years after its publication. However, personal data contained in the publication shall only be kept on the official website of the competent authority for the period which is necessary in accordance with the applicable data protection rules.”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 10 – point a

(a) paragraph 1 is replaced by the following: “1. Member States shall ensure that their competent authorities inform EBA of all administrative sanctions and measures imposed in accordance with Articles 58 and 59 on credit institutions and financial institutions, including of any appeal in relation thereto and the outcome thereof.”deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 10 – point b

Directive (EU) 2015/849
Article 62 – paragraph 3

(b) paragraph 3 is replaced by the following: “3. EBA shall maintain a website with links to each competent authority's publication of administrative sanctions and measures imposed in accordance with Article 60 on credit institutions and financial institutions, and shall show the time period for which each Member State publishes administrative sanctions and measures.”deleted

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 10 a (new)

Directive (EU) 2015/849
Article 65 – paragraph 1 – subparagraph 1

(10 a) in Article 65, paragraph 1, subparagraph 1 is replaced by the following: “1. By 11 January 20220, and every three years thereafter, the Commission shall draw up a report on the implementation of this Directive and submit it to the European Parliament and to the Council.”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 10 b (new)

Directive (EU) 2015/849
Article 65 – paragraph 1 – subparagraph 2 – point b a (new)

(10 b) in Article 65, paragraph 1, subparagraph 2, a new point (ba) is inserted: “(ba) an account of the effectiveness, adequateness and independence of the supervision of all obliged entities, in particular by self-regulatory bodies, including the need for supervision by public authorities via a separate and independent national regulator or supervisor;”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 10 c (new)

Directive (EU) 2015/849
Article 65 – paragraph 1 – subparagraph 2 – point e

(10 c) In Article 65, paragraph 1, subparagraph 2, point (e) shall be replaced by the following: “(e) an account of necessary Commission actions ~~to verify~~and powers to verify and enforce that Member States take action in compliance with this Directive and to assess emerging problems and new developments in the Member States;”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 9a – paragraph 1 – point 10 d (new)

Directive (EU) 2015/849
Article 65 – paragraph 2

(d) In Article 65, paragraph 2 is be replaced by the following: “2. By 1 June 2019, the Commission shall assess the framework for FIUs’ cooperation with third countries and obstacles and opportunities to enhance cooperation between FIUs in the Union including the possibility of establishing a ~~coordination and support mechanism~~European Financial Intelligence Unit.”

2018/10/30
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Recital 1 a (new)

(1a) Without prejudice to the objective of financial stability and orderly functioning of financial markets, the ESAs shall implement the regulatory and supervisory framework to support the general economic policies in the Union, contributing to the achievement of the objectives of the Union.

2018/09/11
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Recital 9 a (new)

(9a) The authority shall properly assess the impact of the non-mitigation of environmental, social and governance factors on the development of systemic risk.

2018/09/11
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a a (new)

Regulation (EU) No 1093/2010
Article 1 – paragraph 3

(aa) paragraph 3 is replaced by the following: "3. The Authority shall also act in the field of activities of credit institutions, financial conglomerates, investment firms, payment institutions and e-money institutions in relation to issues not directly covered in the acts referred to in paragraph 2, ~~including~~as well as taking account of matters of corporate governance, auditing and financial ~~reporting~~and non-financial reporting, including the integration of environmental, social and governance related factors, provided that such actions by the Authority are necessary to ensure the effective and consistent application of those acts. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02010R1093-20160112)~~" Or. en

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a b (new)

Regulation (EU) No 1093/2010
Article 1 – paragraph 5 – subparagraph 1

(ab) Article 1, paragraph 5 is replaced by the following: "5. The objective of the Authority shall be to protect the public interest by contributing to the short, medium and long- term stability ~~and~~, effectiveness and sustainability of the financial system, for the Union economy, its citizens and businesses. The Authority shall contribute to: (a) improving the functioning of the internal market, including, in particular, a sound, effective and consistent level of regulation and supervision; (b) ensuring the integrity, transparency, efficiency and orderly functioning of financial markets; (c) strengthening international supervisory coordination; (d) preventing regulatory arbitrage and promoting equal conditions of competition; (da) examining whether elements of the regulatory and supervisory framework, not critical for safeguarding financial stability, hinder long-term investment and lending; (e) ensuring the taking of credit and other risks are appropriately regulated and supervised; ~~and~~ (f) enhancing ~~customer~~the protection~~. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02010R1093-20160112)~~ of consumers and other users of financial services; (fa) working towards supervisory convergence of conduct of business across the EU to ensure that all consumers and other users of financial services are treated fairly by financial institutions; (fb) contributing in all areas of its work to preventing the use of the financial system for money laundering or terrorist financing purposes." Or. en

