31 Amendments of Kay SWINBURNE related to 2009/0143(COD)
Amendment 160 #
Proposal for a regulation
Recital 18
Recital 18
(18) Where the national authority does not comply with the recommendation, the Commission should be empowered to address a Decisformal opinion to the national supervisory authority concerned in order to ensure compliance with CommunityEuropean Union law, creating direct legal effects which can be invoked before national courts and authorities and enforced under Article 22658 of the Treaty on the Functioning of the European Union.
Amendment 164 #
Proposal for a regulation
Recital 20
Recital 20
(20) Serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the CommunityUnion require a swift and concerted response at CommunityUnion 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 Commissionuncil. To ensure an effective response to the emergency situation, in the event of inaction by national supervisory authorities, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial institutions in areas of CommunityUnion law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the markets.
Amendment 166 #
Proposal for a regulation
Recital 21
Recital 21
(21) In order to ensure efficient and effective supervision and a balanced consideration of the positions of the national supervisory authorities in different Member States, the Authority should be able to settle disagreements between those authorities with binding effect, including within colleges of supervisors. A conciliation phase should be provided for, during which the national supervisory 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 CommunityUnion 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 CommunityUnion law directly applicable to them. In cases where the relevant EU legislation confers discretion on Member States, decisions taken by the Authority cannot replace the exercise in compliance with Union law of that discretion.
Amendment 182 #
Proposal for a regulation
Recital 28
Recital 28
(28) Given the globalisation of financial services and the increased importance of international standards, the Authority should foster the dialogue and cooperation with supervisors outside the CommunityUnion. It shallould fully respect the existing roles and competences of the Member States and European Institutions in relations with authorities outside the CommunityUnion and in international forums.
Amendment 240 #
Proposal for a regulation
Article 7 – paragraph 1 - subparagraph 1
Article 7 – paragraph 1 - subparagraph 1
1. The Authority may develop technical standards in the areas specifically set out in the legislation referred to in Article 1(2). The Authority shall submit its draft standards to the Commission for endorsementtechnical standards shall not include strategic decisions and their content shall be limited by the legislative act on which they are based.
Amendment 267 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
In its Report, the Authority shall inform the European Parliament, the Council and the Commission of the guidelines and recommendations that are issued. The Authority may also inform them of any national authority that have not complied with the guidelines and recommendations and outline how the Authority intends to ensure that they comply in the future.
Amendment 276 #
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), in a manner that appears to be in breach of Union law, 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 282 #
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 Community law within one monthtwenty working days from receipt of the Authority's recommendation, the Commission may, after having been informed by the Authority or on its own initiative, take a decisissue a formal opinion requiring the national supervisory authority to take the action necessary to comply with CommunityUnion law.
Amendment 289 #
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 Commission's decisformal opinion.
Amendment 295 #
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 decisformal opinion 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 of 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 CommunityUnion law including the cessation of any practice.
Amendment 296 #
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 decisformal opinion adopted by the Commission pursuant to paragraph 4.
Amendment 302 #
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 2
Article 9 – paragraph 7 – subparagraph 2
Amendment 312 #
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 CommissionUnion, the Council, upon its own initiative or following a request by the Authority, the Council, or the ESRB, may adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this regulation.
Amendment 319 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commission has adopted a decisionexistence of an emergency situation is declared pursuant to paragraph 1, the Authority may adopt individual decisions requiring national supervisory authorities decisions addressed to the competent authorities of Member States requiring them 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 system by ensuring that financial institutions and national supervisory authorities satisfy the requirements laid down in that legislation.
Amendment 322 #
Proposal for a regulation
Article 10 – paragraph 2 a (new)
Article 10 – paragraph 2 a (new)
2a. 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 Union, the Authority shall actively facilitate and, where necessary, coordinate any actions undertaken by the relevant national competent authorities.
