1482 Amendments of Kay SWINBURNE
Amendment 1 #
2018/2114(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Stresses that, while making sure that all assignments resulting from the regulatory framework are carried out in full and within deadline, Union agencies should carefully adhere to their tasks and should not go beyond the mandates assigned to them by Parliament and the Council; considers that transparency whilst carrying out their mandates is imperative.
Amendment 6 #
2018/2114(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Believes that Parliament should be systematically involved, and on equal terms with the Commission and Council, in defining and weighting the criteria for the location of all Union bodies and agencies; believes that ensuring the best value for money for the European citizen, represented by the European Parliament, should be an important factor in this decision making process.
Amendment 11 #
2018/2114(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Stresses that the location of the seat of an agency should not affect the execution of its powers and tasks, its governance structure, the operation of its main organisation or the main financing of its activities; underlines, however, that the location of an agency might allow for better budgetary efficiency through the sharing among Union agencies of administrative support and facility management services.
Amendment 2 #
2018/2046(BUD)
Draft opinion
Paragraph 1
Paragraph 1
1. Calls for the 2019 budget to focus on the priorities outlined in the European Semester, and on addressing the main concerns of EU citizens that are within EU full or partial responsibility as outlined e.g. in the Eurobarometer 2018; underlines that the most pressing issues lie especially in the area of security and defence, while economic development, growth and youth unemployment are among other crucial areas to be addressed;
Amendment 26 #
2018/2046(BUD)
Draft opinion
Paragraph 3
Paragraph 3
3. Underlines that the European Supervisory Authorities (ESAs) role is essential in fostering consistent application of Union law and better coordination between national authorities, ensuring financial stability, promoting better functioning of financial markets and assuring consumer protection; calls on the Committee on Budgets to ensure adequate resources for the ESAs where fully rationalised;
Amendment 33 #
2018/2046(BUD)
Draft opinion
Paragraph 5
Paragraph 5
5. Understands the potentially significant increase in ESAs’ budget estimates for 2019 caused mainly by the introduction of new tasks proposed in the ESAs review and other currently negotiated legislative files; considers that conditional budget lines covering the cost of the new tasks should be introduced and will only be triggered after the laws are adopted; recognises that such funding will only apply until a new funding mechanism is adopted and introduced;
Amendment 141 #
2018/0178(COD)
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8 a) The scale of the challenge, which entails shifting the entire financial system and economy to a position where they are able to function on a sustainable basis, will require gradual movement and progressive transition over time.
Amendment 184 #
2018/0178(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) To avoid harming consumer interests, fund managers and institutional investors offering financial products as environmentally sustainable, should disclose how and to what extent the criteria for environmentally sustainable economic activities are used to determine the environmental sustainability of the investments. The information disclosed should enable investors to understand the share of the investment funding environmentally sustainable economic activities as a percentage of all economic activities and thus the degree of environmental sustainability of the investment. The Commission should specify the information that needs to be disclosed for that purpose as well as the frequency, format and recipients of the disclosure. That information should enable national competent authorities to verify compliance with the disclosure obligation easily, and to enforce that obligation in accordance with applicable national law. The Commission should ensure that any new disclosure requirements complement those already required under existing legislation and do not lead to unnecessary duplication of reporting.
Amendment 229 #
2018/0178(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) It is of particular importance that the Commission when preparing the development of the technical screening criteria, carry out appropriate consultations in line with Better Regulation requirements. The process for the establishment and the update of the technical screening criteria should also involve relevant stakeholders and build on the advice of experts with proven knowledge and global experience in the relevant areas. For that purpose, the Commission should set up a Platform on sustainable finance. This Platform should be composed of experts representing both the public and the private sector. Public sector representatives should include experts from the European Environmental Agency, the European Supervisory Authorities and the European Investment Bank. Private sector experts should reflect the breadth of the sector and include representatives of relevant stakeholders, including financial market actors, universities, research institutes, associations and organisations. Where necessary the Platform should be allowed to request advice from non-members. The Platform should advise the Commission on the development, analysis and review of technical screening criteria, including their potential impact on the valuation of assets that until the adoption of the technical screening criteria were considered as green assets under existing market practices. The Platform should also advise the Commission on whether the technical screening criteria are suitable for further uses in future Union policy initiatives aimed at facilitating sustainable investment.
Amendment 253 #
2018/0178(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation establishes the criteria for determining whether an economic activity is environmentally sustainable for the purposes of establishing the degree of environmental sustainability of an investment made within the Union.
Amendment 263 #
2018/0178(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point a
Article 1 – paragraph 2 – point a
(a) measures adopted by Member States or by the Union setting out any requirements on market actors in respect of financial products or corporate bonds that are marketed to EU clients as environmentally sustainable.
Amendment 271 #
2018/0178(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point b
Article 1 – paragraph 2 – point b
(b) financial market participants offering financial products or corporate bonds as environmentally sustainable investments or as investments having similar characteristics.
Amendment 275 #
2018/0178(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point b
Article 1 – paragraph 2 – point b
(b) financial market participants offering EU clients financial products as environmentally sustainable investments or as investments having similar characteristics.
Amendment 359 #
2018/0178(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Financial market participants offering financial products or corporate bonds as environmentally sustainable investments, or as investments having similar characteristics, shall disclose information on how and to what extent the criteria for environmentally sustainable economic activities set out in Article 3 are used to determine the environmental sustainability of the investment. Where financial market participants consider that an economic activity which does not comply with the technical screening criteria set out in accordance with this Regulation or for which those technical screening criteria have not been established yet, should be considered environmentally sustainable, they may inform the Commission.
Amendment 537 #
2018/0178(COD)
Proposal for a regulation
Article 14 – paragraph 1 – point e
Article 14 – paragraph 1 – point e
(e) be based on conclusive scientific evidence, or in its absence, be based on the prevailing global scientific consensus and take into account, where relevant, the precautionary principle enshrined in article 191 TFEU;
Amendment 570 #
2018/0178(COD)
Proposal for a regulation
Article 15 – paragraph 1 – point b
Article 15 – paragraph 1 – point b
(b) experts representing relevant private stakeholders including financial, industrial and representatives of civil society;
Amendment 582 #
2018/0178(COD)
Proposal for a regulation
Article 15 – paragraph 1 – point c
Article 15 – paragraph 1 – point c
(c) expertsAcademic experts, who may be appointed in a personal capacity, with global expertise, proven knowledge and experience in the areas covered by this Regulation.
Amendment 588 #
2018/0178(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point b
Article 15 – paragraph 2 – point b
(b) analyse the impact of the technical screening criteria based on data and scientific research whenever available or globally accepted indicators if quality data for sound analysis is unavailable, in terms of potential costs and benefits of their application;
Amendment 589 #
2018/0178(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point c
Article 15 – paragraph 2 – point c
(c) assist the Commission to analyse requests from stakeholders to develop or revise technical screening criteria based on data and scientific research whenever available or globally accepted indicators if unavailable for a given economic activity;
Amendment 591 #
2018/0178(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point d
Article 15 – paragraph 2 – point d
(d) advise the Commission on the suitability of the technical screening criteria based on data and scientific research whenever available or globally accepted indicators if unavailable, for possible further uses;
Amendment 593 #
2018/0178(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point e
Article 15 – paragraph 2 – point e
(e) monitor and report regularly to the Commission obased on data and, ideally, independent peer reviewed research on any causal links between the taxonomy and shifts in capital flows towards sustainable investment;
Amendment 596 #
2018/0178(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point e a (new)
Article 15 – paragraph 2 – point e a (new)
(e a) Assist the Commission in analysing the specific environmental considerations and progress towards sustainability objectives in third countries.
Amendment 599 #
2018/0178(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point f
Article 15 – paragraph 2 – point f
(f) advise the Commission on the possible need to amend this Regulation, particularly in regard to data relevance and quality, and ways to reduce the administrative burden.
Amendment 622 #
2018/0178(COD)
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. By 31 December 2021, and subsequently every three years thereafter, the Commission shall publish a report on the application and impacts of this Regulation. That report shall evaluate whether this Regulation is sufficiently broad as not to lock-in technological development and innovation, and, on the other hand, not too lax as to have a real effect in guiding resources towards sustainable development. The related impact analyses should be independent and consider the following:
Amendment 626 #
2018/0178(COD)
Proposal for a regulation
Article 17 – paragraph 1 – point a
Article 17 – paragraph 1 – point a
(a) the progress onwhether the implementation of this Regulation with regard to the development ofhas constrained technological progress and innovation, and how the technical screening criteria for environmentally sustainable economic activities should be broadened or relaxed to facilitate innovation;
Amendment 630 #
2018/0178(COD)
Proposal for a regulation
Article 17 – paragraph 1 – point b
Article 17 – paragraph 1 – point b
(b) the possible need to revise the criteria set out in this Regulation for considering an economic activity environmentally sustainablewhether the framework has had a real impact towards its goals, and if not, how the criteria set out in this Regulation should be revised;
Amendment 633 #
2018/0178(COD)
Proposal for a regulation
Article 17 – paragraph 1 – point c
Article 17 – paragraph 1 – point c
(c) the appropriateness of extending the scope of this Regulation to cover other sustainability objectives, in particular social objectives provided that they are not conflicting;
Amendment 28 #
2018/0165(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) Directive 2014/65/EU of the European Parliament and of the Council24 has created a new type of trading venues, the SME growth markets, a subgroup of Multilateral Trading Facilities (‘MTFs’), in order to facilitate access to capital for SMEs to enable them to grow and to facilitate the further development of specialist markets that aim to cater for the needs of SME issuers that have genuine growth potential. Directive 2014/65/EU also anticipated that “attention should be focused on how future regulation should further foster and promote the use of that market so as to make it attractive for investors, and provide a lessening of administrative burdens and further incentives for SMEs to access capital markets through SME growth markets”". _________________ 24 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
Amendment 35 #
2018/0165(COD)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) The success of an SME growth market should not be measured simply by the number of companies listed, but rather by the rate of growth achieved by the listed companies. Regulatory alleviation should be for the benefit of those smaller companies with real growth potential.
Amendment 38 #
2018/0165(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) Some liquidity in an issuer’s shares can be achieved through liquidity mechanisms such as market-making arrangements or liquidity contracts. A market-making arrangement involves a contract between the market operator and a third party who commits to maintaining the liquidity in certain shares and benefits from rebates on trading fees in return. A liquidity contract involves a contract between an issuer and a third party who commits to providing liquidity in the shares of the issuer, and on its behalf. To ensure that market integrity is fully preserved, liquidity contracts should be available for all SME growth markets issuers across the Union, subject to a number of conditions. Not all competent authorities have, pursuant to Article 13 of Regulation (EU) No 596/2014, established accepted market practices in relation to liquidity contracts pursuant to Article 13 of Regulation (EU) No 596/2014, which means that not all SME growth market issuers have currently access to liquidity schemes across the Union. That absence of liquidity schemes can be an impediment to the effective development of SME growth markets. It is therefore necessary to create a Union framework that will enable SME growth market issuers to enter into a liquidity contract with a liquidity provider in another Member State in the absence of an accepted market practice established at national level. The Union framework on liquidity contracts for SME growth markets should however not replace, but rather complement, existing or future accepted domestic market practices. Competent authorities should keep the possibility to establish accepted market practices on liquidity contracts to tailor their conditions to local specificities or to extend such agreements to illiquid securities other than SME growth market shares.
Amendment 40 #
2018/0165(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) According to Article 17(4) of Regulation (EU) No 596/2014, issuers can decide to delay the public disclosure of inside information if their legitimate interests are likely to be prejudiced. Issuers are however required to notify the competent authority thereof and to provide an explanation of the rationale supporting the decision. The obligation for SME growth market issuers to document in writing the reasons why they have decided to delay the disclosure can be burdensome. It is considered that a lighter requirement for SME growth markets issuers consisting in an obligation to only explain the reasons for the delay upon request by the competent authority would have no significant impact on the ability of the competent authority to monitor the disclosure of inside information, while significantly reducing the administrative burden for SME growth markets issuers, provided that competent authorities would are still notified of the decision to delay and are in a position to open an investigation if they have doubt as regards that decision.
Amendment 44 #
2018/0165(COD)
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) Reflecting less stringent requirements elsewhere, punitive sanctions applied should reflect the economic realties of smaller companies.
Amendment 45 #
2018/0165(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 596/2014
Article 13 – paragraph 12 – introductory part
Article 13 – paragraph 12 – introductory part
An issuer whose financial instruments are admitted to trading on an SME growth market shall be authorised to enter into a liquidity contract either at national or European level, for its shares where all of the following conditions are met:
Amendment 51 #
2018/0165(COD)
Issuers whose financial instruments are admitted to trading on an SME growth market shall be authorised to include in their lists of insiders only those persons who, due to the nature of their function or position within the issuer, have regularpermanent access to inside information with the issuer. Any person acting on behalf of, or for the account of an issuer admitted to trading on an SME growth market issuer remains subject to requirements set out in paragraphs 1 to 5.
Amendment 60 #
2018/0165(COD)
Proposal for a regulation
Article 2 b (new)
Article 2 b (new)
Article 2 b Review clause of the MiFID II/MiFIR framework 1. The Commission shall draw up a report in cooperation with the ESMA on the impact of the requirements of Regulation (EU) 600/2014 of the European Parliament and of the Council and Directive 2014/65/EU on the financing and access to the financial markets of SMEs, measuring success of SME Growth Markets. For the purpose of the report, ESMA shall collect data on IPOs and delistings on SME Growth Markets, other MTFs and Regulated Markets, as well as monitor transfer of companies between different trading venues. This report shall be submitted to the European Parliament and the Council together with a legislative proposal, if appropriate. 2. The Commission shall, by 31 December 2019 at the latest, set up an expert stakeholder group to monitor the success of SME Growth Markets. The section on SME Growth Markets in the report referred to in para 1 of this Article shall be prepared in cooperation with the expert stakeholder group.
Amendment 61 #
2018/0165(COD)
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2a Review clause of Directive 2009/138/EC of the European Parliament and the Council 1. The Commission shall, draw up a report on the impact of own fund requirements, investment ratios and any other measures that may have a restrictive impact on insurance and reinsurance companies in financing listed and unlisted SMEs, and submit this report to the European Parliament and the Council together with a legislative proposal, where appropriate 2. For the purposes of paragraph 1, the European supervisory authority (the European Insurance and Occupational Pensions Authority, EIOPA) shall report to the Commission on the following: (a) an analysis of the evolution of investing by insurance and reinsurance companies in listed and unlisted SMEs; (b) an analysis of the regulatory and administrative barriers that limit or prevent financing and investing in listed and unlisted SMEs, such as prudential requirements and ratios, or any other provisions; (c) the consistency of the own funds requirements set out in Directive 2009/138/EC linked to SME exposures and the conclusions of the analyses referred to in points (a) and (b).
Amendment 62 #
2018/0165(COD)
Proposal for a regulation
Article 2 c (new)
Article 2 c (new)
Article 2c Review clause of Directive (EU) 2016/2341 of the European Parliament and the Council 1.The Commission shall, draw up a report on the impact of own fund requirements, investment ratios and any other measures which may have a restrictive impact on institutions for occupational retirement provision (IORP 2) in financing listed and non-listed SMEs, and shall submit this report to the European Parliament and the Council together with a legislative proposal, where appropriate. 2. For the purpose of paragraph 1, EIOPA shall report to the Commission on the following: (a) an analysis of the evolution of investing by occupational pension institutions in listed and unlisted SMEs (b) an analysis of the regulatory and administrative barriers that limit or prevent financing and investing in listed and unlisted SMEs, such as prudential requirements and ratios, or any other provisions; (c) the consistency of the own funds requirements set out in Directive 2009/138/EC linked to SME exposures and the conclusions of the analyses referred to in points (a) and (b).
Amendment 1 #
2017/2979(DEA)
Recital G a (new)
Ga. whereas Parliament notes that the RTS does not contain any specific provisions regarding package transactions and that further guidance might be needed by the Commission and ESMA on the treatment of packages; considers that this guidance should be in line with the provisions made within the MiFID II ‘Quick Fix’;
Amendment 41 #
2017/2044(BUD)
Draft opinion
Paragraph 6
Paragraph 6
6. Underlines that the costs forincurred by moving the European Banking Authority (EBA) from London should be borne by the UKallocated appropriately;
Amendment 31 #
2017/0334(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) It is thus appropriate to stress in the general objective of the Programme – within its contribution towards responding to economic and social challenges – that enhancing cohesion, competitiveness, productivity, sustainable growth, and job creation should also contribute to the preparations for future participation in the euro area by those Member States whose currency is not the euro. A thorough ex- post evaluation of how the Programme has assisted structural reforms in Member States is a necessary part of that general objective.
Amendment 33 #
2017/0334(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) It is also necessary to indicate that actions and activities of the Programme may support reforms that may help Member States that wish to adopt the euro to prepare for participation in the euro area, whilst stressing that joining the euro area is a long term economic decision that should not be unduly influenced by the prospect of short term financing.
Amendment 37 #
2017/0334(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) In order to meet the growing demand for support from Member States, and in view of the need to support the implementation of structural reforms in Member States whose currency is not the euro, the financial allocation for the Programme should be increased to aat a duly justified and sufficient level that allows the Union to provide support that meets the needs of the requesting Member States.
Amendment 52 #
2017/0232(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 1092/2010
Article 9 – paragraph 5
Article 9 – paragraph 5
Amendment 55 #
2017/0232(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 1092/2010
Article 9 – paragraph 5
Article 9 – paragraph 5
(4) in Article 9, paragraph 5 is deleted;replaced by the following: “5. Participation in the work of the ESRB may be open to high-level representatives of the relevant authorities from third countries when relevant to the Union. Arrangements may be made by the ESRB specifying, in particular, the nature, scope and procedural aspects of the involvement of those third countries in the work of the ESRB. Such arrangements may provide for representation, on an ad-hoc basis, as an observer, on the General Board and should concern only items of relevance to the Union, excluding any case where the situation of individual financial institutions or Member States may be discussed.”
Amendment 3 #
2017/0230(COD)
Proposal for a regulation
Recital 11a
Recital 11a
(11a) It is becoming increasingly important to promote consistent, systematic and effective monitoring and assessment of risks in relation to money- laundering and terrorist financing in the Union's financial system. Given the consequences for financial stability which may stem from abuses of the financial sector for money- laundering or terrorist financing purposes, and building on the work already completed by global experts in the Financial Action Task Force, as well as the experience already gained by EBA in protecting the banking sector from such abuses, EBA should take a leading coordinating role at Union level to protect the financial system from money- laundering and terrorist financing risks. Therefore, it is necessary to entrust EBA, in addition to its present competences, with the authority to act within the remit of Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010 insofar as such authority relates to the prevention and combating of money- laundering and terrorist financing, where it concerns financial sector operators and the competent authorities supervising them, which are covered by those Regulations. Moreover, concentrating this mandate for the entire financial sector within EBA would optimise the use of its expertise and resources, and is without prejudice to the material obligations laid down in Directive (EU) 2015/849. This authority is to be exercised without prejudice to the competences of judicial authorities.
Amendment 9 #
2017/0230(COD)
Proposal for a regulation
Recital 11b
Recital 11b
(11b) In order for EBA to exercise its mandate effectively it should make full use of all its powers and tools under the Regulation. In line with its new role, it is important that EBA collects all relevant information in relation to money- laundering and terrorist financing activities identified by the relevant Union and national authorities, without prejudice to the tasks assigned to authorities under Directive (EU) 2015/849. In full compliance with data protection rules, the EBA should store such information in a centralised database and foster cooperation among authorities by ensuring appropriate dissemination of relevant information. In addition EBA should carry out reviews of competent authorities, as well as risk assessment exercises relating to money- laundering and terrorist financing. Furthermore, EBA should also have a role cooperating and liaising with relevant third country authorities on these matters with a view to better coordinate action at Union level in material cases of anti-money laundering and terrorist financing having a cross-border and third country dimension.
Amendment 13 #
2017/0230(COD)
Proposal for a regulation
Recital 11c
Recital 11c
(11c) In order to enhance the effectiveness of supervisory control of compliance in the area of money laundering and terrorist financing and to ensure greater coordination of the enforcement by national competent authorities of breaches of directly applicable Union law or its national transposing measures, EBA should have the power, where there are indicationsis evidence of material breaches, to request competent authorities to investigate any possible breaches of the relevant rules, to consider taking decisions and imposing sanctions addressed to financial institutions requiring them to comply with their legal obligations. This power should only be used where EBA has indicationsevidence of material breaches.
Amendment 19 #
2017/0230(COD)
Proposal for a regulation
Recital 15b
Recital 15b
(15b) ForAs a last resort and in order to carrying out its tasks and exercisinge its powers, EBA should be able to take individual decisions addressed to financial sector operators in the context of the procedure for breach of Union law and of the procedure of binding mediation (even when the material rules are not directly applicable to financial sector operators,) after having taken a decision addressed to the competent authority. Where the material rules are laid down in Directives, EBA should apply the national legislation transposing those Directives. Where the relevant Union law is composed of Regulations and where, on the date of entry into force of this Regulation, those Regulations expressly grant options to Member States, EBA should apply the national legislation exercising those options.
Amendment 24 #
2017/0230(COD)
Proposal for a regulation
Recital 24a
Recital 24a
(24a) To ensure that the appropriate level of expertise underpins decisions relating to anti- money laundering and terrorist financing measures, it is necessary to set up a committee composed of the headsenior experts of authorities and bodies in charge of compliance with anti-money laundering and terrorist financing legislation , which will examine and prepare decisions to be taken by EBA. In order to avoid duplication, this new committee will replace the existing anti-money laundering sub-committee which has been set up within the ESAs Joint Committee.
Amendment 39 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6a
Article 1 – paragraph 1 – point 6a
Regulation (EU) No 1093/2010
Article 9a – paragraph 1 – introductory part
Article 9a – paragraph 1 – introductory part
1. TWithout prejudice to the competences of judicial authorities, the Authority shall take a leading role in promoting integrity, transparency and security in the financial system by means of adopting measures to prevent and combat money laundering and terrorist financing, including by:
Amendment 41 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6a
Article 1 – paragraph 1 – point 6a
Regulation (EU) No 1093/2010
Article 9a – paragraph 1 – point a
Article 9a – paragraph 1 – point a
(a) collecting information from competent authorities relating to systemic weaknesses identified in the processes and procedures, governance arrangements, fit and proper assessments, business models and activities of financial sector operators to prevent money-laundering and terrorist financing as well as measures taken by competent authorities. Competent authorities shall provide all such information to the Authority in addition to any obligations under Article 35. The Authority shall coordinate closely with Financial Intelligence Units;
Amendment 52 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6a
Article 1 – paragraph 1 – point 6a
Regulation (EU) No 1093/2010
Article 9a – paragraph 2
Article 9a – paragraph 2
2. TIn compliance with data protection rules, the Authority shall establish and keep up to date a central database of information collected pursuant to point (a) in paragraph 1. The Authority shall ensure that information is analysed and made available to competent authorities, on a need-to-know and confidential basis. A need to know basis is only applicable to a competent authority when the firm in question is active in that Member State via a branch or cross border service passport.
Amendment 59 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6a
Article 1 – paragraph 1 – point 6a
Regulation (EU) No 1093/2010
Article 9a – paragraph 7
Article 9a – paragraph 7
7. The committee shall be chaired by the Chairperson of the Board of Supervisors and shall be composed of the headsenior experts of the authorities and bodies competent for ensuring compliance with the requirements of Directive (EU) 2015/849 by financial institutions. In addition, the Commission, the ESRB, the Supervisory Board of the European Central Bank, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority may each nominate a high-level representative to participate in the committee meetings as observers.
Amendment 62 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6a
Article 1 – paragraph 1 – point 6a
Regulation (EU) No 1093/2010
Article 9b – paragraph 1
Article 9b – paragraph 1
1. In matters concerning the prevention of the use of the financial system for the purpose of money laundering and terrorist financing in accordance with Directive (EU) 2015/849, the Authority may, where it has indicationsevidence of material breaches, request a competent authority as referred to in point (iia) of Article 4(2) to investigate possible breaches of Union law, and where such Union law is composed of Directives or explicitly grants options for Member States, breaches of national laws transposing Directives or exercising options granted to Member States by Union law, by a financial sector operator and to consider imposing sanctions on that operator in respect of such breaches. Where necessary, it may also request a competent authority as referred to in point (iia) of Article 4(2) to consider adopting an individual decision addressed to that financial sector operator requiring it to undertake all necessary action to comply with its obligations under directly applicable Union law, or under national laws transposing Directives or exercising options granted to Member States by Union law, including the cessation of any conduct.
Amendment 67 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 8 – point b
Article 1 – paragraph 1 – point 8 – point b
Regulation (EU) No 1093/2010
Article 17 – paragraph 6 – subparagraph 1
Article 17 – paragraph 6 – subparagraph 1
6. Without prejudice to the powers of the Commission pursuant to Article 258 TFEU, where a competent authority does not comply with the formal opinion referred to in paragraph 4 within the period of time specified therein, and where it is necessary to remedy in a timely manner such non-compliance 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, as a measure of last resort and where the relevant requirements of the acts referred to in Article 1(2) are directly applicable to financial institutions or, in the context of matters relating to the prevention and combating of money- laundering and terrorist financing, to financial sector operators, adopt an individual decision addressed to a financial institution or a financial sector operator requiring it to take all necessary action to comply with its obligations under Union law, including the cessation of any conduct.
Amendment 69 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 8 – point b
Article 1 – paragraph 1 – point 8 – point b
Regulation (EU) No 1093/2010
Article 17 – paragraph 6 – subparagraph 2
Article 17 – paragraph 6 – subparagraph 2
In matters concerning the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, where the relevant requirements of the acts referred to in Article 1(2) are not directly applicable to financial sector operators, the Authority may, as a last resort, adopt a decision requiring the competent authority to comply with the formal opinion referred to in paragraph 4 within the period of time specified therein. If the authority does not comply with that decision, the Authority may also adopt a decision in accordance with the first sub-paragraph. To that effect, the Authority shall apply all relevant Union law, and where that Union law is composed of Directives, the national legislation transposing those Directives. Where the relevant Union law is composed of Regulations and where currently those Regulations explicitly grant options for Member States, the Authority shall apply also the national legislation exercising those options.
Amendment 73 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point e
Article 1 – paragraph 1 – point 9 – point e
Regulation (EU) No 1093/2010
Article 19 – paragraph 4 – subparagraph 1
Article 19 – paragraph 4 – subparagraph 1
4. Without prejudice to the powers of the Commission pursuant to Article 258 TFEU, where a competent authority does not comply with the decision of the Authority, and thereby fails to ensure that a financial institution or, in the context of matters relating to the prevention and combating of money- laundering and terrorist financing, a financial sector operator complies with requirements directly applicable to it by virtue of the acts referred to in Article 1(2), the Authority may, as a last resort, adopt an individual decision addressed to that financial institution or financial sector operator requiring it to take all necessary action to comply with its obligations under Union law, including the cessation of any practice.
Amendment 119 #
2017/0230(COD)
Proposal for a regulation
Article 9a – paragraph 1 – point 7 – point a
Article 9a – paragraph 1 – point 7 – point a
Directive (EU) 2015/849
Article 48 – paragraph 1a – subparagraph 2 – final sentence
Article 48 – paragraph 1a – subparagraph 2 – final sentence
Financial supervisory authorities and where relevant judicial authorities, of the Member States shall also serve as a contact point for EBA.
Amendment 279 #
2017/0230(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) Following the financial crisis and the recommendations of a group of high level experts led by Jacques de Larosière, the the Union has made important progress in creating not only stronger, but also more harmonised rules for the financial markets in the form of the Single Rule Book. The Union has also set up the European System of Financial Supervision ("ESFS"), built on a two-pillar system which combines micro- prudential supervision, coordinated by European Supervisory Authorities ("ESAs"), and macro-prudential supervision through the establishment of the European Systemic Risk Board ("ESRB"). The three ESAs namely the European Banking Authority ("EBA"), created by Regulation (EU) No 1093/2010 of the European Parliament and of the Council33 , the European Insurance and Occupational Pensions Authority ("EIOPA"), created by Regulation (EU) No 1094/2010 of the European Parliament and of the Council , and the European Securities and Markets Authority (ESMA), created by Regulation (EU) No 1095/2010 of the European Parliament and of the Council34 (collectively "the founding regulations") – became operational in January 2011. The overall objective of the ESAs is to sustainably reinforce the stability and effectiveness of the financial system throughout the Union and to enhance consumer and investor protection in cooperation with national competent authorities. __________________ 33 Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12). 34 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
Amendment 302 #
2017/0230(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) Integral to the ESAs work on convergence of supervisory practices is the promotion of a Union supervisory culture. However, the ESAs are not equipped with all the tools required to achieve this objective. It is necessary to enable the ESAs to set out the general supervisory objectives and priorities in a multiannual Strategic Supervisory Plan, intended to assist competent authorities in identifying and focussing on the most important areas of concern for EU-wide market integrity and financial stability, including with respect to prudential supervision of firms engaged in cross-border activities. The Strategic Supervisory Plan should be risk-based and take into account general economic and regulatory orientations for supervisory actions as well as relevant micro-prudential trends, potential risks and vulnerabilities identified by the ESAs in their reviews of competent authorities and from Union-wide and stress tests. The competent authorities should subsequently draw up annual work programmes to implement the Strategic Supervisory Plan, which convert the Union priorities and objectives into operational objectives for those authorities. The ESAs should be empowered to review the implementation of the annual work programs on day-to- day supervisio,n including, on a sample basis, supervisory measures taken in individual cases in order to ensure that the ESAs can achieve their objective of harmoising supervisory practicgeneral supervisory objectives and priorities.
Amendment 305 #
2017/0230(COD)
Proposal for a regulation
Recital 18
Recital 18
Amendment 326 #
2017/0230(COD)
Proposal for a regulation
Recital 54 a (new)
Recital 54 a (new)
(54a) Data used for regulated data benchmarks should be sourced either directly from a trading venue or from an approved reporting mechanism or from an intermediary, as long as this intermediary enjoys no discretion to alter the input data.
Amendment 329 #
2017/0230(COD)
Proposal for a regulation
Recital 55
Recital 55
(55) Due to the nature of the securities and issuers concerned, certain types of prospectuses drawn up according to Regulation (EU) 2017/1129 involve a cross-border dimension within the Union, a level of technical complexity and/or potential risks of regulatory arbitrage which are such that their centralised supervision by ESMA would achieve more effective and efficient results than their supervision at national level. Consolidating at the level of ESMA the approval of such prospectuses, as well as related supervisory and enforcement activities at the level of ESMA, should reduce compliance costs and administrative barriers while enhancing the quality, consistency and efficiency of supervision in the Union.
Amendment 331 #
2017/0230(COD)
Proposal for a regulation
Recital 56
Recital 56
(56) Private placements of non-equity securities are an important source of capital for issuers and are cross-border by nature. While a private placement with qualified investors does not require a prospectus, the subsequent admission to trading of the securities on a regulated market is subject to the publication of a prospectus under Regulation (EU) 2017/1129. The prospectus regime provides issuers with the flexibility to choose their home Member State where the denomination by unit of non-equity securities is in excess of 1000 EUR. As the non-equity securities concerned by private placements typically display a denomination by unit in excess of 1 000 EUR, this creates a potential for regulatory forum shopping. Entrusting ESMA with approving such wholesale non-equity prospectuses admitted to trading on a regulated market or its specific segment to which only qualified investors can have access to should achieve the double objective of ensuring a level playing field for issuers and a higher degree of efficiency by significantly streamlining approval procedures.
Amendment 333 #
2017/0230(COD)
Proposal for a regulation
Recital 57
Recital 57
(57) The approval of prospectuses relating to asset backed securities as well as the approval of prospectuses drawn up by specialist issuers, such as property companies, mineral companies, scientific research based companies or shipping companies, require national competent authorities to have highly specialized staff available, in most cases to deal with a fairly modest volume of prospectuses. Besides, certain non-financial information to be disclosed by specialist issuers is not set out in the delegated acts referred to in Article 13 of Regulation (EU) 2017/1129 but is left to the discretion of national competent authorities. This represents a potential source of inefficiency and regulatory arbitrage. Entrusting ESMA with the approval of these types of prospectuses should, on the one hand, ensure a level playing field in terms of information disclosure and eliminate the risk of regulatory arbitrage and, on the other hand, optimise the allocation of supervisory resources at Union level by establishing ESMA as the centre of expertise, thereby enhancing the efficiency of supervision of the prospectuses concerned.
Amendment 334 #
2017/0230(COD)
Proposal for a regulation
Recital 58
Recital 58
Amendment 338 #
2017/0230(COD)
Proposal for a regulation
Recital 64
Recital 64
Amendment 361 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point a
Article 1 – paragraph 1 – point 3 – point a
Regulation (EU) No 1093/2010
Article 4 – point 1
Article 4 – point 1
(1) financial institutions’ means any undertaking that has its head office in the Union and is subject to regulation and supervision pursuant to the Union acts referred to in Article 1(2);
Amendment 370 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a – point i
Article 1 – paragraph 1 – point 5 – point a – point i
Regulation (EU) 1093/2010
Article 8 – paragraph 1 – point aa
Article 8 – paragraph 1 – point aa
(aa) to develop and maintain an up to date Union supervisory handbook on the supervision of financial institutions in the Union which sets out supervisory best practices and high-quality methodologies and processes;;
Amendment 396 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c – point ii a (new)
Article 1 – paragraph 1 – point 5 – point c – point ii a (new)
Regulation (EU) No 1093/2010
Article 8 – paragraph 2 – point ha (new)
Article 8 – paragraph 2 – point ha (new)
(iia) the following point (ha) is inserted: "(ha) in cases where the application date of specific provisions, as defined under provisions and requirements in the corresponding Directive or Regulation, is expected to cause adverse consequences, publish letters to allow for an appropriate, but time limited, delay to the application date."
Amendment 481 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point a – point i
Article 1 – paragraph 1 – point 11 – point a – point i
Regulation (EU) 1093/2010
Article 29 – paragraph 1 – point aa
Article 29 – paragraph 1 – point aa
Amendment 503 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) No 1093/2010
Article 29a
Article 29a
Amendment 547 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 15
Article 1 – paragraph 1 – point 15
Regulation (EU) 1093/2010
Article 31a
Article 31a
Amendment 589 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 16 – point a
Article 1 – paragraph 1 – point 16 – point a
Regulation (EU) 1093/2010
Article 32 – paragraph 2a – subparagraph 1
Article 32 – paragraph 2a – subparagraph 1
At least annually, the Authority shall consider whether it is appropriate to carry out Union-wide assessments referred to in paragraph 2 and shall inform the European Parliament, the Council and the Commission of its reasoning. Where such Union-wide assessments are carried out and the Authority considers it appropriate to do so, it shall disclose the results for each participating financial institution.
Amendment 592 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 16 – point b
Article 1 – paragraph 1 – point 16 – point b
Regulation (EU) No 1093/2010
Article 32 – paragraph 3a
Article 32 – paragraph 3a
Amendment 597 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point a
Article 1 – paragraph 1 – point 17 – point a
Regulation (EU) No 1093/2010
Article 33 – paragraph 2
Article 33 – paragraph 2
2. The Authority shall assist the Commission in preparing equivalence decisions pertaining to regulatory and supervisory regimes in third countries following a specific request for advice from the Commission, on their own initiative, or at the request of a third country authority, or where required to do so by the acts referred to in Article 1(2).;
Amendment 600 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point b
Article 1 – paragraph 1 – point 17 – point b
Regulation (EU) 1093/2010
Article 33 – paragraph 2a – subparagraph 1
Article 33 – paragraph 2a – subparagraph 1
The Authority shall monitor regulatory and supervisory developments and enforcement practices and relevant market developmentsrelevant to the initial equivalence decision in third countries for which equivalence decisions have been adopted by the Commission pursuant to the acts referred to in Article 1(2) in order to verify whether the criteria, on the basis of which those decisions have been taken and any conditions set out therein, are still fulfilled. The Authority shall submit a confidential report on its findings to the Commission on an annual basis. its Board of Supervisors, to the European Parliament, the Council, the Commission, the Board of Supervisors of EIOPA and ESMA, and to the authorities of the third country every three years or more frequently where appropriate or where requested by the European Parliament, the Council and the Commission. The report shall include an assessment of implications for financial stability, market integrity, investor protection and the functioning of the internal market.
Amendment 606 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point b
Article 1 – paragraph 1 – point 17 – point b
Regulation (EU) No 1093/2010
Article 33 – paragraph 2a – subparagraph 2 – introductory part
Article 33 – paragraph 2a – subparagraph 2 – introductory part
Without prejudice to specific requirements set out in the acts referred to in Article 1(2) and subject to the conditions set out in the second sentence of paragraph 1, the Authority shall cooperate with the relevant competent authorities, and where appropriate, also with resolution authorities, of third countries whose legal and supervisory regimes have been recognised as equivalent. That cooperation shall be pursued on the basis of administrative arrangements concluded with the relevant authorities of those third countries. When negotiating such administrative arrangements, the Authority shall seek to include provisions on the following:
Amendment 608 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point b
Article 1 – paragraph 1 – point 17 – point b
Regulation (EU) 1093/2010
Article 33 – paragraph 2a – subparagraph 2 – point b
Article 33 – paragraph 2a – subparagraph 2 – point b
(b) to the extent necessary for the follow up of such decisions on equivalence where relevant to the extent necessary for the follow-up of such decisions on equivalence, the procedures concerning the coordination of supervisory activities including, where necessary, participation in on- site inspections.
Amendment 610 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point b
Article 1 – paragraph 1 – point 17 – point b
Where the Authority identifies developments in relation to the regulation, supervision or the enforcement practices in the third countries referred to in paragraph 2a that may impact the financial stability of the Union or of one or more of its Member States, market integrity or investor protection or the functioning of the internal market, it shall inform the Commissionits Board of Supervisors, the European Parliament, the Council, the Commission, the Board of Supervisors of EIOPA and ESMA, and the authorities of the third country on a confidential basis and without delay.
Amendment 617 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point b
Article 1 – paragraph 1 – point 17 – point b
Regulation (EU) 1093/2010
Article 33 – paragraph 2c – subparagraph 2
Article 33 – paragraph 2c – subparagraph 2
The Authority may develop model administrative arrangements, with a view to establishing consistent, efficient and effective supervisory practices within the Union and to strengthening international supervisory coordination. In accordance with Article 16(3), the competent authorities shall make every effortendeavour to follow such model arrangements.
Amendment 725 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 30
Article 1 – paragraph 1 – point 30
Regulation (EU) 1093/2010
Article 45 – paragraph 1
Article 45 – paragraph 1
1. The Executive/Management Board shall be composed of the Chairperson and three full time members. The Chairperson shall assign clearly defined policy and managerial tasks to each of the full timesix other members. One member shall be appointed by the Chairperson from among the senior management of the Authority. Three members shall be voting members. One of the full time members shall be assigned responsibilities for budgetary matters and for matters relating to the work programme of the Authority ("Member in charge "). One of the full time members shall act as a Vice Chairperson and carry out the tasks of the Chairperson in his or her absence or reasonable impediment, in accordance with this Regulation.Board of Supervisors. Two external members shall be selected on the basis of merit, skills, knowledge of financial markets, and experience relevant to financial supervision and regulation. The Chairperson shall assign clearly defined policy and managerial tasks. Other than the Chairperson and external members, each member of the Management Board shall have an alternate who may replace him/her if he/she is prevented from attending. (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 732 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 30
Article 1 – paragraph 1 – point 30
The full timeexternal members shall be selected on the basis of merit, skills, knowledge of financial institutions and markets, including consumer interests, and experience relevant to financial supervision and regulation. The full timeexternal members shall have extensive management experience. The selection shall be based on an open call for candidates, to be published in the Official Journal of the European Union, following which the Commission shall draw up a shortlist of qualified candidates. (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 738 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 30
Article 1 – paragraph 1 – point 30
Regulation (EU) 1093/2010
Article 45 – paragraph 2 – subparagraph 2
Article 45 – paragraph 2 – subparagraph 2
The Commission shall submit the shortlist to the European Parliament for approval. Following the approval of that shortlist, the Council shall adopt a decision to appoint the full timeexternal members of the Executive Board including the Member in charge. T. The composition of the Executive/Management Board shall be balanced and proportionate and shall reflect the Union as a whole. (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 739 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 30
Article 1 – paragraph 1 – point 30
Regulation (EU) 1093/2010
Article 45 – paragraph 3
Article 45 – paragraph 3
3. Where a full timen external member of the Executive/Management Board no longer fulfils the conditions set out in Article 46 or has been found guilty of serious misconduct, the Council may, on a proposal from the Commission which has been approved by the European Parliament, adopt a decision to remove him or her from office. (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 742 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 30
Article 1 – paragraph 1 – point 30
Regulation (EU) No 1093/2010
Article 45 – paragraph 4 – subparagraph 1 – introductory part
Article 45 – paragraph 4 – subparagraph 1 – introductory part
The term of office of the full time members shall be 5 years and shall be renewable once. In the course of the 9 months preceding the end of the 5-year term of office of the full time member, the Board of Supervisors shall evaluate:members elected by the Board of Supervisors shall be two- and-a-half years. That term may be extended once. Mandates shall be overlapping and an appropriate rotating arrangement shall apply. The term of office of the external members shall be 5 years and shall be renewable once. (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 748 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 31
Article 1 – paragraph 1 – point 31
Regulation (EU) 1093/2010
Article 45a – paragraph 1
Article 45a – paragraph 1
1. Decisions by the Executive/Management Board shall be adopted by simple majority of its members. Each member shall have one vote. In the event of a tie, the Chairperson shall have a casting vote. (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 749 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 31
Article 1 – paragraph 1 – point 31
Regulation (EU) No 1093/2010
Article 45a – paragraph 2
Article 45a – paragraph 2
Amendment 751 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 31
Article 1 – paragraph 1 – point 31
Regulation (EU) 1093/2010
Article 45a – paragraph 3
Article 45a – paragraph 3
3. The Executive/Management Board shall adopt and make public its rules of procedure. (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 752 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 31
Article 1 – paragraph 1 – point 31
Regulation (EU) No 1093/2010
Article 45a – paragraph 4 – subparagraph 1
Article 45a – paragraph 4 – subparagraph 1
Meetings of the Executive/Management Board shall be convened by the Chairperson at his own initiative or at the request of one of its members, and shall be chaired by the Chairperson. (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 754 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 31
Article 1 – paragraph 1 – point 31
Regulation (EU) No 1093/2010
Article 45a – paragraph 4 – subparagraph 2
Article 45a – paragraph 4 – subparagraph 2
The Executive/Management Board shall meet prior to every meeting of the Board of Supervisors and as often as the Executive Board deems necessary. It shall meet at least five times a year. (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 758 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 31
Article 1 – paragraph 1 – point 31
Regulation (EU) 1093/2010
Article 45a – paragraph 5
Article 45a – paragraph 5
5. The members of the Executive/Management Board may, subject to the rules of procedure, be assisted by advisers or experts. The non- voting participants shall not attend any discussions within the Executive/Management Board relating to individual financial institutions.; (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 769 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 1093/2010
Article 47 – paragraph 1
Article 47 – paragraph 1
1. The Executive/Management Board shall ensure that the Authority carries out its mission and performs the tasks assigned to it in accordance with this Regulation. It shall take all necessary measures, notably the adoption of internal administrative instructions and the publication of notices, to ensure the functioning of the Authority, in accordance with this Regulation.(Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 771 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 1093/2010
Article 47 – paragraph 2
Article 47 – paragraph 2
2. The Executive/Management Board shall propose, for adoption by the Board of Supervisors, an annual and multi-annual work programme. (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 772 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 1093/2010
Article 47 – paragraph 3 – subparagraph 1
Article 47 – paragraph 3 – subparagraph 1
The Executive/Management Board shall exercise its budgetary powers in accordance with Articles 63 and 64. (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 773 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 1093/2010
Article 47 – paragraph 3 – subparagraph 2
Article 47 – paragraph 3 – subparagraph 2
Amendment 778 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 1093/2010
Article 47 – paragraph 3a
Article 47 – paragraph 3a
Amendment 779 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 1093/2010
Article 47 – paragraph 4
Article 47 – paragraph 4
4. The Executive/Management Board shall adopt the Authority's staff policy plan and, pursuant to Article 68(2), the necessary implementing measures of the Staff Regulations of Officials of the European Communities ('the Staff Regulations’). (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 781 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 1093/2010
Article 47 – paragraph 5
Article 47 – paragraph 5
5. The Executive/Management Board shall adopt the special provisions on right of access to the documents of the Authority, in accordance with Article 72. (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 782 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) 1093/2010
Article 47 – paragraph 6
Article 47 – paragraph 6
6. The Executive/Management Board shall propose an annual report on the activities of the Authority, including on the Chairperson’s duties, on the basis of the draft report referred to in Article 53(7) to the Board of Supervisors for approval. (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 786 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) 1093/2010
Article 47 – paragraph 7
Article 47 – paragraph 7
7. The Executive/Management Board shall appoint and remove the members of the Board of Appeal in accordance with Article 58(3) and (5). (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 787 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
8. The external members of the Executive/Management Board shall make public all meetings held and any hospitality received. Expenses shall be recorded publicly in accordance with the Staff Regulations (Proposed changes would also apply to the analogous ESMA and EIOPA Executive Board proposals)
Amendment 788 #
2017/0230(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 1093/2010
Article 47 – paragraph 9
Article 47 – paragraph 9
Amendment 1112 #
2017/0230(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point 1 – point a
Article 6 – paragraph 1 – point 1 – point a
Amendment 1114 #
2017/0230(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point 1 – point b
Article 6 – paragraph 1 – point 1 – point b
Regulation (EU) No 600/2014
Article 1 – paragraph 5a
Article 1 – paragraph 5a
5a. Measures made under Articles 40 and 42 also apply to in respect of management companies of undertakings for collective investment in transferable securities (UCITS) and UCITS investment companies authorised in accordance with Directive 2009/65/EC and tof managers of alternative investment funds (AIFMs) authorized in accordance with Directive 2011/61/EU .;
Amendment 1116 #
2017/0230(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point 2 – point a
Article 6 – paragraph 1 – point 2 – point a
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – points (34), (35) and (36)
Article 2 – paragraph 1 – points (34), (35) and (36)
Amendment 1121 #
2017/0230(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point 4
Article 6 – paragraph 1 – point 4
Regulation (EU) No 600/2014
Article 26
Article 26
Amendment 1142 #
2017/0230(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point -1 a (new)
Article 8 – paragraph 1 – point -1 a (new)
Regulation (EU) No 2016/1011
Article 3 – paragraph 1 – point 24 – point a – introductory part
Article 3 – paragraph 1 – point 24 – point a – introductory part
(1 a) In Article 3, paragraph 1, point (24), point (a), the introductory part is amended as follows: "(a) input data contributed entirely and directly from:"
Amendment 1143 #
2017/0230(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point -1 b (new)
Article 8 – paragraph 1 – point -1 b (new)
Regulation (EU) No 2016/1011
Article 3 – paragraph 1 – point 24 – point a – introductory part
Article 3 – paragraph 1 – point 24 – point a – introductory part
(-1 b) In Article 3, paragraph 1, point (24), point (a), point (vii) is amended as follows: “(vii) a service provider to which the benchmark administrator has outsourced the data collection in accordance with Article 10, with the exception of Article 10(3)(f), provided that the service provider receives the data entirely and directly from an entity referred to in points (i) to (vi);”
Amendment 1148 #
2017/0230(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point 8 – point a
Article 8 – paragraph 1 – point 8 – point a
Regulation (EU) No 2016/1011
Article 30 – paragraph 2 – point a
Article 30 – paragraph 2 – point a
Amendment 1149 #
2017/0230(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point 8 – point a
Article 8 – paragraph 1 – point 8 – point a
Regulation (EU) No 2016/1011
Article 30 – paragraph 2 – subparagraph 2
Article 30 – paragraph 2 – subparagraph 2
Amendment 1152 #
2017/0230(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point 10
Article 8 – paragraph 1 – point 10
Regulation (EU) No 2016/1011
Article 33
Article 33
Amendment 1156 #
2017/0230(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point 12
Article 8 – paragraph 1 – point 12
Regulation (EU) No 2016/1011
Article 40
Article 40
Amendment 1160 #
2017/0230(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point 17
Article 8 – paragraph 1 – point 17
Regulation (EU) No 2016/1011
Article 46
Article 46
Amendment 1163 #
2017/0230(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point 19 a (new)
Article 8 – paragraph 1 – point 19 a (new)
Regulation (EU) No 2016/1011
Article 51 – paragraph 4 a (new)
Article 51 – paragraph 4 a (new)
(19 a) In Article 51, the following paragraph is inserted: "4a. An existing benchmark designated as critical by an implementing act adopted by the Commission in accordance with Article 20 that does not meet the requirements to obtain an authorisation in accordance with Article 34 of this Regulation by 1 January 2020 may, if its discontinuation affects the continuity of contracts that reference it, be used until 31 December 2021.";
Amendment 1164 #
Amendment 114 #
2017/0136(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) CCPs established within the Union differ in terms of the nature of their business, legal and organisational structure as well as their risk profile, size and legal status. Regulation should reflect this diversity.
Amendment 116 #
2017/0136(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) The number of CCPs currently established in the Union and authorised under Regulation (EU) No 648/2012 remains relatively limited, standing at 17 in June 2017. 28 third-country CCPs have been recognised under the equivalence provisions of that Regulation, allowuthorising them also to offer their services to clearing members and trading venues established in the Union48 . Clearing markets are well integrated across the Union but, often highly concentrated in certain asset classes and highly interconnected. The concentration of risk makes the failure of a CCP a low- probability but a potentially extremely high-impact event. In line with the G20 consensus, the Commission adopted a proposal for a Regulation on CCP Recovery and Resolution49 in November 2016 to ensure that authorities are appropriately prepared to address a failing CCP, safeguarding financial stability and limiting taxpayer costs. __________________ 48 In accordance with Regulation (EU) No 648/2012, ESMA provides a list of the third-country CCPs that have been recognised to offer services and activities in the Union. The third-country CCPs are established in 15 countries covered by CCP equivalence decisions adopted by the Commission, including Australia, Hong Kong, Singapore, Japan, Canada, Switzerland, South Korea, Mexico, South Africa and the US CFTC, Brazil, UAE, Dubai International Financial Centre (DIFC), India and New Zealand. 49 Proposal for a Regulation of the European Parliament and of the Council on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, and (EU) 2015/2365. COM(2016) 856 final.
Amendment 117 #
2017/0136(COD)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) In line with the adoption of the forthcoming Regulation on CCP Recovery and Resolution, an appropriate mechanism needs to be developed in order to ensure that the supervisor taking the decision to put a CCP into resolution has access to ‘the lender of last resort’ resource.
Amendment 119 #
2017/0136(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The supervisory arrangements under Regulation (EU) No 648/2012 arely mainly on primarily the responsibility of the home- country authority. CCPs established in the Union are currently authorised and supervised by colleges of national supervisors, the European Securities and Markets Authority (ESMA), relevant members of the European System of Central Banks (ESCB), and other relevant authorities. The colleges rely onbenefit from coordination and information-sharing by the national competent authority which bears the responsibility to enforce the provisions laid out in Regulation (EU) No 648/2012. Diverging supervisory practices for CCPs across the Union can create risks of regulatory and supervisory arbitrage, jeopardising financial stability and allowing for unhealthy competition, when not a reflection of the diverse nature of CCPs, could create risks of regulatory and supervisory arbitrage. The Commission has drawn attention to these emerging risks and the need for greater supervisory convergence in its Communication on CMU of September 201651 and in the public consultation on the operations of the European Supervisory Authorities (ESAs)52 . __________________ 51 Communication on the “State of the Union 2016: Completing the Capital Market Union – Commission accelerates reform”; 14 September 2016. 52 Public consultation on the operations of the European Supervisory Authorities”; 21/03/2017 – 16/05/2017.
Amendment 120 #
2017/0136(COD)
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) This regulation should seek to support enhanced global supervisory cooperation, therefore once equivalence has been granted to a third country jurisdiction, the relevant authorities should seek to avoid duplication and allow supervisors to rely on and/or defer to each other’s regulatory and supervisory frameworks.
Amendment 124 #
2017/0136(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The basic tasks to be carried out through the ESCB includare the definition and implementation of the monetary policy of the Union and the promotion of the smooth operation of payment systems. Safe and efficient financial market infrastructures, in particular clearing systems, are essential for the fulfilment of these basic tasks, and the pursuit of the ESCB’s primary objective of maintaining price stabilitytasks. The relevant members of the ESCB, as central banks of issue of the currencies of the financial instruments cleared by CCPs, should be involved in CCP supervision, due to the potential risks that the malfunctioning of a CCP could pose to the pursuit of those basic tasks and the primary objective, affecting the instruments and counterparties which are used to transmit monetary policy. As a result, the central banks of issue should be involved in the assessment of a CCP’s risk management. In addition, while the mandates of central banks and supervisors may overlap, there is a potential for misalignment when supervisory actions impact on key responsibilities of central banks in areas such as price stability, monetary policy and the payment systems. In crisis situations, such misalignments can amplify the risks to financial stability if the assignment of responsibilities between authorities remains unclear.
Amendment 125 #
2017/0136(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) The Treaties have established an economic and monetary union whose currency is the euro, and the European Central Bank (ECB) as an Institution of the Union for this purpose. The Treaties also provide that the ESCB shall be governed by the decision-making bodies of the ECB, and the ECB alone may authorise the issue of the euro. The specific role of the ECB within the ESCB as the central bank of issue of the single currency of the Union should thus be acknowledgedAttention should also be given to the Euro system, meaning those Union currencies that are not the Euro and their respective central banks of issue.
Amendment 129 #
2017/0136(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) In view of the global nature of financial markets and of the need to address inconsistencies in the supervision of Union and third-country CCPs, ESMA’s ability to promote convergence in the supervision of CCPs that are similar in nature should be enhanced. In order to confer new roles and responsibilities on ESMA, Regulation (EU) No 1095/2010 of the European Parliament and of the Council establishing a European Supervisory Authority (ESMA)53 should be amended. __________________ 53 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p.84
Amendment 132 #
2017/0136(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) A specific Executive Session (“CCP Executive Sessioncommittee (“CCP Supervisory Committee”) should be created within the Board of SESMA for the purposes of preparing decisions and carrying out the tasks relating to the supervisorsion of ESMA toCCPs, handleing tasks related to CCPs in general, and superviseing Union and the EU facing activity of third- country CCPs in particular. In order to guarantee a smooth establishment of the CCP Executive Session, it is necessary to clarify its interactions with the Board of Supervisors of ESMA, its organisation and the tasks it should perform. The CCP Supervisory Committee should be composed of authorities experienced in the supervision of CCPs. In order to ensure the smooth integration of the CCP Supervisory Committee within the structure of ESMA, while taking due account of the specific needs of CCP supervision, as well as to preserve a swift decision-making process, the CCP Supervisory Committee should be chaired by an independent chairperson with the help of two independent Vice Chairs, and its decisions should be subject to the non- objection of the Board of Supervisors of ESMA. The appointment of the independent Chair and the two independent Vice Chairs should be based on merit, expertise and experience and should not be restricted to those of EU nationality given the highly specialised nature of those senior roles.
Amendment 136 #
2017/0136(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) In order to ensure a coherent supervisory approach and to reflect the mandates relevant authorities involved in the supervision of CCPs, the CCP Executive SessionSupervisory Committee should be composed of a permanent and CCP-specific members. Permanent members should include the Head of the CCP Executive Session and two independent Directors, whoindependent Chair, two permanent and independent Vice Chairs and CCP-specific members. The Chairs of the CCP Supervisory Committee should act independently and objectively in the interest of the Union as a whole. The Commission and the ECB should also appoint permanent members. Members specific to each CCP should include a representative of the competent national authorities of the Member States where the CCP is established, designated in accordance with Regulation (EU) No 648/2012, representatives from the competent national authorities of the three largest clearing members of the CCP, representatives from the competent national authority of any relevant interoperable CCPs and a representative of the relevant central bank(s) of issue. The HeadChair of the CCP Executive SessionSupervisory Committee should be able to invite members of the supervisory college, as well asnd should invite representatives of authorities of third- country CCPs recognised by ESMA as observers to ensure that the views of the other relevant authorities are taken into account by the CCP Executive SessionSupervisory Committee. While the permanent members should participate in all meetings of the CCP Executive SessionSupervisory Committee, CCP specific members and observers should participate only where necessary and appropriate for CCPs under their supervision. The presence of an independent permanent membersChair and CCP-specific members should ensure that decisions made in the CCP Executive SessionSupervisory Committee are consistent, appropriate and proportionate across the Union and that the relevant national competent authorities, central banks of issue and observers are involved in the decision-making on issues concerning a CCP established in a Member State.
Amendment 140 #
2017/0136(COD)
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) In order to ensure a coherent supervisory approach, ESMA shall, in addition to the stress tests as set out in this regulation, take note of the stress tests carried out by CCPs as part of their recovery and resolution arrangements. These stress tests, during which a CCP should consider its arrangements across the Union in terms of their aggregate effect on Union financial stability, should be included in crisis simulation exercises with respect to potential system-wide stress events.
Amendment 147 #
2017/0136(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) In order to ensure effective supervision, the CCP Executive Session should have a dedicated staff andit is necessary for the CCP Supervisory Committee to have a dedicated staff possessing sufficient knowledge, skills and experience and should not be restricted to those of EU nationality given the highly specialised expertise required. It is also necessary for the CCP Supervisory Committee to have adequate resources to guarantee its autonomy, independence and adequate functioning in relation to its tasks. The budgetary impact of the supervisory powers over CCPs needs to be considered in the statement made by ESMA in accordance with Regulation (EU) No 1095/2010.
Amendment 168 #
2017/0136(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) While nNational competent authorities should continue to exercise their current supervisory responsibilities under Regulation (EU) No 648/2012, the prior consent ofagreement with ESMA should be requiredsought for certain decisions in order to promote consistency in the supervision of CCPs throughout the Union. A specific mechanism is introduced for cases of disagreement between ESMA and the national competent authorities. Since some decisions will require both the consent of the national competent authority and of ESMA, disagreements and deadlocks between those two entities should be avoided to the greatest extent possible. Therefore, the national competent authority and ESMA should coordinate their analysis and endeavour to reach a common position. Where inconsistencies or disagreements nevertheless arise, the national competent authority and ESMA should attempt to reconcile their views and reach a compromise position within the shortest possible timeframe. Similarly, there is a need to better reflect the mandates of the central banks of issue concerning their monetary policy responsibilities, due to the potential risks that the malfunctioning of a CCP could pose to the implementation of the monetary policy of the Union and the promotion of the smooth operation of payment systems. Therefore, the prior consent ofan agreement with the relevant central banks of issue should be required on certain decisions envisaged by national competent authorities, in particular when it relates to a CCP’s payment and settlement arrangements and related liquidity risk management procedures for the transactions denominated in that central bank of issue’s currensought on decisions relating to monetary policy.
Amendment 171 #
2017/0136(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) In order to enable ESMA to conduct its tasks with regards to CCPs effectively, both Union and third-country CCPs should pay supervisory fees for ESMA’s supervisory and administrative tasks. These fees should be proportionate to the turnover of the services the CCP provides in a Union currency to EU clearing members. These fees should cover for the applications for authorisation of Union CCPs, the applications for recognition of third-country CCPs, and the annual fees associated with the tasks under ESMA’s responsibility. The Commission should specify further in a delegated act the types of fees, the matters for which fees are due, the amount of the fees and the manner in which they are to be paid by authorised and applicant Union CCPs recognised third- country CCPs.
Amendment 173 #
2017/0136(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) The supervisory arrangements in this Regulation for third-country CCPs offering clearing services within the Union also require revision. Access toin a Union currency to EU clearing members, should ensure access to relevant information, provide the ability to conduct appropriate on-site inspections and the possibility to sharewhere necessary and allow the sharing of information on third- country CCPs between relevant Union and Member State authorities needs to be improved to avoid important financial stability implications for Union entities. There is also a risk that changes to a third-country CCP rules or to a third-country regulatory framework cannot be taken into account and could negatively affect the regulatory or supervisory outcomes, leading to an unlevel playing field between Union and third-country CCPs.
Amendment 176 #
2017/0136(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) As part of its commitment to integrated financial markets, the Commission should continue to determine by way of equivalence decisions that the legal and supervisory frameworks of third countries fulfil the requirements of Regulation (EU) No 648/2012. In order to enhance the implementation of the current equivalence regime in relation to CCPs, the Commission should be able to, if necessary, specify further the criteria for assessing the equivalence of third-country CCP regimes. It is also necessary to empower ESMA with the supervision ofmay empower ESMA to monitor regulatory and supervisory developments in those third-country CCP regimes that have been deemed equivalent by the Commission. This is in order to ensure that the equivalence criteria and any specific conditions set for their use continue to be satisfied by third countries. ESMA should report its findings to the Commission and the relevant third country supervisor on a confidential basis.
Amendment 180 #
2017/0136(COD)
Proposal for a regulation
Recital 26
Recital 26
(26) The Commission is currently able to amend, suspend, review or revoke an equivalence decision at any time, in particular where developments occur in a third country which materially affect the elements assessed in accordance with the equivalence requirements under this Regulation. Where a third country’s relevant authorities no longer cooperate with ESMA or other Union supervisors in good faith or fail to comply on a continuous basis with the applicable equivalence requirements, the Commission is also able to, inter alia, put an authority of the third country on notice or publish a specific recommendation. Where the Commission decides at any time to revoke a third country’s equivalence, it is able to delay the date of application of that decision in order to address the risks to financial stability or of market disruptions. In addition to those powers currently available, the Commission should also be able to set specific conditions to ensure that the equivalence criteria continue to be fulfilled on an ongoing basis by the third country to which an equivalence decision relates. The Commission should also be able to set conditions ensuring that ESMA is able to effectively exercise its responsibilities in relation to third-country CCPs recognised under this Regulation or in relation to monitoring of regulatory and supervisory developments in third countries that are of relevance for adopted equivalence decisions.
Amendment 182 #
2017/0136(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) In view of the growingoften cross-border dimension ofnature of systemically relevant CCPs and of the interlinkages in the Union financial system, it is necessary to improve the ability of the Union to identify, monitor and mitigate the potential risks related to third-country CCPose systemically relevant third-country CCPs offering a clearing service in a Union currency to EU clearing members. The role of ESMA should therefore be enhanced to effectively supervise how third- country CCPs that apply for recognition to provide clearing services in the Unionin a Union currency to EU clearing members provide that service. This supervision must be done in conjuncture with the relevant third country authority. The involvement of the Union central banks of issue in the recognition and supervision of third- country CCPs that are activeoffering clearing services to EU clearing members and in the currency they issue, should also be improved. Therefore, Union central banks of issue should be consulted on certainthose aspects affecting their monetary policy responsibilities in relation to financial instruments denominated in Union currencies which are cleared to a significant extent in CCPs located outside the Union.
Amendment 184 #
2017/0136(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) Once the Commission has determined the legal and supervisory framework of a third country as equivalent to the Union framework, the process to recognise CCPs and related services from that third country should take into account the risks those CCPs present for the financial stability of the Union or for the Member State.
Amendment 186 #
2017/0136(COD)
Proposal for a regulation
Recital 29
Recital 29
(29) When considering the application of a third-country CCP for recognition, ESMA should assess the degree of systemic risk that the CCP or CCP’s clearing service offered in a Union currency and provided to EU clearing members, presents to the financial stability of the Union on the basis of objective and transparent criteria set out in this Regulation. A Commission delegated act should further specify these criteria.
Amendment 187 #
2017/0136(COD)
Proposal for a regulation
Recital 29 a (new)
Recital 29 a (new)
(29a) When determining whether or not a CCP or one or more clearing service offered by the CCP is systemically important for the financial stability of the Union, ESMA should only take into account the nature, size and complexity of a CCP’s business in the EU. A non- EU CCP should not be considered to be systemically important if its EU business is not significant, regardless of the size of its global business.
Amendment 188 #
2017/0136(COD)
Proposal for a regulation
Recital 30
Recital 30
(30) CCPs that are not systemically important to the financial stability of the Union or one of its Member States should be considered as ‘Tier 1’ CCPs. CCPs offering a clearing service in a Union currency to EU clearing members that are systemically important, or likely to become systemically important, to the financial stability of the Union or one of its Member States should be considered as ‘Tier 2’ CCPs, or ‘Tier 2’ service lines. Where ESMA determines that a third-country CCP, or clearing service offered in a Union currency to EU clearing members is not systemically important to the financial stability of the Union, the existing recognition conditions under Regulation (EU) No 648/2012 should apply to that CCP or clearing service. Where ESMA determines that a third-country CCP, or a CCP’s clearing service offered in a Union currency to EU clearing members, is systemically important, additional requirements proportionate to the degree of risk presented by that CCP, or clearing service thereof, should be established. ESMA should only recognise such a CCP, or one or more of the clearing service lines provided, where that CCP complies with these requirements.
Amendment 190 #
2017/0136(COD)
Proposal for a regulation
Recital 31
Recital 31
(31) The additional requirements should include certain prudential requirements set out in Regulation (EU) No 648/2012 that aim to increase the safety and efficiency of how a CCP’s clearing service in a Union currency is provided to EU clearing members. ESMA should be directly responsible for ensuring thatassessing whether a systemically-important third-country CCP complies with those requirements. Related requirements should also enable ESMA to carry full and effective supervision of that CCP. how clearing services in a Union currency are offered by the CCP to EU clearing members.
Amendment 193 #
2017/0136(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) In order to ensure the proper involvement of the central bank(s) of issue, the systemically important third-country CCP should also fulfil any additional requirements that the central bank(s) of issue consider necessaryan justify as required to support their monetary policy responsibilities. The central bank(s) of issue should provide ESMA with confirmation whether or not the CCP complies with any additional requirements as quickly as possible and in any case 180 days from the CCP’s application to ESMA.
Amendment 197 #
2017/0136(COD)
Proposal for a regulation
Recital 33
Recital 33
(33) The degree of risk posed by a systemically-important CCP to the financial system and stability of the Union varies. The requirements for systemically- important CCPs should therefore be applied in a manner proportionate to the risks that the CCP may present to the Union. Where ESMA and the relevant central bank(s) of issue concludes that a third-country CCP is of such systemic importance that additional requirements will not ensure the financial stability of the Union, ESMA should be able to recommend to the Commission that that CCP should not be recognised. The Commission should be able to adopt an implementing act declaring that the third- country CCP should be established in the Union and authorised as such to provide clearing services in the Union.
