358 Amendments of Leonardo DOMENICI
Amendment 12 #
2013/2047(INI)
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 #
2013/2047(INI)
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 #
2013/2047(INI)
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 #
2013/2047(INI)
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 #
2013/2047(INI)
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 #
2013/2047(INI)
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 #
2013/2047(INI)
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 #
2013/2047(INI)
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 #
2013/2047(INI)
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 #
2013/2047(INI)
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;
Amendment 234 #
2013/0253(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) credit institutions established in participating Member Statedirectly supervised by the European Central Bank in accordance with Article 6 paragraph 4 of Council Regulation (EU)No[ ] conferring specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions;
Amendment 241 #
2013/0253(COD)
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Amendment 266 #
2013/0253(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Where, by virtueithout prejudice to Article 2 of this Regulation, the Commission or the Board exercises tasks or powers, which, according to Directive [ ] are to be exercised by the national resolution authority of a participating Member State, the Board shall, for the application of this Regulation and Directive [ ], be considered to be the relevant national resolution authority or, in case of cross-border group resolution, the relevant group national resolution authority.
Amendment 273 #
2013/0253(COD)
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. Subject to the provisions of this Regulation, as referred to in Art. 2, the national resolution authorities of the participating Member State shall act on the basis of and in conformity with the relevant provisions of national law, as harmonized by Directive [ ].
Amendment 275 #
2013/0253(COD)
Proposal for a regulation
Article 5 – paragraph 3 a (new)
Article 5 – paragraph 3 a (new)
3a. National resolution authority shall inform the Commission and the Board on measures taken or the measures it intends to take pursuant paragraph 3 of this article.
Amendment 384 #
2013/0253(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Board, on its own initiative or upon proposal by a national resolution authority, may apply simplified obligations in relation to the drafting of resolution plans referred to, in Article 7 or may waive the obligation of drafting those plans.
Amendment 911 #
2013/0253(COD)
Proposal for a regulation
Part 3 – title 5 – chapter 2 – title
Part 3 – title 5 – chapter 2 – title
The Single Bank Resolution Fundinancing Mechanism
Amendment 914 #
2013/0253(COD)
Proposal for a regulation
Article 64 – paragraph 1
Article 64 – paragraph 1
1. The Single BEuropeank Resolution Fund for Institutions with systemic relevance is hereby established.
Amendment 920 #
2013/0253(COD)
Proposal for a regulation
Article 64 a (new)
Article 64 a (new)
Article 64 a The Single Resolution Financing Mechanism 1. The Single Resolution Financing Mechanism is composed by: (i) National resolution funds established under BRRD, for financial institutions not directly supervised by the ECB as referred to in art. 6 paragraph 4 of Council Regulation (EU) [ ] conferring specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions; (ii) The European resolution fund established under this Regulation, for entities directly supervised by the ECB or included in the scope of this Regulation as referred to in Art. 2 2. In case of a systemic shock in a participating Member State or where a National resolution fund has available financial resources less than what will be needed to finance an impending resolution, rules set out in Art. 97 and 103 of the BRRD shall be applied.
Amendment 929 #
2013/0253(COD)
Proposal for a regulation
Article 65 – paragraph 1
Article 65 – paragraph 1
1. In a period no longer than 10 years after the entry into force of this Regulation, the available financial means of the Fund shall reach at least 1% of the amount of deposits of all credit institutions authorisedsubject to this Regulation as referred to in Art. 2 in the participating Member States which are guaranteed under Directive 94/19/EC.
Amendment 943 #
2013/0253(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1
Article 66 – paragraph 1 – subparagraph 1
The individual contribution of each institution shall be raised at least annually and shall be calculated pro-rata to the amount of its liabilities excluding own funds and covered deposits, with respect to the total liabilities, excluding own funds and covered deposits, of all the institutions authorisedsubject to this Regulation as referred to in Article 2 in the territories of the participating Member States.
Amendment 965 #
2013/0253(COD)
Proposal for a regulation
Article 67 – paragraph 1
Article 67 – paragraph 1
1. Where the available financial means are not sufficient to cover the losses, costs or other expenses incurred by the use of the Fund, the Board shall raise in accordance with Article 62 extraordinary ex post contributions from the institutions authorisedsubject to this Regulation as referred to in Art. 2 in the territories of participating Member States, in order to cover the additional amounts. These extraordinary contributions shall be allocated between institutions in accordance with the rules set out in Article 66.
Amendment 748 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 6 a (new)
Annex – part 1 – point 1.3 – paragraph 6 a (new)
The ESM should recapitalise banks directly as soon as regulation on the SSM has been approved.
Amendment 264 #
2012/0150(COD)
Proposal for a directive
Article 1 – paragraph 1 – point a a (new)
Article 1 – paragraph 1 – point a a (new)
(aa) The competent authorities shall ensure when establishing and applying the requirements under this Directive and when using the different tools at their disposal to take account of risk, size, legal status interconnectedness, the nature, the scope and the complexity of the activities of institutions and membership to an IPS as according to Art. 80(8) CRD or other cooperative mutual solidarity systems as according to Art. 80(7) CRD and Art. 3 CRD.
Amendment 275 #
2012/0150(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) ‘resolution’ means the restructuring of an institution in order to ensure the continuity of its essential functions, preserve financial stability and restore the viability of all or part of that institution. The resolution phase is formally declared by the resolution authorities when conditions are met;
Amendment 278 #
2012/0150(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 1 a (new)
Article 2 – paragraph 1 – point 1 a (new)
(1a) ‘early intervention’ means any action taken by a competent authority or any preventive and supportive measures taken by the DGS or by the IPS in consultation with a competent authority before the resolution phase is formally declared.
Amendment 282 #
2012/0150(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
(7a) ‘IPS’ means an Institutional Protection Scheme meeting the requirements laid down in art. 80(8) of Directive 48/2006/CE.
Amendment 319 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 3
Article 3 – paragraph 3
3. Resolution authorities may be the competent authorities for supervision for the purposes of Directives 2006/48/EC and 2006/49/EC, central banks, competent ministries or other public administrative authorities, provided that Member States adopt rules and arrangements necessary to avoid conflicts of interest between the functions of supervision pursuant to Directives 2006/48/EC and 2006/49/EC or the other functions of the relevant authority and the functions of resolution authorities pursuant to this Directive are adopted. In particular, Member States shall ensure that, within the competent authorities, central banks, competent ministries or other public administrative authorities there is a functional separation between the resolution function and the supervisory or other functions of the relevant authority.
Amendment 354 #
2012/0150(COD)
Proposal for a directive
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. Having regard to the impact that the failure of the institution could have, due to the legal model of the institution, the nature of its business, its size or its interconnectedness to other institutions or to the financial system in general, on financial markets, on other institutions, on funding conditions, having also regard to the existence of IPS for those institutions which participate in them, Member States shall ensure that competent and resolution authorities determine the extent to which the following apply to institutions:
Amendment 363 #
2012/0150(COD)
Proposal for a directive
Article 4 – paragraph 1 – point a a (new)
Article 4 – paragraph 1 – point a a (new)
(aa) The obligation to draw up and maintain a recovery plan is not necessary for those institutions for which the failure, due to its reduced size or limited interconnectedness to other institutions or to the financial system in general, would not have both in the case of an idiosyncratic event or at time of broader financial instability or system wide events, an adverse effect on financial stability including through contagion to other institutions. Competent authorities can define triggers after which occurrence even the aforementioned institutions have to draw up a recovery plan.
Amendment 851 #
2012/0150(COD)
Proposal for a directive
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Where there is a significant deterioration in the financial situation of an institution or where there are serious violations of law, regulations or bylaws or serious administrative irregularities, and other measures taken in accordance withenvisaged in Article 23 are not sufficient to reverse that deterioration, Member States shall ensure that competent authorities may appoint aone or more special managers to replace the management of the institution. Competent authorities shall make public the appointment of a special manager. Member States shall further ensure that the special manager has the qualifications, ability and knowledge required to carry out his or her functions.
Amendment 853 #
2012/0150(COD)
Proposal for a directive
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1a. The functions of the general meeting shall be suspended by effect of the appointment of a special manager except as provided for in paragraph 3 of this Article.
Amendment 903 #
2012/0150(COD)
Proposal for a directive
Article 27 – paragraph 1 a (new)
Article 27 – paragraph 1 a (new)
1a. Resolution authorities shall also take resolution actions if the authorisation has been withdrawn according to Article 18 of Directive [CRD IV] and a resolution action is necessary in the public interest pursuant to paragraph 2.
Amendment 976 #
2012/0150(COD)
Proposal for a directive
Article 30 – paragraph 1
Article 30 – paragraph 1
1. Before taking resolution action and in particular, for the purposes of Articles 31, 34, 36, 41, 42 and 65, resolution authorities shall ensure that a fair and realistic valuation of the assets and liabilities of the institution is carried out by a person independent from any public authority, including the resolution authority, and the instituti. The valuation shall be made by the special managers or by an independent person. The resolution authority shall endorse that valuation. Where independent valuation or a valuation by the special manager is not possible due to the urgency in the circumstances of the case, resolution authorities may carry out the valuation of the assets and liabilities of the institution.
Amendment 981 #
2012/0150(COD)
Proposal for a directive
Article 30 – paragraph 2
Article 30 – paragraph 2
2. Without prejudice to the Union State aid framework, where applicable, the valuation required by paragraph 1 shall be based on prudent and realistic assumptions, including as to rates of default and severity of losses, and its objective shall be to assess the market value of the assets and liabilities of the institution that is failing or is likely to fail so that any losses that could be derived are recognised at the moment the resolution tools are exercised. However, where the market for a specific asset or liability is not functioning properly the valuation may reflect the long term economic value of those assets or liabilitiesensure that any losses that could be derived are recognised at the moment the resolution tools are exercised. Valuation shall not assume the provision of extraordinary public support to the institution, regardless of whether it is actually provided.
Amendment 1024 #
2012/0150(COD)
Proposal for a directive
Article 34 – paragraph 2 – subparagraph 1
Article 34 – paragraph 2 – subparagraph 1
Except where the bail-in tool is applied for the purpose specified in point (b) of Article 37(2), for the purposes of the bridge institution tool a bridge institution shall be a legal entity that is wholly or partially owned by one or more public authorities (which may includeunder the control of the resolution authority) and that is created for the purpose of carrying out some or all of the functions of an institution under resolution and for holding some or all of the assets and liabilities of an institution under resolution.
Amendment 1048 #
2012/0150(COD)
Proposal for a directive
Article 36 – paragraph 2
Article 36 – paragraph 2
2. For the purposes of the asset separation tool, an asset management vehicle shall be a legal entity that is wholly owned by one or more public authorities, which may includeunder the control of the resolution authority.
Amendment 1089 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point b a (new)
Article 38 – paragraph 2 – subparagraph 1 – point b a (new)
(b a) liabilities that are guaranteed by an institutional protection scheme meeting the requirement of art. 108(7) CRR;
Amendment 1125 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 3a (new)
Article 38 – paragraph 2 – subparagraph 3a (new)
Point (ba) of paragraph 2 shall not prevent resolution authorities, where appropriate, from exercising those powers in relation to any amount of a liability that exceeds the coverage of the IPS.
Amendment 1178 #
2012/0150(COD)
Proposal for a directive
Article 39 – paragraph 3 – point d
Article 39 – paragraph 3 – point d
(d) the extent to which the Deposit Guarantee Schemeamount of covered deposits of an institution that are guaranteed in accordance with Directive 94/19/EC; the extent to which the membership in a risk mitigating cooperative solidarity system, which ensures the prevention of resolution events by reporting requirements and early interventions in the sense of the DGS Directive, could contribute to the financing of resolution in accordance with Article 99;
Amendment 1423 #
2012/0150(COD)
Proposal for a directive
Article 91 – paragraph 1
Article 91 – paragraph 1
1. Member States shall establish financing arrangements for the purpose of ensuring the effective application by the resolution authority of the resolution tools and powers. Institutional Protection Schemes shall be considered as financing arrangements, provided that they meet the requirements laid down in art. 80(8) of Directive 48/2006/CE. The financing arrangements shall be used only in accordance with the resolution objectives and the principles set out in Articles 26 and 29.