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 1 a (new)

Regulation (EU) No 1093/2010
Article 1 – paragraph 5 – subparagraph 4

(1a) in paragraph 5 of Article 1, subparagraph 4 is replaced by the following: "When carrying out its tasks, the Authority shall act independently and objectively and in the interest of the Union alone~~. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02010R1093-20160112)~~ and shall respect the general principle of proportionality. The Authority shall apply the principles of transparency, accountability and integrity and shall be independent from any government or private sector entity. The Authority shall be committed to transparency and openness and should ensure that all stakeholders are treated equally in this regard. It shall publish on its website a transparency policy. A register of documents and their status of accessibility shall be established." Or. en

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 1 a (new)

Regulation (EU) No 1093/2010
Article 2 – paragraph 1

(1a) in Article 2, paragraph 1 is replaced by the following: "1. The Authority shall form part of a European System of Financial Supervision (ESFS). The main objective of the ESFS shall be to ensure that the rules applicable to the financial sector are adequately implemented to preserve financial stability and sustainability and to ensure confidence in the financial system as a whole and ~~sufficient~~effective protection ~~for the custom~~of consumers and other users of financial services. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02010R1093-20160112)~~" Or. en

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a – point ii a (new)

Regulation (EU) No 1093/2010
Article 8 – paragraph 1 –point b

(iia) point (b) is replaced by the following: "(b) to contribute to the consistent application of legally binding Union acts, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of the acts referred to in Article 1(2), preventing regulatory arbitrage, fostering and monitoring supervisory independence, mediating and settling disagreements between competent authorities, ensuring effective and consistent supervision of financial institutions, ensuring a coherent functioning of colleges of supervisors and taking actions, inter alia, in emergency situations; " Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02010R1093-20160112)

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a – point iii

Regulation (EU) No 1093/2010
Article 8 – paragraph 1 – point f

(f) to monitor and assess market developments in the area of its competence including where relevant, developments relating to trends in credit, in particular, to households and SMEs and in innovative financial services; and developments relating to trends in environmental, social and governance related factors;

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a – point iv

Regulation (EU) No 1093/2010
Article 8 – paragraph 1 – point h

(h) to foster depositor, consumer and investor protection taking into account the full spectrum of risks that investors are exposed to;

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a – point iv

Regulation (EU) No 1093/2010
Article 8 – paragraph 1 – point h a (new)

(iva) the following point (ha) is inserted: "(ha) collect information related to the complaints submitted to national competent authorities;"

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 6 – point -a (new)

Regulation (EU) No 1093/2010
Article 9 – paragraph 1

(-a) paragraph 1 is replaced by the following: "1. The Authority shall take a leading role in promoting transparency, simplicity and fairness in the market for consumer financial products or services across the internal market, including by: (a) collecting, analysing and reporting on consumer trends; and comparing the development of costs and charges of retail financial services and products in the member states; (b) reviewing and coordinating financial literacy and education initiatives by the competent authorities; (c) developing training standards for the industry; ~~and~~ (d) contributing to the development of common disclosure rules~~. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02010R1093-20160112)~~; (da) developing standards for the handling of complaints by national competent authorities; (db) contributing to a level playing field in the single market where consumers and other users of financial services in any member country have equal access to comparable financial services and products at similar costs and charges, as well as rights to compensation; (dc) developing standards for the integration of non-financial consumer preferences in the investment strategies of financial products or services." Or. en

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 6 – point a

Regulation (EU) No 1093/2010
Article 9 – paragraphs 2, 2a (new) and 2b (new)

2. The Authority shall monitor new and existing financial activities and may adopt guidelines and recommendations with a view to promoting the safety and soundness of markets, and convergence of regulatory and supervisory practices. For this purpose, the Authority may conduct an inquiry into a particular type of financial institution or type of product or type of conduct, including approaching financial institutions in the role of a potential consumer, using recording devices, telephonic or other communications. The Authority may the use the information it obtains from such an inquiry in support of all its tasks related to consumer protection, financial activities and financial innovation. It shall publish this information on an annual basis and pass its findings on to relevant competent authorities on a named basis. 2a. The Authority may, where appropriate, request competent authorities to identify, assess and quantify, where possible, risks to consumer detriment on national markets and track the development of identified risks to consumer detriment, wherever they arise. It shall make recommendation on the reduction of identified risks and thereby prevent them from crystallising or increasing. 2b. In relation to the supervisory convergence of conduct of business, the Authority shall: (a) develop binding standards on conduct of business supervision addressed to national competent authorities. The standards shall detail at least the minimum mandate, powers, tasks and resources that each relevant national competent authority shall be equipped with; (b) coordinate enforcement activities, including those referred to in paragraph 2, based on those standards; (c) make public the outcomes of coordinated activities, including the application of the above standards.

