9 Amendments of Danuta Maria HÜBNER related to 2014/0020(COD)
Amendment 138 #
Proposal for a regulation
Recital 17
Recital 17
(17) To ensure that the entities subject to the prohibition of proprietary trading can continue to contribute toward the financing of the economy, they should be allowed to invest in a closed list of funds. This exhaustive list should comprise closed- ended and unleveraged alternative investment funds (AIFs), European Vwhich are not substantially leveraged in accordance with the Directive 2011/61/EU26 and Regulation 231/2013, venture Ccapital Ffunds that fall under the definition foreseen in Article 3(b) of Regulation (EU) No 346/2013, European Social Entrepreneurship Funds and European Long Term Investment Funds. To Given the contribution of vensture that these funds do not endanger the viability and financial soundness of the credit institutions that invest in them, it is essential that closed-ended and unleveraged AIFs in which credit institutions can still invest are managed by AIF managers that are authorised and supercapital funds toward the financing of the economy, in particular SMEs and the fact that EuVECA is an optional regime, credit institutions should be allowed to continue to invest in all type of venture capital funds. Therefore all venture capital funds that meet the definition of qualifying venture capital fund should be exempted from the proprietary trading ban. All the funds mentioned above are properly regulated and competent authorities are provisded in accordance with the relevant provisions of Directive 2011/61/EU of the European Parliament and of the Council26 , and that those AIFs are established in the Union or, if they are not established in the Union, they are marketed in the Union according to the rules of that Directivewith different supervisory tools for monitoring and addressing risks associated with either funds' or managers' activities. Investments in those types of funds do not endanger financial soundness of the credit institutions and therefore credit institutions should be allowed to invest in such funds. __________________ 26Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010
Amendment 249 #
Proposal for a regulation
Article 3 – paragraph 1 – point b – introductory part
Article 3 – paragraph 1 – point b – introductory part
(b) any of the following entities that for a period of three consecutive years has total assets amounting at least to EUR 30 billion and has trading activitirelated risk exposures amounting at least to EUR 70 billion or 150 per cent of its total assetsown funds and eligible liabilities for bail-in requirements as defined in Article 45 of Directive 2014/59/EU [BRRD]:
Amendment 283 #
Proposal for a regulation
Article 5 – paragraph 1 – point 12
Article 5 – paragraph 1 – point 12
12. ‘market making’ means a financial institution's commitment to provide market liquiddeal as principal in a financial instrument, whether listed or not listed on a regulated market, a multilateral trading facility onr a regular and on-going basis,n organized trading facility within the meaning of respectively points (21), (22) and (23) of Article 4(1) of Directive 2014/65/EU, whether traded on or outside a trading venue, (i) either by posting firm, simultaneous two-ways quotes of comparable size at comparable prices or by posting twoone-way quotes with regard to a certain financial instrument,the result of providing liquidity on a regular and ongoing basis to the market, (ii) or as part of its usual business, by fulfilling orders initiated by clients or in response to clients’' requests to trade, but in both cases without be(iii) or by hedging exposed to material market riskitions arising from the fulfilment of tasks under points (i), (ii);
Amendment 344 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The restrictions laid down in point (b) of paragraph 1 shall not apply with regard to closed-ended and unAIFs, which are not substantially leveraged AIFs, as defined in Directive 2011/61/EU where those AIFs are established in the Union or, if they are not established in the Union, they are marketed in the Union according to Articles 35 or 40 of Directive 2011/61/EU and Article 111 of the Regulation 231/2013, to qualifying venture capital funds as defined in Article 3(b) of Regulation (EU) No 345/2013, to qualifying social entrepreneurship funds as defined in Article 3(b) of Regulation (EU) No 346/2013, and to AIFs authorized as ELTIFs in accordance with Regulation (EU) No [XXX/XXXX].
Amendment 774 #
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 1
Article 26 – paragraph 4 – subparagraph 1
Amendment 777 #
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 2
Article 26 – paragraph 4 – subparagraph 2
Amendment 780 #
Proposal for a regulation
Article 26 – paragraph 4 a (new)
Article 26 – paragraph 4 a (new)
Amendment 781 #
Proposal for a regulation
Article 26 – paragraph 4 b (new)
Article 26 – paragraph 4 b (new)
Amendment 782 #
Proposal for a regulation
Article 26 – paragraph 4 c (new)
Article 26 – paragraph 4 c (new)
4c. The joint decision referred to in paragraph 4, subparagraph 1 and the decisions taken by the competent authorities in the absence of a joint decision referred to in paragraph 4b shall be recognised as determinative and applied by the competent authorities in the Member States concerned. The joint decision referred to in the paragraph 4, subparagraph 1 and any decision taken in the absence of a joint decision in accordance with paragraph 4b, shall be updated on an annual basis or, in exceptional circumstances, where a competent authority responsible for the supervision of subsidiaries of an EU parent institution or, an EU parent financial holding company or EU parent mixed financial holding company makes a written and fully reasoned request to the consolidating supervisor to update the decision on the application of Article 10. In the latter case, the update may be addressed on a bilateral basis between the consolidating supervisor and the competent authority making the request.