19 Amendments of Leonardo DOMENICI related to 2009/0143(COD)
Amendment 244 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Before submitting them to the Commission, the Authority shall, where appropriate, conduct open public consultations on technical standards and analyse the potential related costs and benefits.
Amendment 248 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Where the Commission doeintends not to endorse the standards or endorses them in part or with amendments, it shall inform the Authority of its reaso, it shall send the draft standards back to the Authority, explaining in writing the reasons why they are in conflict with the public interest of the Union, the principle of proportionality or the integration of the internal. Within a period of six weeks of receipt of the Commission's written reasons, the Authority shall amend the draft standards duly taking into account the Commission’s concerns.
Amendment 278 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Where a national supervisory authority has not correctly applied the legislation referred to in Article 1(2), including the technical standards adopted in accordance with Article 7, in particular by failing to ensure that a financial institution satisfies the requirements laid down in that legislation, the Authority shall have the powers set out in paragraphs 2, 3 and 6 of this Article.
Amendment 280 #
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 1
Article 9 – paragraph 4 – subparagraph 1
4. Where the national supervisory authority has not complied with CommunityUnion law within one monthten working days from receipt of the Authority's recommendation, the Commission may, after having been informed by the Authority or on its own initiative,Authority shall take a decision requirsetting the national supervisory authority to take the action necessary to comply with Community lawcorrect application of the legislation put under investigation by the Authority.
Amendment 283 #
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 2
Article 9 – paragraph 4 – subparagraph 2
The CommissionAuthority shall take such a decision no later than threone months from the adoption of the recommendation. The Commission may extend this period by one month.
Amendment 285 #
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 3
Article 9 – paragraph 4 – subparagraph 3
The CommissionAuthority shall ensure that the right to be heard of the addressees of the decision is respected.
Amendment 287 #
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 4
Article 9 – paragraph 4 – subparagraph 4
The Authority and the national supervisory authorities shall provide the CommissionAuthority with all necessary information.
Amendment 290 #
Proposal for a regulation
Article 9 – paragraph 5
Article 9 – paragraph 5
5. The national supervisory authority shall, within ten working days of receipt of the decision referred to in paragraph 4, inform the Commission and the Authority of the steps it has taken or intends to take to implement the CommissionAuthority's decision.
Amendment 294 #
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 1
Article 9 – paragraph 6 – subparagraph 1
6. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a national supervisory authority does not comply with the decision referred to in paragraph 4 of this Article within the period of time specified therein, and where it is necessary to remedy in a timely manner the non compliance by the national supervisory authority in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements ofshall, pursuant to the legislation referred to in Article 1(2) are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under Community law including the cessation of any practice.
Amendment 298 #
Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 2
Article 9 – paragraph 6 – subparagraph 2
The decision of the Authority shall be in conformity with the decision adopted by the Commission pursuant to paragraph 4.
Amendment 301 #
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 1 a (new)
Article 9 – paragraph 7 – subparagraph 1 a (new)
7a. Decisions adopted under paragraph 6 shall, where appropriate, be applicable to all relevant financial institutions which are active in the non-complying jurisdiction.
Amendment 303 #
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 2
Article 9 – paragraph 7 – subparagraph 2
Amendment 307 #
Proposal for a regulation
Article 10
Article 10
1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Community, the CommissionUnion, the ESRB, upon its own initiative or following a request by the Authority, the Council, or the ESRB, may adopt a decEuropean Parliament, the Council, or the Commission addressed to the Authority, determin, may issue a warning declaring the existence of an emergency situation for the purposes of this regulation. That warning shall enable the Authority, without further requirements, to adopt the individual decisions referred to in paragraph 3.
Amendment 316 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commission has adopted a decision pursuant to paragraph 1ESRB takes the view that coordinated action by national authorities is necessary to respond to adverse developments which may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system, the Authority mayshall adopt individual decisions requiring national supervisorycompetent authorities to take the necessary action in accordance with the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial systemsuch developments by ensuring that financial institutions and national supervisory authorities satisfy the requirements laid down in that legislation.
Amendment 328 #
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Without prejudice to the powers of the Commission under Article 22658 of the Treaty on the Functioning of the European Union, where a national supervisory authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, the Authority may, where the relevant requirements laid down in the legislation referred to in Article 1(2) are directly applicable to financial institutionsshall, pursuant to the legislation referred to in Article 1(2), adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under that legislation, including the cessation of any practice.
Amendment 333 #
Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 2
Article 10 – paragraph 4 – subparagraph 2
Any action by the national supervisorycompetent authorities in relation to facts which are subject to a decision pursuant to paragraph 2 or 3 shall be compatiblely with those decisions. Non- compliance shall be duly justified in writing by the competent authorities to the ESRB and the Authority.
Amendment 351 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. If, at the end of the conciliation phase, the national supervisory authorities concerned have failed to reach an agreement, the Authority may take a decision requiring them to take specific action or to refrain from action in order to settle the matter, inwith binding effects for the competent authorities concerned, in order to ensure compliance with CommunityUnion law.
Amendment 566 #
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1
Article 66 – paragraph 1 – subparagraph 1
1. Within three years from the date set out in the second paragraph of Article 67 and every three years thereafter, the Commission shall examine this Regulation, and in particular the functioning of Article 23, and publish a general report on the experience acquired as a result of the operation of the Authority and the procedures laid down in this Regulation.
Amendment 569 #
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 2
Article 66 – paragraph 1 – subparagraph 2
That report shall also evaluate progress achieved towards regulatory and supervisory convergence in the fields of crisis management and resolution in the Community and shall submit a report to the Parliament and the Council together with any appropriate proposals to amend this Regulation. The evaluation shall be based on extensive consultation, including with the Insurance, Reinsurance and Occupational Pension Funds Stakeholder Group.