Amendment 1499 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 7 – point a a (new)
Article 94 – paragraph 7 – point a a (new)
(a a) the existence of a risk mitigating cooperative solidarity system, which ensures the prevention of resolution events by reporting requirements and early interventions in the sense of the DGS Directive;
Amendment 154 #
2011/2035(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Doubts whether specific operational programmes for functional geographical entities such as metropolitan regions or sea or river basins will yield additional benefits; is particularly aware, in relation to such programmes, of the absence of political bodies (including democratically elected bodies) with a sufficiently wide- ranging remit to implement them; calls instead for closer coordination of macroregional or natural- environment strategies at inter- governmental levels;
Amendment 244 #
2011/2035(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Takes the view that GDP must be retained as the key criterion in the definition of areas eligible for maximum support (those with GDP/PE below 75% of the EU average) and, where appropriate, cohesion countries (GDP/PE below 90% of the EU average); points outconsiders that the competent national authorities must continue to have scope for the use of additional indicators at the relevant decision-making levelsshould nevertheless be able to incorporate, at the appropriate decision-making level, for each objective and in a manner reflecting geographical concentrations, additional indicators with which to assess the respective social, economic, environmental, demographic and geographical challenges faced;
Amendment 348 #
2011/2035(INI)
Motion for a resolution
Paragraph 30 – subparagraph 1 (new)
Paragraph 30 – subparagraph 1 (new)
points out that the European Globalisation Adjustment Fund (EGF) is a complementary means of achieving the objectives of the European Social Fund, as it seeks to enable workers made redundant as a result of globalisation and the crisis to find work;
Amendment 373 #
2011/2035(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
35. Calls, in the event that binding priorities are set for all Member States, for these to cover innovation, infrastructure and resource management and to be tailored in each case to regions’ specific ne for Member States to include among their priorities innovation, infrastructure and resource management, but considers there should be some margin for manoeuvre to take into account the scale of the programmes, the baseline scenario in each region and the results to be achieveds; stresses that it must be possible to suggest and pursue additional priorities on a voluntary basis and in accordance with the principle of subsidiarity; calls for suggested priority areas to include energy, education and training, and combating poverty;
Amendment 400 #
2011/2035(INI)
Motion for a resolution
Paragraph 37
Paragraph 37
37. Calls for the funding under investment partnerships to be made conditional on the implementation of reforms by the Member States, in order to ensure that it is used efficiently in areato be subject to conditions predetermined in a dialogue between the Commission and Member States at the start of the programming period and set out in the investment partnership contracts and in the operational programmes; those predetermined conditions must be clearly defined, targeted and verifiable, and must refer solely to aspects directly related to the effectiveness of cohesion policy investments; considers it fair for such conditions to include, in particular, full implementation of existing EU legislation (e.g. on price regulation, tendering procedures, transport, the environment and health) in order to prevent irregularities and ensure effectiveness; rejects, however, the imposition of conditions requiring Member States to undertake fundamental social and economic reform;
Amendment 494 #
2011/2035(INI)
Motion for a resolution
Paragraph 51
Paragraph 51
Amendment 504 #
2011/2035(INI)
Motion for a resolution
Paragraph 51 – subparagraph 1 (new)
Paragraph 51 – subparagraph 1 (new)
is opposed to structural funding being made subject to any kind of macroeconomic conditions connected with the Stability and Growth Pact since this would conflict with the very aims of cohesion policy; in the interests of enhancing programming credibility and achieving tangible results, insists on the introduction of appropriate sets of conditions, verified ex-ante and based on a place-based approach to policies, that cover all the institutional, administrative, regulatory, planning and project-related requirements needed to ensure an effective implementation of the programmes;
Amendment 513 #
2011/2035(INI)
Motion for a resolution
Paragraph 53
Paragraph 53
53. Envisages that the Commission will, in future, have a greater responsibility for the improvement of national administrative procedures; takes the view, therefore, that it will be incumbent on the Commission to implement accreditation procedures for national or federal-state administrative and auditing bodies; envisages linkage between, on the one hand, successful accreditation and a reduction in the error rate and, on the other, entitlement to simplified and less frequent reporting;
Amendment 223 #
2011/0385(COD)
Proposal for a regulation
Article 10
Article 10
Amendment 682 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1 a. Member States shall ensure that investment firms assess a general consistency of the financial instruments distributed, especially when directly designed, with due regard to their characteristics, against the characteristics and needs of the potential target group of clients to whom these instruments are being addressed. Member States shall require that investment firms take reasonable steps to ensure that the sale and distribution policy is consistent with suitability and appropriateness assessment rules.
Amendment 102 #
2011/0296(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) In order to make European markets more transparent, safer, more efficient, and to level the playing field between various venues offering trading services, it is necessary to introduce a newclarify the existing categoryies of organised trading facility (OTF). This new category is broadly definedtrading venues so that all functionally identical trading is subject to identical rules. These clarifications should cover all the major sources of ambiguity so that now and in the future ithe existing trading venues should be able to capture all types of organised execution and arranging of trading which do not correspond to the functionalities or regulatory specifications of existing venues. Consequently appropriate, identical organisational requirements and transparency rules which support efficient price discovery need to be applied. The new category includesas well as identical rules aimed at ensuring objective, non- discretionary execution and non- discriminatory access to the platforms need to be applied. The clarifications of the RM, MTF and SI definitions should ensure that broker crossing systems, which can be described as internal electronic matching systems operated by an investment firm which execute client orders against other client orders. The new category, are regulated either as MTFs or SIs, depending on which trading functionality they have. The clarified definitions of RMs, MTFs and SIs should also encompasses systems eligible for trading clearing-eligible and sufficiently liquid derivatives. IBy contrast, it shall not include facilities where there is no genuine trade execution or arranging taking place in the system, such as bulletin boards used for advertising buying and selling interests, other entities aggregating or pooling potential buying or selling interests, or electronic post-trade confirmation services., should continue to be defined as OTC. (This amendment (i.e. the deletion of "OTF") applies throughout the text. Adopting it will necessitate corresponding changes throughout including the definition in article 2.)
Amendment 111 #
2011/0296(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) This new category of organisede clarification of the existing types of trading venues is needed to ensure that all multilateral and bilateral trading facility will complement the existing types of trading venues. Whiletivities are subject to the same rules. In particular, the clarifications of the definitions of and the regimes imposed on regulated markets and multilateral trading facilities are characterised byshould clarify that both trading venues must have non- discretionary execution of transactions, the operator of an organised trading facility should have discretion over how a transaction is to be executed. The non- discretionary execution of transactions in a RM or MTF is fully separate from, and complementary to, the client-facing requirements imposed on intermediaries when executing client orders. Consequently, conduct of business rules, best execution and client order handling obligations should continue to apply to the transactions concluded on an O RM or MTF operated by an investment firm or a market operator. However, because an OTF constitutes a genuine trading pthe market- facing regulatform, the platform operator should be neutral. Therefore, the operator of an OTF should not be allowed to execute in the OTF any transaction between multiple third-party buying and selling interests including client orders brought together in the system against his own proprietary capital. This also excludes them from acting as systematic internay duties associated with operating a trading platform are different from the client-facing duties of an intermediary, both types of platforms must continue to be subject to the requirement to delisvers in the OTF operated by them non-discretionary execution.
Amendment 166 #
2011/0296(COD)
Proposal for a regulation
Recital 31
Recital 31
Amendment 168 #
2011/0296(COD)
Proposal for a regulation
Recital 32
Recital 32
Amendment 205 #
2011/0296(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 2 b (new)
Article 2 – paragraph 1 – point 2 b (new)
(2 b) 'Bilateral system' means a system that brings together or facilitates the buying and selling interests in financial instruments, whereby the operator of the investment firms takes on capital risk;
Amendment 272 #
2011/0296(COD)
Proposal for a regulation
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
2 a. Competent authorities shall be able to withdraw the authorisation for regulated markets, market operators or investment firms to use one of the waivers specified in paragraph 3. Competent authorities shall withdraw the authorisation if they observe that the waiver is used in a way that is deviating from its original purpose or if they believe that the waiver is used to circumvent the rules established in this article. Before withdrawing the authorisation to use a waiver, competent authorities shall notify ESMA and other competent authorities of their intention providing a full explanation of the rationale behind such an intention. Notification of the intention to withdraw the authorisation to use a waiver shall be made as soon as possible. Within 1 month following receipt of the notification, ESMA shall issue a non-binding opinion to the competent authority in question. After receiving the opinion, the competent authority shall make its decision effective.
Amendment 312 #
2011/0296(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF based on the trading system operated shall make public prices and the depth of trading interests at those prices for orders or quotes advertised through their systems for bonds and structured finance products admitted to trading on a regulated market or traded on a MTF for which a prospectus has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF. This requirement shall also apply to actionable indications of interests. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make this information available to the public on a continuous basis during normal trading hours. The level of disclosure and the frequency of publication shall be calibrated proportionately to issuance, transaction size and characteristics of national markets.
Amendment 323 #
Amendment 342 #
2011/0296(COD)
Proposal for a regulation
Article 8 – paragraph 3 a (new)
Article 8 – paragraph 3 a (new)
3 a. Competent authorities shall be able to withdraw the authorisation for regulated markets, market operators or investment firms to use one of the waivers specified in paragraph 4. Competent authorities shall withdraw the authorisation if they observe that the waiver is used in a way that is deviating from its original purpose or if they believe that the waiver is used to circumvent the rules established in this article. Before withdrawing the authorisation to use a waiver, competent authorities shall notify ESMA and other competent authorities of their intention providing a full explanation of the rationale behind such an intention. Notification of the intention to withdraw the authorisation to use a waiver shall be made as soon as possible. Within 1 month following receipt of the notification, ESMA shall issue a non-binding opinion to the competent authority in question. After receiving the opinion, the competent authority shall make its decision effective.
Amendment 367 #
2011/0296(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make public the price, volume and time of the transactions executed in respect of bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make details of all such transactions public as close to real- time as is technically possible. The level of disclosure and the frequency of publication shall be calibrated proportionately to issuance, transaction size and characteristics of national markets.
Amendment 458 #
2011/0296(COD)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. Investment firms which, either on own account or on behalf of clients, conclude transactions in shares, depositary receipts, exchange-traded funds, certificates or other similar financial instruments admitted to trading on a regulated market or which are traded on an MTF or an OTF, shall make public the volume and price of those transactions and the time at which they were concluded. This information shall be made public through an APA.
Amendment 463 #
2011/0296(COD)
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. The information which is made public in accordance with paragraph 1 and the time- limits within which it is published shall comply with the requirements adopted pursuant to Article 6. Where the measures adopted pursuant to Article 6 provide for deferred reporting for certain categories of transaction in shares, depositary receipts, exchange-traded funds, certificates or other similar financial instruments, this possibility shall also apply to those transactions when undertaken outside regulated markets, MTFs or OTFs.
Amendment 467 #
2011/0296(COD)
Proposal for a regulation
Article 19 – paragraph 3 a (new)
Article 19 – paragraph 3 a (new)
3 a. ESMA shall identify the principles and criteria where the provisions regarding the use of APAs as per paragraph 1 shall be waived for investment firms which execute relatively small volumes of transactions in respect of shares, depositary receipts, exchange- traded funds, certificates and other financial instruments. In such cases, ESMA shall prescribe specific provisions as it regards the minimum content and format of the information published through the use of own proprietary disclosure systems.
Amendment 470 #
2011/0296(COD)
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Investment firms which, either on own account or on behalf of clients, conclude transactions in bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and derivatives which are clearing-eligible or are reported to trade repositories in accordance with Article [6] of Regulation [EMIR] or are admitted to trading on a regulated market or are traded on an MTF or an OTF shall make public the volume and price of those transactions and the time at which they were concluded. This information shall be made public through an APA.
Amendment 478 #
2011/0296(COD)
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
2. The information which is made public in accordance with paragraph 1 and the time- limits within which it is published shall comply with the requirements adopted pursuant to Article 10. Where the measures adopted pursuant to Article 10 provide for deferred reporting for certain categories of transaction in bonds, structured finance products, emission allowances or derivatives, this possibility shall also apply to those transactions when undertaken outside regulated markets, MTFs or OTFs.
Amendment 482 #
2011/0296(COD)
Proposal for a regulation
Article 20 – paragraph 3 – point b a (new)
Article 20 – paragraph 3 – point b a (new)
(b a) ESMA shall identify the principles and criteria where the provisions regarding the use of APAs as per paragraph 1 shall be waived for investment firms which execute relatively small volumes of transactions in respect of bonds, structured finance products, emission allowances and derivatives. In such cases, ESMA shall prescribe specific provisions with regards to the minimum content and format of the information published through the use of own proprietary disclosure systems.
Amendment 521 #
2011/0296(COD)
Proposal for a regulation
Article 24 – title
Article 24 – title
Obligation to trade on regulated markets, MTFs or OMTFs
Amendment 528 #
Amendment 542 #
2011/0296(COD)
Proposal for a regulation
Article 24 – paragraph 5 a (new)
Article 24 – paragraph 5 a (new)
5 a. The obligation to trade on regulated markets or MTFs shall be implemented by 31st December 2013. All technical standards and delegated acts that refer to this obligation should be completed in time before this deadline.
Amendment 547 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 1 – introductory part
Article 26 – paragraph 1 – subparagraph 1 – introductory part
ESMA shall develop draft implementing technical standards to determine the following:
Amendment 549 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 1 – point a
Article 26 – paragraph 1 – subparagraph 1 – point a
Amendment 558 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 2 – point a
Article 26 – paragraph 2 – point a
(a) the class of derivatives or a relevant subset thereof has to be admitted to trading or traded on at least one regulated market, MTF or OMTF referred to in Article 24(1), and
Amendment 561 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 2 – point b
Article 26 – paragraph 2 – point b
(b) the class of derivatives or a relevant subset thereof are considered sufficiently liquid to trade only on the venues referred to in Article 24(1)shall be subject to the CCP clearing obligation laid out in Article 4 paragraphs 2 and 4 of Regulation [ ] 'EMIR'.