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 6 – point b a (new)

Regulation (EU) No 1093/2010
Article 9 – paragraph 5

(ba) paragraph 5 is replaced by the following: "5. The Authority may temporarily prohibit or restrict certain financial activities that threaten the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union in the cases specified and under the conditions laid down in Article 9a, the legislative acts referred to in Article 1(2) or, if so required, in the case of an emergency situation in accordance with and under the conditions laid down in Article 18. The Authority shall review the decision referred to in the first subparagraph at appropriate intervals and at least every 312 months. If the decision is not renewed after a 312-month period, it shall automatically expire. A Member State may request the Authority to reconsider its decision. In that case, the Authority shall decide, in accordance with the procedure set out in the second subparagraph of Article 44(1), whether it maintains its decision. The Authority may also assess the need to prohibit or restrict certain types of financial activity and, where there is such a need, inform the Commission and the competent authorities in order to facilitate the adoption of any such prohibition or restriction. " Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02010R1093-20160112)

2018/09/14
Committee: ECON

Wolf KLINZ, Nils TORVALDS, Thierry CORNILLET, Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 6 – point b b (new)

Regulation (EU) No 1093/2010
Article 9 – paragraph 5 a (new)

(bb) the following paragraph 5a is inserted: “5a. The Authority may issue time-limited no-action-letters at the request of market participants. These time-limited no- action-letters are a temporary commitment on the part of the Authority and all competent authorities not to enforce market participant non- compliance with specific provisions of Union law where the market participant cannot comply with such provisions of Union law because of any of the following reasons: (a) compliance would place the market participant in breach of other legal and regulatory requirements of Union law; (b) compliance is reasonably impossible without further level 2 measures or level 3 guidance; (c) compliance would significantly distort conditions for neutral competition for the market participant in the Union in the context of the worldwide application of international standards. The Authority shall provide the time- limited no-action-letter to the requestor based on the specific facts and circumstances set forth in the request. The Authority may permit parties other than the requestor to rely on the time- limited no-action-letter to the extent that the third party’s facts and circumstances are substantially similar to those described in the underlying request. The Authority shall make all no-action- letters public. The Authority shall review the decisions referred to in the first and second subparagraph at appropriate intervals and at least every 3 months. If a decision is not renewed after a three-month period, it shall automatically expire. A Member State may request the Authority to reconsider its decision. In that case, the Authority shall decide in accordance with the procedure set out in the second subparagraph of Article 44(1), whether it maintains its decision.”

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 6 a (new)

Regulation (EU) No 1093/2010
Article 9a (new)

(6a) The following Article 9a is inserted: "Article 9a Temporary prohibition or restriction of financial activities 1. The Authority may, where the conditions in paragraphs 2 are fulfilled, temporarily prohibit or restrict in the Union either of the following when carried on by a financial institution: (a) the marketing, distribution or sale of certain banking products or banking products with certain features; or (b) a type of financial activity or practice. A prohibition or restriction may apply in circumstances, or be subject to exceptions, specified by the Authority. 2. The Authority shall take a decision under paragraph 1 where it is satisfied that there are reasonable grounds that all of the following conditions are met: (a) the proposed action addresses a significant consumer protection concern or a threat to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system in the Union; (b) regulatory requirements under Union legislation that are applicable to the relevant banking product or activity do not address the threat or do not adequately address the threat; (c) a competent authority or competent authorities have not taken actions to address the threat or the actions that have been taken do not adequately address the threat. 3. When taking action under this Article, the Authority shall ensure that the action does not have a detrimental effect on the efficiency of financial markets or on investors that is disproportionate to the benefits of the action; 4. The Authority shall publish on its website notice of any decision to take any action under this Article. The notice shall specify details of the prohibition or restriction and specify a time after the publication of the notice from which the measures will take effect. A prohibition or restriction shall only apply to action taken after the measures take effect. 5. The Authority shall review a prohibition or restriction imposed under paragraph 1 at appropriate intervals and at least every twelve months. 6. Action adopted by the Authority under this Article shall prevail over any previous action taken by a competent authority. 7. The Commission shall adopt by means of delegated acts in accordance with Article 75a measures specifying criteria and factors to be taken into account by the Authority in determining when there is a significant consumer protection concern or a threat to the orderly functioning and integrity of financial markets and to the stability of the whole or part of the financial system of the Union referred to in paragraph 2(a). These criteria and factors shall include: (a) the degree of complexity of a banking product and the relation to the type of client to whom it is marketed and sold; (b) the size or the notional value of a banking product; (c) the degree of market penetration of a banking product; (d) the degree of innovation of a banking product, an activity or a practice; (e) the leverage a product or practice provides. 8. For the purpose of this Article, ‘banking products’ means the activities listed in points 1 to 6 and 13 to 15 of Annex I to Directive 2013/36/EU. The Commission may by means of delegated acts in accordance with Article 75a amend the first subparagraph to extend the meaning of ‘banking products’ in order to take account of market developments. "

