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15 Amendments of Roberto GUALTIERI related to 2016/0364(COD)

Amendment 51 #
Proposal for a directive
Recital 6 a (new)
(6a) The principle of equal pay for male and female workers for equal work or work of equal value is laid down in art 157 TFEU. This needs to be applied in a consistent way by credit institutions and investment firms. Therefore they should demonstrate a gender neutral remuneration policy.
2018/02/02
Committee: ECON
Amendment 58 #
Proposal for a directive
Recital 20 a (new)
(20a) Directive2009/138/EC of the European Parliament and the Council (Solvency II), harmonizing the rules that apply to insurance and reinsurance undertakings, had introduced modifications aiming to grant financial stability and equity, in pursuit the fundamental objective of stabilizing the markets. However it should be taken into consideration the presence, in the Member States, of insurance undertakings with listed shares in a regulated market, under the control of the competent supervisory Authorities of the Member States, performing insurance activities according to a low risk business model implying a moderate financial leverage exploitation (not higher than 5 times) a low risk-taking attitude in investments and a high percentage of profits represented by the insurance core business ;therefore, such undertakings result to have a more contained risk profile compared to similar institutions with a broad variety of business models, also with financial content. It has been noted that, in the European union, insurances result to be less exposed to systemic risk, also by virtue of a more conservative investment policy and that the effects of the financial and markets crisis, following 2008, which has driven financial institution’s income statement downwards, has not substantially affected insurance undertakings, generally remaining positive, with relatively stable profit margins. Such stability has been reflected by the last years insurance companies stock market performances of listed shares in regulated markets of the European union, that, compared to financial institutions, although in the context of a general recessive trend of the markets after 2008, have reduced significantly the downward trends in shares value. Non control holdings in such insurance undertakings operating according to a low financial risk business model, can therefore be assimilated to other equity/industrial holdings, and consequently to the specific discipline in matter of deduction of items from Core Tier 1capital, provided for by the supervisory Authorities of the Member States with reference to other industrial undertakings.
2018/02/02
Committee: ECON
Amendment 62 #
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b – introductory part
Directive 2013/36/EU
Article 2 – paragraph 5a and 5b
(b) the following paragraphs 5a and 5b are inserted: 5a is inserted: 5a. The Commission may regularly review whether the list under paragraph5 can be enlarged to other institutions through a delegated act adopted pursuant to Article 148.
2018/02/02
Committee: ECON
Amendment 64 #
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Directive 2013/36/EU
Article 2 – paragraph 5a
5a. This Directive shall not apply to an institution where the Commission establishes in a delegated act adopted pursuant to Article 148, on the basis of information available to it that the institution fulfils all of the following conditions, without prejudice to the application of state aid rules: (a) public law by a Member State's central government, regional government or local authority; (b) institution confirm that its activity is limited to advancing specified objectives of financial, social or economic public policy in accordance with the laws and provisions governing that institution, on a non-competitive, not for profit basis. For these purposes, public policy objectives may include the provision of financing for promotional or development purposes to specific economic activities, or geographical areas of the relevant Member State; (c) effective prudential requireit has been established under laws and provisions governing the it is subject to adequate and the central governments, including minimum own funds requirements, and to an adequate supervisory framework which has similar effect as the framework established under Union law; (d) government or local authority, as applicable, has an obligation to protect the institution's viability or directly or indirectly guarantees at least 90% of the institution's own funds requirements, funding requirements or exposures; (e) covered deposits as defined in point (5) of Article 2(1) of Directive 2014/49/EU of the European Parliament and of the Council12 ; (f) Member State where its head office is situated; (g) assets is below EUR 30 billion; (h) assets over the GDP of the Member State concerned is less than 20%; (i) the institution is not of significant relevance with regard to the domestic economy of the Member State concerned. The Commission shall regularly review whether an institution subject to a delegated act adopted pursuant to Article 148 continues to fulfil the conditions set out in the first subparagraph. __________________ 12 Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (recast) (OJ L 173, 12.6.2014, p. 149)regional it is precluded from accepting its activities are confined to the the total value of the institution's the ratio of the institution's total
2018/02/02
Committee: ECON
Amendment 86 #
Proposal for a directive
Article 1 – paragraph 1 – point 1 – point b
Directive 2013/36/EU
Article 2 – paragraph 5b
5b. This Directive shall not apply to categories of institutions in a Member State, where the Commission establishes in a delegated act adopted pursuant to Article 148, on the basis of information available to it, that the institutions falling under that category qualify as credit unions under the national law of a Member State and meet all of the following conditions: (a) cooperative nature; (b) set of members sharing certain pre- defined common personal featuthey are financial institutions of a their membership is restricted to a they ares or interests; (c) credit and financial services to their members; (d) deposits or repayable funds from their members and such deposits qualify as covered deposits under point 5 of Article 2(1) of Directive 2014/49/EU; (e) the activities listed in points 1 to 6 and 15 of Annex I to this Directive; (f) effective prudential requirements, including minimum capital requirements, and a supervisory framework which has similar effect as the framework established under Union law; (g) this category of institutions does not exceed 3% of the GDP of the Member State concerned and the total value of assets of individual institutions does not exceed EUR 100 million; (h) Member State where their head office is situated. The Commission shall regularly review whenly permitted to provide they are only permitted to accept they are only permitted to perform they are subject to adequate and the aggregate value of the assets of their a category of institutions subject to a delegated act adopted pursuant to Article 148ctivities are contfinues to fulfil the conditions set out in the first subparagraph..ed to the
2018/02/02
Committee: ECON
Amendment 103 #
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point a
Directive 2013/36/EU
Article 3 – point 64 a (new)
(64a) Gender neutral remuneration policy in a credit institution or investment firm means a remuneration policy based on equal pay for women and men for equal work or work of equal value.
