[ParlTrack]

Neena GILL, Alfred SANT, Olle LUDVIGSSON, Udo BULLMANN, Hugues BAYET, Mady DELVAUX, Cătălin Sorin IVAN, Paul TANG, Roberto GUALTIERI, Pervenche BERÈS, Costas MAVRIDES, Peter SIMON

Proposal for a directive
Recital 6 a (new)

(6a) The principle of equal pay for male and female workers for equal work or work of equal value is laid down in art 157 TFEU. This needs to be applied in a consistent way by credit institutions and investment firms. Therefore they should demonstrate a gender neutral remuneration policy.

2018/02/02
Committee: ECON

Peter SIMON

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

Directive 2013/36/EU
Article 2 – paragraph 6 a (new)

Member States shall ensure publication of a list of the entities excluded from the application of this Directive under paragraph 5a and 5b, together with information about the extent of any deposit protection.

2018/02/02
Committee: ECON

Peter SIMON

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

Directive 2013/36/EU
Article 2 – paragraph 7

By [5 years after entry into force], the Commission shall review ~~the list set out in Article 2(5) by considering whether the reasons that led to the inclusion of entities in the list are still valid,~~ the national legal framework and supervision applicable to the entities in the list, the type and quality of deposit coverage of the entities in the list and, for entities of the type specified in paragraphs 2(5a) and 2(5b) taking into account also the criteria described therein.. The criteria set out in paragraphs 2(5a) and 2(5b) by which an institution may be exempted by a delegated act pursuant to Article 148 shall not apply under any circumstances to institutions that have previously been exempted under the list in paragraph 5.

2018/02/02
Committee: ECON

Neena GILL, Alfred SANT, Olle LUDVIGSSON, Udo BULLMANN, Hugues BAYET, Mady DELVAUX, Cătălin Sorin IVAN, Paul TANG, Roberto GUALTIERI, Pervenche BERÈS, Costas MAVRIDES, Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 2 – point a

Directive 2013/36/EU
Article 3 – point 64 a (new)

(64a) Gender neutral remuneration policy in a credit institution or investment firm means a remuneration policy based on equal pay for women and men for equal work or work of equal value.

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 3 a (new)

Directive 2013/36/EU
Article 8 – paragraph 1

(3a) Article 8, paragraph 1 is amended as follows: "Member States shall require credit institutions to obtain authorisation from competent authorities before commencing their activities including those listed in Annex 1. Without prejudice to Articles 10 to 14, ~~they~~Member States shall lay down the requirements for such authorisation and notify EBA. ~~(http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=EN)~~" Or. en

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 5

Directive 2013/36/EU
Article 9 – paragraph 2 – point e

(e) entities referred to in Article 2(5), Article 2(5a) and Article 2(5b), the activity of which is governed by national law..

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 9

Directive 2013/36/EU
Article 21b – paragraph 1

1. ~~Member States shall require that t~~Two or more institutions in the Union, which are part of the same third country group, shall have an single intermediate EU parent undertaking ~~that is~~ established in the Union.

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 9

Directive 2013/36/EU
Article 21b – paragraph 1 a (new)

1 a. Competent authorities may allow the institutions referred to in paragraph 1 to have two intermediate EU parent undertakings where the competent authorities ascertain that a single intermediate EU parent undertaking would be incompatible with a mandatory requirement for separation of activities in accordance with the law of the third country where the ultimate parent undertaking of the third country group has its head office.

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 11 a (new)

Directive 2013/36/EU
Article 56 – point f a (new) and point f b (new)

(11a) In Article 56 points (fa) and (fb) are added: "(fa) competent authorities referred to in Article 48 of Directive (EU) 2015/849 of the European Parliament and of the Council; (fb) competent authorities or bodies responsible for the application of rules on structural separation within a banking group.”

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 11 b (new)

Directive 2013/36/EU
Article 63 – paragraph 1 – subparagraph 2 a (new)

(11b) In Article 63, the following subparagraph is added at the end: "Member States shall provide that the competent authorities may, as a minimum, require the replacement of a person referred to in the first subparagraph if that person acts in breach of their obligations under the first subparagraph."