Amendment 206 #
2017/0136(COD)
Proposal for a regulation
Recital 34
Recital 34
(34) ESMA should regularly review the recognition of third-country CCPs as well as their classification as Tier 1 or Tier 2 CCPs. In this regard, ESMA should consider amongst others, the changes in the nature, size and complexity of thehow third- country CCP’s businesclearing services are offered in a Union currency to EU clearing members. Such reviews should take place at least every two years and more frequently where necessary. Further to such reviews, ESMA should be able to reclassify a CCP, or clearing service offered in a Union currency to EU clearing members, from Tier 1 to Tier 2 or vice versa. An adaptation period should be allowed if reclassification occurs.
Amendment 212 #
2017/0136(COD)
Proposal for a regulation
Recital 36
Recital 36
(36) ESMA should have all the powers necessary to supervise the clearing services provided in a Union currency to EU clearing members of recognised third- country CCPs, so as to ensure their ongoing compliance with the requirements of Regulation (EU) No 648/2012. In certain areasareas relating to monetary policy, ESMA’s decisions should be subject to the prior consagreement of the relevant central bank(s) of issue.
Amendment 216 #
2017/0136(COD)
Proposal for a regulation
Recital 37
Recital 37
Amendment 218 #
2017/0136(COD)
Proposal for a regulation
Recital 39
Recital 39
Amendment 220 #
2017/0136(COD)
Proposal for a regulation
Recital 40
Recital 40
Amendment 221 #
2017/0136(COD)
Proposal for a regulation
Recital 41
Recital 41
Amendment 222 #
2017/0136(COD)
Proposal for a regulation
Recital 42
Recital 42
(42) The decision to impose fines or periodic penalty payments should be based on an independent investigation.
Amendment 223 #
2017/0136(COD)
Proposal for a regulation
Recital 43
Recital 43
(43) Before deciding whether to impose fines or periodic penalty payments, ESMA should give the persons subject to the proceedings the opportunity to be heard in order to respect their rights of defence.
Amendment 224 #
2017/0136(COD)
Proposal for a regulation
Recital 44
Recital 44
(44) ESMA should refrain from imposing fines or periodic penalty payments where a prior acquittal or conviction arising from identical facts, or from facts which are substantially the same, has acquired the force of res judicata as a result of criminal proceedings under national law.
Amendment 225 #
2017/0136(COD)
Proposal for a regulation
Recital 45
Recital 45
(45) ESMA’s decisions imposing fines and periodic penalty payments should be enforceable and their enforcement should be subject to the rules of civil procedure which are in force in the State in the territory of which it is carried out. Rules of civil procedure should not include criminal procedural rules but could include administrative procedural rules.
Amendment 227 #
2017/0136(COD)
Proposal for a regulation
Recital 47
Recital 47
(47) The validation of significant changes to models and parameters adopted to calculate a CCP’s margin requirements, default fund contributions, collateral requirements, and other risk-control mechanisms should be aligned with the newa requirement of a prior consent of ESMA with certain decisions ofto reach agreement with ESMA and the national competent authority with regard to CCPs established in the Union. To simplify the model validation proceedings, one validation by the national competent authority that is subject to ESMA’s prior consent should replace the two validations that national competent authority and ESMA were required to conduct independently. In addition, the interplay of that validation and the college decision should be clarified. The preliminary adoption of a significant change to that models or parameters should be possible where needed, especially where their swift change is necessary to ensure the soundness of the CCP’s risk management.
Amendment 229 #
2017/0136(COD)
Proposal for a regulation
Recital 50
Recital 50
Amendment 234 #
2017/0136(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 1095/2010
Article 6 – point 1 a
Article 6 – point 1 a
Amendment 238 #
2017/0136(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 1095/2010
Article 40 – paragraph 1 – point f
Article 40 – paragraph 1 – point f
Amendment 243 #
2017/0136(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1095/2010
Article 42 – subparagraph 1
Article 42 – subparagraph 1
Amendment 244 #
2017/0136(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 1095/2010
Article 43 – paragraphs 1 and 8
Article 43 – paragraphs 1 and 8
Amendment 249 #
2017/0136(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1095/2010
Chapter III – section 1A
Chapter III – section 1A
Amendment 252 #
2017/0136(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) No 1095/2010
Chapter III – Section 3 – title
Chapter III – Section 3 – title
Amendment 254 #
2017/0136(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) No 1095/2010
Article 48 a
Article 48 a
Amendment 258 #
2017/0136(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 1095/2010
Article 49
Article 49
Amendment 261 #
2017/0136(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Amendment 264 #
2017/0136(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Amendment 268 #
2017/0136(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Regulation (EU) No 1095/2010
Article 63 – paragraph 1 a
Article 63 – paragraph 1 a
Amendment 272 #
2017/0136(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Article 1 – paragraph 1 – point 14
Regulation (EU) No 1095/2010
Article 70 – paragraph 1
Article 70 – paragraph 1
Amendment 274 #
2017/0136(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 15
Article 1 – paragraph 1 – point 15
Regulation (EU) No 1095/2010
Article 76 – paragraph 2 a
Article 76 – paragraph 2 a
Amendment 288 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point a
Article 2 – paragraph 1 – point 3 – point a
Regulation (EU) No 648/2012
Article 18 – paragraph 1 – subparagraph 2
Article 18 – paragraph 1 – subparagraph 2
The HeadChair of the CCP Executive SessionSupervisory Committee referred to in Article 48a of Regulation (EU) No 1095/201022a shall chair and manage the college.
Amendment 291 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point b
Article 2 – paragraph 1 – point 3 – point b
Regulation (EU) No 648/2012
Article 18 – paragraph 2 – point a
Article 18 – paragraph 2 – point a
Amendment 295 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point c a (new)
Article 2 – paragraph 1 – point 3 – point c a (new)
Regulation (EU) No 648/2012
Article 18 – paragraph 2 – point c a (new)
Article 18 – paragraph 2 – point c a (new)
(ca) in paragraph 2, point (ca) is inserted: (ca) the central banks of issue of the most relevant currencies of the financial instruments cleared.
Amendment 306 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
Regulation (EU) No 648/2012
Article 19 – paragraph 3 – subparagraph 4
Article 19 – paragraph 3 – subparagraph 4
The representative of the Commission shall be non-voting member. The other permanent members of the CCP Executive Session shall have one vote each.
Amendment 310 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point b
Article 2 – paragraph 1 – point 6 – point b
Regulation (EU) No 648/2012
Article 21 – paragraph 3 – subparagraph 1
Article 21 – paragraph 3 – subparagraph 1
ESMA shall establish the frequency and depth of the review and evaluation referred to in paragraph 1 hagiving particular regard to the size, systemic importance, nature, scale and complexity of the activities of the CCPs concerned. The review and evaluation shall be updated at least on an annual basis.
Amendment 313 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point b
Article 2 – paragraph 1 – point 6 – point b
Regulation (EU) No 648/2012
Article 21 – paragraph 3 – subparagraph 2
Article 21 – paragraph 3 – subparagraph 2
The CCPs shallmay be subject to appropriate on-site inspections. ESMA staff shall be invited to participate in these on-site inspections where necessary.
Amendment 327 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 a – paragraph 1 – introductory part
Article 21 a – paragraph 1 – introductory part
1. Competent authorities shall prepare and submit draft decisions to ESMA for consentideration prior to adoption of any of the following decisions:
Amendment 329 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 a – paragraph 1 – point a
Article 21 a – paragraph 1 – point a
(a) decisions adopted pursuant to Articles 7, 8, 14, 15, 16, 20, 21, 30, 31, 35, 49 and 54 of this Regulation and Articles 35(4) and 36(4) of Regulation (EU) No 600/2014;
Amendment 334 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 a – paragraph 2 –subparagraph 1
Article 21 a – paragraph 2 –subparagraph 1
Amendment 355 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Where ESMA proposes amendments, the competent authority may only adopt the decision as amended by ESMAust give due consideration to their suggestions.
Amendment 356 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 a – paragraph 5 – subparagraph 2
Article 21 a – paragraph 5 – subparagraph 2
Where ESMA objects to a final draft decision, the competent authority shallmay not adopt that decision.
Amendment 362 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 646/2012
Article 21 a – paragraph 7
Article 21 a – paragraph 7
Amendment 375 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 b – Title
Article 21 b – Title
Consent ofoperation with the Central Bank of Issue
Amendment 377 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 b – paragraph 1
Article 21 b – paragraph 1
Amendment 384 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 b – paragraph 1 a (new)
Article 21 b – paragraph 1 a (new)
1a. Cooperation should be ensured between the central bank of issue and the relevant supervisory authorities. This should include information sharing, analysis of stress tests carried out by the CCP and constructive dialogue in decision making. Where a decision relates to an issue of monetary policy, the relevant authority should consult with the relevant central bank of issue.
Amendment 388 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 b – paragraph 2
Article 21 b – paragraph 2
Amendment 392 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 c – paragraph 2 – introductory part
Article 21 c – paragraph 2 – introductory part
2. The Commission shall adopt a delegated act in accordance with Article 82 to further specify the types of fees, the matters for which fees are due, the amount of the fees - which should be proportionate to the level of activity of the CCP within the EU- and the manner in which they are to be paid by the following entities:
Amendment 401 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
Regulation (EU) No 648/2012
Article 22 a (new)
Article 22 a (new)
Amendment 406 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7 b (new)
Article 2 – paragraph 1 – point 7 b (new)
Regulation (EU) No 648/2012
Article 22 b (new)
Article 22 b (new)
Amendment 415 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7 c (new)
Article 2 – paragraph 1 – point 7 c (new)
Regulation (EU) No 648/2012
Article 22 c (new)
Article 22 c (new)
7c. The following Article22c is inserted: Article 22c Decision making within the Board of Supervisors Where the CCP Supervisory Committee submits draft decisions to the Board of Supervisors, those draft decisions shall be deemed adopted by ESMA unless the Board of Supervisors decides on the basis of a simplified majority, as defined in Article 16(4) of the Treaty on European Union and in Article 238(2) TFEU, to reject the draft decision within five working days of its transmission. In cases of particular urgency, the aforementioned period shall not exceed 24 hours. Where the Board of Supervisors rejects a draft decision, it shall state the reasons for doing so in writing.
Amendment 427 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 a – subparagraph 1 – introductory part
Article 25 – paragraph 2 a – subparagraph 1 – introductory part
ESMA shall determine whether a CPPone or more of the clearing services provided by a third country CCP in a Union currency to EU clearing members, is systemically important or likely to become systemically important for the financial stability of the Union or for one or more of its Member States (Tier 2 CCP) by taking into account all of the following criteria:
Amendment 458 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 b – introductory part
Article 25 – paragraph 2 b – introductory part
2b. Where ESMA determines a CCPone or more of the services provided by a third country CCP in a Union currency to EU clearing members to be systemically important or likely to become systemically important (Tier 2 CCP) in accordance with paragraph 2a, it may only recognise that CCP where, in addition to the conditions referred to in Article 25(2)(a), (b), (c) and (d), the following conditions are fulfilled in respect of those clearing services:
Amendment 475 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 c
Article 25 – paragraph 2 c
Amendment 504 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point e
Article 2 – paragraph 1 – point 9 – point e
Regulation (EU) No 648/2012
Article 25 – paragraph 6 b – subparagraph 1
Article 25 – paragraph 6 b – subparagraph 1
Without prejudice to paragraph 7 of this Article, ESMA shall monitor the regulatory and supervisory developments in third countries for which implementing acts have been adopted pursuant to paragraph 6.
Amendment 529 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 b – paragraph 2 – subparagraph 1
Article 25 b – paragraph 2 – subparagraph 1
ESMA shall prepare and submitconvey draft decisions to the central bank of issue of the relevant currency referred to in Article 18(2)(h) before adopting any decision pursuant to Articles 41, 44, 46, 50, and 54.
Amendment 536 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 b – paragraph 2 – subparagraph 2
Article 25 b – paragraph 2 – subparagraph 2
ESMA shall obtain, in accordance with this paragraph, the consent of the relevant central bank of issue in respect of any aspect of those decisions relating to the carrying out of their monetary policy tasks only. The consent of the central bank of issue referred to in the second subparagraph shall be deemed to be given unless it proposes amendments or objects to the draft decision within 15 calendar days after having been notified of the draft decision. Where the central bank of issue proposes amendments or objects to a draft decision, it shall provide full and detailed reasons, in writing.
Amendment 541 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 b – paragraph 2 – subparagraph 3
Article 25 b – paragraph 2 – subparagraph 3
Where the central bank of issue objects to a draft decision, ESMA shall not adopt that decision. Where the central bank of issue proposes amendments, ESMA may only adopt the decision as amended by that central bank of issueproposes amendments, ESMA shall take their recommendations into account, or justify their actions otherwise in writing.
Amendment 554 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
1. ESMA may by simple request or by decision require recognised CCPs and where possible related third parties to whom those CCPs have outsourced operational functions or activities to provide all necessary information to enable ESMA to carry out its duties under this Regulation.
Amendment 555 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 c – paragraph 3 – point f
Article 25 c – paragraph 3 – point f
Amendment 556 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 d – paragraph 1
Article 25 d – paragraph 1
1. In order to carry out its duties under this Regulation, ESMA may conduct necessaryjustified investigations of Tier 2 CCPthe clearing services offered by Tier 2 CCPs in Union currencies to EU clearing members. To that end, the officials and other persons authorised by ESMA shall be empowered to:
Amendment 559 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 d – paragraph 2
Article 25 d – paragraph 2
2. The officials and other persons authorised by ESMA for the purposes of the investigations referred to in paragraph 1 shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the investigation. That authorisation shall also indicate the periodic penalty payments provided for in Article 25h where the production of the required records, data, procedures or any other material, or the answers to questions asked to Tier 2 CCPs are not provided or are incomplete, and the fines provided for in Article 25g in conjunction with point (b) of Section V of Annex III, where the answers to questions asked to Tier 2 CCPs are incorrect or misleading.
Amendment 563 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 e – paragraph 1
Article 25 e – paragraph 1
1. In order to carry out its duties under this Regulation, ESMA may conduct all necessaryppropriate on-site inspections where necessary at any business premises of Tier 2 CCPs. The relevant central bank of issue shall be invited to participate in such on- site inspections where those inspections relate to monetary policy.
Amendment 567 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 e – paragraph 3 – subparagraph 1
Article 25 e – paragraph 3 – subparagraph 1
In sufficient time before the inspection, ESMA shall give notice of the inspection to the relevant third-country competent authority where the inspection is to be conducted. Where the proper conduct and efficiency of the inspection so require, ESMA, after informing the relevant third- country competent authority, may carry out the appropriate on-site inspection without prior notice to the CCP. Inspections in accordance with this Article shall be conducted provided that the relevant third- country authority has confirmed that it does not object to those inspections.
Amendment 568 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 e – paragraph 5
Article 25 e – paragraph 5
5. Officials of, as well as those authorised or appointed by, the competent authority of the third country where the inspection is to be conducted may, at the request of ESMA, may actively assist the officials and other persons authorised by ESMA. Officials of the relevant third- country competent authority mayshould also attend the on-site inspections.
Amendment 569 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) 648/2012
Article 25 e – paragraph 6
Article 25 e – paragraph 6
6. ESMA may also request that third- country competent authorities to carry out specific investigatory tasks and appropriate on-site inspections as provided for in this Article and in Article 25d(1) on its behalf.
Amendment 570 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 e – paragraph 7
Article 25 e – paragraph 7
Amendment 571 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 f – Title
Article 25 f – Title
Procedural rules for taking supervisory measures and imposing fines
Amendment 572 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 f – paragraph 5
Article 25 f – paragraph 5
5. On the basis of the file containing the investigation officer’s findings and, when requested by the persons concerned, after having heard the persons subject to the investigations in accordance with Article 25i, ESMA shall decide if one or more of the infringements listed in Annex III has been committed by the persons who have been subject to the investigations and, in such a case, shall take a supervisory measure in accordance with Article 25n and impose a fine in accordance with Article 25g.
Amendment 573 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 f – paragraph 7
Article 25 f – paragraph 7
7. The Commission shall adopt delegated acts in accordance with Article 82 to specify further the rules of procedure for the exercise of the power to impose fines or periodic penalty payments, including provisions on the rights of the defence, temporal provisions, and the collection of fines or periodic penalty payments, and the limitation periods for the imposition and enforcement of penalties.
Amendment 574 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 f – paragraph 8
Article 25 f – paragraph 8
8. ESMA shall refer matters for criminal prosecution to the appropriate authorities for investigation and possible criminal prosecution where, in carrying out its duties under this Regulation, it finds that there are serious indications of the possible existence of facts liable to constitute criminal offences. In addition, ESMA shall refrain from imposing fines or periodic penalty payments where a prior acquittal or conviction arising from identical fact or facts which are substantially the same has already acquired the force of res judicata as the result of criminal proceedings under national law.
Amendment 575 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 g
Article 25 g
Amendment 576 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 h – paragraph 1 – point a
Article 25 h – paragraph 1 – point a
Amendment 577 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 h – paragraph 1 – point c – point ii
Article 25 h – paragraph 1 – point c – point ii
(ii) to submit to an appropriate on-site inspection ordered by a decision taken pursuant to Article 25e.
Amendment 578 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 h – paragraph 3
Article 25 h – paragraph 3
3. Notwithstanding paragraph 2, the amount of the periodic penalty payments shall be 31 % of the average daily turnover in the preceding business year, or, in the case of natural persons, 2 % of the average daily incomeof services offered in a Union currency to EU clearing members, in the preceding calendarbusiness year. It shall be calculated from the date stipulated in the decision imposing the periodic penalty payment.
Amendment 579 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 i – paragraph 1
Article 25 i – paragraph 1
1. Before taking any decision on a fine or periodic penalty payment under Articles 25g and 25h, ESMA shall give the persons subject to the proceedings the opportunity to be heard on its findings. ESMA shall base its decisions only on findings on which the persons subject to the proceedings have had an opportunity to comment.
Amendment 580 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 j – Title
Article 25 j – Title
Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
Amendment 581 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 j – paragraph 1
Article 25 j – paragraph 1
1. ESMA shall disclose to the public every fine and periodic penalty payment that has been imposed pursuant to Articles 25g and 25h unless such disclosure to the public would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved. Such disclosure shall not contain personal data within the meaning of Regulation (EC) No 45/2001.
Amendment 582 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 j – paragraph 2
Article 25 j – paragraph 2
2. Fines and pPeriodic penalty payments imposed pursuant to Articles 25g and 25h shall be of an administrative nature.
Amendment 583 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 j – paragraph 3
Article 25 j – paragraph 3
3. Where ESMA decides to impose no fines or penalty payments, it shall inform the European Parliament, the Council, the Commission, and the relevant third-country competent authorities accordingly and shall set out the reasons for its decision.
Amendment 584 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 j – paragraph 4 – subparagraph 1
Article 25 j – paragraph 4 – subparagraph 1
Amendment 585 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 j – paragraph 5
Article 25 j – paragraph 5
5. The amounts of the fines and periodic penalty payments shall be allocated to the general budget of the European Union.
Amendment 586 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 k – paragraph 1
Article 25 k – paragraph 1
The Court of Justice shall have unlimited jurisdiction to review decisions whereby ESMA has imposed a fine or a periodic penalty payment. It may annul, reduce or increase the fine or periodic penalty payment imposed.
Amendment 593 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 m – paragraph 2 – subparagraph 1
Article 25 m – paragraph 2 – subparagraph 1
Where ESMA considers that the criterion referred to in point (c) of the first paragraph is fulfilled in relation to a CCP, particular service, activity or class of financial instruments, ESMA shall inform that CCP and the relevant third-country authorities prior to withdrawing a recognition decision, and request that appropriate action is taken within a set timeframe of up to a maximum of 3 months to remedy the situation.
Amendment 594 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 m – paragraph 4
Article 25 m – paragraph 4
4. Any of the authorities referred to in Article 25(3) which consider that one of the conditions referred to in paragraph 1 has been met may request ESMA to examine whether the conditions for the withdrawal of recognition of a recognised CCP or a particular service, activity or class of financial instrument recognised of the CCP concerned are met. Where ESMA decides not to withdraw the registration of the recognised CCP concerned, it shall provide full reasons to the requesting authority.
Amendment 597 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 n – paragraph 1 – point b
Article 25 n – paragraph 1 – point b
Amendment 598 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 n – paragraph 1 – point d
Article 25 n – paragraph 1 – point d
(d) withdraw the recognition of a CCP or of a particular service, activity or class of financial instruments offered by that CCP under Article 25m.
Amendment 601 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 11 a (new)
Article 2 – paragraph 1 – point 11 a (new)
Regulation (EU) No 648/2012
Article 60 – paragraph 1
Article 60 – paragraph 1
11a. In Article 60, paragraph 1 is replaced by the following: The powers conferred on ESMA or any official of or other person authorised by ESMA by Articles 61 to 63 shall not be used to require the disclosure of information or documents which are subject to legal privilege. The powers conferred on ESMA or any official of or other person authorised by ESMA by Articles 61 to 63 must be exercised in full agreement with the National Competent Authority."
Amendment 606 #
2017/0136(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 12
Article 2 – paragraph 1 – point 12
Regulation (EU) No 648/2012
Article 89 – paragraph 3 a
Article 89 – paragraph 3 a
3a. ESMA shall not exercise its powers pursuant to paragraph 2a, 2b and 2cb of Article 25 until [insert date of entry into force of the delegated act referred to in the second subparagraph of paragraph 3 of that Article]
Amendment 23 #
2017/0115(CNS)
Proposal for a directive
Recital 5 a (new)
Recital 5 a (new)
(5 a) Double taxation should be avoided by allowing Member States flexibility to continue time based levies.
Amendment 38 #
2017/0090(COD)
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) Those financial counterparties that do not meet thresholds pursuant to Article 10 (4)(b) and which use derivatives for risk reduction and hedging purposes only, therefore not posing a significant risk within the Union financial system, are considered to be small financial counterparties, including inter alia smaller retail banks, pension funds, real estate funds and employee share purchase plans.
Amendment 42 #
2017/0090(COD)
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) Ensuring that the clearing obligation reduces systemic risk requires a process of identification of classes of derivatives that should be subject to that obligation. That process should take into account the fact that not all CCP-cleared OTC derivative contracts can be considered suitable for mandatory CCP clearing. OTC derivatives which are concluded as part of a risk reduction service, such as portfolio compression and other non price forming post - trade risk reduction services that reduce non-market risks in derivatives portfolios without changing the market risk of the portfolios in order to reduce the risk in OTC derivatives not cleared by a CCP, should not be subject to the clearing obligation.
Amendment 54 #
2017/0090(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) The requirement to report exchange-traded derivative contracts (‘ETDs’) imposes a significant burden on counterparties because of the high volume of ETDs that are concluded on a daily basis. Moreover, since RegThe European Commission public consultation (EU) No 600/2014 of the European Parliament andon fitness check on supervisory reporting, which was published on 1 December 2017, aims to gather evidence ofn the Council22 requires every ETD to be cleared by a CCP, CCPs already hold the vast majority of the details of those contracts. To reduce the burden of reporting ETDs, the rescost of compliance with existing supervisory reporting requirements at Union level, as well as on the consistency, coherence, effectiveness, efficiency, and EU added value of those requirements. This consultation provides an opportunity for authorities to assess ETD reporting holistically alongside all existing and future regulatory reporting regimes, allows authorities to take into account the new reporting environment following the implementation of Regulation (EU) No 600/201422 and provides the ponssibility, including any legal liability, for to make proposals to effectively reduce burden on market participants who are required to reporting ETDs on behalf of both counterparties should fall on the CCP as well as for ensuring the accuracy of the details transactions. The Commission should take those findings into consideration in order to propose future changes to the reporting requirements under Article 9(1) in relation to ETD reported. ing. _________________ 22Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 201 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173 12.6.2014, p. 84).
Amendment 59 #
2017/0090(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) To reduce the burden of reporting for small non-financial counterparties not subject to the clearing exemption, the financial counterparty should be responsible, and legally liable, for reporting on behalf of both itself and the non-financial counterparty that is not subject to the clearing obligation with regard to OTC derivative contracts entered into by that non-financial counterparty as well as for ensuring the accuracy of the details reported. However, it should be possible for non-financial counterparties to choose to report their derivative contracts themselves, in which case they should inform the financial counterparty accordingly. In such cases, the non- financial counterparty should remain responsible and legally liable for reporting that data and for ensuring its accuracy.
Amendment 67 #
2017/0090(COD)
Proposal for a regulation
Recital 22 a (new)
Recital 22 a (new)
(22a) In order to reduce the administrative burden and increase the matching of trades, ESMA should introduce a common Union standard for reporting to trade repositories. As CCPs and other financial counterparties are taking on delegated reporting duties, a single format would increase efficiencies for all participants.
Amendment 74 #
2017/0090(COD)
Proposal for a regulation
Recital 27 a (new)
Recital 27 a (new)
(27a) In order to address any issues that have arisen for financial counterparties or non-financial counterparties where the clearing obligation would no longer apply to them within the same year of initial assessment, ESMA should, by ... [date of entry into force + 12 months] submit a report to the Commission assessing whether the methodology used to calculate an aggregate month-end average position is problematic.
Amendment 84 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1 a (new)
Article 1 – paragraph 1 – point 1 a (new)
Regulation (EU) No 648/2012
Article 2 – point 8 a (new)
Article 2 – point 8 a (new)
(1a) In Article 2, after point 8 the following point is inserted: ‘(8a) “foreign exchange swaps” means physically settled OTC derivative contracts (or combinations of contracts entered into at the same time and having the same effect) that solely involve an exchange of two different currencies on a specific date at a fixed rate that is agreed on the trade date of the contract or contracts covering the exchange, and a reverse exchange of the two currencies at a later date and at a fixed rate that is also agreed on the trade date of the contract or contracts covering the exchange;’.
Amendment 86 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point -a (new)
Article 1 – paragraph 1 – point 2 – point -a (new)
Regulation (EU) No 648/2012
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
Amendment 90 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b a (new)
Article 1 – paragraph 1 – point 2 – point b a (new)
Regulation (EU) No 648/2012
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
(ba) the following paragraph 1a is inserted: ‘1a. ESMA shall develop draft regulatory technical standards to specify the types of OTC derivatives contracts for each type of post-trade risk reduction service that should be exempt from the clearing obligation, taking into account in particular the extent to which they mitigate risks, in particular counter party credit risk and operational risk. ESMA shall submit those draft regulatory technical standards to the Commission by ... [12 months following entry into force of this amending Regulation]. The Commission is empowered to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) 1095/2010.’
Amendment 99 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 648/2012
Article 4a – Title
Article 4a – Title
Financial counterparties subject to a exempt from a clearing obligation
Amendment 101 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 648/2012
Article 4a – paragraph 1 – subparagraph 1
Article 4a – paragraph 1 – subparagraph 1
A financial counterparty taking positions in OTC derivative contracts shallmay calculate, annually, its aggregate month-end average position for the months March, April and May in accordance with paragraph 3, in order to demonstrate that it does not exceed the clearing threshold specified pursuant to Article 10 (4)(b).
Amendment 106 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 648/2012
Article 4a – paragraph 1 – subparagraph 2 – introductory part
Article 4a – paragraph 1 – subparagraph 2 – introductory part
Where the result of that calculation exceedsmeans that the clearing thresholds specified pursuant to Article 10(4)(b) have not been reached, the financial counterparty shall:
Amendment 108 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 648/2012
Article 4a – paragraph 1 – subparagraph 2 – point a
Article 4a – paragraph 1 – subparagraph 2 – point a
(a) immediately notify ESMA and the relevant competent authority thereof;
Amendment 110 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 648/2012
Article 4a – paragraph 1 – subparagraph 2 – point b
Article 4a – paragraph 1 – subparagraph 2 – point b
(b) be subject toexempt from the clearing obligation referred to in Article 4 and from requirements set out in paragraph 3 of Article 11 for future OTC derivative contracts, irrespective of the asset class or asset classes for which the clearing threshold has not been exceeded;
Amendment 112 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 648/2012
Article 4a – paragraph 1 – subparagraph 2 – point c
Article 4a – paragraph 1 – subparagraph 2 – point c
Amendment 115 #
2017/0090(COD)
2. A financial counterparty that has become subjectbenefits from the exemption to the clearing obligation in accordance with paragraph 1 and, who subsequently demonstrates to the relevant competent authority that its aggregate month-end average position for the months March, April and May of a given year no longerw exceeds the clearing threshold referred to in paragraph 1, shall no longer be subject tonefit from the clearing obligation set out in Article 4exemption or from the exemption to the requirements set out in paragraph 3 of Article 11 for future contracts.
Amendment 117 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 648/2012
Article 4a – paragraph 2 a (new)
Article 4a – paragraph 2 a (new)
2a. Where a previously exempt financial counterparty is now subject to the clearing obligation in accordance with paragraph 1, it shall clear the contracts referred to in point (b) within four months of becoming subject to the clearing obligation.
Amendment 137 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 1 – subparagraph 3 a (new)
Article 6b – paragraph 1 – subparagraph 3 a (new)
Where the request for a suspension of the clearing obligation originates from a competent authority, ESMA shall, within 48 hours of the request based on reasons and evidence provided by the competent authority make a request to the Commission or reject the requested suspension. Where ESMA rejects the request made by the competent authority, it shall provide reasons in writing.
Amendment 142 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 3
Article 6b – paragraph 3
3. The Commission shall, within 48 hours of the request referred to in paragraph 1 and based on the reasons and evidence provided by ESMA, either suspend the clearing obligation for the specific class of OTC derivative or for the specific type of counterparty referred to in paragraph 1, or reject the requested suspension. An implementing act shall be adopted in accordance with the procedure referred to in Article 8 of Regulation (EU) No 182/2011. Where the Commission suspends the clearing obligation, the implementing act may, for counterparties who do not have arrangements in place for meeting the requirements for OTC derivative contracts not cleared by a CCP, specify temporary exemptions from the requirement in Article 11(3) for OTC derivative contracts not cleared by a CCP as set out in Article 11(3). When granting such exemptions, the implementing act must align the duration of the exemptions and cite the types of counterparty to be subject to these exemptions. The clearing obligation referred to in Article 4(1) shall not apply to those OTC derivative contracts that are the subject of the suspension period under Article 6a(3) and that are entered into or novated during the suspension period or any extension period. The clearing obligation shall not apply to these contracts during the suspension period or at or after the expiration of the suspension period.
Amendment 146 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 5
Article 6b – paragraph 5
5. A suspension of the clearing obligation pursuant to this Article and those referenced in paragraph 3 above, shall be valid for a period of three months from the date of the publication of that suspension in the Official Journal of the European Union.
Amendment 151 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 6 a (new)
Article 6b – paragraph 6 a (new)
6a. The implementing act suspending the clearing obligation for specific classes of OTC derivatives referred to in paragraph 3 shall also trigger a suspension of the trading obligation laid down in Article 28(1) and (2) of Regulation (EU) No 600/2014 for the same classes of OTC derivatives subject to this suspension of the clearing obligation. The suspension of that trading obligation shall be extended in line with any extension of the clearing obligation suspension under paragraph 6. When the clearing obligation suspension expires, this shall also trigger the expiry of the trading obligation suspension.
Amendment 153 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6 a (new)
Article 1 – paragraph 1 – point 6 a (new)
Regulation (EU) No 648/2012
Article 6 c (new)
Article 6 c (new)
(6a) The following Article 6c is inserted: Article 6c Permanent removal of the clearing obligation and the trading obligation in situations other than resolution The Commission may, where it deems a permanent exemption is warranted to ensure global alignment, and after consulting the European Parliament, the Council and ESMA, take steps to enact a permanent exemption from the clearing obligation referred to in Article 4 (1). Where a decision has been taken to permanently suspend the clearing obligation, the corresponding trading obligation laid down in Article 28(1) and (2) of Regulation (EU) No 600/2014 for the same classes of OTC derivatives subject to this suspension of the clearing obligation, shall be assessed by the Commission.
Amendment 160 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a
Article 1 – paragraph 1 – point 7 – point a
Regulation (EU) No 648/2012
article 9 – paragraph 1 – subparagraph 3
article 9 – paragraph 1 – subparagraph 3
The reporting obligation shall not apply to intragroup transactions referred to in Article 3 where: (a) one of the counterparties is a non- financial counterparty.; or (b) one of the counterparties is established in a third country and would be a non- financial counterparty if it were established in the Union.
Amendment 166 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point b
Article 1 – paragraph 1 – point 7 – point b
Regulation (EU) No 648/2012
Article 9 – paragraph 1a –subparagraph 1 – point a
Article 9 – paragraph 1a –subparagraph 1 – point a
Amendment 174 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point b
Article 1 – paragraph 1 – point 7 – point b
Regulation (EU) No 648/2012
Article 9 – paragraph 1a – subparagraph 2 a (new)
Article 9 – paragraph 1a – subparagraph 2 a (new)
For the purpose of point (b), to ensure that the financial counterparty has all data needed to fulfil the reporting obligation set out in that point, the non- financial counterparty shall provide to the financial counterparty the details, which the financial counterparty cannot be reasonably expected to possess, relating to the OTC derivative contracts concluded between them.
Amendment 178 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) No 648/2012
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
A non-financial counterparty taking positions in OTC derivative contracts shallmay calculate, annually, its aggregate month- end average position for the months March, April and May in accordance with paragraph 3.
Amendment 196 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point b
Article 1 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 11 – paragraph 15 – subparagraph 2 – first sentence
Article 11 – paragraph 15 – subparagraph 2 – first sentence
The ESAs shall submit those common draft regulatory technical standards to the Commission by [PO please insert the date 912 months after the entry into force of this Regulation].;
Amendment 210 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Regulation (EU) No 648/2012
Article 39 – paragraph 11
Article 39 – paragraph 11
11. Where the requirement referred to in paragraph 9 is satisfied, the assets and positions recorded in those accounts shall not be considered part of the insolvency estate of the CCP or thedefaulting clearing member.;
Amendment 214 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 12 – point b
Article 1 – paragraph 1 – point 12 – point b
Regulation (EU) No 648/2012
Article 56 – paragraph 3 – subparagraph 2
Article 56 – paragraph 3 – subparagraph 2
ESMA shall submit those draft regulatory technical standards to the Commission by [PO please insert the date 912 months after the entry into force of this Regulation].
Amendment 233 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 16
Article 1 – paragraph 1 – point 16
Regulation (EU) No 648/2012
Article 78 – paragraph 10 – subparagraph 2
Article 78 – paragraph 10 – subparagraph 2
ESMA shall submit those draft regulatory technical standards to the Commission by [PO please insert the date 912 months after the entry into force of this Regulation].
Amendment 237 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point c
Article 1 – paragraph 1 – point 17 – point c
Regulation (EU) No 648/2012
Article 81 – paragraph 5 – subparagraph 2
Article 81 – paragraph 5 – subparagraph 2
ESMA shall submit those draft regulatory technical standards to the Commission by [PO please insert the date 912 months after the entry into force of this Regulation].
Amendment 242 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point b
Article 1 – paragraph 1 – point 19 – point b
Regulation (EU) No 648/2012
Article 85 – paragraph 2 – subparagraph 1
Article 85 – paragraph 2 – subparagraph 1
By [PO please add date of entry into force of this amending Regulation + 24 years], the Commission shall prepare a report assessing whether viable technical solutions have been developed for the transfer by PSAs of cash and non-cash collateral as variation margins and the need for any measures to facilitate those technical solutions.
Amendment 252 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point b a (new)
Article 1 – paragraph 1 – point 19 – point b a (new)
Regulation (EU) No 648/2012
Article 85 – paragraph 2a (new)
Article 85 – paragraph 2a (new)
(ba) paragraph 2a is inserted: 2 a. ESMA shall by [date of entry into force of this amending Regulation+ 12 months] submit a report to the Commission which assesses whether the list of financial instruments that are considered highly liquid with minimal credit and market risk, in accordance with Article 47, could be extended and whether this list could include money market funds as defined in Regulation (EU) 2017/1131.
Amendment 254 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point c
Article 1 – paragraph 1 – point 19 – point c
Regulation (EU) No 648/2012
Article 83 – paragraph 3
Article 83 – paragraph 3
3. By [PO please add 6 months before the date referred to in paragraph 1] ESMA shall report to the Commission on the following: (a) whether viable technical solutions have been developed that facilitate the participation of PSAs in central clearing and the impact of those solutions on the level of central clearing by PSAs, taking into account the report referred to in paragraph 2; (b) the impact of this Regulation on the level of clearing by non-financial counterparties and the distribution of clearing within the non-financial counterparty class, especially with regard to the appropriateness of the clearing thresholds referred to in Article 10(4); (c) the impact of this Regulation on the level of clearing by financial counterparties other thAfter the five year period referred to in Article 89(1) the Commission shall: (a) submit a proposal for a binding solution if it considers that no solution has been found by stakeholders; (b) adopt a delegated act in accordance with Article 82 to extend the five-year period referred to in Article 89 (1) once, by two years, if it considers that a solution is within reach of the stakeholders and those subject to Article 4a(2) and the distribution of clearing within that financial counterparty class, especially with regard to the appropriateness of the clearing thresholds referred to in Article 10(4); (d) the improvement of the quality of transaction data reported to trade repositories, the accessibility of those data and the quality of the information received from trade repositories in accordance with Article 81; (e) the accessibility of clearing by counterpartieat additional time is needed for its finalization; (c) let the exemption lapse, while encouraging stakeholders to implement their solution beforehand if it considers that a solution has been found; (d) grant a permanent exemption for PSAs.;
Amendment 258 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point c a (new)
Article 1 – paragraph 1 – point 19 – point c a (new)
Regulation (EU) No 648/2012
Article 85 – paragraph 5 a (new)
Article 85 – paragraph 5 a (new)
(ca) paragraph 5a is inserted: 5a. By 12 months after entry into force of this amending Regulation, the Commission shall, after consulting ESMA, submit a report to the European Parliament and to the Council assessing whether the alignment of the changes made to the clearing obligation for derivatives, in particular the scope of entities subject to the clearing obligation as well as the suspension mechanism, with the provisions for the trading obligation for derivatives in Regulation No 600/2014 is functioning.
Amendment 262 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point c b (new)
Article 1 – paragraph 1 – point 19 – point c b (new)
Regulation (EU) No 648/2012
Article 85 – paragraph 5 b (new)
Article 85 – paragraph 5 b (new)
(cb) paragraph 5b is inserted: 5b. Based on the findings of the European Commission public consultation on fitness check on supervisory reporting published on 1 December 2017, the Commission shall, by [12 months following the entry into force of this Regulation], review and report on the application of Article 9(1a). The Commission shall submit that report to the European Parliament and the Council, together with any appropriate legislative proposal. When reviewing the application of Article 9(1a) the Commission shall assess whether the obligation to report transactions under Article 26 of Regulation (EU) No 600/2014 creates unnecessary duplication of transaction reporting for non-OTC derivatives and whether the requirement to report non-OTC transactions under Article 9(1a)could be reduced without undue loss of information with a view to simplifying the reporting chains for non- OTC derivatives for all counterparties, in particular for non-financial counterparties not subject to the clearing obligation referred to in the second subparagraph of Article 10(1). In addition, ESMA shall, by [12 months after entry into force], in cooperation with the ESRB, submit a report to the Commission, assessing the following: (a) the consistency between the reporting obligations for non OTC derivatives under Regulation (EU) No 600/2014and under Article 9 of this Regulation, both in terms of details of the derivatives contract reported and access to data by the relevant entities; (b) whether it is possible to align the reporting requirements for non OTC derivatives under Regulation (EU) No 600/2014 and under Article 9 of this Regulation both in terms of details of the derivatives contract reported and access to data by the relevant entities. (c) the feasibility to simplify the reporting chains for all counterparties including all indirect clients, taking into account the need for the timely reporting and the provisions adopted pursuant to Article 4(4) of this Regulation and Article 30(2) of Regulation 600/2014.
Amendment 263 #
2017/0090(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Regulation (EU) No 648/2012
Article 89 – paragraph 1 – subparagraph 1
Article 89 – paragraph 1 – subparagraph 1
1. Until [PO please add date of entry into force + 35 years], the clearing obligation set out in Article 4 shall not apply to OTC derivative contracts that are objectively measurable as reducing investment risks directly relating to the financial solvency of PSAs, and to entities established to provide compensation to members of PSAs in case of a default of a PSA.;
Amendment 267 #
2017/0090(COD)
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Regulation (EU) No 600/2014
Article 28 – paragraph 1
Article 28 – paragraph 1
Article 1a Article 28(1) of Regulation (EU)No 600/2014 is replaced by the following: 1. Financial counterparties as defined in Article 2(8) of Regulation (EU) No 648/2012 that are subject to the clearing obligation pursuant to Article 4a of that Regulation and non-financial counterparties that meet the conditions referred to in Article 10(1)(b) thereof shall conclude transactions which are neither intragroup transactions as defined in Article 3 of that Regulation nor transactions covered by the transitional provisions in Article 89 of that Regulation with other such financial counterparties or other such non-financial counterparties that meet the conditions referred to in Article 10(1)(b) of Regulation (EU) No 648/2012 in derivatives pertaining to a class of derivatives that has been declared subject to the trading obligation in accordance with the procedure set out in Article 32 and listed in the register referred to in Article 34 only on: (a) regulated markets; (b) MTFs; (c) OTFs; or (d) third-country trading venues, provided that the Commission has adopted a decision in accordance with paragraph 4 and provided that the third country provides for an effective equivalent system for the recognition of trading venues authorised under Directive 2014/65/EU to admit to trading or trade derivatives declared subject to a trading obligation in that third country on a non-exclusive basis. Non-financial counterparties that meet the conditions referred to in Article 10(1)(b) of Regulation (EU) No 648/2012 shall only be subject to the obligation to trade on regulated markets, MTFs or OTFs in relation to the transactions in asset classes to which they are subject to a clearing obligation under that Regulation.
Amendment 10 #
2017/0035(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) Transparency on the votes of Member State representatives at the appeal committee level should be increased and the individual Member State representatives' votes should be made public in the register.
Amendment 16 #
2017/0035(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3 a (new)
Article 1 – paragraph 1 – point 3 a (new)
Regulation (EU) No 182/2011
Article 11 – paragraph 1
Article 11 – paragraph 1
(3 a) In Article 11, paragraph 1 is replaced by the following: "Where a basic act is adopted under the ordinary legislative procedure, and after notification of the draft implementing act simultaneously to the European Parliament and the Council as soon as it is available, either the European Parliament or the Council may at any time indicate to the Commission that, in its view, athat draft implementing act exceeds the implementing powers provided for in the basic act or that it is not compatible with the legislative intent or the content of the basic act. In such a case, the Commission shall review the draft implementing act, taking account of the positions expressed, and shall inform the European Parliament and the Council whether it intends to maintain, amend or withdraw the draft implementing act. " Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32011R0182&from=EN)
Amendment 134 #
2016/2243(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Emphasises that a level playing field should not be used as a barrier to new market entrants offering innovative FinTech solutions, particularly in areas that may have previously been seen as natural monopolies;
Amendment 135 #
2016/2243(INI)
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Calls upon ESMA to take a proactive approach in trying to understand and accommodate new FinTech and RegTech solutions in areas of pre and post trade processes currently covered by MiFID, EMIR and CSDR; highlights that outsourcing provisions in the legislation should be viewed flexibly, with appropriate supervisory cooperation, to allow third party providers to offer solutions to new regulatory challenges;
Amendment 188 #
2016/2243(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Calls upon the Commission to investigate whether there are any current legislative barriers within EU post trade legislation that would prevent Distributed Ledger Technology being used for clearing or settlement;
Amendment 31 #
2016/2099(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the EIB should continue to strengthen its efforts to expand its loan activities in a prudent manner;
Amendment 46 #
2016/2099(INI)
Motion for a resolution
Recital F
Recital F
F. whereas the EIB should help address regional inequalities on the basis of financing sound and prudent investment projects; whereas, in particular, the EIB should devise additional ways of sustaining the economic development of countries that have had to apply a stabilisation programme;
Amendment 79 #
2016/2099(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Underlines the fact that the strengthening of EU competitiveness depends among other things on an increase in public and private investment, especially in research, innovation and digitalisation;
Amendment 100 #
2016/2099(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Takes the view that an increase in EIB lending activity could be achieved through better diversification of its product range, including greater use of public- private partnerships (PPP) and other innovative instruments in order to better address market needs; while recognizing that new products often require additional governance tools to ensure their suitability for public investment vehicles;
Amendment 116 #
2016/2099(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Calls on the EIB to increase its support to EU countries under adjustment programmes in order to contribute to jump- starting their economies whilst ensuring they still adhere to EIB criteria for sound investment returns;
Amendment 128 #
2016/2099(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Invites the EIB to present an comprehensive assessment of the potential effect that Brexit might have on its financial status and activities; the withdrawal of the UK as a shareholder may have on its financial status and activities, including considering whether any future arrangements should be made to its own governance structure that might allow non-EU member states to become shareholders of the EIB;
Amendment 156 #
2016/2099(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Strongly supports the emphasis placed by the EIB on the financing of small and medium-sized enterprises (SMEs), with 37 % of the new lending granted in 2015 (EUR 28.4 billion); welcomes in particular the fact that the EIB operations helped to create and sustain 4.1 million jobs in Europe’s SMEs and midcaps (+13 % as compared to 2014); recalls that SMEs are the backbone of Europe’s economy, providing 85 % of all new jobs, and that supporting them must remain a fundamental objective of the bank;
Amendment 225 #
2016/2099(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 290 #
2016/2099(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Asks the EIB to continue its action to tackle the refugee crisis by financing emergency projects in countries of destination and prioritizing making long- term investments in the refugees’ countries of origin;
Amendment 27 #
2016/2047(BUD)
Draft opinion
Paragraph 2
Paragraph 2
2. Notes that after five years, entities benefitting from funding of the civil- society capacity building in the area of financial services are still disproportionately depending on EU funding with EU grants consistently representing more than 50 % of their respective budgets; emphasises that such entities should strive to demonstrate their added value by achieveing a higher degree of self-funding;
Amendment 35 #
2016/2047(BUD)
Draft opinion
Paragraph 3
Paragraph 3
3. Points out the present and future role of the three European Supervisory Authorities (ESAs) in relation to Union- level financial supervision and the banking unionrule making regarding the EU single rulebook for financial services; emphasises that the 2017 draft budget must provide sufficient resources for the ESAs to fulfil their mandate; points out that the budget foreseen in the multi-annual financial framework provides sufficient resources to deal with the tasks at hand;
Amendment 39 #
2016/2047(BUD)
Draft opinion
Paragraph 4
Paragraph 4
4. Points out, however, that in the case of EBA, sufficient resources should be provided for in the 2017 draft budget to prepare afuture budgetary plans to prepare for a possible relocation away from London when the United Kingdom finishes negotiations of Article 50 of the Treaty on European Union and withdraws from the European Union;
Amendment 48 #
2016/2047(BUD)
Draft opinion
Paragraph 5
Paragraph 5
5. Emphasises that the ESAs must carefullystick stricktly to the tasks assigned to them by the Union legislator and must not seek to de facto broaden their mandate beyond those assignments;
Amendment 221 #
2016/0365(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) As a significant amount of the financial risk of the Union financial system is processed by and concentrated in CCPs on behalf of clearing members and their clients, effective regulation and robust supervision of CCPs is essential. In force since August 2012, Regulation (EU) No 648/2012 of the European Parliament and of the Council19 requires CCPs to observe high prudential, organisational and conduct of business standards. Competent authorities are tasked with the full oversight of their activities, working together within supervisory colleges which group together relevant authorities for the specific tasks allocated to them. In accordance with commitments entered into by G20 leaders since the financial crisis, Regulation (EU) No 648/2012 also requires standardised OTC derivatives to be centrally cleared by a CCP. As the obligation to centrally clear OTC derivatives comes into effect, the volume and range of business done by CCPs is likely to increase which may, in turn, provide additional challenges for the CCPs' risk management strategies. __________________ 19 Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1).
Amendment 222 #
2016/0365(COD)
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) Should a CCP reach the stage where all recovery measures, as set out in the CCPs rule book, have been exhausted and have failed in their attempt to recover the CCP, the Resolution Authority when assessing the tools available for continuation of service in resolution should not assume public support with taxpayers funds unless an assessment on the viability of the central clearing model has been made and a full wind down considered. The concurrent failure of multiple systemically important global CCPs should be factored into such a consideration.
Amendment 223 #
2016/0365(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The objective of a credible recovery and resolution framework is to ensure, to the greatest extent possible, that CCPs set out measures to recover from financial distress, to maintain the critical functions of a CCP which is failing or likely to fail while winding down the remaining activities through normal insolvency proceedings, and to preserve financial stability while minimising the cost of a CCP failure on end clients and taxpayers. The recovery and resolution framework further bolsters CCPs' and authorities' preparedness to mitigate financial stress and provide authorities with further insight into CCPs' preparations for stress scenarios. It also provides authorities with powers to prepare for the potential resolution of a CCP and deal with the declining health of a CCP in a coordinated manner, thus contributing to the smooth functioning of financial markets.
Amendment 231 #
2016/0365(COD)
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) The recovery plan should ensure that the sequencing of the use of recovery tools properly balances the allocation of losses between CCPs, clearing members and their clients. Before instigating a cash call upon clearing members, CCPs must contribute their own capital, and before instigating variation margin gains haircutting, which effects the clients of clearing members, the CCP must first carry out cash calls upon clearing members. Ultimately the end user of the CCP should be protected where possible and it should be those direct members of the CCP that, again where possible, should bear losses.
Amendment 236 #
2016/0365(COD)
Proposal for a regulation
Recital 23 a (new)
Recital 23 a (new)
(23a) CCPs should ensure that clients of non-defaulting clearing members are appropriately recompensed should their assets be used during the recovery process.
Amendment 237 #
2016/0365(COD)
Proposal for a regulation
Recital 23 b (new)
Recital 23 b (new)
(23b) CCPs should be prevented from using recovery tools to reduce the value of the collateral posted to the CCP's non- defaulting clearing members as initial margin related to those services, or to otherwise reduce the value of or extinguish the CCP's obligation to return or redeliver initial margin to non- defaulting clearing members.
Amendment 250 #
2016/0365(COD)
Proposal for a regulation
Recital 38
Recital 38
(38) The critical functions of a failing CCP should be maintained, albeit re- structured with changes to the management where appropriate, through the use of resolution tools as a going concern with the use, to the extent possible, of private funds. That could be achieved either through sale to or merger with a solvent third party, or after having restructured orthat do not rely on public support. That could be achieved by allocating outstanding losses and restoring the CCP to a matched book through the use of the position and loss allocation tools in the case of default losses, or, in the case of non-default losses, through written down theand contracts and liabilities of the CCP via the allocation of losses and positions, or after having written down shares or written down and converted its debt to equity, in order to effect a recapitalisationversion to equity of unsecured liabilities to absorb losses and recapitalize the CCP. A CCP or specific clearing service may also be sold to or merged with a solvent third party CCP that is able to conduct and manage the transferred clearing activities. In line with this objective, prior to these actions, the resolution authority should consider enforcing any existing and outstanding contractual obligations of the CCP in line with how they would be called in under normal insolvency proceedingtreated under the CCP’s operating rules.
Amendment 253 #
2016/0365(COD)
Proposal for a regulation
Recital 43
Recital 43
(43) For the purpose of protecting the right of shareholders, counterparties and creditors, clear obligations should be laid down concerning the valuation of the assets and liabilities of the CCP and the valuation of the treatment that share holders and creditors would have received if the resolution authority would not have taken resolution action. It should be possible to commence a valuation already during the recovery phase. Before any resolution action is taken, a fair and realistic valuation of the assets and liabilities of the CCP should be carried out including the price at which any termination of contracts in the CCP “tear up” would be undertaken which should take into account market volatility and liquidity at the time of the resolution. Such a valuation should be subject to a right of appeal only together with the resolution decision. In addition, in certain cases, an ex-post comparison between the treatment that shareholders and creditors have actually been afforded and the treatment they would have received if the resolution authority woulhad not have taken resolution action in relation to the CCP and if they woulhad instead have been subject to possible outstanding obligations pursuant to the CCP's recovery plan or other arrangements in its operating rules or under normal insolvency proceedings, should be carried out after resolution tools have been used. Where shareholders and creditors have received, in payment of, or compensation for, their claims, less than the amount that they would have received if the resolution authority woulhad not have taken resolution action in relation to the CCP and if they woulhad instead have been subject to possible outstanding obligations pursuant to the CCP's recovery plan or other arrangements in its operating rules or under normal insolvency proceedings, they should in certain cases be entitled to the payment of the difference. The calculation of the amount that they would have received should not assume provision of public financial support nor should it include the value of so-called replacement costs, as these are yet to be defined at global level. Should a strict definition emerge as a result of work undertaken by the FSB at global level, a review may be conducted to consider their inclusion. As opposed to the valuation prior to the resolution action, it should be possible to challenge that comparison separately from the resolution decision. Member States should be free to decide on the procedure as to how to pay any difference of treatment that has been determined to shareholders and creditors.
Amendment 255 #
2016/0365(COD)
Proposal for a regulation
Recital 45
Recital 45
(45) Upon entry into resolution, the Resolution Authority should ensure any outstanding contractual obligations set out in the operating rules of the CCP, including outstanding recovery measures, should bare honoured except where the exercise of another resolution power or tool is more appropriate to avoidmitigate adverse effects for financial stability or to secure the critical functions of the CCP in a timely manner. LIn the case of default losses, the resolution authority should use position allocation tools where necessary to restore the CCP to a matched book as equitably as possible and allocate losses through use of position and loss allocation tools. Non-default losses should then be absorbed by regulatory capital instruments and should be allocated to shareholders up to their capacity either through the cancellation or transfer of instruments of ownership or through severe dilution. Where those instruments are not sufficient, resolution authorities should have the power to write down subordinated unsecured debt and senior unsecured liabilities, to the extent necessary, without jeopardising broader financial stability, in accordance with their ranking under applicable national insolvency law.
Amendment 259 #
2016/0365(COD)
Proposal for a regulation
Recital 50
Recital 50
(50) In order to ensure that resolution authorities have the necessary flexibility to allocate losses and positions to counterparties in a range of circumstances, it is appropriate that those authorities are able to firstly apply the loss and position allocation tools both where the objective is to maintain the operations of the failcritical clearing services withing CCP aund where critical servier resolution and subsequently, should this be neces sarey, transferred such critical services to a bridge CCP or a third party andleaving the residual part of the CCP to ceases to operateion and isbe wound up.
Amendment 261 #
2016/0365(COD)
Proposal for a regulation
Recital 53
Recital 53
(53) RWith due respect for the impact on financial stability and as a last resort, resolution authorities should be able to excluconsider ornly partially exincludeing some contracts from loss and position allocation in a number of circumstances. Where those exclusions are appliedtools are exercised only partially, the level of loss or exposure applied to other contracts may be increased to take account of such exclusionsmodified subject to the "no creditor worse off principle" being respected.
Amendment 268 #
2016/0365(COD)
Proposal for a regulation
Recital 79
Recital 79
(79) When taking decisions or actions under this Regulation, competent authorities and resolution authorities should always have due regard to the impact of their decisions and actions on financial stability in other Member Statejurisdictions and on the economic situation in other Member Statejurisdictions and should give consideration to the significance of any clearing member for the financial sector and the economy of the Member Statejurisdictions where such a clearing member is established.
Amendment 299 #
2016/0365(COD)
Proposal for a regulation
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
2a. The CCP’s competent authority, in consultation with the college, shall assess the CCP’s recovery arrangements in terms of their effect on the Union's financial stability if these arrangements are fully deployed. The CCP’s recovery arrangements shall be subject to regular stress-testing and crisis simulation exercises, under scenarios defined by the CCP’s competent authority in consultation with the college. The results of these tests will be reported by the competent authority for the CCP to the members of the CCP’s college and resolution college. ESMA, in cooperation with the ESCB and banking supervisors, including the ECB when performing its prudential supervision tasks, shall consider the aggregate effect on Union financial stability of the simultaneous deployment of two or more CCP’s recovery or resolution arrangements as a consequence of a system-wide stress event. ESMA may share the results of its analysis with any relevant CCP’s college and resolution college. Should it identify any shortcomings in the CCP’s recovery arrangements, the CCP’s competent authority in consultation with the college shall require the CCP to address these shortcomings and resubmit its arrangements for another round of stress tests within six months of the previous stress tests.
Amendment 301 #
2016/0365(COD)
Proposal for a regulation
Article 4 – paragraph 4 – subparagraph 1
Article 4 – paragraph 4 – subparagraph 1
The competent and resolution authorities of clearing members established in third countries and the competent and resolution authorities of third-country CCPs with which the CCP has established interoperability arrangements mayshall be invited to participate in the resolution college as observers. Their attendance shall be conditional on those authorities being subject to confidentiality requirements equivalent, in the opinion of the chair of the college, to those laid down in Article 71.
Amendment 303 #
2016/0365(COD)
Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 2
Article 5 – paragraph 1 – subparagraph 2
The resolution committee shall promote the development and coordination of resolution plans and developcontribute to the development of methods for the resolution of failing CCPs.
Amendment 314 #
2016/0365(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point f
Article 7 – paragraph 1 – point f
(f) that due consideration is given to the interests of the Member Statejurisdictions where the CCP provides services and where its clearing members, their clients, and any linkedteroperable CCPs are established, and in particular the impact of any decision or action or inaction on the financial stability or fiscal resources of those Member States and the Unionjurisdictions and the global financial system as a whole;
Amendment 316 #
2016/0365(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point g
Article 7 – paragraph 1 – point g
(g) that due consideration is given to the objectives of balancing the interests of the various clearing participants, affectedmembers, their clients, wider creditors and affected stakeholders of the CCP in the Member States involved and of avoiding unfairly prejudicing or unfairly protecting the interests of particular actors in some Member States, including avoiding unfair burden allocation across Member Statedifferent jurisdictions;
Amendment 318 #
2016/0365(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point h – point ii
Article 7 – paragraph 1 – point h – point ii
(ii) an impact on the financial stability of the Member Statejurisdiction where the clearing members, clients or linked FMIs are established or located;
Amendment 322 #
2016/0365(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point l
Article 7 – paragraph 1 – point l
(l) that negative economic and social effects of any decision in all the Member States and third countriejurisdictions where the CCP provides services, including negative impacts on financial stability, are mitigated.
Amendment 342 #
2016/0365(COD)
Proposal for a regulation
Article 9 – paragraph 7 a (new)
Article 9 – paragraph 7 a (new)
7a. In the case of a non-default event, and to maintain the strictly incentivised process, CCPs shall not use the default fund and the default waterfall or any position allocation tool, cash calls or loss allocation tool included in the CCP rulebook solely for default events that would imply the contribution of clearing members or their clients without their prior agreement. However, in line with current global considerations, a separate loss allocation tool in the case of a non- default event may be established.
Amendment 385 #
2016/0365(COD)
Proposal for a regulation
Article 13 – paragraph 6 – subparagraph 1 – point c
Article 13 – paragraph 6 – subparagraph 1 – point c
(c) a demonstration of hown assessment of how and whether the CCP's critical functions could be legally and economically separated, to the extent necessary, from its other functions so as to ensure their continuity upon the failure of the CCP;.
Amendment 397 #
2016/0365(COD)
Proposal for a regulation
Article 13 – paragraph 8 – subparagraph 1
Article 13 – paragraph 8 – subparagraph 1
ESMA, after consulting with the ESRB and taking into account the relevant provisions of Commission Delegated Regulation (EU) –/2016 supplementing Directive 2014/59/EU with regard to regulatory technical standards adopted on the basis of Article 10(9) of Directive 2014/59/EU, shall and fully respecting the principle of proportionality, may develop draft regulatory technical standards further specifying the contents of the resolution plan in accordance with paragraph 6.
Amendment 409 #
2016/0365(COD)
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2
Article 17 – paragraph 1 – subparagraph 2
The report referred to in the first subparagraph shall analyse the substantive impediments to the effective use of the resolution tools and the exercise of the resolution powers in relation to the CCP, consider their impact on the business model of the CCP and recommend targeted measures to remove those impediments where possible.
Amendment 411 #
2016/0365(COD)
Proposal for a regulation
Article 17 – paragraph 4 – subparagraph 2 – point b a (new)
Article 17 – paragraph 4 – subparagraph 2 – point b a (new)
(ba) the effects on the provision of integrated clearing services for different products and portfolio margining across asset classes.
Amendment 414 #
2016/0365(COD)
Proposal for a regulation
Article 17 – paragraph 7 – point f
Article 17 – paragraph 7 – point f
(f) to the extent other powers under this Article are insufficient to make resolvability possible, require the CCP to divest specific assets;
Amendment 418 #
2016/0365(COD)
Proposal for a regulation
Article 17 – paragraph 7 – point k
Article 17 – paragraph 7 – point k
Amendment 419 #
2016/0365(COD)
Proposal for a regulation
Article 17 – paragraph 7 – point l
Article 17 – paragraph 7 – point l
Amendment 422 #
2016/0365(COD)
Proposal for a regulation
Article 17 – paragraph 7 – point m
Article 17 – paragraph 7 – point m
(m) require the CCP, or any group entity directly or indirectly under its control which provides financial support to the CCP to take other steps to enable capital, other liabilities and contracts to be able to absorb losses, to recapitalise the CCP or to replenish pre-funded resources, including in particular to attempt to renegotiate any liability it has issued or to revise contractual terms, with a view to ensuring that any decision of the resolution authority to write down, convert or restructure that liability, instrument or contract would be effected under the law of the jurisdiction governing that liability or instrument;
Amendment 423 #
2016/0365(COD)
Proposal for a regulation
Article 17 – paragraph 7 – point n
Article 17 – paragraph 7 – point n
Amendment 437 #
2016/0365(COD)
Proposal for a regulation
Article 19 – paragraph 3
Article 19 – paragraph 3
3. The competent authority may only apply the measures in points (a) to (k) of paragraph 1 after taking account of the impact of those measures in other Member Statejurisdictions where the CCP operates or provides services, in particular where the CCP’s operations are critical or important for local financial markets, including the places in which clearing members linked trading venues and FMIs are established.
Amendment 441 #
2016/0365(COD)
Proposal for a regulation
Article 19 – paragraph 7
Article 19 – paragraph 7
Amendment 469 #
2016/0365(COD)
Proposal for a regulation
Article 22 – paragraph 4 – subparagraph 1
Article 22 – paragraph 4 – subparagraph 1
Taking into consideration the differing sizes and nature of CCPs established in the Union, ESMA shall issue guidelines to promote the convergence of supervisory and resolution practices regarding the application of the circumstances under which a CCP is deemed to be failing or likely to fail by [PO, please insert date 12 months from entry into force of this Regulation].
Amendment 473 #
2016/0365(COD)
Proposal for a regulation
Article 23 – paragraph 1 – point a
Article 23 – paragraph 1 – point a
(a) all contractual obligations and other arrangements in the CCP's recovery plan are enforced either partially or in full, to the extent that they have not been exhausted before entry into resolution, unless the resolution authority determines that the use of resolution tools or the exercise of resolution powers is more appropriate to achieve the resolution objectives in a timely manner;
Amendment 478 #
2016/0365(COD)
Proposal for a regulation
Article 24 – paragraph 3 – subparagraph 1 – point e
Article 24 – paragraph 3 – subparagraph 1 – point e
(e) where the loss and position allocation tools are used, inform the decision on the extent of losses to be applied against affected creditors’ claims, outstanding obligations or positions in relation to the CCP and on the extent and necessity of a resolution cash call;
Amendment 484 #
2016/0365(COD)
Proposal for a regulation
Article 27 – paragraph 3 – subparagraph 2
Article 27 – paragraph 3 – subparagraph 2
The resolution authority mashall only partially enforce the contractual obligations referred to in points (a) and (b) where it is not possible to enforce those contractual obligations in full within a reasonable timeframeshould this be sufficient to restore the CCP's ability to comply with the conditions for authorisation and to continue to carry out its critical functions.
Amendment 504 #
2016/0365(COD)
Proposal for a regulation
Article 28 – paragraph 3 – subparagraph 2 – point c
Article 28 – paragraph 3 – subparagraph 2 – point c
(c) to recapitalise the CCP and replenish its pre-funded financial resources to an extent sufficient to restore its ability to comply with the condfacilitate restoration of a matched book by providing the CCP with funds to meet an auction bid which enables the CCP to allocate the defaulter's positions for authorisation and to continue to carry out its critical functionsto make payments on the contracts terminated pursuant to Article 29;
Amendment 505 #
2016/0365(COD)
Proposal for a regulation
Article 28 – paragraph 3 a (new)
Article 28 – paragraph 3 a (new)
3a. In a default event, the use of position and loss allocation tools shall not include the power for the resolution authority to reduce the value of the collateral posted to the CCP by non- defaulting clearing members as initial margin related to those services or to otherwise reduce the value of or extinguish the CCP's obligation to return or redeliver initial margin to (non- defaulting) clearing members.
Amendment 507 #
2016/0365(COD)
Proposal for a regulation
Article 29 – paragraph 1 – introductory part
Article 29 – paragraph 1 – introductory part
1. The resolution authority may terminate certain or all of the following contracts :contracts cleared by the CCP in resolution.
Amendment 508 #
2016/0365(COD)
Proposal for a regulation
Article 29 – paragraph 1 – point a
Article 29 – paragraph 1 – point a
Amendment 509 #
2016/0365(COD)
Proposal for a regulation
Article 29 – paragraph 1 – point b
Article 29 – paragraph 1 – point b
Amendment 510 #
2016/0365(COD)
Proposal for a regulation
Article 29 – paragraph 1 – point c
Article 29 – paragraph 1 – point c
Amendment 512 #
2016/0365(COD)
Proposal for a regulation
Article 29 – paragraph 2
Article 29 – paragraph 2
2. The resolution authority may only terminate the contracts referred to in point (a) of paragraph 1of the clients of the clearing member in default where the transfer of the assets and positions resulting from those contracts has not taken place within the meaning of Article 48(5) and (6) of Regulation (EU) No 648/2012.
Amendment 516 #
2016/0365(COD)
Proposal for a regulation
Article 30 – paragraph 1
Article 30 – paragraph 1
1. TFollowing a default event the resolution authority may reduce the valueamount of the CCP's payment obligations to non-defaulting clearing members and their clients where those obligations arise from gains due in accordance with the CCP's processes for paying variation margin or an economically identicalequivalent payment.
Amendment 521 #
2016/0365(COD)
Proposal for a regulation
Article 30 – paragraph 5 a (new)
Article 30 – paragraph 5 a (new)
5a. Contracts with investment firms conducted under a binding written agreement as referred to in Article 17(3)(b) of Directive 2014/65/EU shall be excluded from the provisions of this Article.
Amendment 526 #
2016/0365(COD)
Proposal for a regulation
Article 32 – paragraph 1 – subparagraph 2
Article 32 – paragraph 1 – subparagraph 2
Amendment 535 #
2016/0365(COD)
Proposal for a regulation
Article 42 – paragraph 4 – point b a (new)
Article 42 – paragraph 4 – point b a (new)
(ba) any non-defaulting clearing members that have suffered losses prior to resolution.
