83 Amendments of Norica NICOLAI related to 2014/0020(COD)
Amendment 102 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3 a) Since the proposal of the High-level Expert Group on reforming the structure of the Union’s banking sector, the Union has adopted a large amount of legislation (EMIR, MIFID2, CRR, CRD4, DGS, BRRD among others) reducing systemic risk, increasing capital requirements, safeguarding depositors and improving the tools for dealing with bank crises across the Union. As a result of these new rules and of new structures for supervision, the legal framework has been reinforced and the single rulebook in banking has created a new basis for financial markets in the Union, facilitating a single financial market and a working Capital Markets Union.
Amendment 111 #
Proposal for a regulation
Recital 10
Recital 10
Amendment 120 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12 a) Through a risk-based approach, this Regulation should aim at providing financial stability, reducing systemic risk and maintaining a competitive European banking sector able to finance the economy.
Amendment 134 #
Proposal for a regulation
Recital 16
Recital 16
(16) It is difficult to distinguish proprietary trading from market making. To overcome this difficulty, the prohibition of proprietary trading should be limited to desks, units, divisions or individual traders specifically dedicated to proprietary tradingre should be enhanced rules regarding the definition of trading mandates with risk limits and improved permanent monitoring under the control of the competent authorities to ensure the consistency of transactions with the trading mandates and risk limits. Banks should not be able to circumvent the prohibition by running or benefiting from investments in non-bank entities engaging in proprietary trading.
Amendment 147 #
Proposal for a regulation
Recital 21
Recital 21
(21) The management body of the entities subject to the prohibition of proprietary trading should ensure compliance with this prohibition. The permanent control should assess the consistency of profit and loss, risk and activity (including turnover) results with the appetite for risk of the institution, the internal risk limits and the trading mandates.
Amendment 159 #
Proposal for a regulation
Recital 23
Recital 23
(23) If, when assessing the trading activities, the competent authority concludes that they exceed certain metrics in terms of relative size, leverage, complexity, profitability, associated market risk, as well as interconnectedness, and further deems that there is a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system, taking into account the objectives of this Regulation, it should require their separation from the core credit institution unless the core credit institution can demonstrate to the satisfaction of the competent authority that those trading activities do not pose a threat to the financial stability of the core credit institution or to the Union financial system as a whole, taking into account the objectives set out in this Regulation.
Amendment 178 #
Proposal for a regulation
Recital 29
Recital 29
(29) Irrespective of separation, the core credit institution should still be able to manage its own risk. Certain trading activities should therefore be allowed to the extent that they are aimed at the prudent management of the core credit institution's capital, liquidity and funding and do not pose concerns to its financial stability. Similarly, the core credit institutions needs to be able to provide certain necessary risk management services to its clients. However, that should be done without exposing the core credit institution to unnecessary risk and without posing concerns to its financial stability. Hedging activities eligible for the purpose of prudently managing own risk and for the provision of risk management services to clients can, but does not have to, qualify as hedge accounting under the International Financial Reporting Standards. Irrespective of a decision to separate, the competent authority shall have the power conferred by Article 104(1)(a) of Directive 2013/36/EU to impose an own funds requirement when the volume of risks and trading activities exceeds certain levels, in order to incentivise an institution not to take unnecessary risks for its financial stability or the financial stability of the Union in whole or in part.
Amendment 185 #
Proposal for a regulation
Recital 32 a (new)
Recital 32 a (new)
(32 a) In accordance with Article 1(5) and Article 22(2) of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), EBA shall pay particular attention to any systemic risk posed by financial institutions, the failure of which may impair the operation of the financial system or the real economy. EBA shall therefore develop guidance on the quantitative and the qualitative parameters.
Amendment 191 #
Proposal for a regulation
Recital 37 a (new)
Recital 37 a (new)
(37 a) For the purpose of carrying out its exclusive tasks, including the duties specified in this Regulation, the ECB has the sanctioning powers specified in Article 18 of Regulation (EU) No 1024/2013. For the purpose of carrying out its exclusive tasks, including the duties specified in this Regulation, the ECB has the sanctioning powers specified in Article 18 of Regulation (EU) No 1024/2013.
