47 Amendments of Kay SWINBURNE related to 2009/0144(COD)
Amendment 153 #
Proposal for a regulation
Recital 15
Recital 15
(15) The process forCommission should endorse those development ofraft technical standards in this regulation is without prejudice to the Commission's powers to adopt on its own initiative implementing measures under comitology procedures at level 2 of the Lamfalussy structure as laid out inorder to give them binding legal effect. It can choose to reject them in part or in whole if, for example, the draft technical standards were incompatible with European Union Law, do not respect the principle of proportionality or run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of the European Union financial services legislation. To ensure a smooth and expeditious adoption process for those standards, Commission should be subject to a time limit when deciding when to endorse, partially endorse or reject them. The process for the development of technical standards in this regulation is without prejudice to the Commission's powers to adopt delegated acts in accordance with Article 290 of the Trelevant Community legislataty on the Functioning of the European Union. The matters concerned by the technical standards do not involve policy decisions, and their content is framed by the CommunityUnion acts adopted at Level 1. Development of the draft standards by the Authority ensures that they fully benefit from the specialised expertise of national supervisory authorities.
Amendment 156 #
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 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 the competent national supervisory authorities, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial market participants in areas of CommunityUnion law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the markets.
Amendment 160 #
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 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 market participants 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 European Union law of that discretion.
Amendment 166 #
Proposal for a regulation
Recital 29
Recital 29
(29) 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 shall 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 198 #
Proposal for a regulation
Article 1 – paragraph 4
Article 1 – paragraph 4
4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting protect investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the CommunityUnion law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission and undertaking economic analysis of markets to promote the achievement of the Authority's objectives.
Amendment 243 #
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – point f a (new)
Article 6 – paragraph 2 – subparagraph 1 – point f a (new)
(fa) ensure compliance with Directive 2003/6/EC to safeguard investor protection, the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union;
Amendment 264 #
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 legislation on which they are based.
Amendment 269 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Amendment 277 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 3
Article 7 – paragraph 1 – subparagraph 3
Within three months of receipt of the draft standards, the Commission shall decide whether to endorse, partially endorse, or reject the draft standards. The Commission may extend that period by one month. The Commission may endorse the draft standards only in part or with amendments where the Community interest so requiresshall inform the European Parliament and the Council of its decision, stating the reason.
Amendment 306 #
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), in a way which appears to be a breach of Union law, in particular by failing to ensure that a financial market participant 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 312 #
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 CommunityUnion 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 decisionissue a formal warning requiring the competent authority to take the action necessary to comply with CommunityEuropean Union law.
Amendment 315 #
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 2
Article 9 – paragraph 4 – subparagraph 2
The Commission 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 319 #
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 Commission's decisformal opinion.
Amendment 322 #
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 competent 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 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 of the legislation referred to in Article 1(2) are directly applicable to financial market participants, adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under CommunityUnion law including the cessation of any practice.
Amendment 324 #
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 adoptformal opinion issued by the Commission pursuant to paragraph 4.
Amendment 328 #
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 2
Article 9 – paragraph 7 – subparagraph 2
Amendment 334 #
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 CommissionEuropean Union, the Council, upon its own initiative or following a request by the Authority, the Councilmmission, 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 346 #
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 competent authoritiesdecisions addressed to the competent authorities of Member States requring 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 market participants and competent authorities satisfy the requirements laid down in that legislation.
Amendment 349 #
Proposal for a regulation
Article 10 – paragraph 2 a (new)
Article 10 – paragraph 2 a (new)
2 a. In the case of adverse devlopments 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 Authority shall actively facilitiate and, where deemed necessary, coordinate any actions undertaken by the relevant national competent supervisory authorities.
Amendment 350 #
Proposal for a regulation
Article 10 – paragraph 2 b (new)
Article 10 – paragraph 2 b (new)
2 b. The Council shall review the decision pursuant to paragraph 1 at appropriate intervals and at least once a month and declare the discontinuation of the emergency situation, as soon as appropriate.
Amendment 352 #
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
Amendment 354 #
Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 1
Article 10 – paragraph 4 – subparagraph 1
Amendment 355 #
Proposal for a regulation
Article 10 – paragraph 4 – subpara 2
Article 10 – paragraph 4 – subpara 2
Amendment 363 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a competent authority disagrees on the procedure or content of an action or inaction by another competent authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by competent authorities from more than one Member State, the Authority, at the request of one or more of the competent authorities concerned, may take the lead in assisting the authorities in reaching an agreement in accordance with the procedure set out in paragraph 2.
Amendment 367 #
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, in order to ensure compliance with CommunityEuropean Union law.