Amendment 536 #
2016/0365(COD)
Proposal for a regulation
Article 43 – paragraph 1 – subparagraph 1 – point b
Article 43 – paragraph 1 – subparagraph 1 – point b
(b) the bridge CCP shall be authorised take over the authorisations of the CCP under resolution to provide the services or carry out the activities resulting from the transfer referred to in Article 42(1) in accordance with Regulation (EU) No 648/2012, Directive 98/26/EC and Directive (EU) 2015/849.
Amendment 537 #
2016/0365(COD)
Proposal for a regulation
Article 43 – paragraph 1 – subparagraph 2
Article 43 – paragraph 1 – subparagraph 2
Where the bridge CCP is not authorised as required pursuant to point (b) of paragraph 1, the resolution authority shall seek the approval of the competent authority for carrying out the transfer referred to in Article 42(1). Where the competent authority approves that transfer, it shall indicate the period for which the bridge CCP's obligation to comply with the requirements of Regulation (EU) No 648/2012 is, Directive 98/26/EC and Directive (EU) 2015/849 are waived. That period shall be no longer than 12 months.
Amendment 539 #
2016/0365(COD)
Proposal for a regulation
Article 44
Article 44
Amendment 543 #
2016/0365(COD)
Proposal for a regulation
Article 45 – paragraph 1 – introductory part
Article 45 – paragraph 1 – introductory part
1. The resolution authorityA Member State may use the government stabilisation tools in accordance with Articles 46 and 47 for the purpose of resolving a CCP where the following conditions are met:
Amendment 544 #
2016/0365(COD)
Proposal for a regulation
Article 45 – paragraph 1 – point c a (new)
Article 45 – paragraph 1 – point c a (new)
(ca) funds can be recouped by the CCP over time if not retrieved in full through the sale to private purchasers in accordance with Article 46(3);
Amendment 547 #
2016/0365(COD)
Proposal for a regulation
Article 45 – paragraph 1 – point d
Article 45 – paragraph 1 – point d
Amendment 563 #
2016/0365(COD)
Proposal for a regulation
Article 60 – paragraph 1 – introductory part
Article 60 – paragraph 1 – introductory part
Where the resolution authority uses one or more resolution tools, it shallould aim to ensure that shareholders, creditors and clearing participants do not incur:, clearing members and their clients do not incur greater losses than they would have incurred had the resolution authority not taken resolution action in relation to the CCP at the time the resolution authority considered that the conditions for resolution pursuant to Article 22(1) were met and had they instead been subject to all possible outstanding obligations pursuant to the CCP's recovery plan, including termination of all outstanding contracts held in the CCP and all other contractual arrangements in its operating rules for either a default or a non-default event and had the CCP been wound up under normal insolvency proceedings.
Amendment 566 #
2016/0365(COD)
Proposal for a regulation
Article 60 – paragraph 1 – point a
Article 60 – paragraph 1 – point a
Amendment 568 #
2016/0365(COD)
Proposal for a regulation
Article 60 – paragraph 1 – point b
Article 60 – paragraph 1 – point b
Amendment 575 #
2016/0365(COD)
Proposal for a regulation
Article 61 – paragraph 2 – point a
Article 61 – paragraph 2 – point a
(a) the treatment that shareholders, creditors and clearing participamembers or their clients would have received had the resolution authority not taken resolution action in relation to the CCP the resolution authority considered that the conditions for resolution pursuant to Article 22(1) were met, and they had instead been subject to the enforcement of possible outstanding obligations pursuant to the CCP's recovery plan or, including termination of all outstanding contracts held in the CCP and other arrangements in its operating rules orand the CCP had been wound up under normal insolvency proceedings;
Amendment 583 #
2016/0365(COD)
Proposal for a regulation
Article 65 – paragraph 1 – introductory part
Article 65 – paragraph 1 – introductory part
Amendment 581 #
2016/0362(COD)
Proposal for a directive
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
Directive 98/26/EC
Article 10 – paragraph 2 a (new)
Article 10 – paragraph 2 a (new)
Amendment 1090 #
2016/0360A(COD)
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1 – point a
Article 3 – paragraph 2 – subparagraph 1 – point a
(a) the provisions on the introduction of the new requirements for own funds and eligible liabilities in points (4)(b), (7) to (9), and (12(12) to (38) and (39) (b) to (40), which shall apply from 1 January 2019;
Amendment 12 #
2016/0182(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) The Union contributes to ensuring a high level of consumer protection and to placing consumers at the heart of the single market by supporting and complementing Member States' policies in seeking to ensure that citizens can fully reap the benefits of the internal market and that, in so doing, their legal and economic interests are properly addressed and defended. A well-functioning and trustworthy financial services sector is a key component of the single market and its cross-border capability. It requires a solid framework for regulation and supervision, which simultaneously ensures financial stability and focuses on supporting a sustainable economy. At the same time, it should provide a high level of protection to consumers and other financial services end-users, including retail investors, savers, insurance holders, pension fund participants, individual shareholders, borrowers or SMEs.
Amendment 21 #
2016/0182(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The evaluation by the Commission of the pilot project and the subsequent preparatory action carried out in 2015 concluded that the policy objectives have been generally achieved. Finance Watch and Better Finance have been working on complementary policy areas and targeted different audiences. Together they have covered, through their activities, most of the Union financial political agenda since 2012.
Amendment 22 #
2016/0182(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) BThe evaluation carried out by the Commission concluded that both organisations provided added value both to the sum of activities of their national members and to Union consumers in a way that national consumer advocacy groups were unable to deliver. NThe Commission evaluated national organisations dealing with all kinds of consumers' issues to be lacking technical expertise in policy areas related to financial services. In addition, no other similar organisations have been identified at Union level so far. TAlthough the evaluation also showed that no other applicant responded to the successive yearly calls for proposal since 2012, which tends to show that no other organisation is currently able to carry out similar Union- wide activitiesthe programme should be open to other potential beneficiaries if they meet the requirements of the programme.
Amendment 24 #
2016/0182(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) However, despite regular efforts, bBoth organisations did not manage to attract stable and significant funding from other donors, independent from the financial industry, and, therefore, remain heavily dependent on Union funding. Co- funding from the Union is therefore necessary to ensure the resources needed to achieve the desired policy objectives in the coming years, providing financial stability to those organisations who have so far managed to start-up their relevant activities in a short period of time. It is therefore necessary to establish a Union programme for the period 2017-2020 to support the activities of Finance Watch and Better Finance ('Programme').
Amendment 26 #
2016/0182(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) Continuing funding of Finance Watch and Better Finance for the period 2017-2020 along the same lines as for the preparatory action wcould ensure that the positive impacts of the activities of those organisations assessed favourably by the Commission so far are maintained. The financial envelope for the implementation of the Programme should be based on the average actual costs incurred by each beneficiary between 2012 and 2015. The co-funding a detailed projected budget with actual cost justifications and cannot be based on an arbitrary averatge should remain unchangedof previous spending.
Amendment 29 #
2016/0182(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) Every year before 31 Dec0 November, eachall beneficiaryies should submit a description of activities planned for the following year to achieve the policy objectives of the Programme. Those activities should be described in detail, including their objectives, expected results and impact, estimated costs and timeframe as well as relevant indicators to assess them.
Amendment 31 #
2016/0182(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) The financial interests of the Union shouldmust be protected through proportionate measures throughout the expenditure cycle, including the prevention, detection and investigation of irregularities, the recovery of funds lost, wrongly paid or incorrectly used and, where appropriate, administrative and financial penalties.
Amendment 32 #
2016/0182(COD)
Proposal for a regulation
Recital 17
Recital 17
Amendment 33 #
2016/0182(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. A Union programme (the ‘Programme’) is hereby established for the period from 1 January 2017 to 31 December 2020 to support the activities of the organisations referred to in Article 3, who contribute to the achievement of the policy objectives of the Union in relation to enhancing the involvement of consumers and other financial services end-users, as well as stakeholders representing their interests in Union policy making in the field of financial services.
Amendment 39 #
2016/0182(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point b
Article 1 – paragraph 2 – point b
(b) awareness and dissemination activities, including to a wide audience of non-experts in each Member State;
Amendment 44 #
2016/0182(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) to further enhance the participation of consumers and other financial services end-users of each Member State, as well as stakeholders representing their interests, in Union policy-making in the area of financial services;
Amendment 47 #
2016/0182(COD)
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
2. The objectives set out in paragraph 1 shall be closely monitored in particular through a yearly description of the actions performed by the beneficiaries of the Programme and an independently produced annual activity report, which shall include quantitative and qualitative indicators for each activity planned and conducted by the beneficiaries.
Amendment 48 #
2016/0182(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
Amendment 50 #
2016/0182(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. In order to benefit from the Programme, these beneficiaries shall remain non-governmental, non-profit- making legal entities, independent of industry, commerce or business. They shall have no other conflicting interests and represent through their members the interests of Union consumers and other end-users in the field of financial services. The Commission shall ensure continued compliance with these criteria for the duration of the Programme by including them in the annual work programmes referred to in Article 7 and by assessing annually whether the beneficiaries meet these criteria before awarding the action grants referred to in Article 4.
Amendment 54 #
2016/0182(COD)
Proposal for a regulation
Article 3 – paragraph 3
Article 3 – paragraph 3
Amendment 55 #
2016/0182(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. The financial envelope for the implementation of the Programme for the period from 1 January 2017 to 31 December 2020 shall be maximuma limited figure justified by detailed financial analysis and shall not exceed EUR 6 000 000 in current prices.
Amendment 57 #
2016/0182(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. In order to benefit from the Programme, the beneficiaries shall submit every year before 31 Dec0 November to the Commission a proposal describing the activities referred to in Article 1 planned for the following year.
Amendment 60 #
2016/0182(COD)
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. The European Anti-fraud Office (OLAF) mayshall carry out on-the-spot checks and inspections on economic operators concerned directly or indirectly by such funding in accordance with the procedures laid down in Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council6 and in Council Regulation (Euratom, EC) No 2185/967 with a view to establishing whether there has been fraud, corruption or any other illegal activity affecting the financial interests of the Union in connection with a grant agreement or grant decision or a contract funded, directly or indirectly, under this Programme. _________________ 6 Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council of 11 September 2013 concerning investigations conducted by the European Anti-Fraud Office (OLAF) and repealing Regulation (EC) No 1073/1999 of the European Parliament and of the Council and Council Regulation (Euratom) No 1074/1999 (OJ L 248, 18.9.2013, p. 1). 7 Council Regulation (Euratom, EC) No 2185/96 of 11 November 1996 concerning on-the-spot checks and inspections carried out by the Commission in order to protect the European Communities’ financial interests against fraud and other irregularities (OJ L 292, 15.11.1996, p. 2).
Amendment 1 #
2016/0034(COD)
Proposal for a regulation
Recital 11a (new)
Recital 11a (new)
(11a) Investment firms often execute, on their own account or on behalf of clients, transactions in derivatives and other financial instruments or assets that comprise a number of interlinked, contingent trades. Such package transactions enable investment firms and their clients to better manage their risks, with the price of each component of the package transaction reflecting the overall risk profile of the package rather than the prevailing market price of each component. Package transactions can take various forms, such as exchange for physicals, trading strategies executed on trading venues, or bespoke package transactions, and it is important to take those specificities into account when calibrating the applicable transparency regime. It is therefore appropriate to specify for the purpose of Regulation (EU) No 600/2014 the specific circumstances in which pre-trade transparency should not apply to package transactions, nor to any individual component of such transactions.
Amendment 2 #
2016/0034(COD)
Proposal for a regulation
Article 1
Article 1
(-1) In Article 1, the following paragraph is inserted: ‘6a. Title II and Title III shall not apply to securities financing transactions as defined in Article 3(11) of Regulation (EU) 2015/2365.’ (-2) In Article 2(1), the following point is inserted: '(28a) ‘securities financing transaction’ or ‘SFT’ means a securities financing transaction as defined in Article 3(11) of Regulation (EU) 2015/2365;'
Amendment 3 #
2016/0034(COD)
Proposal for a regulation
Article 1
Article 1
Amendment 2 #
2016/0033(COD)
Proposal for a directive
Article 1 – point -1 (new)
Article 1 – point -1 (new)
Directive 2014/65/EU
Article 2 – paragraph 1 – point d – point ii
Article 2 – paragraph 1 – point d – point ii
(-1) Point (d)(ii) of Article 2(1) is replaced by the following: ‘are either members of or participants in a regulated market or an MTF, on the one hand, or have direct electronic access to a trading venue, on the other hand, and in either case are engaging in a high- frequency algorithmic trading strategy on such a trading venue;’.
Amendment 9 #
2016/0010(CNS)
Proposal for a directive
Recital 2
Recital 2
(2) As Multi National Enterprise (MNE) Groups are active in different countries, they have the possibility of engaging in aggressive tax planning practices that are not available for domestic companies. When MNEs do so, purely domestic companies, normally small and medium- sized enterprises (SMEs) may be particularly affected as their tax burden is higher than that of MNE Groups. On the other hand, all Member States may suffer revenue losses and there is the risk of competition to attract MNE Groups by offering them further tax benefits. There is therefore a problem for the proper functioning of the Internal Market.
Amendment 29 #
2016/0010(CNS)
Proposal for a directive
Recital 4
Recital 4
(4) Increased transparency towardsAn adequate level of information provided to and exchanged between national tax authorities could have the effect of giving MNE Groups an incentive to abandon certain practices and pay their fair share of taxpay their tax due in the country where profits are made. Enhancing transparency for MNE Groups is therefore an essential part of tackling base erosion and profit shifting.
Amendment 73 #
2016/0010(CNS)
Proposal for a directive
Recital 18 a (new)
Recital 18 a (new)
(18a) Member States' yearly report to the Commission under this Directive, should detail the extent of local filing under Article 8aa and Point 1, Section II, Annex III of this Directive and contain a list of any jurisdictions where ultimate parent entities of Union-based constituent entities are resident, but full reports have not been filed or exchanged.
Amendment 74 #
2016/0010(CNS)
Proposal for a directive
Recital 18 b (new)
Recital 18 b (new)
(18b) The information exchanged under this Directive does not lead to the disclosure of a commercial, industrial or professional secret or of a commercial process, or of information the disclosure of which would be contrary to public policy.
Amendment 6 #
2015/2326(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Considers that the effectiveness of EU law is systematically undermined by its unsatisfactory application by Member States; notes that this lack of enforcement is at the root of a number of European crisescreates an unlevel playing field within the single market;
Amendment 11 #
2015/2326(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Considers that unrealistic implementation deadlines for legislation can lead to an inability of Member States to comply which provides tacit endorsement to delaying application; Calls upon the Commission to provide realistic timetables for implementation of regulations and directives prior to conclusion of the legislative procedure, taking due account of necessary scrutiny and consultation periods;
Amendment 41 #
2015/2326(INI)
Draft opinion
Paragraph 7
Paragraph 7
7. Is very concerned by the fact that the Deposit Guarantee Scheme Directive (DGSD) has still not been implemented by 10 Member States6 , which undermines the efforts to build a European Deposit Guarantee Scheme that would complete the Banking Unioncitizens' trust in the banking sector and calls therefore for timely implementation of existing Banking Union legislation and enhanced dialogue with sector experts to evaluate the impact and effectiveness of adopted legislation; Calls on the Commission to carry out a thorough assessment of the potential risks in the context of the European Deposit Insurance Scheme; __________________ 6 Belgium, Cyprus, Estonia, Greece, Italy, Luxembourg, Poland, Romania, Slovenia and Sweden; Commission press release, 10 December 2015.
Amendment 61 #
2015/2326(INI)
Draft opinion
Paragraph 9
Paragraph 9
9. Believes that the Commission should only propose more regulations and fewerinstead of directives in orderwhen it is essential for creating a single market and to ensure a level playing field among the Member States vis-à-vis legislation;
Amendment 67 #
2015/2326(INI)
Draft opinion
Paragraph 10
Paragraph 10
10. Is of the opinion that financial penalties for non-compliance with EU law should include a multiplierbe enforced for those Member States for which several procedures are open;
Amendment 73 #
2015/2326(INI)
Draft opinion
Paragraph 11
Paragraph 11
11. Supports the creation of a subcommittee of the Committee on Constitutional Affairs to focus on monitoring the application of EU law in the Member States.tresses the importance of regular monitoring of the implementation of financial legislation to evaluate implementation problems, unintended consequences and elements which could be reformed, updated or removed, in line with Better Regulation principles; In this regard, calls on the Commission to report to the economic and monetary affairs committee on the state of play of implementation and application of legislation on a regular basis, which would provide a necessary forum to enhance dialogue and address specific concerns;
Amendment 10 #
2015/2233(INI)
Draft opinion
Paragraph 1 – point a a (new)
Paragraph 1 – point a a (new)
(aa) to ensure that the agreement contains ambitious yet balanced disciplines and provisions covering the supply of insurance and insurance related services as well as banking and other financial services across all modes of supply;
Amendment 12 #
2015/2233(INI)
Draft opinion
Paragraph 1 – point a b (new)
Paragraph 1 – point a b (new)
(ab) to negotiate provisions that ensure that financial service suppliers of any one Party established in its territory of another are accorded most favoured nation treatment and national treatment as regards the purchase or acquisition of financial services by public entities;
Amendment 20 #
2015/2233(INI)
Draft opinion
Paragraph 1 – point b a (new)
Paragraph 1 – point b a (new)
(ba) considers that the GATS prudential carve out contained in the annex on financial services has functioned well and without issue in ensuring that governments retain the ability to take actions necessary to maintain the stability and integrity of the financial system and should, notwithstanding any other provision of the agreement, be mirrored by provisions in TiSA;
Amendment 22 #
2015/2233(INI)
Draft opinion
Paragraph 1 – point b b (new)
Paragraph 1 – point b b (new)
(bb) to include provisions covering Mode IV supply that allow for the temporary movement of highly qualified professionals across borders for a specific purpose, for a limited period of time, and under condition stipulated by a contract and domestic legislation, while recognising that TiSA does not apply to measures affecting natural persons seeking access to the employment market of a party, nor measures regarding citizenship residence or employment on a permanent basis;
Amendment 32 #
2015/2233(INI)
Draft opinion
Paragraph 1 – point c
Paragraph 1 – point c
(c) to put stronger pressure on other negotiating parties to accept China’s request to join the negotiations, provided that China is prepared to match the ambition of the parties and agree to provisions already agreed and to continue offering this path to other BRICS countries;
Amendment 40 #
2015/2233(INI)
Draft opinion
Paragraph 1 – point d
Paragraph 1 – point d
(d) to ensure that the TiSA in no way hinders the negotiating agenda of the WTO, but, rather, fosters a valuable discussion on establishing ‘gold standards’ for tackling trade obstacles and developing regulatory best practices for financial services, and also prepares the ground for its possible adoption at multilateral level, provided that China is prepared to match the ambition of the parties and agree to provisions already agreed;
Amendment 32 #
2015/2147(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Points out that, for the digital economy to flourish, access to capital for both new and existing enterprises must be improved; welcomes the work of the Commission on the Capital Markets Union; encourages further legislative harmonconsultation and evaluation of existing and future legislation in areas such as crowd-funding and digital currencies so it can be tailored to encourage innovation while protecting investors;
Amendment 40 #
2015/2147(INI)
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Calls for support to be given by ESMA to innovations in regulated sectors such as post trade infrastructure and data reporting to ensure that regulation is not used as a barrier to entry by existing market players to hinder development of new technologies which could increase efficiency and reduce costs, such as block chain and distributed ledger technology;
Amendment 42 #
2015/2147(INI)
Draft opinion
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Calls upon the Commission to take full account of the specificities of financial data and the needs of global regulators and supervisors when negotiating data privacy and data sharing agreements;
Amendment 45 #
2015/2147(INI)
Draft opinion
Paragraph 4
Paragraph 4
Amendment 53 #
2015/2147(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Considers that a cross-bordercoordinating taxation system is needed toacross the European Union would assist in createing a true European Single Market and help to prevent the tax avoidance practices used by several digital platforms, as highlighted by recent inquiries; calls on the Commission to support extending the public country-by- country reporting regime on taxes for multinational companies to all sectors;
Amendment 62 #
2015/2147(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Calls for support for small businesses and for the single market to be fit for purpose in a digital age; In this regard, stresses concern about VatMoss rules which are hampering small online entrepreneurs by obliging them to collect and process VAT payments, even if they conduct a small volume of overseas trade; Welcomes in this regard recent suggestions from the Commission on the introduction of minimum thresholds but believes that an interim solution is also urgently required;
Amendment 86 #
2015/2147(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Supports the Commission’s decision to review internet platforms; encourages the Commission to create a legislative framework ensuring the development of innovative ideas, protection of work standards and compliance with existing fiscal rules; Acknowledges that the rapid rate of technological developments in the digital market calls for a technologically neutral framework for future initiatives;
Amendment 10 #
2015/2106(INI)
Motion for a resolution
Recital A
Recital A
A. whereas in recent years an ambitious reform agenda for the EU financial sector has been launched to strengthen financial regulation and supervision, restore financial stability and make the financial system more resilient to shocks and better serve the needs of investors;
Amendment 28 #
2015/2106(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Notes that the Commission communication entitled ‘A reformed financial sector for Europe’ provides a first stocktaking of the financial sector reforms but fails to provide a full assessment or quantitative analysis of the overall effects and the interaction of the individual measures;
Amendment 61 #
2015/2106(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is concerned about the increased complexity, reflected in the greater amount, detail and number of layers of regulation and supervision with requirements at international, European and national level especially with regards to its application to non-financial end users of financial products;
Amendment 87 #
2015/2106(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Believes that an effective and efficient EU financial services regulation should be coherent, consistent (also on a cross- sectoral basis), proportionate, and free of superfluous complexity; believes that it should enable intermediaries to fulfil their role in channelling funding to the real economy and serve savers and investors; considers that it should contribute to the single market and focus on goals better achievable at European level;
Amendment 93 #
2015/2106(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Underlines the need to take stock of the financial services framework using both a quantitative and qualitative approach; notes that similar exercises are being undertaken in other jurisdictions, notably in the US;
Amendment 109 #
2015/2106(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that a single market for financial services serves businesses, but ultimately has to benefit customers and investors; insists that barriers to cross- border access, marketing and investment have to be analysed and addressed while maintaining the highest level of investor protection;
Amendment 113 #
2015/2106(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Believes that liquid markets are a cornerstone in ensuring well-functioning secondary markets which facilitate reasonably priced capital to companies and efficient investment for investors; future and current regulatory and taxation policies should be assessed for their impact upon liquidity;
Amendment 124 #
2015/2106(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Believes that consumer protection does not necessarily entail large volumes of information; is concerned that the multiplicity of customer information might not ultimately serve real customer needs; points to the necessity of a European initiative for more and better financial education tailored to the specific needs of each Member State;
Amendment 152 #
2015/2106(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Stresses the risk that financial institutions which are operating under the same regulator approved standard risk models under the BCBS revised standardised approach (SA), could lead to similar reactions in periods of stress, exacerbating price movements; stresses that policies should explicitly take into account the interactions between both individual and endogenous risk;
Amendment 163 #
2015/2106(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Expresses concern about the interaction between markets legislation and capital requirements where new entities have been brought into scope as regulated entities in the review of MiFID but the Capital Requirements Regulation has not been calibrated to reflect more diverse types of firms;
Amendment 164 #
2015/2106(INI)
Motion for a resolution
Paragraph 11 b (new)
Paragraph 11 b (new)
11b. Expresses concern that valid exemptions in EMIR for non-financial companies have been partly undone in the Capital Requirements Directive and Regulation with regards to the application of the CVA charge; calls upon the Commission to better perform its role in ensuring consistency in policy approach and outcome across different legislative proposals;
Amendment 165 #
2015/2106(INI)
Motion for a resolution
Paragraph 11 c (new)
Paragraph 11 c (new)
11c. Considers that specialised provisions in existing regulation for non-financial companies should be extended and made more proportionate so as to limit administrative burden and not reduce available capital to the economy for future investment; calls upon the Commission when reviewing EMIR to respond to difficulties in application of complex regimes by simplifying procedures but continue to recognise the purpose of the exemption to ensure that non-financial companies are not burdened by legislation aimed at financial market participants;
Amendment 166 #
2015/2106(INI)
Motion for a resolution
Paragraph 11 d (new)
Paragraph 11 d (new)
11d. Calls upon the Commission in the review of EMIR to examine the effect that lowering the quality of collateral accepted by CCPs could have upon the resilience of CCPs and consider whether certain market participants such as pension funds should be permanently exempt from central clearing should their participation decrease the stability of the overall financial system due to alternative non- cash collateral being accepted;
Amendment 182 #
2015/2106(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Welcomes the diversity of business models; calls for a differentiation in regulation and supervision regarding the nature, size, riskiness and complexity of entities, calls for a level playing field should not be used to limit competition;
Amendment 190 #
2015/2106(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls for an appropriate division of competences between EU and national level, bearing in mind that national supervisors have more knowledge of local market characteristics and are closer to the entities concerned; is concerned about the effect of a one-size-fits-all supervisory approach on smaller and primarily nationally active entities within the Single Supervisory Mechanism (SSM);
Amendment 204 #
2015/2106(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes the achievements in establishing a banking union primarily for the euro area; stresses that the next step has to be its full implementation, including full capitalisation of national Deposit Guarantee Schemes (DGS) and the Single Resolution Fund (SRF); emphasises the aim of avoiding moral hazard and ensuring that risk-takers bear the costs when their risks materialise; further changes and developments of the banking union should fully recognise the differing status of those non-euro area Member States outside of the SSM;
Amendment 215 #
2015/2106(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Reiterates the need for a level playing field within the EU, also with regard to SSM banks and the banks of non- participating Member States to ensure that the single market continues to be developed whilst recognising national specificities;
Amendment 221 #
2015/2106(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Acknowledges the traditional reliance of SMEs on bank funding due to their specific nature, different risk profiles and variety across Europe; calls on the Commission, in cooperation with the European Supervisory Authorities (ESAs) and the ECB, to analyse the obstacles to, and benefits of, the diversification of funding channels and how to enable banks to increase SME funding, widening choice for companies among different methods of funding for different stages of their development; suggests that the initiatives for improved SME funding should be expanded to mid-cap companies;
Amendment 229 #
2015/2106(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Calls upon the Commission to make active use of the SME Growth Market category established within MiFID in future financial services regulation to provide specialised regimes for companies listed upon those markets to encourage high growth companies to fulfil their potential within the EU; encourages Member States to use the SME Growth Market category to provide further lessening of the regulatory and tax burden within national legislation;
Amendment 246 #
2015/2106(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Recognises the efforts made to establish a more transparent securitisation market; emphasises that stringent requirements for underlying high-quality assets and calibrations according to the actual risk profile are necessary, bearing in mind the riskiness of securitisation as shown during the crisis, although recognising the differing experiences in the EU and the US; calls on the Commission to conduct a thorough assessment of the benefits of securitisation for SMEs and the marketability of securitisation instruments as a matter of priority, and to report to Parliament;
Amendment 261 #
2015/2106(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Underlines the need to streamline the content and frequency of reporting requirements and reporting fields, also by providing entities with one point of contact, in order to avoid any duplication of requirements and reporting channels; calls on the Commission, ESAs and SSM to examine which data are actually needed, to align templates and to provide simplifications and, for SMEs, exemptionencourage the use of a single reporting standard which has the flexibility to accommodate differentiation for SMEs and non- financial entities;
Amendment 262 #
2015/2106(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Underlines that reporting data is only useful to supervisors if it can be interrogated and internationally consistent; welcomes the developments made by industry in the development of ISO 20022 and calls upon the Commission and ESMA to follow the example of the ECB and mandate its use when developing new data reporting standards and for harmonising existing data reporting standards;
Amendment 277 #
2015/2106(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Stresses that efforts for a cultural change in the financial sector have to be pursued further; welcomes the UK’s Fair and Effective Markets Review and the approach taken to tools such as codes of conduct that can facilitate that culture change; acknowledges the benefits of relationship banking for consumers and SMEs;
Amendment 292 #
2015/2106(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Underlines the importance of the international framework with respect to its scope, methodologies and implications on the EU framework; calls on the Commission and ESAs to coordinate more closely with international bodies promoting EU interests; calls upon the Commission when proposing legislation implementing internationally agreed standards to take full account of those that call for proportionality and limit the scope of regulation wherever possible;
Amendment 303 #
2015/2106(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Points to the importance of equivalence decisions in addressing obstacles regarding market access and the respective regulatory frameworks, bearing in mind that such unilateral decisions must benefit European businesses and consumers as well as facilitate easier access to the EU single market by investors from third countries to provide the capital that EU businesses need to grow;
Amendment 304 #
2015/2106(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Asks the Commission to propose a consistent and coherent framework for decisions on third-country equivalenceExpresses concern at the number of different processes for third country jurisdictions to receive recognition under the different pieces of EU regulation; Asks the Commission to propose a consistent and coherent omnibus proposal to harmonise the procedure for decisions on third-country equivalence that would simplify the process, add transparency for third country jurisdictions and continue to allow capital to flow into the EU; demands that all equivalence decisions be adopted by means of delegated acts;
Amendment 328 #
2015/2106(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Calls on the Commission to ensure balanced participation in consultations by reflecting the diversity of stakeholders and providing better conditions for small stakeholders to participate; calls on the Commission to improve the interactivity of the consultation process when drafting delegated acts so stakeholders are made aware of the reasons their views were or were not taken into account and so are better able to implement rules effectively;
Amendment 338 #
2015/2106(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Welcomes the objectives of the better regulation agenda; underlines the role of REFIT in achieving an efficient and effective financial services regulation; supports the Commission’s proposal that more impact assessments should be undertaken during or post trilogue so that significant changes introduced by the co-legislators are evidence based;
Amendment 345 #
2015/2106(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Believes that the ESAs and SSM have a crucial role to play in achieving the objectives of better regulation and supervision and are well placed to ensure coherence between differing pieces of legislation when they are drafting RTS and ITS;
Amendment 351 #
2015/2106(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Highlights that the revision of the ESA Regulations has to reflect the accountability and transparency provisions for enhanced Parliament scrutiny, as laid down in the SSM and SRM Regulations; emphasises that the independence of the ESAs from the Commission should be reinforced and their observer status not be extended to active participation in ESA meetings or working groups;
Amendment 354 #
2015/2106(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Stresses the need to respect the interplay, consistency and coherence between the basic acts and delegated and implementing acts; insists that the Commission and the ESAs, when drafting delegated and implementing acts and guidelines, stick to the empowerments laid down in the basic acts and respect the co- legislators’ agreement; it is of paramount importance that level 2 measures do not amount to policy decisions that were not envisaged by the co-legislators;
Amendment 359 #
2015/2106(INI)
Motion for a resolution
Paragraph 32 a (new)
Paragraph 32 a (new)
32a. Calls upon the ESAs, when drafting regulatory technical standards, to follow the same working practice for consulting the Parliament and Member States as the Commission does when drafting delegated acts, providing formal drafting and discussing changes in approach before the RTS are adopted;
Amendment 375 #
2015/2106(INI)
Motion for a resolution
Paragraph 38
Paragraph 38
38. Calls on the ESAs to make use of the their right to request information on how basic acts are applied by Member States and more actively use the peer review process to enhance supervisory convergence across Member States;
Amendment 380 #
2015/2106(INI)
Motion for a resolution
Paragraph 40
Paragraph 40
40. Calls on the Commission and ESAs to conduct regular (at least annual) coherence and consistency checks, also on a cross- sectoral basis and on every draft legislative act, using it to revise and reissue RTS and ITS where necessary and to dedicate resources to this activity;
Amendment 387 #
2015/2106(INI)
Motion for a resolution
Paragraph 41
Paragraph 41
41. Calls on the Commission and ESAs to conduct regular (at least annual) proportionality checks, particularly with regard to the requirements applicable for small and medium-sized market participants, and new technological innovations and on every draft legislative act, and to dedicate resources to this activity;
Amendment 395 #
2015/2106(INI)
Motion for a resolution
Paragraph 42
Paragraph 42
42. Stresses that the impact of individual legislative measures differs from their cumulative impact; calls on the Commission services, in corporation with the ESAs, SSM and ESRB, to conduct a comprehensive quantitative and qualitative assessment every five years of the cumulative impact of the EU financial services regulation at EU and Member State level ensuring that it is not impeding the development of the economy;
Amendment 424 #
2015/2106(INI)
Motion for a resolution
Paragraph 43 – indent 9 a (new)
Paragraph 43 – indent 9 a (new)
– the effect on non-financial entities,
Amendment 143 #
2015/0268(COD)
Proposal for a regulation
Recital 9
Recital 9
Amendment 149 #
2015/0268(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) For offers of securities to the public of a consideration below EUR 510 000 000, the cost of producing a prospectus in accordance with this Regulation is likely to be disproportionate to the envisaged proceeds of the offer. It is therefore appropriate that the requirement to draw up a prospectus under this Regulation should not apply to offers of such small scale. Member States should refrain to impose at national level disclosure requirements which would constitute a disproportionate or unnecessary burden in relation to such offers and thus increase fragmentation of the internal market.
Amendment 153 #
2015/0268(COD)
Proposal for a regulation
Recital 13
Recital 13
Amendment 160 #
2015/0268(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) Where an offer of securities is addressed exclusively to a restricted circle of investors who are not qualified investors or are sophisticated investors falling within Article 6 of Regulation (EU) No 345/2013 of the European Parliament and of the Council on European venture capital funds, drawing up a prospectus represents a disproportionate burden in view of the small number of persons targeted by the offer, thus no prospectus should be required. This should apply for example to an offer addressed to relatives or personal acquaintances of the managers of a company.
Amendment 168 #
2015/0268(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) A valid prospectus, drawn up by the issuer or the person responsible for drawing up the prospectus and available to the public at the time of the final placement of securities through financial intermediaries or in any subsequent resale of securities, provides sufficient information for investors to make informed assessments of the assets and liabilities, profits and losses, financial position and prospects of the issuer and any guarantor, and the rights attaching to the securities for the purpose of investment decisions. Therefore, financial intermediaries placing or subsequently reselling the securities should be entitled to rely upon the initial prospectus published by the issuer or the person responsible for drawing up the prospectus as long as it is valid and duly supplemented and the issuer or the person responsible for drawing up the prospectus consents to its use. The issuer or the person responsible for drawing up the prospectus should be allowed to attach conditions to his or her consent. The consent to use the prospectus, including any conditions attached thereto, should be given in a written agreement enabling assessment by relevant parties of whether the resale or final placement of securities complies with the agreement. In the event that consent to use the prospectus has been given, the issuer or person responsible for drawing up the initial prospectus should be liable for the information stated therein and in the case of a base prospectus, for providing and filing final terms and no other prospectus should be required. However, in the event that the issuer or the person responsible for drawing up such initial prospectus does not consent to its use, the financial intermediary should be required to publish a new prospectus. In that case, the financial intermediary should be liable for the information in the prospectus, including all information incorporated by reference and, in the case of a base prospectus, final terms.
Amendment 170 #
2015/0268(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) Harmonisation of the information contained in the prospectus should provide equivalent investor protection at Union level. In order to enable investors to make an informed investment decision, that information should be sufficient and objective including with regard to the financial circumstances of the issuer and the rights attaching to the securities, and should be provided in an easily analysable, succinct and comprehensible form. Those requirements should apply to all types of prospectuses drawn up in accordance with this Regulation, including those following the minimum disclosure requirements for secondary issuances and for SMEs. A prospectus should not contain information which is not material or specific to the issuer and the securities concerned, as this could obscure the information relevant to the investment decision and thus undermine investor protectioninvestors and thus undermine investor protection. Therefore, the information which is included in a prospectus should be adapted to reflect the nature and circumstances of the issuer, the type of securities, the type of investor targeted by an offering, any market to which the securities are to be admitted to trading, and the likely knowledge of investors and the information that is available to them because it has been made public under other legal or regulatory requirements.
Amendment 173 #
2015/0268(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) The summary ofintroduction to the prospectus should be a useful source of information for investors, in particular retail investors. It should be a self-contained part of the prospectus and should focus on keyhighlighting relevant information that investors need in order to be able to decide which offers and admissions to trading of securities to consider further. Such keyThe foregoing implies that information produced in the introduction is not replicated within the main body of the prospectus unless absolutely necessary. Such relevant information should convey the essential characteristics of, and risks associated with, the issuer, any guarantor, and the securities offered or admitted to trading on a regulated market. It should also provide the general terms and conditions of the offer. In particular, the presentation of risk factors in the summaryintroduction should consist of a limited selection of specific risks which the issuer considers to be theof most material relevance to the investor when making decisiones.
Amendment 177 #
2015/0268(COD)
Proposal for a regulation
Recital 22 a (new)
Recital 22 a (new)
(22a) Listing the risk factors presented in the introduction to the prospectus should be of relevance to the specific offering and solely for the benefit of investors and not to give general statements on investment risk or to limit the liability of the sponsors of the offering.
Amendment 179 #
2015/0268(COD)
Proposal for a regulation
Recital 23
Recital 23
Amendment 189 #
2015/0268(COD)
Proposal for a regulation
Recital 40
Recital 40
(40) Once a class of securities is admitted to trading on a regulated market, investors are provided with ongoing disclosures by the issuer under Regulation (EU) 596/2014 of the European Parliament and of the Council12 and Directive 2004/109/EC. The need for a full prospectus is therefore less acute in case of subsequent offers to the public or admissions to trading by such an issuer. A distinct prospectus should therefore be available for use in case of secondary issuances and its content should be alleviated compared to the normal regime, taking into account the information already disclosed. Still, investors need to be provided with consolidated and well- structured information on such elements as the terms of the offer and its context, including the working capital statement, the use of proceeds, and the specific risk factors specificrelating to the issuer and the securities, board practices, directors’ remuneration, shareholding structure or relating-party transactions. As such information is not required to be disclosed on an ongoing basis under Regulation (EU) 596/2014 and Directive 2004/109/EC, it is appropriate that arising in each case from the prospectus drawn up in case of secondary issuance should at least include this informationific offer or admission to trading. __________________ 12 Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC, (OJ L 173, 12.6.2014, p. 1).
Amendment 195 #
2015/0268(COD)
Proposal for a regulation
Recital 42
Recital 42
Amendment 198 #
2015/0268(COD)
Proposal for a regulation
Recital 43 a (new)
Recital 43 a (new)
(43a) In order to encourage the use of capital market financing by SMEs, the pan-Union proportionate regime developed in this Regulation should ensure that special consideration is given to SME growth markets, operating as MTFs, and to those medium-sized, privately held companies that have chosen to access debt instruments.
Amendment 201 #
2015/0268(COD)
Proposal for a regulation
Recital 44
Recital 44
(44) The minimum information required to be disclosed by SMEs under the specific disclosure regime should be calibrated in a way that focuses on information that is material and relevant for companies of such size and their investors, and should aim at ensuring proportionality between the size of the company and its fundraising needs, on the one hand, and the cost of producing a prospectus, on the other hand. In order to ensure SMEs can draw up prospectuses without incurring costs that are not proportionate to their size, and thus the size of their fundraising, the specific disclosure regime for SMEs should be more flexible than that applying to companies on regulated markets to the extent compatible with ensuring that the key information necessary to thematerial to investors is disclosed.
Amendment 208 #
2015/0268(COD)
Proposal for a regulation
Recital 47
Recital 47
(47) Favourable treatments granted to issuances of non-equity securities with a denomination per unit in excess of EUR 100 000 may distort the structure of debt markets, create impediments to proper diversification of portfolios and to the development of electronic trading platforms, thus undermining liquidity on the secondary market, and may reduce investment choice for retail investors by depriving them of the opportunity to acquire investment-grade corporate bonds. In addition, the high minimum settlement amount rules imposed on central securities depositories by some Union issuers create operational inefficiencies and risks for financial market infrastructures and their participants in relation to post-trade services. It is therefore appropriate to remove the prospectus exemption for offers of non- equity securities whose denomination per unit amounts to at least EUR 100 000 and the lower standard of disclosure granted to prospectuses concerning such non-equity securities, featured originally in Directive 2003/71/EC. In particular, it is appropriate to unify the minimum information requirements for non-equity prospectuses, thereby replacing the dual standard of disclosure between issuances targeting qualified investors only and issuances targeting non-qualified investors.
Amendment 210 #
2015/0268(COD)
Proposal for a regulation
Recital 48
Recital 48
(48) The primary purpose of including risk factors in a prospectus is to ensure that investors make an informed assessment of such risks and thus take investment decisions in full knowledge of the facts. Risk factors should therefore be limited to those risks which are material and specific tospecific to the operational and investment risk faced by the issuer and its securities and which are corroborated by the content of the prospectus. A prospectus should not contain risk factors which are generic and only serve as disclaimers, as these could obscure more specific risk factors that investors should be aware of, thereby preventing the prospectus from presenting information in an easily analysable, succinct and comprehensible form. To help investors identify the most material risks, the issuer should be required to group specific risk factors together and allocate them across categories based on levels of materiality. A limited number of risk factors selected by the issuer from the category of highest materiality should be included in the summary.
Amendment 218 #
2015/0268(COD)
Proposal for a regulation
Recital 55
Recital 55
(55) Since the internet ensures easy access to information, and in order to ensure better accessibility for investors, the approved prospectus should always be published in an electronic form. The prospectus should be published on a dedicated section of the website of the issuer, the offeror or the person asking for admission, or, where applicable, on the website of the financial intermediaries placing or selling the securities, including paying agents, or on the website of the regulated market where the admission to trading is sought, or of the operator of the multilateral trading facility, and be transmitted by the competent authority to ESMA along with the relevant data enabling its classification. ESMA should provide a centralised storage mechanism of electronic prospectuses allowing access free of charge and appropriate search facilities for the public. Prospectuses should remain publicly available for at least 10 years after their publication, to ensure that their period of public availability is aligned with that of annual and half-yearly financial reports under Directive 2004/109/EC. The prospectus should however always be available to investors in paper form, free of charge and on request.
Amendment 233 #
2015/0268(COD)
Proposal for a regulation
Recital 61
Recital 61
(61) In order to ensure that the purposes of this Regulation will be fully achieved, it is also necessary to include within its scope securities issued by issuers governed by the laws of third countries. Third country issuers drawing up a prospectus under this Regulation should appoint a representative among the entities which carry out activities that are regulated and supervised under EU financial services regulation, to serve as a contact point for the purposes of this Regulation. The representative should ensure compliance, jointly with the issuer, with the provisions of this Regulation. In order to ensure exchanges of information and cooperation with third-country authorities in relation to the effective enforcement of this Regulation, competent authorities should conclude cooperation arrangements with their counterparts in third countries. Any transfer of personal data carried out on the basis of those agreements should comply with Directive 95/46/EC and with Regulation (EC) No 45/2001 of the European Parliament and of the Council.
Amendment 238 #
2015/0268(COD)
Proposal for a regulation
Recital 67
Recital 67
(67) Although Member States may lay down rules for administrative and criminal penalties for the same infringements, Member States should not be required to lay down rules for administrative penalties for the infringements of this Regulation which are subject to national criminal law by [enter date of application of this Regulation]. In accordance with national law, Member States are not obliged to impose bothThis Regulation specifies minimum requirements for Member States to lay down rules for administrative and criminal penalties for the same offence, but they should be able to do so if their national law so permits. However, the maintenance of criminal penalties instead of administrative penalties for infringements of this Regulation should not reduce or otherwise affect the ability of competent authorities to cooperate, access and exchange information in a timely way with competent authorities in other Member States for the purposes of this Regulation, including after any referral of the relevant infringements to the competent judicial authorities for criminal prosecutioninfringements. That provision should ensure that the same penalty applies across the Union for any infringements.
Amendment 246 #
2015/0268(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point a
Article 1 – paragraph 2 – point a
(a) units issued by collective investment undertakings other than the closed-end type;
Amendment 248 #
2015/0268(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point b
Article 1 – paragraph 2 – point b
(b) non-equity securities issued by a Member State or by one of a Member State's regional or local authorities, by public international bodies of which one or more Member States are members, by the European Central Bank or by the central banks of the Member States;
Amendment 255 #
2015/0268(COD)
Proposal for a regulation
Article 1 – paragraph 2 – point f
Article 1 – paragraph 2 – point f
Amendment 264 #
2015/0268(COD)
Proposal for a regulation
Article 1 – paragraph 3 – point b
Article 1 – paragraph 3 – point b
(b) an offer of securities addressed to fewer than 1500 natural or legal persons per Member State, other than qualified investors; , sophisticated investors, existing employees or shareholders;
Amendment 278 #
2015/0268(COD)
Proposal for a regulation
Article 1 – paragraph 3 – point d
Article 1 – paragraph 3 – point d
(d) an offer of securities with a total consideration in the Union of less than EUR 510 000 000, which shall be calculated over a period of 12 months;
Amendment 282 #
2015/0268(COD)
Proposal for a regulation
Article 1 – paragraph 3 – point d a (new)
Article 1 – paragraph 3 – point d a (new)
(da) an offer of securities addressed solely to sophisticated investors;
Amendment 296 #
2015/0268(COD)
Proposal for a regulation
Article 1 – paragraph 4 – point h – point i
Article 1 – paragraph 4 – point h – point i
Amendment 297 #
2015/0268(COD)
Proposal for a regulation
Article 1 – paragraph 5
Article 1 – paragraph 5
Amendment 303 #
2015/0268(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point e a (new)
Article 2 – paragraph 1 – point e a (new)
(ea) 'sophisticated investor' means a person or entity within the meaning of Article 6(1) of Regulation (EU) No 345/2013;
Amendment 318 #
2015/0268(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point m – point iii – introductory part
Article 2 – paragraph 1 – point m – point iii – introductory part
(iii) for all issuers of securities established in a third country which are not mentioned in point (ii), the Member State where the securities are intended to be offered to the public for the first time or where the first application for admission to trading on a regulated market is made, at the choice of the issuer, the offeror or the person asking for admission, subject to a subsequent choice by issuers established in a third country in either of the following circumstances:
Amendment 323 #
2015/0268(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point o – introductory part
Article 2 – paragraph 1 – point o – introductory part
(o) ‘collective investment undertaking other than the closed-end type’ means unit trusts and investment companies with both of the following characteristics:’ means undertakings for collective investment in transferable securities (UCITS) authorised in accordance with Article 5 of Directive 2009/65/EC of the European Parliament and of the Council and alternative investment funds (AIFs) within the meaning of Article 4(1)(a) of Directive 2011/61/EU of the European Parliament and of the Council;
Amendment 334 #
2015/0268(COD)
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1 – introductory part
Article 3 – paragraph 2 – subparagraph 1 – introductory part
2. A Member State mayshall exempt offers of securities to the public from the prospectus requirement of paragraph 1 provided that:
Amendment 336 #
2015/0268(COD)
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1 – point a
Article 3 – paragraph 2 – subparagraph 1 – point a
Amendment 342 #
2015/0268(COD)
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 2
Article 3 – paragraph 2 – subparagraph 2
Amendment 346 #
2015/0268(COD)
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. In order to take account of exchange rate movements, including inflation and exchange rates for currencies other than the euro, the Commission may adopt, by means of delegated acts in accordance with Article 42, measures concerning the threshold laid down in point (b) of paragraph 2 of this Article.
Amendment 351 #
2015/0268(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. Without prejudice to Article 14(2) and Article 17(2), the prospectus shall contain the information which, according to the particular nature of the issuer and of the securities offered to the public or admitted to trading on a regulated market, is necessary tomaterial in enableing investors to make an informed assessment of whether to invest in those securities based on: (a) the assets and liabilities, financial position, profit and losses, financial position and prospects of the issuer and of any guarantor, and of(b) the rights attaching to such securities. That information shall be presented in an easily analysable, succinct and comprehensible form.
Amendment 352 #
2015/0268(COD)
Proposal for a regulation
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
1a. That information shall be presented in an easily analysable, succinct and comprehensible format and may differ depending upon: (a) the nature of the issuer; (b) the type of securities; (c) the circumstances of the issuer; (d) where relevant, the type of investor targeted in the offer to the public or admission to trading, the likely knowledge of the investor or the market on which the securities are to be admitted to trading; (e) any information made available to investors further to requirements imposed on the issuer of the securities under Union or national law, or the rules of any listing authority, trading venue or regulated market by or on which the issuer's securities are listed or admitted to trading, which can be accessed through an officially appointed mechanism as referred to in Article 21 of Directive 2004/109/EC.
Amendment 354 #
2015/0268(COD)
Proposal for a regulation
Article 6 – paragraph 1 b (new)
Article 6 – paragraph 1 b (new)
1b. The information in a prospectus shall be drafted and presented in an easily analysable and comprehensible form, taking into account the factors set out in this Article.
Amendment 355 #
2015/0268(COD)
Proposal for a regulation
Article 7 – title
Article 7 – title
The prospectus summaryintroduction (This amendment applies throughout the text)
Amendment 364 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 1 a (new)
Article 7 – paragraph 1 a (new)
1a. By way of derogation from the first paragraph, where the prospectus relates to the admission to trading on a regulated market of non-equity securities offered to qualified investors, no summary shall be required.
Amendment 369 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 3 – introductory part
Article 7 – paragraph 3 – introductory part
3. The summary shall be drawn up as a short document written in a concise manner and of a maximum of six sides of A4-sized paper when printed. It shall:
Amendment 377 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 4 – point a
Article 7 – paragraph 4 – point a
(a) an introduction containing general and specific warnings;
Amendment 384 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 5 – introductory part
Article 7 – paragraph 5 – introductory part
5. The introduction of the summary shall contain: the name of the securities,; the identity and contact details of the issuer, the offerorincluding its LEI; the offeror including its LEI where appropriate; or the person seeking admission,; the identity and contact details of the home competent authority and the date of the document. It shall contain warnings that:
Amendment 386 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 5 – point a
Article 7 – paragraph 5 – point a
Amendment 388 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 5 – point d
Article 7 – paragraph 5 – point d
(d) civil liability attaches only to those persons who have tabled the summary including any translation thereof, but only where the summary is misleading, inaccurate or inconsistent when read together with the other parts of the prospectus, or where it does not provide, when read together with the other parts of the prospectus, key information in order to aid investors when considering whether to invest in such securities.
Amendment 395 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 6 – point a – indent 1
Article 7 – paragraph 6 – point a – indent 1
- its domicile and legal form, the legislation under which it operates and, its country of incorporation and its LEI;
Amendment 397 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 6 – point a – indent 4
Article 7 – paragraph 6 – point a – indent 4
- the identity of its key managing directorsexecutive directors and board of directors where relevant;
Amendment 404 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 6 – point c
Article 7 – paragraph 6 – point c
(c) under a sub-section titled 'What are the key risks that are specific to the issuer?' a brief description of no more than five of the most material risk factors specific to the issuer contained in the category of highest materiality according to Article 16significant risk factors specific to the issuer that focus in particular on operational and investment risk.
Amendment 415 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 7 – subparagraph 1 – point c
Article 7 – paragraph 7 – subparagraph 1 – point c
(c) under a sub-section titled 'Is there a guarantee attached to the securities?' a brief description of the nature and scope of the guarantee, if any, as well as a brief description of the guarantor including its LEI.
Amendment 425 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 7 – subparagraph 1 – point d
Article 7 – paragraph 7 – subparagraph 1 – point d
(d) under a sub-section titled 'What are the key risks that are specific to the securities?' a brief description of no more than five of the most materialsignificant risk factors specific to the securities, contained in the category of highest materiality according to Article 16 that focus in particular on operational and investment risk.
Amendment 437 #
2015/0268(COD)
Proposal for a regulation
Article 7 – paragraph 11 – subparagraph 1
Article 7 – paragraph 11 – subparagraph 1
ESMA shall develop draft regulatory technical standards to specify the content and format of presentation of the historical key financial information referred to under point (b) of paragraph 6, taking into account the various types of securities and issuers and ensuring the information produced is brief, concise and understandable.
Amendment 442 #
2015/0268(COD)
Proposal for a regulation
Article 8 – paragraph 7
Article 8 – paragraph 7
7. A summary shall only be drawn up when the final terms are approved or filed and such a summary shall be specific to the individual issue.
Amendment 444 #
2015/0268(COD)
Proposal for a regulation
Article 8 – paragraph 8 – subparagraph 2 – point a
Article 8 – paragraph 8 – subparagraph 2 – point a
(a) the information of the base prospectus which is only relevant to the individual issue, including the keyessential information on the issuer;
Amendment 449 #
2015/0268(COD)
Proposal for a regulation
Article 9 – paragraph 14
Article 9 – paragraph 14
14. The CommissionESMA shall adevelopt delegated acts in accordance with Article 42raft regulatory technical standards to specify the procedure for the scrutiny, approval, filing and review of the universal registration document, as well as the conditions for its amendment and the conditions where the status of frequent issuer may be lost. ESMA shall submit those draft regulatory technical standards to the Commission by [enter date XX months after the date of entry into force]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 456 #
2015/0268(COD)
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 1
Article 13 – paragraph 1 – subparagraph 1
1. The Commission shall adopt, in accordance with Article 42, delegated acts regardESMA shall draft regulatory technical standards specifying the format of the prospectus, the base prospectus and the final terms, and the schedules defining the specific information which must be included in a prospectus, avoiding duplication of information when a prospectus is composed of separate documents.
Amendment 458 #
2015/0268(COD)
Proposal for a regulation
Article 13 – paragraph 1 a (new)
Article 13 – paragraph 1 a (new)
1a. In particular, ESMA shall specify two sets of separate and materially different prospectus schedules setting out the information requirements applicable to non-equity securities adopted to the different investor classes - qualified or non-qualified - to whom the offer is addressed, taking into account the different needs of those investors.
Amendment 459 #
2015/0268(COD)
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1
Article 13 – paragraph 2 – subparagraph 1
2. The Commission shall adopt, in accordance with Article 42, delegated actESMA shall draft regulatory technical standards setting out the schedule defining the minimum information contained in the universal registration document, as well as a dedicated schedule for the universal registration document of credit institutions.
Amendment 470 #
2015/0268(COD)
Proposal for a regulation
Article 15 – title
Article 15 – title
Amendment 477 #
2015/0268(COD)
Proposal for a regulation
Article 15 – paragraph 1 – subparagraph 1
Article 15 – paragraph 1 – subparagraph 1
SMEs and mid cap enterprises as well as issuers referred to in Article 3(1a) may choose to draw up an EU growth prospectus under the minimumproportionate disclosure regime for SMEsset out in this Article in the case of an offer of securities to the public provided that they have noexcept where the securities are to be admitted to trading on a regulated market or provided their securities were only admitted to trading on a regulated market in the last 18 months.
Amendment 484 #
2015/0268(COD)
Proposal for a regulation
Article 15 – paragraph 1 – subparagraph 2 a (new)
Article 15 – paragraph 1 – subparagraph 2 a (new)
The information defined in Article 18 may be incorporated by reference in those documents.
Amendment 488 #
2015/0268(COD)
Proposal for a regulation
Article 15 – paragraph 2
Article 15 – paragraph 2
2. Companies making use of the minimumIn addition to the proportionate disclosure regime referred toprovided for in paragraph 1 and, SMEs and mid cap enterprises, including their unlisted equivalent, offering shares or non-equity securities which are not subordinated, convertible or exchangeable, do not give a right to subscribe to or acquire other types of securities and are not linked to a derivative instrument, shall be entitled to draw up a prospectus under a format structured in the form of a questionnaire with standardised text, to be filled in by the issuer. For this purpose, both the specific registration document and the specific securities note shall be structured in that form.
Amendment 497 #
2015/0268(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. The risk factors featured in a prospectus shall be limited to risks which are specific to the issuer and/or the securities and are materialrelevant for taking an informed investment decision, as corroborated by the content of the registration document and the securities note. They shall be allocated across a maximum of three distinct categories which shall differentiate them by their relative materiality based on the issuer's assessment of the probability of their occurrence and the expected magnitude of their negative impact.
Amendment 510 #
2015/0268(COD)
Proposal for a regulation
Article 17 – paragraph 5
Article 17 – paragraph 5
5. The Commission shall be empowered to adESMA may developt delegated acts, in accordance with Article 42,raft guidelines to specify the cases where information may be omitted according to paragraph 2, taking into account the reports of competent authorities to ESMA mentioned in paragraph 2.
Amendment 513 #
2015/0268(COD)
Proposal for a regulation
Article 18 – paragraph 1 – subparagraph 1 – point h a (new)
Article 18 – paragraph 1 – subparagraph 1 – point h a (new)
(ha) annual reports or any disclosure information required under Article 22 and 23 of Directive 2011/61/EU
Amendment 518 #
2015/0268(COD)
Proposal for a regulation
Article 19 – paragraph 7
Article 19 – paragraph 7
7. The competent authority of the home Member State may transfer the approval of a prospectus to the competent authority of another Member State, subject to prior notification to ESMA and the agreement of that competent authority. Such a transfer shall be notified to the issuer, the offeror or the person asking for admission to trading on a regulated market within three working days from the date of the decision taken by the competent authority of the home Member State. The time limit referred to in paragraph 2 shall apply from that date. Article 28(4) of Regulation (EU) No 1095/2010 shall not apply to the transfer of the approval of the prospectus in accordance with this paragraph.
Amendment 521 #
2015/0268(COD)
Proposal for a regulation
Article 19 – paragraph 10
Article 19 – paragraph 10
10. The Commission shall be empowered to adopt delegated acts in accordance with Article 42,ESMA may draft regulatory technical standards specifying the procedures for the scrutiny of completeness, comprehensibility and consistency and the approval of the prospectus. ESMA shall submit those draft regulatory technical standards to the Commission by [enter date XX months after date of entry into force]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 522 #
2015/0268(COD)
Proposal for a regulation
Article 19 – paragraph 11
Article 19 – paragraph 11
11. ESMA shall use its powers under Regulation (EU) No 1095/2010 to promote supervisory convergence with regard to the scrutiny and approval processes of competent authorities when assessing the completeness, consistency and comprehensibility of the information contained in a prospectus. In particular, ESMA shall foster convergence regarding the efficiency, methods and timing of the scrutiny by the competent authorities of the information given in a prospectus, using peer reviews where appropriate.
Amendment 524 #
2015/0268(COD)
Proposal for a regulation
Article 19 – paragraph 12
Article 19 – paragraph 12
12. Without prejudice to Article 30 of Regulation (EU) No 1095/2010, ESMA shall organise and conduct at least one peer review of the scrutiny and approval procedures of competent authorities, including notifications of approval between competent authorities. The peer review shall also assess the impact of different approaches with regard to scrutiny and approval by competent authorities on issuers' ability to raise capital in the European Union. The report on this peer review shall be published no later thatn three years after the date of application of this Regulation. In the context of this peer review, ESMA shall, where appropriate, request opinions or advice from the Securities and Markets Stakeholder Group referred to in Article 37 of Regulation (EU) No 1095/2010.
Amendment 531 #
2015/0268(COD)
Proposal for a regulation
Article 20 – paragraph 6
Article 20 – paragraph 6
6. At the latest from the beginning of the offer to the public or the admission to trading of the securities involved, ESMA shall publish all prospectuses received from the competent authorities on its website, including any supplements thereto, final terms and related translations where applicable, as well as information on the host Member State(s) where prospectuses are notified in accordance with Article 24. Publication shall be ensured through a storage mechanism providing the public with free of charge access and search functions. Key information contained in the prospectuses, such as the LEI identifying the issuers, offerors and guarantors, should be machine-readable, including metadata.
Amendment 532 #
2015/0268(COD)
Proposal for a regulation
Article 20 – paragraph 7
Article 20 – paragraph 7
7. All prospectuses approved shall remain publicly available in a digital format for at least 10 years after their publication on the websites specified in paragraphs 2 and 6.
Amendment 534 #
2015/0268(COD)
Proposal for a regulation
Article 20 – paragraph 10
Article 20 – paragraph 10
10. A paperdigital copy of the prospectus shall be delivered to any natural or legal person, upon request and free of charge, by the issuer, the offeror, the person asking for admission to trading or the financial intermediaries placing or selling the securities. Delivery shall be limited to jurisdictions in which the offer to the public is made or where the admission to trading is taking place under this Regulation.
Amendment 563 #
2015/0268(COD)
Proposal for a regulation
Article 24 – paragraph 5
Article 24 – paragraph 5
5. No fee shall be charged by competent authorities for the notification, or receipt of notification, of prospectuses and supplements thereto, or the universal registration document or any related supervisory activity, whether in the home Member State or in the host Member State(s).
Amendment 572 #
2015/0268(COD)
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1
1. AWhere a third country issuer intendings to offer securities to the public in the Union or to seek admission to trading of securities on a regulated market ofestablished in the Union under a prospectus drawn up according to this Regulation, it shall obtain approval of its prospectus, in accordance with Article 19, from the competent authority of its home Member State, as determined under point (iii) of Article 2(1)(m). This. Once a prospectus is approved in accordance with the first subparagraph, it shall entail all the rights and obligations provided for a prospectus under this Regulation and the prospectus and the third country issuer shall be subject to all the provisions of this Regulation under the supervision of the competent authority of the home Member State.
Amendment 575 #
2015/0268(COD)
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
Amendment 583 #
2015/0268(COD)
Proposal for a regulation
Article 26 – paragraph 3
Article 26 – paragraph 3
Amendment 587 #
2015/0268(COD)
Proposal for a regulation
Article 27 – paragraph 1
Article 27 – paragraph 1
Amendment 591 #
2015/0268(COD)
Proposal for a regulation
Article 27 – paragraph 2
Article 27 – paragraph 2
2. In the case of an offer to the public or admission to trading on a regulated market of securities issued by a third country issuer, where a prospectus drawn up in accordance with, and subject to, the information requirements imposed by the national legislation of the third country issuer, where those are equivalent to the requirements under this Regulation, in a Member State other than the home Member State, the requirements set out in Articles 23, 24 and 25 shall apply.
Amendment 594 #
2015/0268(COD)
Proposal for a regulation
Article 28 – paragraph 2
Article 28 – paragraph 2
Amendment 598 #
2015/0268(COD)
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 2
Article 29 – paragraph 1 – subparagraph 2
The competent authority shall be completely independent from all market participants.
Amendment 604 #
2015/0268(COD)
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 1 – point g
Article 30 – paragraph 1 – subparagraph 1 – point g
(g) to suspend or require the relevant regulated markets to suspend trading on a regulated market for a maximum of 1025 consecutive working days on any single occasion where there are reasonable grounds for believing that the provisions of this Regulation have been infringed;
Amendment 611 #
2015/0268(COD)
Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 2
Article 31 – paragraph 1 – subparagraph 2
Where Member States have chosen, in accordance with Article 36, to laylaid down criminal sanctions for infringements of the provisions of this Regulation, they shall ensure that appropriate measures are in place so that competent authorities have all the necessary powers to liaise with judicial authorities within their jurisdiction to receive specific information related to criminal investigations or proceedings commenced for possible infringements of this Regulation and provide the same to other competent authorities and ESMA to fulfil their obligation to cooperate with each other and ESMA for the purposes of this Regulation.