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 6 a (new)

Regulation (EU) No 1093/2010
Article 15 – paragraph 1 – subparagraph 4

(6a) in Article 15, subparagraph 4 of paragraph 1 is replaced by the following: “Within 3 months of receipt of a draft implementing technical standard, the Commission shall decide whether to endorse it. The Commission may extend that period by 1 month. The Commission may endorse the draft implementing technical standard in part only, or with amendments, where the Union’s interests so require. If the Commission does not oppose in whole or in part the proposed implementing technical standard within the assessment period, it shall be deemed endorsed.” Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02010R1093-20160112)

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point d

Regulation (EU) No 1093/2010
Article 16 – paragraph 5

5. Where two thirds of the members of the Banking Stakeholder Group are of the opinion that the Authority has exceeded its competence by issuing certain guidelines or recommendations, they may send a reasoned opinion to the Commission. The Commission shall request an explanation justifying the issuance of the guidelines or recommendations concerned from the Authority. The Commission shall, on receipt of the explanation from the Authority, assess the scope of the guidelines or recommendations in view of the Authority's competence. Where the Commission considers that the Authority has exceeded its competence, and after having given the Authority the opportunity to state its views, the Commission may adopt an implementing decision requiring the Authority to withdraw the guidelines or recommendations concerned .The decision of the Commission shall be made public.;deleted

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 7 a (new)

Regulation (EU) No 1093/2010
Article 16a (new)

(7a) the following Article 16a is inserted: “Article 16a Questions and answers 1. For the interpretation, practical application or implementation of the provisions of the legislative acts referred to in Article 1(2), or associated delegated and implementing acts, guidelines and recommendations adopted under those legislative acts, any natural or legal person, including competent authorities sand Union institutions, may submit a question to the Authority in any official language of the Union. 2. The Authority shall publish on its website non-binding answers to all admissible questions pursuant to paragraph 1, for each legislative act, unless such publication is in conflict with the legitimate interest of the natural or legal person that submitted the question or would involve risks to the stability of the financial system.

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 7 b (new)

Regulation (EU) No 1093/2010
Article 17 – title

~~(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02010R1093- 20160112https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32010R1093)~~(7b) the title of Article 17 is amended as follows: Breach of Union law "Breach and on-application of Union law" Or. en

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 7 b (new)

Regulation (EU) No 1093/2010
Article 17 – paragraph 2 – subparagraph 1

(7b) In Article 17, subparagraph 1 of paragraph 2 is replaced by the following: “Upon a request from one or more competent authorities, the European Parliament, the Council, the Commission or the Banking Stakeholder Group, on the basis of a report from a stakeholder or on its own initiative, and after having informed the competent authority concerned, the Authority may investigate the alleged breach or non-application of Union law~~. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32010R1093)~~ and shall inform the institution or person who initiated the request thereof.” Or. en

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 8 a (new)

Regulation (EU) No 1093/2010
Article 17 – paragraph 3 – subparagraph 1

3(8a) in Article 17, the first subparagraph of paragraph 3 is replaced by the following: "3. The Authority may initiate a process of arbitration with the competent authority concerned in order to discuss the action necessary to comply with union law. The competent authority concerned shall sincerely cooperate in such an arbitration. The Authority may, not later than 26 months from initiating its investigation, address a recommendation to the competent authority concerned setting out the action necessary to comply with Union law. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02010R1093-20160112)~~" Or. en

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)

