24 Amendments of Paulo RANGEL related to 2012/0242(CNS)
Amendment 56 #
Proposal for a regulation
Recital 11
Recital 11
(11) As the Euro area's central bank with extensive expertise in macroeconomic and financial stability issues, the ECB is well placed to carry out supervisory tasks with a focus on protecting the stability of Europe's financial system. Indeed in many, its involvement will contribute to improve the credibility and effectiveness of the integrated supervisory mechanism. On the other hand, in the majority of Member States, Central Banks are already responsible for banking supervision, and so, as part of a long-term vision for a stronger economic and monetary union, it is also important to take this opportunity to reinforce the ECB's role as a genuine central bank. Furthermore, by comparison with the proposals for the future creation of a new European authority responsible for banking supervision, this solution has also the advantage of not increasing the complexity of the EU institutional architecture. The ECB should therefore be conferred specific tasks concerning policies relating to the supervision of credit institutions within the Euro area.
Amendment 67 #
Proposal for a regulation
Recital 24
Recital 24
(24) The conferral of supervisory tasks on the ECB for some of the Member States should be consistent with the framework of the European System of Financial Supervision (ESFS) set up in 2010 and its underlying objective to develop the single rulebook and enhance convergence of supervisory practices across the whole Union. Cooperation between the banking supervisors and the supervisors of insurance and securities markets is important to deal with issues of joint interest and to ensure proper supervision of credit institutions operating also in the insurance and securities sectors. The ECB should therefore be required to cooperate closely with the EBA, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority, within the framework of the EFSF. The ECB should carry out its supervisory tasks without prejudice to the competences of the other participants of the ESFS.
Amendment 68 #
Proposal for a regulation
Recital 24 a (new)
Recital 24 a (new)
(24 a) In order to preserve the integrity of the single financial market, the EBA shall maintain its role and retain all its existing powers and tasks: it should continue developing and ensuring the implementation of the single rulebook applicable to all Member States and enhance convergence of supervisory practices across the whole Union. In addition, EBA should now be tasked with the preparation of a single supervisory handbook to complement the EU's single rulebook and ensure consistency in bank supervision.
Amendment 69 #
Proposal for a regulation
Recital 25
Recital 25
(25) In order to ensure consistency between supervisory responsibilities conferred on the ECB and decision making within the EBA, the ECB should coordinate a common position amongst representatives of the national authorities of the participating Member States in relation to matters falling within its competence. The ECB must fully respect the role of the EBA.
Amendment 70 #
Proposal for a regulation
Recital 26
Recital 26
(26) The ECB should carry out its tasks subject to and in compliance with any Union law rule including the whole of primary and secondary Union law, Commission decisions in the area of State aids, competition rules and merger control and, the single rulebook applying to all Member States and the single supervisory handbook to be developed by the EBA. The EBA is entrusted with developing draft technical standards and guidelines and recommendations ensuring supervisory convergence and consistency of supervisory outcomes within the Union. The ECB should not replace the exercise of these tasks by the EBA, and should therefore exercise powers to adopt regulations in accordance with Article 132 TFEU only where Union acts adopted by the European Commission upon drafts developed by the EBA or guidelines and recommendations issued by the EBA do not deal with certain aspects necessary for the proper exercise of the ECB's tasks or do not deal with them in sufficient detail.
Amendment 72 #
Proposal for a regulation
Recital 29
Recital 29
(29) As regards the supervision of cross- border banks active both inside and outside the Euro area the ECB should cooperate closely with the competent authorities of non participating Member States. As a competent authority the ECB should be subject to the related obligations to cooperate and exchange information under Union law and should participate fully in the colleges of supervisors. In addition, since the exercise of supervisory tasks by a European institution brings about clear benefits in terms of financial stability and sustainable market integration, Member States not participating in the common currency should therefore also have the possibility to participate in the new mechanism. However, it is a necessary pre- condition for an effective exercise of supervisory tasks, that supervisory decisions are implemented fully and without delay. Member States wishing to participate in the new mechanism should therefore undertake to ensure that their national competent authorities will abide by and adopt any measure in relation to credit institutions requested by the ECB. The ECB should be able to establish a close cooperation with the competent authorities of a Member State not participating in the common currency. It should be obliged to establish the cooperation where the conditions set out in this regulation are met. The conditions under which representatives of the competent authorities of the Member States which established a close co- operation take part to the activities of the Supervisory Board should allow the greatest possible involvement of those representatives taking into account the limits following from the Statute of ESCB and of the ECB, in particular as regards the integrity of its decision making processse include that those Member States undertake to ensure that their national competent authorities will abide by and adopt any measure in relation to credit institutions requested by the ECB and the obligation to adopt national legal acts to ensure that their national competent authorities will be obliged to adopt any measure in relation to credit institutions requested by the ECB.