Amendment 612 #
2015/0268(COD)
Proposal for a regulation
Article 31 – paragraph 5
Article 31 – paragraph 5
Amendment 623 #
2015/0268(COD)
Proposal for a regulation
Article 35 – paragraph 3
Article 35 – paragraph 3
Amendment 626 #
2015/0268(COD)
Proposal for a regulation
Article 36 – paragraph 1 – point a
Article 36 – paragraph 1 – point a
(a) intentional infringements of Article 3, Article 5, Article 6, Article 7(1) to (10), Article 8, Article 9(1) to (13), Article 10, Article 11(1) and (3), Article 12, Article 14(2), Article 15(1) and (2), Article 16(1), Article 17(1) and (3), Article 18(1) to (3), Article 19(1), Article 20(1) to (4) and (7) to (10), Article 21(2) to (4), Article 22 (1), (2) and (4), and Article 25 of this Regulation;
Amendment 629 #
2015/0268(COD)
Proposal for a regulation
Article 36 – paragraph 1 – subparagraph 2
Article 36 – paragraph 1 – subparagraph 2
Amendment 644 #
2015/0268(COD)
Proposal for a regulation
Article 47 – paragraph 2
Article 47 – paragraph 2
2. It shall apply from [enter date 1236 months after entry into force].
Amendment 16 #
2014/2207(INI)
Motion for a resolution
Recital E
Recital E
E. whereas the current economic crisis is having a direct impact on patient safety, as manyhas placed increased pressure on Member States have reducedealthcare budgets and staffing levels in their healthcare systemsthis can have an impact on patient safety;
Amendment 29 #
2014/2207(INI)
Motion for a resolution
Recital H
Recital H
Amendment 61 #
2014/2207(INI)
Motion for a resolution
Recital O
Recital O
O. whereas resistance to antibiotics for certain bacteria is at least 25 % or more in several Member States; whereas antibiotic resistance is spreading much faster than the introduction of new antibiotics into clinical practicethere is a growing gap between the increase in antimicrobial resistance and the development of new antimicrobials;
Amendment 80 #
2014/2207(INI)
Motion for a resolution
Recital Q
Recital Q
Q. whereas it is of paramount importance to encourage pharmaceutical companies to invest in developing new antibiotic compounds, in particular with activity against prevalent multidrug-resistant Gram-negative bacteria such as K. pneumoniae and Acinetobacter and to address some of the key scientific, regulatory and economic challenges that have hampered antibiotic development and contributed to the lack of investment;
Amendment 90 #
2014/2207(INI)
Motion for a resolution
Recital R
Recital R
R. whereas it is vital to ensure patients’ rights and public confidence in health services, by ensuring Member States have in place systems to providinge fair financial compensation in the case of adverse eventsnegligence arising from faulty medical provision;
Amendment 108 #
2014/2207(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes, however, that the second implementation report still shows uneven progress among Member States on patient safety, and regrets the fact that some Member States have obviously slowed down implementation of the Council recommendations becaus, possibly as a consequence of financial constraints resulting from the economic crisis;
Amendment 110 #
2014/2207(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls on Member States to make sure that the healthcare system is not affected by austerity measures and to ensure a sufficient number of healthcare professionals specialised in infection prevention and control, as well as hospital hygienes are adequately funded and to ensure consistent good practice throughout healthcare systems, by educating and training all healthcare professionals in hygiene and infection control and ensuring a sufficient number of specialised infection control staff for a more patient-centred approach;
Amendment 125 #
2014/2207(INI)
Motion for a resolution
Paragraph 6 – point c
Paragraph 6 – point c
c) ensure appropriate and up-to-date training of doctors and other healthcare professionals and set up monitoring systems to verify that their competences are up-to-date within order to keep pace with the latest and best hospital hygiene practices and the technology in place;
Amendment 153 #
2014/2207(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Notes that patient safety is not widely embedded in the undergraduate education of healthcare workers, nor in on-the-job- training or the continuing training of health professionals in all Member States;
Amendment 170 #
2014/2207(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Encourages the Member States to set up independent bodies to liaise with professionals when reporting on healthcare facility failures having an impact onin order to ensure the raising of awareness and the dissemination of alerts regarding threats to patient safety;
Amendment 172 #
2014/2207(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Invites the Member States to be more rigorous in verifying and enforcing the ban on non-medical external staff performing medical treatment; points out that this is happening with employees of companies that provide sophisticated medical machinery to hospitals; therefore, calls on Member States to introduce a mandatory registration of the presence of product specialists during therapeutic treatments;
Amendment 177 #
2014/2207(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls on the Member States to provide for collective redress mechanisms in their national law so as to allow the introduction of fair compensation systems forensure that full information on existing mechanisms for complaint and redress is readily available to patients who have suffered an HAI or a medical error;
Amendment 179 #
2014/2207(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 181 #
2014/2207(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Invites the Commission to report on national practices of collective redress in HAI-related cases and to launch a consultation aimed at debating the possibility of harmonising collective redress in HAI cases at European level;
Amendment 204 #
2014/2207(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Calls on the Commission and the Member States to strengthen incentives for public and private sector cooperation to reinvigorate antibiotic development R&D;
Amendment 207 #
2014/2207(INI)
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19b. Urges, in this regard, reform and harmonisation of regulatory regimes regarding the licensing and approval of antibiotics, in such a way as to encourage rather than stifle innovation and research in this field;
Amendment 209 #
2014/2207(INI)
Motion for a resolution
Paragraph 19 c (new)
Paragraph 19 c (new)
19c. Highlights the important role preventative immunisation programmes can play in limiting the use of antibiotics and thereby the development of antimicrobial resistance;
Amendment 234 #
2014/2207(INI)
Motion for a resolution
Paragraph 22 – point a
Paragraph 22 – point a
a) regulatemind physicians of the paramount importance of ensuring that the prescription of antibiotics for treatment or prophylaxis iso that an appropriate use of medicines is ensured,and responsible, recalls, in this regard, the trust that patients place in their doctors in specifying the therapeutic objective and selecting the appropriate drug therapy;
Amendment 241 #
2014/2207(INI)
Motion for a resolution
Paragraph 22 – point b
Paragraph 22 – point b
b) regulate the sale of antibiotics soensure that patients can buyreceive only the specific quantity of antibiotics as prescribed by their doctors;
Amendment 249 #
2014/2207(INI)
Motion for a resolution
Paragraph 22 – point c
Paragraph 22 – point c
c) ensure patients’greater levels of adherence to and compliance with antibiotic treatments as prescribed by medical professionals, amongst patients by increasing patient understanding of the importance of responsible use of antibiotic treatments and the risks of increasing antimicrobial resistance;
Amendment 250 #
2014/2207(INI)
Motion for a resolution
Paragraph 22 – point d
Paragraph 22 – point d
d) ensure that antibiotics arewhen used in hospitals onlyare only used for the correct indications, at the correct dose and for the shortest duration possible as recommended by evidence-based guidelines;
Amendment 252 #
2014/2207(INI)
Motion for a resolution
Paragraph 22 – point e
Paragraph 22 – point e
e) intensify infection control, in particular from a cross-border perspective, by properly screening patients transferred from a country/by encouraging guidance on screening and isolation of patients on admission to hospital if they have pregvion/hospital known for its high prevalence of multidrug-resistant bacteriausly been hospitalised in countries where very resistant infections are more prevalent;
Amendment 274 #
2014/2207(INI)
Motion for a resolution
Paragraph 23 – introductory part
Paragraph 23 – introductory part
23. Calls on theUrges Member States to introduce or develop the following measures:
Amendment 284 #
2014/2207(INI)
Motion for a resolution
Paragraph 23 – point b
Paragraph 23 – point b
b) Introduce, on the basis of sound scientific evidence and in conjunction with advice from relevant experts, legal tools to restrict the use of antibiotics in animals if a significant risk to public health is identified;
Amendment 300 #
2014/2207(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Urges the Member States to regulate, where they exist, any conflicts of interest involving veterinarians who both sell and prescribe antibiotics;
Amendment 307 #
2014/2207(INI)
Motion for a resolution
Paragraph 25 – indent 1
Paragraph 25 – indent 1
– to adoptconsider provisions aimed at banning or limiting the off- label use in animals of certain antimicrobials authorised only in human medicine, following a risk assessment of such use;
Amendment 312 #
2014/2207(INI)
Motion for a resolution
Paragraph 25 – indent 2
Paragraph 25 – indent 2
– to seek clarification of the impact of any proposal to introduce the mandatory registration of all off-label antimicrobials by prescribers of veterinary medicines as well as by the competent national authorities;
Amendment 6 #
2014/2040(BUD)
Draft opinion
Paragraph 1
Paragraph 1
1. Recalls that the European Parliament has strongly supported the creation of the European Supervisory Authorities (ESAs) and believes that the Union needs to further improve the quality of supervision at Union levelcross the Union; believes that, besides the ECB, the ESAs are a cornerstone of fully functioning financial markets in the Union and are essential for the economic recovery and the creation of jobs and growth in Europe, as well as for the prevention and handling of future crises in the financial sector.
Amendment 15 #
2014/2040(BUD)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Notes that all ESAs are currently operating significantly below the 2014 professional staffing numbers authorised under the Union budget and therefore supports the Commission proposal to utilise the same staffing targets for 2015;
Amendment 16 #
2014/2040(BUD)
Draft opinion
Paragraph 3
Paragraph 3
3 Expresses therefore its concerns with respect toAccepts that there are considerable pressures upon public finances following the economic downturn and therefore expresses support for the Commission proposal for a considerable decrease in payment appropriations for the three ESAs, in comparison to their respective budgets for 2014 as well as the Commission proposal to keep the number of establishment plan posts of the ESAs stable at the level of 2014 in 2015;
Amendment 25 #
2014/2040(BUD)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Stresses that inflexibility in the ability to second national experts from the supervisory bodies of Member states, as well as strict adherence to language requirements and the Commission Staffing code has been a contributing factor to difficulties faced by the ESAs in attracting high quality staff for short periods of high need;
Amendment 27 #
2014/2040(BUD)
Draft opinion
Paragraph 5
Paragraph 5
5. Notes that the Chair, Executive Director and the members of the Board of Supervisors and Management Boards should be in a position to act independently and only in the interest of the Union; considers that compulsory contributions of Member States conflict with the independence of the ESAs; believes that the current financing arrangements of the ESAs based on a mixed financing system are inflexible, create administrative burdens and might pose a threat to their independence.believes that the current financing arrangements of the ESAs have not been fully utilised and do not allow enough flexibility for periods of high short term need that will not be necessary on an on- going basis which would be best filled by seconded national experts;
Amendment 29 #
2014/2040(BUD)
Draft opinion
Paragraph 6
Paragraph 6
Amendment 37 #
2014/2040(BUD)
Draft opinion
Paragraph 6a (new)
Paragraph 6a (new)
6a. Calls therefore upon the Commission to consider within the course of the wider review of the ESAs, how to allow more flexible employment conditions within the ESAs that are best able to include the considerable expertise of supervisors within Member States on a temporary basis, as well as encourage recruitment of high quality staff on a permanent basis.
Amendment 62 #
2014/0346(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) In order to ensure comparability at international level of the classification of individual consumption according to purpose used for the breakdown of HICP and to assure adaptation to changes of UN COICOP, to establishas well as threshold below which there is no obligation to provide sub-indices of harmonised indio modify the list of sub-indices of ECOICOP that need not be producesd and to establish a list of sub-indices that need not be produced by the Member Statesinclude games of chance in the HICP and the HICP-CT, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of harmonised indices. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and the Council.
Amendment 82 #
2014/0346(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point m a (new)
Article 2 – paragraph 1 – point m a (new)
(ma) 'flash estimate of the HICP' means an early estimate of the HICP provided by the Member States in the euro area only, that may be based on provisional information and, if necessary, appropriate modelling;
Amendment 96 #
2014/0346(COD)
Proposal for a regulation
Article 4 – paragraph 4
Article 4 – paragraph 4
4. In order to ensure uniform conditions, the appropriate methodology for and continuity in producing comparable harmonised indices shall be defined by means of implementing acts. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 11(2), and for the purposes of achieving the objectives of this Regulation, the appropriate methodology and improved methods based on voluntary pilot studies referred to in Article 8 shall be defined by means of implementing acts.
Amendment 99 #
2014/0346(COD)
Proposal for a regulation
Article 4 – paragraph 4 a (new)
Article 4 – paragraph 4 a (new)
Amendment 106 #
2014/0346(COD)
Proposal for a regulation
Article 5 – paragraph 5
Article 5 – paragraph 5
5. The harmonised indices and their sub- indices shall be rescaled to a new common index reference period in cases of a major methodological change of harmonised indices or every 10 years, which has been adopted in accordance with this Regulation, or every 10 years after the last rescaling starting from 2015. The rescaling to the new index reference period shall take effect with the index for January of the following calendar year. The Commission shall be empowered to adopt delegated acts in accordance with Article 10 to establish dsecond year after the index reference period. Detailed rules on rescaling of the harmonised indices linked to major methodological changesshall be established by means of implementing acts. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 11(2).
Amendment 109 #
2014/0346(COD)
Proposal for a regulation
Article 5 – paragraph 7
Article 5 – paragraph 7
7. The Commission shall be empowered to adopt delegated acts in accordance with Article 10 in order to establish a list of sSub-indices of ECOICOP that need not be produced by the Member States, either because they do not cover private consumption or because the degree of methodological harmonisation is not sufficientegree of methodological harmonisation is not yet sufficient, shall be as follows: 02.3 Narcotics; 09.4.3 Games of chance; 12.2 Prostitution; 12.5.1 Life insurance; 12.6.1 FISIM; The Commission shall be empowered to adopt delegated acts in accordance with Article 10 in order to modify the list to include games of chance in the HICP and the HICP-CT.
Amendment 113 #
2014/0346(COD)
Proposal for a regulation
Article 7 – paragraph 1 a (new)
Article 7 – paragraph 1 a (new)
1a. Member States in the euro area shall provide a flash estimate of the HICP not later than the penultimate calendar day of the month to which it refers.
Amendment 118 #
2014/0346(COD)
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. The results of the pilot studies shall be evaluated by the Commission (Eurostat) in close cooperation with the Member States and main users of harmonised indices, taking into account the benefits of having improved prbasice information or new methodological approaches relative to the additional costs of collection and compilation.
Amendment 119 #
2014/0346(COD)
Proposal for a regulation
Article 8 – paragraph 4
Article 8 – paragraph 4
Amendment 96 #
2014/0017(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) Subsequently on 14 October 2014 the FSB published a regulatory framework for haircuts on collateral posted in non- centrally cleared SFTs. In the absence of clearing, such operations can cause risks if they are not properly collateralised. While enhancing transparency on the re- use of collateral is a first step towards facilitating counterparties' capacity to analyse and prevent the build-up of risks, the FSB also considered it necessary to propose further reforms in the area of haircuts on assets received as collateral for non-centrally cleared SFTs with non- banks. These proposals are intended to prevent excessive leverage and mitigate concentration and default risk. The FSB is due to complete its work on those collateral haircuts by 2016, with the development of a final set of recommendations on haircuts for collateral delivered in non-centrally cleared non-bank-to-non-bank SFTs. It is therefore appropriate to wait for these proposals to be agreed upon and be subjected to a full impact assessment by ESMA and the EBA to assess the most appropriate way to introduce these internationally agreed provisions into the EU. A coherent approach for transactions involving financial and non-financial counterparties as well as those involving only non-financial counterparties should be considered so as to avoid market distorting behaviour.
Amendment 100 #
2014/0017(COD)
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) In order to ensure the effective implementation of the reporting of securities financing transactions a phased implementation of the requirements by counterparty is necessary. This should consider the effective ability of the counterparty to comply with the reporting obligations and so start with more advanced counterparties such as broker dealers, followed by different categories for different sizes of asset managers and finally non-financial counterparties.
Amendment 101 #
2014/0017(COD)
Proposal for a regulation
Recital 8 b (new)
Recital 8 b (new)
(8b) In order to reduce the administrative burden faced by both financial and non- financial counterparties, the ability to delegate the reporting requirements should be reinforced in order to make clear that any delegation of the requirement to report a transaction would also cause all legal liability for reporting the transaction to pass to the delegate.
Amendment 102 #
2014/0017(COD)
Proposal for a regulation
Recital 8 c (new)
Recital 8 c (new)
(8c) In the case of certain activities such as securities lending and margin lending, detailed position reporting may be a better indication to supervisors of build-up of systemic risk and it should allow for simpler aggregation of data.
Amendment 104 #
2014/0017(COD)
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) In addition, SFTs are also used by some other financial and non-financial counterparties. Information in a high level, aggregate form should be given to shareholders about these transactions as part of disclosures as provided for in Directive 2014/95/EU of the European Parliament and of the Council1a . ________________ 1a Directive2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non- financial and diversity information by certain large undertakings and groups (OJ L 330, 15.11.2014, p. 1)
Amendment 106 #
2014/0017(COD)
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
(15a) The existing guidelines for competent authorities and UCITs management companies (ESMA/2012/832) produced by ESMA apply an optional framework to UCITs management companies regarding reporting obligations. In order to increase the effectiveness of this regime, these provisions have been incorporated as draft regulatory technical standards. In order to reduce administrative burden for those UCITs management companies and AIF that have already adopted these guidelines, it is appropriate not to require the re-submission of any prospectus that already complies with the existing guidelines.
Amendment 115 #
2014/0017(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) The power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of amending the list of entities that should be excluded from the scope of this Regulation in order to avoid limiting their power to perform their tasks of common interest; specific details concerning definitions; the type of fees, the matters for which fees are due, the amount of the fees and the manner in which they are to be paid by trade repositories, and of the amendment of the Annex in order to update information on SFT as well as other financing structures and information to investors. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.
Amendment 117 #
2014/0017(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation lays down rules on the transparency of securities financing transactions (SFTs), other financing structures and rehypothecation and reuse.
Amendment 121 #
2014/0017(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point d – point 2
Article 2 – paragraph 1 – point d – point 2
Amendment 122 #
2014/0017(COD)
Proposal for a regulation
Article 2 – paragraph 2 – introductory part
Article 2 – paragraph 2 – introductory part
2. TArticles 4 and 15 of this Regulation shall not apply to:
Amendment 128 #
2014/0017(COD)
Proposal for a regulation
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
2a. Article 4 of this Regulation shall not apply to transactions to which the bodies listed in points (a) and (b) of paragraph 2 are counterparty.
Amendment 129 #
2014/0017(COD)
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
Amendment 134 #
2014/0017(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 6 – indent 3
Article 3 – paragraph 1 – point 6 – indent 3
Amendment 137 #
2014/0017(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 6 – indent 3 a (new)
Article 3 – paragraph 1 – point 6 – indent 3 a (new)
- a margin lending transaction as defined in point (3) of Article 272 of Regulation (EU) No 575/2013. For the purposes of this Regulation, margin lending transactions are not limited to transactions governed by agreements between institutions as defined in Regulation (EU) No 575/2013 and their counterparties;
Amendment 139 #
2014/0017(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 7
Article 3 – paragraph 1 – point 7
7. ‘rehypothecationuse’ means the use by a receiving counterparty of financial instruments received as collateral in its own name and for its own account or for the account of another counterpartydelivered in one transaction as collateral;
Amendment 140 #
2014/0017(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 7 a (new)
Article 3 – paragraph 1 – point 7 a (new)
7a. Title Transfer Collateral Arrangement (TTCA) mean the transfer of collateral as defined in point (b) of Article 2(1) of Directive 2002/47/EC.
Amendment 142 #
2014/0017(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 9
Article 3 – paragraph 1 – point 9
Amendment 145 #
2014/0017(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 147 #
2014/0017(COD)
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 1
Article 4 – paragraph 1 – subparagraph 1
1. Counterparties to SFTs shall report the details of such transactions or positions to a trade repository registered in accordance with Article 5 or recognised in accordance with Article 19. The details shall be reported no later than the third working day following the conclusion, modification or termination of the transaction. but as soon as is practically possible.
Amendment 150 #
2014/0017(COD)
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 2 – point a
Article 4 – paragraph 1 – subparagraph 2 – point a
Amendment 152 #
2014/0017(COD)
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 3
Article 4 – paragraph 1 – subparagraph 3
A counterparty which is subject to the reporting obligation may delegate the reporting of the details of SFTs. All legal liability for reporting the transaction shall be passed to the delegated entity.
Amendment 155 #
2014/0017(COD)
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
Amendment 160 #
2014/0017(COD)
Proposal for a regulation
Article 4 – paragraph 7 – subparagraph 1 – point b a (new)
Article 4 – paragraph 7 – subparagraph 1 – point b a (new)
(b a) the date or dates from which the reporting obligation takes place using a phased implementation by types of counterparty;
Amendment 161 #
2014/0017(COD)
Proposal for a regulation
Article 4 – paragraph 7 – subparagraph 1 – point b b (new)
Article 4 – paragraph 7 – subparagraph 1 – point b b (new)
(b b) for which activities reporting of positions instead of transactions is appropriate.
Amendment 162 #
2014/0017(COD)
Proposal for a regulation
Article 4 – paragraph 8 – subparagraph 1
Article 4 – paragraph 8 – subparagraph 1
8. In order to ensure uniform conditions of application of paragraph 1, ESMA shall, in close cooperation with the ESCB and taking into account its needs, develop draft implementing technical standards specifying the format and frequency of the reports referred to in paragraphs 1 and 3 for the different types of SFTs; The format shall include global legal entity identifiers (LEIs) as required under Article 26 of Regulation No 648/2012, international securities identification numbers (ISINs), and a Unique Trade Identifier (UTI) for each transaction, where applicable.
Amendment 165 #
2014/0017(COD)
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. A trade repository shall submit an application for registration to ESMA, or in the case of a trade repository already registered under Regulation No 648/2012 an application of extension of services.
Amendment 172 #
2014/0017(COD)
Proposal for a regulation
Article 12 – paragraph 3 – subparagraph 1 – point b
Article 12 – paragraph 3 – subparagraph 1 – point b
(b) operational standards required in order to aggregate and compare data across repositories systematically;
Amendment 176 #
2014/0017(COD)
Proposal for a regulation
Article 13 – paragraph 1 – introductory part
Article 13 – paragraph 1 – introductory part
1. Management companies of UCITS, UCITS investment companies and AIFMs shall inform their investors on the use they make of SFTs as well as of other financing structures:
Amendment 181 #
2014/0017(COD)
Proposal for a regulation
Article 13 – paragraph 1 a (new)
Article 13 – paragraph 1 a (new)
1a. Financial and non-financial institutions referred to in Article 19a of Directive 2013/34/EU shall include in the report referred to in Directive 2014/95/EU a description of their use of SFTs and their reuse of collateral.
Amendment 186 #
2014/0017(COD)
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. The information on SFT as well as on other financing structures shall comprise at least the data provided forshall take account of existing requirements under Directive 2009/65/EC and Directive 2011/61/EC and comprise, where appropriate, the data referred to in Section A of the Annex.
Amendment 187 #
2014/0017(COD)
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 27 to amend Section A of the Annex in order to reflect the evolution of market pracESMA shall develop draft regulatory technical standards specifying the details of Section A of the Annex as well as the circumstances under which they are applicable, taking into account administrative burden. ESMA shall submit those draft regulatory technical standards to the Commission by ...* Power is delegated to the Commission to adopt the regulatory technical standards referred to the first subparagraph , in accordance with articles and technological developments10 to 14 of Regulation (EU) No 1095/2010 __________________ * OJ: please insert a date: 12 months from the date of entry into force of this Regulation.
Amendment 191 #
2014/0017(COD)
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
2. The prospectus and the disclosure to investors referred to in paragraph 1 shall comprise at leasttake account of the existing requirements under Directive 2009/65/EC and Directive 2011/61/EU and comprise, where appropriate, the data provided for in Section B of the Annex.
Amendment 192 #
2014/0017(COD)
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 27 amending Section B of the Annex in order to reflect the evolution of market pracESMA shall develop draft regulatory technical standards specifying the details of Section B of the Annex as well as the circumstances under which they are applicable, taking into account administrative burden. ESMA shall submit those draft regulatory technical standards to the Commission by ... *. Power is delegated to the Commission to adopt the regulatory standards referred to in the first subparagraph, in accordance with Articles and technological developments. 10 to 14 of Regulation (EU) No 1095/2010. _____________ * OJ: please insert a date: 12 months from the date of entry into force of this Regulation.
Amendment 204 #
2014/0017(COD)
Proposal for a regulation
Article 15 – paragraph 1 a (new)
Article 15 – paragraph 1 a (new)
1a. The conditions set out in paragraphs 1 and 2 shall not apply where the providing counterparty is providing collateral under a TTCA.
Amendment 215 #
2014/0017(COD)
Proposal for a regulation
Article 17 – paragraph 2 a (new)
Article 17 – paragraph 2 a (new)
Amendment 243 #
2014/0017(COD)
Proposal for a regulation
Article 26 – paragraph 1 a (new)
Article 26 – paragraph 1 a (new)
Within eighteen months of the entry into force of this regulation, ESMA and the EBA shall provide a report to the Commission on the final conclusions of the Financial Stability Board's work on a regulatory framework for haircuts on collateral posted in non-centrally cleared SFTs. In full consideration of this report, the Commission shall submit a full impact assessment of the FSB proposals and consider whether new legislative proposals to implement its recommendations are necessary.
Amendment 244 #
2014/0017(COD)
Proposal for a regulation
Article 26 – paragraph 1 b (new)
Article 26 – paragraph 1 b (new)
On an annual basis, the Commission shall prepare a report on the application of Article 11 and fully account for all fees that have been charged to trade repositories to ensure that they are solely used to cover the necessary expenditure of this regulation and that of Regulation (EU) No 648/2012.
Amendment 248 #
2014/0017(COD)
Proposal for a regulation
Article 28 – paragraph 2 – point a
Article 28 – paragraph 2 – point a
(a) Article 4(1), which shall apply 18 months after the date of entry into force via the phased-in approach developed in the delegated act adopted under Article 4(7); and
Amendment 249 #
2014/0017(COD)
Proposal for a regulation
Article 28 – paragraph 2 – point a
Article 28 – paragraph 2 – point a
(a) Article 4(1), which shall apply 18 months after the date of entry into forceadoption by the Commission of the regulatory technical standards referred to in Article 4 via the phased in approach developed in the delegated act adopted under Article 4(7); and
Amendment 250 #
2014/0017(COD)
Proposal for a regulation
Article 28 – paragraph 2 – point b
Article 28 – paragraph 2 – point b
(b) Articles 13 and 14, which shall apply 618 months after the date of entry into forceadoption by the Commission of the draft regulatory technical standards referred to in those articles.
Amendment 139 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 1 – indent 1
Annex – paragraph 1 – indent 1
– EnhanceClarify the mandate for the all ESAs for binding and non-binding mediation especially with regard to the ECB and delete Recital 32 which is misleading onconsider the application of Recital 32 concerning non-binding mediation which could be a useful tool for sensitive areas of financial legislation where the mandate for non-binding mediation may not be appropriate;
Amendment 143 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 1 – indent 2
Annex – paragraph 1 – indent 2
– Give the ESAs the possibility to trigger binding and non-binding mediation on their own initiative;
Amendment 145 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 1 – indent 3
Annex – paragraph 1 – indent 3
Amendment 148 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 1 – indent 4
Annex – paragraph 1 – indent 4
– Ensure that the ESAs, where appropriate; national supervisory authorities; and the ECB, in the case of those Member States within the SSM, have access to the same supervisory information which has to be provided where possible in a common format which has to be determined by the ESAs in accordance with international standards;
Amendment 158 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 1 – indent 5
Annex – paragraph 1 – indent 5
– Establish the ESRB outside the ECB to avoid the arising conflicts of interest between micro-prudential supervision and macro-economic oversight. and allow the Chairperson of the ESRB to be elected from among its members;
Amendment 171 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 1
Annex – paragraph 2 – indent 1
– improposving a single seat for allcoordination between the three ESAs;
Amendment 178 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 2
Annex – paragraph 2 – indent 2
– enhancing the organisational powers of the chairpersons of all three ESAs to establish more streamlined decision making processes within the respective Boards of Supervisors; so as to improve their ability to take technical and operational decisions orand to request information from other supervisory authorities without requiring consent by the respective Boards of Supervisors;
Amendment 183 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 2 a (new)
Annex – paragraph 2 – indent 2 a (new)
– ensuring true independence of the ESAs from the European Commission by establishing written procedures to follow any informal oral advice given by them, with fully supported legal opinions, all of which should be communicated to the co- legislators who gave the ESAs the mandate to draft regulatory technical standards in level 1 text;
Amendment 184 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 2 b (new)
Annex – paragraph 2 – indent 2 b (new)
– requiring that where the Commission doesn't follow the draft Regulatory Technical Standards or Implementing Technical Standards proposed by the ESAs that they should publish reasons and fully evidenced cost-benefit analysis to justify such a decision;
Amendment 185 #
2013/2166(INI)
– establish an Economic Analysis Unit to provide fully evidenced cost benefit analysis of ITS, RTS and guidelines proposed, as well as to provide input to the opinions given to the Commission, the European Parliament and the Council in preparing new legislation as well as in reviews of existing legislation;
Amendment 186 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 2 d (new)
Annex – paragraph 2 – indent 2 d (new)
– establish a formal method of communication with DG Comp to ensure that financial services legislation supports a competitive single market and avoids anticompetitive imbalances occurring as a result of legislation, both at the level of consumers access to retail services and how they differ across the EU as well as at the level of professional counterparties and the wholesale markets;
Amendment 191 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 3
Annex – paragraph 2 – indent 3
Amendment 199 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 4
Annex – paragraph 2 – indent 4
Amendment 208 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 5
Annex – paragraph 2 – indent 5
– taking account of the size of the financial sector of Member States when reviewing the voting rights on the boards of supervisors and introducing simple majority voting for all decisions within the ESAensuring that those Member States outside of the SSM are properly accommodated in decision making processes;
Amendment 222 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 7
Annex – paragraph 2 – indent 7
– enhancing the investigatory powers of the ESAs in the case of breaches of EU law and increasing their resources in order to control the appropriatinvestigate whether the implementation of legal acts for example byhas been appropriate, for example by writing guidelines for Member States concerning ‘mystery shopping’;
Amendment 231 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 1 – indent 8
Annex – paragraph 1 – indent 8
– withdrawing the right toensuring a transparent process by which the consumer protection body in each Member State is properly consulted regarding votes on questions concerning consumer protection for members of the Board of Supervisors which do not have a mandate for consumer protection in their Member State;
Amendment 248 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 10
Annex – paragraph 2 – indent 10
– requiring the ESAs to respect the principal of proportionality especially with regard to small and medium-sized market participants when provided for in level 1 provisions, in particular when carrying out their tasks and developing their supervisory methods, practices and handbooks, while ensuring a level playing field between all financial institutions within the EU;
Amendment 253 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 11
Annex – paragraph 2 – indent 11
– revising the structure of the ESRB to allow swiftermore independent decision-making and stronger accountability by establishing a systemic stability council with a limited number of membersclearly separating it from within the ECB;
Amendment 263 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 12
Annex – paragraph 2 – indent 12
– enhancing the ESAs' investigatory powers with regard to possible breaches of Union law concerning the regulatory technical standards they have drafted;
Amendment 278 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 16
Annex – paragraph 2 – indent 16
– enhancing the flexibility of the ESAs to employ specialised staff, including more national experts for specific tasks, also for limited periods and to adapt remuneration;
Amendment 282 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 2 – indent 17
Annex – paragraph 2 – indent 17
– providing for the mandatory involvement of the ESAs and of the ESRB in legislative processes by providing technical advice and research concerning their fields of expertise;
Amendment 307 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 3 – indent 1 a (new)
Annex – paragraph 3 – indent 1 a (new)
– whether the European Commission has stepped beyond its role as observer on the ESAs Board of Supervisors;
Amendment 311 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 3 – indent 2
Annex – paragraph 3 – indent 2
Amendment 314 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 3 – indent 4
Annex – paragraph 3 – indent 4
– how reporting to the ESAs and national supervisors could be standardised, optimised and, simplified and based upon international standards, for market participants;
Amendment 316 #
2013/2166(INI)
Motion for a resolution
Annex – paragraph 3 – indent 5
Annex – paragraph 3 – indent 5
– whetherhow the emergency powers of the ESAs should be maintained.
Amendment 326 #
2013/2166(INI)
Motion for a resolution
Recital I a (new)
Recital I a (new)
I a. whereas the ESA's impact assessments have lacked detail and economic analysis, focussing mainly on the regulatory impact of proposals instead of true cost-benefit analysis;
Amendment 327 #
2013/2166(INI)
Motion for a resolution
Recital J
Recital J
J. whereas the three different locations of the seats of the ESAs have proven to be an obstacle to their cooperation and to coherentallowed them to interact with the three largest financial centres in the EU, benefiting from access to information from the market and the largest national financial supervisionors in the EUnion;
Amendment 328 #
2013/2166(INI)
Motion for a resolution
Recital K
Recital K
K. whereas in Case C-270/12, the Advocate General opined that the limitations of the judgment in Case C-9/56 Meroni are less restrictive in some areas than what was considered to be the right interpretation of that judgment at the time when the ESFS was created; although more restrictive in other areas;
Amendment 329 #
2013/2166(INI)
Motion for a resolution
Recital S
Recital S
S. whereas the voting rights in the Boards of Supervisors of the ESAs are not proportionate to the size of the relevant Member Statesfinancial services sectors in Member States, but that balance must be maintained between small and large member states to ensure equanimity of approach;
Amendment 330 #
2013/2166(INI)
Motion for a resolution
Recital V
Recital V
V. whereas some requirements that the ESAs imposed on all market participants were considered to be onerous, inappropriate and not proportional to the size and business model of the addressees as level 1 text did not provide for flexibility in the application of EU law;
Amendment 331 #
2013/2166(INI)
Motion for a resolution
Recital X
Recital X
X. whereas the ESAs have only very limited possibilities to initiate investigations within theof breaches of EU law by Member States;
Amendment 332 #
2013/2166(INI)
Motion for a resolution
Recital AA
Recital AA
AA. whereas some members of the ESAs in the Boards of Supervisors took decisions on consumer protection issues without having a mandate for it in their home Member State, and without transparent consultation with the national body responsible;
Amendment 333 #
2013/2166(INI)
Motion for a resolution
Recital AB
Recital AB
AB. whereas the current safeguard clauses in Article 38(1) of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010, and of Regulation (EU) No 1095/2010, limit the possibilities for mediation pursuant to Articles 18 and 19 thereofore, in particular in cases of cross- border group resolution under [the bank recovery and resolution directive] final decision making powers are left with the Member State which has fiscal responsibility for the instiutions in question;
Amendment 334 #
2013/2166(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Requests the Commission to submit to Parliament, by 1 July 2014, legislative proposals for the revision and, where appropriate, the merger, of Regulations (EU) No 1092/2010, (EU) No 1093/2010, (EU) No 1094/2010, (EU) No 1095/2010 and (EU) No 1096/2010, following the detailed recommendations made in the Annex hereto, based on the experience gained since the ESAs were established and on an indepth analysis of the legal basis and alternatives available to Article 114 TFEU, including recent case-law;
Amendment 1 #
2013/2047(INI)
Motion for a resolution
Citation 1 a (new)
Citation 1 a (new)
- having regard to the International Association of Insurance Supervisors report of July 2013 "Global Systemically Important Insurers: Initial Assessment Methodology",
Amendment 2 #
2013/2047(INI)
Motion for a resolution
Citation 1 b (new)
Citation 1 b (new)
- having regard to the International Association of Insurance Supervisors report of July 2013 "Global Systemically Important Insurers: Policy Measures",
Amendment 3 #
2013/2047(INI)
Motion for a resolution
Citation 1 c (new)
Citation 1 c (new)
- having regard to the CPSS-IOSCO consultative report of August 2013 on 'Recovery of Financial Market Infrastructures',
Amendment 4 #
2013/2047(INI)
Motion for a resolution
Citation 1 d (new)
Citation 1 d (new)
- having regard to the FSB consultative report of August 2013 on 'Application of the Key Attributes of Effective Resolution Regimes to Non-Bank Financial Institutions',
Amendment 16 #
2013/2047(INI)
Motion for a resolution
Recital H
Recital H
H. whereas the risks of cross-margining of products (portfolio margining) withinusing ring fencing of assets within the default fund of a CCP are untested and so while reducing collateral demands in the short term may reduce costs, the use of cross- margining should not jeopardise the ability of a CCP to correctly manage risk and should recognise the limitations of VaR analytics;
Amendment 40 #
2013/2047(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls upon the Commission to ensure that CCPs have a default management strategy for all products that are mandated for central clearingcleared by the CCP as part of a wider recovery plan approved by the supervisor, with a particular focus on those products that are mandated for central clearing as there is a higher likelihood of risk concentration in these cases;
Amendment 43 #
2013/2047(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Underlines the importance of monitoring risks to CCPs arising from a concentration of clearing members, and calls on supervisors to inform EBA of the largest 10 clearing members of each CCP so that such riskrisks such as inter-linkages, contagion and the potential for failure of more than one CCP at a time can be centrally monitored and assessed;
Amendment 48 #
2013/2047(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls on the Commission to recognise that while the aim of ring-fencing asset classes within a default fund of a CCP is to limit contagion, it is unclear whether this will be sufficient to prevent such contagion in practice given that commercial incentives related to cross-margining could increase risk in the system;
Amendment 56 #
2013/2047(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Recognises that losses incurred as a result of poor investment choices by the CCP could also result in the activating of the CCP’s recovery plan; calls upon the Commission to ensure that the CCP’s risk committee is kept fully apprised of the CCP’s investments in order to maintain appropriate oversight; recovery tools such as suspension of dividends and payment of variable remuneration or voluntary restructuring of liabilities through debt- to-equity conversion should be considered the most appropriate tools to be used in these circumstances;
Amendment 63 #
2013/2047(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Asserts that the dividing-line between recovery and resolution in the case of CCPs is when the default waterfall is exhausted, necessitating the option for the supervisor toat this point the supervisor should actively consider the option of removeing the CCP's management board should no alternative recovery tools be agreed between the CCP and its clearing members directly;
Amendment 77 #
2013/2047(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Establishes that it is the responsibility of a CSD to ensure that its recovery plan clearly provides for operational continuity in reasonable crisis scenarios so that, even if other parts of its business can be disposed of, its primary settlement function can continueas well as the other core services of the CSD can continue to be performed by the CSD or an existing third party provider, as authorised under CSDR;
Amendment 86 #
2013/2047(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls on the Member States, in the absence of Securities Law Legislation, to develop and coordinate their existing special administration regimes for CSDs in order to improve certainty as to how operational continuity will be maintained in a crisis, in particular by ensuring access to the registries for the resolution authority so as, records or accounts of the CSD so the resolution authority or national competent authority is easily able to identify the owners of assets;
Amendment 93 #
2013/2047(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Calls upon the Commission to further develop the IAIS methodology for designating Systemically Important Insurers placing most weighting upon non-traditional insurance activities (NTNI) and interconnectedness within the EU, followed by size, European activity and substitutability;
Amendment 96 #
2013/2047(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the Commission to closely take into account the IAIS's work on recovery and resolution of insurers, and to consider what action is needed to implement itwork with international partners to follow the timetable established by the FSB to implement the policy recommendations surrounding recovery and resolution planning requirements, enhanced group supervision and higher loss absorbency requirements;
Amendment 52 #
2013/2007(INI)
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas, in Wales, a pro-active approach to protecting a previously endangered language at a national level has resulted in a significant reduction in the threat posed to its use and a significant rise in the languages use in all aspects of Welsh life;
Amendment 61 #
2013/2007(INI)
Motion for a resolution
Recital K a (new)
Recital K a (new)
Ka. whereas, the threat to endangered languages in Europe can be reduced through the guarantee of the principle that in the conduct of public business and the administration of justice, the language concerned is treated proportionately on the basis of equality and in the interest of diversity;
Amendment 80 #
2013/2007(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Calls upon the European institutions and Member States to formally recognise all languages currently in use within the Union and to monitor and record all statistics on usage trends and community attitudes to enable targeted policies for their future preservation;
Amendment 94 #
2013/2007(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Calls on the Commission and the Council to adapt EU policies and programmes so as to support endangered languages and linguistic diversity using EU financial support tools for the period between 2014 and 2020, including: programmes on education and training, youth and sport, the culture and media programme, the structural funds (cohesion fund, ERDF, ESF, European territorial cooperation, EARDF) and all instruments designed to promote new technologies and multimedia platforms; these tools should focus on programmes and actions that demonstrate a positive wider agenda, either culturally or economically, beyond their community and their region.
Amendment 112 #
2013/2007(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes the Commission's multilingualism programmes; takes the view that promoters of projects connected with minority languages must be able to take advantage of the opportunities they offer, and, given that endangered language communities fighting for the survival of endangered languages often consist of small groups of people, urges the Commission not to deem programmes involving these communities ineligible for funding on the grounds of low levels of financial commitment; whilst recalling that EU funding for the promotion of linguistic diversity should not be redirected from it's intended course nor be used to support actions that utilise endangered languages as vehicles for pursuing wider political agendas.
Amendment 127 #
2013/2007(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls upon the European Commission to identify cases of pro-activity at a national level that have resulted in a significant reduction in the threat of a European language becoming extinct and to highlight these examples of best practice for the promotion and protection of endangered languages across the European Union;
Amendment 155 #
2013/2007(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Takes the view that European Commission support for language revitalisation ought to focus particular attention on initiatives within the field of digital media, including social media, in an effort to ensure the engaging of younger generations with Europe's endangered languages;
Amendment 257 #
2013/0314(COD)
Proposal for a regulation
Recital 26
Recital 26
(26) The integrity and accuracy of benchmarks depends on the integrity and accuracy of the input data provided by contributors. It is essential that the obligations of the contributors in respect of this input data are clearly specified, can be relied on and are consistent with the benchmark administrator's controls and methodology. It is therefore necessary that the, where appropriate and possible, the critical benchmark administrator produces a code of conduct to specify these requirements and that the contribreports to the competent authors are bound by that code of conductity any non-adherence or misconduct of contributors.
Amendment 265 #
2013/0314(COD)
Proposal for a regulation
Recital 29 a (new)
Recital 29 a (new)
(29a) In order for a benchmark to be deemed critical under this Regulation it must be deemed systemic in nature or be used in a systemic manner and be vulnerable to manipulation in order to ensure regulatory proportionality.
Amendment 272 #
2013/0314(COD)
Proposal for a regulation
Recital 34
Recital 34
(34) This Regulation should take into account the Principles for financial benchmarks issued by the International Organization of Securities Commissions (IOSCO) (hereinafter referred to as ‘IOSCO Financial Benchmark Principles’) on the 17 July 2013 which serve as a global standard for regulatory requirements for benchmarks. It is necessary for investor protection that an assessment that the supervisions and regulation in any third country are equivalent to Union supervision and regulation of benchmarks takes place before any benchmark provided from that third country can be used in the Unionas well as the Principles for Oil Price Reporting Agencies issued by IOSCO on the 5th October 2012 (hereinafter referred to as 'IOSCO PRA Principles') which serve as a global standard for regulatory requirements for benchmarks.
Amendment 274 #
2013/0314(COD)
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34a) This Regulation also introduces a recognition regime allowing administrators of benchmarks located in a third country to provide their benchmarks in the Union provided they fully comply with the IOSCO Financial Benchmark principles and provided that effective cooperation arrangements exist with their home country supervisor.
Amendment 288 #
2013/0314(COD)
Proposal for a regulation
Recital 51 a (new)
Recital 51 a (new)
(51a) Physical commodities markets present unique characteristics which must be taken account of in order to avoid undermining the integrity of commodity benchmarks and negatively impacting commodity market transparency, European security of supply, competitiveness and the interests of consumers. Accordingly, certain articles in this Regulation are not appropriate to apply to commodity benchmarks. Annex III of this Regulation, which closely reflects principles developed for commodity benchmarks by IOSCO in collaboration with the International Energy Agency and the International Energy Forum among others, is specifically designed to apply to all commodity benchmarks which fall within the scope of this Regulation and sets out which of the requirements in the Regulation will not apply to commodity benchmarks.
Amendment 289 #
2013/0314(COD)
Proposal for a regulation
Recital 51 b (new)
Recital 51 b (new)
Amendment 291 #
2013/0314(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation introduces a common framework to ensure the accuracy and integrity of financial indices used as benchmarks in financial instruments and financial contracts in the Union. The Regulation thereby contributes to the proper functioning of the internal market while achieving a high level of consumer and investor protection.
Amendment 294 #
2013/0314(COD)
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. This Regulation shall apply to the provision of financial benchmarks, the contribution of input data to a financial benchmark and the use of a financial benchmark within the Union.
Amendment 297 #
2013/0314(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point a
Article 2 – paragraph 2 – point a
(a) Members of the European System of Central Banks (ESCB).Central Banks when they are exercising their monetary policy functions;
Amendment 299 #
2013/0314(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point a a (new)
Article 2 – paragraph 2 – point a a (new)
(aa) public authorities only when they provide or are controlling the provision of benchmarks or indices provided for public policy purposes, including measures of employment, economic activity and inflation;
Amendment 300 #
2013/0314(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point b
Article 2 – paragraph 2 – point b
Amendment 306 #
2013/0314(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point b a (new)
Article 2 – paragraph 2 – point b a (new)
(ba) credit unions within the meaning of Directive 2013/36/EU of the European Parliament and the Council1a (CRD IV). ______________ 1a Directive 2013/36/EU of the European Parliament and the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).
Amendment 315 #
2013/0314(COD)
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
Amendment 324 #
2013/0314(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 2
Article 3 – paragraph 1 – point 2
(2) ‘benchmark’ means any index by reference to which the amount payable under a financial instrument or a financial contract, or the value of a financial instrument is determined or an index that is used to measure the performance of an investment fund;
Amendment 326 #
2013/0314(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 2 a (new)
Article 3 – paragraph 1 – point 2 a (new)
(2a) 'family of benchmarks' means the group of benchmarks provided by the same administrator determined from input data of a similar nature which provides specific measures of the same or similar market or economic reality.
Amendment 329 #
2013/0314(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 5
Article 3 – paragraph 1 – point 5
(5) ‘user of a benchmark’ means: any person who issues or owns a financial instrument or is party to a financial contract which references a benchmark; ) the issuance of a financial instrument which references an index or combination of indices while holding positions in that instrument; b) the determination of the amount payable under a financial instrument or a financial contract by referencing an index or a combination of indices; c) being party to a financial contract which references an index or a combination of indices; d) the determination of the performance of an investment fund through an index or combination of indices with the purpose of tracking the return of such index or combination of indices or of defining the asset allocation of a portfolio or of computing the performance fees.
Amendment 335 #
2013/0314(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 11
Article 3 – paragraph 1 – point 11
(11) ‘regulated data’ means the following: input data that is contributed dentirectly from: a) a trading venue as defined in point (254) of paragraph 1 of Article 24 of [MIFIR] orDirective 2014/65/EU; or b) an approved publication arrangement as defined in point (1852) of paragraph 1 of Article 24 of [MIFIR ] or an approved reporting arrangementDirective 2014/65/EU or a consolidated tape provider as defined in point (53) of paragraph 1 of Article 4 of Directive 2014/65/EU, in accordance with mandatory post-trade transparency requirements, but only with reference to data of transactions concerning financial instruments that are traded on a trading venue; or c) an approved reporting mechanism as defined in point (2054) of paragraph 1 of Article 2 of [MIFIR] in accordance with mandatory post trade data requirements or4 of Directive 2014/65/EU, but only with reference to data of transactions concerning financial instruments that are traded on a trading venue and that must be disclosed in accordance with mandatory post trade transparency requirements; or d) a third country trading venue, publication arrangement or reporting mechanism equivalent to those specified in this article including transactional data aggregators and transactional data collectors of statutorily required regulatory data; e) an electricity exchange as referred to in point (j) of paragraph 1 of Article 37 of Directive 2009/72/EC19; or f) a natural gas exchange as referred to in point (j) of paragraph 1 of Article 41 of Directive 2009/73/EC1;20 or g) an auction platform referred to in Article 26 or in Article 30 of Regulation (EU) No 1031/2010 of the European Parliament and of the Council; h) data as defined in Article 8(1) of Regulation (EU) No 1227/2011 and further elaborated by the European Commission in Implementing Regulation (EU) No 1348/2014; i) net asset values of the units of undertakings for collective investments in transferable securities (UCITs) as defined in Article 1(2) of Directive 2009/65/EU; __________________ 19 OJ L 211, 14.8.2009, p. 55. 19 20 OJ L 9, 14.8.2009, p. 112. 20
Amendment 341 #
2013/0314(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 14 – point g
Article 3 – paragraph 1 – point 14 – point g
Amendment 342 #
2013/0314(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 14 – point i
Article 3 – paragraph 1 – point 14 – point i
Amendment 355 #
2013/0314(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 21
Article 3 – paragraph 1 – point 21
(21) ‘critical benchmark’ means a benchmark, the majority of contributors to which are supervised entities and that reference financial instruments having a notional value of at least 500 billion euroother than a benchmark calculated using regulated data within the meaning of subpoint (h) of point 11 of this paragraph, the majority of contributors to which are supervised entities and fulfil the criticality criteria set out in Article 13;
Amendment 356 #
2013/0314(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point 21
Article 3 – paragraph 1 – point 21
(21) ‘critical benchmark’ means a submission based benchmark, the majority of whose contributors to which, or underlying panel of contributors, are supervised entities, and that reference financial instruments having a notional value of at least 500 billion eurofulfil the criticality criteria set out in Article 13;
Amendment 364 #
2013/0314(COD)
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. Where appropriate and proportionate, the provision of a benchmark shall be operationally separated from the part of the administrator's business that generates a conflict of interest. Where conflicts of interest may arise within the administrator due to its ownership structure, controlling interests or other activities conducted by any entity owning or controlling the administrator or that is owned or controlled by the administrator or any of its affiliates, the administrator shall establish an independent oversight function which shall include a balanced representation of a range of stakeholders where the stakeholders are known, subscribers and contributors. If such conflicts cannot be adequately managed, the administrator shall cease any activities or relationships that create these conflicts or cease producing the benchmark.
Amendment 366 #
2013/0314(COD)
Proposal for a regulation
Article 5 – paragraph 3 a (new)
Article 5 – paragraph 3 a (new)
3a. The administrator shall establish specific control procedures to ensure the integrity and reliability of the employee or person determining the benchmark, this could include an internal sign off by management before the dissemination of a benchmark or an appropriate substitution for example in the case of a benchmark that is updated intra-day or on a real-time basis.
Amendment 369 #
2013/0314(COD)
Proposal for a regulation
Article 5 a (new)
Article 5 a (new)
Amendment 370 #
2013/0314(COD)
Proposal for a regulation
Article 5 b (new)
Article 5 b (new)
Amendment 371 #
2013/0314(COD)
Proposal for a regulation
Article 5 c (new)
Article 5 c (new)
Article 5c Accountability Framework Requirements 1. The administrator shall have an accountability framework covering record keeping, auditing and review, and complaints process that provides evidence of compliance with the requirements of this regulation. 2. The administrator shall appoint an independent internal or external function, with the necessary capability to review and report on the administrator's compliance with the benchmark methodology and this Regulation. 3. For non-critical benchmarks, the administrator shall publish and maintain a compliance statement in which the administrator shall report on its compliance with this Regulation. The compliance statement shall at least cover the requirements laid out in Articles 5(1), 5 (2), 5(4), 5(5), 5(6), 5a, 5b, 5d, 7, 7a, 7b, 7c, 8(1), 8(2), 9(1), 11(2a), 11(2b), 17(1). where the administrator does not comply with the requirements laid down in Articles 5(1), 5(2), 5(4), 5(5), 5(6), 5a, 5b, 5d, 7, 7a, 7c, 7d, 8(1), 8(2), 9(1), 9(2), 11(2a), 11(2b), 17(1) of this Regulation, the compliance statement shall clearly state why it is appropriate for that administrator not to comply with those provisions. 4. The administrator of a non-critical benchmark shall appoint either its statutory auditor or an external auditor to periodically and not less than once every five years or when a material change to the benchmark takes place, to review and report on the accuracy of the administrator's compliance statement. 5. Upon request of the relevant competent authority, or any user of the benchmark, the administrator shall provide or publish details of the reviews in paragraph 2 or paragraph 4.
Amendment 372 #
2013/0314(COD)
Proposal for a regulation
Article 5 d (new)
Article 5 d (new)
Amendment 373 #
2013/0314(COD)
Proposal for a regulation
Article 5 e (new)
Article 5 e (new)
Article 5e ESMA regulatory technical standards on governance and control requirements ESMA shall develop draft regulatory standards to specify further the governance and control requirements under Articles 5(2), 5(4), 5(6), 5a(2), 5a(3), 5b(2), 5b(3), 5c(2), 5c(2a), 5c(4), 5c(5), 5(3). ESMA shall take account of the following: a) developments in benchmarks and financial markets in light of international convergence of supervisory practice in relation to governance requirements of benchmarks; b) specific features of different types of benchmarks and administrators including size and impact, sectoral features and the types of input data used; c) distinctions between critical and noncritical benchmarks Where these regulatory technical standards capture supervised entities and markets covered by Regulation (EU) No 1227/2011 (REMIT), the Agency for the Cooperation of Energy Regulators (ACER) should be fully consulted by ESMA in order to draw on ACER's expertise in energy markets and to mitigate dual regulation. ESMA shall submit those draft regulatory technical standards to the Commission by [...] Power is delegated to the commission to adopt the regulatory technical standards referred to in the first paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 397 #
2013/0314(COD)
Proposal for a regulation
Article 7 – paragraph 3
Article 7 – paragraph 3
Amendment 400 #
2013/0314(COD)
Proposal for a regulation
Article 7 – paragraph 3 a (new)
Article 7 – paragraph 3 a (new)
3a. Where the input data of a benchmark is contributed directly from a front office function, which means any department, division, group, or personnel of contributors or any of its affiliates that perform any pricing, trading, sales, marketing, advertising, solicitation, structuring or brokerage activities, the administrator shall: a) where reasonably available, obtain data from other sources that corroborates that input data; b) ensure that contributors have adequate internal oversight and verification procedures that allow for: - validation of input contributed prior or post submission, including procedures for multiple reviews by senior staff to check inputs and internal sign off procedures by management for submitting inputs; - the physical separation of employees in the front office function and reporting lines; - full consideration of conflict management measures to identify, disclose, manage, mitigate and avoid existing or potential incentives to manipulate or otherwise influence data inputs, including through remuneration policies and conflict of interest between the contribution of input data activities and any other business of the contributor, its affiliates or their respective clients or customers.
Amendment 401 #
2013/0314(COD)
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7a ESMA guidelines on input data and methodology ESMA shall develop and maintain guidelines to supplement the controls in respect of input data, the circumstances under which transaction data may not be sufficient and how this can be demonstrated to supervisors and the requirements for developing methodologies, distinguishing for different types of benchmarks and sectors as set out in this Regulation. ESMA shall take account of the following: a) developments in benchmarks and financial markets in light of international convergence of supervisory practice in relation to benchmarks; b) specific features of different benchmarks and types of benchmarks; and c) the vulnerability of benchmarks to manipulation in light of the methodologies and input data used. d) that sufficient detail should be available to users to allow them to understand how a benchmark is provided in order to assess its relevance and appropriateness as a reference. ESMA shall issue those guidelines by [...].
Amendment 405 #
2013/0314(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. TWhere a benchmark is based on input data from contributors, the administrator shall adoptdraw up a code of conduct for each benchmark clearly specifying the administrator's and contributors' responsibilities and obligations with respect to the provision of the benchmark which shall include a clear description of the input data to be provided, and at least the elements set out in Section D of Annex Icontribution of input data and shall ensure contributors confirm whenever there is a material change in the code of conduct, that they continue to be compliant.
Amendment 410 #
2013/0314(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The code of conduct shall be signed by the administrator and the contributors and shall be legally binding on all parties to it. include at least the following elements: a) a clear description of the input data to be provided and the requirements necessary to ensure that the input data to be provided in accordance with Articles 7 and 8; b) a list of legal persons who may contribute input data to the administrator including procedures to evaluate the identity of a contributor and any submitters; c) policies to ensure contributors provide all relevant input data; and d) the systems and controls that the contributor is required to establish including: - procedures for submitting input data including requirements for the contributor to specify whether the input data is transaction data and whether the input data conforms with the administrator's requirements; -policies on the use of discretion in providing input data; -any requirement for the validation of input data before it is provided to the administrator; - record keeping policies; - suspicious input data reporting requirements; - conflict management requirements.
Amendment 415 #
2013/0314(COD)
Proposal for a regulation
Article 10
Article 10
Amendment 422 #
2013/0314(COD)
Proposal for a regulation
Article 12
Article 12
Amendment 433 #
2013/0314(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Regulated data Where benchmarks are determined by the application of a formula to data set out in point 11(ii) of Article 3(1), Articles 7(1)(b), 7(1)(c), 7(2), 7(3), 8(1), 8(2), 9 and 11 shall not apply to the provision of and the contribution to such benchmarks. Article 5d(1)(a) shall not apply to the provision of such benchmarks with reference to input data that are contributed entirely and without change as specified in Article 3(1)(20a). These requirements shall also not apply for purposes of Article 5c(2a).
Amendment 437 #
2013/0314(COD)
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 1
Article 13 – paragraph 1 – subparagraph 1
Amendment 443 #
2013/0314(COD)
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
Amendment 449 #
2013/0314(COD)
Proposal for a regulation
Article 13 – paragraph 2 a (new)
Article 13 – paragraph 2 a (new)
2a. A competent authority of a Member State may disapply point (b) of the first subparagraph of paragraph 1 and deem a benchmark administered within its jurisdiction to be critical if it considers that the cessation of that benchmark would have a significant adverse impact on the integrity of markets, financial stability, consumers, the national economy, or the financing of households within its jurisdiction. In such a case, it shall notify ESMA of its decision within five days.
Amendment 451 #
2013/0314(COD)
Proposal for a regulation
Article 13 – paragraph 2 b (new)
Article 13 – paragraph 2 b (new)
2b. In the absence of an agreement between the competent authorities, the requesting competent authority may refer the matter to ESMA for assistance under point (c) of Article 31 of Regulation (EU) No 1095/2010.
Amendment 455 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
Amendment 473 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
2. For a critical benchmark, the supervised entities that are required to contribute in accordance with paragraph 1 shall be determined by the competent authority of the administrator on the basis of the following criteria: (a) the size of the supervised entity´s actual and potential participIf one or more supervised contributors to a critical benchmark intends to cease contributing input data, they shall promptly notify the benchmark administrator in writing, as well as the competent authority responsible for its oversight. The administrator shall immediately inform its competent authority and, within 15 working days of receipt of such notification, and shall provide them with an assessment of the implication ins of the market thatcessation on the capability of the benchmark seeks to measure; (b) the supervised entity's expertise and ability to provide input data of the necessary qu the underlying market or economic reality.
Amendment 480 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 2 a (new)
Article 14 – paragraph 2 a (new)
2 a. The administrator shall also inform the remaining supervised contributors to the critical benchmark of the notice to cease contributions and seek to determine whether others intend to cease contributing.
Amendment 484 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 3 a (new)
Article 14 – paragraph 3 a (new)
3a. The competent authority shall have the power to require the contributor which made the notification intending to cease contributing input data to continue to contribute data until such time as the competent authority has completed its assessment.
Amendment 485 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 3 b (new)
Article 14 – paragraph 3 b (new)
3b. The supervised entities referred to in paragraph 4a shall be determined by the competent authority of the administrator, with the assistance of the competent authority of the supervised entities, on the basis of the size of the supervised entity's participation in the market that the benchmark seeks to measure, as well as its expertise in that market and ability to contribute accurate input data based on that expertise. Due consideration should be taken of the existence of appropriate alternative benchmarks to which financial contracts and financial instruments referencing the critical benchmark could transition to.
Amendment 486 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 4
Article 14 – paragraph 4
Amendment 495 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 4 a (new)
Article 14 – paragraph 4 a (new)
4a. In the event that the competent authority considers that the representativeness of a critical benchmark is put at risk, it shall have the power to: a) require supervised entities in accordance with paragraph 5, to contribute input data to the administrator in accordance with the methodology, code of conduct or other rules for an appropriate transition period dependent upon the average length of contract based on the relevant benchmark; b) determine the time by which input data shall be contributed, without obliging supervised entities to trade or commit to trade; c) change the code of conduct, methodology or other rules of the critical benchmark after discussion with the administrator.
Amendment 499 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 5 a (new)
Article 14 – paragraph 5 a (new)
5a. Following the transition period, those supervised entities which still intend to cease contributing may apply to the competent authority of the administrator to have the measures adopted under paragraph 4a revoked. The competent authority of the administrator shall revoke the measures if; a) it judges that the benchmark can continue once the contributors mandated to contribute input data have ceased contributing; or b) it judges, following consultation with contributors and users that an acceptable substitute benchmark is available and users of the critical benchmark are able to switch to that substitute at minimal costs; or c) it judges that no appropriate alternative contributors can be identified and the cessation of contributions from the relevant supervised entities would weaken the benchmark sufficiently to require the winding down of the benchmark. In the case of points a) and b) the supervised entities intending to cease contributing must do so on the same date to be determined by the competent authority of the administrator.
Amendment 500 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 5 b (new)
Article 14 – paragraph 5 b (new)
5b. In the event that a critical benchmark should be wound down each supervised contributor to the critical benchmark shall continue to contribute input data until the date that the benchmark ceases following an appropriate transition period as determined by the competent authority.
Amendment 501 #
2013/0314(COD)
Proposal for a regulation
Article 14 – paragraph 5 c (new)
Article 14 – paragraph 5 c (new)
Amendment 502 #
2013/0314(COD)
Proposal for a regulation
Article 14 a (new)
Article 14 a (new)
Article 14a Commodity Benchmarks 1. The specific requirements laid down in Annex Ia shall apply to commodity benchmarks. 2. The requirements of Title II, with the exception of Article 6 shall not apply to commodity benchmarks.
Amendment 512 #
2013/0314(COD)
Proposal for a regulation
Article 16
Article 16
Amendment 529 #
2013/0314(COD)
Proposal for a regulation
Article 18
Article 18
Amendment 531 #
2013/0314(COD)
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Where a supervised entity intends to enter into a financial contract with a consumer, that supervised entity shall first obtain the necessary information regarding the consumer's knowledge and experience with respect to the benchmark, his financial situation and his objectives in respect of that financial contract, and the benchmark statement published in accordance with Article 15 and shall assess whether referencing the financial contract to that benchmark is suitable for himis governed by Directive 2014/17/EU [Mortgage Credit Directive], that supervised entity shall provide the consumer with the benchmark statement required under Article 15 of this Regulation.
Amendment 535 #
2013/0314(COD)
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
2. Where tThe supervised entity considers, on the basis of the assessment under paragraph 1, that the benchmark is not suitable for the consumer, the supervised entity shall warn the consumer in writing with reasonsshall make the consumer aware of the key characteristics of the benchmark and any risks incurred as a result of the use of the benchmark.
Amendment 567 #
2013/0314(COD)
Proposal for a regulation
Article 21 a (new)
Article 21 a (new)
Article 21a EU administrator endorsement regime for benchmarks provided in a third country An administrator located in the Union and authorised or registered in accordance with Articles 23 and 23a may apply to its competent authority to endorse a benchmark or family of benchmarks provided in a third country for use in the Union provided it fully conforms with the IOSCO Financial Benchmark Principles.
Amendment 587 #
2013/0314(COD)
Proposal for a regulation
Article 23 – paragraph 3
Article 23 – paragraph 3
3. The applicant administrator shall provide all information necessary to satisfy the competent authority that ithe applicant administrator has established, at the time of authorisation or registration, all the necessary arrangements to meet the requirements laid down in this Regulation. It shall also provide the necessary data to calculate the value referred to in Article 13 paragraph 1 or estimate thereof, where available, for each benchmark.
Amendment 614 #
2013/0314(COD)
Proposal for a regulation
Article 25
Article 25
Amendment 642 #
2013/0314(COD)
Proposal for a regulation
Article 30 – paragraph 1 – point c
Article 30 – paragraph 1 – point c
(c) in relation to benchmarks whose input data is commoditiecommodity benchmarks, request information from market participantcontributors on related spot markets according, where applicable, to standardized formats, obtain and reports on transactions, and have direct access to traders' systems;
Amendment 676 #
2013/0314(COD)
Proposal for a regulation
Article 34 – paragraph 1
Article 34 – paragraph 1
1. Within 30 working days from the entry into force of the decisioninclusion of a benchmark in the list of critical benchmarks referred to in Article 13(1) determining a benchmark as critical benchmark, the relevant competent authority shall establish a college of competent authorities where appropriate.
Amendment 679 #
2013/0314(COD)
Proposal for a regulation
Article 34 – paragraph 2
Article 34 – paragraph 2
2. The college shall comprise the competent authority of the administrator, ESMA, and the competent authorities of the major contributors.
Amendment 697 #
2013/0314(COD)
Proposal for a regulation
Article 34 – paragraph 9
Article 34 – paragraph 9
9. In the absence of agreement between the members of the college on whether to take any measures, competent authorities other than ESMA may referred to in paragraph 8, within 15 working days after the matter was notified to thESMA any of the following situations: a) where a competent authority has not communicated essential information; b) where cfollegeowing a request made under paragraph 3, the competent authority of the administrator may adopt a decision. Any deviation of that decision from the opinions expressed by the other members of the college and, where appropriate, ESMA shall be fully reasoned. The competent authority of the administrator shall notify its decision, without undue delay,has notified the requesting authority that the requirements of that paragraph are not fulfilled or where it has not acted upon such a request within a reasonable time; c) where the competent authorities have failed to agree the matters set out in paragraph 6; d) in the case of a critical benchmark, where there is a disagreement regarding the measures to be taken in accordance with Articles 23 and 24. Where 30 working days after referral to ESMA the issue is not settled, the competent authority of the administrator shall take the decision and provide a detailed explanation in writing of its decision to the authorities referred to in the collegefirst subparagraph and to ESMA.
Amendment 698 #
2013/0314(COD)
Proposal for a regulation
Article 34 – paragraph 9 a (new)
Article 34 – paragraph 9 a (new)
9a. Any of the competent authorities within a college that fails to agree on any of the measures to be taken with points (a) (b) and (d) of paragraph 4 of Article 14 may refer the matter to ESMA for assistance under point (c) of Article 31 of Regulation (EU) No 1095/2010.
Amendment 700 #
2013/0314(COD)
Proposal for a regulation
Article 34 – paragraph 10
Article 34 – paragraph 10
Amendment 725 #
2013/0314(COD)
Proposal for a regulation
Article 39 – paragraph 4
Article 39 – paragraph 4
4. The use of a benchmark shall be permitted by the relevant competent authority of the Member State wheUnless the Commission has adopted an equivalence decision as referred the administrator is located until such time as the benchmark references financial instruments and financial contracts worth no more than 5% by value of the financial instruments and financial contracts that referenced this benchmarko in paragraph 2 or paragraph 2a of Article 20, supervised entities in the Union shall only use a benchmark provided by an administrator located in at the time of eird country, into force of this Regulation. No financial instruments or financial contracts shall reference such an existing benchmark after the entry into existing and new financial contracts or instruments for 5 years from the date of application of this Rregulation.
Amendment 733 #
2013/0314(COD)
Proposal for a regulation
Article 40 – paragraph 1 a (new)
Article 40 – paragraph 1 a (new)
The Commission shall review the evolution of international principles applicable to commodity benchmarks in particular the application of IOSCO Price Reporting Agency principles and report to the Parliament and Council every four years after the date of entry into force of this Regulation. This report shall be accompanied by a legislative proposal if appropriate and pay particular attention to the suitability of the requirements in Annex Ia.
Amendment 734 #
2013/0314(COD)
Proposal for a regulation
Article 41 – paragraph 2
Article 41 – paragraph 2
It shall apply from [12 months afterfrom the entry into force] of the delegated acts adopted by the Commission under this Regulation.
Amendment 736 #
2013/0314(COD)
Proposal for a regulation
Article 41 – paragraph 3
Article 41 – paragraph 3
However, Article 13(1) and 34 shall apply from [6 months after entry into force]the delegated acts adopted by the Commission under this regulation.