Regulation (EU) No 1093/2010
Article 21 – paragraph 2 – point b

(9a) in Article 21, point (b) of paragraph 2 is replaced by the following: "(b) initiate and coordinate Union-wide stress tests in accordance with Article 32 to assess the resilience of financial institutions, in particular the systemic risk posed by financial institutions as referred to in Article 23, to adverse market developments, and evaluate the potential for systemic risk to increase in situations of stress, ensuring that a consistent methodology is applied at the national level to such tests including based on environmental, social and governance related forward looking scenarios and, where appropriate, address a recommendation to the competent authority to correct issues identified in the stress test; ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02010R1093-20160112)~~Competent authorities shall provide the Authority with the results of the stress tests and the methodology employed for those stress tests." Or. en

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 10 a (new)

Regulation (EU) No 1093/2010
Article 23 – paragraph 1

(10a) in Article 23, paragraph 1 is replaced by the following: "1. The Authority shall, in consultation with the ESRB, develop criteria for the identification and measurement of systemic risk and an adequate stress-testing regime which includes an evaluation of the potential for systemic risk posed by financial institutions to increase in situations of stress~~. The financial institutions that may pose a~~, taking into account forward looking scenario analysis and risks related to environmental, social and governance related factors. The Authority shall monitor systemic risks and shall ~~be subject to strengthened supervision, and where necessary, the recovery and resolution procedures referred to in Article 25.~~ regularly, at least on a bi- annual basis, update the criteria for identification and measurement of systemic risk. " Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02010R1093-20160112)

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 10 b (new)

Regulation (EU) No 1093/2010
Article 23 – paragraph 2a (new)

(10b) In Article 23, the following paragraph 2a is added: “2a. The Authority shall in collaboration with the ESRB establish a common methodology for ‘carbon stress tests’ measuring the intensity of climate risks to which banks are exposed, including risks related to the depreciation of assets due to changes to the regulatory treatment stemming from climate change mitigation and adaptation The Authority shall develop by 1 July 2021 draft regulatory technical standards to specify the common methodology referred to in the first subparagraph as well as relevant scenarios for such tests. The draft regulatory technical standards shall identify and assess risk stemming inter alia from: (i) the macroeconomic impact of sudden changes in energy use; (ii)the revaluation of carbon intensive assets including potential changes related to their regulatory treatment; and (iii) a rise in the incidence of natural catastrophes. Power is conferred on the Commission to adopt the regulatory technical standards referred to in the previous subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point a – point ii

Regulation (EU) No 1093/2010
Article 29 – paragraph 1 – point b

(b) promoting an effective bilateral and multilateral exchange of information between competent authorities, pertaining to all relevant issues, including cyber security ~~and~~, cyber-attacks as ~~appropriate~~well as risks related to environmental, social and governance factors, with full respect for the applicable confidentiality and data protection provisions provided for in the relevant Union legislation;;

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point a – point iii a (new)

Regulation (EU) No 1093/2010
Article 29 – paragraph 1 – point e b (new)

(iiia) the following point (eb) is added: “(eb) putting in place a monitoring system to assess environmental, social and governance related risks built on standardised forward-looking climate scenarios.”

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point a – point iii a (new)

Regulation (EU) No 1093/2010
Article 29 – paragraph 1 – subparagraph 1a (new)

(iiia) The following subparagraph is added: “The Authority may report to the Commission where differences in the national transposition or application of Union acts referred to in Article 1(2) hamper the functioning of the single market or cause detriment for consumers and other users of financial services.” Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02010R1093-20160112)

2018/09/14
Committee: ECON

Sven GIEGOLD

Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point b

Regulation (EU) No 1093/2010
Article 29 – paragraph 2 – subparagraphs 3 and 3a (new)

(b) in paragraph 2, the following subparagraph iss are added: “For the purpose of establishing a common supervisory culture, the Authority shall develop and maintain an up-to-date Union supervisory handbook on the supervision of financial institutions in the Union, taking into account changing business practices and business models of financial institutions. The Authority shall also develop and maintain an up-to-date Union resolution handbook on the resolution of financial institutions in the Union. Both the Union supervisory handbook and the Union resolution handbook shall set out supervisory best practices and shall specify high quality methodologies and processes. The Authority shall make use of the supervisory handbook when carrying out its tasks, including assessment of potential breaches of Union law pursuant to article 17, settling disputes pursuant to article 19, assessing annual work programmes and implementation reports pursuant to article 29a and carrying out reviews to competent authorities pursuant to article 30.”

2018/09/14
Committee: ECON

Sven GIEGOLD