[ParlTrack]

Proposal for a directive
Article 4 – paragraph 1 – point c

(c) in case of insolvency of the credit institution issuing covered bonds and in the event that the priority claim as referred to in point (b) cannot be fully satisfied, a priority claim on the insolvency estate of that credit institution~~, which ranks pari passu with~~ over the claims of the credit institution's ordinary unsecured creditors determined in accordance with ~~the~~ national laws governing the ranking in normal insolvency procedures.

2018/09/26
Committee: ECON

Marisa MATIAS

Proposal for a directive
Article 4 – paragraph 3

3. For the purposes of point (c) of paragraph 1, in the case of insolvency of a specialised mortgage credit institution, Member States ~~may~~shall lay down rules granting the covered bond investors a claim that ranks senior to the claim of that specialised mortgage credit institution's o~~rdinary unsecured creditors determined in accordance with the national laws governing the ranking of creditors in normal insolvency procedures, but junior to any other preferred~~ther creditors.

2018/09/26
Committee: ECON

Marisa MATIAS

Proposal for a directive
Article 7 – paragraph 1

~~1. Subject to the provision in paragraph 2, Member States may allow credit institutions issuing covered bonds to include assets located outside of the Union in the cover pool.~~deleted

2018/09/26
Committee: ECON

Marisa MATIAS

Proposal for a directive
Article 7 – paragraph 2

2. Where Member States allow for the inclusion referred to in paragraph 1, they shall ensure investor protection by verifying whether the assets located outside of the Union meet all the requirements set out in Article 6 and that the realisation of such assets is legally enforceable in a way similar to assets located within the Union.deleted

2018/09/26
Committee: ECON

Marisa MATIAS

Proposal for a directive
Article 11 – paragraph 1 – introductory part

1. Member States shall ensure ~~investor protection by allowing~~that derivative contracts ~~to be~~are not included in the cover pool ~~only where at least the following requirements are met:~~

2018/09/26
Committee: ECON

Marisa MATIAS

Proposal for a directive
Article 11 – paragraph 1 – point a

~~(a) the derivative contracts are included in the cover pool exclusively for risk hedging purposes;~~deleted

2018/09/26
Committee: ECON

Marisa MATIAS

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

~~(b) the derivative contracts are sufficiently documen~~deleted;

2018/09/26
Committee: ECON

Marisa MATIAS

Proposal for a directive
Article 11 – paragraph 1 – point c

~~(c) the derivative contracts are segregated in accordance with Article 12;~~deleted

2018/09/26
Committee: ECON

Marisa MATIAS

Proposal for a directive
Article 11 – paragraph 1 – point d

~~(d) the derivative contracts cannot be terminated upon the insolvency or resolution of the credit institution issuing covered bonds;~~deleted

2018/09/26
Committee: ECON

Marisa MATIAS

Proposal for a directive
Article 11 – paragraph 1 – point e

~~(e) the derivative contracts comply with the rules laid down in accordance with paragraph 2.~~deleted

2018/09/26
Committee: ECON

Marisa MATIAS

Proposal for a directive
Article 11 – paragraph 2

2. For the purposes of ensuring compliance with the requirements listed in paragraph 1, Member States shall lay down rules for cover pool derivative contracts including at least: (a) the eligibility criteria for the hedging counterparties; (b) the limits on the amount of derivative contracts in the cover pool; (c) the necessary documentation to be provided in relation to derivative contracts.deleted

2018/09/26
Committee: ECON

Marisa MATIAS

Proposal for a directive
Article 11 – paragraph 2 – point a

~~(a) the eligibility criteria for the hedging counterparties;~~deleted

2018/09/26
Committee: ECON

Marisa MATIAS

Proposal for a directive
Article 11 – paragraph 2 – point b

~~(b) the limits on the amount of derivative contracts in the cover pool;~~deleted

2018/09/26
Committee: ECON

Marisa MATIAS

Proposal for a directive
Article 11 – paragraph 2 – point c

~~(c) the necessary documentation to be provided in relation to derivative contracts.~~deleted