Amendment 2 #
2012/2151(INI)
Motion for a resolution
Citation 1 a (new)
Citation 1 a (new)
- having regard to Articles 5, 6 and 7 of Protocol No 2 on the application of the principles of subsidiarity and proportionality annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union,
Amendment 8 #
2012/2151(INI)
Motion for a resolution
Citation 10 a (new)
Citation 10 a (new)
- having regard to the G-20 Leaders' Statement following the Los Cabos Summit of 18 and 19 June 2012 as regards the need to implement fully the Basel III standards according to the agreed timelines;
Amendment 48 #
2012/2151(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas a closer European integration should necessarily involve efficient institutional checks and balances to ensure greater democratic legitimacy, accountability, transparency and citizen's endorsement;
Amendment 49 #
2012/2151(INI)
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas a closer European integration should provide for a greater parliamentary involvement at both the national and Union level;
Amendment 55 #
2012/2151(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas legislation underpinning the 'banking union' should respect the principle of subsidiarity and proportionality as defined in the Treaty of Lisbon, and in particular Articles 5, 6 and 7 of the Protocol (No 2) on the application of the principles of subsidiarity and proportionality;
Amendment 56 #
2012/2151(INI)
Motion for a resolution
Recital D b (new)
Recital D b (new)
Db. whereas there is need to enhance democratic legitimacy with regards to the 'proposed banking union' by closely involving through the appropriate legal procedure both the national parliaments, especially those of the euro area, and the European Parliament, in the ongoing legislative process well as in the drafting of any future amendment to the Treaties;
Amendment 61 #
2012/2151(INI)
Motion for a resolution
Recital E
Recital E
E. whereas the economic, and financial and banking crisiscrisis, especially the sovereign debt crisis in the euro area, has repeatedly demonstrated that excessive public debt and deficit at national level and financing problems as well as the disturbance of macroeconomic equilibriums quickly, directly and negatively affect the socio-economic development of the euro area and ofindirectly impact the Union as a whole;
Amendment 66 #
2012/2151(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas due consideration should be given to the potential mutual spill-over effects of the 'banking union' in the euro area for non-euro area members;
Amendment 96 #
2012/2151(INI)
Motion for a resolution
Recital K a (new)
Recital K a (new)
K a. whereas progress towards a genuine EMU should respect the will of the Member States that have an opt-out from having to introduce the euro to retain their respective national currencies;
Amendment 108 #
2012/2151(INI)
Motion for a resolution
Recital N
Recital N
N. whereas Union and national policy makers and parliamentarians should continuously explain to their citizens the benefits and possible downsides of a single currency, including the costs and risks linked to a break up of the euro area;
Amendment 116 #
2012/2151(INI)
Motion for a resolution
Recital P
Recital P
P. whereas any doubt about the future of EMU in general and the Union's single currency in particular must be ruled outsubject to a thorough public debate at national and Union level;
Amendment 118 #
2012/2151(INI)
Motion for a resolution
Recital P a (new)
Recital P a (new)
Pa. whereas economic and monetary policy making in the Union cannot be based on political ideology, but rather based on thorough economic and financial analysis, rational choices with respect to the introduction of the euro in the yet non-euro area Member States, viable exit strategies from the euro area for defaulting euro area members, and enhanced democratic scrutiny by the European citizens via their national and Union elected representatives;
Amendment 125 #
2012/2151(INI)
Motion for a resolution
Recital R
Recital R
R. whereas the answer to the euro crisis is complex and demands sustained, multifaceted efforts at all institutional and policy levels without a priori ruling out any options;
Amendment 127 #
2012/2151(INI)
Motion for a resolution
Recital S
Recital S
S. whereas the Union institutions and the Heads of State and Government of the Member States in general and of the euro area Member States in particular hold the key to working in a credible way on the much-needed restoration of confidence by ensuring greater transparency and democratic legitimacy of, and parliamentary involvement in, the policy decisions proposed;
Amendment 132 #
2012/2151(INI)
Motion for a resolution
Recital T
Recital T
T. whereas restoring confidence also requires those Heads of State and Government and their Ministers to defend loyallyexplain in a detailed manner in their Member States the policy decisions theyat have been agreed upon at Union level and to explain that they subscribed to those policies in the belief that they will safeguard the future of their own citizens; whereas by unfairly imputing unpopular decisions to the Union in some instances, a particularly dangerous game of perception is being played which risks eroding the Union from below, undermining solidarity and ultimately damaging the credibility of the national leaders themselves and potentially the European project as a whole;
Amendment 141 #
2012/2151(INI)
Motion for a resolution
Recital V
Recital V
V. whereas the growing divide between core and peripheral countriesMember States with a budgetary surplus and those with an excessive deficit in the Union should not become chronic in nature; whereas a permanent framework mustcould be created in which Member States in difficulty should beto the extent possible be also able to rely on solidarity-based support from other Member States in addition to implementing measures to return as soon as possible to balanced public accounts; whereas those Member States which desire solidarity should be able to take up their responsibility for implementing the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union as well as their country-specific recommendations and their engagements under the European Semester, in particular those related to the stability and growth pact (SGP), the Euro- plus pact and the macro-economic imbalances procedure;
Amendment 153 #
2012/2151(INI)
Motion for a resolution
Recital W
Recital W
W. whereas it is beyond doubt that thethe European integration is a progressive process in which Member States should pay attention to meticulously honouring their national, European and integrnation is an irreversible and progressive process if Member States meticulously honour their European engagemental engagements, and whereas particular attention should be given to close transatlantic, and where possible G20, cooperation in view of implementing as part of the 'exit strategy' from the crisis compatible regulatory and supervisory regimes, especially for global and systemically important credit institutions and other financial actors;
Amendment 161 #
2012/2151(INI)
Motion for a resolution
Recital X
Recital X
X. whereas from a democratic point of view it is incomprehensible that the President of the European Parliament, whoich is composed of elected parliamentarians representsing more than 502 million European citizens, has not been involved in the drafting of the report of 26 June 2012 of the President of the European Council, in collaboration with the Presidents of the European Commission, the Eurogroup and the European Central Bank, entitled ‘'Towards a Genuine Economic and Monetary Union’';
Amendment 164 #
2012/2151(INI)
Motion for a resolution
Recital Y
Recital Y
Y. whereas the time has come for the political leaders of and within the European Union to demonstrate their determination, creativity, courage, resilience and leadership to remove the remaining deficiencies that continue to hamper the proper functioning of EMU, while respecting the rule of law of the Union as enshrined in the Lisbon Treaties;
Amendment 174 #
2012/2151(INI)
Motion for a resolution
Recital AA
Recital AA
AA. whereas the European Council of 28 and 29 June 2012 requested its President to develop a specific and time-bound roadmap for the achievement of a genuine EMU; whereas developing a global long- term vision via a road map is an important signal forthat could contribute to restoring confidence that willwhich could grow as the road map is carried out step by step;
Amendment 177 #
2012/2151(INI)
Motion for a resolution
Recital AB
Recital AB
AB. whereas steady progress in the implementation of the long-term road map should not delay the needed short-term measures, while fully respecting the prerogatives of each institution involved in this latest reform of the EMU;
Amendment 182 #
2012/2151(INI)
Motion for a resolution
Recital AC
Recital AC
AC. whereas it cannot be excluded that new Treaty changes might be needed for increasing the governance of a fully operational EMU; whereas any needed changes of the Treaties or of existing national legislations should be conducted in full compliance with national constitutional provisions; whereas the Commission should list without delay the necessary institutional developments in the long term and inform the co-legislators about them;
Amendment 190 #
2012/2151(INI)
Motion for a resolution
Recital AE
Recital AE
AE. whereas the ambition should be that all Member States of the euro area jointly take steps forward towards greater European integration; whereas decisions that only apply to the euro area might be needed where required or justified on the basis of the specificity of the euro area, not excluding opt-ins for other Member States;
Amendment 195 #
2012/2151(INI)
Motion for a resolution
Recital AE a (new)
Recital AE a (new)
AEa. whereas to overcome the structural deficiencies inherent in the EMU and effectively curb the pervasive moral hazard, the proposed 'banking union' should draw on the earlier reform of the Union financial services sector, including the creation of EBA, ESMA, EIOPA and the ESRB, as well as the strengthened economic governance, especially in the euro area, and the new budgetary framework of the European Semester, to ensure greater resilience and competitiveness of the Union banking sector, increased confidence in it, and enhanced capital reserves to prevent Member States' public budgets having to bear the costs of banks' bail-outs in the future;
Amendment 201 #
2012/2151(INI)
Motion for a resolution
Recital AF
Recital AF
AF. whereas the operations within the Union to stabilise the financial system to date, can be called successful but insufficient to fully have partially contributed to restoreing confidence; whereas the European Central Bank (ECB) with its series of exceptional temporary assistance measures for both Member States and banks has played a pivotal role in these 'rescue operations' without losing sight of its core objective, namely guaranteeing price stability;
Amendment 208 #
2012/2151(INI)
Motion for a resolution
Recital AG a (new)
Recital AG a (new)
AG a. whereas Union and national policy makers and parliamentarians should foster public debate on the new role foreseen for the ECB as single banking supervisor of credit institutions in the euro area, especially with respect to the bank's ability to remain independent from political pressure, the scope of its new and overall tasks and the competences left to the national central banks;
Amendment 224 #
2012/2151(INI)
Motion for a resolution
Recital AJ
Recital AJ
AJ. whereas the European Parliament has repeatedly asserted that there is an urgent need for additional and far-reaching measures to solve the crisis in the banking sector; whereas a distinction should be made between short-term measures to stabilise an acute bank crisis situation and long-term measures aimed at the realisation of a fully opincluding the reform of banking practices and meeting the G- 20 commitment to the timely, full and consistent implementation of international European banking union; ly agreed rules on bank capital, liquidity and leverage, together with improved supervision of the banking sector;
Amendment 230 #
2012/2151(INI)
Motion for a resolution
Recital AL
Recital AL
AL. whereas all public and private stakeholders of the Union banking sector, including financial institutions and their representatives, should act responsibly and according to high moral standards, serving the real economy;
Amendment 234 #
2012/2151(INI)
Motion for a resolution
Recital AM
Recital AM
AM. whereas the Union would benefit fromCommission has already or will soon present the European Parliament with proposals that introduce a single Eeurop arean supervisory mechanism for financial institutions, amend Regulation (EU) No 1093/2010, and establish a single Eeurop arean deposit guarantee scheme and a single Eeurop arean recovery and resolution scheme;
Amendment 245 #
2012/2151(INI)
Motion for a resolution
Recital AN
Recital AN
AN. whereas the scope of the deposit guarantee and crisis management framework should mirror that of the single supervisory mechanism in terms of the Member States and banks covered (symmetry);
Amendment 258 #
2012/2151(INI)
Motion for a resolution
Recital AP a (new)
Recital AP a (new)
APa. whereas the role of EBA in defining, enforcing and controlling the single rulebook for Union banks is gradually proving useful in sharing of best supervisory practices across the Union;
Amendment 259 #
2012/2151(INI)
Motion for a resolution
Recital AQ
Recital AQ
AQ. whereas creating a high-quality and uniform Eeurop arean supervisory mechanism is indispensablcould contribute to avoiding competitive distortions, to guarantee a level playing field between all financial institutions and to in the supervision of systemically important cross-border financial institutions operating in the euro area and gradually restoreing cross-border confidence;
Amendment 263 #
2012/2151(INI)
Motion for a resolution
Recital AR
Recital AR
AR. whereas in line with the principle of subsidiarity and proportionality a clear division of operational responsibilities should be agreed between a Eeurop arean supervisory mechanism involving the ECB and the national supervisory authorities, depending on the size and nature of bankECB's assessment of the risks posed by the supervised institutions and the nature of the supervisory tasks; to be performed;
Amendment 269 #
2012/2151(INI)
Motion for a resolution
Recital AS
Recital AS
AS. whereas the European level of supervision should have ultimate responsibility for all financial institutions within the euro area countries included in the system, for the guidance of national supervisory authorities and for determining the overall strategic supervisory framework;
Amendment 272 #
2012/2151(INI)
Motion for a resolution
Recital AT
Recital AT
AT. whereas European supervision of financial institutions within the euro area is an absolutpresented to the European Parliament as one of the priority to take measures to tackle the crisis;
Amendment 282 #
2012/2151(INI)
Motion for a resolution
Recital AU
Recital AU
AU. whereas, for reasons of efficiency and quick action, it isthe Commission's proposal recommendeds to confer European supervision to the ECB, given its widely recognised expertise, access to information resources and significant credibility;
Amendment 287 #
2012/2151(INI)
Motion for a resolution
Recital AV
Recital AV
AV. whereas the Commission recommends that supervision by the ECB should already from the very start cover the financial institutions requiring direct support from the Union as well as European systemically important financial institutions (E-SIFIs) and domestic systemically important financial institutions (D-SIFIs));
Amendment 290 #
2012/2151(INI)
Motion for a resolution
Recital AW
Recital AW
AW. whereas it is of paramount importance that efficient safeguards are introduced to avoid conflicts of interest between the ECB's monetary policy and its supervisory powers; whereas any possible erosion of the ECB's authority for monetary policy needs to be excluded by the setting up within the ECB of a legally independent supervisory board;
Amendment 293 #
2012/2151(INI)
Motion for a resolution
Recital AW a (new)
Recital AW a (new)
AWa. whereas the proposed ECB's single supervisory role over E-SIFIs and D- SIFIs should be carefully assessed against the backdrop of the ESRB's role in identifying and preventing systemic risks susceptible to impact on the Union as a whole;
Amendment 304 #
2012/2151(INI)
Motion for a resolution
Recital AY
Recital AY
AY. whereas the independence of the Eeurop arean single supervisory mechanism from political and industry influence does not exempt it from explaining, justifying and being accountable to the European Parliament, on a regular basis and whenever the situation requires, for the actions and decisions taken in the field of European supervision in the euro area, given the impact that supervisory measures may have on public finances, banks, employees and customers;
Amendment 307 #
2012/2151(INI)
Motion for a resolution
Recital AZ
Recital AZ
AZ. whereas the head of the Eeurop arean single supervisory mechanism should be different from the head of the ECB and the ESRB and he/she should be appointed after a hearing in, and confirmation by, the European Parliament based on a shortlist of both male and female candidates selected from across the Union banking sector and not the central banks exclusively;
Amendment 310 #
2012/2151(INI)
Motion for a resolution
Recital BA
Recital BA
BA. whereas it is a major achievement that in the future the European Stabilitthe head of the euro area single supervisory Mmechanism (ESM) will, under certain conditions, be able to fund banks in difficulties directly; whereas for this reason making the single supervisory mechanism operational is the first and most urgent task in the realisation of the banking unionshould be different from the head of the ECB and ESRB and he/she should be appointed after a hearing in, and confirmation by, the European Parliament based on a shortlist of both male and female candidates selected from across the Union banking sector and not the central banks exclusively;
Amendment 311 #
2012/2151(INI)
Motion for a resolution
Recital BA
Recital BA
BA. whereas it is a major achievement that in the future the European Stability Mechanism (ESM) will, under certain conditions, ,be able to fund banks in difficulties directly; whereas for this reason making the single supervisory mechanism operational is the first and most urgent task initiated by the Commission in the realisation of the banking union;
Amendment 314 #
2012/2151(INI)
Motion for a resolution
Recital BB
Recital BB
BB. whereas athe single set of rules (single rule book), to being developed by EBA, should ensure fully harmonised rules and their uniform application across the Union; whereas the completion of the single rule book on banking supervision and prudential requirements is a precondition for the effective functioning of the single supervisory mechanism, since the European supervisor cannot work with different national prudential rules;
Amendment 325 #
2012/2151(INI)
Motion for a resolution
Recital BC a (new)
Recital BC a (new)
BCa. whereas in certain jurisdictions alternative methods to funded deposit guarantee schemes, such as depositor preference or top-down recapitalisation mechanisms may provide appropriate and effective ways of protecting depositors and ensuring financial stability;
Amendment 331 #
2012/2151(INI)
Motion for a resolution
Recital BE
Recital BE
BE. whereas a balance should be struck between, on the one hand, an excessive protection of risks taken by financial institutions, which increases the risk of moral hazard and, and on the other, insufficient protection which undermines confidence in and the credibility of the financial system;
Amendment 336 #
2012/2151(INI)
Motion for a resolution
Recital BF
Recital BF
BF. whereas after the increase of the deposit protection to a uniform Union level of EUR 100 000 per depositor and per credit institution, the current Commission proposal for a Eeurop arean system of deposit guarantees is another step in the right dircould further enhance deposit protection; whereas the Commission proposal mainly aims at the harmonisation of national systems in the area of the offered guarantees as well as their financing; whereas there is risk that for some credit institutions the ex-ante funding of the single system of deposit guarantees will imply excessive financial burden;
Amendment 344 #
2012/2151(INI)
Motion for a resolution
Recital BG
Recital BG
BG. whereas the introduction of a single Eeurop arean deposit guarantee fund should be the ultimate goal,conditional on an independent impact assessment clearly proving its relevance and not an a priori defined ultimate goal, that may or not further increasinge the credibility of the scheme; the development of a similar scheme is justifiedwhile being justified by the Commission considering the introduction of a Eeurop arean structure for prudential supervision and a Eeurop arean recovery and resolution framework should not be prejudged;
Amendment 353 #
2012/2151(INI)
Motion for a resolution
Recital BH
Recital BH
BH. whereas a single deposit guarantee scheme should cover all banks within the countriesMember States whose currency is the euro included in the system in order to guarantee a level playing field and avoid deposit flight from uncovered to covered financial institutions and provide for other Member States whose currency is not the euro to voluntarily opt-in to these arrangements;
Amendment 359 #
Amendment 369 #
2012/2151(INI)
Motion for a resolution
Recital BJ
Recital BJ
BJ. whereas a single Eeurop arean recovery and resolution authority (ERRA) should be established for the euro area, preferably in parallel with the single supervisory mechanism, for restoring the viability of banks in difficulties and resolving non- viable financial institutions;
Amendment 375 #
2012/2151(INI)
Motion for a resolution
Recital BK
Recital BK
BK. whereas the ERRA willshould be able to work more efficiently, more promptly and more consistently than a network of national recovery and resolution authorities, avoiding the negative consequences of purely national decisions, breaking the negative feedback loop between banks and sovereigns and eliminating the need for ad hoc intergovernmental crisis solutiobreaking the negative feedback loop between banks and sovereigns;
Amendment 377 #
2012/2151(INI)
Motion for a resolution
Recital BK a (new)
Recital BK a (new)
BKa. whereas it is essential that any proposal for a new single recovery and resolution mechanism for the euro area respects and has regard for the maintenance of financial stability in all parts of the Union, and in particular is sensitive to the nature of intra-group arrangements and financial transfers within cross-border banking groups, as well as the relationship between "home" and "host" Member States, some of which may be outside the euro area;
Amendment 381 #
2012/2151(INI)
Motion for a resolution
Recital BL
Recital BL
BL. whereas the ERRA, whenever the situation requires, needs to explain and justify and should be accountable to the European Parliament and the Council for the actions and decisions taken in the field of Eeurop arean recovery and resolution of financial institutions;
Amendment 385 #
2012/2151(INI)
Motion for a resolution
Recital BM
Recital BM
BM. whereas the head of the ERRA should be appointed after a hearing in and confirmation by the European Parliament based on a shortlist of both male and female candidates selected from across the Union banking sector and not the central banks exclusively;
Amendment 387 #
2012/2151(INI)
Motion for a resolution
Recital BN
Recital BN
BN. whereas the Commission proposal on recovery and resolution tools for euro area banks in crisis iscould be a step in the right direction;
Amendment 391 #
2012/2151(INI)
Motion for a resolution
Recital BO
Recital BO
BO. whereas progress also must be made tothe possibility of createing a single Eeurop arean recovery and resolution fund which is essential to guarantee at all times the stability of the financial system and to manage the resolution of financial institutions, whatever their size or nature, while safeguarding public financesshould be conditional on an independent impact assessment;
Amendment 397 #
2012/2151(INI)
Motion for a resolution
Recital BP
Recital BP
BP. whereas it is necessary for the protection of private savings to keep separate Eeurop arean funds for deposit guarantee and recovery and resolution;
Amendment 402 #
2012/2151(INI)
Motion for a resolution
Recital BQ
Recital BQ
BQ. whereas Eeurop arean resolution and deposit guarantee mechanisms should have a strong financial structure built, amongst other sources, on contributions from the industry, with European public money only serving as an ultimate backstop;
Amendment 426 #
2012/2151(INI)
Motion for a resolution
Recital BU
Recital BU
BU. whereas the crisis has made clear the need forotivated Union-level political decisions on a qualitative step towards a more robust fiscal union with more effective mechanisms to correct unsustainable fiscal trajectories, debt levels and set the upper limits of budget balance of Member States;
Amendment 433 #
2012/2151(INI)
Motion for a resolution
Recital BV
Recital BV
BV. whereas supplementary mechanisms arproposed by the Commission are said to be needed to ensure that all Member States respect their engagements in their individual budgetary procedures, where it cannot be excluded that the role of the European Commissioner for Economic and Monetary Affairs needs to be reinforced;
Amendment 441 #
2012/2151(INI)
Motion for a resolution
Recital BW
Recital BW
BW. whereas the trilogue negotiations on the so-called ‘'two-pack’' regulations should soon lead to concrete political results; the Council should abandon its reluctance on the dossier;
Amendment 448 #
2012/2151(INI)
Motion for a resolution
Recital BX a (new)
Recital BX a (new)
BXa. whereas common debt issuance of the euro area Member States, if backed by joint or several guarantees, risks triggering contagion, including rating downgrades for all participants, in the case of severe macroeconomic imbalances in the euro area, and whereas a downgrading of ratings of the euro area may also negatively impact on the creditworthiness and ratings of non-euro area Member States, thus ultimately leaving the whole EU-27 short of sustainable credit;
Amendment 457 #
2012/2151(INI)
Motion for a resolution
Recital BZ
Recital BZ
BZ. whereas the common issuance of debt is in the longer run a corollary of EMUeuro area would require changes to the Treaties;
Amendment 491 #
2012/2151(INI)
Motion for a resolution
Recital CC
Recital CC
CC. whereas the European Semester offers a good framework to coordinate economic policies and budgetary choices implemented at national level in line with the country-specific recommendations adopted by the Council;
Amendment 500 #
2012/2151(INI)
Motion for a resolution
Recital CD
Recital CD
CD. whereas fiscal discipline is a necessary but not a sufficient condition to get out of the crisis, in-depth structural reforms and initiatives are also needed to ensure a qualitative and sustainable growth and employment in a socially justknowledge-driven society;
Amendment 512 #
2012/2151(INI)
Motion for a resolution
Recital CF
Recital CF
CF. whereas the Pact for Growth and Jobs, which was approved at the European Summit of 28 and 29 June 2012, canould bring an important contribution to growth, employment and improved European competition capacities, the Union and the Member States mustshould therefore take on their responsibility and act quickly;
Amendment 523 #
2012/2151(INI)
Motion for a resolution
Recital CH
Recital CH
Amendment 542 #
2012/2151(INI)
Motion for a resolution
Recital CI
Recital CI
CI. whereas it is important that the recovery of the economy goes along with a labour market policy that stimulates job search and entrepreneurial spirit, reduces structural unemployment, especially for youth, old persons and women,
Amendment 548 #
2012/2151(INI)
Motion for a resolution
Recital CJ
Recital CJ
CJ. whereas binding coordination at Union level might be considered for certain key economic policy issues particularly relevant for growth and employment;
Amendment 553 #
2012/2151(INI)
Motion for a resolution
Recital CK
Recital CK
CK. whereas sustainable lasting public finance is not only a matter of an economic use of the scarce government resources, but also of a fair taxation, of a well- organised collection of taxes, of a better fight against all forms of tax fraud and evasion, and of a well- designed tax system that avoids the combination of high marginal rates with low tax basespromotes business development and jobs creation;
Amendment 561 #
2012/2151(INI)
Motion for a resolution
Recital CL
Recital CL
CL. whereas the Union owes its legitimacy to its democratic values, the objectives it pursues and itsproper checks and balances putting in place a viable equilibrium between the powers, competences, and instruments andof Union institutions on the one hand, and the Member States, on the other,
Amendment 572 #
2012/2151(INI)
Motion for a resolution
Recital CN
Recital CN
CN. whereas the European Council has acted responsibly for the past years in the management of the crisis, formulating numerous proposals to find a way out of the crisis for which in the Treaties not always a clear competence to the Union has been assigned;
Amendment 598 #
2012/2151(INI)
Motion for a resolution
Recital CS
Recital CS
CS. whereas it is no longer acceptable that a solution could be envisaged for the President of the European Parliament cannoto be present for the whole duration of the meetings of the European Council and the Euro area Summit; whereas a solution for this lack of democratic legitimacy shn inter-institutional solution could be found urgently through a political agreement between the two institutions;
Amendment 602 #
2012/2151(INI)
Motion for a resolution
Recital CT
Recital CT
CT. whereas wherever new competences are transferred to or created at Union level or new Union institutions established, corresponding democratic control by, and accountability to, the European Parliament and the Council as well as any other relevant Union institution should be ensured;
Amendment 607 #
2012/2151(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Requests the Commission to submit to Parliament as soon as possible after consultation of all interested parties, with the European Parliament being a co- legislator, proposals for acts on following the detailed recommendations set out in the Annex heretoinvolved under consultation or ordinary legislative procedure where appropriate;
Amendment 610 #
2012/2151(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Confirms thatInvites the Commission and the Member States to assess whether the recommendations herein respect the principle of subsidiarity and the fundamental rights of citizens of the European Union;
Amendment 614 #
2012/2151(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls on the Commission, in addition to the measures which can and must be taken swiftly under the existing Treaties, to list the institutional developments which may prove necessary in order to establish a stronger EMU architecture, based on the need for a banking union, a fiscal union and an economic union and to inform the European Parliament and the Council about any of these without delay;
Amendment 630 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 1
Annex – part 1 – point 1.1 – paragraph 1
The legislative act to be adopted should create a high-quality single Europeuro arean supervisory mechanism within the ECB (European supervisor) to ensure the effective application of prudential rules, risk control and crisis prevention concerning credit institutions and other financial institutions throughout the Union.
Amendment 634 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 2
Annex – part 1 – point 1.1 – paragraph 2
The legal basis, form and content of the proposal should provide for the possibility of full participation of all Member States in the European supervisor, while respecting the interests of Member States whose currency is not the euro.
Amendment 638 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 4
Annex – part 1 – point 1.1 – paragraph 4
The proposal should be subject to full democratic scrutiny by the European Parliament within the boundaries of the Treaty on the Functioning of the European Union.
Amendment 641 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 5
Annex – part 1 – point 1.1 – paragraph 5
Amendment 644 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 6
Annex – part 1 – point 1.1 – paragraph 6
The proposal should ensure that all tasks of EBA listed in Regulation (EU) No 1093/2010 continue to be exercised at Union level and that the proposals are consistent with the sound functioning of the European Supervisory Authorities as envisaged in Regulation (EU) No 1093/2010.
Amendment 655 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9
Annex – part 1 – point 1.1 – paragraph 9
The European supervisor [i.e. the ECB] should have the competence and responsibility to:
Amendment 657 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 – indent 1
Annex – part 1 – point 1.1 – paragraph 9 – indent 1
- supervise all financial institutions within the countries included in the system but with a clear division of operational responsibilities between the European and national supervisors depending on the size and nature of banks and the nature of the supervisory taskECB's assessment of the risks posed by the supervised institutions;
Amendment 664 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 – indent 1 a (new)
Annex – part 1 – point 1.1 – paragraph 9 – indent 1 a (new)
– act in a way that is consistent with the need to maintain the unity and integrity and international competitiveness of the internal market, for example, to ensure that no barriers to competition exist between Member States;
Amendment 674 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 – indent 3
Annex – part 1 – point 1.1 – paragraph 9 – indent 3
– protect the stability of all parts of the financial system of participating Member States, the transparency of markets and financial products and the protection of depositors and investors;
Amendment 695 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 2
Annex – part 1 – point 1.2 – paragraph 2
The proposal should create a single Eeurop arean deposit guarantee fund (EDGF) and ensure that the level of funds available at Unioneuro area level are adequate to provide a high level of protection to eligible deposits. The EDGF should cover all Euro area banks in order to guarantee a level playing field and avoid deposit flight from uncovered to covered financial institutions and provide for other Member States whose currency is not the euro to voluntarily opt-in to these arrangements.
Amendment 719 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.3 – title
Annex – part 1 – point 1.3 – title
1.3 relating to a Eeurop arean recovery and resolution scheme
Amendment 727 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 2
Annex – part 1 – point 1.3 – paragraph 2
A body at European level should be established or designated to exercise the required resolution tools in respect of those institutions in the euro area (ERRA). This body should enjoy a wide independence. Its head should be appointed after confirmation by the European Parliament and there should be provisions for other Member States whose currency is not the euro to voluntarily opt- in to these arrangements.
Amendment 733 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 4
Annex – part 1 – point 1.3 – paragraph 4
The ERRA fund should be pan-European, funded ex-ante by the institutions concerned, and separate from deposit-guarantee schemes.
Amendment 737 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 4
Annex – part 1 – point 1.3 – paragraph 4
The ERRA fund should be pan-European, funded ex-ante by the institutions concerned, and separate from deposit-guarantee schemes.
Amendment 742 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 5
Annex – part 1 – point 1.3 – paragraph 5
The euro area resolution scheme should have a strong financial structure built on contributions from industry with public money only serving as an ultimate backstop. However, participating Member States should have an obligation to ensure that the fund is of an adequate size.
Amendment 15 #
2012/2037(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Calls for financial institutions, where appropriate, to provide a foreign exchange hedging facility at a reasonable cost to the consumer in order to limit the risk of adverse currency movements on repayments;
Amendment 18 #
2012/2037(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Calls for onlycredit institutions to take special consideration when granting loans with a term of up tolonger than five years to be deemed consumer credit and for financial institutions not to provide consumer credit with terms lwithin the context of consumer credit to ensure that they are in the best interests of the consumer congcer than five yearsned;
Amendment 23 #
2012/2037(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Calls on financial institutions not toto only provide consumer credit which is secured by the consumer's house where the consumer's only source of income is a single wage or salaryen the consumer's creditworthiness has been determined, and suitable collateral ascertained, in order to ensure an appropriate level of risk for both the consumer and the provider;
Amendment 82 #
2012/0244(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) The provision for a single Euro area supervisory mechanism (SEASM) is the first step towards the creation of a European banking union, underpinned by a true single rulebook for financial services and composed also of a common deposit insurance and resolution framework for the Euro area.
Amendment 86 #
2012/0244(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2 a) The banking union should be underpinned by proper checks and balances and accountability mechanisms between political institutions at EU and national level and those bodies exercising supervisory responsibilities at both EU and national level.
Amendment 87 #
2012/0244(COD)
Proposal for a regulation
Recital 2 b (new)
Recital 2 b (new)
(2 b) The progress towards a genuine Economic and Monetary Union and, to this end the creation of the single Euro area supervisory mechanism (SEASM), should respect both the right of those Member States that have an opt-out from having to introduce the euro and the democratic legitimacy of those Member States that choose to retain their respective national currencies.
Amendment 88 #
2012/0244(COD)
Proposal for a regulation
Recital 2 c (new)
Recital 2 c (new)
(2 c) The implementation of the banking union should at all its different stages ensure that due consideration be given to the potential mutual spill-over effects of the banking union in the euro area for non-euro area members. To this aim, appropriate preventive measures should be put in place to avoid possible disruption of the internal market. In particular, the ECB should be required to ensure that it performs its supervisory tasks over the Euro area in a manner that is non-discriminatory and is consistent with the proper functioning of the internal market.
Amendment 89 #
2012/0244(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) In order to provide for the single Euro area supervisory mechanism, Council Regulation (EU) No …/….../... [127(6) Regulation] confers specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions in the Member States whose currency is the euro. O and other Member States may enter in a close cooperation with the ECB. Under that Regulation, the ECB is to coordinate and express the position of those Member States on the decisions to be taken by the Board of Supervisors of the European Banking Authority (EBA) falling within the scope ofwhose currency is not the euro, but which have voluntarily opted in the Euro area supervisory mechanism (hereafter opt-in Member States). These opt-in Member States may enter in a close cooperation with the ECB tasks.
Amendment 97 #
2012/0244(COD)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3 a) In order to ensure fairness of the decision making and balance of voting rights within the EBA, thus preventing any possible discrimination of those Member States that have not opted in to the single Euro area supervisory mechanism, an EBA decision impacting on the Union as a whole should be deemed adopted only if a blocking minority composed of those Member States remaining outside the single Euro area supervisory mechanism does not object to it.
Amendment 100 #
2012/0244(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) The conferral of supervisory tasks to the ECB in the banking sector for part of the Member States of the Union (Euro area Member States and opt-in Member States) should not in any way hamper the functioning of the internal market in the field of financial services. It is therefore necessary to ensure the proper functioning of the EBA following that conferral.
Amendment 116 #
2012/0244(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) In view of the supervisory tasks conferred on the ECB by Council Regulation (EU) No …/….../... [127(6) Regulation], EBA should be able to carry out its tasks also in relation to the ECB. In order to ensure that existing mechanisms for settlement of disagreements and actions in emergency situations remain effective, a specific procedure should be provided for. In particular, if the ECB or a national competent authority does not comply with an action by EBA to settle a disagreement or to address an emergency situation, it should be required to explain its reasons and inform the EBA, the European Parliament and the Council about them for the sake of greater transparency of its decision making. In that case, whenever based on requirements set out in directly applicable Union law EBA can adopt an individual decision addressed to the financial institution concerned, it should do so.
Amendment 124 #
2012/0244(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) In order to ensure that interests of all Member States are adequately taken into account and to allow for the proper functioning of the EBA with a view to maintain and deepen the internal market in the field of financial services, the voting modalities within the Board of Supervisors should be adapted, in particular with regard to decisions taken by the EBA at simple majority. In addition, the arrangements for the panel to be established to consider decisions under Articles 17 and 19 of Regulation (EU) No 1093/2010 should be amended. The panel should comprise members with significant levels of expertise in banking regulation, including legal expertise.
Amendment 129 #
2012/0244(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) Decisions concerning breaches of Union law and settlement of disagreements should be examined by an independent panel composed of voting members of the Board of Supervisors which do not have any conflicts of interest, appointed by the Board of Supervisors. The decisions proposed by the panel to the Board of Supervisors should be considered as adopted unless rejected by a simple majority, which should include an adequate number of votes from members from Member States participating in the SEASM and from Member States that do not participate in the SSMEASM (non participating Member States).
Amendment 142 #
2012/0244(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) The members of the independent panel set up according to Article 41(2) of Regulation (EU) No 1093/2010 should not be considered to be in a situation of conflict of interest on the sole ground that they are representatives of competent authorities which are part of the SEASM and a given case to be decided upon by the Panel concerns the SEASM. The EBA should develop rules of procedure for the panel that ensure its independence and objectivity.
Amendment 145 #
2012/0244(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) The composition of the Management Board should be balanced andsufficiently diverse with regards to gender balance and guarantee proper representation of Member States not participating in the SEASM should be ensured.
Amendment 149 #
2012/0244(COD)
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9 a) The head of the Management Board should be different from the respective heads of the European System of Financial Supervision (ESFS).
Amendment 150 #
2012/0244(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) In order to ensure the proper functioning of the EBA and adequate representation of all Member States, the voting modalities, the composition of the Management Board, and the composition of the independent panel should be reviewed after an appropriate period of time and at the latest every three years taking into account any experience gained and further developments.
Amendment 154 #
2012/0244(COD)
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10 a) The Authority should act with a view to improving the functioning of the internal market, in particular by ensuring an effective level of regulation and efficient supervision in the EU. The Authority should protect public values such as the stability of the financial system, the transparency of markets and financial products, and the protection of depositors and investors. The Authority should also prevent regulatory arbitrage and guarantee a level playing field, and strengthen international supervisory coordination, for the benefit of the EU economy, including financial institutions and consumers. In accordance with the fundamental principle of the equality of the Member States before the EU Treaties, the Authority should respect the differences in supervisory culture adopted by competent authorities. In this regard no Member States or group of Member States should be discriminated against, directly or indirectly, as a venue for financial services, whether by reference to their currency or otherwise. The Authority should have regard to the need for competent authorities to be able to exercise judgement effectively in order to determine the appropriate action to take in any particular circumstances. The tasks of the Authority should also include promoting supervisory convergence and providing advice to the Union institutions in the areas of banking, payments, e- money regulation and supervision, and related corporate governance, auditing and financial reporting issues.
Amendment 167 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point -1 d (new)
Article 1 – paragraph 1 – point -1 d (new)
Regulation (EU) No 1903/2010
Article 1 – paragraph 5 – subparagraph: 4
Article 1 – paragraph 5 – subparagraph: 4
-1d. In Article 1(5), the fourth subparagraph is replaced by the following: "When carrying out its tasks, the Authority shall act independently and objectively and in the interests of the Union alone and shall: (a) respect the differences in supervisory culture adopted by competent authorities as long as they do not affect the quality of supervision; (b) have regard to the need for competent authorities to be able to exercise judgement effectively in order to determine the appropriate action to take in any particular circumstances; (c) have regard to the international character of financial services and the desirability of maintaining the competitive position of the Union."
Amendment 191 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Regulation (EU) No 1093/2010
Article 18 – paragraph 3a
Article 18 – paragraph 3a
"3a. Where the Authority requests the ECB asa competent authority to take the necessary action in accordance with paragraph 3, the ECBcompetent authority shall comply with it or shall provide within 48 hours [of the deadline for complying with the decision] at the latest adequate justification to the Authority for its non-compliance. This justification shall be made available without delay to the European Parliament, and the Council for the sake of greater transparency of the decision making."
Amendment 198 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b a (new)
Article 1 – paragraph 1 – point 2 – point b a (new)
Regulation (EU) No 1093/2010
Article 18 – paragraph 4
Article 18 – paragraph 4
(b a) paragraph 4 is replaced by the following: "4. Without prejudice to the powers of the Commission pursuant to Article 258 TFEU, where a competent authority does not comply with the decision of the Authority referred to in paragraph 3 within the period laid down in that decision, and does not provide in the opinion of the Authority adequate justification for non-compliance, the Authority may, where the relevant requirements laid down in the legislative acts referred to in Article 1(2) including in regulatory technical standards and implementing technical standards adopted in accordance with those acts 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 that legislation, including the cessation of any practice. This shall apply only in situations in which a competent authority does not apply the legislative acts referred to in Article 1(2), including regulatory technical standards and implementing technical standards adopted in accordance with those acts, or applies them in a way which appears to be a manifest breach of those acts, and where urgent remedying is necessary to restore the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union."
Amendment 200 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 1093/2010
Article 19 – paragraph 3a
Article 19 – paragraph 3a
"3a. Where the Authority requests the ECB asa competent authority to take specific action or to refrain from action in accordance with paragraph 3, the ECBcompetent authority shall comply with it or shall within ten working days of the receipt of the request provide adequate justification to the Authority for its non-compliance. This justification should be made available without delay to the European Parliament and the Council for the sake of greater transparency of the decision making."
Amendment 203 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3 a (new)
Article 1 – paragraph 1 – point 3 a (new)
Regulation (EU) No 1093/2010
Article 19 – paragraph 4
Article 19 – paragraph 4
3a. In Article 19 paragraph 4 is replaced with the following: "4. Without prejudice to the powers of the Commission pursuant to Article 258 TFEU, where a competent authority does not comply with the decision of the Authority, and does not provide in the opinion of the Authority adequate justification for non-compliance, and thereby fails to ensure that a financial institution complies with requirements directly applicable to it by virtue of the acts referred to in Article 1(2), the Authority may adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under Union law, including the cessation of any practice."
Amendment 215 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4 b (new)
Article 1 – paragraph 1 – point 4 b (new)
Regulation (EU) No 1093/2010
Article 41 – paragraph 1 a (new)
Article 41 – paragraph 1 a (new)
4 b. In Article 41 the following paragraph is inserted after paragraph 1: "1a. For the purposes of Article 17, the Board of Supervisors shall convoke an independent panel, consisting of the Chairperson and six other members, who are not representatives of the competent authority alleged to have breached Union law and who have neither any interest in the matter nor direct links to the competent authority concerned. Each member of the panel shall have one vote. Decisions of the panel shall be taken where at least 5 members of the panel vote in favour of the decision."
Amendment 216 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1093/2010
Article 41 – paragraph 2
Article 41 – paragraph 2
"2. For the purposes of Article 17 and 19, the Board of Supervisors shall establishconvoke an independent panel consisting of the Chairperson and two members appointed by the Board of Supervisors among its voting members. At least one member of the independent panel shall be from a Member State which is not a participating Member State in accordance with Regulation (EU) No …/… [127(6) TFEU Council Regulation]. The members of the panel shall act independto facilitate an impartial settlement of the disagreement, consisting of the Chairperson and six other of its members, who are not representatives of the competent authorities which are party to the disagreemently and objectively in accordance with Article 42, shall not be representatives of the competent authority concerned or of the competent authorities which are party to the disagreementwho have neither any interest in the conflict nor direct links to the competent authorities concerned."
Amendment 225 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1093/2010
Article 41 – paragraph 3
Article 41 – paragraph 3
"3. The panel shall propose a decision under Article 17 or Article 19 for final adoption by the Board of Supervisors, in accordance with the procedure set out in the third subparagraph of Article 44(1). The decision of the panel shall be considered as adopted by the Board of Supervisors unless rejected by a simple majority of the members. The representative of the competent authority or competent authorities concerned, and any representatives of competent authorities with any interest in the matter, shall not participate in a vote of the Board of Supervisors concerning a proposal of the panel."
Amendment 227 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1093/2010
Article 41 – paragraph 4
Article 41 – paragraph 4
"4. The Board of Supervisors shall adopt rules of procedures for the panel referred to in paragraph 2, including rules implementing the requirement set out in the second subparagraph of that paragraphs 2 and 3."
Amendment 237 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1093/2010
Article 44 – paragraph 1 – subparagraph 2
Article 44 – paragraph 1 – subparagraph 2
"With regard to the acts specified in Articles 10 to 16 and measures and decisions adopted under the third subparagraph of Article 9(5) andChapter VI and decisions taken by the Board of Supervisors under Section 2 to 4 of Chapter VIII and by way of derogation from the first subparagraph of this paragraph, the Board of Supervisors shall take decisions on the basis of a qualified majority of its members, as defined in Article 16(4) of the Treaty on European Union and in Article 3 of the Protocol (No 36) on transitional provisions and with: (a) a simple majority of the total weighted votes available to participating Member States and those States that have entered into a close cooperation arrangement; and (b) a simple majority of the total weighted votes available to non-participating Member States."
Amendment 242 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1093/2010
Article 44 – paragraph 1 – subparagraph 3
Article 44 – paragraph 1 – subparagraph 3
Amendment 247 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1093/2010
Article 44 – paragraph 1 – subparagraph 4
Article 44 – paragraph 1 – subparagraph 4
Amendment 250 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1093/2010
Article 44 –paragraph 1 – subparagraph 5
Article 44 –paragraph 1 – subparagraph 5
Amendment 254 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1093/2010
Article 44 –paragraph 1 – subparagraph 6
Article 44 –paragraph 1 – subparagraph 6
Amendment 259 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) No 1093/2010
Article 45 – paragraph 1 – subparagraph 3
Article 45 – paragraph 1 – subparagraph 3
"The term of office of the members elected by the Board of Supervisors shall be 2 1/2 years. That term may be extended once. The composition of the Management Board shall be balanced and proportionate and shall reflect the Union as a wholesufficiently diverse with regards to expertise, gender and geographical balance and shall reflect the Union as a whole, in particular to ensure proper representation of the interests of those Member States that do not choose to participate in the Euro area supervisory mechanism. The Management Board shall include at least twohree representatives from Member States which are not participating Member States in accordance with Regulation [127(6) TFEU Council Regulation] nor have entered into close cooperation with the ECB in accordance with that Regulation. Mandates shall be overlapping and an appropriate rotating arrangement shall apply."
Amendment 269 #
2012/0244(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 8 e (new)
Article 1 – paragraph 1 – point 8 e (new)
Regulation (EU) No 1093/2010
Article 81 a (new)
Article 81 a (new)
Amendment 275 #
2012/0244(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) the suitability of the voting modalities, especially in view of preventing discriminatory decision making against the Member States which are not participating Member States in accordance with Regulation (EU) No .../...[127(6) TFEU Council Regulation];
Amendment 276 #
2012/0244(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point b
Article 2 – paragraph 1 – point b
(b) the composition of the Management Board and whether it is sufficiently diverse with regards to expertise, gender and has guaranteed geographical balance; and
Amendment 277 #
2012/0244(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point c
Article 2 – paragraph 1 – point c
(c) the composition of the independent panel preparing decisions for the purposes of Articles 17 and 19, and whether it is sufficiently diverse with regards to expertise, gender and has guaranteed geographical balance.
Amendment 56 #
2012/0242(CNS)
Draft legislative resolution
Citation 2 a (new)
Citation 2 a (new)
- having regard to Articles 5, 6 and 7 of the Protocol on the Application of the Principles of Subsidiarity and Proportionality annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union,
Amendment 60 #
2012/0242(CNS)
Proposal for a regulation
Title 1
Title 1
Proposal for a COUNCIL REGULATION conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions in the Euro area
Amendment 65 #
2012/0242(CNS)
Proposal for a regulation
Citation 1 a (new)
Citation 1 a (new)
- having regard to Articles 5, 6 and 7 of the Protocol on the Application of the Principles of Subsidiarity and Proportionality annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union,
Amendment 71 #
2012/0242(CNS)
Proposal for a regulation
Recital 1
Recital 1
(1) Over the past decades, and in line with the principle of free movement of capital and services, the Union has made considerable progress in creating an internal market for banking services. Consequently, in many Member States, especially the new Member States outside of the Euro area, banking groups with their headquarters established in other Member States hold a significant market share, and credit institutions have geographically diversified their business, especially within, mainly the European systemically important financial institutions (E-SIFIs) and domestic systemically important financial institutions (D-SIFIs)), have geographically diversified their business, including lending activities, both within and outside of the Euro area.
Amendment 78 #
2012/0242(CNS)
Proposal for a regulation
Recital 2
Recital 2
(2) Maintaining and deepening the efficiency and competitiveness of an internal market for banking services is essential in order to foster economic recovery in the Unionand job creation in the Union as a whole and, in particular, in the banking sector. However this proves increasingly challenging. Evidence shows that the integration of banking markets in the Union is coming to a halt and banks deleveraging post the 2008 crisis ahead of increased capital requirements is negatively impacting economic growth.
Amendment 85 #
2012/0242(CNS)
Proposal for a regulation
Recital 3
Recital 3
(3) At the same time national and EU level supervisors must step up their supervisory scrutiny to take account of the lessons of the financial crisis in recent years, and be able to oversee highly complex and inter-connected markets and systemically important financial institutions.
Amendment 87 #
2012/0242(CNS)
Proposal for a regulation
Recital 4
Recital 4
(4) Competence for supervision of individual banks in the Union remains mostly at national level. This limitsmay set limitations on the effectiveness of supervision and the ability of supervisors to reach a common understanding of the soundness of the banking sector throughout the Union. In order to preserve and increase the positive effects of market integration on growth and welfare, coordination between national and EU level supervisors and, specifically in the Euro area, integration of supervisory responsibilities where appropriate, should therefore be enhanced.
Amendment 94 #
2012/0242(CNS)
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4 a) The ECB should incorporate the expertise and best practices of national competent authorities when undertaking its responsibilities and tasks as outlined in this Regulation.
Amendment 97 #
2012/0242(CNS)
Proposal for a regulation
Recital 5
Recital 5
(5) The solidity of domestic credit institutions, unlike cross-border banks, is in many instances still closely linked to the creditworthiness of the individual Member States in which they are established or depends on the financial stability of the Euro area as a whole. Doubts about the sustainability of public debt, economic growth prospects, and the viability of credit institutions have been creating negative, mutually reinforcing market trends and spill over effects between the Euro area and non-Euro area Member States. This may lead to risks for the viability of some credit institutions as well as for the stability of the financial system, and may impose a heavy burden for already strained public finances of the Member States concerned. The problem poses specific risks within the eEuro area where the single currency increases the likelihood that negative developments in one Member State can create risks for economic development and the stability of the Euro area as a whole.
Amendment 110 #
2012/0242(CNS)
Proposal for a regulation
Recital 8
Recital 8
(8) The European Council conclusions of 29 June 2012 invited the President of the European Council to develop a road map for the achievement of a genuine Economic and Monetary Union. On the same day, the Euro area Heads of State or Government Summit pointed out that when an effective single Euro area supervisory mechanism is established involving the ECB for banks in the euro area, the ESM could, following a regular decision, have the possibility to recapitalize banks directly which would rely on appropriate conditionality, including compliance with state aid rules.
Amendment 112 #
2012/0242(CNS)
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8 a) The progress towards a genuine Economic and Monetary Union and, to this end the creation of the single Euro area supervisory mechanism (SEASM), should respect both the right of those Member States that have an opt-out from having to introduce the euro and the democratic legitimacy of those Member States that choose to retain their respective national currencies.
Amendment 113 #
2012/0242(CNS)
Proposal for a regulation
Recital 9
Recital 9
(9) A Europeangenuine banking union should therefore be set up, underpinned by a true, on the one hand, by the existing EBA single rulebook for financial services for the Single Market as a whole and, on the other hand, composed of a single Euro area supervisory mechanism for the Euro area, and a common deposit insurance and resolution framework. . I for the Euro area, including provisions for other non-Euro area Member States to voluntarily opt-in to these arrangements. Therefore, in view of the close links and interactions between Member States participating in the common currency, the banking union should apply at least to all Euro area Member States. With a view to maintaining and deepening the internal market, and to the extent that this is institutionally possible, the banking union should also be open to the voluntary participation of other Member States.
Amendment 127 #
2012/0242(CNS)
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9 a) The banking union should be underpinned by proper checks and balances and accountability mechanisms between political institutions at an EU and national level and those bodies exercising supervisory responsibilities at both the EU and the national level.
Amendment 129 #
2012/0242(CNS)
Proposal for a regulation
Recital 9 b (new)
Recital 9 b (new)
(9 b) The implementation of the banking union should at all its different stages ensure that due consideration be given to the potential mutual spill-over effects of the banking union in the euro area for non-euro area members. To this aim, appropriate preventive measures should be put in place to avoid possible disruption of the single market. In particular, the ECB should be required to ensure that it performs its supervisory tasks over the Euro area in a manner that is non-discriminatory and is consistent with the proper functioning of the internal market.
Amendment 130 #
2012/0242(CNS)
Proposal for a regulation
Recital 9 c (new)
Recital 9 c (new)
(9 c) The supervision of credit institutions in non-Euro area Member States that will not opt-into the single Euro area supervisory mechanism should continue to be ensured at the national level by their respective national competent authorities. In view of preventing or mitigating systemic risks, the national supervisors of these Member States should for the purpose of sound macroprudential supervision coordinate their supervision tasks with the relevant Agency of the European System of Financial Supervision (ESFS).
Amendment 134 #
2012/0242(CNS)
Proposal for a regulation
Recital 10
Recital 10
(10) As a first step towards the banking union, a single Euro area supervisory mechanism should ensure that the Union's policy relating to the prudential supervision of credit institutions is implemented in a coherent and effective way, that the EBA single rulebook for financial services is applied equally to credit institutions in all Member States concerned, and that those credit institutions are subject to supervision of the highest quality, unfettered by other, non- prudential considerations. A singleTo this aim, the independence and competences of national competent authorities and the ECB should be enhanced or maintained. A single Euro area supervisory mechanism is to be understood as the basis for the next steps towards the banking union. This reflects the principle that any introduction of common intervention mechanisms for the Euro area in case of crises should be preceded by common controls to reduce the likelihood that intervention mechanisms will have to be used.
Amendment 150 #
2012/0242(CNS)
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 Euro area Member States Central Banks of the Eurosystem are already responsible for banking supervision. The ECB should therefore be conferred specific tasks concerning policies relating to the supervision of credit institutions within the Euro area.
Amendment 154 #
2012/0242(CNS)
Proposal for a regulation
Recital 12
Recital 12
(12) The ECB should be conferred those specific supervisory tasks which are crucial to ensure a coherent and effective implementation of the Union's policy relating to the prudential supervision of credit institutions, while other tasks should remain with national authorities of the participating Member States in the single Euro area supervisory mechanism. The ECB's tasks should includeconsist of measures taken in pursuance of macro-prudential stability of the Euro area as a whole.
Amendment 169 #
2012/0242(CNS)
Proposal for a regulation
Recital 13
Recital 13
(13) Safety and soundness of large banks is essential to ensure the stability of the financial system. However, recent experience shows that smaller banks can also pose a threat to financial stability at the national level and/or within the Euro area. Therefore, the ECB should be able to exercise supervisory tasks in relation to all banks of participating Member StatesEuro area Member States and other participating Member States that have voluntarily opted in the Euro area supervisory mechanism.
Amendment 185 #
2012/0242(CNS)
Proposal for a regulation
Recital 14
Recital 14
(14) Prior authorisation for taking up the business of credit institutions is a key prudential technique to ensure that only operators with a sound economic basis, an organisation capable of dealing with the specific risks inherent to deposit taking and credit provision, and suitable directors carry out those activities. The ECB should therefore have the task to authorise credit institutions operating in the Euro area and should be responsible for the withdrawal of authorisations in duly justified cases and after consultation with the national competent authority of the given Euro area Member State where the credit institution concerned has its headquarters.
Amendment 195 #
2012/0242(CNS)
Proposal for a regulation
Recital 15
Recital 15
(15) In addition to the conditions set out in Union legislative acts for authorisation of credit institutions and the cases for withdrawal of such authorisations, Member States may currently provide for further conditions for authorisation and cases for withdrawal of authorisation. The ECB should therefore carry out its task to authorise credit institutions of the Euro area and to withdraw the authorisation in case of non- compliance with national law upon a proposal by the relevant national competent authority, which assesses compliance with the relevant conditions set out by national law.
Amendment 201 #
2012/0242(CNS)
Proposal for a regulation
Recital 16
Recital 16
(16) An assessment of the suitability of any new owner prior to the purchase of a significant stake in a credit institution of the Euro area is an indispensable tool to ensure the continuous suitability and financial soundness of credit institutions' owners. The ECB as a Union institution is well-placed to carry out such an assessment without imposing undue restrictions to the internal market. The ECB should have the task to assess the acquisition and disposal of significant holdings in credit institutions of the Euro area.
Amendment 211 #
2012/0242(CNS)
Proposal for a regulation
Recital 17
Recital 17
(17) Compliance with Union rules requiring credit institutions to hold certain levels of capital against risks inherent to the business of credit institutions, to limit the size of exposures to individual counterparties, to publicly disclose information on a credit institutions' financial situation, to dispose of sufficient liquid assets to withstand situations of market stress, and to limit leverage is a prerequisite for credit institutions' prudential soundness. The ECB should have the task to ensure compliance with those rules and to set higher prudential requirements and apply additional measures to credit institutions of the Euro area in the cases specifically set out in Union acts.
Amendment 216 #
2012/0242(CNS)
Proposal for a regulation
Recital 18
Recital 18
(18) Additional capital buffers, including a capital conservation buffer and a countercyclical capital buffer to ensure that credit institutions accumulate during periods of economic growth a sufficient capital base to absorb losses in stressed periods, are key prudential tools to ensure the availability of adequate loss absorbency. The ECB should have the task to impose such buffers and ensure credit institutions of the Euro area comply with them.
Amendment 224 #
2012/0242(CNS)
Proposal for a regulation
Recital 19
Recital 19
(19) The safety and soundness of a credit institution depend also on the allocation of adequate internal capital, having regard to the risks to which it may be exposed, and on the availability of appropriate internal organisation structures and corporate governance arrangements. The ECB should therefore have the task to apply for credit institutions of the Euro area requirements ensuring that credit institutions have in place robust governance arrangements, processes and mechanisms, including strategies and processes for assessing and maintaining the adequacy of their internal capital. In case of deficiencies it should also have the task to impose appropriate measures including specific additional own funds requirements, specific publication requirements, and specific liquidity requirements.
Amendment 232 #
2012/0242(CNS)
Proposal for a regulation
Recital 20
Recital 20
(20) Risks for the safety and soundness of a credit institution can arise both at the level of an individual credit institution and at the level of a banking group or of a financial conglomerate. Specific supervisory arrangements to mitigate these risks are important to ensure the safety and soundness of credit institutions. In addition to supervision of individual credit institutions of the Euro area, the ECB's tasks should include supervision of banking groups or of financial conglomerates at the consolidated level, supplementary supervision, supervision of financial holding companies and supervision of mixed financial holding companies.
Amendment 236 #
2012/0242(CNS)
Proposal for a regulation
Recital 21
Recital 21
(21) In order to preserve financial stability, the deterioration of an Euro area credit institution's financial and economic situation must be remedied before that institution reaches a point at which authorities have no other alternative than to resolve it. The ECB should have the task to carry out early intervention actions as defined in relevant Union law applicable to credit institutions of the Euro area. It should however coordinate its early intervention action with the relevant resolution authorities in the Euro area Member State where the credit institution concerned is established / headquartered prior to any intervention. Pending the conferral of resolution powers for the Euro area on a European body, the ECB should moreover coordinate appropriately with the national authorities of the Euro area Members States concerned to ensure a common understanding about respective responsibilities in case of crises, in particular in the context of the cross border crisis management groups and the future resolution colleges established for these purposes.
Amendment 244 #
2012/0242(CNS)
Proposal for a regulation
Recital 22
Recital 22
(22) Supervisory tasks over Euro area credit institutions not conferred on the ECB should remain with national authorities. Those tasks should include the power to receive notifications from credit institutions in relation to the right of establishment and the free provision of services, to supervise bodies which are not covered by the definition of credit institutions under Union law but which are supervised as credit institutions under national law, to supervise credit institutions from third countries establishing a branch or providing cross-border services in the Union, to supervise payments services, to carry out day-to-day verifications of credit institutions, to carry out the function of competent authorities over credit institutions in relation to markets in financial instruments and the prevention of the use of the financial system for the purpose of money laundering and terrorist financing.
Amendment 252 #
2012/0242(CNS)
Proposal for a regulation
Recital 23
Recital 23
(23) The ECB should carry out the tasks conferred on it with a view to ensuring the safety and soundness of credit institutions of the Euro area and the stability of the financial system of the Union and the unity and integrity of the Internal Market, thereby ensuring also the protection of depositors and improving the functioning of the Internal Market, in accordance with the EBA single rulebook for financial services in the Union.
Amendment 258 #
2012/0242(CNS)
Proposal for a regulation
Recital 24
Recital 24
(24) The conferral of supervisory tasks on the ECB for some of theEuro area credit institutions and credit institutions of the opting-in 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.
Amendment 267 #
2012/0242(CNS)
Proposal for a regulation
Recital 25
Recital 25
(25) In order to ensure consistency between the Euro area 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 the single Euro area supervisory mechanism in relation to matters falling within its competence. ; A fair balance of power and voting rights should be ensured with respect to the decision making procedures within EBA to prevent any discrimination of those Member States that have not opted into the single Euro area supervisory mechanism. For decisions impacting on the Union as a whole, provisions should be laid down within the amended EBA Regulation to ensure the possibility of a blocking minority for those Member States remaining outside the single Euro area supervisory mechanism.
Amendment 273 #
2012/0242(CNS)
Proposal for a regulation
Recital 26
Recital 26
(26) The ECB should carry out its tasksupervisory tasks for Euro area credit institutions 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. 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 275 #
2012/0242(CNS)
Proposal for a regulation
Recital 27
Recital 27
(27) In order to ensure that supervisory rules and decisions are applied by credit institutions, financial holding companies and mixed financial holding companies, effective, proportionate and dissuasive sanctions should be imposed in case of breaches. In accordance with Article 132(3) TFEU and Council Regulation (EC) No. 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions, the ECB is entitled to impose fines or periodic penalty payments on undertakings for failure to comply with obligations under its regulations and decisions. Moreover, in order to enable the ECB as part of the single Euro area supervisory mechanism to effectively carry out its tasks relating to the enforcement of supervisory rules set out in directly applicable Union law, the ECB should be empowered to impose pecuniary sanctions on credit institutions, financial holding companies and mixed financial holding companies for breaches of such rules. National authorities of the participating Member States in the single Euro area supervisory mechanism should remain able to apply sanctions in case of failure to comply with obligations stemming from national law transposing Union Directives. Where the ECB considers it appropriate for the fulfilment of its tasks that a sanction is applied for such breaches, it should be able to refer the matter to national authorities for those purposes.
Amendment 281 #
2012/0242(CNS)
Proposal for a regulation
Recital 28
Recital 28
(28) National supervisors have important and long-established expertise in the supervision of credit institutions within their territory and their economic, organisational and cultural specificities. They have established a large body of dedicated and highly qualified staff for these purposes. Therefore, in order to ensure high quality European supervision national supervisors of the participating Member States in the single Euro area supervisory mechanism should assist the ECB in the preparation and implementation of any acts relating to the exercise of the ECB supervisory tasks in the Euro area. This should include in particular the ongoing day-to-day assessment of a bank's situation and related on site verifications.
Amendment 298 #
2012/0242(CNS)
Proposal for a regulation
Recital 30
Recital 30
(30) In order to carry out its tasks, the ECB should have appropriate supervisory powers over credit institutions of the Euro area. Union law on the prudential supervision of credit institutions provides for certain powers to be conferred on competent authorities designated by the Member States for those purposes. To the extent that these powers fall within the scope of the supervisory tasks conferred on the ECB, for participating Member States the ECB should be considered the competent authority and should have the powers conferred on competent authorities by Union law. This includes powers conferred by those acts on the competent authorities of the home and the host Member States and the powers conferred on designated authorities.
Amendment 302 #
2012/0242(CNS)
Proposal for a regulation
Recital 31
Recital 31
(31) In order to carry out its taskssupervisory tasks in the Euro area effectively, the ECB should be able to require all necessary information, and to conduct investigations and on-site inspections. These powers should apply to supervised entities, persons involved in the activities of those entities and related third parties, third parties to whom those entities have outsourced operational functions or activities and persons otherwise closely and substantially related or connected to the activities of those entities, including the staff of a supervised entity who are not directly involved in its activities but who, due to their function within the entity, may hold important information on a specific matter and firms which have provided services to those entities. The ECB should be able to require information by simple request under which the addressee is not obliged to provide the information but, in the event that it does so voluntarily, the information provided should not be incorrect or misleading and should be made available without delay. The ECB should also be able to require information by decision.
Amendment 311 #
2012/0242(CNS)
Proposal for a regulation
Recital 33
Recital 33
(33) In its decision-making procedures, the ECB should be bound by Union rules and general principles on due process and transparency. The right of the addressees of the ECB's decisions to be heard in national and EU courts should be fully respected.
Amendment 316 #
2012/0242(CNS)
Proposal for a regulation
Recital 34
Recital 34
(34) The conferral of supervisory tasks implies a significant responsibility for the ECB to safeguard financial stability in the Euro area and avoid systemic risks in the Union, and to use its supervisory powers in the most effective and proportionate way. The ECB should therefore be accountable for the exercise of these tasks towards the European Parliament and the Council of Ministers respectively the Eurogroup as democratically legitimised institutions representing the European people and the Member States. That should include regular reporting and responding to questions. Where national supervisors take action under this Regulation, accountability arrangements provided under national law should continue to apply.
Amendment 321 #
2012/0242(CNS)
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34 a) The ECB should also regularly exchange information on its supervisory tasks as part of the single Euro area supervisory mechanism with all members of the European System of Central Banks (ESCB) and the ESFS in order to ensure exchange of best practices and peer review.
Amendment 328 #
2012/0242(CNS)
Proposal for a regulation
Recital 35
Recital 35
(35) The ECB is responsible for carrying out monetary policy functions in the Euro area with a view to maintaining price stability in accordance with Article 127(1) TFEU. The exercise of supervisory tasks in the Euro area 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 in terms of decision making, staffing and budget, etc.
Amendment 332 #
2012/0242(CNS)
Proposal for a regulation
Recital 36
Recital 36
(36) In particular, a supervisory board of the single Euro area supervisory mechanism (hereafter Euro area supervisory board) responsible for preparing decisions on Euro area supervisory matters should be set up with the ECB encompassing the specific expertise of national supervisors of the Euro area. The board should therefore be chaired by a Chair and a Vice-Chair elected by the ECB Governing Council and 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 Euro area supervisory board. 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 Euro area supervisory board, subject to the oversight and responsibility of the Governing Council, which can give instructions and directions to that body. The Euro area supervisory board may be supported by a steering committee with a more limited composition.
Amendment 346 #
2012/0242(CNS)
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36a) The head of the single Euro area supervisory mechanism should be different from the head of the ECB and ESRB and he/she should be appointed after a hearing, and confirmation by, the European Parliament based upon a shortlist of suitably diverse candidates selected from across the EU banking sector and not exclusively the central banks.
Amendment 350 #
2012/0242(CNS)
Proposal for a regulation
Recital 36 b (new)
Recital 36 b (new)
(36b) Due consideration should be given to both the expertise, gender and geographical diversity of members of the Euro area supervisory board.
Amendment 355 #
2012/0242(CNS)
Proposal for a regulation
Recital 38
Recital 38
(38) In order to carry out its supervisory tasks as part of the single Euro area supervisory mechanism effectively, the ECB should exercise the supervisory tasks conferred on it in full independence, in particular from undue political influence and from both industry and special interest groups interference which would affect its operational independence.
Amendment 359 #
2012/0242(CNS)
Proposal for a regulation
Recital 39
Recital 39
(39) In order to carry out its supervisory tasks effectively, the ECB should dispose of adequate resources. Those resources should be obtained in a way that ensures the ECB's independence from undue influences by national competent authorities, industry and special interest groups and market participants, and separation between monetary policy and supervisory tasks. TSupervision is a public good and the costs of supervision should be primarily borne byfairly shared between the entities subject to it. Therefore, the exercise of supervisory tasks by the ECB should be financed at least partly by fees charged to credit institutions. In view of the transfer of significant supervisory tasks from national authorities of the Euro area to the ECB it is expected that any supervisory fees due at national level can be reduced as appropriate.
Amendment 364 #
2012/0242(CNS)
Proposal for a regulation
Recital 40
Recital 40
(40) Highly motivated, well-trained and impartial staff is indispensable to effective supervision. In order to create a truly integrated supervisory mechanism, appropriate exchange and secondment of staff with and among national supervisors of the Member States participating in the single Euro area supervisory mechanism and the ECB should be provided for. Where necessary to avoid conflicts of interest, particularly in the supervision of large banks, the ECB should be able to request that national supervisory teams of the single Euro area supervisory mechanism involve also staff from competent authorities of other participating Member States.
Amendment 368 #
2012/0242(CNS)
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 as part of the single Euro area supervisory mechanism in respect of international standards and in dialogue and close cooperation with supervisors outside the Union, without duplicating 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. The ECB should inform the European Parliament in its annual report on details of all administrative contacts with third country agencies and international agencies.
Amendment 372 #
2012/0242(CNS)
Proposal for a regulation
Recital 41 a (new)
Recital 41 a (new)
(41a) The ECB should inform the European Parliament in its annual report about any contacts it has developed and administrative arrangements it has entered into with the supervisory authorities and administrations of third countries and with international organisations.
Amendment 383 #
2012/0242(CNS)
Proposal for a regulation
Recital 44
Recital 44
(44) In order to ensure that credit institutions are subject to supervision of the highest quality, unfettered by other, non- prudential considerations and that the negative mutually reinforcing impacts of market developments concerns banks and Member States is addressed in a timely and effective way, the ECB should start carrying out specific supervisory tasks as part of the single Euro area supervisory mechanism as soon as possible. However, the transfer of supervisory tasks from national supervisors of the Euro area to the ECB requires a certain amount of preparation. Therefore, an appropriate phasing-in period should be provided for. The number of banks subject to the supervision of the ECB as part of the single Euro area supervisory mechanism should increase progressively, taking into account the relevance of the supervision of those Euro area banks to ensure financial stability. As a first step the ECB should be able to apply its supervisory tasks to any Euro area banks, in particular to banks which have received or requested public financial assistance. As a second step, banks of European systemic importance as reflected in their total exposures and their cross-jurisdictional activities should be covered. Total exposures should be calculated in light of the methodologies defined in the Basel III accord of the Basel Committee on Banking Supervisors on the calculation of the leverage ratio and on the definition of common equity tier 1 capital. The phasing- in process should be completed within onetwo years from the entry into force of this Regulation at the latest.
Amendment 387 #
2012/0242(CNS)
Proposal for a regulation
Recital 45
Recital 45
(45) The current framework of prudential requirements for credit institutions and the supplementary supervision of financial conglomerates is formed by Directives providing for a significant number of options and discretions for Member States when circumscribing the powers of competent authorities. Pending the adoption of new Union legislative acts which spell out the powers which competent authorities shall have directly and without reference to Member States' options or discretions, the ECB can therefore not take any decisions directly applicable to credit institutions of the Euro area, financial holding companies or mixed financial holding companies. In this transitional phase, the ECB should therefore exercise its tasks only by instructing national competent authorities of Member States participating in the single Euro area supervisory mechanism to act.
