15 Amendments of Jürgen KLUTE related to 2009/0144(COD)
Amendment 170 #
Proposal for a regulation
Recital 33
Recital 33
(33) Where appropriate, tThe Authority should consultall allow interested parties on technical standards, guidelines and recommendationsto be consulted on all work undertaken by the Authority and provide them with a reasonable opportunity to comment on proposed measures. For reasons of efficiency, a Securities and Markets Stakeholder Group should be established for that purpose, representing in balanced proportions CommunityEU financial market participants (including as appropriate institutional investors and other financial institutions which themselves use financial services), their employees, and consumers and other retail users of financial services, including SMEs. The Securities and Markets Stakeholder Group should actively work as an interface with other user groups in the financial services area established by the Commission or CommunityUnion legislation.
Amendment 207 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, (vi) preventing regulatory arbitrage. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 209 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination, (vi) developing common methodologies for assessing the effect of product characteristics and distribution processes on the financial position of institutions and on customer protection, with the aim to contributing to a level playing field. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission.
Amendment 388 #
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 – point b a (new)
Article 14 – paragraph 1 – subparagraph 1 – point b a (new)
(ba) encourage the emergence of best practices, including an effective and constructive dialogue between national authorities and relevant stakeholders including consumers and unions representing employees in the sector as constituents of a common supervisory culture;
Amendment 389 #
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 – point b b (new)
Article 14 – paragraph 1 – subparagraph 1 – point b b (new)
(bb) ensure that authorities take account of information from employees on companies’ business practices as regards remuneration structures, incentives, skills and working conditions;
Amendment 392 #
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 – point c
Article 14 – paragraph 1 – subparagraph 1 – point c
(c) contribute to developing high quality and uniform supervisory standards, including reporting and accounting standards;
Amendment 404 #
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2 – introductory part
Article 17 – paragraph 1 – subparagraph 2 – introductory part
In particular, the Authority shall, in cooperation with the ESRB, initiate and coordinate CommunityUnion -wide assessments of the resilience of key financial market participants to adverse market developments, and of threats arising from financial products’ characteristics and distribution processes. To that end, it shall develop the following, for application by the competent authorities:
Amendment 406 #
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2 – point a a (new)
Article 17 – paragraph 1 – subparagraph 2 – point a a (new)
(aa) common methodologies for assessing the effect of product characteristics and distribution processes on an institution’s financial position and on customer protection;
Amendment 434 #
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 1
Article 22 – paragraph 2 - subparagraph 1
2. The Securities and Markets Stakeholder Group shall be composed of 30 members, representing in balanced proportions CommunityEU financial market participants, their employees as well as consumers, investors and users of financial services. No stakeholders in the group shall have a stronger position than others.
Amendment 441 #
Proposal for a regulation
Article 22 – paragraph 2 - subparagraph 2
Article 22 – paragraph 2 - subparagraph 2
The Securities and Markets Stakeholder Group shall meet at least twicefour times a year.
Amendment 452 #
Proposal for a regulation
Article 22 – paragraph 3 - subparagraph 3 a (new)
Article 22 – paragraph 3 - subparagraph 3 a (new)
Adequate financial compensation shall be established for members of the stakeholder group, which represent non- profit organisations.
Amendment 459 #
Proposal for a regulation
Article 22 – paragraph 5
Article 22 – paragraph 5
5. The Securities and Markets Stakeholder Group may submit opinions and advice to the Authority on any issue related to the tasks of the Authority specified in Articles 7 and 8to 19.
Amendment 464 #
Proposal for a regulation
Article 22 – paragraph 5 – subparagraph 1 a (new)
Article 22 – paragraph 5 – subparagraph 1 a (new)
The stakeholder group shall decide on the issues relevant for consultation as well as on the agenda for the meetings.
Amendment 472 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The Authority shall ensure that no decision adopted under Articles 10 or 11 impinges in any wadirectly on the fiscal responsibilities of Member States.
Amendment 486 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 2
Article 23 – paragraph 2 – subparagraph 2
In its notification, the Member State shall justify why and clearly demonstrate howprovide an impact assessment on how much the decision impinges on its fiscal responsibilities.