Amendment 566 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 3
Article 26 – paragraph 3
Amendment 589 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 4
Article 26 – paragraph 4
Amendment 590 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 1
Article 26 – paragraph 4 – subparagraph 1
Amendment 592 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 2
Article 26 – paragraph 4 – subparagraph 2
Amendment 594 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 5
Article 26 – paragraph 5
Amendment 596 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 6
Article 26 – paragraph 6
Amendment 598 #
Amendment 621 #
Amendment 291 #
2011/0295(COD)
Proposal for a regulation
Article 12 – paragraph 8
Article 12 – paragraph 8
8. This Article shall not apply to issuers who have not requested or approved admission of their financial instruments to trading on a regulated market in a Member State or, have issued only bonds traded exclusively on a MTF, according to specific technical requirements to be determined by ESMA, or in the case of an instrument only traded on a MTF or an OTF, have not requested or approved trading of their financial instruments on a MTF or an OTF in a Member State.
Amendment 296 #
2011/0295(COD)
Proposal for a regulation
Article 12 – paragraph 9 – subparagraph 1 – indent 1 a (new)
Article 12 – paragraph 9 – subparagraph 1 – indent 1 a (new)
- the technical requirements of issuer and financial instrument only traded on a MTF subject to the exemption referred to in paragraph 8;
Amendment 22 #
2011/0283(COD)
Proposal for a regulation – amending act
Recital 13 a (new)
Recital 13 a (new)
(13a) To prevent the risk of other Member States finding themselves in circumstances which dictate they have to apply to access financial stabilisation mechanisms, a derogation should be granted to the Stability and Growth Pact which allows national cofinancing of projects considered to be of particular relevance to economic recovery and job creation.
Amendment 229 #
2011/0276(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) A performance framework should be defined for each programme with a view to monitoring progress towards the objectives and targets set for each programme over the course of the programming period. The Commission should undertake a performance review in cooperation with the Member States in 2017 and 2019. A performance reserve should be foreseen and allocated in 2019 where milestones set in the performance framework have been attained. Due to their diversity and multi-country character, there should be no performance reserve for 'European Territorial Cooperation' programmes. In cases where the shortfall in the achievement of milestones or targets is significant, the Commission should be able to suspend paycommitments to the programme or, at the end of the programming period, apply financial corrections, in order to ensure that the Union budget is not used in a wasteful or inefficient way.
Amendment 303 #
2011/0276(COD)
Proposal for a regulation
Recital 58
Recital 58
Amendment 306 #
2011/0276(COD)
Proposal for a regulation
Recital 58
Recital 58
Amendment 397 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 5 – paragraph 1 – introductory part
Part 2 – article 5 – paragraph 1 – introductory part
1. For the Partnership Contract and each programme respectively, athe Member States and local and regional authorities shall organise a partnership with the following partners:
Amendment 407 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 5 – paragraph 1 – point a
Part 2 – article 5 – paragraph 1 – point a
a) regional, local, urban and other public authorities
Amendment 472 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 9 – paragraph 1 – point 1 a (new)
Part 2 – article 9 – paragraph 1 – point 1 a (new)
1a) preserving and promoting the cultural and creative heritage of the Union;
Amendment 486 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 9 – paragraph 1 – point 6
Part 2 – article 9 – paragraph 1 – point 6
6) preserving and protecting the environment, cultural and creative heritage and promoting resource efficiency;
Amendment 645 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 15 – paragraph 2
Part 2 – article 15 – paragraph 2
2. The Commission shall adopt a decision, by means of implementing acts, approving the Partnership Contract no later than six months after its submission by the Member State, provided that any observations made by the Commission have been satisfactorily taken into account. As part of its decision to adopt the Partnership Contract, the Commission shall take account of the effective involvement of the autonomous regional territories called to enter into the Partnership Contract, in accordance with the institutional system of each Member State. The Partnership Contract shall not enter into force before 1 January 2014.
Amendment 646 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 15 – paragraph 3 – introductory part
Part 2 – article 15 – paragraph 3 – introductory part
3. Where a Member State proposes an amendment to the Partnership Contract, the Commission shall carry out an assessment in accordance with paragraph 1 and, where appropriate, shall adopt a decision, by means of implementing acts, approving the amendment within three months of its submission by the Member State.
Amendment 650 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 16 – paragraph 1
Part 2 – article 16 – paragraph 1
Member States shall concentrate support, in accordance with the Fund-specific rules, on actions bringing the greatest added value in relation to the Union strategy for smart, sustainable and inclusive growth, addressing the challenges identified in the country-specific recommendations under Article 121(2) of the Treaty and the relevant Council recommendations adopted under 148(4) of the Treaty, and taking into account national and regional needs. In accordance with the principle of subsidiarity, the managing authorities shall independently select the thematic objectives and investment priorities on which to concentrate the Union's support.
Amendment 679 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 17 – paragraph 5
Part 2 – article 17 – paragraph 5
5. The Commission shall assess the information provided on the fulfilment of the ex ante conditionalities in the framework of its assessment of the Partnership Contract and programmes. It may decide, when adopting a programme, to suspend all or part of interim payments to the programme pending the satisfactory completion of actions to fulfil an ex ante conditionality. The failure to complete actions to fulfil an ex ante conditionality by the deadline set out in the programme shall constitute a basis for suspending paycommitments by the Commission.
Amendment 695 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 18
Part 2 – article 18
Amendment 711 #
Amendment 731 #
Amendment 749 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 23 – paragraph 3
Part 2 – article 23 – paragraph 3
3. Programmes shall be submitted by the Member States at the same time aswithin six months of the submission of the Partnership Contract, with the exception of European territorial cooperation programmes, which shall be submitted within sixnine months of the approval of the Common Strategic FrameworkGeneral Regulation. All programmes shall be accompanied by the ex ante evaluation as set out in Article 48.
Amendment 755 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 23 – paragraph 3 – subparagraph 1a (new)
Part 2 – article 23 – paragraph 3 – subparagraph 1a (new)
The possibility of multi-fund operational programmes (ERDF, ESF, Cohesion Fund, EAFRD, EMFF) shall be encouraged. For this purpose the European Commission adopts any measure for the setting up and implementation of these programmes with due respect to the proportionality principle.
Amendment 815 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 29 – paragraph 1 – point c
Part 2 – article 29 – paragraph 1 – point c
(c) a description of the strategy and its objectives, a description of the integrated and innovative character of the strategy and a hierarchy of objectives, including clear and measurable targets for outputs or results. The strategy shall be coherent with the relevant programmes of all the CSF Funds involvedwith a focus on its integrated character, especially with respect to strategies for peri-urban and functional zones involving both urban partners and rural players;
Amendment 1156 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 74 – paragraph 1 – introductory part
Part 2 – article 74 – paragraph 1 – introductory part
1. The payment deadline for an interim payment claim may be interrupted by the authorising officer by delegation within the meaning of the Financial Regulation for a maximum period of ninesix months if:
Amendment 1174 #
2011/0276(COD)
Proposal for a regulation
Part 2 – article 77 – paragraph 2 – point b
Part 2 – article 77 – paragraph 2 – point b
b) there is a risk that the breach has or could have breach has affected the amount of expenditure declared for reimbursement by the Union budget.
Amendment 1331 #
2011/0276(COD)
Proposal for a regulation
Part 3 – article 86 – paragraph 1 – point 3 bis (new)
Part 3 – article 86 – paragraph 1 – point 3 bis (new)
3a) Public or equivalent structural expenditure supported by the public administration by way of co-financing of investments activated as part of CSF funding will be deducted from the calculation of structural deficit in the definition of the specific medium-term objectives for the country within the framework of EU Regulation 1466/97, and will equally be deducted in the assessment of compliance with the preventive arm of the Stability and Growth Pact, within the framework of EU Regulation 1467/97.
Amendment 1450 #
2011/0276(COD)
Proposal for a regulation
Part 3 – article 91 – paragraph 2
Part 3 – article 91 – paragraph 2
2. Major projects submitted to the Commission for approval shall be contained in the list of major projects in an operational programme. The list shall be reviewed by the Member State or the managing authority two years following the adoption of an operational programme and may at the request of the Member State be adjusted in accordance with the procedure set out in Article 26(2), in particular to include major projects with an expected completion date by the end of 2022Major projects may also be approved during the programming period.
Amendment 1693 #
2011/0276(COD)
Proposal for a regulation
Part 3 – article 120 – paragraph 1
Part 3 – article 120 – paragraph 1
1. The Commission shall reimburse as interim payments 905% of the amount resulting from applying the co-financing rate for each priority axis laid down in the decision adopting the operational programme to the eligible expenditure for the priority axis included in the payment application. It shall determine the annual balance in accordance with Article 130(1).
Amendment 75 #
2011/0275(COD)
Proposal for a regulation
Recital 5 bis (new)
Recital 5 bis (new)
(5a) In its resolution of 8 June 2011, the European Parliament pointed out that youth and culture policies are essential and among the priorities recognised for the added value they bring and their ability to reach out to citizens. It also called on the EU and the Member States to acknowledge the increasing importance of cultural and creative industries to the European economy, and their spill-over effects on other economic sectors. It also strongly emphasised that the full potential of these policies can only be realised if they are provided with adequate levels of funding in the context of cohesion policy.
Amendment 78 #
2011/0275(COD)
Proposal for a regulation
Recital 5 b (new)
Recital 5 b (new)
(5b) In its resolution of 8 June 2011, the European Parliament recalled that tourism is a new EU competence under the Lisbon Treaty, which should, therefore, also be reflected in the next MFF. It stressed the important contribution of tourism to the European economy and the need for a European strategy for tourism aimed at strengthening the competitiveness of the sector to be supported by adequate funding under the ERDF.
Amendment 79 #
2011/0275(COD)
Proposal for a regulation
Recital 5 quater (new)
Recital 5 quater (new)
(5c) As noted by the European Court of Auditors in Special Report No 6/2011 entitled ‘Were ERDF co-financed tourism projects effective?’, tourism interventions achieved their objectives in terms of performance, growth and employment, by creating tourism capacity and by creating or maintaining jobs
Amendment 178 #
2011/0275(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 – point d – point i bis (new)
Article 3 – paragraph 1 – subparagraph 1 – point d – point i bis (new)
(i a) investment to promote tourism including maritime tourist activity and to protect artistic and cultural heritage
Amendment 213 #
2011/0275(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2
Article 3 – paragraph 1 – subparagraph 2
Amendment 227 #
2011/0275(COD)
Proposal for a regulation
Article 3 – paragraph 2 – point a
Article 3 – paragraph 2 – point a
Amendment 252 #
2011/0275(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point a – point i
Article 4 – paragraph 1 – point a – point i
(i) at least 80 % of the total ERDF resources at national level shall be allocated to thof each operational programme shall be allocated up to a maximum of three thematic objectives set out in points 1, 3 and 4 of Article 9 of Regulation (EU) No […]/2012 [CPR];
Amendment 281 #
2011/0275(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point b – point i
Article 4 – paragraph 1 – point b – point i
(i) at least 50 % of the total ERDF resources at national levelof each thematic programme shall be allocated to tha maximum of three thematic objectives set out in points 1, 3 and 4 of Article 9 of Regulation (EU) No […]/2012 [CPR];
Amendment 355 #
2011/0275(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 1 – point b bis (new)
Article 5 – paragraph 1 – point 1 – point b bis (new)
(b) a) support appropriate synergies and linkages with the EU’s Horizon 2020 programme;
Amendment 367 #
2011/0275(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 1 bis (new)
Article 5 – paragraph 1 – point 1 bis (new)
Amendment 419 #
2011/0275(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 3 – point b a (new)
Article 5 – paragraph 1 – point 3 – point b a (new)
(b a) development of SMEs in emerging areas linked to European and regional challenges such as creative and cultural industries, new forms of tourism including cultural tourism, and innovative services reflecting new societal demands or products and services linked to ageing population, care and health, eco- innovations, the low carbon economy and resource efficiency, including coordination with public procurement to speed up the market take-up of innovative solutions to address these challenges.
Amendment 521 #
2011/0275(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 6 – point c – point i (new)
Article 5 – paragraph 1 – point 6 – point c – point i (new)
i) promoting sustainable tourism through efficient use of natural and cultural resources;
Amendment 528 #
2011/0275(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 6 – point e
Article 5 – paragraph 1 – point 6 – point e
(e) action to improve the urban environment, including regeneration of deprived urban and outlying areas and brownfield sites and reduction of air pollution;
Amendment 195 #
2011/0203(COD)
Proposal for a directive
Article 75 – paragraph 3 – subparagraph 1
Article 75 – paragraph 3 – subparagraph 1
3. Competent authorities shall ensure that institutions establish a risk committee composed of members of the management body who do not perform any executive function in the institution concerned. An adequate number of members of the committee shall also be independent. Members of the risk committee shall have appropriate knowledge, skills and expertise to fully understand and monitor the risk strategy and the risk appetite of the institution.
Amendment 253 #
2011/0203(COD)
Proposal for a directive
Article 86 – paragraph 2 – subparagraph 1
Article 86 – paragraph 2 – subparagraph 1
2. Competent authorities shall ensure that institutions establish a nomination committee composed of members of the management body who do not perform any executive function in the institution concerned. An adequate number of such members shall also be independent.
Amendment 292 #
2011/0203(COD)
Proposal for a directive
Article 87 – paragraph 1 – point a – subparagraph 2
Article 87 – paragraph 1 – point a – subparagraph 2
Executive or non-executive directorships held within the same group shall count as one single directorship. or within institutions which have established links according to Article 108(7) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms] shall count as one single directorship, including: (i) non financial entities and institutions: (a) in which there is a qualified holding according to Article 4(21) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms]; (b) in which there are participations according to Article 4(49) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms]; or (c) which have close ties as according to Article 4(72) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms] to certain non-financial institutions; and (ii) parent financial holding company according to Article 4(65)(66) and (67) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms] controlling a central or regional credit institution adhering to an IPS scheme.