Amendment 392 #
2012/0242(CNS)
Proposal for a regulation
Recital 47
Recital 47
(47) Since the objectives of this Regulation, namely setting up an efficient and effective framework for the exercise of specific supervisory tasks over credit institutions of the Euro area by a Union institution, and ensuring the consistent application of the single rulebook to credit institutions, cannot be sufficiently achieved at the Member State level and can therefore, by reason of the pan-Unioncross-border structure of the banking market and the impact of bank failures on other Euro area Member States, be better achieved at the Union level, the UnionEuro area may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives.
Amendment 397 #
2012/0242(CNS)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation confers on the ECB specific tasks concerning policies relating to the prudential supervision of credit institutions in the Euro area, with a view to directly promoting the safety and soundness of these credit institutions and indirectly the stability of the financial system of the Union, with due regard for the unity and integrity of the internal market. When carrying its tasks the ECB should pay due regard to: - the desirability of performing the tasks as transparently as possible; - the need to act proportionately; - the need to ensure effective coordination with Member States national competent authorities. - the unity and integrity of the internal market; - the international competitiveness of the internal market, - the potential impact of its decisions on the stability of the financial systems of participating Member States; - the potential impact of its decisions on growth in the participating Member States; - accountability to the European Parliament; In accordance with the principles set out in this article, the ECB shall not seek to constrain in any way the freedom of establishment of credit institutions or the provision of banking services in any currency in any Member State. In addition, the ECB shall not seek to influence through the adoption of regulations or otherwise the location of any credit institution, including as regards the location of outsourced critical operational functions or activities.
Amendment 414 #
2012/0242(CNS)
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) ‘"participating Member State’" means a Member State whose currency is the euro, including a non-Euro area Member State that has opted in the single Euro area supervisory mechanism (hereafter the 'opt-in Member State');
Amendment 417 #
2012/0242(CNS)
Proposal for a regulation
Article 2 – paragraph 1 – point 1 a (new)
Article 2 – paragraph 1 – point 1 a (new)
(1a) "non participating Member State" means a Member State whose currency is not the euro and that has not opted in the single Euro area supervisory mechanism;
Amendment 438 #
2012/0242(CNS)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
The ECB 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 and all national competent authorities.
Amendment 501 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 1 – point l
Article 4 – paragraph 1 – point l
Amendment 538 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – title
Article 5 – title
National authorities of participating Member States
Amendment 546 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The ECB shall carry out its tasks within a single Euro area supervisory mechanism composed of the ECB and national competent authorities of the participating Member States.
Amendment 606 #
2012/0242(CNS)
Proposal for a regulation
Article 6 – title
Article 6 – title
Close cooperation with the competent authorities of non participating Member States not having the euro (hereafter the 'opt-in Member States')
Amendment 611 #
2012/0242(CNS)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
1. Within the limits set out in this Article, the ECB shall carry out the tasks in the areas referred to in Article 4 (1) and (2) in relation to credit institutions established in a Member State whose currency is not the euro that has opted in the single Euro area supervisory mechanism, where a close cooperation has been established between the ECB and the national competent authority of such Member State in accordance with this Article.
Amendment 616 #
2012/0242(CNS)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 2
Article 6 – paragraph 1 – subparagraph 2
To that end, the ECB may address guidelines or requests to the national competent authority of the non participatopt-ing Member State.
Amendment 622 #
2012/0242(CNS)
Proposal for a regulation
Article 6 – paragraph 2 – introductory part
Article 6 – paragraph 2 – introductory part
2. The close cooperation between the ECB and the national competent authority of a non participatn opt-ing Member State shall be established, by a decision adopted by the ECB, where the following conditions are met:
Amendment 640 #
2012/0242(CNS)
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 Euro area Supervisory Board.
Amendment 648 #
2012/0242(CNS)
Proposal for a regulation
Article 6 – paragraph 5 a (new)
Article 6 – paragraph 5 a (new)
5a. Where a Member State chooses to terminate the close cooperation with the ECB, the Member State concerned shall notify the ECB, the other Member States, the Commission and EBA and the decision shall be published in the Official Journal of the European Union. The decision shall indicate the date from which it applies taking due consideration of supervisory effectiveness and legitimate interests of credit institutions.
Amendment 660 #
2012/0242(CNS)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
Without prejudice to the respective competences of the Member States and the other Union institutions, in relation to the tasks conferred on the ECB by this Regulation, the ECB may develop contacts and enter into administrative arrangements with supervisory authorities, international organisations and the administrations of third countries, subject to the appropriate coordination procedures within the EBA. Those arrangements shall not create legal obligations in respect of the Union and its Member States.
Amendment 675 #
2012/0242(CNS)
Proposal for a regulation
Article 8 a (new)
Article 8 a (new)
Article 8a (1) The ECB shall determine its procedures in relation to the exercise of the tasks set out in Article 4(1) and (2). These procedures must be designed to secure, among other things, that decisions concerning disciplinary measures are taken by a person not directly involved in establishing the evidence upon which that decision is based. (2) The ECB shall publish guidance which may be regularly updated concerning the procedural arrangements put in place as a result of this provision.
Amendment 684 #
2012/0242(CNS)
Proposal for a regulation
Article 9 – paragraph 1 – introductory part
Article 9 – paragraph 1 – introductory part
1. The ECB may by simple request or by decision require the following legal or natural persons of the participating Member States to provide all information that is necessary in order to carry out the tasks conferred upon it by this Regulation, including information to be provided at recurring intervals and in specified formats for supervisory and related statistical purposes:
Amendment 691 #
2012/0242(CNS)
Proposal for a regulation
Article 10 – paragraph 1 – introductory part
Article 10 – paragraph 1 – introductory part
1. In order to carry out the tasks conferred upon it by this Regulation, the ECB may conduct all necessary investigations of persons of participating Member States referred to in Article 9 (1) (a) to (g). To that end, the ECB shall have the right to:
Amendment 778 #
2012/0242(CNS)
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
(1) The ECB shall be accountable to the European Parliament and to the Council for the implementation of this Regulation, in accordance with this Chapter (1a) The ECB shall, at the request of the European Parliament, the Council or a Member State arrange for an independent person to conduct an inquiry where, in the opinion of the person requesting the inquiry events have occurred in relation to a credit institution falling within the ECB's supervisory remit: (a) which posed or could have posed a serious threat to the stability of, or confidence in, the financial system of one or more Member States; (b) indicate or may indicate a significant supervisory failure on the part of the ECB; (c) had or could have had a significant adverse effect on competition in one or more Member States; or (d) caused or could have caused detriment to costumers of a credit institution. (1b) On the completion of an inquiry, the person holding the inquiry shall make a written report to the European Parliament and the Council: (a) setting out the results of the inquiry, and (b) making such recommendations, if any, as the person considers appropriate.
Amendment 795 #
Amendment 798 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. The planning and execution of the tasks conferred upon the ECB, shall be undertaken by an internal body composed of four representatives of the ECB appointed by the Executive Board of the ECB and one representative of the national authority competent for the supervision of credit institutions in each participating Member State (hereinafter ‘"Euro area supervisory board’").
Amendment 869 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 7 a (new)
Article 19 – paragraph 7 a (new)
7a. The composition of the Euro area Supervisory Board (EASB) and of the Steering Committee shall be sufficiently diverse with regards to expertise, gender and geographical balance.
Amendment 894 #
2012/0242(CNS)
Proposal for a regulation
Article 21 – paragraph 4
Article 21 – paragraph 4
4. The ECB shall reply orally or in writing to questions put to it by the European Parliament or, by the Eurogroup or any Member State.
Amendment 901 #
2012/0242(CNS)
Proposal for a regulation
Article 21 – paragraph 4 a (new)
Article 21 – paragraph 4 a (new)
4a. This report shall include a statement as to the extent to which, in the opinion of the ECB, it has advanced its objective(s) in performing its supervisory tasks and had regard to the matters referred to in Article 1a.
Amendment 905 #
2012/0242(CNS)
Proposal for a regulation
Article 21 – paragraph 4 b (new)
Article 21 – paragraph 4 b (new)
4b. Reports produced in accordance with this Article shall be made public.
Amendment 916 #
2012/0242(CNS)
Proposal for a regulation
Article 24 – paragraph 2
Article 24 – paragraph 2
2. The amount of a fee levied on a credit institution of any of the participating Member States shall be proportionate to the importance and risk profile of the credit institution concerned.
Amendment 917 #
2012/0242(CNS)
Proposal for a regulation
Article 24 – paragraph 2 a (new)
Article 24 – paragraph 2 a (new)
2a. The ECB shall publish a policy statement which may be regularly updated with respect to the amount of fees to be levied in accordance with this Article.
Amendment 920 #
2012/0242(CNS)
Proposal for a regulation
Article 24 – paragraph 2 b (new)
Article 24 – paragraph 2 b (new)
2b. Before issuing each policy statement the ECB shall consult on its draft policy statement.
Amendment 924 #
2012/0242(CNS)
Proposal for a regulation
Article 25 – paragraph 1
Article 25 – paragraph 1
1. The ECB shall ensure an appropriate exchange and secondment of staff with and among national competent authorities of the participating Member States.
Amendment 947 #
2012/0242(CNS)
Proposal for a regulation
Article 26 – paragraph 1 – point c a (new)
Article 26 – paragraph 1 – point c a (new)
(ca) the interaction between the ECB and the national competent authorities of non participating Member States;
Amendment 963 #
2012/0242(CNS)
Proposal for a regulation
Article 27 – paragraph 1
Article 27 – paragraph 1
1. From the 1st of July 2013, the ECB shall carry out the supervisory tasks conferred on it also in relation to the most significant credit institutions, in the participating Member States, including financial holding companies and mixed financial holding companies of European systemic importance at the highest level of consolidation, based on their size as reflected in, the sum of exposure values of all assets and off-balance sheet liabilities not deducted when determining the common equity tier 1 capital for regulatory purposes, and their cross-border activity as reflected in cross-jurisdictional claims such as deposits and other assets in respect of customers or other financial operators located in another country and cross- jurisdictional liabilities such as loans and notes in respect of customers or other financial operators located in another country, which together cover at least half of the banking sector in the Euro area as a whole, on 1 January 2013. The ECB shall adopt and make public the list of those institutions before 1 March 2013.
Amendment 984 #
2012/0242(CNS)
Proposal for a regulation
Article 28 – paragraph 1
Article 28 – paragraph 1
This Regulation shall enter into force on 1 January 2013.4
Amendment 140 #
2012/0029(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) One of the basic tasks of the ESCB is to promote the smooth operation of payment systems. In this respect, the members of the ESCB execute oversight by ensuring efficient and sound clearing and payment systems. The members of the ESCB often act as settlement agents for the cash leg of the securities transactions. They are also important clients of CSDs, which often manage the collateralisation of monetary policy operations. The members of the ESCB should be closely involved by being consulted in the authorisation and supervision of CSDs, recognition of third country CSDs and the approval of CSD links. They should also be closely involved by being consulted in the setting of regulatory and implementing technical standards as well as of guidelines and recommendations. The provisions of this Regulation should be without prejudice to the responsibilities of the European Central Bank (ECB) and the National Central Banks (NCBs) to ensure efficient and sound clearing and payment systems within the Union and other countries and should not include designated payment institutions as referred to in Directive 98/26/EC that have been set up at their mutual agreement.
Amendment 151 #
2012/0029(COD)
Proposal for a regulation
Recital 19
Recital 19
(19) Any legal person falling within the definition of a CSD needs to be authorised by the competent national authorities before starting its activities. In view of taking into account different business models, a CSD should be defined by reference to certain core services, which consist of settlement, implying the operation of a securities settlement system, notary and central securities accounts maintenance services. A CSD should at least operate a securities settlement system and provide one other core service. This definition should exclude, therefore, entities which do not operate securities settlement systems such as registrars, depositaries, funds transfer agents or public authorities and bodies in charge of a registry system established under Directive 2003/87/EC. This combination is essential for CSDs to play their role in the securities settlement and in ensuring the integrity of a securities issue.
Amendment 155 #
2012/0029(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) A CSD intending to outsource a core service to a third party or to provide a new core or certain ancillary services, to operate another securities settlement system, to use another central bank as settlement agent or to set up a CSD linkeither an interoperable link or a customised CSD link that cause a transfer of risk between CSDs should apply for authorisation following the same procedure as that required for initial authorisation, with the exception that the competent authority should inform the applicant CSD within three months whether authorisation has been granted or refused.
Amendment 161 #
2012/0029(COD)
Proposal for a regulation
Recital 28 a (new)
Recital 28 a (new)
(28 a) Account operators, as defined in some direct holding systems, record entries into securities accounts maintained by the CSD without necessarily being account providers themselves. In view of the need for legal certainty on the entries made into accounts at the CSD level, the specific role played by account operators should be recognised by this Regulation. It should therefore be possible, under specific circumstances and subject to strict rules laid down by law, to share the responsibility for maintaining securities accounts at the top tier level with another person that is subject to appropriate regulation and supervision.
Amendment 163 #
2012/0029(COD)
Proposal for a regulation
Recital 31
Recital 31
(31) In order to avoid settlement risks due to the insolvency of the settlement agent, a CSD should settle, whenever practical and available, the cash leg of the securities transaction through accounts opened with a central bank. If this option is not practical and available, a CSD should be able to settle through accounts opened with a credit institution established under the conditions provided in Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions and subject to a specific authorisation procedure and prudential requirements provided in Title IV of this Regulation. The latterCredit institutions, when acting as settlement agent, should be able to provide to thea CSD's participants the services set out in this Regulation, which are covered by the authorisation, and may otherwisebut in order to limit the risks to the market infrastructure should not be able to provide other services not covered by this Regulation through the same legal entity.
Amendment 169 #
2012/0029(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) Considering that Directive 2006/48/EC does not address specifically intraday credit and liquidity risks resulting from the provision of banking services ancillary to settlement, credit institutions providing such services should also be subject to specific enhanced credit and liquidity risk mitigation requirements that should apply to each securities settlement system in respect of which they act as settlement agents. In order to ensure full compliance with specific measures aimed at mitigating credit and liquidity risks, tCSDs should be able to designate more than one credit institution. The competent authorities should also be able to require CSDs to designate more than one credit institution whenever they can demonstrate, based on the available evidence, that the exposures of one credit institution to the concentration of credit and liquidity risks is not fully mitigated. Information relevant to the credit institution exposure and risk should be shared between the home competent authority of the CSD and the home competent authorities of the relevant credit institutions.
Amendment 177 #
2012/0029(COD)
Proposal for a regulation
Recital 33
Recital 33
(33) The requirement that the settlement of the cash leg of the securities transaction be carried out by a separate legal entity acting as settlement agent is an important measure to increase the safety and resilience of CSDs. Such a separation between core services of CSDs and banking services ancillary to settlement appears indeed indispensible for eliminating any danger of transmission of the risks from the banking services, such as credit and liquidity risks, to the provision of core services of CSDs, in particular, for rapid access to client securities in the event of a major liquidity crisis. There are no less intrusive measures available for eliminating those credit and liquidity risks in order to ensure the envisaged level of safety and resilience of CSDs. However, in order to secure the efficiencies resulting from the provision of both CSD and banking services within the same group of undertakings, the requirement that banking services be carried out by a separate credit institution should not prevent that credit institution from belonging to the same group of undertakings as the CSD. If both CSD and banking services are provided within the same group of undertakings, in order to increase the safety and efficiency of the services provided, the activities of the credit institution providing banking services should be limited to the provision of banking services ancillary to settlement. Furthermore, a derogation to the obligation to separate banking services ancillary to settlement from core CSD services should be available in the absence of any danger of transmission of credit and liquidity risks from the banking services to the provision of core services of CSDs. In order to ensure a consistent application of the possibility to derogate from the obligation on CSDs not to provide any banking type of ancillary services, the Commission should be empowered to decide, at the request of a national competent authority, whether any such derogation is permitted in view of the absence of systemic risk incurred by the provision of both CSD core and banking services by the same legal entity. In any case, the activities of a CSD benefiting from any such derogation and authorised as a credit institutionany credit institution providing banking services should be limited exclusively to the provision of banking services ancillary to settlement.
Amendment 180 #
2012/0029(COD)
Proposal for a regulation
Recital 33 a (new)
Recital 33 a (new)
(33 a) A settlement agent which is designated by the CSD to perform banking services ancillary to settlement should establish a separate legal entity authorised under Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [CRR IV]. This should not prevent another separate legal entity within the same group being authorised as a credit institution under Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [CRR IV] to carry out banking services other than those ancillary to settlement or from being authorised under Directive 2012/.../EU of the European Parliament and of the Council of ... [new MiFID] to provide investment services or carry out investment activities. However, in all activities as settlement agent it should follow the provisions outlined in this Regulation.
Amendment 228 #
2012/0029(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 31 a (new)
Article 2 – paragraph 1 – point 31 a (new)
(31 a) 'omnibus account' means a securities account which holds securities on behalf of multiple parties;
Amendment 231 #
2012/0029(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 31 b (new)
Article 2 – paragraph 1 – point 31 b (new)
(31 b) 'segregated securities account' means a securities account held on behalf of a single party;
Amendment 254 #
2012/0029(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Any participant to a securities settlement system buying or selsettling on its own account or on behalf of a third party transferable securities, money-market instruments, units in collective investment undertakings andor emission allowances shall settle its obligation in relation to the securities settlement system on the intended settlement date.
Amendment 256 #
2012/0029(COD)
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. As regards transactions in transferable securities referred to in paragraph 1 which are traded on regulated markets, MTFs or OTFs, the intended settlement date shall be no later than on the second business day after the trading takes placeexecuted on a trading venue within the meaning of Article 2(1)(25) of Regulation (EU) No .../... [MIFIR], the intended settlement date shall be no later than on the second business day after execution unless the securities concerned are subject to initial recording in book-entry form pursuant to Article 3(2).
Amendment 270 #
2012/0029(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. Any regulated market, MTF or OTF shall establish procedures that enable the confirmation of relevant details of transactions in financial instruments referred to in Article 5 (1) on the date when the orders have been sent to it. ESMA shall develop guidelines regarding these procedures.
Amendment 271 #
2012/0029(COD)
Proposal for a regulation
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
Amendment 274 #
2012/0029(COD)
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. For each securities settlement system it operates, a CSD shall establish monitoring tools that allow it to identify in advance settlements ofs participants to identify transactions in financial instruments referred to in Article 5(1) that are most likely to fail and it shall require its participants have in place procedures to ensure they or their clients are able to settle such transactions on the intended settlement date.
Amendment 278 #
2012/0029(COD)
Proposal for a regulation
Article 6 – paragraph 4 – subparagraph 1
Article 6 – paragraph 4 – subparagraph 1
The European Securities and Markets Authority (ESMA) shall develop in consultation with the members of the European System of Central Banks (ESCB) draft regulatory technical standards to specify the details of the procedures enabling confirmation of relevant details of transactions and facilitating settlement referred to in paragraphs 1 and 2 and the details of the monitoring tools identifying likely settlement fails referred to in paragraph 3.
Amendment 293 #
2012/0029(COD)
Proposal for a regulation
Article 7 – paragraph 7 – subparagraph 2
Article 7 – paragraph 7 – subparagraph 2
For transactions cleared by a CCP before being settled within a securities settlement system, a) the measures referred to in paragraph 3 to 5 shall be executed by the CCP b) the CCP shall be deemed to be a receiving party for the purposes of paragraph 3 and shall always request that the buy-in arrangements specified in paragraph 3 apply.
Amendment 301 #
2012/0029(COD)
Proposal for a regulation
Title 2 – chapter 3 a (new)
Title 2 – chapter 3 a (new)
Chapter IIIa Internalised settlement Article 8a Settlement internalisers 1. Settlement internalisers shall report to the competent authorities the aggregated volume and value of all transactions settled outside a securities settlement system on an annual basis. 2. ESMA shall, after consulting the members of the ESCB, develop draft regulatory technical standards further specifying the content and scope of application of such reporting. ESMA shall submit those draft regulatory technical standards to the Commission by [six months from the date of entry into force of this Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010. 3. ESMA shall develop draft implementing technical standards to determine format and timing of the communications and the publication referred to in paragraph 1 reflecting the regulatory technical standards referred to in paragraph 2. ESMA shall submit those draft implementing technical standards to the Commission by [6 months from the entry into force of the regulatory technical standards]. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
Amendment 341 #
2012/0029(COD)
Proposal for a regulation
Article 17 – paragraph 1 – point d
Article 17 – paragraph 1 – point d
(d) setting up any CSD linkinteroperable link or any customised CSD link which involves the transfer of risk between CSDs.
Amendment 346 #
2012/0029(COD)
Proposal for a regulation
Article 17 – paragraph 2 a (new)
Article 17 – paragraph 2 a (new)
2 a. ESMA shall develop draft regulatory technical standards to specify the criteria for determining when a customised CSD link implies a transfer of risk between CSDs. ESMA shall submit those draft regulatory technical standards to the Commission by [...]*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. * OJ please insert date: 12 months after the date of entry into force of this Directive.
Amendment 358 #
2012/0029(COD)
Proposal for a regulation
Article 20 – paragraph 3
Article 20 – paragraph 3
3. The competent authority mayshall subject the CSD to on-site inspections.
Amendment 368 #
2012/0029(COD)
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
1. An authorised CSD may carry out its activities within the territory of the Union, either byincluding through the establishment of a branch or by way of direct provision of services, provided that the types of activities concerned are covered by the authorisation or notification procedure set out in Article 17.
Amendment 372 #
2012/0029(COD)
Proposal for a regulation
Article 21 – paragraph 2 – introductory part
Article 21 – paragraph 2 – introductory part
2. Any CSD wishing to provide its servicesestablish a branch within the territory of another Member State for the first time, or to change the range of services provided by that branch, shall communicate the following information to the competent authority of the Member State where it is established:
Amendment 377 #
2012/0029(COD)
Proposal for a regulation
Article 21 – paragraph 2 – point c
Article 21 – paragraph 2 – point c
(c) in case of a branch, the organisational structure of the branch and the names of those responsible for the management of the branch.
Amendment 381 #
2012/0029(COD)
Proposal for a regulation
Article 21 – paragraph 5 – introductory part
Article 21 – paragraph 5 – introductory part
5. The CSD may estart providing its servicesblish a branch in the host Member State under the following conditions:
Amendment 384 #
2012/0029(COD)
Proposal for a regulation
Article 21 – paragraph 5 a (new)
Article 21 – paragraph 5 a (new)
5 a. Where a CSD wishes to provide services within the territory of another Member State for the first time without establishing a branch, or to change the range of services provided, it shall communicate the information in paragraphs 2(a) and (b) to the competent authority of the Member State where it is established. The competent authority shall, within one month of receiving the information, forward it to the competent authority of the host Member State. The CSD may then start to provide the investment service or services concerned in the host Member State.
Amendment 389 #
2012/0029(COD)
Proposal for a regulation
Article 22 – paragraph 2
Article 22 – paragraph 2
2. The competent authorities from the host Member States may require CSDs which provide services in accordance with Article 21 to report to them periodically on their activities in those host Member States, in particular for the purpose of collecting statistics. The competent authorities of the host Member State shall, on request from the competent authorities of the home Member State, provide those periodic reports to the home Member State competent authorities.
Amendment 400 #
2012/0029(COD)
Proposal for a regulation
Article 23 – paragraph 1 a (new)
Article 23 – paragraph 1 a (new)
1 a. A CSD established and authorised in the Union may maintain or establish a link with a CSD in a third country in accordance with the procedures in Article 45.
Amendment 413 #
2012/0029(COD)
Proposal for a regulation
Article 25 – paragraph 2
Article 25 – paragraph 2
2. A CSD shall have a board of which at least one third, but no less than two, of its members are independent. The user committee referred to in Article 26 shall designate at least one of its user members as a member of the board.
Amendment 424 #
2012/0029(COD)
Proposal for a regulation
Article 28 a (new)
Article 28 a (new)
Article 28a Shared services 1. Member States may provide for a person other than the CSD to be responsible for recording entries into securities accounts at the level of the CSD. Where Member States provide for such shared services, , the requirements of this Regulation shall apply, where relevant, also to that other person. 2. Where Member States provide for shared services pursuant to paragraph 1,they shall specify the applicable requirements, including requirements pursuant to this Regulation, in their national law. 3. Where Member States provide for shared services pursuant to paragraph 1, they shall notify the Commission and ESMA accordingly. ESMA shall include information on shared services in the CSD register referred to in Article 19.
Amendment 433 #
2012/0029(COD)
Proposal for a regulation
Article 31 – paragraph 6
Article 31 – paragraph 6
6. A CSD shall account separately for costs and revenues of the services provided and shall disclose that information to the competent authority, as well as to its users in order to avoid cross-subsidisation and to ensure no undue revenue generation from the settlement discipline process.
Amendment 490 #
2012/0029(COD)
Proposal for a regulation
Article 45 – paragraph 7
Article 45 – paragraph 7
7. Links between CSDs shall permit DVP settlement of transactions between participants in linked CSDs, wherever practical and feasible. TheDetailed reasons for any non-CSD link not allowing for DVP settlement shall be notified to the competent authorities.
Amendment 555 #
2012/0029(COD)
Proposal for a regulation
Article 52 – paragraph 3
Article 52 – paragraph 3
3. A CSD that intends to settle the cash leg of all or part of its securities settlement system in accordance with Article 37(2) of this Regulation shall obtain authorisation to designate for this purpose ant least one authorised credit institution as provided in Title II of Directive 2006/48/EC, unless the competent authority referred to in Article 53(1) of this Regulation demonstrates, based on the available evidence, that the exposure of one credit institution to the concentration of risks under Article 57(3) and (4) of this Regulation is not sufficiently mitigated. In the latter case, the competent authority referred to in Article 53(1) may require the CSD to designate more than one credit institution. The designated credit institutions shall be considered as settlement agents.
Amendment 610 #
2012/0029(COD)
Proposal for a regulation
Article 57 – paragraph 1
Article 57 – paragraph 1
1. A credit institution designated to provide banking type of ancillary services shall provide only the services set out in Section C of the Annex that are covered by the authorisation and shall not be authorised to carry out other activities.
Amendment 615 #
2012/0029(COD)
Proposal for a regulation
Article 57 – paragraph 1 a (new)
Article 57 – paragraph 1 a (new)
1 a. The banking type of ancillary services set out in Section C of the Annex shall only be provided by a credit institution designated by a CSD in accordance with Article 56.
Amendment 623 #
2012/0029(COD)
Proposal for a regulation
Article 57 – paragraph 3 – point d
Article 57 – paragraph 3 – point d
(d) if collateral is required to manage its corresponding credit risk, it shall accept only collateral with low credit, liquidity and market riskhighly liquid collateral as defined in Article 46 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories and the corresponding regulatory technical standards;
Amendment 630 #
2012/0029(COD)
Proposal for a regulation
Article 58 – paragraph 1
Article 58 – paragraph 1
1. The competent authority referred to in Directive 2006/48/EC is responsible for the authorisation and supervision under the conditions provided in that directive of the credit institutions designated to provide banking type of ancillary services and as regards their compliance with Article 57(3) and (4) of this Regulation and for ensuring that such credit institutions comply with Article 57 1a.
Amendment 632 #
2012/0029(COD)
Proposal for a regulation
Article 58 – paragraph 3
Article 58 – paragraph 3
3. In view of the protection of the participants to the securities settlement systems it operates, a CSD shall ensure that it has access from theany credit institution it designates to all necessary information for the purpose of this Regulation and it shall report any breaches thereof to the competent authorities referred to in paragraph 1 and in Article 9.
Amendment 636 #
2012/0029(COD)
Proposal for a regulation
Article 59 – paragraph 3 a (new)
Article 59 – paragraph 3 a (new)
3 a. A CSD shall be liable for the loss of a financial instrument caused by the CSD. Criteria for liability and restitution requirements for losses or damages attributable to CSDs, negligence or failure shall be transparent, risk-based, and consistent with applicable laws and subject to oversight by the competent authority. ESMA shall, after consulting the members of the ESCB, develop draft regulatory technical standards to specify such liability. ESMA shall submit those draft regulatory technical standards to the Commission by [six months after the date of entry into force of this Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 646 #
2012/0029(COD)
Proposal for a regulation
Article 70 – paragraph 3 – subparagraph 1
Article 70 – paragraph 3 – subparagraph 1
Article 3(1) shall apply from 1 January 2020 to transferable securities issued after that date and from 1 January 2025 to all transferable securities.
Amendment 650 #
2012/0029(COD)
Proposal for a regulation
Annex 1 – section B – title
Annex 1 – section B – title
Non-banking type of ancillary services of central securities depositories not involving credit or liquidity risk
Amendment 651 #
2012/0029(COD)
Proposal for a regulation
Annex 1 – section B – paragraph 1 – point 1 – point c
Annex 1 – section B – paragraph 1 – point 1 – point c
(c) Settlement matching, orderinstruction routing, trade confirmation, trade verification.
Amendment 652 #
2012/0029(COD)
Proposal for a regulation
Annex 1 – section B – paragraph 1 – point 2 – point b
Annex 1 – section B – paragraph 1 – point 2 – point b
(b) Initiating the pProcessing of corporate actions, including tax, general meetings and information services;
Amendment 653 #
2012/0029(COD)
Proposal for a regulation
Annex 1 – section B – paragraph 1 – point 2 – point c
Annex 1 – section B – paragraph 1 – point 2 – point c
(c) New issue services, including issuance and admittance of securities into the securities settlement system, allocation and management of ISIN codes and similar codes;
Amendment 655 #
2012/0029(COD)
Proposal for a regulation
Annex 1 – section B – paragraph 1 – point 2 – point d
Annex 1 – section B – paragraph 1 – point 2 – point d
(d) OrderInstruction routing and processing, fee collection and processing and related reporting;
Amendment 661 #
2012/0029(COD)
Proposal for a regulation
Annex 1 – section B – paragraph 1 – point 4 – point c
Annex 1 – section B – paragraph 1 – point 4 – point c
(c) Providing information, data and statistics to market/census bureaus or other governmental or inter-governmental entities;
Amendment 5 #
2011/2323(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Emphasises that Parliament and Member States should be fully informed of the timeline and of the content of envisaged delegated measures; takes the view that the intention to endorse or reject a draft RTS or delegated act should be sent in writing to the Chair of Parliament's competent committee and to the rapporteur and shadow rapporteurs, giving reasons; holds that in the case of delegated acts the Commission must likewise inform Parliament and the Member States when it does not intend to follow ESA advice, specifying where and why it has chosen not to do so, and including thorough cost- benefit and legal analysis to support its decision as well as reasoned answers to any written comments raised by the co- legislators; considers that there should be full transparency vis-à-vis all stakeholders on progress; observes that the Commission's interpretation of the Framework Agreement2 sometimes makes it difficult and cumbersome for Parliament experts to attend expert group meetings dealing with delegated acts and means that Parliament is not placed on an equal footing with Member States and the Council;
Amendment 9 #
2011/2298(REG)
Parliament's Rules of Procedure
Rule 70 – paragraph 2
Rule 70 – paragraph 2
2. Before entering into such negotiations, the committeeWhere the committee responsible considers it appropriate to enter into such negotiations after the adoption of a responsible should, in principle, take a decision by a majority of its members and adopt a mandate, orientations or priorities. rt for first reading, it shall take a decision on the opening of negotiations by a majority of its members and on a case-by-case basis for every legislative procedure concerned. That decision shall as a general rule include a mandate and shall specify the composition of the negotiating team, which shall be composed of at least the chair, the rapporteur and the shadow rapporteurs, ensuring representation from all political groups. The mandate shall, as a general rule, consist of the report adopted in committee.
Amendment 20 #
2011/2084(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Stresses that the essential nature of all on-line activities, in particular the fact that they operate across national borders, requires that they be dealt with in a coordinated manner at a European levelor global level, where appropriate;
Amendment 33 #
2011/2084(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Insists on the need to dissuade players from engaging in illegal gambling, which means that an EU legal framework offering lawful services must be provided asin a system that is coherent across the whole of Europe, especially in terms of tax treatment, and applies commonprotection of vulnerable consumers in order to apply similar standards of accountability and integrity;
Amendment 61 #
2011/2084(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. takes the view that the proliferation of illegal on-line gambling represents a threat to the integrity of sport; stresses that keeping sporting events credible and honest is vital to the sports industry as a whole; considers that the European Union must play a more prominent role in safeguarding the integrity of sport, a goal to be pursued by all stakeholders;
Amendment 72 #
2011/2084(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Calls, therefore, for the establishment of a European Agency for Integrity and Fair Play in Sport consistent with Articles 6, 83 and 165 of the Treaty on the Functioning of the European Union, with a specific remitgreater cooperation between stakeholders in order to promote player education and coordinate action against fraud and corruption in sport by sharing information and expertise and by applying the common definition of offences and sanctions;
Amendment 79 #
2011/2084(INI)
Draft opinion
Paragraph 6
Paragraph 6
Amendment 279 #
2011/2071(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
Amendment 1 #
2011/2013(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. CAlthough not necessarily a significant barrier for cross-border transactions, considers the European Contract Law project indispensable, along with other measures, useful for realising the full potential of the internal market, entailing substantial economic and employment benefits;
Amendment 3 #
2011/2013(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Considers that EU-level harmonisation of contract law practices would be more efficient in ensuring convis one of the many practical barriers to cross-border trade, others include language, delivery cost, consumer prefergence and a more level playing field, but that, given the challenges of harmonising national legal systems, an optional instrument is a more proportionate and feasible solution, at least as an interim measureculture, all of which cannot be resolved by contract law. Therefore a toolbox is a much more appropriate solution. Further recalls that where legal barriers exist, these may be more appropriately and proportionately resolved by other measures, such as ensuring full implementation of the Services Directive and providing effective dispute resolution mechanisms;
Amendment 15 #
2011/2013(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Calls on the Commission to ensure close alignment of the proposed Consumer Rights Directive and the European Contract Law instrument, by waiting until the outcome of the negotiations on the Consumer Rights Directive, so as to clarify the relationship between the two measures in such a way that in case of conflict the consumer rights legislation takes precedence, and a high level of consumer protection is ensured; . Stresses that any proposal must also provide added value to businesses;
Amendment 19 #
2011/2013(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Invites the Commission to study the possibility of including financial services, particularly insurance products, within the general provisions of the Contract Law instrument;
Amendment 22 #
2011/2013(INI)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Insists that a comprehensive Impact Assessment is carried out which details the potential cost of implementation as well as potential cost benefits to participants in the single market in the various sectors.
Amendment 353 #
2011/0359(COD)
Proposal for a regulation
Article 25 – paragraph 2 a (new)
Article 25 – paragraph 2 a (new)
(2a) At least once a year, the ESRB shall organise a meeting with the statutory auditors and audit firms or networks carrying out the statutory audit of any FSB identified systemically important financial institutions in order to inform the ESRB of sectoral or any significant developments in those systemically important financial institutions.
Amendment 230 #
2011/0298(COD)
Proposal for a directive
Recital 12 a (new)
Recital 12 a (new)
(12 a) Within the definition of the MTF and the OTF, market participants should be able to exercise choice with respect to which category of market participant their orders interact with as long as this is done in an open and transparent manner and does not involve discrimination by the platform operator. As further identifiers and trade flags are introduced, trading venues should be able to set different categories of membership to facilitate this as an additional, optional service to users as appropriate.
Amendment 236 #
2011/0298(COD)
Proposal for a directive
Recital 13
Recital 13
(13) An investment firm executing client orders against own proprietary capital should be deemed a systematic internaliser or in certain circumstances an OTF, unless the transactions are carried out outside regulated markets, MTFs and OTFs on an occasional, ad hoc and irregular basis. Systematic internalisers should be defined as investment firms which, on an organised, frequent and systematic basis, deal on own account by executing client orders outside a regulated market, an MTF or an OTF. In order to ensure the objective and effective application of this definition to investment firms, any bilateral trading carried out with clients should be relevant and quantitative criteria should complement the qualitative criteria for the identification of investment firms required to register as systematic internalisers, laid down in Article 21 of Commission Regulation No 1287/2006 implementing Directive 2004/39/EC. While an OTF is any system or facility in which multiple third party buying and selling interests interact in the system, a systematic internaliser should not be allowed to bring together third party buying and selling interests.
Amendment 242 #
2011/0298(COD)
Proposal for a directive
Recital 16
Recital 16
(16) Insurance or assurance undertakings the activities of which are subject to appropriate monitoring by the competent prudential-supervision authorities and which are subject to Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) should be excluded, except as described in Article 1(4).
Amendment 243 #
2011/0298(COD)
Proposal for a directive
Recital 17 a (new)
Recital 17 a (new)
(17a) Investments are often sold to clients in the form of insurance contracts as an alternative to or substitute for financial instruments regulated under this Directive. To deliver consistent protection for retail clients, it is important that investments under insurance contracts are subject to the same conduct of business standards – in particular those relating to managing conflicts of interest, restrictions on inducements, and rules on ensuring the suitability of advice or appropriateness of non-advised sales. The investor protection and conflicts of interest requirements in this Directive should therefore be applied equally to those investments packaged under insurance contracts. Since investments involving insurance can have specific features that differ from other financial instruments (for example, because such investment products can involve an element of life insurance and so may need to be personalised to the client), the Directive provides for ESMA and EIOPA to work together to ensure as much consistency as possible in the conduct of business standards for insurance packaged retail investment products subject to this Directive, and any subsequent provisions in level 2 as relevant.
Amendment 244 #
2011/0298(COD)
Proposal for a directive
Recital 20
Recital 20
Amendment 245 #
2011/0298(COD)
Proposal for a directive
Recital 20
Recital 20
(20) It is necessary to exclude from the scope of this Directive central banks and other bodies performing similar functions as well as public bodies charged with or intervening in the management of the public debt, which concept covers the investment thereof, with the exception of bodies that are partly or wholly State- owned the role of which is commercial or linked to the acquisition of holdings. However, no public entities should be exempt from transaction reporting to the competent authorities.
Amendment 246 #
2011/0298(COD)
Proposal for a directive
Recital 21
Recital 21
Amendment 247 #
2011/0298(COD)
Proposal for a directive
Recital 21
Recital 21
(21) In order to clarify the regime of exemptions for the European System of Central Banks, other national bodies performing similar functions and the bodies intervening in the management of public debt, it is appropriate to limit such exemptions to the bodies and institutions performing their functions in accordance with the law of one Member State or in accordance with the legislation of the Union as well as to international bodies of which one or more Member States are members. However, no public entities should be exempt from transaction reporting to the competent authorities.
Amendment 253 #
2011/0298(COD)
Proposal for a directive
Recital 38 a (new)
Recital 38 a (new)
(38 a) In order to take a fully coherent approach to corporate governance across all financial entities within the EU, the corporate governance provisions contained herein should be the same as those included in Directive … [CRD IV], and proportionate to the size of the entity concerned.
Amendment 261 #
2011/0298(COD)
Proposal for a directive
Recital 46
Recital 46
(46) The use of trading technology has increased the speed, capacity and complexity of how investors trade. It has also enabled market participants to facilitate direct access by their clients to markets through the use of their trading facilities, through direct electronic access or sponsored and direct marketmarket access, unfiltered direct market access or sponsored access. Trading technology has provided benefits to the market and market participants generally such as wider participation in markets, increased liquidity, narrower spreads, reduced short term volatility and the means to obtain better execution of orders for clients. Yet, this trading technology also gives rise to a number of potential risks such as an increased risk of the overloading of the systems of trading venues due to large volumes of orders, risks of algorithmic trading generating duplicative or erroneous orders or otherwise malfunctioning in a way that may create a disorderly market. In addition there is the risk of algorithmic trading systems overreacting to other market events which can exacerbate volatility if there is a pre-existing market problem. Finally, algorithmic trading or high frequency trading can lend itself to certain forms of abusive behaviour if misused.
Amendment 262 #
2011/0298(COD)
Proposal for a directive
Recital 46 a (new)
Recital 46 a (new)
(46a) ESMA technical guidelines issued in February 2012 "Systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities" (ESMA/2012/122) should be used as a comprehensive framework for including legally binding mechanisms in this Directive in order to strengthen the resilience of markets to take account of new trading technology. It is important that ESMA has the power to issue future guidelines in order to keep pace with rapid changes in trading technologies.
Amendment 278 #
2011/0298(COD)
Proposal for a directive
Recital 49
Recital 49
(49) In addition to measures relating to algorithmic and high frequency trading it is appropriate to include controls relating to investment firms providing direct electronicmarket access to markets for clients as electronic trading can be carried out via a firm providing electronic market access and many similar risks. It is also appropriate that firms providing direct electronicmarket access ensure that persons using this service are properly qualified and that risk controls are imposed on the use of the service. It is appropriate that detailed organisational requirements regarding these new forms of trading should be prescribed in more detail in delegated acts. This should ensure that requirements may be amended where necessary to deal with further innovation and developments in this area.
Amendment 283 #
2011/0298(COD)
Proposal for a directive
Recital 50
Recital 50
(50) There is a multitude of trading venues currently operating in the EU, among which a number are trading identical instruments. In order to address potential risks to the interests of investors it is necessary to formalise and further harmoniscoordinate the processes on the consequences for trading on other venues if one trading venue decides to suspend or remove a financial instrument from trading. In the interest of legal certainty and to adequately address conflicts of interests when deciding to suspend or to remove instruments from trading, it should be ensured that if one regulated market or MTF stops trading due to non disclosure of information about an issuer or financial instrument, the others follow that decisionare informed of that decision and follow it unless continuing trading may be justified due to exceptional circumstances. In addition, it is necessary to formalise and improve the exchange of information and the cooperation of trading venues in cases of exceptional conditions in relation to a particular instrument that is traded on various venues.
Amendment 287 #
2011/0298(COD)
Proposal for a directive
Recital 52
Recital 52
(52) In order to give all relevant information to investors, it is appropriate to require investment firms providing investment advice to clarify the basis of the advice they provide, notably the range of products they consider in providing personal recommendations to clients, whether they provide investment advice on an independent basis and whether they investment firms will provide the clients with the on-goinga periodic assessment of the suitability of the financial instruments recommended to them. It is also appropriate to require investment firms to explain their clients the reasons of the advice provided to them. In order to further define the regulatory framework for the provision of investment advice, while at the same time leaving choice to investment firms and clients, it is appropriate to establish the conditions for the provisions of this service when firms inform clients that the service is provided on an independent basis. In order to strengthen the protection of investors and increase clarity to clients as to the service they receive, it is appropriate to further restrict the possibility for firms to acceptprohibit firms from paying or receiveing inducements to or from third parties, and particularly from issuers, firms executing orders on behalf of clients, or product providers, when providing in relation to the service of investment advice on an independent basis and the service of portfolio managem, portfolio management or non-advised sales to retail clients. In such cases, only limited non-monetary benefits such as training on the features of the products and, for firms providing portfolio management, services related to execution of orders and research, should be allowed subject to the condition that they do notse services do not, or are not likely to, impair the ability of investment firms to pursueact in the best interest of their clients, as further clarified in Directive 2006/73/EC.
Amendment 299 #
2011/0298(COD)
Proposal for a directive
Recital 53
Recital 53
(53) Investment firms are allowed to provide investment services that only consist of execution and/or the reception and transmission of client orders, without the need to obtain information regarding the knowledge and experience of the client in order to assess the appropriateness of the service or the instrument for the client. Since these services entail a relevant reduction of clients' protections, it is appropriate to improve the conditions for their provision. In particular, it is appropriate to exclude the possibility to provide these services in conjunction with the ancillary service consisting of granting credits or loans to investors to allow them to carry out a transaction in which the investment firm is involved, since this increases the complexity of the transaction and makes more difficult the understanding of the risk involved. It is also appropriate to better define the criteria for the selection of the financial instruments to which these services should relate in order to exclude the financial instruments, including collective investment in transferable securities (UCITS), which embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved.
Amendment 305 #
2011/0298(COD)
Proposal for a directive
Recital 53 a (new)
Recital 53 a (new)
(53a) In order to ensure that financial advice is only provided by individuals with a minimum level of competency, Member States should establish a qualification system for anyone providing advice, regardless of the distribution channel. Given the differences between retail markets and investor needs in each Member State this should be determined at the level of the Member State.
Amendment 306 #
2011/0298(COD)
Proposal for a directive
Recital 54 a (new)
Recital 54 a (new)
(54a) The best approach to be taken with regards to packaged retail investment products would be horizontal, so no matter the type of product, the same rules for distributors apply. As such, the highest level of coordination should take place between this Directive and Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation.
Amendment 307 #
2011/0298(COD)
Proposal for a directive
Recital 58
Recital 58
(58) It is necessary to impose an effective ‘best execution’ obligation to ensure that investment firms execute client orders on terms that are most favourable to the client. This obligation should apply to the firm which owes contractual or agency obligations to the client, but should also be extended to eligible counterparties when they are acting on behalf of a client who is also subject to the best execution obligation.
Amendment 308 #
2011/0298(COD)
Proposal for a directive
Recital 58 a (new)
Recital 58 a (new)
(58a) In order to contribute to a wider shareholder base across the EU, the best execution framework should be enhanced for retail investors so they can access the wider range of execution venues that are now available across the EU. Advances in technology for monitoring best execution should be considered when applying the best execution framework.
Amendment 309 #
2011/0298(COD)
Proposal for a directive
Recital 60
Recital 60
(60) Information provided by investment firms to clients in relation to their order execution policies often are generic and standard and do not allow clients to understand how an order will be executed and to verify firms' compliance with their obligation to execute orders on term most favourable to their clients. In order to enhance investor protection it is appropriate to specify the principles concerning the information given by investment firms to their clients on the order execution policies and to require firms to make public, on an annual basis, for each class of financial instruments, the top five execution venues where they executed client orders in the preceding year, unless they chose only to execute on the primary exchange, and to take account of that information and information published by trading venues on execution quality in their policies on best execution.
Amendment 317 #
2011/0298(COD)
Proposal for a directive
Recital 72
Recital 72
(72) The provision of services by third country firms in the Union is subject to national regimes and requirements. These regimes are highly differentiated and the firms authorised in accordance with them do not enjoy the freedom to provide services and the right of establishment in Member States other than the one where they are established. It is appropriate to introduce a common regulatory framework at Union level. The regime should harmonize the existing fragmented framework, ensure certainty and uniform treatment of third country firms accessing the Union, ensure that andan effective equivalence assessment has been carried out by the Commission in relation to the regulatory and supervisory framework of third countries and should provide for a comparable level of protections to investors in the EU receiving services by third country firms. It is of the utmost importance that third country firms continue to be able to access EU markets without undue barriers.
Amendment 323 #
2011/0298(COD)
Proposal for a directive
Recital 73
Recital 73
(73) The provision of services to retail clients should always require the establishment of a branch in the Union. The establishment of the branch shall be subject to authorisation and supervision in the Union. Proper cooperation arrangements should be in place between the competent authority concerned and the competent authority in the third country. Sufficient initial capital should be at free disposal of the branch. Once authorised the branch should be subject to supervision in the Member State where the branch is established; the third country firm should be able to provide services in other Member States through the authorised and supervised branch, subject to a notification procedure. The provision of services without branches should be limited to eligible counterparties and professional investors. It should be subject to registration by ESMA and to supervision in the third country. Proper cooperation arrangements should be in place between ESMA and the competent authorities in the third country.
Amendment 326 #
2011/0298(COD)
Proposal for a directive
Recital 74
Recital 74
(74) The provision of this directive regulating the provision of services by third country firms in the Union should not affect the possibility for persons established in the Union to receive investment services by a third country firm at their own exclusive initiative. When a third country firm provides services at own exclusive initiative of a person established in the Union, the services should not be deemed as provided in the territory of the Union. In case a third country firm solicits clients or potential clients in the Union or promotes or advertises investment services or activities together with ancillary services in the Union, it should not be deemed as a service provided at the own exclusive initiative of the client.
Amendment 330 #
2011/0298(COD)
Proposal for a directive
Recital 74 a (new)
Recital 74 a (new)
(74a) When establishing effective equivalence for third country regimes, they should be limited to those provisions that have been agreed to at international fora such as the G20. While rules on the derivatives trading obligation should aim to be as coordinated as possible, in line with Regulation (EU) No …/… [EMIR], there are many parts of this Directive that are outside the G20 commitments, nor are they aimed at the stability of the financial system and therefore may not be appropriate for third countries to adopt directly.
Amendment 331 #
2011/0298(COD)
Proposal for a directive
Recital 74 b (new)
Recital 74 b (new)
(74b) When conducting the third country equivalence assessments the Commission should ensure that it follows an approach which prioritises the EU's largest trading partners first, leaving countries which only have a few firms accessing EU markets until after the more significant markets have been assessed.
Amendment 332 #
2011/0298(COD)
Proposal for a directive
Recital 74 c (new)
Recital 74 c (new)
Amendment 336 #
2011/0298(COD)
Proposal for a directive
Recital 78
Recital 78
(78) The introduction of a commercialprehensive solution for a consolidated tape for equities should contribute to creating a more integrated European market and make it easier for market participants to gain access to a consolidated view of trade transparency information that is available. The envisaged solution is based on an authorisation of providers working along pre-defined and supervised parameters which are in competition with each other in order to achieve technically highly sophisticated and innovative solutions, serving the market to the greatest extent possible. By requiring all Consolidated Tape Providers to consolidate all APA data it will be assured that competition will take place in the field of client services, not breadth of data covered.
Amendment 338 #
2011/0298(COD)
Proposal for a directive
Recital 78 a (new)
Recital 78 a (new)
(78a) Given the systemic risk implications of synthetic exchange-traded funds (ETFs) in particular, and their use by retail clients, it is of the utmost importance that more transparency is provided to investors in these products. Consolidated Tape provisions should also apply to equity-like instruments, particularly ETFs.
Amendment 340 #
2011/0298(COD)
Proposal for a directive
Recital 83 a (new)
Recital 83 a (new)
(83a) In April 2011, IOSCO's Task force on Commodity Futures Markets formally reported to the Financial Stability Board stating that: "Powers of intervention should include formalised position management powers, including the authority to set ex ante position limits where appropriate, to take action over positions which may potentially prejudice orderly market functioning at any stage of the contract; powers to impose price movement limits for given time periods (e.g. intra-day); or impose trading halts or cool down periods, all of which should be carefully designed and applied in the context of each specific commodity futures market."
Amendment 341 #
2011/0298(COD)
Proposal for a directive
Recital 83 b (new)
Recital 83 b (new)
(83 b) This approach was formally endorsed by the G20 Agriculture Ministers in their declaration in Paris on the 23 June 2011 "We support G20 Finance Ministers and Central Bank Governors stressing at their Washington Meeting on 14-15th April 2011, the need for participants on commodity derivatives markets to be subject to appropriate regulation and supervision, calling for enhanced transparency in both cash and derivatives markets as previously recommended by IOSCO, and looking forward to the finalization of IOSCO recommendations, by September 2011 on regulation and supervision in this area especially to address market abuses and manipulation, such as through formalized position management powers including the authority to set ex-ante position limits where appropriate, among other powers of interventions."
Amendment 342 #
2011/0298(COD)
Proposal for a directive
Recital 83 c (new)
Recital 83 c (new)
(83c) In September 2011, IOSCO set out its Principles for the Regulation and Supervision of Commodity Markets covering: contract design principles; principles for surveillance of commodity derivatives markets; principles to address disorderly commodity derivatives markets including position management powers, including the power to set position limits; principles for enforcement and information sharing; and principles for enhancing price discovery on commodity derivatives markets.
Amendment 343 #
2011/0298(COD)
Proposal for a directive
Recital 83 d (new)
Recital 83 d (new)
(83d) The IOSCO Principles were subsequently endorsed by the G20 summit in Cannes on 4 November 2011, stating that "[a]s part of our financial regulation agenda, we endorse the IOSCO recommendations to improve regulation and supervision of commodity derivatives markets. We agree that market regulators should be granted effective intervention powers to prevent market abuses. In particular, market regulators should have and use formal position management powers, among other powers of intervention, including the power to set ex-ante position limits, as appropriate."
Amendment 355 #
2011/0298(COD)
Proposal for a directive
Recital 89
Recital 89
(89) It is desirable to facilitate access to capital for smaller and medium sized enterprises and to facilitate the further development of specialist markets that aim to cater for the needs of smaller and medium sized issuers. These markets which are usually operated under this Directive as MTFs are commonly known as SME markets, growth markets or junior markets. The creation within the MTF category of a new sub category of SME growth market and the registration of these markets should raise their visibility and profile and aid the development of common pan-European regulatory standards for those markets. Attention should be focussed on how to provide future legislation for the further fostering and promotion of use of this market as a new asset class that will be attractive for investors. All other EU market regulation should be updated to provide a lessening of administrative burdens and to provide further incentives for listing of SMEs on the SME growth markets.
Amendment 370 #
2011/0298(COD)
Proposal for a directive
Article 1 – paragraph 3
Article 1 – paragraph 3
3. The following provisions shall also apply to credit institutions authorised under Directive 2006/48/EC, when providing one or more investment services and/or performing investment activities and when selling or advising clients in relation to deposits other than those with a rate of return which is determined in relation to an interest rate : – Articles 2(2), 9(6), 14, 16, 17 and 18, – Chapter II of Title II excluding second subparagraph of Article 29(2), – Chapter III of Title II excluding Articles 36(2), (3) and (4) and 37(2), (3), (4), (5), (6), (9) and (10), – Articles 69 to 80 and Articles 84, 89 and 90linked solely and directly to a key benchmark interest rate at Member State or EU level, or at a generally accepted international reference interest rate of a third country.
Amendment 375 #
2011/0298(COD)
Proposal for a directive
Article 1 – paragraph 3 a (new)
Article 1 – paragraph 3 a (new)
3a. The following provisions shall also apply to insurance undertakings and insurance intermediaries, including tied insurance intermediaries, authorised or registered under, respectively, Directive 2002/83/EC, Directive 2009/138/EC or Directive 2002/92/EC, when selling or advising clients in relation to insurance- based investments: - Article 16(3); - Articles 23 to 26; and - Articles 69-80 and 83-91 where necessary for competent authorities to give effect to the above Articles in relation to insurance-based investments.
Amendment 378 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) insurance undertakings or undertakings carrying on the reinsurance and retrocession activities referred to in Directive 2009/138/EC, except as described in Article 1(4);
Amendment 379 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 1 – point a a (new)
Article 2 – paragraph 1 – point a a (new)
(a a) foreign exchange spot markets;
Amendment 387 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 1 – point d – point ii a (new)
Article 2 – paragraph 1 – point d – point ii a (new)
(iia) are deemed to have a significant market presence by the competent authority;
Amendment 413 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 1 – point k
Article 2 – paragraph 1 – point k
Amendment 468 #
2011/0298(COD)
Proposal for a directive
Article 4 – paragraph 2 – point 27
Article 4 – paragraph 2 – point 27
27) ‘Management body’ means the governingbody or bodyies of a firm, comprising the supervisory and the managn institution, appointed in accordance with the national law, which is empowered to set the institution's strategy, objectives and overial funl directions, and which has the ultimate decision-making authority and is empowered to set the firm's strategy, objectives and overall direction. Management body shall include persons who effectively direct the business of the firmoversees and monitors management decision-making. This shall include persons who effectively direct the business of the institution. In particular, the references to management body shall comprise both the managerial and supervisory functions of the body or bodies referred to in the first sub-paragraph. Where, according to national law, the managerial and supervisory functions of the management body are assigned to different bodies or different members within one body, the Member State shall make the distinction between the responsible bodies or members of the management body in accordance with its national law, unless otherwise specified by the Directive. For the purpose of this Directive 'managerial function' means setting the institution's strategy, objectives and overall direction and 'supervisory function' means overseeing and monitoring management decision-making;
Amendment 470 #
2011/0298(COD)
Proposal for a directive
Article 4 – paragraph 2 – point 28
Article 4 – paragraph 2 – point 28
Amendment 473 #
2011/0298(COD)
Proposal for a directive
Article 4 – paragraph 2 – point 30 a (new)
Article 4 – paragraph 2 – point 30 a (new)
30a) 'High Frequency trading strategy' means a trading strategy in a financial instrument wich involves high frequency trading and at least five of the following characteristics: i) it uses co-location or proximity hosting facilities; ii) it uses Direct Market Access; iii) it relates to a daily portfolio turnover of at least 50%; iv) the ratio of orders to trades exceeds 4:1; v) the proportion of orders cancelled (including partial cancellations) exceeds 20%; vi) the majority of positions taken are unwound within the same day; vii) over 50% of the orders or transactions are made on trading venues offering discounts or rebates to orders which provide liquidity and are elgible for such rebates;
Amendment 484 #
2011/0298(COD)
Proposal for a directive
Article 4 – paragraph 2 – point 31
Article 4 – paragraph 2 – point 31
31) ‘Direct electronicmarket access’ in relation to a trading venue, means an arrangement where a member or participant of a trading venue permits a person to use its trading code so the person can electronically transmit orders relating to a financial instrument directly to the trading venue. This definition includes such an arrangement whether or not it also involves the use by the person of the infrastructure of the member or participant, or any connecting system provided by the member or participant, to transmit the orders;
Amendment 490 #
2011/0298(COD)
Proposal for a directive
Article 4 – paragraph 2 – point 33 a (new)
Article 4 – paragraph 2 – point 33 a (new)
33a) 'Insurance-based investments' means insurance contracts where the amount payable to the client is exposed to the market value of an asset or payout from an asset or reference value, and where the client does not directly hold the asset;
Amendment 494 #
2011/0298(COD)
Proposal for a directive
Article 4 – paragraph 2 – point 33 b (new)
Article 4 – paragraph 2 – point 33 b (new)
33b) "Total provider cost" means all the costs which a client is required to pay to an investment firm when purchasing an investment service or financial instrument, which shall include, calculated on a per annum basis: a) the annual management charge; b) custody and administration costs; c) performance fees, based on the latest 12 months disclosed performance fee or average of up to 3 years if the data is available; d) dealing costs, based on the latest 12 months disclosed performance fee or average of up to 3 years if the data is available; e) the total costs of all underlying funds in terms of their ongoing charges when the fund invests in any UCITS funds, ETFs or closed ended investment funds or any other pooled vehicle; f) any other costs not included above; The total provider cost shall be calculated as a percentage on a per annum basis.
Amendment 496 #
2011/0298(COD)
Proposal for a directive
Article 4 – paragraph 2 – point 33 c (new)
Article 4 – paragraph 2 – point 33 c (new)
33c) "Total cost of investment" means all the costs which a client is required to pay when purchasing an investment service or financial instrument via a sales channel, which shall include the total provider cost and, calculated on a percentage per annum basis: a) platform fees, where not already included in the total provider cost; b) entry and exit costs, amortized over five years as the assumed length of the investment unless otherwise stated; c) adviser fees less any rebates returned to clients, amortised over five years as the assumed length of the investment unless otherwise stated; d) any other costs not included above. The total cost of the investment shall be calculated on a percentage per annum basis.
Amendment 497 #
2011/0298(COD)
Proposal for a directive
Article 4 – paragraph 3
Article 4 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 94 concerning measures to specify some technical elements of the definitions laid down in paragraph 1 of this Article, to adjust them to market developments , in particular in relation to point 30a of paragraph 2.
Amendment 510 #
2011/0298(COD)
Proposal for a directive
Article 9 – paragraph 1 – introductory part
Article 9 – paragraph 1 – introductory part
1. Member States shall require that all members of the management body of any investment firm shall at all times be of sufficiently good repute, possess sufficient knowledge, skills and experience and commit sufficient time to perform their duties. Member States shall ensure that members of the management body shall, in particular, fulfil the following requirements:
Amendment 513 #
2011/0298(COD)
Proposal for a directive
Article 9 – paragraph 1 – point a – subparagraph 1 and subparagraph 2 – introductory part
Article 9 – paragraph 1 – point a – subparagraph 1 and subparagraph 2 – introductory part
(a) MThe members of the management body shall commit sufficient time to perform their functions in the investment firm. Theyof an institution, who intends to hold a position in the management body of several institutions at the same time, shall take into account individual circumstances and the nature, scale and complexity of the institution's activities. Members of the management body of institutions that are significant in terms of their size, internal organisation and the nature, the scope and the complexity of their activities shall not combine at the same time more than one of the following combinations: unless they can justify this to the relevant competent authority:
Amendment 516 #
2011/0298(COD)
Proposal for a directive
Article 9 – paragraph 1 – point a – point ii
Article 9 – paragraph 1 – point a – point ii
(ii) fourive non-executive directorships.
Amendment 517 #
2011/0298(COD)
Proposal for a directive
Article 9 – paragraph 1 – point a – subparagraph 3
Article 9 – paragraph 1 – point a – subparagraph 3
Executive or non-executive directorships held within the same group, including UCITS and/or AIF operated or managed by a member of the same group, shall be considered as one single directorship.
Amendment 518 #
2011/0298(COD)
Proposal for a directive
Article 9 – paragraph 1 – point a – subparagraph 3
Article 9 – paragraph 1 – point a – subparagraph 3
Amendment 520 #
2011/0298(COD)
Proposal for a directive
Article 9 – paragraph 1 – point a – subparagraph 4
Article 9 – paragraph 1 – point a – subparagraph 4
Amendment 522 #
2011/0298(COD)
Proposal for a directive
Article 9 – paragraph 1 – point c – subparagraph 2
Article 9 – paragraph 1 – point c – subparagraph 2
Amendment 524 #
2011/0298(COD)
Proposal for a directive
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Member States shall require investment firms, where appropriate and proportionate in view of the nature, scale and complexity of their business, to establish a nomination committee or equivalent body to assess compliance with the first paragraph and to make recommendations, when needed, on the basis of their assessment. The nomination committee shall be composed of members of the management body who do not perform any executive function in the institution concerned. Where, under national law, the management body does not have any competence in the process of appointment of its members, this paragraph shall not apply.
Amendment 533 #
2011/0298(COD)
Proposal for a directive
Article 9 – paragraph 4
Article 9 – paragraph 4
Amendment 574 #
2011/0298(COD)
Proposal for a directive
Article 17 – paragraph 1
Article 17 – paragraph 1
1. An investment firm that engages in algorithmic trading including high frequency trading strategies shall have in place effective systems and risk controls proportionate to the business it operates to ensure that its trading systems are resilient and have sufficient capacity, are subject to appropriate trading thresholds and limits and prevent the sending of erroneous orders or the system otherwise functioning in a way that may create or contribute to a disorderly market. Such a firm shall also have in place effective systems and risk controls to ensure the trading systems cannot be used for any purpose that is contrary to Regulation (EU) No [MAR] or to the rules of a trading venue to which it is connected. The firm shall have in place effective and proportionate continuity business arrangements to deal with any unforeseen failure of its trading systems and shall ensure its systems are fully tested and properly monitored to ensure they meet the requirements in this paragraph.
Amendment 583 #
2011/0298(COD)
Proposal for a directive
Article 17 – paragraph 2
Article 17 – paragraph 2
2. An investment firm that engages in algorithmic trading shall at least annuallyand high frequency trading strategies shall, upon initial authorisation or at least annually, as well as when any material changes occur to the trading strategy, provide to itsheir home Competent Authority with a description of the nature of its algorithmic trading strategies, details of the trading parameters or limits to which the system is subject, the key compliance and risk controls that it has in place to ensure the conditions in paragraph 1 are satisfied and details of the testing of its systems. A competent authority may at any time request further information from an investment firm about its algorithmic trading and the systems used for that trading.
Amendment 588 #
2011/0298(COD)
Proposal for a directive
Article 17 – paragraph 2 a (new)
Article 17 – paragraph 2 a (new)
2a. An investment firm that engages in a high frequency trading strategy shall store in an approved form, the raw audit trail of any quotation and trading activities performed on any trading venue and make it available to the national competent authority upon request.
Amendment 591 #
2011/0298(COD)
Proposal for a directive
Article 17 – paragraph 3
Article 17 – paragraph 3
3. An algorithmic trading strategy shall beinvestment firm engaging in algorithmic trading shall ensure that each high frequency algorithmic trading strategy it operates is in continuous operation during the trading hours of the trading venue to which ithe investment firm sends orders or through the systems of which it executes transactions. The trading parameters or limits of an high frequency algorithmic trading strategy shall ensure that the high frequency algorithmic trading strategy posts firm quotes at competitive prices in line with its ordinary trading behaviour, with the result of providing liquidity on a regular and ongoing basis to these trading venues at all times, regardless of prevailing market conditions. . Under exceptional circumstances, where this would contravene the risk controls established in accordance with paragraph 1, investment firms may withdraw from the market. ESMA shall produce guidelines specifying the types of conditions that would warrent this withdrawal for trading venues to incorporate into their operating rules. Should an investment firm withdraw from the market under the provisions of this paragraph, it must inform the trading venue and the national competent authority immedietly.
Amendment 604 #
2011/0298(COD)
Proposal for a directive
Article 17 – paragraph 4
Article 17 – paragraph 4
4. An investment firm that provides direct electronicmarket access to a trading venue shall have in place effective systems and controls which ensure a proper assessment and review of the suitability of persons using the service, that persons using the service are prevented from exceeding appropriate pre set trading and credit thresholds, that trading by persons using the service is properly monitored and that appropriate risk controls prevent trading that may create risks to the investment firm itself or that could create or contribute to a disorderly market or be contrary to Regulation (EU) No [MAR] or the rules of the trading venue. The investment firm shall ensure that there is a binding written agreement between the firm and the person regarding the essential rights and obligations arising from the provision of the service and that under the agreement the firm retains responsibility for ensuring trading using that service complies with the requirements of this Directive, the Regulation (EU) No [MAR] and the rules of the trading venue.
Amendment 607 #
2011/0298(COD)
Proposal for a directive
Article 17 – paragraph 4 a (new)
Article 17 – paragraph 4 a (new)
4a. Investment firms shall not provide their clients with unfiltered direct market access to any trading venue.
Amendment 610 #
2011/0298(COD)
Proposal for a directive
Article 17 – paragraph 6
Article 17 – paragraph 6
6. The Commission shall be empowered to adopt delegated acts in accordance with Article 94 concerning measures toESMA shall develop draft regulatory technical standards specifying the detailed organisational requirements laid down in paragraphs 1 to 5 to be imposed on investment firms performing different investment services and/or activities and ancillary services or combinations thereof. ESMA shall submit those draft regulatory technical standards to the Commission by [...]*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in first subparagraph in accordance with Articles 10-14 of Regulation (EU) No 1095/2010. __________________ * OJ please insert date: 12 months after entry into force of this Directive.
Amendment 645 #
2011/0298(COD)
Proposal for a directive
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Member States shall require that investment firms and market operators operating an OTFs establish arrangements preventing the execution of client orders in an OTF against the proprietary capital of the investment firm or market operator operating the OTF. The investment firm shall not act as a systematic internaliser in an OTF operated by itself. An OTF shall not connect with another OTF in a way which enables orders in different OTFs to interact. shall not act as a systematic internaliser in an OTF operated by itself. An OTF shall not connect with another OTF in a way which enables orders in different OTFs to interact. Investment firms and market operators of an OTF shall allow clients to choose whether their orders are executed against the proprietary capital of the investment firm or market operator.