Amendment 73 #
Proposal for a regulation
Recital 29 a (new)
Recital 29 a (new)
(29 a) The conditions under which representatives of the competent authorities of the Member States which established a close co-operation take part to the activities of the Supervisory Board should ensure their full and equal representation with the representatives of the competent authorities of the participating Member States, including in what regards the voting rights.
Amendment 75 #
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34 a) At the request of the parliaments of the participating Member States and of the Member States which have established close cooperation with the ECB, a representative of the supervisory board of the ECB, together with the national competent authority, may be heard in the competent committees of the national parliaments concerned, on the execution of its supervisory tasks.
Amendment 76 #
Proposal for a regulation
Recital 34 b (new)
Recital 34 b (new)
(34 b) Pursuant to Article 263 TFEU, the Court of Justice must be enabled to review the legality of acts of the ECB, acting in its supervisory capacity, that are intended to produce legal effects vis-à-vis third parties.
Amendment 77 #
Proposal for a regulation
Recital 35
Recital 35
(35) The ECB is responsible for carrying out monetary policy functions with a view to maintaining price stability in accordance with Article 127(1) TFEU. The exercise of supervisory tasks has the objective to protect the safety and soundness of credit institutions and the stability of the financial system. In order to avoid conflicts of interests and to ensure that each function is exercised in accordance with the applicable objectives, the ECB should ensure they are carried out in full separation. Staff involved in carrying out the tasks conferred on the ECB by this Regulation should be organisationally separated from other ECB staff and should be subject to separate reporting lines.
Amendment 81 #
Proposal for a regulation
Recital 36
Recital 36
(36) In particular, a supervisory board responsible for preparing decisions on supervisory matters should be set up with the ECB encompassing the specific expertise of national supervisors. The board should therefore be chaired by a Chair and a Vice-Chair elected by the ECB Governing Council andfter approval by the European Parliament. The board should be composed, in addition, of representatives from the ECB and from national authorities. In order to allow for an appropriate rotation while ensuring the full independence of the Chair and the Vice- Chair, their term should not exceed five years and should not be renewable. In order to ensure full coordination with the activities of the EBA and with the prudential policies of the Union, the EBA and the European Commission should be observers in the supervisory board. The supervisory board should exercise its tasks in full recognition that the Governing Council of the ECB remains the ultimate responsible for its decisions. The performance of the supervisory tasks conferred upon the ECB requires the adoption of a large number of technically complex acts and decisions, including decisions on individual credit institutions. In order to effectively carry out those tasks in accordance with the principle of separation from tasks relating to monetary policy, the ECB Governing Council of the ECB should be able to delegate certain clearly defined supervisory tasks and related decisions to the supervisory board, subject to the oversight and responsibility of the Governing Council, which can give instructions and directions to that body. The supervisory board may be supported by a steering committee with a more limited composition.
Amendment 82 #
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36 a) The supervisory board should be responsible for preparing the decisions of the Governing Council of the ECB. The Governing Council should justify deviations from the proposals and draft decisions prepared by the Supervisory Board.
Amendment 85 #
Proposal for a regulation
Recital 41
Recital 41
(41) Given the globalisation of banking services and the increased importance of international standards, the ECB should carry out its tasks in respect of international standards and in dialogue and close cooperation with supervisors outside the Union, without duplicating or restricting the international role of the EBA. It should be empowered to develop contacts and enter into administrative arrangements with the supervisory authorities and administrations of third countries and with international organisations, subject to coordination with the EBA and while fully respecting the existing roles and respective competences of the Member States and the Union institutions.