Amendment 200 #
Proposal for a regulation
Recital 44 a (new)
Recital 44 a (new)
(44 a) The conferral of supervisory tasks implies a significant responsibility for the ECB to safeguard financial stability in the Union, and to use its supervisory powers in the most effective and proportionate way. Any shift of supervisory powers from the Member State to the Union level should be balanced by appropriate transparency and accountability requirements. The ECB should therefore be accountable for the exercise of those tasks towards the European Parliament and the Council as democratically legitimised institutions representing the citizens of the Union and the Member States. That should include regular reporting, and responding to questions by the European Parliament in accordance with its rules of procedure, and by the Eurogroup in accordance with its procedures. Any reporting obligations should be subject to the relevant professional secrecy requirements.
Amendment 203 #
Proposal for a regulation
Recital 47 a (new)
Recital 47 a (new)
(47 a) As stated in the Liikanen report, "attention should be paid to the governance and control mechanisms of all banks". More attention should indeed be given by the competent authorities to the ability of management and boards to run and monitor large and complex banks as well as smaller ones as the crisis has shown that small banks represent a risk too. Complementary supervisory tools should be developed such as fit-and- proper tests applied when evaluating the suitability of management and board candidates.
Amendment 204 #
Proposal for a regulation
Article 1 – paragraph 1 – introductory part
Article 1 – paragraph 1 – introductory part
This Regulation aims atconfers on the competent authorities specific tasks concerning policies relating to the prudential supervision with the aim of preventing systemic risk, financial stress or failure of, in particular, large, complex and interconnected entities in the financial system, in particular credit institucredit institutions by mandating competent authorities to assess the trading activities and if an excessive risk occurs across the different legal entities of a banking group imposing the separation in a trading entity of those activities from the rest of the banking group, where they represent a threat to the solvency of the institution or to financial stability. In exercising this Regulations, and at meetingthe competent authorities will have to pay particular attention to the following objectivedimensions:
Amendment 229 #
Proposal for a regulation
Article 2 – paragraph 1 – introductory part
Article 2 – paragraph 1 – introductory part
This Regulation lays down rules onfor a framework for the competent authorities' supervisory processes to properly assess the need for:
Amendment 247 #
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 activities amounting at least to EUR 70 billion or 10 per cent of its total assets:
Amendment 259 #
Proposal for a regulation
Article 3 – paragraph 1 – point b a (new)
Article 3 – paragraph 1 – point b a (new)
(b a) any entity that the competent authority may, on its own initiative, consider to be of significant relevance on grounds of preventing systemic risk, financial stress or failure.
Amendment 279 #
Proposal for a regulation
Article 5 – paragraph 1 – point 4
Article 5 – paragraph 1 – point 4
4. ‘proprietary trading’ means using own capital or borrowed money to take positions in reaction to and with the motivation of exploiting actual or expected movements in market valuations, in any type of transaction to purchase, sell or otherwise acquire or dispose of any financial instrument or commodities for the sole purpose of making a profit for own account, and without any connection to actual or anticipated client activity or for the purpose of hedging the entity’s risk as result of actual or anticipated client activity, through the use of desks, units, divisions or individual tra. This definition includers specifically dedicated to such position taking and profit making, including through dedicated web-based proprietary trading platformsany such transaction undertaken with the aim of making profit, irrespective of whether such profit would be realised in the short term or in the longer term, or is in fact realised;
Amendment 287 #
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 liquidity on a regular and on-going basis, by posting two-way quotes with regard to a certain financial instrument, or as part of its usual business, by fulfilling orders initiated by clients or in response to clients’ requests to trade, butor in both cases without bereasonable anticipation of potential client activity, and by hedging exposed to material market riitions arising from the fulfilment of these tasks;
Amendment 297 #
Proposal for a regulation
Article 5 – paragraph 1 – point 22 a (new)
Article 5 – paragraph 1 – point 22 a (new)
22 a. "concentration" means a concentration as determined in accordance with Council Regulation (EC) No 139/2004.