Amendment 155 #
2011/0202(COD)
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16a) The report from the High Level Group on Financial Supervision in the European Union, chaired by Jacques de Larosière, stated that micro-prudential supervision cannot effectively safeguard financial stability without adequately taking account of macro-level developments, while macro-prudential oversight is not meaningful unless it can somehow impact on supervision at the micro level. Close cooperation between EBA and the ESRB is essential to give full effectiveness to the functioning of the ESRB and the follow-up to its warnings and recommendations. In particular, EBA should be able to transmit to the ESRB all relevant information gathered by competent authorities in accordance with the reporting obligations set out in this Regulation.
Amendment 165 #
2011/0202(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) In line with the decision of the BCBS, as endorsed by the GHOS on 10 January 2011, all Additional Tier 1 and Tier 2 instruments of an systemically important financial institutions should be fully and permanently written down or converted fully into Common Equity Tier 1 capital at the point of non-viability of the institution.
Amendment 355 #
2011/0202(COD)
Proposal for a regulation
Article 24 – paragraph 1 – point a
Article 24 – paragraph 1 – point a
(a) capital instruments,Shares, as defined under the respective national law in Member States provided the conditions laid down in Article 26 are met;
Amendment 365 #
2011/0202(COD)
Proposal for a regulation
Article 24 – paragraph 4
Article 24 – paragraph 4
4. EBA shall establish, maintain and publish a list ofCompetent authorities shall notify EBA of the forms of shares they deem eligible according to their national law as Common Equity Tier 1 instruments. EBA shall evaluate these forms of capital instrumentshares on an on-going basis and develop a draft list of the forms of shares in each Member State that qualify as Common Equity Tier 1 instruments. in accordance with paragraph 5.. The EBA shawill establish and publish this list by 1 January 2013. Only the instruments included in this list are eligible to be classified as common equities tier1 for institutions. Upon a Member State's request or on its own initiative, the EBA may decide to request legal opinions in order to ascertain the eligibility of the forms of shares notified by Member States against the conditions defined in Article 26.
Amendment 417 #
2011/0202(COD)
Proposal for a regulation
Article 30 – paragraph 1 – point b a (new)
Article 30 – paragraph 1 – point b a (new)
(ba) unrealized gains or losses on EU sovereign debt that are valued at fair value and held in the available for sale category. Until the review of the IFRS due to eliminate the available for sale category, EBA shall draft technical standards to specify the conditions according to which point (ba) shall apply.
Amendment 427 #
2011/0202(COD)
Proposal for a regulation
Article 36 – paragraph 1
Article 36 – paragraph 1
1. Institutions shall apply a risk weight in accordance with Chapter 2 or 3 of Title II of Part Three, as applicable, to deferred tax assets that do not rely on future profitabilitythe items referred to in points (a) and (b), and a risk weight of 100% to items referred to in point (c).
Amendment 429 #
2011/0202(COD)
Proposal for a regulation
Article 36 – paragraph 2 – introductory part
Article 36 – paragraph 2 – introductory part
2. Deferred tax assets that do not rely on future profitability compriseshall be limited to the following:
Amendment 431 #
2011/0202(COD)
Proposal for a regulation
Article 36 – paragraph 2 – point c
Article 36 – paragraph 2 – point c
(c) deferred tax assets arising from temporary differences, which,ere all the following conditions are met: (i) they are automatically and mandatorily replaced without delay with a tax credit in the event that the institution incurreports a loss, becomes insolv when the annual financial statements or enters liquidaf the institution, are replaced, on a mandatory and automatic basis in accordance with the applicable national law, with a claimformally approved, or in the event of liquidation or insolvency proceedings; (ii) an institution shall be able under the applicable national tax law to offset a tax credit referred to in point (i) against any tax liability onf the central government of the Member State in which the institution is incorporated which shall absorb losses to the same degree as Common Equity Tier 1 instruments on a going concern basis and in the event of insolvency or liquidation of the institution. institution or any other undertaking included in the same consolidation as the institution for tax purposes under that law or any other undertaking subject to the supervision on a consolidated basis in accordance with Chapter 2 of Title II of Part One; where the amount of tax credits referred to in point (ii) exceeds the tax liabilities referred to in that point, any such excess is replaced without delay with a direct claim on the central government of the Member State in which the institution is incorporated.
Amendment 470 #
2011/0202(COD)
Proposal for a regulation
Article 46 – paragraph 3 – point b – introductory part
Article 46 – paragraph 3 – point b – introductory part
(b) where an institution referred to in Article 25 has a holding in another such institution, or in the parent undertaking of its central or regional credit institution, and the following conditions are met:
Amendment 476 #
2011/0202(COD)
Proposal for a regulation
Article 46 – paragraph 3 – point b – point i
Article 46 – paragraph 3 – point b – point i
(i) where the holding is in a central or regional credit institution, the institution with that holding is associated with that central or regional credit institution in a network subject to legal or statutory or contractual provisions and the central or regional credit institution is responsible, under those provisions, for cash-clearing operations within that network;
Amendment 479 #
2011/0202(COD)
Proposal for a regulation
Article 46 – paragraph 3 – point b – point ii
Article 46 – paragraph 3 – point b – point ii
(ii) the institutions referred to in Article 25 and its central or regional credit institution fall within the same institutional protection scheme referred to in Article 108(7);
Amendment 482 #
2011/0202(COD)
Proposal for a regulation
Article 46 – paragraph 3 – point b – point v
Article 46 – paragraph 3 – point b – point v
(v) the institution draws up and reports to the competent authorities the consolidated balance sheet referred to in point (e) of Article 108(7) no less frequently than own funds requirements are requiof the institutions that adhered to be reported under Article 95the scheme on an annual basis.
Amendment 490 #
2011/0202(COD)
Proposal for a regulation
Article 49 – paragraph 1 – point n
Article 49 – paragraph 1 – point n
(n) the provisions governing the instruments require the principal amount of the instruments - except for the provisions contained under Article 51, paragraph c), let.(i) below - to be written down, temporarily or the instruments to be converted to Common Equity Tier 1 instruments, upon the occurrence of a trigger event;
Amendment 494 #
2011/0202(COD)
Proposal for a regulation
Article 49 – paragraph 2 – subparagraph 1 – point b
Article 49 – paragraph 2 – subparagraph 1 – point b
(b) the nature of the permanent and temporarily write down of the principal amount;
Amendment 579 #
2011/0202(COD)
Proposal for a regulation
Article 87 – paragraph 3 – point a a (new)
Article 87 – paragraph 3 – point a a (new)
(aa) the risk weighted exposure amounts for credit risk for loans to SMEs (as defined in Title II Chapter 3 Section 2 Sub-section 2 Art.148 (4)) for which the risk weighted exposure amounts have to be calculated in accordance with Title II and then multiplied by 76.19% (application of an SMEs Supporting Factor);
Amendment 580 #
2011/0202(COD)
Proposal for a regulation
Article 87 – paragraph 3 – point a b (new)
Article 87 – paragraph 3 – point a b (new)
(ab) risk weighted exposure amounts from the trading book business of the institution;
Amendment 834 #
2011/0202(COD)
Proposal for a regulation
Article 372 – paragraph 1
Article 372 – paragraph 1
1. An institution shall calculate the own funds requirements for CVA risk in accordance with this Title for all OTC derivative instruments in respect of all of its business activities, other than those granted an exemption from clearing and collateralization under article 1 paragraph 4 and non financial counterparties not exceeding the clearing threshold as specified under Article 5 paragraph 3 of the European Market Infrastructure Regulation (EMIR), than credit derivatives recognised to reduce risk- weighted exposure amounts for credit risk.
Amendment 878 #
2011/0202(COD)
Proposal for a regulation
Article 389 – paragraph 1 – subparagraph 1 – point i a (new)
Article 389 – paragraph 1 – subparagraph 1 – point i a (new)
(ia) asset items constituting claims on institution in the form of minimum reserves required by ECB or by the central bank of a Member State to be held by an institution provided that the conditions laid down in Article 114 (4) are met;
Amendment 1158 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 8 – subparagraph 1 – point a – introductory part
Article 410 – paragraph 8 – subparagraph 1 – point a – introductory part
(a) the depositor is one of following: (i) a parent or subsidiary institution of the institution or another subsidiary of the same parent institution or linked to the institution by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC; or (ii) an institution falling within the same institutional protection scheme meeting the requirements of Article 108(7);
Amendment 1201 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 2 – introductory part
Article 413 – paragraph 2 – introductory part
2. The liquidity inflows shall be measured over the next 30 daysmonth rolling. They shall comprise only contractual inflows from exposures that are not past due and for which the bankinstitution has no reason to expect non- performance within the 30-daynext month rolling time horizon. The inflow shall be taken into account in full with the exception of the following:
Amendment 1210 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 2 – point b
Article 413 – paragraph 2 – point b
(b) monies due from secured lending and capital market driven transactions as defined in Article 188 if they are collateralised by liquid assets, shall not be taken into account up to the value net of haircuts of the liquid assets and shall be taken into account in full for the remaining monies duecustomers that are not central banks or financial customers shall be reduced by 50% of their value. For this purpose, demand assets due from customers that are not financial customers are considered as having a contractual maturity equal to the date by which those customers must contractually repay in the event that the bank has called for repayment from that customers. Instead, this does not apply to monies due from secured lending and capital market driven transactions as defined in Article 188 that are collateralised by liquid assets according to Article 404;
Amendment 1212 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 2 – point b a (new)
Article 413 – paragraph 2 – point b a (new)
(b a) Furthermore monies due that the institution owing those monies treats according to Article 410(4), as well as any undrawn credit or liquidity facilities and any other commitments received shall receive corresponding symmetric treatment.
Amendment 1213 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 2 – point c
Article 413 – paragraph 2 – point c
Amendment 1226 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 4 – subparagraph 1 – point b
Article 413 – paragraph 4 – subparagraph 1 – point b
(b) the provider iscounterpart is one of the following: i) a parent or subsidiary institution of the institution or another subsidiary of the same parent institution or linked to the institution by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC; ii) an institution falling within the same institutional protection scheme meeting the requirements of Article 108(7); and
Amendment 1346 #
2011/0202(COD)
Proposal for a regulation
Article 443 – paragraph 1 – introductory part
Article 443 – paragraph 1 – introductory part
Amendment 1363 #
2011/0202(COD)
Proposal for a regulation
Article 443 – paragraph 1 – point k a (new)
Article 443 – paragraph 1 – point k a (new)
(k a) the requirements for large exposures, laid down in Article 381 and Articles 384 to 392;
Amendment 1367 #
2011/0202(COD)
Proposal for a regulation
Article 443 – paragraph 1 – point k b (new)
Article 443 – paragraph 1 – point k b (new)
(k b) the liquidity requirements and the leverage ratio [once introduced into the Union regulatory framework].
Amendment 1566 #
2011/0202(COD)
Proposal for a regulation
Article 482 – paragraph 1
Article 482 – paragraph 1
1. The Commission shall submit by 31 December 2016 a report on the impact and effectiveness of the leverage ratio to the European Parliament and the Council. Where appropriate, tThe report shall be accompanied by a legislative proposal on the introduction of one or more levels for the leverage ratio that institutions would be required to meet, suggesting an adequate calibration for those levels and any appropriate adjustments to the capital measure and the total exposure measure as defined in Article 416.
Amendment 1600 #
2011/0202(COD)
Proposal for a regulation
Article 485 – title
Article 485 – title
Amendment 1607 #
2011/0202(COD)
Proposal for a regulation
Article 485 – paragraph 2 – point b a (new)
Article 485 – paragraph 2 – point b a (new)
(b a) With regard to Article 87: an analysis of the SMEs Supporting Factor's appropriateness in achieving the goal of supporting economic recovery and growth in Europe without being detrimental for the banking industry's stability.
