Activities of Leonardo DOMENICI related to 2013/2047(INI)
Shadow reports (1)
REPORT on recovery and resolution framework for non-bank institutions PDF (199 KB) DOC (102 KB)
Amendments (10)
Amendment 12 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas financial market infrastructures are organised along widely differing lines; whereas to facilitate the formulation of appropriate plans for recovery and, above all, resolution, it is necessary to make a distinction between them based on organisational complexity, geographical scope and business model;
Amendment 27 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the Commission to prioritise recovery and resolution of CCPs and those CSDs which are exposed to credit risk, closely examine the possibility of incorporating asset managers also and, when considering other financial institutions, to differentiate appropriately between each type on the basis of their size, business model and geographical scope;
Amendment 54 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Considers it necessary to make a clear distinction between the recovery and resolution phase regarding all market infrastructures subject to the future rules, especially in the case of CCPs. To this end, it is necessary to assign clearly to each additional targets and responsibilities, formulate unequivocal criteria for entry into the resolution phase and establish the resources which can be made available to the resolution authorities;
Amendment 55 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Resolution concerns what happens when a firm goes bankrupt and allocating the losses in the most efficient way in order to contain them and limit spill-over effects beyond immediate creditors to the broader economy and society;
Amendment 58 #
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8b. Resolution laws cannot be a way to create obligations for players in order to recapitalise a financial firm be it a CCP, a CSD or a bank;
Amendment 59 #
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8b. Believes that the resolution authorities should be given the necessary degree of discretion in assessing the situation, as well as a certain margin of manoeuvre, enabling them to justify their decisions in accordance with very specific criteria: (i) where the sustainability of the market financial infrastructure or asset manager in question is in the process of being, or is already, seriously compromised because of their inability to comply with the prudential requirements applicable, (ii) where there is no alternative to entry into the resolution phase if the situation is to be rectified effectively and without compromising the stability of the financial system, (iii) where a resolution measure is necessary in the public interest insofar as it makes it possible to achieve one or more objectives of the resolution using proportionate means;
Amendment 60 #
Motion for a resolution
Paragraph 8 c (new)
Paragraph 8 c (new)
8c. Considers it necessary to establish that the competent authorities may intervene upstream of the resolution phase so as to ensure that recovery is clearly possible;
Amendment 61 #
Motion for a resolution
Paragraph 8 d (new)
Paragraph 8 d (new)
8d. Considers that, in order to guarantee the effectiveness of the resolution mechanism, it is necessary to guarantee that a normal insolvency procedure may be initiated in respect of an entity subject to a resolution procedure where the conditions necessary for this are considered to have been met;
Amendment 72 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Member States shall ensure that, when applying the resolution tools and exercising the resolution powers, resolution authorities take all appropriate measures to ensure that the resolution action is taken in accordance with the following principles: (a) the resolution tools are applied and the resolution powers are exercised according to the resolution plan where appropriate; (b) claims of indirect client are adequately protected. Member States shall ensure that resolution tools are applied proportionally and in accordance with the legal form of the financial market infrastructure concerned. For the purposes of paragraph 10a (b), Member States shall ensure that indirect clients’ claims are granted preferential treatment.
Amendment 106 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls on the Commission to carefully assess wthether any asset managers should be designated as systemically important due to systemic importance of asset managers based on their size o, their business model and geographical scope and would therefore require a suitable recovery plan;