34 Amendments of Peter SIMON related to 2012/0242(CNS)
Amendment 126 #
Proposal for a regulation
Recital 9
Recital 9
(9) A European banking union should therefore be set up, underpinned by a true single rulebook for financial services for the Single Market as a whole and composed of a single supervisory mechanism, and a commonuniform European regime for deposit insurance schemes and a resolution framework. In view of the close links and interactions between Member States participating in the common currency, the banking union should apply at least to all Euro area Member States. With a view to maintaining and deepening the internal market, and to the extent that this is institutionally possible, the banking union should also be open to the participation of other Member States.
Amendment 149 #
Proposal for a regulation
Recital 11
Recital 11
(11) As the Euro area’s central bank with, the ECB possesses extensive expertise in macroeconomic and financial stability issues, the ECB is well placedwhich are required in order to carry out supervisory tasks with a focus on protecting the stability of Europe’s financial system. Indeed in many Member States Central Banks are already responsible for banking supervision. The ECB should therefore be conferred specific tasks concerning policies relating to the supervision of credit institutions within the Euro area.
Amendment 161 #
Proposal for a regulation
Recital 12
Recital 12
(12) TUnder the single supervisory mechanism, the ECB should be conferred those specific supervisory tasks which are crucial to ensure a coherent and effective implementation of the Union's policy relating to the prudential supervision of credit institutions, while other tasks should remain with national authorities. The ECB's tasks should include measures taken in pursuance of macro-prudential stability.
Amendment 170 #
Proposal for a regulation
Recital 13
Recital 13
(13) Safety and soundness of large banks is essential to ensure the stability of the financial system. However, recent experience shows that smaller banks can also pose a threat to financial stability. Therefore, the ECB should be able to exercise supervisory tasks under the single supervisory mechanism, which should consist of the ECB and the competent national authorities, in relation to all banks of participating Member States.
Amendment 209 #
Proposal for a regulation
Recital 17
Recital 17
(17) Compliance with Union rules requiring credit institutions to hold certain levels of capital against risks inherent to the business of credit institutions, to limit the size of exposures to individual counterparties, to publicly disclose information on a credit institutions’ financial situation, to dispose of sufficient liquid assets to withstand situations of market stress, and to limit leverage is a prerequisite for credit institutions’ prudential soundness. The ECB should have the task, under the single supervisory mechanism, to ensure compliance with those rules and to set higher prudential requirements and apply additional measures to credit institutions in the cases specifically set out in Union acts.
Amendment 221 #
Proposal for a regulation
Recital 18
Recital 18
(18) Additional capital buffers, including a capital conservation buffer and a countercyclical capital buffer to ensure that credit institutions accumulate during periods of economic growth a sufficient capital base to absorb losses in stressed periods, are key prudential tools to ensure the availability of adequate loss absorbency. The ECB should have the task, under the single supervisory mechanism, to impose such buffers and ensure credit institutions comply with them.
Amendment 228 #
Proposal for a regulation
Recital 19
Recital 19
(19) The safety and soundness of a credit institution depend also on the allocation of adequate internal capital, having regard to the risks to which it may be exposed, and on the availability of appropriate internal organisation structures and corporate governance arrangements. The ECB should therefore have the task, under the single supervisory mechanism, to apply requirements ensuring that credit institutions have in place robust governance arrangements, processes and mechanisms, including strategies and processes for assessing and maintaining the adequacy of their internal capital. In case of deficiencies it should also have the task to impose appropriate measures including specific additional own funds requirements, specific publication requirements, and specific liquidity requirements.
Amendment 235 #
Proposal for a regulation
Recital 20
Recital 20
(20) Risks for the safety and soundness of a credit institution can arise both at the level of an individual credit institution and at the level of a banking group or of a financial conglomerate. Specific supervisory arrangements to mitigate these risks are important to ensure the safety and soundness of credit institutions. In addition to supervision of individual credit institutions, the ECB's tasks under the single supervisory mechanism should include supervision at the consolidated level, supplementary supervision, supervision of financial holding companies and supervision of mixed financial holding companies.
Amendment 237 #
Proposal for a regulation
Recital 21
Recital 21
(21) In order to preserve financial stability, the deterioration of an institution's financial and economic situation must be remedied before that institution reaches a point at which authorities have no other alternative than to resolve it. The ECB should have the task to carry out early intervention actions as defined in relevant Union law. It should however coordinate its early intervention action with the relevant resolution authorities. Pending the conferral of resolution powers on a European bodyreation of a single regime for restructuring and resolution, the ECB should moreover coordinate appropriately with the national authorities concerned to ensure a common understanding about respective responsibilities in case of crises, in particular in the context of the cross border crisis management groups and the future resolution colleges established for these purposes.
Amendment 255 #
Proposal for a regulation
Recital 23
Recital 23
(23) TUnder the single supervisory mechanism, the ECB should carry out the tasks conferred on it with a view to ensuring the safety and soundness of credit institutions and the stability of the financial system of the Union and the unity and integrity of the Internal Market, thereby ensuring also the protection of depositors and improving the functioning of the Internal Market, in accordance with the single rulebook for financial services in the Union.