Amendment 79 #
2011/0092(CNS)
Proposal for a directive
Recital 18
Recital 18
Amendment 182 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 13 – point a – point i
Article 1 – point 13 – point a – point i
Directive 2003/96/EC
Article 15 – paragraph 1 – point i
Article 15 – paragraph 1 – point i
(i) Until 1 January 2023, natural gas and LPG used as propellants, including by way of derogation from Article 4(3);”
Amendment 184 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 13 – point a – point i a (new)
Article 1 – point 13 – point a – point i a (new)
Directive 2003/96/EC
Article 15 – paragraph 1 – point l a (new)
Article 15 – paragraph 1 – point l a (new)
(ia) the following point is added: “(la) LPG used as heating fuel, including by way of derogation from Article 4(3);”
Amendment 216 #
2011/0092(CNS)
Proposal for a directive
Annex 1 – table A – row 4
Annex 1 – table A – row 4
LPG CN codes 2711 12 11 to 2711 19 20 €/t CO2 1.,5 €/GJ 53.5 €/GJ 9.63.5 €/GJ 00
Amendment 11 #
2010/2008(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the basis for international cooperation should be established in order to handle internationally traded derivatives so as to achieve international standards and information sharing arrangements between CCPs as a minimum,
Amendment 13 #
2010/2008(INI)
Motion for a resolution
Recital D
Recital D
Amendment 56 #
2010/2008(INI)
Motion for a resolution
Recital I
Recital I
I. whereas, as a rule, non-financial institutions’ interest rate, foreign-exchange and commodity contracts need no additional regulation, but such measures cannot be ruled out in future,
Amendment 61 #
2010/2008(INI)
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas the latest events involving the sale of OTC derivatives to local governments and the dealings with sovereign Credit Default Swaps reinforce the need for financial stability and market transparency to be primary goals for the drafting of legislation;
Amendment 62 #
2010/2008(INI)
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas derivatives speculation has had serious social consequences, in particular with regard to agricultural products; whereas speculation with credit default swaps has had grave economic consequences for some Member States of the euro area,
Amendment 69 #
2010/2008(INI)
Motion for a resolution
Recital I b (new)
Recital I b (new)
Ib. whereas derivatives prices should adequately correspond to risk and the cost of the future market infrastructure should be borne by market participants,
Amendment 94 #
2010/2008(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Backs the call for the compulsory introduction of independent clearingCCP clearing, independent from key markets participants and risk takers, between financial institutions for all standardised derivatives, so as to ensure better assessment of counterparty credit risk, and backsupports the aim of trading as many standardised derivatives as possible, in future, on organised markets;
Amendment 103 #
2010/2008(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
Amendment 112 #
2010/2008(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that, as regards regulation, a distinction must be made between derivatives to hedge firms’real transactions and pureby firms and financial market derivatives for purely speculative purposes;
Amendment 116 #
2010/2008(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Calls on the commission to look into ways of reducing the overall volume of derivatives significantly so the volume is proportionate to the underlying securities so as to avoid a distortion of price signals and reducing the risk to market integrity and cutting down systemic risk;
Amendment 117 #
2010/2008(INI)
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Considers important to pay particular attention to corporate derivatives to which a financial institution is a counterparty in order to avoid abusing such contracts not as corporate risk but as financial market instruments;
Amendment 118 #
2010/2008(INI)
Motion for a resolution
Paragraph 4 c (new)
Paragraph 4 c (new)
4c. Warns about the access of unsophisticated investors to derivatives trading and calls for a monitoring of such practises;
Amendment 126 #
2010/2008(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Is of the opinion that, through clearing arrangements and by adjusting capital requirements, counterparty credit risk can be reduced for contracts cleared centrally via central counterparty clearing facilities (CCPs) and non-centrally cleared contracts; backs the Commission in proposing higher capital requirements for financial institutions in the case of bilateral contracts, provided that central clearing is dispensed with;
Amendment 142 #
2010/2008(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 151 #
2010/2008(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Calls that CCPs and other risk management system must be independent from key market participants or risk takers organised on the base of a mutualistic model and in competition with each other, under ESMA’s financial supervision;
Amendment 157 #
2010/2008(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Backs the introduction of repositories for all trades and positions not exchange- clearedcleared by CCPs and calls for trade repositories to be regulated and supervised under ESMA direction of the EMSA, which will issue regulatory provisions on transparency and guarantee market integrity;
Amendment 181 #
2010/2008(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Insist on the need to have regulatory standards to ensure that CCPs remain resilient to a broader set of risks, including multiple participant failures, sudden sales of financial resources and rapid reduction in market liquidity;
Amendment 205 #
2010/2008(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls, as a matter of priority, for credit default swaps to be made subject to independent central clearing and, if necessary, checked to establish whether individual types of derivative with cumulative risks should only be conditionally authorised or even, on a case- by-case basis, prohibited; particularly , a sufficient capital and reserves should be required to cover the CDS in the case of a credit event;
Amendment 207 #
2010/2008(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls, as a matter of priority, for credit default swaps to be made subject to independent central clearing and, if necessary, checked to establish whether individual types of derivative with cumulative risks or entailing a potential economic risk should only be conditionally authorised or even, on a case-by-case basis, prohibited;
Amendment 211 #
2010/2008(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
Amendment 213 #
2010/2008(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Is of the opinion that all financial derivatives that concerning public finances in EU (including sovereign debt of Members States and local administration balance sheets) must be standardised and traded on exchange or other regulated trading platforms, to promote transparency of derivatives market to the public;
Amendment 218 #
2010/2008(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Is of the view that all high-risk derivatives from non-financial institutions must also be regulated despite accounting, according to the market analyses to hand, for a small proportion of the totalmust be regulated;
Amendment 224 #
2010/2008(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Calls for any derivative position, whether taken by financial or non- financial institutions, above a certain threshold (to be specified by ESMA) to be centrally cleared by a CCP;
Amendment 226 #
2010/2008(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Calls on the Commission to examine more closely the extent to which speculation influences price formation with regard to commodities, agricultural products and greenhouse gas emission allowances, to the detriment of society;
Amendment 231 #
2010/2008(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Notes that forCalls for the planned regulation of derivatives to include a ban on purely speculative trade ing commodities and agricultural products, but also greenhouse gas emission allowances, it must be ensured that that market operates transparently in order to stem speculationwhere it is harmful to society;
Amendment 239 #
2010/2008(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Supports that any future legislative proposal on derivatives markets follows a functional approach by which similar activities are subject to the same or similar rules;
Amendment 243 #
2010/2008(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Underlines the fact that regulation which is aneed for European regulation of derivatives and calls consistent as possible and internationally the Commission to coordinated its desirable, but, since there are differing viewpoints, considers separate European regulation for derivatives to be necessaryactions with Europe’s partners as far as possible, in order to secure regulation which is as consistent as possible and internationally coordinated;
Amendment 79 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 1 – paragraph 3
Annex – recommendation 1 – paragraph 3
3. Attribute to the relevant supervisor the responsibility for crisis management and the approval of each bank’s contingency plan, as follows: • for Systemic Bcross-border banks: the European Banking Authority (EBA) in close cooperation with the college of national supervisors and the Cross Border Stability Groups (as defined in the above-mentioned Memorandum of Understanding of June 2008); • for all other cross border non-systemic banks: the consolidated supervisor within the college, under the coordination of the EBA and in consultation with the Cross Border Stability Groups; • for local banks: the local supervisor.
Amendment 147 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2 – paragraph 1
Annex – recommendation 2 – paragraph 1
1. Systemic BCross-border banks, due to their special risk profileole in the EU single market of financial services, require to be urgently addressed by a new special regime to be known as the European Bank Company Law to be designed until the end of 2011.
Amendment 160 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2 – paragraph 2
Annex – recommendation 2 – paragraph 2
2. Systemic BCross-border banks shall adhere to the new special regime which shall overcome legal impediments to effective action across borders while ensuring clear and predictable treatment of shareholders, depositors, creditors and other stakeholders.
Amendment 166 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2 – paragraph 3
Annex – recommendation 2 – paragraph 3
Amendment 174 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2 – paragraph 4
Annex – recommendation 2 – paragraph 4
Amendment 183 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2 – paragraph 5
Annex – recommendation 2 – paragraph 5
5. For each of the Systemic Bcross-border banks, the EBA shall lead the college of supervisors, act under normal circumstances through national supervisors and retain the ultimate decision power and a binding mediating role.
Amendment 195 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2 – paragraph 6
Annex – recommendation 2 – paragraph 6
6. An EU Financial Stability Fund and a Resolution Unit shall support interventions led by the EBA (resolution or insolvency) as regards Systemic Bcross-border banks.
Amendment 222 #
2010/0250(COD)
Proposal for a regulation
Recital 53 a (new)
Recital 53 a (new)
Amendment 223 #
2010/0250(COD)
Proposal for a regulation
Recital 53 b (new)
Recital 53 b (new)
(53 b) The rise in price volatility on food and agricultural markets calls for the adoption of an appropriate regulatory framework for commodity markets. The Commission shall address these concerns in the incoming reviews of the Market in Financial Instruments Directive and the Market Abuse Directive in which the Commission shall provide for stringent reporting obligations and other appropriate requirements to prevent systemic risks and manipulative practices, including margin requirements, position limits and punitive disgorgement of profit.
Amendment 224 #
2010/0250(COD)
Proposal for a regulation
Recital 53 c (new)
Recital 53 c (new)
(53 c) The sale of complex derivative products to local public authorities calls for special attention. The Commission shall include specific proposals in the incoming review of the Market in Financial Instruments Directive to address this concern. These proposals will include specific due diligence, information and disclosure requirements.
Amendment 230 #
2010/0250(COD)
Proposal for a regulation
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
1 a. Articles 3 through 5 shall not apply to derivative contracts executed on a regulated market or on a multilateral trading venue provided that such contracts are cleared by a CCP. This is without prejudice to the clearing obligation applying to the same contracts when executed OTC.
Amendment 246 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 3
Article 2 – paragraph 1 – point 3
(3) ’clearing' means the process of establishing settlement positions, including the calculation of net positions, and the process of checking that financial instruments, cash or both are available to secure the exposures arising from a transacby which a third party interposes itself, directly or indirectly, between the transaction counterparties in order to assume their rights and obligations;
Amendment 250 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
(4) ’class of derivatives' means a number of OTC derivative contracts that share common, essential charactesubset of derivatives sharing common and essential characteristics which include, but may not be limited to: relationship with the underlying asset, type of underlying asset, pay-off profile and currency of notional. Derivatives belonging to the same class may have different maturistices;
Amendment 256 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(5) ’over the counter (OTC) derivatives' means derivative contracts whose execution does not take place on a regulated market as defined by Article 4 (1) point 14 of Directive 2004/39/EC or on any other organised trading venue established under Directive 2004/109/EC;
Amendment 272 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 12
Article 2 – paragraph 1 – point 12
(12) ’client' means an undertaking with a direct or indirect contractual relationship with a clearing member or one of its affiliates which enables that undertaking to clear its transactions withrough that clearing member's use of that CCP;
Amendment 283 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 22 b (new)
Article 2 – paragraph 1 – point 22 b (new)
(22 b) ‘trade compression’ means the process of legally substituting a given set of derivative contracts with a different set of contracts characterised, from the perspective of each participant to the process, by: a) lower number of contracts and aggregated notional value; and b) the same or a similar risk profile as the original set of derivative contracts;
Amendment 284 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 22 a (new)
Article 2 – paragraph 1 – point 22 a (new)
(22 a) ‘occupational pension scheme" means either an institution for occupational retirement provision as defined in Directive 2003/41/EC or an arrangement where the provisions of national law accord particular benefits to the client in relation to the product by virtue of its use for the purposes of retirement planning.
Amendment 286 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 22 c (new)
Article 2 – paragraph 1 – point 22 c (new)
(22 c) 'acting in concert' means acting in concert as defined in Article 10 (a) of Directive 2004/109/EC
Amendment 287 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 22 d (new)
Article 2 – paragraph 1 – point 22 d (new)
(22 d) 'haircuts' means (…)
Amendment 295 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 a (new)
Article 3 – paragraph 1 – subparagraph 1 a (new)
That clearing obligation shall apply to all OTC derivative contracts that are classified as eligible for the clearing obligation following publication of the ESMA decision pursuant to Article 4(2)a.
Amendment 318 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1 (new)
Article 3 – paragraph 2 – subparagraph 1 (new)
When complying with the clearing obligation under paragraph 1, clearing members shall distinguish in separate accounts with the CCP the positions of each client. Clients shall be known to the CCP.
Amendment 323 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2 a. Derivative contracts used for the purposes of risk mitigation by occupational pension schemes shall be excluded from the clearing obligation set out in Article 3.
Amendment 400 #
2010/0250(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
A CCP that has been authorised to clear eligible OTC derivative contracts shall accept clearing such contracts on a non- discriminatory basis, regardless of the venue of execution subject to the application by the CCP of its membership, risk management, operational, technical and legal requirements.
Amendment 415 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
Amendment 423 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 a (new)
Article 6 – paragraph 1 – subparagraph 1 a (new)
The reporting obligations under subparagraph 1 shall be satisfied by the CCP where the derivative contracts subject to the clearing obligation are cleared. When derivative contracts are subject to a process of trade compression, the reporting obligations under subparagraph 1 shall be satisfied by the operator of the trade compression service.
Amendment 435 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1
Article 6 – paragraph 2 – subparagraph 1
Where a trade repository is not able to record the details of an OTC derivative contract, financial counterparties shall report the details of their positions in those contracts to the competent authority designated in accordance with Article 48 of Directive 2004/39/EC.ESMA
Amendment 439 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 2
Article 6 – paragraph 2 – subparagraph 2
The details to be reported to the competent authority shall be at leastESMA shall be identical to those that would be reported to the trade repository.
Amendment 441 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 1
Article 6 – paragraph 3 – subparagraph 1
A counterparty which is subject to the reporting obligation may delegate the reporting of the details of the OTC derivative contract to the other counterparty.
Amendment 452 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 4 – subparagraph 2 – point a
Article 6 – paragraph 4 – subparagraph 2 – point a
(a) the parties to the contract and, where different, the beneficiary of the rights and obligations arising from it are appropriately identifiedin case of transactions executed on regulated markets or multilateral trading facilities, their clients and clearing members;
Amendment 468 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
Where a non-financial counterparty takes net positions in OTC derivative contracts that exceeding the informationclearing threshold to be determined pursuant to paragraph 3(a), it shall notify the competent authority designated in accordance with Article 48 of Directive 2004/39/EC thereof, providing justification for taking those positionb) for a period of 25 consecutive business days, it shall be subject to the clearing obligation set out in Article 3 with regard to all its eligible derivative contracts.