2018/02/02
Committee: ECON

Neena GILL, Alfred SANT, Olle LUDVIGSSON, Udo BULLMANN, Hugues BAYET, Mady DELVAUX, Cătălin Sorin IVAN, Paul TANG, Roberto GUALTIERI, Pervenche BERÈS, Costas MAVRIDES, Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 11 a (new)

Directive 2013/36/EU
Article 74

(11a) Article 74 is amended as follows: "1. Institutions shall have robust governance arrangements, which include a clear organisational structure with well- defined ,transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks they are or might be exposed to, adequate internal control mechanisms, including sound administration and accounting procedures, and remuneration policies and practices that are consistent with and promote sound and effective risk management. Those remuneration policies and practices shall be gender neutral. .2. The arrangements, processes and mechanisms referred to in paragraph 1 shall be comprehensive and proportionate to the nature, scale and complexity of the risks inherent in the business model and the institution's activities. The technical criteria established in Articles 76 to95 shall be taken into account 3. EBA shall issue guidelines on the 3. arrangements ,processes and mechanisms referred to in paragraph 1, in accordance with paragraph 2. ~~(http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=EN)~~One year after the adoption of this directive, EBA will issue guidelines on gender neutral remuneration policy for credit institutions and investment firms. Two years after the publication of these guidelines and based on the information collected by the national competent authorities, EBA will draft a report about the application of gender neutral remuneration policies by credit institutions and investment firms. " Or. en

2018/02/02
Committee: ECON

Neena GILL, Alfred SANT, Olle LUDVIGSSON, Udo BULLMANN, Hugues BAYET, Mady DELVAUX, Cătălin Sorin IVAN, Paul TANG, Roberto GUALTIERI, Costas MAVRIDES, Pervenche BERÈS, Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 12

Directive 2013/36/EU
Article 75 – paragraph 1

1. Competent authorities shall collect the information disclosed in accordance with the criteria for disclosure established in points (g), (h), (i) and (k) of Article 450(1) of Regulation (EU) No 575/2013 a~~nd shall use it~~s well as the information provided by credit institutions and investment firms on the gender pay gap and shall use this information to benchmark remuneration trends and practices. The competent authorities shall provide EBA with that information.

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 13 a (new)

Directive 2013/36/EU
Article 84 a (new)

(13a) The following Article 84a is added: "Article 84a Environmental risks 1. The competent authorities shall ensure that policies and processes for the identification, measurement and management of all material sources and effects of environmental risks are implemented. 2. For the purposes of paragraph 1, the institution shall identify the following: a) the risks to which the institution is exposed in the short, medium and long terms; b) a description of significant concentrations of credit exposures involving carbon-related assets, if these exposures are material. This should include a forward-looking climate scenario analysis assessing how the portfolio aligns with the Paris Agreement’ objective of limiting global warming well below 2°C, as recommended by the Task Force on Climate-related Financial Disclosures of the Financial Stability Board; c) a description of the impact of the environmental risks on the institution’s business, strategy and financial planning, if these risks are material and financial; d) a description of the processes which the institution uses to identify, assess and manage environmental risks; e) the parameters and metrics which the institution used to assess the impact of short-, medium- and long-term environmental risks on lending and financial intermediary transactions, if these risks are material. 3. The EBA shall issue guidelines to specify: a) what is meant by a short-term, a medium-term and a long-term time frame; b) what is meant by specific environmental problems which may arise in the short, medium or long term and which could have a material, financial impact on the institution; c) what is meant by physical risks and transition risks; d) what is meant by the processes used to determine which risks could have a material, financial impact on the institution; e) what is meant by a carbon-related asset; f) what is meant by forward-looking climate scenario analysis at portfolio level. The EBA shall publish these guidelines by [two years after the entry into force of this Directive]. 4. The EBA should conduct forward- looking climate scenario analysis on the portfolios of regulated entities to assess environmental risks and climate alignment of lending portfolios at EU market level. It should coordinate with other ESAs and the Commission to harmonise such climate scenario analysis.

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 14 a (new)

Directive 2013/36/EU
Article 85 a (new)

(14a) The following Article 85a is added: "Article 85a Outsourcing of material activities 1. Institutions shall inform the competent authorities at least three months prior to outsourcing of material activities. The competent authorities shall also be informed if the contracts and arrangements relating to the outsourcing of material activities are substantially changed, such as where the activities are outsourced to a subcontractor. 2. When outsourcing their activities, institutions shall comply with the following requirements: (a) outsourcing arrangements shall not result in the delegation of senior management’s responsibility; (b) the outsourcing institution shall adopt a policy on its approach to outsourcing, including contingency plans and exit strategies. 3. If an outsourcing arrangement does not comply with the requirements set out in paragraph 2, the competent authority may request the institution to amend or terminate the outsourcing arrangement."