Amendment 279 #
Proposal for a regulation
Recital 28
Recital 28
(28) National supervisors have important and long-established expertise in the supervision of credit institutions within their territory and their economic, organisational and cultural specificities. They have established a large body of dedicated and highly qualified staff for these purposes. Therefore, iIn order to ensure high quality European supervision national supervisors should assist the ECB in the preparation and implementation of any acts relating to the exercise of the ECB supervisory tasks. This should include in particular the ongoing day-to- day assessment of a bank's situation and related on site verificationssupervision under the single supervisory mechanism, national supervisors should perform day-to-day supervision for the ECB. This should include in particular the ongoing day-to- day assessment of a bank's situation and related on site verifications. The ECB should, however, have the power to perform day-to-day supervision of individual credit institutions, or of particular types of credit institutions, directly, if it believes this to be necessary in the interests of financial stability or to protect the stability of the European financial system.
Amendment 297 #
Proposal for a regulation
Recital 30
Recital 30
(30) In order to carry out its tasks, the ECB should have appropriate supervisory powers. Union law on the prudential supervision of credit institutions provides for certain powers to be conferred on competent authorities designated by the Member States for those purposes. To the extent that these powers fall within the scope of the supervisory tasks conferred on the ECB, for participating Member States the ECBthe ECB, acting under the terms of the single supervisory mechanism, or the competent national authority, should be considered the competent authority and should have the powers conferred on competent authorities by Union law. This includes powers conferred by those acts on the competent authorities of the home and the host Member States and the powers conferred on designated authorities.
Amendment 304 #
Proposal for a regulation
Recital 31
Recital 31
(31) In order to carry out its tasks effectively, the ECB, acting under the terms of the single supervisory mechanism, or the competent national authority, should be able to require all necessary information, and to conduct investigations and on-site inspections. These powers should apply to supervised entities, persons involved in the activities of those entities and related third parties, third parties to whom those entities have outsourced operational functions or activities and persons otherwise closely and substantially related or connected to the activities of those entities, including the staff of a supervised entity who are not directly involved in its activities but who, due to their function within the entity, may hold important information on a specific matter and firms which have provided services to those entities. The ECB, acting under the terms of the single supervisory mechanism, or the competent national authority, should be able to require information by simple request under which the addressee is not obliged to provide the information but, in the event that it does so voluntarily, the information provided should not be incorrect or misleading and should be made available without delay. The ECB should also be able to require information by decision.
Amendment 461 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. The ECB shall, in accordance with the relevant provisions of Union law, be exclusively competent to carry out, for prudential supervisory purposes, the following tasks in relation to all credit institutions established in the participating Member States:
Amendment 549 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The ECB shall carry out itsthe tasks conferred on it under Article 4 within a single supervisory mechanism composed of the ECB and national competent authorities.
Amendment 554 #
Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 1a (new)
Article 5 – paragraph 1 – subparagraph 1a (new)
To that end the competent national authorities shall carry out ongoing supervision of credit institutions on behalf of the ECB, unless the ECB decides to carry out the ongoing supervision of individual, or specific kinds of, credit institutions directly for reasons of financial stability or to protect the stability of the European financial system.
Amendment 556 #
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
Amendment 566 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. The competent national authorities shall regularly forward to the ECB information and insights from the ongoing supervision, as well as periodic reports and bulletins by the credit institutions, and its assessments based on this data. The ECB shall be fully involved in the supervisory reporting system of the Member States.
Amendment 567 #
Proposal for a regulation
Article 5 – paragraph 2 b (new)
Article 5 – paragraph 2 b (new)
2b. The national competent authorities shall inform the ECB without delay of any serious concerns about the stability and financial position, and in particular the solvency and liquidity situation, of credit institutions falling within its remit.
Amendment 576 #
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. The ECB shall organise the practical modalities of implementation of paragraph 21, paragraph 1 subparagraph 1, paragraph 2a and paragraph 2b by the national supervisory authorities in discharging its tasks. It shall clearly define the framework and conditions under which national competent authorities shall carry out those activities.
Amendment 590 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. National competent authorities shall follow the instructions given by the ECB in this connection.
Amendment 666 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 1
Article 8 – paragraph 1 – subparagraph 1
1. For the purposes of carrying out the tasks conferred upon it by Article 4(1) and (2), the ECB or national competent authority, acting in the framework of the single European supervisory system, shall be considered the competent authority in the participating Member States in accordance with the relevant acts of Union law and have the powers and obligations which competent authorities shall have under those acts.
Amendment 670 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
For the purpose of carrying out the task referred to in Article 4(1) and (2), the ECB or national competent authority, acting in the framework of the single European supervisory system, shall be considered as the designated authority in accordance with the relevant acts of Union law and have the powers and obligations which designated authorities shall have under those acts.
Amendment 673 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. For the purposes of carrying out the tasks conferred upon it by Article 4(1) and (2), the ECB or national competent authority, acting in the framework of the single European supervisory system, shall have the investigatory powers set out in Section I.