Amendment 304 #
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
1. Entities referred to in Article 3 shall not unless via a separate trading entity which satisfies the conditions set in Articles 13, 14 and whose process of creation satisfies Article 18:
Amendment 312 #
Proposal for a regulation
Article 6 – paragraph 1 – point b – point i
Article 6 – paragraph 1 – point b – point i
(i) acquire or retain units or shares of substantially leveraged AIFs as defined by Article 4(1)(a) of Directive 2011/61/EU;
Amendment 316 #
Proposal for a regulation
Article 6 – paragraph 1 – point b – point ii
Article 6 – paragraph 1 – point b – point ii
(ii) invest in derivatives, certificates, indices or any other financial instrument the performance of which is linked to shares or units of substantially leveraged AIFs;
Amendment 321 #
Proposal for a regulation
Article 6 – paragraph 1 – point b – point iii
Article 6 – paragraph 1 – point b – point iii
(iii) hold any units or shares in an entity that engages in proprietary trading or acquires units or shares in substantially leveraged AIFs.
Amendment 325 #
Proposal for a regulation
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
1 a. Notwithstanding paragraph 1(b)(i), entities referred to in Article 3 may: - provide seed capital to substantially leveraged AIFs up to 3% over a period of one year extendable twice from the date of their commitment; or - retain at least one share of contractual funds.
Amendment 330 #
Proposal for a regulation
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
Amendment 352 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. The management body of each entity referred to in Article 3 shall ensure that the requirements set out in paragraph 1 are complied with. In particular, the credit institution or the EU parent must report qualitative and quantitative information to the competent authority and have in place appropriate procedures, reasonably designed to achieve compliance with the requirements set out in paragraph 1. Procedures shall include inter alia: - identifying, defining and monitoring activities within the credit institution; - establishing appropriate risk limits unit by unit for trading activities; - computing a comprehensive profit and loss attribution for each unit engaged in trading; - reviewing on a regular basis the compliance program; - aligning the remuneration of the staff with a prudent management of the risks involved.
Amendment 364 #
Proposal for a regulation
Chapter 3 – title
Chapter 3 – title
Amendment 399 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
1 a. The requirements of this Chapter shall apply to all entities referred to in Article 3 paragraph (b) that for a period of three consecutive years have total trading activities amounting to at least EUR 70 billion or 10 per cent of the entity's total assets.
Amendment 405 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
Amendment 427 #
Proposal for a regulation
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1 a. Even when trading activities are separated from the rest of the group, as a result of national measures referred to in Article 1, as a result of the decision laid down in Article 10 or as a choice of the institution, the competent authority shall assess these trading activities with a view, where necessary, to implement intra- group large exposure limits referred to in Article 14 or further requirements such as additional capital surcharges and risk limits.
Amendment 434 #
Proposal for a regulation
Article 9 – paragraph 2 – introductory part
Article 9 – paragraph 2 – introductory part
2. When performing the assessment referred to in paragraph 1, the competent authority shall use the following metricsqualitative and quantitative parameters, inter alia:
Amendment 463 #
Proposal for a regulation
Article 9 – paragraph 2 – point h a (new)
Article 9 – paragraph 2 – point h a (new)
(h a) the cartography of trading activities, including methods for assessing the need to build up inventories in order to meet anticipated client demand;
Amendment 468 #
Proposal for a regulation
Article 9 – paragraph 2 – point h b (new)
Article 9 – paragraph 2 – point h b (new)
(h b) the compliance framework implementing this regulation;
Amendment 470 #
Proposal for a regulation
Article 9 – paragraph 2 – point h d (new)
Article 9 – paragraph 2 – point h d (new)
(h d) the remuneration schemes;
Amendment 472 #
Proposal for a regulation
Article 9 – paragraph 2 – point h c (new)
Article 9 – paragraph 2 – point h c (new)
Amendment 476 #
Proposal for a regulation
Article 9 – paragraph 2 – point h e (new)
Article 9 – paragraph 2 – point h e (new)
(h e) the risk management policy;
Amendment 477 #
Proposal for a regulation
Article 9 – paragraph 2 – point h f (new)
Article 9 – paragraph 2 – point h f (new)
(h f) the risk disclosure management;
Amendment 478 #
Proposal for a regulation
Article 9 – paragraph 2 – point h g (new)
Article 9 – paragraph 2 – point h g (new)
(h g) the policy to fight aggressive tax planning and tax havens;
Amendment 479 #
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1 (new)
Article 9 – paragraph 2 – subparagraph 1 (new)
This assessment by the competent authority shall be carried out at a detailed level up to the desk where deemed relevant, and cover all trading activities, including market making.