Amendment 483 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1
Article 7 – paragraph 3 – subparagraph 1
Powers are delegated to the Commission to adopt regulatory technical standards specifying: (a) the information the clearing threshold; (b) and the clearing tresholriteria for establishing which derivative contracts are objectively measurable as reducing risks directly related to the commercial or treasury activity. deleted
Amendment 497 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 2
Article 7 – paragraph 3 – subparagraph 2
Those thresholds shall be determined taking into account the systemic relevance of the sum of net positions and exposures by counterparty per class of derivatives.
Amendment 508 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 4
Article 7 – paragraph 4
4. In calculating the positions referred to in paragraph 2, OTCArticle 7, derivative contracts entered into by a non-financial counterparty that are objectively measurable as reducing risk directly linked to the commercial or treasury activity of that counterparty shall not be taken into account.
Amendment 515 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 5
Article 7 – paragraph 5
5. The Commission, in consultation with ESMA, ESRB and other relevant authorities, shall periodically review the thresholds established in paragraph 32 and amend them, where necessary.
Amendment 521 #
2010/0250(COD)
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 1 – point a
Article 8 – paragraph 1 – subparagraph 1 – point a
(a) where possible,adequate electronic means ensuring the timely confirmation of the terms of the OTC derivative contract;
Amendment 523 #
2010/0250(COD)
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 1 – point b
Article 8 – paragraph 1 – subparagraph 1 – point b
(b) standardised processes which are robust, resilient and auditable processes in order to reconcile portfolios, to manage the associated risk and to identify disputes between parties early and resolve them, and to monitor the value of outstanding contracts.
Amendment 539 #
2010/0250(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Based on guidelines adopted by ESA (ESMA) and taking into consideration the Commission's Communication on reinforcing sanctioning regimes in the financial sector, Member States shall lay down the rules on penalties applicable to infringements of the rules under this Title and shall take all measures necessary to ensure that they are implemented. Those penalties shall include at least administrative fines. The penalties provided for shall be effective, proportionate and dissuasive.
Amendment 544 #
2010/0250(COD)
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. The Commission, with the assistance of ESMA, shall verify that the administrative penalties referred to in paragraph 1 and the thresholds referred to in Article 7 (1) and (2) are effectively and consistently applied.
Amendment 553 #
2010/0250(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. The authorisation shallto the CCP shall be granted only for activities linked to clearing and specify the services or activities which the CCP is authorised to provide or perform including the classes of financial instruments covered by the authorisation.
Amendment 560 #
2010/0250(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. A CCP shall have a permanent, available and separate initial capital of at least EUR 15 million to be authorised pursuant to Article 10.
Amendment 571 #
2010/0250(COD)
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. The competent authority shall only grant authorisation where it is fully satisfied that the applicant CCP complies with all the requirements set out in this Regulation, the requirements adopted pursuant to Directive 98/26/EC, and following the joint positive opinion of the college referred to in Article 15 and the opinion of ESMA.
Amendment 572 #
2010/0250(COD)
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. The applicant CCP shall provide all information, necessary to enable the competent authority to satisfy itself that the applicant CCP has established, at the time of initial authorisation, all the necessary arrangements to meet its obligations set out in this Regulation. The competent authority shall immediately transmit all information received from the applicant CCP to ESMA and the College.
Amendment 577 #
2010/0250(COD)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1
Article 14 – paragraph 1 – subparagraph 1
The competent authority of the mMember State of establishment of a CCP shall establish, and chairmanage a college to facilitate the exercise of the tasks referred to in Articles 10., 11, 46 and 48.
Amendment 579 #
2010/0250(COD)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 2 – introductory part
Article 14 – paragraph 1 – subparagraph 2 – introductory part
The college shall consist of:be chaired by ESMA and consist of no more than 7 members;
Amendment 582 #
2010/0250(COD)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 2 – point c
Article 14 – paragraph 1 – subparagraph 2 – point c
Amendment 584 #
2010/0250(COD)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 2 – point d
Article 14 – paragraph 1 – subparagraph 2 – point d
Amendment 586 #
2010/0250(COD)
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 2 – point e
Article 14 – paragraph 1 – subparagraph 2 – point e
Amendment 590 #
2010/0250(COD)
Proposal for a regulation
Article 14 – paragraph 2 – point a
Article 14 – paragraph 2 – point a
(a) the preparation of the joint opinion referred to in Article 15;
Amendment 595 #
2010/0250(COD)
Proposal for a regulation
Article 14 – paragraph 3 – subparagraph 1
Article 14 – paragraph 3 – subparagraph 1
The establishment and functioning of the college shall be based on a written agreement between among all its members.
Amendment 600 #
Amendment 603 #
2010/0250(COD)
Proposal for a regulation
Article 15 – paragraph 1 – subparagraph 1
Article 15 – paragraph 1 – subparagraph 1
The competent authority of the Member State where the CCP is established shall conduct a risk assessment of the CCP and submit a report to the college within four months of the submission after having received the application by the CCP.
Amendment 608 #
2010/0250(COD)
Proposal for a regulation
Article 15 – paragraph 2
Article 15 – paragraph 2
2. ESMA shall facilitate the adoption of a jointthe opinion in accordance with its settlement of disagreement powers under Article 11 of Regulation …/… [ESMA Regulation] and its general coordination function under Article 16 of the same Regulation. It shall have no voting rights on joint opinions of the college.
Amendment 611 #
2010/0250(COD)
Proposal for a regulation
Article 15 – paragraph 2 a (new)
Article 15 – paragraph 2 a (new)
2 a. The college shall look to form its opinion on the basis of consensus otherwise it should reach its opinion on the basis of a majority of its members.
Amendment 614 #
2010/0250(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point d
Article 16 – paragraph 1 – point d
(d) has seriously and systematicalrepeatedly infringed the requirements set out in this Regulation;
Amendment 621 #
2010/0250(COD)
Proposal for a regulation
Article 17 – paragraph 2 a (new)
Article 17 – paragraph 2 a (new)
The CCP shall be subject to on-site inspections by ESMA
Amendment 628 #
2010/0250(COD)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. Competent authorities shall cooperate closely with each other and with ESMA. ESMA shall be provided with adequate resources by the European Institutions in order to effectively perform the tasks it is allocated in this Regulation.
Amendment 630 #
2010/0250(COD)
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 2
Article 20 – paragraph 1 – subparagraph 2
No confidential information they may receive in the course of their duties may be divulged to any person or authority whatsoever, except in summary or aggregate form such that an individual CCP, trade repository or any other person cannot be identified, without prejudice to cases covered by criminal law or taxation law or the other provisions of this Regulation.
Amendment 644 #
2010/0250(COD)
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. A CCP established in a third country may provide clearing services to entities established in the Union only where that CCP is recognised by ESMA. Third- country CCPs shall be subject to review by a process of similar rigueur to the one EU CCPs are subject to.
Amendment 651 #
2010/0250(COD)
Proposal for a regulation
Article 23 – paragraph 2 – point b a (new)
Article 23 – paragraph 2 – point b a (new)
(b a) the third country is subject of a decision by the Commission stating that the standards to prevent money laundering and terrorist financing meet the Financial Action Task Force requirements and are to the same effect as the requirements set out in Directive 2005/60/EC.
Amendment 652 #
2010/0250(COD)
Proposal for a regulation
Article 23 – paragraph 2 – point b b (new)
Article 23 – paragraph 2 – point b b (new)
(b b) the third country has signed an agreement with the home Member State of the authorised CCP which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention and ensures an effective exchange of information in tax matters, including, if any, multilateral tax agreements.
Amendment 656 #
2010/0250(COD)
Proposal for a regulation
Article 23 – paragraph 2 – point c a (new)
Article 23 – paragraph 2 – point c a (new)
Amendment 667 #
2010/0250(COD)
Proposal for a regulation
Article 23 – paragraph 4 – point b a (new)
Article 23 – paragraph 4 – point b a (new)
(b a) the procedures relating to the withdrawal of the authorisation granted to the CCP.
Amendment 681 #
2010/0250(COD)
Proposal for a regulation
Article 25 – paragraph 2 – subparagraph 1
Article 25 – paragraph 2 – subparagraph 1
A CCP shall have a board of which at least one thirdquarter, but no less than two, of its members are independent. The compensation of the independent and other non-executive members of the board shall not be linked to the business performance of the CCP.
Amendment 683 #
2010/0250(COD)
Proposal for a regulation
Article 25 – paragraph 2 – subparagraph 2
Article 25 – paragraph 2 – subparagraph 2
The members of the board, including its independent members, shall be of sufficiently good repute and have sufficientadequate expertise in financial services, risk management and clearing services.
Amendment 688 #
2010/0250(COD)
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1
1. A CCP shall establish a risk committee, which shall be composed of representatives of its clearing members and independent members of the boardmarket experts including at least one representative of the designated competent authority. The risk committee may invite employees of the CCP to attend risk committee meetings in a non-voting capacity. The advice of the risk committee shall be independent from any direct influence by the management of the CCP.
Amendment 692 #
2010/0250(COD)
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
2. A CCP shall clearly determine the mandate, the governance arrangements to ensure its independence, the operational procedures, the admission criteria and the election mechanism for risk committee members. The governance arrangements shall be publicly available and shall, at least, determine that the risk committee is chaired by an independent member of the board, reports directly to the board and holds regular meetings.
Amendment 697 #
2010/0250(COD)
Proposal for a regulation
Article 27 – paragraph 1
Article 27 – paragraph 1
1. A CCP shall maintain, for a period of at least tenfive years, all the records on the services and activity provided so as to enable the competent authority to monitor the compliance with the requirements under this Regulation.
Amendment 698 #
2010/0250(COD)
Proposal for a regulation
Article 27 – paragraph 2
Article 27 – paragraph 2
2. A CCP shall maintain, for a period of at least tenfive years following the termination of a contract, all information on all contracts it has processed. That information shall at a minimum enable the identification of the original terms of a transaction before clearing by that CCP.
Amendment 709 #
2010/0250(COD)
Proposal for a regulation
Article 28 – paragraph 4
Article 28 – paragraph 4
4. Where the persons referred to in paragraph 1 exercise an influence which is likely to be prejudicial to the sound and prudent management of the CCP, the competent authority shall take appropriate measures to terminate that situation or withdraw the authorisation of the CCP.
Amendment 712 #
2010/0250(COD)
Proposal for a regulation
Article 29 – paragraph 3 – subparagraph 2
Article 29 – paragraph 3 – subparagraph 2
For the period between the date of request for information by the competent authority and the receipt of a response thereto by the proposed acquirer, the assessment period shall be interrupted. The interruption shall not exceed 20 working days. Any further requests by the competent authority for completion or clarification of the information shall be at its discretion but may not result in an interruption of the assessment period.
Amendment 714 #
2010/0250(COD)
Proposal for a regulation
Article 29 – paragraph 6
Article 29 – paragraph 6
6. Where the competent authority does not oapposrove the proposed acquisition within the assessment period, it shall be deemed to be approvrejected.
Amendment 722 #
2010/0250(COD)
Proposal for a regulation
Article 31 – paragraph 1
Article 31 – paragraph 1
1. A CCP shall maintain and operate effective written organisational and administrative arrangements to identify and manage any potential conflicts of interest between itself, including its managers, employees, or any person directly or indirectly linked to them by control or close links and its clearing members or their clients or between them. It shall maintain and implement adequate resolution procedures whenever possible conflicts of interest occur in order to remove them.
Amendment 741 #
2010/0250(COD)
Proposal for a regulation
Article 33 – paragraph 1 – point i a (new)
Article 33 – paragraph 1 – point i a (new)
(i a) activities linked to risk management shall not be outsourced.
Amendment 759 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. A CCP shall keep records and accounts that shall enable it, at any time and without delay, to identify and segregate the assets anddistinguish the positions of one clearing member from the assets and positions of any other clearing member and from its own assetsCCP with whom it has entered into an interoperability arrangement, and to comply with the requirements set forth in paragraphs 2 and 3.
Amendment 763 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 2
Article 37 – paragraph 2
2. A CCP shall require each cClearing member toshall distinguish and segregate inin separate accounts with the CCP the assets and positions of thate clearing member from those of its clients. A CCP shall allow clients to have a more detailed segregation of their assets and positions. The CCP shall publicly disclose the risks and costs associated with the different levels of segregation.
Amendment 776 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 3
Article 37 – paragraph 3
3. Depending on the level of segregation chosen by a client, the CCP shall ensure that it is able to transfer on request at a pre-defined trigger event, without the consent of the clearing member and within a pre-defined transfer period its assets and positions to another clearing member. That other clearing member shall only be obliged where it has previously entered into a contractual Clearing members shall distinguish in separate accounts with the CCP the positions of each client (“full segrelgationship for that purpose”).
Amendment 781 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 3 – subparagraph 1 (new)
Article 37 – paragraph 3 – subparagraph 1 (new)
Clients shall be given by clearing members the possibility to have their positions recorded in omnibus accounts with the CCP (opt-out).
Amendment 789 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 4
Article 37 – paragraph 4
4. Provided that the client is not exposed to the default of the clearing member through which it has access to the CCP or of any other clients, Annex III, Part 2, point 6 of Directive 2006/48/EC shall applyA CCP shall keep records that shall enable it, at any time and without delay, to identify the assets posted in relation to each account kept in accordance with the present Article.