Amendment 687 #
Proposal for a regulation
Article 9 – paragraph 1 – introductory part
Article 9 – paragraph 1 – introductory part
1. The ECB or national competent authority, acting in the framework of the single European supervisory system, may by simple request or by decision require the following legal or natural persons to provide all information that is necessary in order to carry out the tasks conferred upon it by this Regulation, including information to be provided at recurring intervals and in specified formats for supervisory and related statistical purposes:
Amendment 694 #
Proposal for a regulation
Article 10 – paragraph 1 – introductory part
Article 10 – paragraph 1 – introductory part
1. In order to carry out the tasks conferred upon it by this Regulation, the ECB or national competent authority, acting in the framework of the single European supervisory system, may conduct all necessary investigations of persons referred to in Article 9 (1) (a) to (g). To that end, the ECB or national competent authority, acting in the framework of the single European supervisory system, shall have the right to:
Amendment 695 #
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1
Article 10 – paragraph 2 – subparagraph 1
The persons referred to in Article 9 (1) (a) to (g) shall submit to investigations launched on the basis of a decision of the ECB or national competent authority, acting in the framework of the single European supervisory system.
Amendment 696 #
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 2
Article 10 – paragraph 2 – subparagraph 2
When a person obstructs the conduct of the investigation, the participating Member State where the relevant premises are located shall afford the necessary assistance, including access by the ECB or national competent authority, acting in the framework of the single European supervisory system, to the business premises of the legal persons referred to in Article 9(1) (a) to (g), so that the aforementioned rights can be exercised.
Amendment 701 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. In order to carry out the tasks conferred upon it by this Regulation, the ECB or national competent authority, acting in the framework of the single European supervisory system, may conduct all necessary on-site inspections at the business premises of the legal persons referred to in Article 9 (1) (a) to (g), in accordance with Article 12. Where the proper conduct and efficiency of the inspection so require, the ECB or national competent authority, acting in the framework of the single European supervisory system, may carry out the on- site inspection without prior announcement.
Amendment 704 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The officials of and other persons authorised by the ECB or national competent authority, acting in the framework of the single European supervisory system, to conduct an on- site inspection may enter any business premises and land of the legal persons subject to an investigation decision adopted by the ECB or national competent authority, acting in the framework of the single European supervisory system, and shall have all the powers stipulated in Article 10 (1). They shall also have the power to seal any business premises and books or records for the period of, and to the extent necessary for, the inspection.
Amendment 707 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. The persons referred to in Article 9 (1) (a) to (g) shall submit to on-site inspectinvestigations launched on the basis of a decisions ordered by decision of the ECBf the ECB or national competent authority, acting in the framework of the single European supervisory system.
Amendment 710 #
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
4. Officials of, as well as those authorised or appointed by, the competent authority of the Member State where the inspection is to be conducted shall, upon the request of the ECB or national competent authority, acting in the framework of the single European supervisory system, actively assist the officials of and other persons authorised by the ECB. To that end, they shall enjoy the powers set out in paragraph 2. Officials of the competent authority of the participating Member State concerned may also attend the on-site inspections upon request.
Amendment 712 #
Proposal for a regulation
Article 11 – paragraph 5
Article 11 – paragraph 5
5. Where the ECB acting in the framework of the single supervisory mechanism carries out the duties conferred on it and where the officials of and other accompanying persons authorised by the ECB find that a person opposes an inspection ordered pursuant to this Article, the competent authority of the participating Member State shall afford them the necessary assistance.
Amendment 876 #
Proposal for a regulation
Article 19 a (new)
Article 19 a (new)
Article 19a Board of Appeal 1. The Board of Appeal shall be an internal body composed of six members and six alternates appointed by the Governing Council of the ECB. Four members and four alternates shall not currently be members of the staff of the ECB or other national bodies or Union bodies, and shall be individuals of high repute with a proven record of relevant knowledge and professional, including supervisory, experience at a sufficiently high level in the field of banking. The members of the Board of Appeal may not also be members of the body responsible for issuing instructions or making decisions. The Board of Appeal shall appoint its President. 2. National competent authorities shall have the right to appeal against instructions and decisions addressed to them or to credit institutions for which they are competent and against decisions addressed to other national authorities or to credit institutions for which they are not competent if these decisions directly concern them. 3. The Board of Appeal shall examine the appeal within a period appropriate to the urgency of the matter. 4. The Board of Appeal may either confirm the instruction or decision or refer the matter back to the body responsible for issuing instructions or making decisions. The decisions taken by the Board of Appeal shall be reasoned. Where the Board of Appeal confirms the instruction or decision, it shall enter into force without delay. Where the Board of Appeal refers the instruction or decision back to the body responsible for issuing instructions or making decisions, that body shall be bound by the decision of the Board of Appeal and shall amend its decision in the matter concerned. 5. The term of office of the members of the Board of Appeal shall be five years. That term may be extended once. 5. The Governing Council of the ECB shall draw up the rules of procedure of the Board of Appeal.