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 14 b (new)

Directive 2013/36/EU
Article 88 – paragraph 1 – subparagraph 3 a (new)

(14b) In Article 88, the following subparagraph is inserted at the end: Member States shall at least ensure that management bodies of an institution monitor loans to related parties on an ongoing basis and notify such loans to the competent authority. Competent authorities shall have the power to prohibit or limit such loans if they give rise to any conflicts of interest. "

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 14 c (new)

Directive 2013/36/EU
Article 91 – paragraph 1

~~Article 91 Management body 1. M~~(14c) Article 91, paragraph 1 is amended as follows: "Article 91 Management body 1. Institutions, including financial holding companies and mixed financial holding companies shall have the primary responsibility for ensuring that members of the management body shall at all times be of sufficiently good repute and possess sufficient knowledge, skills and experience to perform their duties. ~~The overall composition of the management body shall reflect an adequately broad range of experiences.~~ Members of the management body shall, in particular, fulfil the requirements set out in paragraphs 2 to 8. " Or. en (http://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 14 d (new)

Directive 2013/36/EU
Article 91 – paragraph 7

(14d) In Article 91, paragraph 7 is amended as follows: "7. The management body shall possess adequate collective knowledge, skills and experience to be able to understand the institution's activities, including the main risks. ~~lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:176:0338:0436:En:PDF)~~The overall composition of the management body shall reflect an adequately broad range of experience. " Or. en (http://eur-

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 15 – point b

Directive 2013/36/EU
Article 92 – paragraph 2 – introductory phrase

Competent authorities shall ensure that, when establishing and applying the total remuneration policies, inclusive of salaries and discretionary pension benefits, for categories of staff whose professional activities have a material impact on their risk profile, including senior management, risk takers, staff engaged in control functions and any employee receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers, ~~whose professional activities have a material impact on their risk profile,~~ institutions comply with the following principles in a manner that is appropriate to their size, internal organisation and the nature, scope and complexity of their activities..

2018/02/02
Committee: ECON

Neena GILL, Alfred SANT, Olle LUDVIGSSON, Udo BULLMANN, Hugues BAYET, Mady DELVAUX, Cătălin Sorin IVAN, Paul TANG, Roberto GUALTIERI, Pervenche BERÈS, Costas MAVRIDES, Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 15 – point b a (new)

Directive 2013/36/EU
Article 92 – paragraph 2 – point a a (new)

(ba) In paragraph 2, the following point (aa) is inserted: (aa) the remuneration policy is gender neutral: female and male workers will be equally remunerated for equal work or work of equal value.

2018/02/02
Committee: ECON

Neena GILL, Alfred SANT, Olle LUDVIGSSON, Udo BULLMANN, Hugues BAYET, Mady DELVAUX, Cătălin Sorin IVAN, Paul TANG, Roberto GUALTIERI, Pervenche BERÈS, Costas MAVRIDES, Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 21 – point a

Directive 2013/36/EU
Article 104 – paragraph 1 – introductory part

1. For the purposes of Article 92(2)(b), Article 97, Article 98(4), Article 101(4) and Article 102 and the application of Regulation (EU) No 575/2013, competent authorities shall have at least the following powers:

2018/02/02
Committee: ECON

Neena GILL, Alfred SANT, Olle LUDVIGSSON, Udo BULLMANN, Hugues BAYET, Mady DELVAUX, Cătălin Sorin IVAN, Paul TANG, Roberto GUALTIERI, Pervenche BERÈS, Costas MAVRIDES, Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 21 – point a

Directive 2013/36/EU
Article 104 – paragraph 1 – point g

(g) to require institutions to limit variable remuneration as a percentage of net revenues where it is inconsistent with the maintenance of a sound capital base; and, to require credit institutions and investment firms to comply with the guidelines issued by EBA on gender neutral remuneration policies.

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 22

Directive 2013/36/EU
Article 104b – paragraph 1 – introductory part

1. Pursuant to the strategies and processes referred to in Article 73 and after consulting the competent authority, institutions shall establish an adequate level of own funds that is sufficiently above the requirements set out in Parts Three, Four, Five and Seven of Regulation (EU) No 575/2013 and in this Directive, including the additional own funds requirements imposed by the competent authorities in accordance with Article 104(1)(a), in order t~~o ensure that~~hat the institution’s own funds can absorb potential losses identified pursuant to the supervisory stress test referred to in Article 100, without breaching either:

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 22

Directive 2013/36/EU
Article 104b – paragraph 1 – point a

(a) ~~cyclical economic fluctuations do not lead to a breach of those requirements; and~~the own funds requirements set out in Parts Three, Four, Five and Seven of Regulation (EU) No 575/2013 and the additional own funds requirements imposed by the competent authorities in accordance with Article 104(1)(a) where competent authorities shall take into account credible management actions and dynamic adjustments to the balance sheet that may take place over the projection horizon, or