2018/02/02
Committee: ECON
Amendment 171 #
Proposal for a directive
Article 1 – paragraph 1 – point 11 a (new)
Directive 2013/36/EU
Article 74
(11a) Article 74 is amended as follows: "1. Institutions shall have robust governance arrangements, which include a clear organisational structure with well- defined ,transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks they are or might be exposed to, adequate internal control mechanisms, including sound administration and accounting procedures, and remuneration policies and practices that are consistent with and promote sound and effective risk management. Those remuneration policies and practices shall be gender neutral. .2. The arrangements, processes and mechanisms referred to in paragraph 1 shall be comprehensive and proportionate to the nature, scale and complexity of the risks inherent in the business model and the institution's activities. The technical criteria established in Articles 76 to95 shall be taken into account 3. EBA shall issue guidelines on the 3. arrangements ,processes and mechanisms referred to in paragraph 1, in accordance with paragraph 2. (http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036&from=EN)One year after the adoption of this directive, EBA will issue guidelines on gender neutral remuneration policy for credit institutions and investment firms. Two years after the publication of these guidelines and based on the information collected by the national competent authorities, EBA will draft a report about the application of gender neutral remuneration policies by credit institutions and investment firms. " Or. en
2018/02/02
Committee: ECON
Amendment 172 #
Proposal for a directive
Article 1 – paragraph 1 – point 12
Directive 2013/36/EU
Article 75 – paragraph 1
1. Competent authorities shall collect the information disclosed in accordance with the criteria for disclosure established in points (g), (h), (i) and (k) of Article 450(1) of Regulation (EU) No 575/2013 and shall use its well as the information provided by credit institutions and investment firms on the gender pay gap and shall use this information to benchmark remuneration trends and practices. The competent authorities shall provide EBA with that information.
2018/02/02
Committee: ECON
Amendment 208 #
Proposal for a directive
Article 1 – paragraph 1 – point 15 – point b a (new)
Directive 2013/36/EU
Article 92 – paragraph 2 – point a a (new)
(ba) In paragraph 2, the following point (aa) is inserted: (aa) the remuneration policy is gender neutral: female and male workers will be equally remunerated for equal work or work of equal value.
2018/02/02
Committee: ECON
Amendment 271 #
Proposal for a directive
Article 1 – paragraph 1 – point 21 – point a
Directive 2013/36/EU
Article 104 – paragraph 1 – introductory part
1. For the purposes of Article 92(2)(b), Article 97, Article 98(4), Article 101(4) and Article 102 and the application of Regulation (EU) No 575/2013, competent authorities shall have at least the following powers:
2018/02/02
Committee: ECON
Amendment 275 #
Proposal for a directive
Article 1 – paragraph 1 – point 21 – point a
Directive 2013/36/EU
Article 104 – paragraph 1 – point g
(g) to require institutions to limit variable remuneration as a percentage of net revenues where it is inconsistent with the maintenance of a sound capital base; and, to require credit institutions and investment firms to comply with the guidelines issued by EBA on gender neutral remuneration policies.
2018/02/02
Committee: ECON
Amendment 281 #
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 1 – introductory part
Competent authorities shall impose the additional own funds requirement referred to in Article 104(1)(a) only in those circumstances where, on the basis of the reviews carried out in accordance with Articles 97 and 101, they ascertain any of the following situations for an individual institution:
2018/02/02
Committee: ECON
Amendment 286 #
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 1 – point b
(b) the institution does not meet the requirements set out in Articles 73 and 74 of this Directive or in Article 393 of Regulation (EU) No 575/2013 and the sole application of other administrative measures is unlikelymay not be enough to sufficiently improve the arrangements, processes, mechanisms and strategies within an appropriate timeframe;
2018/02/02
Committee: ECON
Amendment 298 #
Proposal for a directive
Article 1 – paragraph 1 – point 22
Directive 2013/36/EU
Article 104a – paragraph 2 – subparagraph 2
For the purposes of the first subparagraph, the capital considered adequate shall cover all material risks or elements of such risks that are not subject to a specific own funds requirement. This may includes risks or elements of risks that are explicitly excluded from the own funds requirements set out in Parts Three, Four, Five and Seven of Regulation (EU) No 575/2013.
2018/02/02
Committee: ECON
Amendment 352 #
Proposal for a directive
Article 1 – paragraph 1 – point 30 a (new)
Directive 2013/36/EU
Article 131 – paragraph 5
(30 a) In Article 131, paragraph 5 is replaced by the following: ‘5. The competent authority or designated authority may require each O- SII, on a consolidated or sub-consolidated or individual basis, as applicable, to maintain: (a) an O-SII buffer of up to 2.5 % of the total risk exposure amount calculated in accordance with, which shall consist of and shall be supplementary to Common Equity Tier 1 capital; in that connection, the criteria for the identification of the O-SII shall be taken into account; combined with (b) an O-SII leverage ratio adjustment which is to be maintained in addition to the leverage ratio pursuant to Article 92(3)1)[d] of Regulation (EU) No 575/2013, taking into account the criteria for the identification of the O-SII. That buffer shall consist of and shall be supplementary to Common Equity Tier 1 capital. and is determined by multiplying the following amounts: (i) the O-SII buffer ratio as referred to in letter (a), which for this purpose shall not exceed 1.85%, and (ii) a factor of 0.35. The own capital required for this purpose shall be determined by multiplying the result of the calculation described in this paragraph with the institution’s total leverage exposure measure in accordance with Article 429(4) of Regulation (EU) No 575/2013.’
2018/02/02
Committee: ECON