Amendment 794 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 5
Article 37 – paragraph 5
5. The requirements set out in paragraphs 1 to 4 shall prevail over any conflicting laws, Provided that a client has selected full segregulations and administrative provisions of the Member States that prevent the parties from fulfilling them, Annex III, Part 2, point 6 of Directive 2006/48/EC shall apply.
Amendment 809 #
2010/0250(COD)
Proposal for a regulation
Article 39 – paragraph 2
Article 39 – paragraph 2
2. A CCP shall adopt models and parameters in setting its margin requirements that capture the risk characteristics of the products cleared and take into account the interval between margin collections, market liquidity and the possibility of changes over the duration of the transaction. The models and parameters shall be validated by the competent authority and subject to a jointn opinion of the college referred to in Article 15.
Amendment 813 #
2010/0250(COD)
Proposal for a regulation
Article 39 – paragraph 3 a (new)
Article 39 – paragraph 3 a (new)
3 a. A CCP shall call and collect margins that are adequate to cover the positions registered in each account kept in accordance with article 37 with respect to specific financial instruments. A CCP may calculate margins with respect to a portfolio of financial instruments only when the price correlation among the financial instruments included in the portfolio is high and stable.
Amendment 816 #
2010/0250(COD)
Proposal for a regulation
Article 39 – paragraph 4
Article 39 – paragraph 4
Amendment 821 #
2010/0250(COD)
Proposal for a regulation
Article 39 – paragraph 5 – subparagraph 1
Article 39 – paragraph 5 – subparagraph 1
Powers are delegated to the Commission to adopt regulatory technical standards specifying the appropriate percentage and time horizon, as referred to in paragraph 1, to be considered for the different classes of financial instruments and the conditions referred to in paragraph 3a.
Amendment 832 #
2010/0250(COD)
Proposal for a regulation
Article 40 – paragraph 2
Article 40 – paragraph 2
2. A CCP shall establish the minimum size of contributions to the default fund and the criteria to calculate the contributions of the single clearing members. The contributions shall be proportional to the exposures of each clearing member, in order to ensure that the contributions to the default fund at least enable the CCP to withstand the default of the two clearing member to which it has the largest exposures or of the second and third largest clearing members, if the sum of their exposures is larger.
Amendment 840 #
2010/0250(COD)
Proposal for a regulation
Article 41 – paragraph 2
Article 41 – paragraph 2
2. A CCP shall develop scenarios of extreme but plausible market conditions, which include the most volatile periods that have been experienced by the markets for which the CCP provides its services. The default fund referred to in Article 40 and the other financial resources referred to in paragraph 1 shall at all times enable the CCP to withstand the default of the two clearing members to which it has the largest exposures and shall enable the CCP to withstand sudden sales of financial resources and rapid reductions in market liquidity.
Amendment 863 #
2010/0250(COD)
Proposal for a regulation
Article 44 – paragraph 1
Article 44 – paragraph 1
1. A CCP shall only invest its financial resources in highly liquid financial instruments with minimal market and credit risk. The investments shall be capable of being liquidated rapidly with minimal adverse price effect. A CCP shall invest a substantial proportion of its financial resources in reserves with a central bank. Collateral segregated pursuant to Article 49a, paragraph 2, shall not be counted for the purpose of subparagraph 1.
Amendment 883 #
2010/0250(COD)
Proposal for a regulation
Article 47 – paragraph 1
Article 47 – paragraph 1
1. A CCP shall, where practical and available, use central bank money to settle its transactions. Where central bank money is not accessibleused, steps shall be taken to strictly limit credit and liquidity risks.
Amendment 891 #
2010/0250(COD)
Proposal for a regulation
Article 48 – paragraph 2 a (new)
Article 48 – paragraph 2 a (new)
2 a. A CCP shall grant non- discriminatory access to Securities Settlement Systems (SSS) requesting to obtain data feed.
Amendment 892 #
2010/0250(COD)
Proposal for a regulation
Article 48 – paragraph 3
Article 48 – paragraph 3
3. Entering into an interoperability arrangement or, accessing a data feed or a settlement systemor granting a data feed referred to in paragraphs 1, 2 and 2,3 shall only be restricted, directly or indirectly, to control any risk arising from that arrangement or access.
Amendment 895 #
2010/0250(COD)
Proposal for a regulation
Article 49 a (new)
Article 49 a (new)
Article 49a Provision of margins among CCPs 1. A CCP shall segregate the collateral received by CCPs with whom it has entered into an interoperability arrangement. 2. Collateral received in the form of cash shall be segregated in accounts with the central bank of issue. 3. Collateral received in the form of financial instruments shall be segregated in accounts with operators of securities settlement systems notified under Directive 98/26/EC. 4. Collateral segregated under paragraphs 1, 2 and 3 shall be available to the receiving CCP only in case of default of the CCP which has provided the collateral in the context of an interoperability arrangement. 5. In case of default of the CCP which has received the collateral in the context of an interoperability arrangement, the collateral segregated under paragraphs 1, 2 and 3 shall be readily returned to the providing CCP. 6. In case of interoperability among more than two CCPs, the interoperable CCPs may make use of a netting arrangement which calculates their net reciprocal obligations.
Amendment 908 #
2010/0250(COD)
Proposal for a regulation
Article 55 – paragraph 2
Article 55 – paragraph 2
2. The fines referred to in paragraph 1 shall be dissuasive and proportionate to the nature and seriousness of the breach, the duration of the breach and the economic capacity of the trade repository concerned. The amount of the fine shall not exceed 20 per cent of the annual income or turnover of the trade repository of the preceding business year.
Amendment 927 #
2010/0250(COD)
Proposal for a regulation
Article 63 – paragraph 2 – point d a (new)
Article 63 – paragraph 2 – point d a (new)
(d a) the third country is subject of a decision by the Commission stating that the standards to prevent money laundering and terrorist financing meet the Financial Action Task Force requirements and are to the same effect as the requirements set out in Directive 2005/60/EC.
Amendment 928 #
2010/0250(COD)
Proposal for a regulation
Article 63 – paragraph 2 – point d b (new)
Article 63 – paragraph 2 – point d b (new)
(d b) the third country has signed an agreement with the home Member State of the authorised CCP which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention and ensures an effective exchange of information in tax matters, including, if any, multilateral tax agreements.
Amendment 940 #
2010/0250(COD)
Proposal for a regulation
Article 64 – paragraph 6
Article 64 – paragraph 6
6. A trade repository shall publicly disclose the prices and fees associated with services provided. It shall disclose the prices and fees of single services and functions provided separately, including discounts and rebates and the conditions to benefit from those reductions. It shall allow reporting entities to access specific services separately. The prices and fees charged by a trade repository shall be cost-relatednot be higher than the cost incurred by the trade repository.
Amendment 975 #
2010/0250(COD)
Proposal for a regulation
Article 71 a (new)
Article 71 a (new)
Article 71a Staff and resource of ESA (ESMA) By 15 September 2011, ESA (ESMA) shall assess the staffing and resources needs arising from the assumptions of its powers and duties in accordance with this Regulation and submit a report to the European Parliament, the Council and the Commission.
Amendment 276 #
2010/0207(COD)
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. The contributions to Deposit Guarantee Schemes referred to in Article 9 shall be determined for each member on the basis of the degree of risk incurred by it. Credit institutions shall not pay less than 75% or more than 200% of the amount that a bank with an average risk would have to contribute. Member States may decide that members of Schemes referred to in Article 1(3) and (4) pay lower contributions to Deposit Guarantee Schemes but not less than 37.50% of the amount that a bank with an average risk would have to contribute.
Amendment 4 #
2009/2174(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the lack of good governance in tax matters encourages tax fraud and tax evasion and has serious consequences for Member States’ budgets and the European Union’s resource system, corresponding to 2.5 % of the European Union’s GDP per annum; whereas this leads to violations of the principle of fair and transparent taxation; whereas honest businesses are at a competitive disadvantage because of tax fraud; and whereas the loss of tax revenue due to tax fraud is ultimately met by taxpaying citizens of the European Union through other forms of taxation,
Amendment 13 #
2009/2174(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas, according to some estimates, tax fraud across all tax systems in the European Union amounts to more than EUR 200 billion a year, which represents more than 2 % of the European Union’s GDP; whereas the economic recovery plan proposed by the Commission to combat the consequences of the financial crisis amounts to around 1 % of the European Union’s GDP, which shows that the fight against tax fraud is clearly a major economic issue; whereas good governance in tax matters should result in more resources being made available to Member States and to developing countries in order to reach the Millennium Development Goals,
Amendment 17 #
2009/2174(INI)
Motion for a resolution
Recital G
Recital G
G. whereas tax governance is an important pre-condition for preserving the integrity of financial markets, for maintaining favourable conditions for fair competition, and for enhancing the functioning of the internal market; whereas the financial crisis has shed new light on the consequences of the lack of good tax governance, showing the risks associated with opaque jurisdictions; , and showing their potential not only for fuelling systemic risks but also seriously for undermining the Member States’ sovereignty in tax matters,
Amendment 19 #
2009/2174(INI)
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas there is evidence that the financial crisis was driven by new types of complex financial instruments and derivatives placed, to a large extent, in funds domiciled in secrecy jurisdictions; whereas that evidence shows that many financial institutions involved in the financial crisis had off-balance-sheet liabilities in their accounts which were located in tax havens,
Amendment 22 #
2009/2174(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Considers that good tax governance, understood as transparency and, exchange of information at all levels, iseffective cross- border cooperation and fair tax competition, to be a key element in the reconstruction of the global economy after the 2008 financial collapse;,
Amendment 26 #
2009/2174(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recalls that the Parliament has delivered its opinposition to the Council on amendments to Directive 2003/48/EC, asking, inter alia, for the Council to end to the temporal derogation that allows Austria, Belgium and Luxembourg to avoid exchanging information by applying a withholding tax; urges the Council to adopt the directive amending Directive 2003/48/EC in accordance with Parliament’s position;
Amendment 31 #
2009/2174(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Recalls that VAT-related tax fraud is a matter of particular concern for the functioning of the internal market in so far as it has a direct cross-border impact, involves substantial amounts of lost revenue and directly affects the EU budget; urges the Council to adopt a directive on administrative cooperation in the field of taxation and to fight fraud in the area of VAT, taking due account of Parliament’s position;
Amendment 32 #
2009/2174(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls for increased cooperation, such as the automatic exchange of information between countries, so as to ease the recovery of capital flow abroad via illegal activity to the detriment of the internal market;
Amendment 45 #
2009/2174(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Considers that the EU should actively promote the improvement of the OECD standards, with the aim of making the automatic, multilateral exchange of information the global standard; urges the EU, furthermore, to adopt measures that prevent abuse of the ‘residence principle’ bya common approach to the application of arntificial domicile and ownership schemes allowing holding companies with no activity or shell companies to shield beneficial owners from paying taxes in their country of domicil-abuse measures, which should be effective, fair and aligned with the concept of wholly artificial arrangements as established by the Court of Justice;
Amendment 48 #
2009/2174(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Urges the EU to implement a consistent approach to good tax governance in the context of the European Neighbourhood Policy, the enlargement policy and the development cooperation policy; stresses that the tax governance policy should actively contribute to building sustainable and transparent tax systems in developing countries, in particular with a view to eradicating tax fraud, which leads to an annual loss of tax revenue corresponding to 10 times the amount of injected development aid from the developed countries; considers that an appropriate level of resources must be allocated to reach that objective; recalls that tax governance will ultimately attract investment in so far as it contributes to legal tax certainty, transparency and stability;
Amendment 51 #
2009/2174(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Emphasises the need for Member States to coordinate their policies in order to reinforce the implementation of anti- avoidance rules; calls furthermore for increased Member State cooperation in implementing anti-amnesty programmes and in tackling ‘forum-shopping’ practices;
Amendment 58 #
2009/2174(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Urges the EU to examine a range of options for sanctions and incentives to promote good tax governance such as a special levy on all movements to or from non-cooperative jurisdictions, the non- recognition, within the EU, of the legal status of companies set up in non- cooperative jurisdictions and the prohibition for EU financial institutions to establish or maintain subsidiaries and branches in non-cooperative jurisdictions; calls for the introduction of a financial transaction tax so as to reduce speculation and increase efforts towards the tackling of tax havens with the aim of establishing sound long-term financial stability;
Amendment 370 #
2009/0161(COD)
Proposal for a directive – amending act
Recital 4
Recital 4
(4) The European Council, in its conclusions of 19 June 2009, recommended that a European System of Financial Supervisors, comprising three new European Supervisory Authorities, be established. The system should be aimed at upgrading the quality and consistency of national supervision, strengthening oversight of cross border groups and, establishing a European single rule book applicable to all financial institutions in the Internal Market and ensuring adequate harmonisation of criteria and methodology to be applicable by the national supervisors to assess the risk of credit institutions. It emphasised that the European Supervisory Authorities should also have supervisory powers for credit rating agencies and invited the Commission to prepare concrete proposals on how the European System of Financial Supervisors could play a strong role in crisis situations.
Amendment 449 #
2009/0161(COD)
Proposal for a directive – amending act
Article 9 – point 22
Article 9 – point 22
Directive 2006/48/EC
Article 124 – paragraph 6 – first subparagraph
Article 124 – paragraph 6 – first subparagraph
6. In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the conditions of application of this Article and a common risk assessment procedure and methodology. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.