Amendment 324 #
Proposal for a regulation
Article 10 – paragraph 2 b (new)
Article 10 – paragraph 2 b (new)
2b. The Council shall review the decision pursuant to paragraph 1 at appropriate intervals and in any event at least once a month and declare the discontinuation of the emergency situation as soon as appropriate.
Amendment 326 #
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
Amendment 332 #
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
Amendment 352 #
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, in order to ensure compliance with CommunityUnion law.
Amendment 353 #
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
Amendment 361 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12 a Supervision of financial institutions with a Union dimension National authorities shall exert prudential supervision of financial institutions with a Union dimension. The Authority, in collaboration with the European Systemic Risk Board and the competent authorities, shall develop an information template for significant institutions in order to ensure sound management of their systemic risk. To help protect European depositors, the Authority shall facilitate better coordination between deposit guarantee schemes operating across the Union.
Amendment 393 #
Proposal for a regulation
Article 18 – paragraph 1 a (new)
Article 18 – paragraph 1 a (new)
Without prejudice to the rights of national supervisory authorities, the Authority may participate in all international fora concerning the regulation and supervision of the institutions falling under the legislation referred to in Article 1(2).
Amendment 404 #
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1
Article 20 – paragraph 2 – subparagraph 1
2. Where information is not available or is not made available in a timely fashion by the national supervisory authorities and other public authorities of the Member States, the Authority may address a reasoned request directly to relevant financial institutions and other parties, provided the costs of providing such information to the Authority are proportionate to the nature of the information. It shall inform the relevant national supervisory authorities of such requests.
Amendment 406 #
Proposal for a regulation
Article 20 – paragraph 3 a (new)
Article 20 – paragraph 3 a (new)
3a. On a request from a national supervisory authority of the Member State the Authority shall provide any such information that is necessary to enable it to carry out its duties, provided the national authority in question has appropriate confidentiality arrangements in place.
Amendment 459 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 1
Article 23 – paragraph 2 – subparagraph 1
2. Where a Member State considers that a decision taken under Article 11 impinges on its fiscal responsibilities, it may notify the Authority and the Commission within one monthtwenty working days after notification of the Authority's decision to the national supervisory authority that the decision will not be implemented by the national supervisory authority.
Amendment 464 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 5
Article 23 – paragraph 2 – subparagraph 5
Where the Authority maintains its decision, the Council, acting by qualified majority as defined in Article 205 of the Treaty, shall, within two months, decide whether the Authority's decision is maintained or revoked.
Amendment 467 #
Proposal for a regulation
Article 23 – paragraph 2 – subparagraph 6
Article 23 – paragraph 2 – subparagraph 6
Where the Council decides to maintainrevoke the Authority's decision, or where it does not take a decision within two months, the suspension of that decision shall be immediately terminatrevoked.
Amendment 469 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 2
Article 23 – paragraph 3 – subparagraph 2
In its notification, the Member State shall justify why and clearly demonstrate how the decision impinges on its fiscal responsibilities. In that case, the decision of the Authority shall be suspended.
Amendment 471 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
Article 23 – paragraph 3 – subparagraph 3
The Council, acting by qualified majority as defined in Article 20516 of the Treaty on European Union, shall, within ten working days, decide whether the Authority's decision is maintained or revoked.
Amendment 474 #
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 4
Article 23 – paragraph 3 – subparagraph 4
Where the Council does not take a decision within ten working days, the Authority's decision shall be deemed to be maintainrevoked.
Amendment 480 #
Proposal for a regulation
Article 26 – paragraph 2 – subparagraph 1
Article 26 – paragraph 2 – subparagraph 1
2. For the purposes of Article 11, the Board of Supervisors shall convoke a panel to facilitate the settlement of the disagreement, consisting of the Chairperson and, two of its members, who are not representatives of themembers of the Board of Supervisors and two people drawn from an expert list that the Chairperson shall maintain. No member of the panel from the Board of Supervisors shall be drawn from a national supervisory authoritiesy which are parties to the disagreementis party to the disagreement, nor shall they have any interest in the conflict. The Panel shall reach a decision by simple majority.