Amendment 368 #
Proposal for a regulation
Article 11 – paragraph 3 a (new)
Article 11 – paragraph 3 a (new)
3a. Decisions adopted under paragraph 3 shall prevail over any previous decisions adopted by national supervisors on the same matter.
Amendment 369 #
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
Amendment 373 #
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
2. The Authority shall participate as an observer in colleges of supervisors as it deems appropriate for the European interest. For the purpose of that participation, it shall be considered a 'competent authority' within the meaning of the relevant legislation and, at its request, shall receive all relevant information shared with any member of the college.
Amendment 380 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Supervision of financial institutions with EU dimension National authorities shall exert prudential supervision of financial institutions with an EU dimension. The authority, in collaboration with the European Systemic Risk Board and the competent authorities, will develop an information template for significant insitutions in order to ensure a sound management of their systemic risk. To help protect European depositors, the Authority will facilitate better coordination between deposit guaranttee schemes operating across the European Union.
Amendment 400 #
Proposal for a regulation
Article 16 – paragraph 2 – introductory part
Article 16 – paragraph 2 – introductory part
The Authority shall promote a coordinated CommunityUnion response, inter alia by:
Amendment 403 #
Proposal for a regulation
Article 16 – paragraph 2 – point 4 a (new)
Article 16 – paragraph 2 – point 4 a (new)
(4 a) facilitating the coordination of actions undertaken by relevant national competent supervisory authorities.
Amendment 412 #
Proposal for a regulation
Article 18 – paragraph 2 a (new)
Article 18 – paragraph 2 a (new)
In its Report, the Authority may set out the administrative arrangements and equivalence decisions agreed with international organisations or administrations or third countries.
Amendment 413 #
Proposal for a regulation
Article 18 – paragraph 2 b (new)
Article 18 – paragraph 2 b (new)
Without prejudice to the rights of national supervisory authorities, the Authority may participate in al international fora concerning the regulation and supervision of the institutions falling under the legislation referred to in Article 1(2).
Amendment 415 #
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 1
Article 20 – paragraph 1 – subparagraph 1
1. At the request of the Authority, competent authorities and other public authorities of the Member States shall provide the Authority with all the necessary information to carry out the duties assigned to it by this Regulation, provided that the addressee has legal access to the relevant data, and provided that the request for information is prportionate in relation to the nature of the duty in question.
Amendment 417 #
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 2
Article 20 – paragraph 1 – subparagraph 2
The Authority may also request information to be provided at recurring intervals, provided the competent holds such information. Where competent authorities do not collect such information, the Authority should make provisions for such a request by making amendments to the relevant reporting requirements under the Article 7 technical standards.
Amendment 420 #
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 competent authorities and other public authorities of the Member States, the Authority may address a reasoned request directly to relevant financial market participants 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 competent authorities of such requests.
Amendment 423 #
Proposal for a regulation
Article 20 – paragraph 3 a (new)
Article 20 – paragraph 3 a (new)
3 a. On a request from a national supervisory authority of a 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 428 #
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
1. For the purpose ofTo help facilitate consultation with stakeholders in areas relevant to the tasks of the Authority, a Securities and Markets Stakeholder Group shall be established.
Amendment 481 #
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 competent authority that the decision will not be implemented by the competent authority.
Amendment 497 #
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 20516 of the Treaty on European Union, shall, within two months, decide whether the Authority's decision is maintained or revoked.
Amendment 502 #
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 507 #
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 511 #
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 517 #
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 526 #
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
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 the competent authorities which are parties to the disagreementmembers 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 authority party to the disagreement, nor shall they have any interest in the conflict. The Panel shall reach a decision by simple majority.
Amendment 591 #
Proposal for a regulation
Article 44 – paragraph 2 – subparagraph 1
Article 44 – paragraph 2 – subparagraph 1
2. The Board of Appeal shall be composed of six members and six alternates, who. It shall becomprise of individuals withof high repute with a proven record of relevant knowledge and professional experienctise, exincluding current staff of the competent authorities or other national or Community institutions involved in the activitiessupervisory experience at a sufficiently high level in the fields of banking, insurance and occupational pensions, securities markets or other financial services, and at least two members with sufficient legal expertise to provide expert legal advice ofn the Authority's exercise of its powers.
Amendment 598 #
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 1
Article 44 – paragraph 3 – subparagraph 1
3. Twohe members of the Board of Appeal and twoheir alternates shall be appointed by the Management Board of the Authority from a short-list proposed by the Commission, following a public call for expression of interest published in the Official Journal of the European Union, and after consultation of the Board of Supervisors.