Amendment 453 #
2009/0161(COD)
Proposal for a directive – amending act
Article 9 – point 22 c (new)
Article 9 – point 22 c (new)
Directive 2006/48/EC
Article 129 – paragraph 1 – subparagraph 1 a (new)
Article 129 – paragraph 1 – subparagraph 1 a (new)
(22c) In Article 129(1), the following subparagraph is inserted after the first subparagraph: "Where any competent authority concerned has referred a matter referred to in points (a), (b) and (c) of the first subparagraph to the European Banking Authority in accordance with Article 11 of Regulation .../...[EBA], that competent authority shall await the decision of the European Banking Authority, and shall take its decision in conformity with the decision of the European Banking Authority."
Amendment 457 #
2009/0161(COD)
Proposal for a directive – amending act
Article 9 – point 22 d (new)
Article 9 – point 22 d (new)
Directive 2006/48/EC
Article 129 – paragraph 1 – subparagraph 1 b (new)
Article 129 – paragraph 1 – subparagraph 1 b (new)
(22d) In Article 129(1), the following subparagraph is added after subparagraph 1 a: "To ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards and guidelines to determine the conditions of the coordination and cooperation process with regard to the application of Articles 22, 123 and 124."
Amendment 244 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 2
Article 9 – paragraph 7 – subparagraph 2
Amendment 307 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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.
Amendment 195 #
2009/0142(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) There is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure, also through a single rulebook, a level playing field and an adequate protection of depositors, investors and consumers across Europe. As a body with highly specialised expertise, it is efficient and appropriate to entrust the Authority, in areas defined by Community law, with the elaboration of draft technical standards, which do not involve policy choices. The Commission should endorse those draft technical standards in accordance with Community law in order to give them binding legal effect. The draft technical standards have to be adopted by the Commission. They wshould not be subject to amendment if, for example,by the Commission. The Commission should reject the draft technical standards only if they were incompatible with CommunityEuropean Union Law, would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of CommunityEuropean Union financial services legislation. To ensure a smooth and expedited adoption process for those standards, the Commission should be subject to a time limit for its decision on the endorsement.
Amendment 212 #
2009/0142(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) Serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the Community require a swift and concerted response at Community level. The Authority should therefore be able to require national supervisory authorities to take specific actions to remedy an emergency situation. As the determination of an emergency situation involves a significant degree of discretion, this power should be conferred on the CommissThe European Systemic Risk Board should establish when there is an emergency situation. To ensure an effective response to the emergency situation, in the event of inaction by the competent national supervisory authorities, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of Community law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the markets.
Amendment 219 #
2009/0142(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) In order to ensure efficient and effective supervision and a balanced consideration of the positions of the competent authorities in different Member States, the Authority should be able to settle disagreements between those competent authorities with binding effect, including within colleges of supervisors. A conciliation phase should be provided for, during which the competent authorities may reach an agreement. The Authority’s competence should cover disagreements on procedural obligations in the cooperation process as well as on the interpretation and application of CommunityEuropean Union law in supervisory decisions. Existing conciliation mechanisms provided for in sectoral legislation have to be respected. In the event of inaction by the national supervisory authorities concerned, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of CommunityEuropean Union law directly applicable to them. This also applies to disagreements within a college of supervisors.
Amendment 256 #
2009/0142(COD)
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34a) Within three years from the entry into force of that Regulation, clear and sound guidance on when the safeguard clause may and may not be triggered by Member States shall be laid down at EU level by the Commission on the basis of the experience acquired. The use of the safeguard clause shall then be assessed against that guidance.
Amendment 366 #
2009/0142(COD)
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 374 #
2009/0142(COD)
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 reasons, it shall send the draft standards back to the Authority explaining in writing the reasons why they are in conflict with the European Union public interest, would not respect the principle of proportionality or hamper the integration of the European single market.
Amendment 383 #
2009/0142(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4 a (new)
Article 7 – paragraph 1 – subparagraph 4 a (new)
Within a period of 6 weeks, the Authority shall amend the draft standards duly taking into account the Commission’s concerns.
Amendment 414 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Where a competent 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 421 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 1
Article 9 – paragraph 4 – subparagraph 1
4. Where the competent authority has not complied with Community 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 competent authority to take the action necessary to comply with Community lawrrect application of the legislation put under investigation by the Authority.
Amendment 423 #
2009/0142(COD)
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 425 #
2009/0142(COD)
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 426 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 4
Article 9 – paragraph 4 – subparagraph 4
The Authority and the competent authorities shall provide the CommissionAuthority with all necessary information.
Amendment 428 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 5
Article 9 – paragraph 5
5. The competent 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 433 #
2009/0142(COD)
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, where a competent 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 competent 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 436 #
2009/0142(COD)
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 438 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 1 a (new)
Article 9 – paragraph 7 – subparagraph 1 a (new)
Decisions adopted under paragraph 6 are applicable, if the case be, to all relevant financial institutions which are active in the non-complying jurisdiction.
Amendment 441 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 2
Article 9 – paragraph 7 – subparagraph 2
Amendment 450 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
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 CommissionESRB, upon its own initiative or following a request by the Authority, the Council, or the ESRB, may adopt a decision addressed to the Authority, determinuropean Parliament, or the Commission, may issue a warning declaring the existence of an emergency situation for the purposes of this regulation. This warning will enable the Authority without further requirements to adopt the individual decisions referred to in paragraph 3.
Amendment 465 #
2009/0142(COD)
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 co- ordinated 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 competent 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 competent authorities satisfy the requirements laid down in that legislation.
Amendment 478 #
2009/0142(COD)
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, where a competent 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 481 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 2
Article 10 – paragraph 4 – subparagraph 2
Any action by the competent authorities in relation to facts which are subject to a decision pursuant to paragraph 2 or 3 shall be compatibleliant with those decisions. Non- compliance shall be duly justified in writing by the competent authorities to the ESRB and the Authority.
Amendment 494 #
2009/0142(COD)
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. If, at the end of the conciliation phase, the competent 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 CommunityEuropean Union law.
Amendment 505 #
2009/0142(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Amendment 787 #
2009/0142(COD)
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 793 #
2009/0142(COD)
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 Banking Stakeholder Group.
Amendment 89 #
2009/0140(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) In its Communication entitled “European Financial Supervision” of 27 May 2009 , the Commission set out a series of reforms to the current arrangements for safeguarding financial stability at the EU level, notably including the creation of a European Systemic Risk Board (ESRB) responsible for macro- prudential oversight. The Council on 9 June 2009 and the European Council at its meeting of 18 and 19 June supported the view of the Commission and welcomed the Commission’s intention to bring forward legislative proposals so that the new framework is in place in the course of 2010. In line with the views of the Commission, it concluded inter alia that the ECB “should provide analytical, statistical, administrative and logistical support to the ESRB, also drawing on technical advice from national Ccentral Bbanks and supervisors”. The support provided to the ESRB by the ECB as well as the tasks conferred upon the ESRB should be without prejudice to the principle of the independence of the ECB in the performance of its tasks pursuant to the Treaty on the Functioning of the European Union.
Amendment 94 #
2009/0140(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) The ESRB should, where appropriate, issue warnings and recommendations of a general nature concerning the Community as a whole, individual Member States or groups of Member States, with a specified timeline for the relevant policy response. Where appropriate, the ESRB should declare the existence of an emergency situation and trigger the intervention of the European Supervisory Authorities.
Amendment 101 #
2009/0140(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) In order to increase their weight and legitimacy, such warnings and recommendations should be transmitted throughdirectly to the addressees, and in copy to the European Parliament, the Council and, where appropriate, the European Banking Authority established by Regulation (EC) No …/… the European Parliament and of the Council, the European Securities and Markets Authority established by Regulation (EC) No …/… of the European Parliament and of the Council, and the European Insurance or the Occupational Pension Authority established by Regulation (EC) No …/…of the European Parliament and of the Council.
Amendment 104 #
2009/0140(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) The ESRB should also monitor compliance with its recommendations, based on reports from addressees, in order to ensure that its warnings and recommendations are effectively followed. Addressees of recommendations should act on them unless inaction can be adequately justified (“act or explain” mechanism)dequately justify any failure in duly complying with the ESRB recommendations (“act or explain” mechanism). The ESRB should be able to have recourse to the European Parliament and to the Council in cases where it is not satisfied with how the addressees have followed up the recommendations.
Amendment 114 #
2009/0140(COD)
Proposal for a regulation
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
Amendment 124 #
2009/0140(COD)
Proposal for a regulation
Article 3 – paragraph 2 – point c
Article 3 – paragraph 2 – point c
(c) issue warnings where risks are deemed to be significant and, where appropriate, declare the existence of an emergency situation;
Amendment 159 #
2009/0140(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Each Member of the General Board with a voting right shall have one voteThe General Board shall strive for consensus. Where consensus cannot be achieved each Member of the General Board with a voting right shall have one vote. Any Member of the Board may, at any time, request a vote on a draft warning or a draft recommendation.
Amendment 192 #
2009/0140(COD)
Proposal for a regulation
Article 12 – paragraph 4 a (new)
Article 12 – paragraph 4 a (new)
4a. In order to provide advice and assistance on substance issues relevant to the work of the ESRB, the Advisory Scientific Committee shall work closely with the experts' working groups of the ESCB.
Amendment 196 #
2009/0140(COD)
Proposal for a regulation
Article 13
Article 13
In performing its tasks, the ESRB shall seek, where appropriate, the adviceviews of relevant private or public sector stakeholders, particularly, but not exclusively, the stakeholder groups of the ESAs.
Amendment 199 #
2009/0140(COD)
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. The ESRB may request information fromOn the request of the ESRB, the European Supervisory Authorities shall provide information in summary or collective form, such that individual financial institutions cannot be identified. If the requested data are not available to those Authorities or are not made available in a timely manner, the ESRB may request the data from national supervisory authorities, national central banks or other authorities of Member States shall provide the data pursuant to a request by the ESRB.
Amendment 208 #
2009/0140(COD)
Proposal for a regulation
Article 15 – paragraph 5 a (new)
Article 15 – paragraph 5 a (new)
5a. Staff of the ESRB may attend, together with staff of the ESAs, meetings between supervisors and the systemically important financial groups, in particular the colleges of supervisors, and may ask questions and receive first-hand relevant information.
Amendment 219 #
2009/0140(COD)
Proposal for a regulation
Article 16 – paragraph 3
Article 16 – paragraph 3
3. The warnings or recommendations shall also be transmitted to the addressees in accordance with paragraph 2, to the Council and, where addressed to one or more national supervisory authority, to the European Supervisory Authorities.
Amendment 221 #
2009/0140(COD)
Proposal for a regulation
Article 16 a (new)
Article 16 a (new)
Article 16a Action in emergency situations 1. In the event 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 European Union, the ESRB in accordance with point (b) of Article 3(2) and Article 10 of each of Regulation (EU) No …/… [EBA], No .../... [ESMA], No …/…[EIOPA], may issue warnings, on its own initiative or following a request by an ESA, the European Parliament, the Council or the Commission, declaring the existence of an emergency situation. 2. As soon as it issues a warning, the ESRB shall simultaneously notify the European Parliament, the Council, the Commission and the European Supervisory Authority. 3. The ESRB shall review the warning referred to in paragraph 1 upon its own initiative or following a request by a European Supervisory Authority, the Council, the European Parliament or the Commission.
Amendment 225 #
2009/0140(COD)
Proposal for a regulation
Article 16 a (new)
Article 16 a (new)
Article 16a Action in emergency situations 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 European Union, the ESRB in accordance with point b of Article 3(2) may issue warnings, upon its own initiative or following a request by an Authority, the Council, the European Parliament or the Commission, and, where appropriate, declare the existence of an emergency situation. 2. A soon as it issues a warning the ESRB shall simultaneously notify the European Parliament, the Council, the Commission and the European Supervisory Authority.
Amendment 228 #
2009/0140(COD)
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. Where a recommendation referred to in letterpoint (d) of Article 3(2) is addressed to the Commission, one or more Member States, one or more European Supervisory Authorities, or one or more national supervisory authorities, the addressees shall communicate the actions undertaken in response to the recommendations to the ESRB or explain why they have not acted. The Council and, where relevant, the European Supervisory Authorities shall be informed.
Amendment 231 #
2009/0140(COD)
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. If the ESRB decides that its recommendation has not been followed and that the addressees have failed to explain their inaction appropriately, it shall informor it is not satisfied on how the addressees have followed up the recommendations, and that the addressees have failed to provide adequate justifications, it shall inform the European Parliament, the Council and, where relevant, the European Supervisory Authorities concerned.
Amendment 309 #
2009/0064(COD)
Proposal for a directive
Recital 29
Recital 29
(29) Since the objectives of the action to be takenis Directive, namely to ensure a high level of consumer and investor protection by laying down a common framework for the authorisation and supervision of AIFM cannot be sufficiently achieved by the Member States, as evidenced by the deficiencies of existing nationally based regulation and oversight of these actors, and can therefore, be better achieved at CommunityUnion level, the Community may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the TreatyUnion should entitle the ESMA to act as an Investor Protection Agency aimed at certifying new financial products and monitoring their evolution. In accordance with the principle of proportionality, as set out in that Article, this Directive does not go beyond what is necessary in order to achieve those objectives.