Amendment 671 #
2011/0298(COD)
Proposal for a directive
Article 23 – paragraph 2 a (new)
Article 23 – paragraph 2 a (new)
2a. Member States shall ensure that any income received directly by any fund should be returned net of all direct costs to the fund's holders. Where these direct costs are set by associate companies of the fund management group, they must be proportionate to equivalent external costs and signed off by independent directors.
Amendment 686 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 2
Article 24 – paragraph 2
2. All information, including advertising and marketing communications, addressed by the investment firm to clients or potential clients shall be fair, clear and not misleading. Marketing communications shall be clearly identifiable as such. Any advertising or marketing communications shall specify clearly and prominently, in the format outlined in Annex IIa: a) the total provider cost, in the case of an investment service or financial instrument being promoted by an investment firm; b) the total cost of investment, in the case of an investment service or financial instrument being promoted via a sales channel whereby additional charges or rebates are applied.
Amendment 702 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 3 – subparagraph 1 – indent 2
Article 24 – paragraph 3 – subparagraph 1 – indent 2
– financial instruments and proposed investment strategies; this should include a full breakdown of all underlying holdings held both directly and indirectly, and a commitment to provide a full percentage breakdown on at least a quarterly basis with a maximum reporting delay of 60 days and appropriate guidance on and warnings of the risks associated with investments in those instruments or in respect of particular investment strategies,
Amendment 707 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 3 – subparagraph 1 – indent 4
Article 24 – paragraph 3 – subparagraph 1 – indent 4
– costs and associated charges, including a full breakdown of management fees, all underlying costs or charges, and: a) the total provider cost, in the case of an investment service or financial instrument being promoted to a client or potential client by an investment firm; b) the total cost of investment, in the case of an investment service or financial instrument being promoted to a client or potential client via a sales channel.
Amendment 723 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 5 – introductory part
Article 24 – paragraph 5 – introductory part
5. When theAn investment firm shall informs the client thatwhether its investment advice is provided on an independent basis, or restricted basis, and, in the case of independent advice the firm:
Amendment 732 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 5 – point i
Article 24 – paragraph 5 – point i
(i) shall assess a sufficiently large numbercomprehensive range of financial instruments available on theacross the entire relevant market. The financial instruments considered should be diversified with regard to both their type and issuers or product providers and should not be limited to financial instruments issued or provided by entities having close links with the investment firm,. Firms which cannot provide sufficiently broad analysis of financial instruments across the market must make clear to the client that their advice is not independent.
Amendment 740 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 5 – point ii
Article 24 – paragraph 5 – point ii
Amendment 762 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 6
Article 24 – paragraph 6
6. When providing portfolio management the investment firm shall not accept or receiveAn investment firm that provides investment advice or portfolio management to a retail client, or sells a financial instrument to a retail client without advice, must only receive remuneration for these and any closely related services from the client. In relation to all of these services an investment firm: i) shall not accept fees, commissions or any monetary or non-monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clientseven where the firm intends to refund any such payments to the client, ii) shall clearly set out its charges for the retail client in a single monetary figure or simple percentage terms, iii) when distributing its own products, shall not bundle advice, portfolio management or distribution charges with product charges, but must disclose the cost of such activities separately, based upon their economic cost, iv) must not assess employee performance, or calculate employee remuneration in a way that is significantly dependent on sales volumes or profits generated by the employee for the firm.
Amendment 773 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 6 a (new)
Article 24 – paragraph 6 a (new)
6 a. An investment firm must not offer or pay any fees, commissions or monetary or non-monetary benefits to another investment firm or third party for the benefit of another firm, in relation to the other firm advising, selling to, or managing financial instruments for retail clients, or any closely related services.
Amendment 784 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 8 a (new)
Article 24 – paragraph 8 a (new)
8 a. Member States shall require that individuals providing any kind of investment advice or, where appropriate, ancillary services to clients, possess an appropriate level of knowledge and competence based upon recognised qualifications.
Amendment 797 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – introductory part
Article 25 – paragraph 3 – subparagraph 1 – introductory part
Member States shall allow investment firms when providing investment services that only consist of execution or the reception and transmission of client orders with or without ancillary services , with the exclusion of the ancillary service specified in Section B (1) of Annex 1 , to provide those investment services to their clients without the need to obtain the information or make the determination provided for in paragraph 2 where all the following conditions are met:
Amendment 803 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point i
Article 25 – paragraph 3 – subparagraph 1 – point a – point i
(i) shares admitted to trading on a regulated market or on an equivalent third-country market or on a MTF, where these are shares in companies, and excluding shares in non-UCITS collective investment undertakings and shares that embed a derivative;
Amendment 807 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point ii
Article 25 – paragraph 3 – subparagraph 1 – point a – point ii
(ii) bonds or other forms of securitised debt, admitted to trading on a regulated market or on an equivalent third country market or on a MTF, excluding those that embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved;
Amendment 812 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iii
Article 25 – paragraph 3 – subparagraph 1 – point a – point iii
(iii) money market instruments, excluding those that embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved;
Amendment 821 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
(iv) shares or units in UCITS excluding structured UCITS as referred to in Article 36 paragraph 1 subparagraph 2 of Commission Regulation 583/2010;
Amendment 828 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point v
Article 25 – paragraph 3 – subparagraph 1 – point a – point v
(v) other non-complex financial instruments for the purpose of this paragraph , including structured UCITS and shares in non- UCITS, which are assessed by an investment firm as non-complex.
Amendment 845 #
2011/0298(COD)
Proposal for a directive
Article 27 – paragraph 1
Article 27 – paragraph 1
1. Member States shall require that investment firms take all reasonable steps to obtain, when executing orders, the best possible result for their clients taking into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order. Nevertheless, whenever there is a specific instruction from the client the investment firm shall execute the order following the specific instruction. Following execution of a transaction on behalf of a client, the investment firm shall make available upon request, information on how the order was executed and upon which venue.
Amendment 853 #
2011/0298(COD)
Proposal for a directive
Article 27 – paragraph 5 – subparagraph 2
Article 27 – paragraph 5 – subparagraph 2
Member States shall require investment firms to summarize and make public on an annual basis, for each class of financial instruments, the top five execution venues where they executed client orders in the preceding year unless they have chosen in their best execution policy to only execute client orders on the primary market.
Amendment 864 #
2011/0298(COD)
Proposal for a directive
Article 29 – paragraph 3 – subparagraph 2
Article 29 – paragraph 3 – subparagraph 2
Member States shall ensure that tied agents are only admitted to the public register if it has been established that they are of sufficiently good repute and that they possess an appropriate general, commercial and professional knowledgelevel of knowledge and competence based upon recognised qualifications so as to be able to communicate accurately all relevant information regarding the proposed service to the client or potential client.
Amendment 869 #
2011/0298(COD)
Proposal for a directive
Article 29 – paragraph 5 – subparagraphs 1 a and 1 b (new)
Article 29 – paragraph 5 – subparagraphs 1 a and 1 b (new)
Investment firms shall provide full and complete information on their investment services and financial instruments to tied agents, to be updated on at least a quarterly basis with a maximum reporting delay of 60 days. Tied agents shall be required to provide this information to the client or potential client in advance of receiving orders or placing financial instruments.
Amendment 875 #
2011/0298(COD)
Proposal for a directive
Article 30 – paragraph 2 – subparagraph 2
Article 30 – paragraph 2 – subparagraph 2
Classification as an eligible counterparty under the first subparagraph shall be without prejudice to the right of such entities to requestnotify their brokers, either on a general form or on a trade-by-trade basis, treatmentof their right to be treated as clients whose business with the investment firm is subject to Articles 24, 25, 27 and 28.
Amendment 877 #
2011/0298(COD)
Proposal for a directive
Article 30 – paragraph 5 – point a
Article 30 – paragraph 5 – point a
(a) the procedures for requestingnotifying a broker of their right to be treatmented as clients under paragraph 2;
Amendment 890 #
2011/0298(COD)
Proposal for a directive
Article 32 – paragraph 3
Article 32 – paragraph 3
3. The Commission shall be empowered to adESMA shall developt delegated acts in accordance with Article 94raft regulatory technical standards to list the specific situations constituting significant damage to the investors' interests and the orderly functioning of the internal market referred to in paragraphs 1 and 2 and to determine issues relating to the non-disclosure of information about the issuer or financial instrument as referred to in paragraph 1. ESMA shall submit those draft regulatory technical standards to the Commission by […]*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in first subparagraph in accordance with Articles 10-14 of Regulation (EU) No 1095/2010. __________________ *OJ please insert date 12 months after entry into force of this Directive.
Amendment 935 #
2011/0298(COD)
Proposal for a directive
Article 41 – paragraph 3 – subparagraph 1
Article 41 – paragraph 3 – subparagraph 1
The Commission may adopt a decision in accordance with the procedure referred to in Article 95 in relation to a third country if the legal and supervisory arrangements of that third country ensure that firms authorised in that third comply with legally binding requirements which have equivalent effect to the requirements set out in this Directive, in Regulation (EU) No …/… [MiFIR] and in Directive 2006/49/EC [Capital Adequacy Directive] and their implementing measures and that third country provides for equivalent reciprocal recognition of the prudential framework applicable to investment firms authorised in accordance with this directive.
Amendment 939 #
2011/0298(COD)
Proposal for a directive
Article 41 – paragraph 3 – subparagraph 2 – introductory part
Article 41 – paragraph 3 – subparagraph 2 – introductory part
The prudential framework of a third country may be considered to have equivalent effect where that framework fulfils all the following conditions:
Amendment 960 #
2011/0298(COD)
Proposal for a directive
Article 46 a (new)
Article 46 a (new)
Article 46 a Provision of services and activities without a passport 1. Member States may continue to authorise third country firms to provide investment services within their own territory via branches. 2. Firms authorised under paragraph 1 shall not be eligible for an EU passport in the event that they do not also register with ESMA.
Amendment 962 #
2011/0298(COD)
Proposal for a directive
Article 48 – paragraph 1 – introductory part
Article 48 – paragraph 1 – introductory part
1. Member States shall require that all members of the management body of any market operator shall be at all times of sufficiently good repute, possess sufficient knowledge, skills and experience and commit sufficient time to perform their duties. Member States shall ensure that members of the management body shall, in particular, fulfil the following requirementsThe member of the management body of an institution, who intends to hold a position in the management body of several institutions at the same time, shall take into account individual circumstances and the nature, scale and complexity of the institution's activities. Members of the management body of institutions that are significant in terms of their size, internal organisation and the nature, the scope and the complexity of their activities shall not combine at the same time more than one of the following combinations unless they can justify this to the relevant competent authority:
Amendment 964 #
2011/0298(COD)
Proposal for a directive
Article 48 – paragraph 1 – point a – introductory part
Article 48 – paragraph 1 – point a – introductory part
(a) commit sufficient time to perform their functions. They shall not combine at the same time more than one of the following combinations:
Amendment 966 #
2011/0298(COD)
Proposal for a directive
Article 48 – paragraph 1 – point a – point ii
Article 48 – paragraph 1 – point a – point ii
(ii) fourive non-executive directorships.
Amendment 967 #
2011/0298(COD)
Proposal for a directive
Article 48 – paragraph 1 – point a – subparagraph 3
Article 48 – paragraph 1 – point a – subparagraph 3
Amendment 969 #
2011/0298(COD)
Proposal for a directive
Article 48 – paragraph 1 – point a – subparagraph 4
Article 48 – paragraph 1 – point a – subparagraph 4
Amendment 970 #
2011/0298(COD)
Proposal for a directive
Article 48 – paragraph 3
Article 48 – paragraph 3
Amendment 973 #
2011/0298(COD)
Proposal for a directive
Article 48 – paragraph 4 – subparagraph 1
Article 48 – paragraph 4 – subparagraph 1
Amendment 986 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 1
Article 51 – paragraph 1
1. Member States shall require a regulated market to have in place effective systems, procedures and arrangements which are designed to ensure its trading systems are resilient, have sufficient capacity to deal with peak order and message volumes, are able to ensure orderly trading under conditions of market stress, are fully tested to ensure such conditions are met even in times of extreme market volatility and are subject to effective business continuity arrangements to ensure continuity of its services if there is any unforeseen failure of its trading systems.
Amendment 998 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 2
Article 51 – paragraph 2
2. Member States shall require a regulated market to have in place effective systems, procedures and arrangements to reject orders that exceed pre-determined volume and price thresholds or are clearly erroneous and to be able to temporarily halt trading if there is a significant price movement in a financial instrument on that market or a related market during a short period and, in exceptional cases, to be able to cancel, vary or correct any transactionif it is informed by the related market operator of such a movement.
Amendment 1001 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 2 a (new)
Article 51 – paragraph 2 a (new)
2a. Member States shall require regulated markets to communicate to all other relevant venues when any of the circumstances under paragraph 2 have occurred so as to coordinate a market- wide response.
Amendment 1003 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 3
Article 51 – paragraph 3
3. Member States shall require a regulated market to have in place effective systems, procedures and arrangements to allow for identification of orders following either an algorithmic trading strategy or a high frequency trading strategy and to further ensure that algorithmic or high frequency trading systems cannot create or contribute to disorderly trading conditions on the market including systems to limit the ratio of unexecuted orders to transactions that may be entered into the system by a member or participant, to be able to slow down the flow of orders if there is a risk of its system capacity being reached and to limit the minimum tick size that may be executed on the market.
Amendment 1013 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 4 – subparagraph 1
Article 51 – paragraph 4 – subparagraph 1
Member States shall require a regulated market that permits direct electronicmarket access to have in place effective systems procedures and arrangements to ensure that members or participants are only permitted to provide such services if they are an authorised investment firm under this Directive, that appropriate criteria are set and applied regarding the suitability of persons to whom such access may be provided and that the member or participant retains responsibility for orders and trades executed using that service.
Amendment 1019 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 4 – subparagraph 2
Article 51 – paragraph 4 – subparagraph 2
Member States shall also require that the regulated market set appropriate standards regarding risk controls and thresholds on trading through such access and is able to distinguish and if necessary to stop orders or trading by a person using direct electronicmarket access separately from orders or trading by the member or participant.
Amendment 1028 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 5 a (new)
Article 51 – paragraph 5 a (new)
5a. Member States shall require that a regulated market ensures that its fee structures including execution fees, ancillary fees and any rebates, are transparent, fair and non-discriminatory and that they do not create incentives to place, modify or cancel orders or to execute transactions in a way which contributes to disorderly trading conditions or market abuse. In particular, Member States shall require a regulated market (i) to impose market making obligations in the individual shares or a suitable basket of shares, in exchange for any rebates that are granted, (ii) to impose a higher fee for placing an order that is subsequently cancelled than an order which is executed and shall impose a higher fee on participants placing a high ratio of cancelled orders to executed orders in order to reflect the additional burden on system capacity. Member States shall allow a regulated market to adjust its fees for cancelled orders according to the length of time for which the order was maintained.
Amendment 1031 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 7 – introductory part
Article 51 – paragraph 7 – introductory part
7. The Commission shall be empowered to adESMA shall developt delegated acts in accordance with Article 94raft regulatory technical standards concerning the requirements laid down in this Article, and in particular:
Amendment 1036 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 7 – point b
Article 51 – paragraph 7 – point b
(b) to set out conditions under which trading should either be halted if there is aor allow for alternative arrangements where specific limits are set between which trading should be restricted to, in order to prevent significant price movement in a financial instrument on that market or a related market during a short period;
Amendment 1041 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 7 – point c
Article 51 – paragraph 7 – point c
(c) to set out the maximum and minguidelines for the maximum ratio of unexecuted orders to transactions that may be adopted by regulated markets and minimum tick sizes that should be adoptedfor individual shares across trading venues that should be agreed between regulated markets and other trading venues;
Amendment 1048 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 7 – point d
Article 51 – paragraph 7 – point d
(d) to establish controls concerning direct electronicmarket access;
Amendment 1056 #
2011/0298(COD)
Proposal for a directive
Article 51 – paragraph 7 – subparagraphs 1 a and 1 b (new)
Article 51 – paragraph 7 – subparagraphs 1 a and 1 b (new)
ESMA shall submit those draft regulatory technical standards to the Commission by […]*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in this paragraph in accordance with Articles 10-14 of Regulation (EU) No 1095/2010. __________________ *OJ please insert date: 12 months after entry into force of this Directive.
Amendment 1092 #
2011/0298(COD)
Proposal for a directive
Article 59 – title
Article 59 – title
Position management including position limits
Amendment 1096 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – introductory part
Article 59 – paragraph 1 – subparagraph 1 – introductory part
Member States shall ensure that regulated markets, operators of MTFs and OTFs which admit to trading or trade commodity derivatives apply limits on the number of contractslevel of open interest which any given market members or participants can enter into over a specified period of timehold towards the end of a contract's expiry, or alternative arrangements with equivalent effect such as position management with automatic review thresholds, to be imposed in order to:
Amendment 1115 #
2011/0298(COD)
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 2
Article 59 – paragraph 1 – subparagraph 2
The limits or arrangements shall be transparent and non-discriminatory, specifying the persons to whom they apply and any exemptions, and taking account of the nature and composition of market participants and of the use they make of the contracts admitted to trading. They shall specify clear quantitative thresholds such as the maximum number of contractsopen interest a persons can enterhold towards the end of a contract's expiry, taking account of the characteristics of the underlying commodity market, including patterns of production, consumption and transportation to market.
Amendment 1188 #
2011/0298(COD)
Proposal for a directive
Article 65 – paragraph 1 – subparagraph 1
Article 65 – paragraph 1 – subparagraph 1
Member States shall require that all members of the management body of a data reporting services provider shall at all times be of sufficiently good repute, possess sufficient knowledge, skills and experience and commit sufficient time to perform their duties.
Amendment 1189 #
2011/0298(COD)
Proposal for a directive
Article 65 – paragraph 1 – subparagraph 2
Article 65 – paragraph 1 – subparagraph 2
The management body shall possess adequate collective knowledge, skills and experience to be able to understand the activities of the data reporting services provider. Member States shall ensure that eEach member of the management body shall act with honesty, integrity and independence of mind to effectively assess and challenge the decisions of the senior management.
Amendment 1201 #
2011/0298(COD)
Proposal for a directive
Article 67 – paragraph 3
Article 67 – paragraph 3
3. The home Member State shall require the CTP to ensure that the data provided is consolidated from at leastll of the regulated markets, MTFs, OTFs and APAs and for the financial instruments specified by delegated acts under paragraph 8(c)covered by this Directive in order to ensure the provision of a complete consolidated tape.
Amendment 1206 #
2011/0298(COD)
Proposal for a directive
Article 67 – paragraph 8 – point c
Article 67 – paragraph 8 – point c
Amendment 1211 #
2011/0298(COD)
Proposal for a directive
Article 68 – paragraph 5
Article 68 – paragraph 5
5. The Commission mayshall adopt, by means of delegated acts in accordance with Article 394, measures clarifying what constitutes a reasonable commercial basis to report information as referred to in paragraph 1.
Amendment 1218 #
2011/0298(COD)
Proposal for a directive
Article 71 – paragraph 2 – point d
Article 71 – paragraph 2 – point d
(d) require existing telephone and existing data traffic records held by investment firms where a reasonable suspicion exists that such records related to the subject- matter of the inspection may be relevant to prove a breach by the investment firm of its obligations under this Directive; these records shall however not concernincluding the content of the communication to which they relate;
Amendment 1283 #
2011/0298(COD)
Proposal for a directive
Article 96 – paragraph 1 – point c
Article 96 – paragraph 1 – point c
(c) the impact of requirements regarding automated and high-frequency trading, including a review of the obligations specified in Article 17 paragraph 3 and whether it is functioning correctly or should be extended to cover baskets of shares as well as single shares;
Amendment 1284 #
2011/0298(COD)
Proposal for a directive
Article 96 – paragraph 1 – point c a (new)
Article 96 – paragraph 1 – point c a (new)
(ca) whether the minimum tick size requirements described in Article 17 have had a material impact upon the operations of the market;
Amendment 1286 #
2011/0298(COD)
Proposal for a directive
Article 96 – paragraph 1 – point f
Article 96 – paragraph 1 – point f
(f) the functioning of the consolidated tape established in accordance with Title V, in particular the availability of post-trade information of a high quality in a consolidated format capturing the entire market in accordance with user-friendly standards at a reasonable cost. In order to ensure the quality and the accessibility of consolidated post-trade information, the Commission shall submit its report accompanied, if appropriate, by a legislative proposal for the establishment of a single entity operating a consolidated tape in all asset classes.
Amendment 1293 #
2011/0298(COD)
Proposal for a directive
Annex 1 – Section A – point 9
Annex 1 – Section A – point 9
Amendment 1301 #
2011/0298(COD)
Proposal for a directive
Annex 1 – Section B – point 1 a (new)
Annex 1 – Section B – point 1 a (new)
(1a) Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management;
Amendment 1321 #
2011/0298(COD)
Proposal for a directive
Annex 2 a (new)
Annex 2 a (new)
Annex IIa Specifications of costs for advertising or marketing communications % Notes pa (All calculations based on minimum required investment or typical size if no minimum) % Annual Management Charge (AMC) % Custody & admin costs etc % Performance fee Based on 12 months disclosed performance fee or average of up to three years if data available. % Dealing costs Based on latest 12 months or average of up to three years if data available. Dealing costs = Portfolio Turnover Rate X estimated full cost buying/selling underlying assets. Most funds will simply use a common agreed schedule of costs. % Any other costs E.g. extra costs of underlying funds when investing in a “fund of fund” structure if not already included above. Less any other recurring E.g. net securities lending revenues or revenues other recurring income received based on last 12 months or average of up to last three years if data available. Total Provider Cost (TPC) This is the figure that should be advertised by fund managers. Platform fees via Sales Channel Where not already included in above A figures. Entry / Exit costs via Sales Any charges should be amortised over Channel A five years as the assumed length of investment unless stated otherwise e.g. for pensions. Advisor fees / rebates or any Amortised over five years unless clearly other charges/recurring revenues stated as per above. not included above via Sales Channel A Total Cost of Investment (TCI) This is the figure that should be via Sales Channel A advertised by the sales channel.
Amendment 8 #
2011/0297(COD)
Proposal for a directive
Recital 6 a (new)
Recital 6 a (new)
(6 a) The scope of this Directive, and the framing of the prohibitions, is deliberately broad, so as to capture wider behaviour or conduct which may, directly or indirectly, have an effect on financial instruments. It is not necessary for competent authorities to demonstrate the precise link between the misconduct of one or more individuals and the end effect on one or more financial instruments; it is sufficient that there is a relationship, even if indirect, between the abusive behaviour and a financial instrument. For example, the dissemination of false or misleading information relating to an interbank offer rate or other benchmark, as this would be covered as a result of related instruments, such as interest rate swaps, being traded on venues which are within the scope. It would not be necessary for the competent authority to demonstrate that the dissemination of false or misleading information actually had influenced the relevant interbank offer rate or bench mark, or that this actually had influenced the price of a financial instrument; it is enough that these were likely consequences of the dissemination of the false or misleading information. Similarly, the likely impact on the price of a financial instrument should be applied broadly, to encompass not only situations where the transaction or behaviour might influence the price of a traded financial instrument but also, for example, where it might influence the profit or advantage gained on a derivative contract.
Amendment 10 #
2011/0297(COD)
Proposal for a directive
Recital 9
Recital 9
(9) In order for the scope of this Directive to be aligned with that of Regulation (EU) No…of the European Parliament and the Council on insider dealing and market manipulation, trading in own shares and other financial instruments for stabilisation and buy-back programmes, as well as transactions, orders or behaviours carried out for the purposes of monetary and public debt management activities and activities concerning emission allowances in pursuit of the Union's climate policy, should be exempt from this Directive.
Amendment 112 #
2011/0296(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) This new category of organised trading facility will complement the existing types of trading venues. While regulated markets and multilateral trading facilities are characterised by non-discretionary execution of transactions, the operator of an organised trading facility should have discretion over how a transaction is to be executed. Consequently, conduct of business rules, best execution and client order handling obligations should apply to the transactions concluded on an OTF operated by an investment firm or a market operator. However, because an OTF constitutes a genuine trading platform, 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 internalisers in the OTF operated by themis should exclude them from acting as systematic internalisers in the OTF operated by them. In specific circumstances, an OTF should be able to use its own capital in order to facilitate client orders, particularly in less liquid markets and where there are fewer market participants. This is particularly relevant in the non-equities markets.
Amendment 118 #
2011/0296(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) All organised trading should be conducted on regulated venues and be fully transparent, both pre and post trade as appropriate. Transparency requirements therefore need to apply to all types of trading venues, and to all financial instruments traded thereon.
Amendment 120 #
2011/0296(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) The financial crisis exposed specific weaknesses in the way information on trading opportunities and prices in financial instruments other than shares is available to market participants, namely in terms of timing, granularity, equal access, and reliability. Pre- andAccurate and timely post-trade transparency requirements taking account of the different characteristics and market structures of specific types of instruments other than shares should thus be introduced. In order to provide a sound transparency framework for all relevant instruments, these should apply to bonds and structured finance products with a prospectus or which are admitted to trading either on a regulated market or are traded on a multilateral trading facility (MTF) or an organised trading facility (OTF), to derivatives which are traded or admitted to trading on regulated markets, MTFs and OTFs or considered eligible for central clearing, as well as, in the case of post- trade transparency, to derivatives reported to trade repositories. Therefore only those financial instruments traded purely OTC which are deemed particularly illiquid or are bespoke in their design would be outside the scope of the transparency obligations.
Amendment 125 #
2011/0296(COD)
Proposal for a regulation
Recital 13 a (new)
Recital 13 a (new)
(13 a) The foreign exchange market is vital to many export-oriented firms. It is thus important to ensure transparency and market integrity in foreign exchange markets. These principles are most likely to be compromised by excessive opacity in foreign exchange derivatives markets. The transparency requirements for derivatives should therefore also cover those securities that give rise to a cash settlement determined by reference to currencies ('currency swaps'). Dealings in instruments of payments on foreign exchange spot markets, however, should be exempt from any requirements under this Directive.
Amendment 127 #
2011/0296(COD)
Proposal for a regulation
Recital 13 b (new)
Recital 13 b (new)
(13 b) When considering pre-trade transparency and in non-equity markets it is important to consider the needs of non- financial entities. Currently, non- financial entities use request-for-quote electronic platforms. These electronic platforms are used by the majority of non- financial end users as an effective way to request quotes for OTC derivative transactions from a number of financial counterparties at the same time, hence providing competitive pricing and a simple and efficient method of transacting. It is not the intent of this Regulation to prevent voice trading or this electronic method of requesting a quotation on a specific transaction by applying pre trade transparency requirements to them.
Amendment 129 #
2011/0296(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) In order to ensure uniform applicable conditions between trading venues, the same pre- and post-trade transparency requirements should apply to the different types of venues. The transparency requirements should be calibrated for different types of instruments, including equity, bonds, and derivatives, and for different types of trading, including order- book and, quote-driven systems and request for quote systems as well as hybrid and voice broking systems, and take account of issuance, transaction size and characteristics of national markets.
Amendment 142 #
2011/0296(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) Systematic internalisers may decide to give access to their quotes only to retail clients, only to professional clients, or to both. They should not be allowed to discriminate within those categories of clients. Systematic internalisers are not obliged to publish firm quotes in relation to transactions above standard retail market size. The standard market size for any class of financial instrument should not be significantly disproportionate to any financial instrument included in that class.
Amendment 145 #
2011/0296(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) It is not the intention of this Regulation to require the application of pre-trade transparency rules to transactions carried out on an OTC basis, the characteristics of which include that they are ad-hoc and irregular and are carried out with wholesale counterparties and are part of a business relationship which is itself characterised by dealings above standard retail market size, and where the deals are carried out outside the systems usually used by the firm concerned for its business as a systematic internaliser.
Amendment 155 #
2011/0296(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) Considering the agreement reached by the parties to the G20 Pittsburgh summit on 25 September 2009 to move trading in standardised OTC derivative contracts to exchanges or electronic trading platforms where appropriate, a formal regulatory procedure should be defined for mandating trading between financial counterparties and large non-financial counterparties in all derivatives which have been considered to be clearing-eligible and which are sufficiently liquid to take place on a range of trading venues subject to comparable regulation and enabling participants to trade with multiple counterparties. Th. It is not the intention of this regulation to prohibit or limit the use of bespoke derivatives contracts nor to make them excessively costly for non-financial institutions. Therefore assessment of sufficient liquidity should take account of market characteristics at national level including elements such as the number and type of market participants in a given market, and of transaction characteristics, such as the size and frequency of transactions in that market.
Amendment 157 #
2011/0296(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) Considering the agreement reached by the parties to the G20 in Pittsburgh on 25 September 2009 to move trading in standardised OTC derivative contracts to exchanges or electronic trading platforms where appropriate on the one hand, and the relatively lower liquidity of various OTC derivatives on the other, it is appropriate to provide for a suitable range of eligible venues on which trading pursuant to this commitment can take place. All eligible venues should be subject to closely aligned regulatory requirements in terms of organisational and operational aspects, arrangements to mitigate conflicts of interest, surveillance of all trading activity, and pre-and post-trade transparency calibrated by financial instrument, and for multiple third-party trading interests to be able to interact with one anothertrading model. The possibility for operators of venues to arrange transactions pursuant to this commitment between multiple theird partiecipants in a discretionary fashion should however be foreseen in order to improve the conditions for execution and liquidity.
Amendment 167 #
2011/0296(COD)
Proposal for a regulation
Recital 31
Recital 31
(31) Regulation [EMIR] sets out the criteria according to which classes of OTC derivatives should be subject to the clearing obligation. It also prevents competitive distortions by requiring non- discriminatory access to central counterparties (CCPs) offering clearing of OTC derivatives to trading venues and non-discriminatory access to the trade feeds of trading venues to CCPs offering clearing of OTC derivatives. As OTC derivatives are defined as derivatives contracts whose execution does not take place on a regulated market, there is a need to introduce similar requirements for regulated markets under this Regulation. Provided that ESMA has declared them subject to it, derivatives traded on regulated markets, MTFs and OTFs should also be subject to a clearing obligation.
Amendment 170 #
2011/0296(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) In addition to requirements in Directive 2004/39/EC that prevent Member States from unduly restricting access to post-trade infrastructure such as CCP and settlement arrangements, it is necessary that this Regulation removes various other commercial barriers that can be used to prevent competition in the clearing of financial instruments. To avoid any discriminatory practices, CCPs should accept to clear transactions executed in different trading venues, to the extent that those venues comply with the operational and technical requirements established by the CCP. Access should only be denied if certain access criteria specified in delegated acts are not metaccess would constitute a severe threat to the stability of the financial system.
Amendment 184 #
2011/0296(COD)
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34 a) When establishing effective equivalence for third country regimes, the commission should be limited to those provisions that have been agreed to at international fora such as the G20. While rules on the derivatives trading obligation should aim to be as coordinated as possible, in line with EMIR, there are many parts of this Directive that are outside of the G20 commitments, nor are they aimed at the stability of the financial system and therefore may not be appropriate for third countries to adopt directly.
Amendment 185 #
2011/0296(COD)
Proposal for a regulation
Recital 34 b (new)
Recital 34 b (new)
(34 b) When conducting the third country equivalence assessments the Commission should ensure that it follows an approach which prioritises the EU's largest trading partners first, leaving countries which only have a few firms accessing EU markets until after the more significant markets have been assessed.
Amendment 188 #
2011/0296(COD)
Proposal for a regulation
Recital 35
Recital 35
(35) The provision of services to retail clients should always require the establishment of a branch in the Union. The establishment of the branch shall be subject to authorisation and supervision in the Union. Proper cooperation arrangements should be in place between the competent authority concerned and the competent authority in the third country. The provision of services without branches should be limited to eligible counterparties and professional clients. It should be subject to registration by ESMA and to supervision in the third country. Proper cooperation arrangements should be in place between ESMA and the competent authorities in the third country.
Amendment 192 #
2011/0296(COD)
Proposal for a regulation
Recital 36
Recital 36
(36) The provisions of this regulation regulating the provision of services by third country firms in the Union should not affect the possibility for persons established in the UnA third country firm should not require EU authorisation tor receive investment services by a third country firm at their own exclusive initiative. When a third country firmgistration when it is providesing services at own exclusivon the initiative of a person established in the Union, the services should not be deemed as provided in the territory of the Union. In case a third country firm solicits clients or potential clients in the Union or promotes or advertises investment services or activities together with ancillarythe EU client, if it only provides services to MiFID authorised firms, or if the services in the Union, it should not be deemed as a service provided at the own exclusive initiativs being provided solely outside of the clientEU.
Amendment 263 #
2011/0296(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Competent authorities shall be able to waive the obligation for regulated markets and investment firms and market operators operating an MTF or an OTF to make public the information referred to in Article 3(1) based on the market model or the type and size of orders in the cases defined in accordance with paragraph 3. In particular, the competent authorities shall be able to waive the obligation in respect of orders that are large in scale compared with normal market size for the share, depositary receipt, exchange-traded fund, certificate or other similar financial instrument or type of share, depositary receipt, exchange-traded fund, certificate or other similar financial instrument in question or in the case of orders submitted for execution at a suitable midpoint price.
Amendment 267 #
2011/0296(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Before granting a waiver in accordance with paragraph 1, competent authorities shall notify ESMA and other competent authorities of the intended use of each individual waiver request and provide an explanation regarding their functioning. Notification of the intention to grant a waiver shall be made not less than 61 months before the waiver is intended to take effect. Within 31 months following receipt of the notification, ESMA shall issue an opinion to the competent authority in question assessing the compatibility of each waiver with the requirements established in paragraph 1 and specified in the delegated act adopted pursuant to paragraphs 3(b) and (c). Where that competent authority grants a waiver and a competent authority of another Member State disagrees with this, that competent authority may refer the matter back to ESMA, which may act in accordance with the powers conferred on it under Article 19 of Regulation (EU) No 1095/2010. ESMA shall monitor the application of the waivers and shall submit an annual report to the Commission on how they are applied in practice.
Amendment 275 #
2011/0296(COD)
Proposal for a regulation
Article 4 – paragraph 3 – introductory part
Article 4 – paragraph 3 – introductory part
3. The Commission shall adopt, by means of delegated acts in accordance with Article 41, measureESMA shall develop draft regulatory technical standards specifying:
Amendment 283 #
2011/0296(COD)
Proposal for a regulation
Article 4 – paragraph 3 – point c a (new)
Article 4 – paragraph 3 – point c a (new)
(c a) the suitable midpoint price orders submitted for execution can be crossed at;
Amendment 285 #
2011/0296(COD)
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 1 a (new)
Article 4 – paragraph 3 – subparagraph 1 a (new)
ESMA shall submit those draft regulatory technical standards to the Commission by...1 Power is delegated to the Commission to adopt the regulatory technical standards referred to in sub-paragraph 3 in accordance with articles 10-14 of Regulation (EU) No 1095/2010. __________________ 1 OJ please insert date 12 months after entry into force of this regulation.
Amendment 297 #
2011/0296(COD)
Proposal for a regulation
Article 6 – paragraph 2 – introductory part
Article 6 – paragraph 2 – introductory part
2. The Commission shall adopt, by means of delegated acts in accordance with Article 41, measureESMA shall develop draft regulatory technical standards specifying:
Amendment 302 #
2011/0296(COD)
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 a (new)
Article 6 – paragraph 2 – subparagraph 1 a (new)
ESMA shall submit those draft regulatory technical standards to the Commission by...1 Power is delegated to the Commission to adopt the regulatory technical standards referred to in this paragraph in accordance with articles 10-14 of Regulation (EU) No 1095/2010. __________________ 1 OJ please insert date 12 months after entry into force of this regulation.
Amendment 305 #
2011/0296(COD)
Proposal for a regulation
Article 7
Article 7
Amendment 307 #
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 where appropriate, based on the trading system operated shall make publicsh 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 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. RTo the extent that prices are made, regulated markets and investment firms and market operators operating an MTF or an OTF shall makepublish this information available to the publicfor retail size transactions, as referred to in Directive 2004/109/EC and Directive 2010/73/EU, on a continuous basis during normal trading hours.
Amendment 319 #
2011/0296(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. Regulated markets and investment firms and market operators operating an MTF or an OTF shall give access, on reasonable commercial terms and on a non- discriminatory basis, to the arrangements they employ for making publicpublishing the information referred to in the first paragraph to investment firms which are obliged to publish their quotes in bonds, structured finance products, emission allowances and derivatives pursuant to Article 17.
Amendment 330 #
2011/0296(COD)
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. Competent authorities shall be able to waive the obligation for regulated markets and investment firms and market operators operating an MTF or an OTF to make public the information referred to in paragraph 1 of Article 7 based on the type and size of orders and method of trading in accordance with paragraph 4. In particular, the competent authorities shall be able to waive the obligation in respect of orders that are large in scale compared with normal retail market size, as referred to in Directive 2004/109/EC and Directive 2010/73/EU, for the bond, structured finance product, emission allowance or derivative or type of bond, structured finance product, emission allowance or derivative in question.
Amendment 336 #
2011/0296(COD)
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Before granting a waiver in accordance with paragraphs 1 and 2, competent authorities shall notify ESMA and other competent authorities of the intended use of waivers and provide an explanation regarding their functioning. Notification of the intention to grant a waiver shall be made not less than 61 months before the waiver is intended to take effect. Within 31 months following receipt of the notification, ESMA shall issue an opinion to the competent authority in question assessing the compatibility of each individual waiver request with the requirements established in paragraphs 1 and 2 and specified in the delegated act adopted pursuant to paragraph 4(b). Where that competent authority grants a waiver and a competent authority of another Member State disagrees with this, that competent authority may refer the matter back to ESMA, which may act in accordance with the powers conferred on it under Article 19 of Regulation (EU) No 1095/2010. ESMA shall monitor the application of the waivers and shall submit an annual report to the Commission on how they are applied in practice.
Amendment 344 #
2011/0296(COD)
Proposal for a regulation
Article 8 – paragraph 4 – introductory part
Article 8 – paragraph 4 – introductory part
4. The Commission shall adopt, by means of delegated acts in accordance with Article 41, measureESMA shall develop draft regulatory technical standards specifying:
Amendment 351 #
2011/0296(COD)
Proposal for a regulation
Article 8 – paragraph 4 – point b – point i
Article 8 – paragraph 4 – point b – point i
(i) the market model, such as request for quote systems, and voice brokerage systems;
Amendment 354 #
2011/0296(COD)
Proposal for a regulation
Article 8 – paragraph 4 – point b – point iii
Article 8 – paragraph 4 – point b – point iii
(iii) the liquidity profile, including the number and type of market participants in a given market and any other relevant criteria for assessing liquidity; so as to treat continuous, episodic and illiquid products appropriately.
Amendment 358 #
2011/0296(COD)
Proposal for a regulation
Article 8 – paragraph 4 – point b – point iv
Article 8 – paragraph 4 – point b – point iv
(iv) the size orand type of orders ands well as the size and type of an issue of a financial instrument., to allow for appropriate differentiation between the retail, intermediate and wholesale markets;
Amendment 361 #
2011/0296(COD)
Proposal for a regulation
Article 8 – paragraph 4 – subparagraph 1 a (new)
Article 8 – paragraph 4 – subparagraph 1 a (new)
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with articles 10-14 of Regulation (EU) No 1095/20101. __________________ 1 OJ please insert date 12 months after entry into force of this regulation.
Amendment 364 #
2011/0296(COD)
Proposal for a regulation
Article 8 – paragraph 5 a (new)
Article 8 – paragraph 5 a (new)
5 a. Where the liquidity of a class of financial instrument falls below the threshold determined in accordance with paragraph 5(b)(2), the obligations referred to in Article 7 paragraph 1 may be temporarily suspended by a competent authority responsible for supervising one or more trading venues on which the financial instrument is traded. This threshold shall be defined based on objective criteria. The suspension shall be valid for an initial period not exceeding three months from the date of its publication on the website of the relevant competent authority. Such a suspension may be renewed for further periods not exceeding three months at a time if the grounds for the suspension continue to be applicable. If the suspension is not renewed after that three-month period, it shall automatically expire. Before suspending (or renewing the suspension of) these obligations, the relevant competent authority shall notify ESMA of its proposal and its analysis. ESMA shall issue an opinion to the competent authority as soon as practicable on whether in its view the conditions referred to in this paragraph have arisen. ESMA shall develop draft regulatory technical standards specifying the parameters and methods for calculating the threshold of liquidity referred to in the first paragraph. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the previous subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation EU 1095/2010. The parameters and methods for Member States to calculate the threshold shall be set in such a way that when the threshold is reached, it represents a significant decline in turnover on trading venues supervised by the notifying authority relative to the average level of turnover on those venues for the financial instrument concerned.
Amendment 375 #
2011/0296(COD)
Proposal for a regulation
Article 9 – paragraph 2 a (new)
Article 9 – paragraph 2 a (new)
2 a. The Commission shall adopt, by means of delegated acts in accordance with Article 41, a phased approach by product to the introduction of the requirements in paragraphs 1 and 2.
Amendment 377 #
2011/0296(COD)
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
Competent authorities shall be able to authorise regulated markets and investment firms and market operators operating an MTF or an OTF to provide for deferred publication of the details of transactions based on their type, liquidity profile (continuous, episodic or illiquid), the specific characteristics of the trading activity or size. In particular, the competent authorities may authorise the deferred publication in respect of transactions that are large in scale compared with the normal market size for that bond, structured finance product, emission allowance or derivative or that class of bond, structured finance product, emission allowance or derivative.
Amendment 391 #
2011/0296(COD)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The Commission mayshall adopt, by means of delegated acts in accordance with Article 41, measures specifying the offering pre- and post-trade transparency data, including the level of disaggregation of the data to be made available to the public as referred to in paragraph 1.
Amendment 397 #
2011/0296(COD)
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
2. The Commission mayshall adopt, by means of delegated acts in accordance with Article 41, measures clarifying what constitutes a reasonable commercial basis to make information public as referred to in paragraph 1.
Amendment 431 #
2011/0296(COD)
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. Systematic internalisers shall make the firm quotes provided pursuant to paragraph 1 available to other clients of the investment firm in an objective non- discriminatory way on the basis of their commercial policy. Systematic internalisers shall be entitled to update their quotes in order to respond to market conditions or in order to correct for errors.
Amendment 437 #
2011/0296(COD)
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. They shall undertake to enter into transactions with any other client to whom the quote is made available under the published conditionsir commercial policy when the quoted size is at or below a size specific to the instrument.
Amendment 446 #
2011/0296(COD)
Proposal for a regulation
Article 17 – paragraph 6 a (new)
Article 17 – paragraph 6 a (new)
6 a. An investment firm acting as a systematic internaliser in instruments referred to in Article 17(1) shall establish and maintain effective arrangements and procedures, relevant to its activities as a systematic internaliser, for the regular monitoring of the compliance by its clients with its rules and procedures. A systematic internaliser shall monitor the transactions undertaken by its clients under its systems in order to identify breaches of those rules and procedures, disorderly trading conditions or conduct that may involve market abuse.
Amendment 449 #
2011/0296(COD)
Proposal for a regulation
Article 17 – paragraph 6 b (new)
Article 17 – paragraph 6 b (new)
6 b. A systematic internaliser shall report significant breaches of its rules and procedures, disorderly trading conditions or conduct that may involve market abuse to its competent authority. A systematic internaliser shall also supply the relevant information without delay to the authority competent for the investigation and prosecution of market abuse and to provide full assistance to the latter in investigating and prosecuting market abuse occurring on or through its systems.
Amendment 451 #
2011/0296(COD)
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
2. The Commission shall adopt, by means of delegated acts in accordance with Article 41, measureESMA shall develop draft regulatory technical standards specifying the sizes mentioned in Article 17(3) at which firm shall enter into transactions with any other client to whom the quote is made available.
Amendment 454 #
2011/0296(COD)
Proposal for a regulation
Article 18 – paragraph 3 – introductory part
Article 18 – paragraph 3 – introductory part
3. The Commission mayshall adopt, by means of delegated acts in accordance with Article 41, measures clarifying what constitutes a reasonable commercial basis to make quotes public as referred to in Article 17(5).
Amendment 456 #
2011/0296(COD)
Proposal for a regulation
Article 18 – paragraph 3 – subparagraph 1 a (new)
Article 18 – paragraph 3 – subparagraph 1 a (new)
ESMA shall submit those draft regulatory technical standards to the Commission by...1 Power is delegated to the Commission to adopt the regulatory technical standards referred to in sub-paragraph 2 in accordance with articles 10-14 of Regulation (EU) No 1095/2010. __________________ 1 OJ please insert date 12 months after entry into force of this regulation.
Amendment 491 #
2011/0296(COD)
Proposal for a regulation
Article 23 – paragraph 3
Article 23 – paragraph 3
3. The reports shall, in particular, include details of the names and numbers of the instruments bought or sold, the quantity, the dates and times of execution, the transaction prices, a designation to identify the clients on whose behalf the investment firm has executed that transaction, a designation to identify the persons and the computer algorithms within the investment firm responsible for the investment decision and the execution of the transaction, and means of identifying the investment firms concerned. For transactions not carried out on a regulated market, MTF or OTF, the reports shall also include a designation identifying the types of transactions in accordance with the measures to be adopted pursuant to Article 19(3)(a) and Article 20(3)(a).
Amendment 496 #
2011/0296(COD)
Proposal for a regulation
Article 23 – paragraph 3 a (new)
Article 23 – paragraph 3 a (new)
3 a. Investment firms must keep internal records that are available upon request to the competent authorities including a designation to identify the clients on whose behalf the investment firm has executed that transaction and a designation to identify the persons and the computer algorithms within the investment firm responsible for the investment decision and the execution of the transaction.
Amendment 506 #
2011/0296(COD)
Proposal for a regulation
Article 23 – paragraph 8 – subparagraph 1 – point c
Article 23 – paragraph 8 – subparagraph 1 – point c
(c) the references of the instruments bought or sold, the quantity, the dates and times of execution, the transaction prices, the information and details of the identity of the client, a designation to identify the clients on whose behalf the investment firm has executed that transaction, a designation to identify the persons and the computer algorithms within the investment firm responsible for the investment decision and the execution of the transaction, means of identifying the investment firms concerned, the way in which the transaction was executed, and data fields necessary for the processing and analysis of the transaction reports in accordance with paragraph 3.
Amendment 523 #
2011/0296(COD)
Proposal for a regulation
Article 24 – paragraph 1 – introductory part
Article 24 – paragraph 1 – introductory part
1. Financial counterparties as defined in Article 2(6) and non financial counterparties that meet the conditions referred to in Article [5(1b)] of Regulation [ ] (EMIR) shall conclude transactions which are not intragroup transactions as defined in Article [2a] of Regulation [ ] (EMIR) or which are not transactions concluded by pension scheme arrangements as set out in Article 71 of Regulation [ ] (EMIR) with other financial counterparties as defined in Article 2(6) or non financial counterparties that meet the conditions referred to in Article [5(1b)} of Regulation [ ] (EMIR) in derivatives pertaining to a class of derivatives that has been declared subject to the trading obligation in accordance with the procedure set out in Article 26 and listed in the register referred to in Article 27 only on:
Amendment 532 #
2011/0296(COD)
Proposal for a regulation
Article 24 – paragraph 1 – point c a (new)
Article 24 – paragraph 1 – point c a (new)
(c a) Systematic Internalisers
Amendment 535 #
2011/0296(COD)
Proposal for a regulation
Article 24 – paragraph 1 – point d
Article 24 – paragraph 1 – point d
(d) third country trading venues, provided that the Commission has adopted a decision in accordance with paragraph 4 and provided that the third country provides aneffective equivalent treciprocal recognitionatment of trading venues authorised under Directive [new MiFID] to admit to trading or trade derivatives declared subject to a trading obligation in that third country on a non- exclusive basis.
Amendment 552 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 1 – point b
Article 26 – paragraph 1 – subparagraph 1 – point b
(b) the date or dates from which the trading obligation takes effect. including any phase-in and the categories of counterparties to which the obligation applies
Amendment 559 #
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 and likely to continue to be sufficiently liquid enough to trade only on the venues referred to in Article 24(1).
Amendment 569 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point a
Article 26 – paragraph 3 – subparagraph 1 – point a
(a) the average frequency and size of trades;
Amendment 576 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point c a (new)
Article 26 – paragraph 3 – subparagraph 1 – point c a (new)
(c a) the volume of trading of a derivative or class of derivatives alongside the number and type of venue available for trading and the ability of the trading venue to handle existing volumes.
Amendment 580 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point c b (new)
Article 26 – paragraph 3 – subparagraph 1 – point c b (new)
(c b) the likely effect upon bid/offer spreads and liquidity provision
Amendment 583 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point c c (new)
Article 26 – paragraph 3 – subparagraph 1 – point c c (new)
(c c) the appropriateness of phasing in the the trading obligation by product or by type of market participant
Amendment 585 #
2011/0296(COD)
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point c d (new)
Article 26 – paragraph 3 – subparagraph 1 – point c d (new)
(c d) the likely effect upon non-financial entities; a trading obligation should not be imposed if it would result in a materially adverse effect upon liquidity or the commercial activities of non-financial entities.
Amendment 611 #
2011/0296(COD)
Proposal for a regulation
Article 28 – paragraph 4 a (new)
Article 28 – paragraph 4 a (new)
4 a. In the event of a disagreement between competent authorities, ESMA shall settle any disputes between competent authorities in accordance with Article 19 of Regulation (EU) No 1095/2010.
Amendment 615 #
2011/0296(COD)
Proposal for a regulation
Article 28 – paragraph 6 – point a
Article 28 – paragraph 6 – point a
(a) the conditions under which access could be denied by a CCP, including conditions based on the volume of transactions, the number and type of users or other factors creating undueonly where such access would threaten the smooth and orderly functioning of the markets or would adversely affect systemic risks.
Amendment 642 #
2011/0296(COD)
Proposal for a regulation
Article 29 – paragraph 4 a (new)
Article 29 – paragraph 4 a (new)
4a. In the event of a disagreement between competent authorities, ESMA shall settle any disputes between competent authorities in accordance with Article 19 of Regulation (EU) No 1095/2010.
Amendment 647 #
2011/0296(COD)
Proposal for a regulation
Article 29 – paragraph 6 – point a
Article 29 – paragraph 6 – point a
(a) the conditions under which access could be denied by a trading venue, including conditions based on the volume of transactions, the number of users or other factors creating undueonly where such access would threaten the smooth and orderly functioning of the markets or would adversely affect systemic risks.
Amendment 668 #
2011/0296(COD)
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 2
Article 30 – paragraph 1 – subparagraph 2
Access to that information shall be granted on a reasonable commercial basis within three months following the request by a CCP or a trading venue, and in any event at a price no higher than the lowest price at which access to the benchmark is granted or the intellectual property rights are licensed to another CCP, trading venue or any related person for clearing and trading purposes.
Amendment 684 #
2011/0296(COD)
Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 1 – introductory part
Article 31 – paragraph 1 – subparagraph 1 – introductory part
In accordance with Article 9(5) of Regulation (EU) No 1095/2010, ESMA may in exceptional circumstances where the national regulator has failed to act, and where it is satisfied on reasonable grounds that the conditions in paragraphs 2 and 3 are fulfilled, temporarily prohibit or restrict in the Union:
Amendment 719 #
2011/0296(COD)
Proposal for a regulation
Article 32 a (new)
Article 32 a (new)
Article 32a Product Innovation Investment firms, when launching any investment products or structured products aimed at retail investors should ensure compliance with suitable measures on product governance as required by the national competent authority to prevent inappropriate products coming to market. As a minimum, product governance should include suitable risk management and regular product performance assessments.
Amendment 788 #
2011/0296(COD)
Proposal for a regulation
Article 37 – paragraph 1 – subparagraph 1
Article 37 – paragraph 1 – subparagraph 1
The Commission may adopt a decision in accordance with the procedure referred to in Article 42 in relation to a third country if the legal and supervisory arrangements of that third country ensure that firms authorised in that third country comply with legally binding requirements which have equivalent effect to the requirements set out in Directive No [MiFID], in this Regulation and in Directive 2006/49/EC [Capital Adequacy Directive] and in their implementing measures and that third country provides for equivalent reciprocal recognition of the prudential framework applicable to investment firms authorised in accordance with this directive.
Amendment 793 #
2011/0296(COD)
Proposal for a regulation
Article 37 – paragraph 1 – subparagraph 2 – introductory part
Article 37 – paragraph 1 – subparagraph 2 – introductory part
The prudential framework of a third country may be considered to have equivalent effect where that framework fulfils all the following conditions:
Amendment 811 #
2011/0296(COD)
Proposal for a regulation
Article 43 – paragraph 1
Article 43 – paragraph 1
1. Before [2 years following application of MiFIR as specified in Article 41(2)], the Commission after consulting ESMA shall present a report to the European Parliament and to the Council on the impact in practice of the transparency obligations established pursuant to Articles 3 to 6 and 9 to 12, in particular on the application and continued appropriateness of the waivers to pre-trade transparency obligations established pursuant to Articles 3(2) and 4(2) and (3), as well as Article 8.
Amendment 813 #
2011/0296(COD)
Proposal for a regulation
Article 43 – paragraph 3 a (new)
Article 43 – paragraph 3 a (new)
3a. Before [2 years following application of MiFIR as specified in Article 41(2)], the Commission after consulting ESMA shall present a report to the European Parliament and to the Council on the feasibility of developing a European Best Bid and Offer System for consolidated quotes and whether it could be an appropriate commercial solution to reducing information asymmetries between market participants as well as being a tool for regulators to better monitor quotation activities on trading venues.
Amendment 62 #
2011/0295(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The Commission Communication on ‘A Small Business Act for Europe’26 calls on the Union and its Member States to design rules in order to reduce administrative burdens, to adapt legislation to the needs of issuers on markets for small and medium sized enterprises and to facilitate the access to finance of those issuers. A number of provisions in Directive 2003/6/EC impose administrative burdens on issuers, notably those whose financial instruments are admitted to trading on SME growth markets, that should be reduced in a proportionate way that still allows for supervisors to step in should cases of market abuse be suspected.
Amendment 65 #
2011/0295(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) Member States and the European System of Central Banks, the European Financial Stability Facility, national central banks and other agencies or special purpose vehicles of one or several Member States as well as the Union and certain other public bodies should not be restricted ibut shall be transparent when carrying out monetary, exchange-rate or public debt management or climate policy.
Amendment 72 #
2011/0295(COD)
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14 a) It is not the intention of this Regulation to prohibit reasonable discussions between shareholders and other market participants and management concerning a company and its prospects. Such involvement of the shareholders in the corporate governance of a company should be considered essential to the proper functioning of the relationship between companies and shareholders.
Amendment 84 #
2011/0295(COD)
Proposal for a regulation
Recital 14 c (new)
Recital 14 c (new)
(14 c) When an investment firm receives an unsolicited approach regarding potential interest in a new issuance by a firm carrying out a 'book building' exercise it should not automatically be prohibited from dealing in other financial instruments in that entity provided that it has adequate compliance measures in place to prevent the information being used for trading purposes.
Amendment 85 #
2011/0295(COD)
Proposal for a regulation
Recital 14 b (new)
Recital 14 b (new)
(14 b) The mere fact that market-makers, bodies authorized to act as counterparties, or persons authorized to execute orders on behalf of third parties with inside information confine themselves, in the first two cases, to pursuing their legitimate business of buying or selling financial instruments or, in the last case, to carrying out an order dutifully, should not in itself be deemed to constitute use of such inside information.
Amendment 101 #
2011/0295(COD)
Proposal for a regulation
Recital 23 a (new)
Recital 23 a (new)
(23 a) Given the rise in the use of websites, blogs and social media types by both issuers and investors, it is important to make clear that disseminating false or misleading information via social media sites or unattributable blogs should be considered market abuse in the same way as via more traditional communication channels.
Amendment 107 #
2011/0295(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) Insider lists are an important tool for regulators when investigating possible market abuse, but national differences in regards to data to be included in those lists impose unnecessary administrative burdens on issuers. Data fields required for insider lists should therefore be uniform in order to reduce those costs. The requirement to keep and constantly update insider lists imposes administrative burdens specifically on issuers on SME growth markets. As competent authorities are able to exercise effective market abuse supervision without having those lists available at all times for those issuers they should be exempt from this obligation in order to reduce the administrative costs imposed by this Regulation, however this information should be made available on request by the national competent authority should market abuse be suspected.
Amendment 111 #
2011/0295(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) Greater transparency of transactions conducted by persons discharging managerial responsibilities at the issuer level and, where applicable, persons closely associated with them, constitutes a preventive measure against market abuse. The publication of those transactions on at least an individual basis can also be a highly valuable source of information to investors. It is necessary to clarify that the obligation to publish those managers' transactions also includes the pledging or lending of financial instruments and also transactions by another person exercising discretion for the manager. In order to ensure an appropriate balance between the level of transparency and the number of reports notified to competent authorities and the public, a unimetric form a threshold should be introduced in this Regulation below which transactions shall not be notified.
Amendment 112 #
2011/0295(COD)
Proposal for a regulation
Recital 28 a (new)
Recital 28 a (new)
(28 a) The highest possible standards should be used for the disclosure of director's transactions and in all of their public communication.
Amendment 116 #
2011/0295(COD)
Proposal for a regulation
Recital 31
Recital 31
(31) Existing telephone and data traffic records from investment firms executing transactions, and existing telephone and data traffic records from telecom operators constitute crucial, and sometimes the only, evidence to detect and prove the existence of insider dealing and market manipulation. Telephone and data traffic records may establish the identity of a person responsible for the dissemination of false or misleading information, that persons have been in contact at a certain time, and that a relationship exists between two or more people. In order to introduce a level playing field in the Union in relation to the access by competent authorities to telephone and existing data traffic records held by a telecommunication operator or by an investment firm, cCompetent authorities should be able to require existing telephone and existing data traffic records held by a telecommunication operator or by an investment firm, where a reasonable suspicion exists that such records related to the subject-matter of the inspection may be relevant to prove insider dealing or market manipulation as defined in [new MAD] in violation of this Regulation or Directive [new MAD]. Telephone and data traffic records do not encompassWhere national law allows, this should include the content of such records.
Amendment 117 #
2011/0295(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) Since market abuse can take place across borders and markets, competent authorities should be required to cooperate and exchange information with other competent and regulatory authorities, and with ESMA, in particular in relation to investigation activities. Where a competent authority is convinced that market abuse is being, or has been, carried out in another Member State or affecting financial instruments traded in another Member State, it should notify that fact to the competent authority and ESMA. In cases of market abuse with cross-border effects, ESMA should be requiredable to coordinate the investigation if requested to do so by one of the competent authorities concerned.
Amendment 144 #
2011/0295(COD)
Proposal for a regulation
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
1 a. Any body that uses the exemptions provided for under this Article should ensure that it has robust internal rules to monitor and mitigate conflicts of interest as well as systems and controls to prevent market abuse by internal employees or any outside contractors.
Amendment 145 #
2011/0295(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
Amendment 160 #
2011/0295(COD)
Proposal for a regulation
Article 5 – paragraph 1 – subparagraph 1a (new)
Article 5 – paragraph 1 – subparagraph 1a (new)
The Commission may adopt by means of delegated acts in accordance with Article 31, measures specifying some technical elements of the definitions laid down in this paragraph to adjust them to market developments.
Amendment 167 #
2011/0295(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) in relation to derivatives on commodities, information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more such derivatives or to the related spot commodity contract, and which, if it were made public, would be likely to have a significant effect on the prices of such derivatives or related spot commodity contracts; notably information and which is required to be disclosed in accordance with legal or regulatory provisions at the Union or national level, market rules, standard contracts or customs, on the relevant commodity derivatives or spot markets.
Amendment 176 #
2011/0295(COD)
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. For the purposes of applying paragraph 1, information which, if it were made public, would be likely to have a significant effect on the prices of the financial instruments, the related spot commodity contracts, or the auctioned products based on the emission allowances shall mean information a reasonable investor would be likely to use as part of the basis of his investment decisionsith market knowledge and experience would be likely to use as a material factor in making his investment decision on whether to acquire or dispose of a specific financial instrument, spot commodity contract or auction product, or the quantity or price at which to do so.
Amendment 186 #
2011/0295(COD)
Proposal for a regulation
Article 7 – paragraph 3 a (new)
Article 7 – paragraph 3 a (new)
3 a. The use or onward disclosure of the recommendations or inducements referred to in paragraph 3 amounts to insider dealing when the person using or disclosing the recommendation or inducement knows or ought to know, that it is based upon insider information.
Amendment 193 #
2011/0295(COD)
Proposal for a regulation
Article 7 – paragraph 6 a (new)
Article 7 – paragraph 6 a (new)
6 a. Insider dealing does not arise where the person possessing inside information uses that information in the context of a public takeover bid for the purposes of gaining control of the company to which the information relates or proposing a merger of that company.
Amendment 196 #
2011/0295(COD)
Proposal for a regulation
Article 7 – paragraph 7
Article 7 – paragraph 7
7. Where the person referred to in paragraph 1this Article is a legal person, the provisions of that paragraphArticle shall not apply to a transaction by the legal person if the legal person had in place effective arrangements which ensure that no person in possession of inside information relevant to the transaction had any involvement in the decision or behaved in such a way as to influence the decision or had any contact with those involved in the decision whereby: a) that person did not encourage, recommend, induce or otherwise influence the natural person who made the decision on its behalf to acquire or dispose of financial instruments to which the information relates; and (b) the legal person had established, implemented and maintained adequate and effective internal arrangements and procedures to ensure that neither the natural person referred to in sub- paragraph (a), nor any other natural person who may have had any influence on the decision to acquire or dispose of those information could have been transmitted or its existence could have been indicated. struments, was in possession of the inside information referred to in point (a)
Amendment 199 #
2011/0295(COD)
Proposal for a regulation
Article 7 – paragraph 7 a (new)
Article 7 – paragraph 7 a (new)
7 a. Where the person referred to in this Article is a legal person, the provisions of that Article shall not apply to a transaction carried out by that person if the natural person who made the decision on its behalf to acquire or dispose of financial instruments to which the information relates did not possess that information and was not encouraged, recommended, induced or otherwise influenced to carry out that transaction by the legal person.
Amendment 205 #
2011/0295(COD)
Proposal for a regulation
Article 7 – paragraph 9 a (new)
Article 7 – paragraph 9 a (new)
9 a. A person possessing inside information shall be deemed not to use that information, and therefore not to commit insider dealing, in the following circumstances: (a) when that person is acting as a market maker or as a body authorised to act as a counter party and the acquisition or disposal of financial instruments to which that information relates is made legitimately in the normal course of the exercise of his employment, profession or duties; or (b) when that person is authorised to execute orders on behalf of third parties, and the acquisition or disposal of financial instruments to which the order relates is made to carry out such an order legitimately in the normal course of the exercise of his employment, profession or duties; or (c) when that person establishes that they have not used inside information when acquiring or disposing of financial instruments to which the information relates.
Amendment 234 #
2011/0295(COD)
Proposal for a regulation
Article 8 – paragraph 3 – point a
Article 8 – paragraph 3 – point a
(a) conduct by a person, or persons acting in collaboration, to secure a dominant position over the supply of or demand for a financial instrument or related spot commodity contracts which has the effect of fixing, directly or indirectly, purchase or sale prices or creating other unfair trading conditions, or setting prices to an abnormal and artificial level using derivative instruments.
Amendment 257 #
2011/0295(COD)
Proposal for a regulation
Article 8 a (new)
Article 8 a (new)
Article 8 a Use of Algorithms In line with the provisions of Article 17 of MiFID, should any firm which engages in algorithmic trading fail to report to their competent authority a material change in the function of their algorithm or their trading strategy, then any resulting detrimental impact upon the market should be considered abusive and dealt with via the full force of this regulation.
Amendment 264 #
2011/0295(COD)
Proposal for a regulation
Article 10 a (new)
Article 10 a (new)
Article 10 a Abusive order entry Operators of trading venues shall have in place rules to avoid abusive market entry in line with article 51 of Directive [new MiFID]. Market operators should be obliged to report to national competent authorities should any market participant break these rules on a systematic and repetitive basis in order for competent authorities to take appropriate action under this Regulation.
Amendment 277 #
2011/0295(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. An issuer of a financial instrument shall inform the public and the competent authorities as soon as possible of inside information, which directly concerns the issuer, and shall, for an appropriate period, post on its Internet site all inside information it is required to disclose publicly.
Amendment 304 #
2011/0295(COD)
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. Issuers of a financial instrument whose financial instruments are admitted to trading on an SME growth market shall be exempt from drawing up such a list. However,if the following conditions are met: (a) they take all reasonable steps to ensure that any person with access to inside information is aware of the legal and regulatory duties entailed and the sanctions attached to the misuse or improper circulation of such information; and (b) if requested to do so by the competent authority as part of the exercise of its supervisory or investigatory functions, that issuer shall provides the competent authority with a list identifying those persons working for them with access to inside informationho have access to inside information or who had access to information which would have constituted inside information before it was made public and which is identified by the competent authority as relevant to the functions referred to in this sub- paragraph.
Amendment 307 #
2011/0295(COD)
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. 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, 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, such as in the case of a third country issuer.
Amendment 316 #
2011/0295(COD)
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Paragraph 1 shall notonly apply to transactions totalling under EUR 20,000 oveabove an agreed amount or volume, or othe period of a calendar yearr metric as defined by the ESMA in delegated acts.
Amendment 323 #
2011/0295(COD)
Proposal for a regulation
Article 14 – paragraph 5
Article 14 – paragraph 5
5. The Commission may adopt, by means of delegated actsESMA shall develop draft regulatory technical standards, in accordance with Article 312, measures modifying the threshold in paragraph 3 taking into account the developments in financial markets.
Amendment 324 #
2011/0295(COD)
Proposal for a regulation
Article 14 – paragraph 5 a (new)
Article 14 – paragraph 5 a (new)
5 a. ESMA shall submit the draft regulatory technical standards referred to in paragraph 5 to the Commission by [...]*. Power is delegated to the Commission to adopt the regulatory standards referred to in paragraph 5 in accordance with Articles 10-14 of Regulation (EU) No 1095/2010. __________________ * OJ please insert date: 12 months after entry into force of this Regulation.
Amendment 341 #
2011/0295(COD)
Proposal for a regulation
Article 17 – paragraph 2 – point f
Article 17 – paragraph 2 – point f
(f) require existing telephone and existing data traffic records held by a telecommunication operator or by an investment firm, where a reasonable suspicion exists that such records related to the subject- matter of the inspection may be relevant to prove insider dealing or market manipulation as defined in[new MAD] in violation of this Regulation or Directive [new MAD]; these records shall however notonly concern the content of the communication to which they relate where the release of such records is consistent with Union and national data protection laws.]