Amendment 481 #
Proposal for a regulation
Article 9 – paragraph 2 a (new)
Article 9 – paragraph 2 a (new)
2 a. The competent authority may require all quantitative and qualitative information it deems relevant for the assessment of trading activities under paragraph 1.
Amendment 501 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and conditions linked to the metrics referred to in points (a) to (h) of Article 9(2) and specified in the delegated act referred to in paragraph 5 are met, and it therefore deems that there ispart or all of the trading activities represent a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system as a whole, taking into account the objectives referred to in Article 1, it shall, no later than two months after the finalisation of that assessment, start the procedure leading to a decision as referredrequire the institution to take measures to mitigate excessive risk taking. The institution shall submit a report to in the second subparagraph of paragraph 3competent authorities outlining the measures that it has taken or intends to take to efficiently address those risks.
Amendment 507 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
Amendment 512 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 1
Article 10 – paragraph 3 – subparagraph 1
The competent authority shall notify its conclusions referred to in paragraphs 1 or 2 to the core credit institution and provide the core credit institution with the opportunity to submit written comments within two months from the date of the notification.
Amendment 525 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 2
Article 10 – paragraph 3 – subparagraph 2
Amendment 532 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3
Article 10 – paragraph 3 – subparagraph 3
Amendment 535 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 4
Article 10 – paragraph 3 – subparagraph 4
Amendment 545 #
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
4. The decisions referred to in the second subparagraph of paragraph 3 will be subject to review by the competent authority every 5 yearsat least every year in the context of the Supervisory Review and Evaluation Process that competent authorities shall carry out under Article 97 of Directive 2013/36/EU.
Amendment 551 #
Proposal for a regulation
Article 10 – paragraph 5 – introductory part
Article 10 – paragraph 5 – introductory part
5. The Commission shall, [OP insert the correct date by 6 months of publication of this Regulation] adopt delegated acts in accordance with Article 35 to:EBA shall develop and submit guidance on the parameters to the competent authority. In order to properly assess the risk, the EBA shall review regularly the guidance.
Amendment 552 #
Proposal for a regulation
Article 10 – paragraph 5 – point a
Article 10 – paragraph 5 – point a
Amendment 556 #
Proposal for a regulation
Article 10 – paragraph 5 – point b
Article 10 – paragraph 5 – point b
Amendment 567 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1
Article 11 – paragraph 1 – subparagraph 1
Amendment 594 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – introductory part
Article 12 – paragraph 1 – subparagraph 1 – introductory part
Amendment 596 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – point a
Article 12 – paragraph 1 – subparagraph 1 – point a
Amendment 600 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – point b
Article 12 – paragraph 1 – subparagraph 1 – point b
Amendment 646 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
Amendment 653 #
Proposal for a regulation
Article 16
Article 16
Amendment 676 #
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 1a (new)
Article 19 – paragraph 2 – subparagraph 1a (new)
A finding by the relevant resolution authority that there are no substantive impediments to resolvability shall not in itself be deemed sufficient indication that the conclusions referred to in Article 10(3) are not justified, as primary objectives of this Regulation focus on financial stability at large and not only on resolvability. Likewise, the competent authority shall not take a decision referred to in Article 10(3) for resolvability purposes, since the powers to change banking groups' structure, including by requiring a "holding company" structure are entrusted to the resolution authority in accordance with Article 17(5)(g) of Directive 2014/59/EU.
Amendment 680 #
Proposal for a regulation
Article 19 – paragraph 3 – subparagraph 1a (new)
Article 19 – paragraph 3 – subparagraph 1a (new)
In particular, the competent authority shall provide the resolution authority with all relevant information resulting from its risk assessment of trading activities so as to facilitate the update of resolution plans by the resolution authority.
