5 Amendments of Vicky FORD related to 2010/0199(COD)
Amendment 68 #
Proposal for a directive – amending act
Article 1 – point 2 – point c
Article 1 – point 2 – point c
Directive 97/9/EC
Article 2 – paragraph 2a – subparagraph 1 – point b
Article 2 – paragraph 2a – subparagraph 1 – point b
(b) return to investors any instruments belonging to them and held, administered or managed on their behalf in connection with investment business, provided that the investment firm's inability is the result of fraud, administrative malpractice or operational error within the investment firm.
Amendment 94 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraphs 1 a,1 b and 1 c(new)
Article 4a – paragraphs 1 a,1 b and 1 c(new)
1a. Member States shall ensure that schemes have in place adequate systems to deliver sufficient funding to provide coverage for investors in accordance with Article 4 when the conditions set out in Article 2(2) are met, within the period set out in Article 9(2). In order to achieve this, Member States shall ensure that schemes have in place the following arrangements: – prior to and irrespective of the occurrence of either condition under Article 2(2), a fund financed by the members of the scheme; – a system of post-funding capable of meeting the scheme’s requirements; or – a combination of the above. 1b. Further to the arrangements referred to in paragraph 2 of this Article, the Member State shall also be able to demonstrate that in the event that those arrangements are insufficient, in particular in terms of short-term liquidity or larger fund shortfalls, schemes have in place adequate alternative funding arrangements to enable them to obtain further funding. Those arrangements may include commercial lending arrangements and lending facilities from public institutions, including from the Member State concerned, provided that those arrangements and facilities are based on commercial grounds. Member States shall ensure that any borrowing and the interest incurred thereon is repaid by the scheme’s members through subsequent levies. In order to assist the operation of the scheme further, Member States shall ensure that the following conditions are met: – schemes are able to levy their members in order to make payments with the period set out in Article 9(2). In order to facilitate this, schemes may levy in anticipation of payments as well as after payments have been made; – a limit is placed on the annual contribution of firms, having regard to their ability to make contributions, and reviewed every four years; and – competent authorities have the power to take action against any firm that fails to pay a levy on request. Member States shall inform ESA (ESMA) of its arrangements as referred to in paragraphs 2, 3 and 5 on an annual basis. That information shall be confirmed by the competent authorities and shall, accompanied by this confirmation, be transmitted within 30 days from the end of each year to ESA (ESMA). 1c. Member States shall ensure that the information referred to in paragraphs 1a and 1b is published on the web-site of the schemes at least on an annual basis.
Amendment 95 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 2 – subparagraph 1
Article 4a – paragraph 2 – subparagraph 1
Amendment 117 #
Proposal for a directive – amending act
Article 1 –– point 5
Article 1 –– point 5
Directive 97/9/EC
Article 4a – paragraph 4
Article 4a – paragraph 4
Amendment 129 #
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 8
Article 4a – paragraph 8