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 22

Directive 2013/36/EU
Article 104b – paragraph 1 – point b

(b) the institution’s own funds can absorb, without breaching the own funds requirements set out in Parts Three, Four, Five and Seven of Regulation (EU) No 575/2013 and the additional own funds requirements imposed by the competent authorities in accordance with Article 104(1)(a), potential losses identified pursuaa minimum fixed level of own funds set by the competent authorities, where competent authorities may take into account credible management actions and dynamic adjustments to the ~~supervisory stress test referred to in Article 100~~balance sheet that may take place over the projection horizon.

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 22

Directive 2013/36/EU
Article 104b – paragraph 5 a (new)

5 a. The EBA shall review and report to the Commission on the application of this Article, including paragraph 1 (a) and (b) within the three years following the entry into force of this Directive. On the basis of this report the Commission shall, if appropriate, submit a legislative proposal to the European Parliament and the Council.

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 26

Directive 2013/36/EU
Article 113 – paragraph 1 – point c

~~(c) on any expectation for adjustments to the consolidated level of own funds in accordance with Article 104b(3).~~deleted

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 26

Directive 2013/36/EU
Article 113 – paragraph 1 a (new)

1 a. The consolidating supervisor shall inform the competent authorities responsible for the supervision of subsidiaries of an EU parent institution, an EU parent financial holding company or an EU parent mixed financial holding company in a Member State of on any expectation for adjustments to the consolidated level of own funds in accordance with Article 104b(3).

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 30 d (new)

Directive 2013/36/EU
Article 133 – paragraph 11 – point e

(~~e) the justification for why none of the existing measures in this Directive or in Regulation (EU) No 575/20~~30 d) In Article 133, excluding Articles 458 and 459 of that Regulation, alone or in combination, will be sufficient to address the identified macroprudential or systemic risk taking into account the relative effectiveness of those measures; (http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=FR)paragraph 11, point e is deleted: "deleted " Or. en

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 30 e (new)

Directive 2013/36/EU
Article 133 – paragraph 12 – point e

(e) the justification for why none of the existing measures in this Directive or in Regulation (EU) No 575/2013, excluding Articles 458 and 459 of that Regulation, alone or in combination, will be sufficient to address the identified macroprudential or systemic risk taking into account the relative effectiveness of those measures; (http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=FR)30 e) Article 133, paragraph 12, point e is deleted: "deleted " Or. en

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 30 a (new)

Directive 2013/36/EU
Article 136 – paragraph 3 – introductory part

3. Each designated authority shall assess and set the appropriate countercyclical buffer rate for its Member State on a quarterly basis, and in so doing shall take into account: (http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=FR)(30 a) In Article 136(3), introductory part is replace by the following: "3. Each designated authority shall assess the intensity of cyclical, macroprudential or systemic risk on a quarterly basis and, in the event of changes, set or adjust appropriate countercyclical buffer rate for its Member State; in so doing each designated authority shall take into account: " Or. en

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 30 b (new)

Directive 2013/36/EU
Article 136 – paragraph 7 – introductory part

(30 b) Article 136(7), introductory part is replaced by the following: "Each designated authority shall announce the quarterly ~~setting of th~~applicable countercyclical buffer rate by publication on its website. The announcement shall include at least the following information: ~~(http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=FR)~~" Or. en

2018/02/02
Committee: ECON

Peter SIMON

Proposal for a directive
Article 1 – paragraph 1 – point 30 c (new)

Directive 2013/36/EU
Article 136 – paragraph 7 – subparagraph 3

(30 c) In Article 136, paragraph 7, subparagraph 3 is amended as follows: "Designated authorities shall notify ~~each quarterly setting of th~~the applicable countercyclical buffer rate and the information specified in points (a) to (g) to the ESRB quarterly. The ESRB shall publish on its website all such notified buffer rates and related information. ~~(http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=FR Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concern~~Designated authorities of participating Member States, as defined by Council Regulation (EU) No 1024/2013, shall also notify the applicable countercyclical buffer rate and the information specified ing po~~licies relating to the prudential supervision of credit~~ints (a) to (g) to the ECB quarterly. " (See the ECB's opinion (CON/2017/46)) Or. en institutions (OJ L 287, 29.10.2013, p. 63).)

2018/02/02
Committee: ECON

Activities of Peter SIMON related to 2016/0364(COD)

Reports (1)

Amendments (32)

ParlTrack - 2011-2024