Amendment 703 #
Proposal for a regulation
Article 21 – title
Article 21 – title
Amendment 707 #
Proposal for a regulation
Article 21 – paragraph 1 – introductory part
Article 21 – paragraph 1 – introductory part
1. At the request of a Member State, the Commission may grant a derogation from the requirements of this Chapter to aThis Regulation shall not prevent Member States from implementing national bank structural reforms that apply at individual level to credit institutions authorized in their territory with the view of isolating core credit institutions or taking deposits from individuals and SMEs that are subject to national primary legislation adopted before 29 January 2014macro-prudential measures, with the prior consent of the competent authorities and resolution authorities. Competent authorities and resolution authorities shall not authorise those national measures whenre the national legislation complies with the following requirements:credit institution is subject to a resolution regime equipped with resolution financing arrangements that prevent the use of tax payer money by establishing ex ante funding in a resolution fund separate from Member States' general budget.
Amendment 709 #
Proposal for a regulation
Article 21 – paragraph 1 – point a
Article 21 – paragraph 1 – point a
Amendment 712 #
Proposal for a regulation
Article 21 – paragraph 1 – point b
Article 21 – paragraph 1 – point b
Amendment 716 #
Proposal for a regulation
Article 21 – paragraph 1 – point c
Article 21 – paragraph 1 – point c
Amendment 721 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 1
Article 21 – paragraph 2 – subparagraph 1
Amendment 723 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 2
Article 21 – paragraph 2 – subparagraph 2
Amendment 727 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 3
Article 21 – paragraph 2 – subparagraph 3
Amendment 732 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 4
Article 21 – paragraph 2 – subparagraph 4
Amendment 736 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 5
Article 21 – paragraph 2 – subparagraph 5
Amendment 740 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 6
Article 21 – paragraph 2 – subparagraph 6
Amendment 752 #
Proposal for a regulation
Article 22 – paragraph 4 – subparagraph 1
Article 22 – paragraph 4 – subparagraph 1
By [OP insert the correct date by 12 months of publication of this Regulation], the competent authority shall annually identify credit institutions and groups that are subject to this Regulation in accordance with Article 3 and notify them immediately to the EBA.
Amendment 767 #
Proposal for a regulation
Article 23 – paragraph 3 a (new)
Article 23 – paragraph 3 a (new)
3 a. For the purpose of Article 3(1)(b), the calculation of thresholds for entities that have effected a concentration during the previous year shall for the two years prior to the concentration be based on the combined accounts of the merged entities.
Amendment 775 #
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 1
Article 26 – paragraph 4 – subparagraph 1
Amendment 778 #
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 2
Article 26 – paragraph 4 – subparagraph 2
Amendment 786 #
Proposal for a regulation
Article 26 a (new)
Article 26 a (new)
Article 26 a Accountability and reporting 1. When acting as a competent authority in the framework of this regulation, the ECB shall be accountable to the European Parliament and to the Council for the implementation of this Regulation. The ECB shall be subject to the same accountability provisions laid down in Article 20 of Council regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions. This implies inter alia that at the request of the European Parliament, the Chair of the Supervisory Board of the ECB shall participate in a hearing on the execution of its supervisory tasks by the competent committees of the European Parliament. 2. The ECB shall report on the execution of the tasks conferred on it by this Regulation in the framework of the annual report it is due to submit to the European Parliament, to the Council, to the Commission and to the euro Group referred to in article 20 of Council regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions. 3. The other competent authorities shall report, on a regular basis, to the Commission and the EBA on the implementation of this Regulation. 4. The competent committee of the European Parliament may invite the other competent authorities to participate in an exchange of views.
