14 Amendments of Peter SIMON related to 2013/0306(COD)
Amendment 101 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) MMFs accept funding with deposit- like characteristics, perform maturity and liquidity transformation and engage in credit risk transfer. Hence, they are shadow banks in the strict sense of the word.
Amendment 110 #
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) In view of the many bank-like characteristics of MMFs and the systemic interconnections to bank stability, MMFs should be subject to the supervision of the banking supervisors.
Amendment 118 #
Proposal for a regulation
Recital 22
Recital 22
(22) Money market instruments are transferable instruments normally dealt in on the money market, as treasury and local authority bills, certificates of deposits, commercial papers, asset backed securities of high quality and liquidity, bankers' acceptances or medium- or short-term notes. They should be eligible for investment by MMFs only insofar as they comply with maturity limits andor are considered by the MMF to be of high credit quality.
Amendment 123 #
Proposal for a regulation
Recital 23
Recital 23
(23) Asset Backed Commercial Papers (ABCPs) and Asset Backed Securities should be considered eligible money market instruments to the extent that they respect additional requirements. Due to the fact that during the crisis certain securitisations were particularly unstable, it is necessary to impose inter alia maturity limits andor quality criteria on the underlying assets. Not allHowever, categories of underlying assets should be eligible because some were more confronted to instability than othersthat have performed well during the crisis and demonstrated a good liquidity and credit track-record should be eligible. For this reason the underlying assets should be exclusively composed of short- term debt instruments that have been issued by corporates in the course of their business activity, such as trade receivables. Instruments such as auto loans and leases, , or of other instruments of high credit quality and liquidity, meeting the requiprements leases, consumer loans, residential mortgage loans, credit card receivables or any other type of instrument linked to the acquisition or financing of services or goods by consumers should not be eligibleaid down in Article 13 of the Commission delegated regulation [No .../...] to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions which will establish high standards regarding quality and liquidity. This will combine the requirements of risk minimization for MMFs with the encouragement for MMFs to finance the real economy. ESMA should be entrusted with drafting regulatory technical standards to be submitted for endorsement by the Commission with regard to the conditions and circumstances under which the underlying exposure or pool of exposures is considered to exclusively consist of corporate debt and the conditions and numerical thresholds determining when corporate debt is of high credit quality and liquid.
Amendment 250 #
Proposal for a regulation
Article 2 – paragraph 1 – point 16 – point c a (new)
Article 2 – paragraph 1 – point 16 – point c a (new)
(ca) with respect to Article 15a of this Regulation the authority designated by a Member State in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and Directive 2013/36/EU for credit institutions in the MMF's home Member State;
Amendment 251 #
Proposal for a regulation
Article 2 – paragraph 1 – point 16 – point c b (new)
Article 2 – paragraph 1 – point 16 – point c b (new)
(cb) With respect to Article 15a and if the authority referred to in point c a is located in a participating Member State and any of the following conditions is met: (i) the total value of the MMF's assets exceeds EUR 10 billion or (ii) following a notification by any competent authority that it considers such a fund of significant relevance with regard to the domestic financial stability or economy, the ECB takes a decision confirming such significance following a comprehensive assessment by the ECB of that fund, the SSM and within the SSM the ECB as described in Regulation (EU) No 1024/2013 may, on behalf of its own assessment of necessity, act as the competent authority as regards to this Regulation and, thereby, contribute to undistorted conditions of competition within the financial sector.
Amendment 253 #
Proposal for a regulation
Article 2 – paragraph 1 – point 22 a (new)
Article 2 – paragraph 1 – point 22 a (new)
(22a) "asset-backed securities of high liquidity and credit quality" means assets meeting the requirements laid down in Article 13 of the Commission delegated regulation [No .../...] to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions;
Amendment 255 #
Proposal for a regulation
Article 2 – paragraph 1 – point 22 a (new)
Article 2 – paragraph 1 – point 22 a (new)
(22a) 'participating Member State' means a Member State whose currency is the euro or a Member State whose currency is not the euro which has established a close cooperation in accordance with Article 7 of Regulation (EU) No 1024/2013.
Amendment 296 #
Proposal for a regulation
Article 9 – paragraph 1 – point b – introductory part
Article 9 – paragraph 1 – point b – introductory part
(b) it is in the form of asset-backed securities of high liquidity and credit quality in line with the requirements laid down in Article 13 of the Commission delegated regulation [No .../...] to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions or it displays one of the following alternative characteristics:
Amendment 302 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Standard MMFs shall be allowed to invest in a money market instrument that undergoes regular yield adjustments in line with money market conditions every 397 days or on a more frequent basis while not having a residual maturity exceeding 2 years. or qualifying as asset-backed securities of high liquidity and credit quality complying with the requirements laid down in Article 13 of the Commission delegated regulation [No .../...] to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions;
Amendment 319 #
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1 a. A securitisation shall also be considered as eligible provided that it qualifies as asset-backed security of high liquidity and credit quality meeting the requirements laid down in Article 13 of the Commission delegated regulation [No .../...] to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions.
Amendment 397 #
Proposal for a regulation
Article 15 a (new)
Article 15 a (new)
Article 15 a Harmonisation of capital buffers and liquidity requirements in the financial sector 1. The competent authority shall impose capital buffers and liquidity requirements according to the standards laid out in Regulation (EU) No 575/2013 and Directive 2013/36/EU. 2. If the authority referred to in Article 2 paragraph 1 point 16 point c a acts as the competent authority, it shall submit its decisions and the related information regarding its regulatory activities according to paragraph 1 to the SSM. 3. Article 1 of Regulation (EU) No 575/2013 is hereby amended as follows: "This Regulation lays down uniform rules concerning general prudential requirements that institutions supervised under Directive 2013/36/EU as amended shall comply with in relation to the following items: (a) own funds requirements relating to entirely quantifiable, uniform and standardised elements of credit risk, market risk, operational risk and settlement risk; (b) requirements limiting large exposures; (c) after the delegated act referred to in Article 460 has entered into force, liquidity requirements relating to entirely quantifiable, uniform and standardised elements of liquidity risk; (d) reporting requirements related to points (a), (b) and (c) and to leverage; (e) public disclosure requirements. This Regulation does not govern publication requirements for competent authorities in the field of prudential regulation and supervision of institutions as set out in Directive 2013/36/EU as amended." 4. Article 2 of Directive 2013/36/EU is hereby amended as follows: Paragraph 1 is replaced by the following: "This directive shall apply to institutions. As regards to capital buffers and liquidity requirements it also shall apply to money market funds." 5. Article 3 of Directive 2013/36/EU is hereby amended as follows: Point 2a shall be added to paragraph 1 after point 2 and read as follows: "'money market fund' means a fund within the scope of Regulation XXX (MMF Regulation);".
Amendment 752 #
Proposal for a regulation
Article 42 – paragraph 2
Article 42 – paragraph 2
2. Competent authorities, including authorities designated by a Member State in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and Directive 2013/36/EU for credit institutions in the MMF's home Member State, SSM and ECB, and ESMA shall cooperate with each other for the purpose of carrying out their respective duties under this Regulation in accordance with Regulation (EU) No 1095/2010.
Amendment 754 #
Proposal for a regulation
Article 42 – paragraph 3
Article 42 – paragraph 3
3. Competent authorities, including authorities designated by a Member State in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and Directive 2013/36/EU for credit institutions in the MMF's home Member State, SSM and ECB, and ESMA shall exchange all information and documentation necessary to carry out their respective duties under this Regulation in accordance with Regulation (EU) No 1095/2010, in particular to identify and remedy breaches of this Regulation.