Amendment 90 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
The ECB, in its role within the SSM, shall cooperate closely with the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority and the European Systemic Risk Board, which form part of the European System of Financial Supervision established by Article 2 of Regulations (EU) No. 1093/2010, (EU) No 1094/2010, and (EU) No 1095/2010. The ECB shall carry out its tasks without prejudice to the competences of the other participants of the ESFS.
Amendment 92 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. The ECB shall, in accordance with the relevant provisions of Union law, as well as in accordance with the single rulebook and the single supervisory handbook developed by EBA, be exclusively competent to carry out, for prudential supervisory purposes, the following tasks in relation to all credit institutions established in the participating Member States:
Amendment 101 #
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. Subject to and in compliance with any relevant Union law rule and in particular any legislative and non-legislative act, including the single rulebook and the single supervisory handbook developed by EBA as well as the technical standards developed by EBA and adopted by the Commission, the ECB may adopt regulations and recommendations and take decisions to implement or apply Union law, to the extent necessary to carry out the tasks conferred upon it by this Regulation, and only where those Union acts do not deal with certain aspects necessary for the proper exercise of the ECB's tasks or do not deal with them in sufficient detail.
Amendment 110 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The decision referred to in paragraph 2 shall determine, in compliance with the Statute of ESCB and of the ECB, the conditions under which representatives of the competent authorities of the Member States which established a close cooperation in accordance with this Article shall take part to the activities of the Supervisory Board. Those representatives shall be given full and equal representation with the representatives of the competent authorities of the participating Member States, including in what regards the voting rights.
Amendment 116 #
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
2. The ECB shall carry out the tasks conferred upon it by this Regulation separately from its tasks relating to monetary policy and from any other tasks. The tasks conferred upon the ECB by this regulation shall not interfere with the ECB's tasks relating to monetary policy and any other tasks. The staff involved in carrying out the tasks conferred on the ECB by this Regulation should be organisationally separated from other ECB staff and should be subject to separate reporting lines.
Amendment 119 #
Proposal for a regulation
Article 19 – paragraph 1 a (new)
Article 19 – paragraph 1 a (new)
1 a. The supervisory board shall be responsible for preparing the decisions of the Governing Council of the ECB on supervisory matters. The Governing Council should justify deviations from the proposals and draft decisions prepared by the Supervisory Board.
Amendment 122 #
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. In addition, the supervisory board shall include a Chair elected by the members of the Governing Council, after the approval of the European Parliament, from the members, with the exception of the President, of the Executive Board, and a Vice-Chair elected by and from the members of the Governing Council of the ECB.
Amendment 124 #
Proposal for a regulation
Article 19 – paragraph 3
Article 19 – paragraph 3
3. The Governing Council of the ECB may delegate clearly defined supervisory tasks and related decisions regarding individual or a set of identifiable credit institutions, financial holding companies or mixed financial holding companies to the supervisory board, subject to the oversight and responsibility of the Governing Council.
Amendment 126 #
Proposal for a regulation
Article 19 – paragraph 5
Article 19 – paragraph 5
5. The representatives of the competent authority of the Member States which established a close cooperation in accordance with Article 6 shall take part to the activities of the supervisory board in accordance with the conditions set out in the decision adopted in accordance with paragraphs 2 and 3 of Article 6, in compliance with the Statute of ESCB and of the ECB. These conditions should ensure their full and equal representation with the representatives of the competent authorities of the participating Member States, including in what regards the voting rights.
Amendment 129 #
Proposal for a regulation
Article 19 – paragraph 7
Article 19 – paragraph 7
7. The Governing Council shall adopt the rules of procedure of the supervisory board including rules on the term of office of the Chair and the Vice-Chair. The term of office shall not exceed five years and shall not be renewable. The rules of procedure of the supervisory board shall ensure equal treatment and representation of all its members.
Amendment 136 #
Proposal for a regulation
Article 21 – paragraph 4 a (new)
Article 21 – paragraph 4 a (new)
4 a. At the request of the parliaments of the participating Member States and of the Member States which have established close cooperation with the ECB, a representative of the supervisory board of the ECB, together with the national competent authority, may be heard in the competent committees of the national parliaments concerned, on the execution of its supervisory tasks.