Amendment 796 #
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point b
Article 28 – paragraph 4 – subparagraph 1 – point b
(b) the disgorgement of the profits gained or losses avoided due to the breach in so far as they can be determinedwhich the competent authority estimates to have been gained or avoided due to the breach ;
Amendment 797 #
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point d
Article 28 – paragraph 4 – subparagraph 1 – point d
(d) withdrawal or suspension of the authorisation;
Amendment 800 #
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point g
Article 28 – paragraph 4 – subparagraph 1 – point g
(g) maximum administrative pecuniary sanctions of at least three times the amount of the profits gained or losses avoided because ofpenalties of up to twice the amount of the benefit derived from the breach where thoseat benefit can be determined;
Amendment 804 #
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point h
Article 28 – paragraph 4 – subparagraph 1 – point h
(h) in respectthe case of a natural person, a maximum administrative pecuniary sanction of at leastpenalties of up to EUR 5 000 000 or, in the Member States whose currency is not the euro, the corresponding value in the national currency on the date of entry into force of this Regulation;
Amendment 805 #
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point i
Article 28 – paragraph 4 – subparagraph 1 – point i
(i) in respectthe case of a legal persons, maximum administrative pecuniary sanctions of at leastpenalties of up to 10 per cent of the total annual net turnover of the legal person according to the last available accounts approved by the management body; where the legal person is a parent undertaking or a subsidiary of the parent undertaking which has to prepare consolidated financial accounts according to Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income according to the relevant accounting regime according to the last available consolidated accounts approved by the management body of the ultimate parent undertakingincluding the gross income consisting of interest receivable and similar income, income from shares and other variable or fixed-yield securities, and commissions or fees receivable in accordance with Article 316 of Regulation (EU) No 575/2013 of the undertaking in the preceding business year.
Amendment 807 #
Proposal for a regulation
Article 28 – paragraph 5 a (new)
Article 28 – paragraph 5 a (new)
5 a. In the event of a breach referred to in paragraph 1, the ECB, as a competent authority, may impose the sanctions laid down in Article 18 of Regulation (EU) No 1024/2013.
Amendment 811 #
Proposal for a regulation
Article 29 – paragraph 1 – point d
Article 29 – paragraph 1 – point d
(d) the importance of the profits gained or losses which the competent authority estimates to have been gained or avoided by the person responsible for the breach, insofar as they can be determined;
Amendment 828 #
Proposal for a regulation
Article 34 – paragraph 1
Article 34 – paragraph 1
The CommissionEBA shall, on a regular basis, monitor the effect of rules laid down in this Regulation in respect of the achievement of the objectives referred to in Article 1 and on the stability of the Union financial system as a whole, taking into account market structure developments as well as the development and activities of the entities regulated by this Regulation, and make any appropriate proposals. The review shall in particular focus on the appropriateness and the application of the thresholds referred to in Article 3, the application and effectiveness of the prohibition foreseen in Article 6, including the exemptions to the prohibition provided in the same Article, the scope of activities referred to in Article 8 and the suitability of the metrics set out in Article 9. By 1 January 2020 and on a regular basis thereafter, the Commission shall, after taking into account the views of the competent authorities, submit to the European Parliament and to the Council a report, including the issues mentioned above, if appropriate accompanied by a legislative proposaland qualitative information set out in Article 9.
Amendment 829 #
Proposal for a regulation
Article 34 – paragraph 1 a (new)
Article 34 – paragraph 1 a (new)
By*, the Commission, after consulting the ESRB, the EBA and the competent authorities, shall submit to the European Parliament and to the Council a report on the potential threats to financial stability, to the Single Market and to the competitiveness of the EU, covering inter alia: - the calibration of sovereign debt; - the governance and control mechanisms of the banks; - misaligned fiscal incentives, notably the preferential fiscal treatment of debt ; - the level of competition both inside the EU and at global level. If appropriate, the report should be accompanied by legislative proposals. * within 12 months of publication of this Regulation in the OJ.
Amendment 830 #
Proposal for a regulation
Article 34 – paragraph 1 a (new)
Article 34 – paragraph 1 a (new)
Based on the EBA review referred to in paragraph 1, by 1 January 2020 and on a regular basis thereafter, the Commission shall, after taking into account the views of the competent authorities, submit to the European Parliament and to the Council a report, including the issues mentioned above, if appropriate accompanied by a legislative proposal.