Amendment 342 #
2011/0295(COD)
Proposal for a regulation
Article 17 – paragraph 2 – point f a (new)
Article 17 – paragraph 2 – point f a (new)
(f a) require, insofar as is permitted by national law, existing telephone and existing data traffic records held by a telecommunication operator where a reasonable suspicion exists that such records may be relevant to prove insider dealing or market manipulation in violation of this Regulation; the records shall also include the content of voice communications by telephone where permitted.
Amendment 345 #
2011/0295(COD)
Proposal for a regulation
Article 17 – paragraph 2 – point f b (new)
Article 17 – paragraph 2 – point f b (new)
(f b) require, insofar as is permitted by national law, existing telephone and existing data traffic records held by a telecommunication operator where a reasonable suspicion exists that such records may be relevant to prove the criminal offences of insider dealing or market manipulation as defined in [new MAD].
Amendment 353 #
2011/0295(COD)
Proposal for a regulation
Article 17 a (new)
Article 17 a (new)
Article 17 a Cross market Surveillance Cross-market order book surveillance needs to be ensured through implementation of MiFID and MiFIR rules concerning trading venues, requiring all order book data be stored and made available to national competent authorities upon request.
Amendment 354 #
2011/0295(COD)
Proposal for a regulation
Article 19 – paragraph 5 – subparagraph 2
Article 19 – paragraph 5 – subparagraph 2
The competent authority shall inform ESMA of any request referred to in the first subparagraph. In case of an investigation or an inspection with cross- border effect, ESMA shallmay if requested to do so by one of the competent authorities coordinate the investigation or inspection. ESMA shall decline the request if it considers that the investigation or inspection is more appropriately carried out by a national competent authority.
Amendment 358 #
2011/0295(COD)
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 2
Article 20 – paragraph 2 – subparagraph 2
ESMA shall, wherever possible, also coordinate the exchange between competent authorities of Member States of information obtained from competent authorities of third countries that may be relevant to the taking of measures under Articles 24, 25, 26, 27 and 28. Where it is not possible for ESMA to coordinate the exchange of information, the relevant competent authorities may exchange the information in conformity with the objectives of this Regulation.
Amendment 374 #
2011/0295(COD)
Proposal for a regulation
Article 26 – paragraph 1 – point l
Article 26 – paragraph 1 – point l
(l) in respect of a natural person, administrative pecuniary sanctions of up to [EUR 5 000 000] or in the Member States where the Euro is not the official currency, the corresponding value in the national currency on the date of entry to force of this Regulationan unlimited amount;
Amendment 398 #
2011/0295(COD)
Proposal for a regulation
Article 34 a (new)
Article 34 a (new)
Article 34 a ESMA advisory committee on technology in financial markets By 30 June 2014, ESMA shall establish an advisory committee of national experts to establish which technological developments in the markets could potentially constitute market abuse or market manipulation with a view to: a) increase ESMA's knowledge about new technology related trading strategies and their potential for abuse, b) add to the list of abusive practices that have already been identified that relate specifically to high frequency trading strategies and c) assess the effectiveness of different trading venues approaches to dealing with the risks associated with any new trading practices. As a result of the analysis, ESMA should produce additional guidelines for best practice across the EU financial markets.
Amendment 146 #
2011/0288(COD)
Proposal for a regulation
Recital 53
Recital 53
(53) Statutory management requirements need to be fully implemented by Member States in order to become operational at farm level and ensure the necessary equal treatment between farmers. The Commission should issue guidelines on the interpretation of the rules on animal identification and registration for cross compliance purposes. Such guidelines should reflect, particularly in the case of electronic systems, that 100% accuracy is often not possible and therefore some tolerance should be built into guidelines. Guidelines should, where appropriate, such as in the case with electronic systems, provide for flexibility at farm level in order to strike the necessary balance between safeguarding the spirit of the legislation and applying proportionate administrative penalties only in the case of non-compliance directly and unequivocally attributable to the beneficiaries, in particular in respect of repeated failure of the technology in use.
Amendment 428 #
2011/0288(COD)
Proposal for a regulation
Article 61 – paragraph 4 a (new)
Article 61 – paragraph 4 a (new)
4a. Member States may reduce checks where the error rates are at an acceptable level.
Amendment 652 #
2011/0288(COD)
Proposal for a regulation
Article 106 – paragraph 3 a (new)
Article 106 – paragraph 3 a (new)
3a. By way of derogation from paragraph 3, Member States may convert the amount of aid expressed in euro into the national currency on the basis of the average of a maximum of the thirty most recent exchange rates set by the Member States' national central bank or the European Central Bank prior to 1 October of the year for which aid is granted.
Amendment 354 #
2011/0282(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 2 – point b
Article 5 – paragraph 1 – point 2 – point b
(b) facilitating generational renewaltry into the agricultural sector.farming sector of new, fully skilled, entrants, including through generational renewal;
Amendment 357 #
2011/0282(COD)
Proposal for a regulation
Article 5 – paragraph 1 – point 2 – point b a (new)
Article 5 – paragraph 1 – point 2 – point b a (new)
(b a) encouraging investment in innovative farm technologies and facilitating their diffusion and uptake
Amendment 1400 #
2011/0282(COD)
Proposal for a regulation
Article 32 – paragraph 1 – subparagraph 1
Article 32 – paragraph 1 – subparagraph 1
Payments to farmers in mountain areas and other areas facing natural or other specific constraints shall be granted annually per hectare of UAA in order to compensate farmers for all or part of the additional costs and income foregone related to the constraints for agricultural production in the area concerned.
Amendment 1414 #
2011/0282(COD)
Proposal for a regulation
Article 32 – paragraph 5
Article 32 – paragraph 5
5. Member States may grant payments under this measure between 20146 and 20179 to farmers in areas which were eligible under Article 36(a)(ii) of Regulation (EC) No 1698/2005 during the 2007-2013 programming period but are no longer eligible following the new delimitation referred to in Article 33(3). These payments shall be degressive starting in 2014 at 80% of the payment received in 2013 and ending in 2017 at 20%ending by 31 December 2019 at the latest. The sum total of the degressive payments paid to any farmer shall not exceed 200% of the payment received by that farmer in 2013.
Amendment 1876 #
2011/0282(COD)
Proposal for a regulation
Article 61 – paragraph 1 – point c a (new)
Article 61 – paragraph 1 – point c a (new)
(c a) Identifying regulatory bottlenecks which create obstacles to innovation and research and development investments in line with the principles of better regulation and smart regulation as stated in Commission Communications COM(2005) 97 and COM(2010)543
Amendment 1880 #
2011/0282(COD)
Proposal for a regulation
Article 61 – paragraph 1 – point d a (new)
Article 61 – paragraph 1 – point d a (new)
(d a) facilitating the coordination of research and innovation in the market across food chain actors (seeds, plant protection products, fertilizers, equipment, IT, distributors, storage, waste reduction, among others) in order to maximize agricultural productivity and ensure resource efficiency.
Amendment 1218 #
2011/0281(COD)
Proposal for a regulation
Article 52 a (new)
Article 52 a (new)
Article 52a Measures eligible for aid The measures which may be included in the apiculture programmes under article 52 shall be the following: (a) technical assistance to beekeepers and groupings of beekeepers; (b) control of varroasis; (c) rationalisation of transhumance; (d) measures to support laboratories carrying out analyses of the physico- chemical properties of honey; (e) measures to support the restocking of hives in the Community; (f) cooperation with specialised bodies for the implementation of applied research programmes in the field of beekeeping and apiculture products.
Amendment 204 #
2011/0280(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) Due to the successive integration of various sectors into the single payment scheme and the ensuing period of adjustment granted to farmers, it has become increasingly difficult to justify the presence of significant individual differences in the level of support per hectare resulting from use of historical references. Therefore direct income support should be more equitably distributed between Member States, by reducing the link to historical references and having regard to the overall context of the Union budget. To ensure a more equal distribution of direct support, while taking account of the differences that still exist in wage levels and input costs, the levels of direct support per hectare should be progressively adjusted. Member States with direct payments below the level of 90 % of the average should close one third of the gap between their current level and this level. This convergence should be financed proportionally by all Member States with direct payments above the Union average. In addition, all payment entitlements activated in 2019 in a Member State or in a region should have a uniform unit value following a convergence towards this value that should take place during the transition period in linear steps. However, in order to avoid disruptive financial consequences for farmers, Member States having used the single payment scheme, and in particular the historical model, should be allowed to partially take historical factors into account when calculating the value of payment entitlements in the first year of application of the new scheme. The debate on the next Multiannual Financial Framework for the period starting in 2021 should also focus on the objective of complete convergence through the equal distribution of direct support across the European Union during that period.
Amendment 227 #
2011/0280(COD)
Proposal for a regulation
Recital 26
Recital 26
(26) One of theWhilst the main objectives of the new CAP is the enhancement of environmental performance through a mandatoo continue to pursue previous market orientated reforms, the enhancement of environmental performance and the recognition of the role public goods play in agriculture is an increasingly important element of the new CAP. Enhancement of environmental performance may be achieved through a negotiated and voluntary ‘'greening’' component of direct payments which willmay in certain cases be used to support agricultural practices beneficial for the climate and the environment applicable throughout the Union. For that purpose, Member States shouldmay use part of their national ceilings for direct payments to grant an annual payment, on top of the basic payment, for compulsorya menu of possible practices tohat may be followed by farmers addressing, as a priority, both climate and environment policy goals. Those practises shcould take the form of simple, generalised, non-contractual and annual actions that go beyond cross- compliance and are linked to agriculture such as crop diversification, mainten. These actions may include greening measures such as crop selection for wildlife, bird and insect forage, planned biodiversity corridors, climate chancge of permanent grassland and ecological focus areas. The compulsorymitigation measures, general environmental stewardship and research and innovation. The nature of those practises should also concern farmers whose holdings are fully or partly situated in ‘'Natura 2000’' areas covered by Council Directive 92/43/EEC of 21 May 1992 on the conservation of natural habitats and of wild fauna and flora and by Directive 2009/147/EC of the European Parliament and of the Council of 30 November 2009 on the conservation of wild birds, as long as these practises are compatible with the objectives of those Directives. Farmers who fulfil the conditions laid down in Council Regulation (EC) No 834/2007 of 28 June 2007 on organic production and labelling of organic products and repealing Regulation (EEC) No 2092/91 should benefit from the ‘'greening’' component without fulfilling any further obligation, given the recognised environmental benefits of the organic farming systems. Non-respect of the ‘greening’ component should lead to penalties on the basis of Article 65 ofThe same benefit should be afforded to farmers involved in agri-environmental stewardship schemes at national level under Regulation (EUC) No […] [HZR]. 1698/2005.
Amendment 301 #
2011/0280(COD)
Proposal for a regulation
Recital 38
Recital 38
(38) A simple and specific scheme for small farmers shouldmay be put in place by a member state in order to reduce the administrative costs linked to the management and control of direct support. For that purpose, a lump- sum payment replacing all direct payments shouldmay be established by a member state. Rules seeking simplification of formalities shouldmay be introduced by reducing, amongst others, the obligations imposed on small farmers such as those related to the application for support, to agricultural practices beneficial for the climate and the environment, to cross-compliance and to controls as laid down in Regulation (EU) No […] [HZR] without endangering the achievement of the overall objectives of the reform, it being understood that Union legislation as referred to in Annex II to Regulation (EU) No […...] [HZR] applies to small farmers. The objective of that scheme should be to support the existing agricultural structure of small farms in the Union without countering the development towards more competitive structures. For that reason, access to the scheme should be limited to existing holdings.
Amendment 505 #
2011/0280(COD)
Proposal for a regulation
Article 6 – paragraph 2 a (new)
Article 6 – paragraph 2 a (new)
2 a. In accordance with their constitutional arrangements, Member States may implement relevant provisions of this regulation at regional level. In that case, Member States shall define regions in accordance with objective and non- discriminatory criteria and proceed to divide the national ceiling amongst the regions. Member States may also take all decisions referred to in this regulation at regional level and apply the financial provisions referred to in Articles 33, 35, 37, 39, and 51 to the regional ceilings. Member States may also decide to establish regional reserves
Amendment 515 #
2011/0280(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
Without prejudice to Article 8, the total amount of direct payments which may be granted in a Member State pursuant to Titles III, IV and V in respect of a calendar year, after application of Article 11, shall not be higher than the ceilings set out in Annex III to this Regulation. For this purpose, Member States may divide the ceiling set out in Annex III of this Regulation amongst regions defined in accordance with objective and non- discriminatory criteria.
Amendment 577 #
2011/0280(COD)
Proposal for a regulation
Article 9 – paragraph 1 – point a
Article 9 – paragraph 1 – point a
Amendment 1913 #
2011/0280(COD)
Proposal for a regulation
Article 36 – paragraph 1
Article 36 – paragraph 1
1. Member States shallmay grant an annual payment to young farmers who are entitled to a payment under the basic payment scheme referred to in Chapter 1. Alternatively, the Member State may choose to extend this scheme to all farmers who commenced their agricultural activities within the last five years.
Amendment 2094 #
2011/0280(COD)
Proposal for a regulation
Article 39 – paragraph 1
Article 39 – paragraph 1
1. In order to finance the voluntary coupled support, Member States may decide, by 1 August of the year preceding the first year of implementation of such support, to use up to 5 % of their annual national or regional ceiling set out in Annex II.
Amendment 1 #
2010/2075(INI)
Motion for a resolution
Citation 13 a (new)
Citation 13 a (new)
- having regard to the CESR technical advice to the European Commission in the context of the MiFID review and responses to the European Commission request for additional information (Ref: CESR/10-802, Ref: CESR/10-799, Ref: CESR/10-808, Ref: CESR/10-859, Ref: CESR/10-860)
Amendment 17 #
2010/2075(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas market participants should be encouraged to transact on organised trading venues instead of OTC:
Amendment 37 #
2010/2075(INI)
Motion for a resolution
Recital E
Recital E
E. whereas broker crossing networks (BCNs), provided by Investment Firms as bilateral and discretionary facilities for transactions carried out on behalf of clients on an OTC basis, are different services to regulated markets (RMs) and multilateral trading facilities (MTFs) in so far as they are closed systems and a technological extension of the traditional, discretionary broker-client relationship,
Amendment 46 #
2010/2075(INI)
Motion for a resolution
Recital G
Recital G
G. whereas the risks associated with electronic order systems and the significant share of trading volumes attributable to HFT strategies, estimated at 30-50 %70 % in the US, were manifest in the US "flash crash" on 6 May 2010 when HFT liquidity providers exited the market,
Amendment 47 #
2010/2075(INI)
Motion for a resolution
Recital G a (new)
Recital G a (new)
Ga. whereas HFT strategies are a relatively new phenomenon in Europe and are now estimated to make up 35% of the market by volume;
Amendment 53 #
2010/2075(INI)
Motion for a resolution
Recital H
Recital H
H. whereas greater transparency via pre- and post-trade reporting of trading activity across all asset classes would provides improved early warning of the build-up and scale of developing problems,
Amendment 75 #
2010/2075(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Asks for ESMA to conduct an investigation into the functioning of the systematic internaliser (SI) regime and the bringing forward of improvements to the way in which this category is regulated to increase its use as a subset of OTCif it is still considered a useful option for investors;
Amendment 76 #
2010/2075(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Asks for ESMA to conduct an investigation into the functioning of the systematic internaliser (SI) regime and the bringing forward of improvements to the way in which this category is regulated to increase its use as a subset of OTC;
Amendment 79 #
2010/2075(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls for ESMA to conduct a review of whether order-by- order best execution needs to be better served by regulation in relation to the availability of data, both post-trade and in relation to execution quality, and in relation to market technology, such as order routers and venue connections;
Amendment 86 #
2010/2075(INI)
Motion for a resolution
Paragraph 6 – introductory part
Paragraph 6 – introductory part
6. Calls for the Commission to introduction ofe new provisions in MIFID for BCNs including requirements to submit to the competent authorities:
Amendment 94 #
2010/2075(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls for an investigation into a suitable volume or traded value threshold above which BCNs would be required to convert to an MTF;
Amendment 95 #
2010/2075(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Asks that the new provisions in MiFID for BCNs are conditional upon their being closed systems, unable to interact with other BCNs;
Amendment 101 #
2010/2075(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Seeks a sectoral consultation by ESMA which will inform the Commission on whether market makers should be allowed to interact with dark-pool orders within a BCN, or whether this should be disallowed and remain a venue for buy side customer orders to cross;
Amendment 106 #
2010/2075(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Suggests that a minimum order size for dark-pool transactions, whether on an organised trading venue or BCN, may be warranted and asks for ESMA to conduct an investigation into the merits of this for maintaining adequate flow of trade through the lit venues in the interests of price discovery;
Amendment 107 #
2010/2075(INI)
Motion for a resolution
Paragraph 10 – introductory part
Paragraph 10 – introductory part
10. Calls for the Commission to conduct a review of the existing MiFID pre-trade transparency waivers to:
Amendment 122 #
2010/2075(INI)
Motion for a resolution
Paragraph 10 – point c a (new)
Paragraph 10 – point c a (new)
(ca) consider the extent and use of the negotiated waiver and its potential effect on price formation;
Amendment 131 #
2010/2075(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Calls on the Commission to establish a working group to overcome the barriers to a European consolidated tape and establish a privately run system that does not place any further financial burdens on taxpayers to a Commission-defined deadline; if no market solution is forthcoming further regulatory measures must be considered;
Amendment 133 #
2010/2075(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls upon the CESRESMA to draw up common reporting standards and formats for the reporting of all post-trade data, both on organised trading venues and OTC, to aid in data consolidation;
Amendment 135 #
2010/2075(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls upon the CESRESMA to draw up common reporting standards and formats for the reporting of post-trade data to aid in data consolidation;
Amendment 144 #
2010/2075(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Insists that post-"flash crash", all trading platforms stress-test their technology and surveillance systems to ensure that they could successfully deal with the activity associated with HFT and algorithmic trading in extreme circumstancesmust be able to demonstrate to national supervisors that their technology and surveillance systems are able to withstand the kind of barrage of orders experienced on May 6th so as to ensure that they could successfully deal with the activity associated with HFT and algorithmic trading in extreme circumstances and show that they are able to re-create their order books by end of day so causes of unusual market activity can be pin-pointed and any suspected market abuse can be identified;
Amendment 150 #
2010/2075(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls foron ESMA to conduct an examination of the costs and benefits of HFT on markets and its impact upon other market users, particularly institutional investors, to determine whether the significant market flow generated automatically is providing real liquidity to the market and what affect this has on overall price discovery;
Amendment 152 #
2010/2075(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Calls for the practice of "layering" or "quote stuffing" to be explicitly defined as market abuse;
Amendment 159 #
2010/2075(INI)
Motion for a resolution
Paragraph 20 – introductory part
Paragraph 20 – introductory part
20. Calls on regulators to monitor and regulate the provision of sponsored access and upon the Commission to consider additional measures including:
Amendment 166 #
2010/2075(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Calls upon the Commission to consider whether introducing a minimum resting period for all orders would be technologically possible and beneficial to the market;
Amendment 170 #
2010/2075(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Calls for an investigation by ESMA into fee structures to ensure that execution fees, ancillary fees and any other related incentives are transparent, non- discriminatory and consistent with reliable price formation and are designed and implemented so as not to encourage trading for improper purposes;
Amendment 173 #
2010/2075(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Suggests ESMA conduct a study of the maker/taker fee model to determine whether any recipient of the more favourable "maker" fee structure should also be subject to formal market maker obligations and supervision and whether firms operating HFT strategies should be obliged to register as formal market makers, taking on all of the obligations that this implies;
Amendment 174 #
2010/2075(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Suggests ESMA conduct a study of the maker/taker fee model to determine whether any recipient of the more favourable "maker" fee structure should also be subject to formal market maker obligations and supervision;
Amendment 176 #
2010/2075(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Asks that European trading venues have robust volatility interrupts and circuit breakers which operate simultaneously across all trading venues, coordinated by technical standards developed by ESMA, to prevent a US- style "flash crash" event;
Amendment 181 #
2010/2075(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Requests the consideration by the Commission and ESMA of introducing a transparency requirement, pre and post trade, on all non-equity financial instruments subject to significant secondary trading, including government and corporate bond markets, to be applied in an asset-specific manner manner that differentiates across asset classes also taking into account differing levels of liquidity and complexity of instruments within asset classes;
Amendment 182 #
2010/2075(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
29. Requests the consideration by the Commission ad ESMA of introducing a transparency requirement, pre and post trade, on all non-equity financial instruments subject to significant secondary trading, including government and corporate bond markets, to be applied in an asset-specific manner;
Amendment 183 #
2010/2075(INI)
Motion for a resolution
Paragraph 29 a (new)
Paragraph 29 a (new)
29a. Taking into account the issues that have been experienced in relation to data quality and consolidation of post-trade data for European equities, the Commission should ensure that post-trade data for non-equity products is provided in a form which is readily consolidated;
Amendment 184 #
2010/2075(INI)
Motion for a resolution
Paragraph 30
Paragraph 30
30. Supports the Commission's intention to include derivative instruments within the scope of MiFIDapply a wider range of MiFID provisions to derivative instruments as the trading of such products transitions increasingly to formal trading venues and are subject to increasing standardisation and central clearing requirements;
Amendment 8 #
2010/2037(INI)
Draft opinion
Recital B
Recital B
B. whereas, following the financial crisis, auditors have been identified as being able to play a key role in strengthening the risk management oversight of Systemically Important Financial Institutions (SIFIs)financial intuitions, particularly those whose failure, in the view of the supervisory authority, may pose a systemic risk,
Amendment 14 #
2010/2037(INI)
Draft opinion
Recital C
Recital C
C. whereas the role of the audit committees within SIFIfinancial institutions has not been fully utilised,
Amendment 50 #
2010/2037(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Believes companies should conduct a compulsory open tendering process for statutory appointments of external auditors every eight years, on a renewable basis; notes that for SIFIsfinancial institutions which may pose a systemic risk this should be reduced to every four years;
Amendment 53 #
2010/2037(INI)
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Calls for audit committees to be required to publish in their report the occurrence of regular discussions with principal shareholders; any significant financial reporting issues raised during the course of the audit; and explain the basis of the decision on audit tendering and auditor appointment for all audit related work, but especially for the external audit contract;
Amendment 61 #
2010/2037(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Calls for enhanced, two-way communication between auditors and financial supervisors of SIFIsfinancial institutions whose failure might, in the view of the supervisory authority, pose a systemic risk, especially in relation to specific areas of concern, including the interaction between different financial products;
Amendment 74 #
2010/2037(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Calls for the external auditors of SIFIfinancial institutions to report periodically, on a collectivesectorial basis, to the ESRB in order to identify sectorial trends and potential sources of systemic risk and potential failures;
Amendment 82 #
2010/2037(INI)
Draft opinion
Paragraph 5
Paragraph 5
5. Calls for the role of the audit committees of SIFIall listed companies, particularly financial institutions to be strengthened by requiring them to approve a risk model assessment which includes firm-specific comparisons to benchmarks; demands that this assessment be presented to the boards of SIFIfinancial institutions, along with the full audit report, annually for consideration and approval.
Amendment 92 #
2010/2037(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls on the Commission to investigate the use of restrictive covenants by banks and other financial institutions on loans and other financial products to companies, which may be limiting auditor choice;
Amendment 98 #
2010/2037(INI)
Draft opinion
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Support the introduction of living wills for the Big Four auditors and those auditors providing significant audit services to the financial sector, including establishing cross-border contingency plans for the orderly transfer of client contracts should a significant player withdraw from the market;
Amendment 103 #
2010/2037(INI)
Draft opinion
Paragraph 5 c (new)
Paragraph 5 c (new)
5 c. Calls on financial institutions’ audit reports to include enhanced disclosure requirements around the valuation of less liquid assets to enable the comparison of financial instrument valuations between institutions.
Amendment 3 #
2010/2021(INI)
Draft opinion
Recital C
Recital C
C. whereas the European supervisory architecture envisages the use of technical standards to achieve a "Single Rule Book" by means of delegated acts, which would be delimited by specific sectoral legislation so their objective, scope and duration of delegation would be strictly defined,
Amendment 6 #
2010/2021(INI)
Draft opinion
Paragraph 2
Paragraph 2
2. Recalls that the scope of delegated acts cannot be limited to the scope of the former RPS and that regulatory measures adopted under other comitology regimes, and in particular the ´Lamfalussy Directives´ in the field of financial services, may be adopted under Article 290 TFEU whilst recalling that in all areas delegated acts must explicitly define the objective, content, scope and duration of that delegation and must lay down the conditions to which the delegation is subject;
Amendment 6 #
2010/2008(INI)
Motion for a resolution
Recital A
Recital A
A. whereas derivative instruments play a largely useful role in spreaddispersing risk in the economy, butthey differ considerably depending on product type and underlying asset class with regard to risk, operational arrangements and market participants,
Amendment 18 #
2010/2008(INI)
Motion for a resolution
Recital E
Recital E
E. whereas some OTC derivatives have become increasingly complex and in some instances the counterparty credit risk has not been correctly assessed and priced, and whereasas, demonstrated by recent experiences, there are considerable weaknesses in how some derivative markets are organised,
Amendment 32 #
2010/2008(INI)
Motion for a resolution
Recital F
Recital F
F. having regard to the decades-old misjudgmentprevailing principle that derivatives need very little additional market regulation chiefly because they are used by experts and specialists,
Amendment 35 #
2010/2008(INI)
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas Europe must establish a comprehensive collateralisation strategy for derivatives markets which must take into account the unique situation of business end-users in contrast to major market participants and financial institutions,
Amendment 38 #
2010/2008(INI)
Motion for a resolution
Recital G
Recital G
G. whereasacknowledging that most derivatives used by firmbusiness end-users involve no systemic risk,
Amendment 46 #
2010/2008(INI)
Motion for a resolution
Recital H
Recital H
H. whereas small and medium-sized enterprises who use derivatives under special conditions instruments solely in hedging that, as regardseir capital charges and financing their variation margins, they are dependent onshould be granted exemptions,
Amendment 55 #
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, except for disclosure requirements to a repository
Amendment 78 #
2010/2008(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission’s initiative for better regulation of derivative instruments, and in particular OTC derivatives, and backs the calls for further standardisation of contracts where appropriate, the establishment of trade repositories, the strengthening of central clearing houses and the extensiveincreased use of organised trading venues;
Amendment 96 #
2010/2008(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Backs the call for the compulsory introduction of independent clearing between financial institutions for all standardisedeligible derivative products, so as to ensure better assessment of counterparty credit risk, and backs the aim of trading as many standardisedeligible derivative products as possible, in future, on organised markets;
Amendment 106 #
2010/2008(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Calls on the Commission to use a differentiated approach to the many types of derivative products available; taking account of differing risk profiles, extent of usage for legitimate hedging purposes, and role in the financial crisis;
Amendment 122 #
2010/2008(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls on the Commission to enhance bilateral risk management standards as part of the forthcoming legislation on central clearing;
Amendment 129 #
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 proportionate capital requirements for financial institutions in the case of bilateral contracts, provided that central clearing is dispensed with; except in the case of exempted business use for legitimate hedging purposes;
Amendment 132 #
2010/2008(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. BacksCalls for the Commission in its intention to confer responsibilities for authorising European and third-country clearing houses on the European Securities and Markets Authority (ESMA)national competent authorities who will report authorisation to the European Securities and Markets Authority (ESMA) to enable them to update a list of derivative products eligible for central clearing;
Amendment 145 #
2010/2008(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Insists that neither must CCPs be organised by users, nor mustauthorised CCPs must not allow their risk management systems to be in competition with each other in a way that will lower the level of risk management standards;
Amendment 156 #
2010/2008(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Backs the introduction of repositories for all trades and positions nbot exchange- h cleared and non-cleared and calls for trade repositories to be regulated and supervised by national competent authorities under EMSA direction;
Amendment 167 #
2010/2008(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission to draw up reporting standards for all derivative products and ensure that they are communicated to central trade repositories and, CCPs, exchanges and financial institutions and to make them data accessible to the EMSA and national regulatory authorities and the ESRB when required;
Amendment 177 #
2010/2008(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Backs the Commission in its plan to establish CCPs under independent European responsibility which are independent from key market participantEuropean agreed standards, overseen by ESMA; and demands that key market participants do not inappropriately influence CCPs risk management standards;
Amendment 188 #
2010/2008(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Assumes that, in the legislative proposal, the Commission will make bilateral clearing for non-financial institutions possible on the basis of an understandable risk assessment in future, too, and ensure that if graduated capital charges for financial institutions are ensuredincreased that the cost to the exempted entity is proportionate and affordable;
Amendment 194 #
2010/2008(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Backs the Commission in its intention to provide for exemptions and lower capital requirements for SMEs’ bilateral derivatives products where an underlying business risk is being hedged;
Amendment 202 #
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, derivative products that may lead to cumulative risks must be highly supervised with the ability, in the case of increased systemic risk to be on a case-by- case basis, prohibited;
Amendment 3 #
2010/2006(INI)
Motion for a resolution
Recital A
Recital A
A. whereas there is at present insufficient EUinternational regulation of crisis management in the 1 OJ C 40, 7.2.2001, p. 453. banking sector,
Amendment 5 #
2010/2006(INI)
Motion for a resolution
Recital B
Recital B
B. whereas existing EUinternational supervisory mechanisms for the financial sector have proven ineffective in preventing or sufficiently containing contagion,
Amendment 10 #
2010/2006(INI)
Motion for a resolution
Recital F
Recital F
F. whereas citizens demand that the EU institutions, working in step with the G20 and other international fora, urgently create an adequate framework which, in the event of crisis, would preserve financial stability, would minimise the cost to taxpayers, would preserve basic banking services and would protect depositors,
Amendment 17 #
2010/2006(INI)
Motion for a resolution
Recital I
Recital I
I. whereas a strict EUinternationally recognised code of conduct for management, as well as mechanisms to deter inappropriate behaviour, are required,
Amendment 33 #
2010/2006(INI)
Motion for a resolution
Recital N
Recital N
N. whereas a limited number of banks (“Systemic Banks”) represent an extremely high level of systemic risk due to their size, complexity and interconnectedness across Europeon both regional and global levels, calling for an urgent and targeted special regime,
Amendment 49 #
2010/2006(INI)
Motion for a resolution
Recital P a (new)
Recital P a (new)
Pa. whereas a fundamental principle of regulation should be that no bank should be allowed to become "too big to fail",
Amendment 50 #
2010/2006(INI)
Motion for a resolution
Recital P b (new)
Recital P b (new)
Pb. whereas the elimination of "moral hazard" must be a guiding principle in future financial supervision,
Amendment 51 #
2010/2006(INI)
Motion for a resolution
Recital P c (new)
Recital P c (new)
Amendment 52 #
2010/2006(INI)
Motion for a resolution
Recital P d (new)
Recital P d (new)
Pd. whereas it is the duty of regulators in the Member States to develop early intervention tools and a resolution framework,
Amendment 53 #
2010/2006(INI)
Motion for a resolution
Recital P e (new)
Recital P e (new)
Pe. whereas the experience of Northern Rock, AIG, and Lehman Brothers shows that systemic risk is not confined to banks, their type, or to their size or interconnectedness, and the main focus should be on identifying and restricting the behaviour that leads to systemic failure,
Amendment 59 #
2010/2006(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Requests the Commission to submit to Parliament by 31 December 2011, on the basis of Article 50 and Article 114 of the Treaty on the Functioning of the European Union,, one or more legislative proposals or proposals on an EU crisis management framework, a resolution unit and an EU financial stability fund, following the detailed recommendations below;
Amendment 60 #
2010/2006(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Considers that the financial implications of the requested proposal should be covered by appropriate budgetary allocations (excluding the contributions to the EU financial stability fund which are to be a responsibility of participating banks)within the Member States;
Amendment 66 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 1 – paragraph 2
Annex – recommendation 1 – paragraph 2
2. Progressively harmonizcoordinate existing national resolution and insolvency laws and supervisory powers and, within a reasonable calendar, build an effective single EU regime.
Amendment 86 #
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 Banks: the national financial supervisor in close cooperation with 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 89 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 1 – paragraph 4
Annex – recommendation 1 – paragraph 4
4. Design an EU supervisors’ common set of rulguidelines for crisis management including common methodologies, definitions and terminology.
Amendment 133 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 1 – paragraph 8 – subparagraph 2
Annex – recommendation 1 – paragraph 8 – subparagraph 2
Amendment 188 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2 – paragraph 5
Annex – recommendation 2 – paragraph 5
5. For each of the Systemic 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 191 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2 – paragraph 6
Annex – recommendation 2 – paragraph 6
Amendment 202 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 3 – paragraph 1
Annex – recommendation 3 – paragraph 1
1. An EU Financial Stability Fund shall be created, under the responsibility of the EBAnational supervisory authorities, to finance interventions (rehabilitation or orderly winding-up) aimed at preserving the system’s stability and limit contagion from failing banks. The Commission shall present to the Parliament, by April 2011, a proposal with details of the Fund’s charter, structure, governance, size, operating model as well as a precise calendar for implementation (in accordance with points 2 and 3 below).
Amendment 207 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 3 – paragraph 2 – indent 1
Annex – recommendation 3 – paragraph 2 – indent 1
• pan-Europeancollected by and held within the Member State;
Amendment 239 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 4 – paragraph 1
Annex – recommendation 4 – paragraph 1
1. A resolution unit shall be established within the EBA to lead the resolution and insolvency procedures for Systemic Banks. This unit shall: • operate within the strict boundaries defined by the legal framework and the EBA’s competencies; • be a pool of legal and financial expertise specially skilled in bank restructurings, turnarounds and liquidation; • cooperate closely with national authorities on implementation, technical assistance and sharing of staff; • propose the disbursements from the Stability Fund.
Amendment 43 #
2010/0363(COD)
Proposal for a regulation
Article 2 – point 1 – subparagraph 2
Article 2 – point 1 – subparagraph 2
For the purposes of applying the first subparagraph, information a reasonable market participant would be likely to use as part of the basis of his decision to enter into a transaction relating to a wholesale energy product is information which, if it were made public, would be likely to have a significant effect on the prices of such wholesale energy products. Such information includes information related to updated estimates of energy reserves, the capacity of facilities for production, storage, consumption or transmission of electricity or natural gas, as well as information which is required to be disclosed in accordance with legal or regulatory provisions at Union or national level, market rules, and contracts or customs on the relevant wholesale energy market.
Amendment 46 #
2010/0363(COD)
Proposal for a regulation
Article 2 – point 2 – subpoint b a (new)
Article 2 – point 2 – subpoint b a (new)
(ba) withholding of information on innovative means and methods of electricity generation and gas drilling, and their market potential, to ensure the predominance of conventional energy techniques, and the profitability of related wholesale energy markets.
Amendment 61 #
2010/0363(COD)
Proposal for a regulation
Article 11 – paragraph 3 a (new)
Article 11 – paragraph 3 a (new)
3a. In close cooperation with competent national regulatory and financial authorities ESMA shall investigate potential loopholes in existing supervision of the energy-related financial markets and products, and take, where appropriate, all necessary measures to prevent market abuse.
Amendment 214 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The scoreboard shall be, made up of an array of macroeconomic and macrofinancial indicators for Member States shall allow for comparisons between Member States and reflect short-term, structural and medium-long term trends. The Commission may set indicative lower or upper thresholds for these indicators to serve as alert levels. The thresholds applicable to Member States whose currency is the euro may be different from those applicable to the other Member States.
Amendment 230 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 3
Article 3 – paragraph 3
3. TWhe list of indicators to be included on the scoreboard and the thresholds for the indicators shall be made publicre appropriate, the same thresholds shall be applicable to Member States whose currency is the euro and to Member States whose currency is not the euro.
Amendment 234 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. The Commission shall adopt, by means of delegated acts in accordance with Article -12a, and subject to the conditions of Articles -12b and -12c, measures setting the list of relevant indicators to be included in the scoreboard. the list of indicators shall include the following sets of indicators: (a) internal imbalances, including public and private debt and its evolution; unemployment rates; and asset price developments with particular attention to real estate, and financial markets; (b)external imbalances, including current account composition, balance and evolution; the evolution of export market shares in the Union and third-country markets; and net foreign assets positions; (c) Internal market developments, including a rolling average of five-year comparative real growth; an indicator of growth and employment dynamics; public and private research and development investment; and foreign direct investment flows.
Amendment 398 #
2010/0281(COD)
Proposal for a regulation
Article -12 (new)
Article -12 (new)
Amendment 85 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 a (new)
Recital 4 a (new)
(4a) Economic developments in the Union have posed new challenges to the conduct of national fiscal policies and have, in particular, highlighted the need for uniform requirements as regards the rules and procedures forming the budgetary frameworks of eurozone Member States.
Amendment 91 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 4 b (new)
Recital 4 b (new)
(4b) The Commission should have a stronger more independent role in the enhanced surveillance procedure as regards Member State specific assessments, monitoring, missions, recommendations and warnings. Steps leading to potential sanctions should use qualified majority voting in Council wherever possible under the TFEU.
Amendment 159 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 14 a (new)
Recital 14 a (new)
(14a) The annual policy recommendations by the Commission should be discussed concurrently in the European Parliament and the Council.
Amendment 243 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point d a (new)
Article 1 – point 3 – point d a (new)
Regulation (EC) No 1467/97
Article 3 – paragraph 4a a (new)
Article 3 – paragraph 4a a (new)
(da) the following paragraph 4a a is inserted: 4a a. The Commission may request additional reporting from the Member State concerned, when appropriate.
Amendment 264 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 5 – point b (new)
Article 1 – point 5 – point b (new)
Regulation (EC) No 1467/97
Article 5 – paragraph 1a a (new)
Article 5 – paragraph 1a a (new)
(ba) the following paragraph 1a a is inserted: "1a a. The Commission shall monitor adjustment measures taken to address the excessive deficit on the basis of surveillance visits in accordance with Article 8 and prepare a report to the Council. That report shall be made public."
Amendment 127 #
2010/0250(COD)
Proposal for a regulation
Title
Title
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on OTC derivatives, central counterparties and trade repositories(Text with EEA relevance)
Amendment 146 #
2010/0250(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) This Regulation sets out the criteria for determining the eligibility to the clearing obligation. IOn view of its pivotal role, ESMAthe basis of draft technical standards developed by ESA (ESMA), and in consultation with the ESRB established by Regulation (EU) No 1092/2010 of the European Parliament and Council, the Commission should decide whether a class of derivatives meets the eligibility criteria and from when the clearing obligation takes effect, including, where appropriate, any 'phase in' implementation standards. A gradual implementation of the clearing obligation could be either in terms of proportion of the eligible classes that must be cleared, or in terms of the types of market participants that must comply with the clearing obligation. Bilateral clearing should continue to be authorised if the legal requirements for clearing are not met for certain categories of derivatives.
Amendment 149 #
2010/0250(COD)
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12 a) In determining whether a class of derivatives is eligible for central clearing, it is essential that the level and type of systemic risk be taken into account. For certain classes of derivatives, involving exchange of principal, such as foreign exchange, settlement risk may be the predominant risk, which is already addressed through existing market infrastructure. This should be taken into account when considering which classes of derivatives should be mandated for central clearing.
Amendment 156 #
2010/0250(COD)
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14 a) It is important that necessarily different treatment of non-financial counterparties extends from this Regulation to Directives 2006/48/EC and 2006/49/EC. Counterparties who are not mandated to centrally clear should not face higher capital charges on continued bilateral arrangements.
Amendment 159 #
2010/0250(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) Rules on clearing and reporting obligations and rules on risk mitigation techniques for OTC derivative contracts not cleared by a CCP should apply to financial counterparties, namely investment firms as set out inuthorised under Directive 2004/39/EC, credit institutions as defined inuthorised under Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast)22 , insurance undertakings as defined inuthorised under Directive 73/239/EEC [NB: to be repealed by Solvency II in 2012], assurance undertakings as defined inuthorised under Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance23 , reinsurance undertakings as defined inuthorised under Directive 2005/68/EC, undertakings for collective investments in transferable securities (UCITS) as defined inuthorised under Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)24 , institutions for occupational retirement provision as defined in Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision25 andand alternative investment funds managed by alternative investment funds managers as defined inuthorised or registered under Directive 2010/.../EU.
Amendment 177 #
2010/0250(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) The introduction of a clearing obligation along with a process to establish which CCPs can be used for the purpose of this obligation may lead to unintended competitive distortions of the OTC derivatives market. For example, a CCP could refuse to clear transactions executed on certain trading venues because the CCP is owned by a competing trading venue. In order to avoid such discriminatory practices, CCPs should accept to clear transactions executed in different venues, to the extent that those venues comply with the operational and technical requirements established by the CCP. Generally, the Commission should continue to closely monitor the evolution of the OTC derivatives market and should, where necessary, intervene in order to prevent such competitive distortions from occurring in the Internal Market.
Amendment 180 #
2010/0250(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) In order to identify the relevant classes of OTC derivatives that should be subject to the clearing obligation, the thresholds and systemically relevant non-financial counterparties, reliable data is needed. Therefore, for regulatory purposes, it is important that a uniform OTC derivatives data reporting requirement is established at Union level.
Amendment 226 #
2010/0250(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation lays down uniform requirements for derivative contracts set out in Annex I Section C numbers (4) to (10) of Directive 2004/39/EC that are traded over-the-counter and lays down uniform requirements for the performance of activities of central counterparties and trade repositories.
Amendment 247 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 3 a (new)
Article 2 – paragraph 1 – point 3 a (new)
(3 a) "derivative contracts" or "derivatives" means financial instruments as set out in Annex I Section C numbers 4 to 10 of Directive 2004/39/EC, that are not otherwise included within or excluded from the application of MiFID, including by virtue of Article 38 and 39 of Regulation no. 1287/2006. This Regulation shall not apply to financial instruments whose characteristics are predominantly those of financial instruments within the meaning of Annex I Section C (1) - (3) notwithstanding that they include incidental derivative features, which could otherwise be viewed as falling within the scope of this Regulation. This Regulation shall also not apply to the foreign exchange spot market, which could otherwise be viewed as falling within the scope of this Regulation.
Amendment 251 #
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 OTCsubset of derivative contracts that share common, essential characteristics; including, but not limited to; maturity, underlying and currency of notional;
Amendment 253 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
Amendment 263 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6
Article 2 – paragraph 1 – point 6
(6) ’financial counterparty' means an undertaking established in the Union which is an authorised investment firms as set out in Directive 2004/39/EC, an authorised credit institutions as defined in Directive 2006/48/EC, an authorised insurance undertakings as defined in Directive 73/239/EEC, an authorised assurance undertakings as defined in Directive 2002/83/EC, an authorised reinsurance undertakings as defined in Directive 2005/68/EC, an authorised undertakings for collective investments in transferable securities (UCITS) as defined in Directive 2009/65/EC, institutions for occupational retirement provision as defined in Directive 2003/41/EC and alternative investment funds managers as defined in Directive 2010/.../EU;or an authorised or registered alternative investment funds as defined in Directive 2010/.../EU excluding those businesses whose sole or main strategy or investment policy is to develop or invest in (directly or through its subsidiary entities, co-ownership or joint venture participations) physical real estate.
Amendment 279 #
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) 'segregation' shall mean at least that the assets and positions of one person shall not be used to discharge the liabilities of or claims against any other person from whom it is intended that he is segregated, and shall not be available for such purposes, especially in the event of a clearing member’s insolvency.
Amendment 288 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1
Article 3 – paragraph 1 – subparagraph 1
A financial counterparty shall clear all OTC derivative contracts which are considered eligible pursuant to Article 4 and are concluded with other financial counterparties in the relevant CCPs listed in the register as referred to in Article 4(4).
Amendment 297 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2
Article 3 – paragraph 1 – subparagraph 2
That clearing obligation shall also apply to financial counterparties and to the non- financial counterparties referred to in Article 7(2) which enter into eligible OTC derivative contracts with third country enticlearing counterparties.
Amendment 307 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
1 a. There shall be no clearing obligation in the case of derivative contracts between subsidiary undertakings of the same parent company or between a parent company and a subsidiary undertaking. Instead such trades, where they would be subject to the clearing obligation were the counterparties not subsidiary undertakings of the same parent company or a parent company and a subsidiary undertaking, shall be subject to the risk mitigation techniques under Article 8 and financial counterparties shall be subject to the reporting requirements under Article 6.
Amendment 335 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 2 – point b
Article 4 – paragraph 2 – point b
(b) the date(s) from which the clearing obligation takes effect for different counterparties or categories of counterparties where differentiation is appropriate. This date shall be no earlier than the date on which the clearing obligation is imposed.
Amendment 345 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 1 – point a a (new)
Article 4 – paragraph 3 – subparagraph 1 – point a a (new)
(a a) the level of counterparty credit risk involved;
Amendment 347 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 1 – point b a (new)
Article 4 – paragraph 3 – subparagraph 1 – point b a (new)
(b a) the impact of settlement risk
Amendment 350 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 1 – point b b (new)
Article 4 – paragraph 3 – subparagraph 1 – point b b (new)
(b b) the level of standardisation of the contractual terms and operational processes;
Amendment 356 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 1 – point d
Article 4 – paragraph 3 – subparagraph 1 – point d
(d) ability of the CCPs, to handle the volume of contracts;
Amendment 366 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 1 – point e a (new)
Article 4 – paragraph 3 – subparagraph 1 – point e a (new)
(e a) the range, type and operational capacity of counterparties using the derivative contract and their risk management techniques;
Amendment 404 #
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, transparent and objective basis, regardless of the venue of execution.
Amendment 405 #
2010/0250(COD)
Proposal for a regulation
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
Amendment 406 #
2010/0250(COD)
Proposal for a regulation
Article 5 – paragraph 1 b (new)
Article 5 – paragraph 1 b (new)
1 b. When a request for access has been formally submitted to a CCP by a trading venue, the venue shall only be denied access on non-competitive grounds or in the case of a threat to the orderly functioning of markets. The venue receive a fully reasoned and explained response to that request within three months. Following a rejected application the trading venue may put in a new request for access following a minimum of one month waiting period.
Amendment 407 #
2010/0250(COD)
Proposal for a regulation
Article 5 – paragraph 1 c (new)
Article 5 – paragraph 1 c (new)
1 c. Within six months of the submission, access must be completed, subject to the approval by the competent authorities of the trading venue and the CCP.
Amendment 408 #
2010/0250(COD)
Proposal for a regulation
Article 5 – paragraph 1 d (new)
Article 5 – paragraph 1 d (new)
1 d. The home competent authorities of the requesting trade venue and CCP may only deny access to a CCP where such access could threaten the smooth and orderly functioning of markets. In case of disagreement, ESMA shall settle any disputes between competent authorities in accordance with article 19 of Regulation EU 1095/2010.
Amendment 418 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
Amendment 433 #
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.
Amendment 474 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1
Article 7 – paragraph 2 – subparagraph 1
Where a non-financial counterparty takes positions in OTC derivative contracts exceeding the clearing threshold to be determined pursuant to paragraph 3(b) on 90 consecutive days, it shall be subject to the clearing obligation set out in Article 3 with regard to all its eligible OTC derivative contracts. When the aforementioned non-financial counterparty's positions in derivative contracts falls below the clearing threshold for 90 consecutive days the clearing obligation shall no longer apply.
Amendment 488 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1 – point b a (new)
Article 7 – paragraph 3 – subparagraph 1 – point b a (new)
Amendment 675 #
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 third, but no less than two, of its members are independent. These independent members may be representatives of the clients of the Clearing Members. 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 694 #
2010/0250(COD)
Proposal for a regulation
Article 26 – paragraph 3
Article 26 – paragraph 3
3. The risk committee shall advise the board on any arrangements that may impact the risk management of the CCP, such as, but not limited to, a significant change in its risk model, the default procedures, the criteria for accepting clearing members or the clearing of new classes of instruments. The advice of the risk committee is not required for the daily operations of the CCP or, but in emergency situations could play a consultative role.
Amendment 723 #
2010/0250(COD)
Proposal for a regulation
Article 31 – paragraph 2
Article 31 – paragraph 2
2. Where the organisational or administrative arrangements of a CCP to manage conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to the interests of a clearing member or client will be prevented, it shall clearly disclose the general nature or sources of conflicts of interest to the clearing member before accepting new transactions from that clearing member. Where the client is not known to the CCP, the CCP shall inform the clearing member whose client is concerned.
Amendment 735 #
2010/0250(COD)
Proposal for a regulation
Article 33 – paragraph 1 – point h
Article 33 – paragraph 1 – point h
Amendment 744 #
2010/0250(COD)
Proposal for a regulation
Article 35 – paragraph 1
Article 35 – paragraph 1
1. A CCP shall establish the categories of admissible clearing members and the admission criteria. Such criteria shall be non-discriminatory, transparent and objective so as to ensure fair and open access to the CCP and shall ensure that clearing members have sufficient financial resources and operational capacity to meet the obligations arising from participation in a CCP. Criteria that restrict access shall only be permitted to the extent that their objective is to control the risk for the CCP. Financial institutions should not be restricted from becoming clearing members in an uncompetitive or unreasonable way.
Amendment 746 #
2010/0250(COD)
Proposal for a regulation
Article 35 – paragraph 3
Article 35 – paragraph 3
3. Clearing members that clear transactions on behalf of their clients shall have the necessary additional financial resources and operational capacity to perform this activity. The CCP's rules for clearing members should allow it to gather basic information to identify, monitor and manage relevant concentrations of risk related to the provision of services to clients. Clearing members shall, upon request, inform the CCP about the criteria and arrangements they adopt to allow their clients to access the services of the CCP.
Amendment 748 #
2010/0250(COD)
Proposal for a regulation
Article 35 – paragraph 6
Article 35 – paragraph 6
6. A CCP may impose specific additional obligations on clearing members, such as, but not limited to, the participation in auctions of a defaulting clearing member's position. Such additional obligations shall be proportional to the risk brought by the clearing member and shall not restrict participation to certain categories of clearing members in an uncompetitive way.
Amendment 749 #
2010/0250(COD)
Proposal for a regulation
Article 36 – paragraph 1
Article 36 – paragraph 1
1. A CCP shall publicly disclose the prices and fees associated with services provided. It shall disclose the prices and fees of singleeach services and functions provided separately, including discounts and rebates and the conditions to benefit from those reductions. It shall allow its clearing members and, where relevant, their clients, separate access to specific services.
Amendment 750 #
2010/0250(COD)
Proposal for a regulation
Article 36 – paragraph 3
Article 36 – paragraph 3
3. ATo the maximum extent possible, consistent with its legal and contractual obligations, a CCP shall publicly disclose the price information used to calculate its end of day exposures with its clearing members and the volumes of the cleared transactions for each class of instruments.
Amendment 752 #
2010/0250(COD)
Proposal for a regulation
Article 36 – paragraph 3 a (new)
Article 36 – paragraph 3 a (new)
3 a. A CCP shall publicly disclose the operational and technical requirements related to the communication protocols covering content and message formats it uses to interact with third-parties, including those referred to in Article 5.
Amendment 757 #
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 and positions of one clearing member from the assets and positions of any other clearing member and from its own assets. Where a CCP deposits assets and funds with a third party, it shall ensure that assets and funds belonging to a clearing member are kept separately from the assets and funds belonging to the CCP, other clearing members and from assets and funds belonging to that third party.
Amendment 765 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 2
Article 37 – paragraph 2
2. A CCP shall require each clearing member to distinguish and segregate in accounts with the CCP the assets and positions of that clearing member from those of its clients. A CCP shall allow clients to have a more detailed segregation ofkeep records and accounts enabling each clearing member to identify clearly in accounts with the CCP, their assets, funds and positions. The CCP shall publicly discl of that clearing member from those of the risks and costs associated with the different levels of segregationclearing member’s clients. This can also be offered via segregated accounts maintained by an independent third party.
Amendment 775 #
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 relationship for that purposeA CCP shall offer to keep records and accounts enabling each clearing member to identify clearly in accounts held by the CCP the assets, funds and positions held for the account of a client from those held for the account of other clients.
Amendment 782 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 3 a (new)
Article 37 – paragraph 3 a (new)
3 a. A clearing member shall, depending on the level of service agreed with the client, offer to ensure that assets and funds belonging to a client are either legally segregated from the assets and funds belonging to other clients of the clearing member and from the clearing member (“full segregation”), or provide client omnibus accounts that provide legal protection for client assets (“legally segregated omnibus accounts”). Clearing members shall offer both full segregation and legally segregated omnibus accounts to their clients under commercially reasonable terms.
Amendment 783 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 3 b (new)
Article 37 – paragraph 3 b (new)
3 b. The CCP and clearing member shall publicly disclose the levels of protection and the costs associated with the different levels of segregation they provide. Details of the different levels of segregation shall include a description of the main legal implications of the respective levels of segregation offered including information on the relevant jurisdictions’ applicable insolvency law.
Amendment 784 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 3 c (new)
Article 37 – paragraph 3 c (new)
3 c. A CCP shall offer clearing members and, where relevant, clients the possibility to provide, at their discretion, their initial margin either via a title transfer collateral arrangement or via a security interest collateral arrangement. Clearing Members shall offer corresponding possibilities to their clients, except to the extent that national or EU laws restrict the use of title transfer financial collateral arrangements by retail customers.
Amendment 788 #
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 should structure its arrangements to ensure, that when full segregation has been chosen, it can facilitate the transfer of the positions and collateral of clients of a defaulting member to one or more other participants.
Amendment 797 #
2010/0250(COD)
Proposal for a regulation
Article 38 – paragraph 1
Article 38 – paragraph 1
A CCP shall measure and assess its liquidity and credit exposures to each clearing member and, where relevant, to another CCP with whom it has concluded an interoperable arrangement, on a near to real time basis. A CCP should, where practicable, identify, monitor and manage the potential risks arising from clearing members clearing transactions on behalf of clients. A CCP shall have access in a timely manner and on a non discriminatory basis to the relevant pricing sources to effectively measure its exposures. Such pricing sources should include as a minimum, those related to indices used to price derivatives or other financial instruments.
Amendment 799 #
2010/0250(COD)
Proposal for a regulation
Article 38 – paragraph 1 a (new)
Article 38 – paragraph 1 a (new)
CCPs should be granted non- discriminatory access to information on the composition, methodology and prices of any indices that are required to calculate the value of a derivative product. This should be done on a reasonable cost basis.
Amendment 802 #
2010/0250(COD)
Proposal for a regulation
Article 39 – paragraph 1
Article 39 – paragraph 1
1. A CCP shall impose, call and collect, or in specific cases, secure margins to limit its credit exposures from its clearing members, and where relevant, from CCPs which have interoperable arrangements. Such margins shall be sufficient to cover potential exposures that the CCP estimates will occur until the liquidation of the relevant positions. They shall be sufficient to cover losses that result from at least 99 per cent of the exposures movements over an appropriate time horizon and they shall ensure that a CCP fully collateralises its exposures with all its clearing members, and where relevant with CCPs which have interoperable arrangements, at least on a daily basis.
Amendment 822 #
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 well as the appropriate mechanisms for securing margin as referred to in paragraph 1, to be considered for the different classes of financial instruments.
Amendment 828 #
2010/0250(COD)
Proposal for a regulation
Article 40 – paragraph 1
Article 40 – paragraph 1
1. A CCP shall maintain a default fund to cover lossesTo further limit its credit exposures to its clearing members, a CCP shall maintain a default fund to cover losses that exceed the losses to be covered by margin requirements as referred to in Article 39, arising from the default, including the opening of an insolvency procedure of one or more clearing members.
Amendment 836 #
2010/0250(COD)
Proposal for a regulation
Article 41 – paragraph 1
Article 41 – paragraph 1
1. In addition to the capital required in Article 12, a CCP shall maintain sufficient available financial resources to cover potential losses that exceed the losses to be covered by margin requirements and the default fund. Such resources may include any other clearing fund provided by clearing members or other parties, loss sharing arrangements, insurance arrangements, the own funds of a CCP, parental guarantees or similar provisions. Such resources, and should be proportionate to the risks shared by the CCP and the others underwriting risk in the CCP. These resources shall include the dedicated resources of the CCP and shall be freely available to the CCP and shall not be used to cover the operating losses.
Amendment 846 #
2010/0250(COD)
Proposal for a regulation
Article 42 – paragraph 3
Article 42 – paragraph 3
3. A CCP shall use contributions to the default fund and other contributions of non-defaulting clearing members only after having exhausted the contributions of the defaulting clearing member and, where relevant, having utilised the CCP's own funds referred to in Article 41(1).
Amendment 849 #
2010/0250(COD)
Proposal for a regulation
Article 42 – paragraph 4 a (new)
Article 42 – paragraph 4 a (new)
4 a. In cases where a client has chosen full segregation or a legally segregated omnibus account, a CCP may not use that client's margins to cover the losses resulting from any clearing member's default, except in the case of the client's own default.
Amendment 851 #
2010/0250(COD)
Proposal for a regulation
Article 43 – paragraph 1
Article 43 – paragraph 1
1. A CCP shall only accept highly liquidcash, cash equivalents such as gold, and highly liquid financial instruments as collateral with minimal credit and market risk to cover its exposure to its clearing members. It shall apply adequate haircuts to asset values that reflect the potential for their value to decline over the interval between their last revaluation and the time by which they can reasonably be assumed to be liquidated. It shall take into account the liquidity risk following the default of a market participant and the concentration risk on certain assets that may result in establishing the acceptable collateral and the relevant haircuts.
Amendment 875 #
2010/0250(COD)
Proposal for a regulation
Article 46 – paragraph 1
Article 46 – paragraph 1
1. A CCP shall regularly review the models and parameters adopted to calculate its margin requirements, default fund contributions, collateral requirements and other risk control mechanisms. It shall subject the models to rigorous and frequent stress tests to assess their resilience in extreme but plausible market conditions and shall perform back tests to assess the reliability of the methodology adopted. The CCP shall inform the competent authority of the results of the tests performed and. It shall obtain its validation before adopting an independent validation and subject any significanyt change to the models and parameters to review by the competent authority before adopting the change.
Amendment 882 #
2010/0250(COD)
Proposal for a regulation
Article 47 – paragraph 1
Article 47 – paragraph 1
1. A CCP shall, where practicable 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 945 #
2010/0250(COD)
Proposal for a regulation
Article 67 – paragraph 1
Article 67 – paragraph 1
1. A trade repository shall publish aggregate positions by class of derivatives on the contracts reported to it, such reporting utilising international open industry standards where possible.
Amendment 972 #
2010/0250(COD)
Proposal for a regulation
Article 70 – paragraph 1
Article 70 – paragraph 1
"Where a system operator has provided collateral security to another system operator in connection with an interoperable system, the rights of the providing system operator to that collateral security shall not be affected by insolvency proceedings against the receiving system operator." Where a client in the meaning of the Regulation …./… has provided collateral security to the participant with whom the client has a contractual relationship in connection with the system executing client’s transfer orders, the rights of the providing client to that collateral security shall not be affected by insolvency proceedings against the receiving participant."
Amendment 84 #
2010/0232(COD)
Proposal for a directive
Recital 4
Recital 4
(4) The comprehensive and adequate monitoring of group risks in large, complex, internationally operating conglomerates, as well as the supervision of the group-wide capital policies of these groups, is only possible when competent authorities gather supervisory information and plan supervisory measures beyond the national scope of their mandate. It is therefore necessary that competent authorities coordinate supplementary supervision on international conglomerates among the competent authorities which are regarded as most relevant for the supplementary supervision of a conglomerate in cooperation with the Joint Committee. The college of a financial conglomerate's relevant competent authorities should reflect the supplementary nature of this Directive, and as such it should add value to existing colleges for the banking subgroup and the insurance subgroup in the conglomerate, without replicating, duplicating or replacing them.
Amendment 102 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 2 – point b
Article 2 – point 2 – point b
Directive 2002/87/EC
Article 3 – paragraph 3 – subparagraph 3
Article 3 – paragraph 3 – subparagraph 3
Decisions taken in accordance with this paragraph shall be notified to the other competent authorities concernedand made public by the competent authorities as appropriate.
Amendment 105 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 2 – point c
Article 2 – point 2 – point c
Directive 2002/87/EC
Article 3 – paragraph 3a – subparagraph 2
Article 3 – paragraph 3a – subparagraph 2
Decisions taken in accordance with this paragraph shall be notified to the other competent authorities concernedand made public by the competent authorities as appropriate.
Amendment 108 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 2 – point f
Article 2 – point 2 – point f
Directive 2002/87/EC
Article 3 – paragraph 8
Article 3 – paragraph 8
8. The European Supervisory Authority (European Banking Authority) and the European Supervisory Authority (European Insurance and Occupational Pensions Authority), coordinated by the Joint Committee, shall issue common guidelines aimed at the convergence of supervisory practices with regard to the application of paragraphs 2, 3, 3a, 4 and 5 of this Article.
Amendment 115 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 4
Article 2 – point 4
Directive 2002/87/EC
Article 7 – paragraph 5
Article 7 – paragraph 5
5. The European Supervisory Authority (European Banking Authority) and the European Supervisory Authority (European Insurance and Occupational Pensions Authority), coordinated by the Joint Committee, shall issue common guidelines aimed at the convergence of supervisory practices with regard to the application of supplementary supervision of risk concentration as provided for in paragraphs 1 to 4. They shall issue specific common guidelines on the application of paragraphs 1 to 4 to participations of the financial conglomerate in cases where national company law provisions obstruct the application of Article 14(2).
Amendment 117 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 5
Article 2 – point 5
Directive 2002/87/EC
Article 8 – paragraph 5
Article 8 – paragraph 5
5. The European Supervisory Authority (European Banking Authority) and the European Supervisory Authority (European Insurance and Occupational Pensions Authority), coordinated by the Joint Committee, shall issue common guidelines aimed at the convergence of supervisory practices with regard to the application of supplementary supervision of intra-group transactions as provided for in paragraphs 1 to 4.. They shall issue specific common guidelines on the application of paragraphs 1 to 4 to participations of the financial conglomerate in cases where national company law provisions obstruct the application of Article 14(2).
Amendment 118 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 6
Article 2 – point 6
Directive 2002/87/EC
Article 9 – paragraph 6
Article 9 – paragraph 6
6. Competent authorities shall align the application of the supplementary supervision of internal control mechanisms and risk management processes as provided for in this Article with the supervisory review processes as provided for by Article 124 of Directive 2006/48/EC and Article 36 of Directive 2009/138/EC. To this end, the European Supervisory Authority (European Banking Authority) and the European Supervisory Authority (European Insurance and Occupational Pensions Authority), coordinated by the Joint Committee, shall issue common guidelines aimed at the convergence of supervisory practices with regard to the application of supplementary supervision of internal control mechanisms and risk management processes as provided for in this Article, as well as on the consistency with the supervisory review processes as provided for by Article 124 of Directive 2006/48/EC and Article 36 of Directive 2009/138/EC. They shall issue specific common guidelines for the application of this Article to participations of the financial conglomerate, in cases where national company law provisions obstruct the application of Article 14(2).
Amendment 123 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 7
Article 2 – point 7
Directive 2002/87/EC
Article 11 – paragraph 5
Article 11 – paragraph 5
5. The European Supervisory Authority (European Banking Authority) and the European Supervisory Authority (European Insurance and Occupational Pensions Authority) coordinated by the Joint Committee shall issue common guidelines aimed at the consistency of supervisory coordination arrangements according to Article 131a of Directive 2006/48/EC and Article 248(4) of Directive 2009/138/EC.
Amendment 129 #
2010/0232(COD)
Proposal for a directive – amending act
Article 2 – point 10
Article 2 – point 10
Directive 2002/87/EC
Article 21 b
Article 21 b
The European Supervisory Authority (European Banking Authority) and the European Supervisory Authority (European Insurance and Occupational Pensions Authority), coordinated by the Joint Committee, shall issue the common guidelines referred to in Article 3(3), Article 7(5), Article 8(5), Article 9(6) and Article 11(5) in accordance with the procedure laid down in Article 42 of the Regulation (EU) No ../.. establishing the European Banking Authority, and in Article 42 of the Regulation (EU) No ../.. establishing the European Insurance and Occupational Pensions Authority, following cooperation within the Joint Committee of the European Supervisory Authorities.
Amendment 71 #
2009/2204(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5 a. Recognises that many women have been empowered by recent job losses to establish their own businesses; calls on the Commission to bring forward legislation specifically aimed at SMEs to fulfil its objective of reducing administrative burdens on business by 25% by 2012 to help foster this entrepreneurial spirit;
Amendment 153 #
2009/0144(COD)
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 #
2009/0144(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 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 #
2009/0144(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 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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Amendment 277 #
2009/0144(COD)
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 #
2009/0144(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), 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 #
2009/0144(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 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 #
2009/0144(COD)
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 #
2009/0144(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 Commission's decisformal opinion.
Amendment 322 #
2009/0144(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 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 #
2009/0144(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 adoptformal opinion issued by the Commission pursuant to paragraph 4.
Amendment 328 #
2009/0144(COD)
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 2
Article 9 – paragraph 7 – subparagraph 2
Amendment 334 #
2009/0144(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 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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
Amendment 354 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 1
Article 10 – paragraph 4 – subparagraph 1
Amendment 355 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 4 – subpara 2
Article 10 – paragraph 4 – subpara 2
Amendment 363 #
2009/0144(COD)
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 #
2009/0144(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, in order to ensure compliance with CommunityEuropean Union law.
Amendment 368 #
2009/0144(COD)
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 #
2009/0144(COD)
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
Amendment 373 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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 #
2009/0144(COD)
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.
Amendment 160 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
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), 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 #
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 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 #
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 Commission's decisformal opinion.
Amendment 295 #
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 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 #
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 decisformal opinion adopted by the Commission pursuant to paragraph 4.
Amendment 302 #
2009/0143(COD)
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 2
Article 9 – paragraph 7 – subparagraph 2
Amendment 312 #
2009/0143(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 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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
Amendment 332 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
Amendment 352 #
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, in order to ensure compliance with CommunityUnion law.
Amendment 353 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
Amendment 361 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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 #
2009/0143(COD)
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.
Amendment 173 #
2009/0064(COD)
Proposal for a directive
Recital 5
Recital 5
(5) The scope of this Directive should be confined to the management of collective investment undertakings which raise capital from a number of investors with a view to investing it in accordance with a defined investment policy on the principle of risk-spreading for the benefit of those investors. This Directive should not apply to the management of pension funds or managers of non-pooled investments such as endowments, sovereign wealth funds, national, regional or local government investment funds or assets hoeld on own account by credit institutions, insurance or reinsurance undertakings. This Directive should neither apply to actively managed investments in the form of securities, such as certificates, managed futures, or index- linked bonds. It should, however, cover managers of all collective investment undertakings which are not required to be authorised as UCITS. Investment firms authorised under Directive 2004/39/EC on Markets in Financial Instruments1 should not be required to obtain an authorisation under this Directive in order to provide investment services in respect of AIF. Investment firms can however only provide investment services in respect of AIF, if and to the extent the units or shares thereof can be marketed in accordance with this Directive.