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Activities of Ashley FOX related to 2010/0160(COD)

Plenary speeches (1)

Credit rating agencies (debate)
2016/11/22
Dossiers: 2010/0160(COD)

Amendments (13)

Amendment 58 #
Ashley FOX
Proposal for a regulation – amending act
Article 1 – point 4
Regulation (EC) No 1060/2009
Article 8 a
1. The issuer of a structured finance instrument or a related third party shall provide to the credit rating agency it appoints, on a password-protected website that it shall manage, all information necessary for the credit rating agency to initially determine or monitor a credit rating of a structured finance instrument according to the methodology set out in Article 8(1). 2. Where other credit rating agencies registered or certified according to this Regulation request access to the information referred to in paragraph 1, they shall be granted access without delay provided that they meet all of the following conditions: (a) they have the systems and organisational structure in place to ensure the confidentiality of this information; (b) they provide ratings on a yearly basis for at least 10% of the structured finance instruments for which they request access to information referred to in paragraph 1. 3. In order to ensure a coherent application of this Article, the Commission shall adopt in accordance with the regulatory procedure referred to in Article 38(2) detailed rules specifying in particular the conditions of access and the requirements of the website in order to ensure the accuracy and the confidentiality of data and the protection of personal data in accordance with Directive 95/46/EC.Article 8a deleted Information on structured finance instruments
2010/10/15
Committee: ECON
Amendment 72 #
Ashley FOX
Proposal for a regulation – amending act
Article 1 – point 4
Regulation (EC) No 1060/2009
Article 8 a – paragraph 3 a (new)
3a. If, on ...*, no credit rating agency has determined and maintained credit ratings for at least 10% of the structured finance instruments for which they accessed the information referred to in paragraph 1, this Article 8 and Article 8b shall cease to have effect. * OJ please insert date: 24 months after the date of entry into force of this Regulation.
2010/10/15
Committee: ECON
Amendment 74 #
Ashley FOX
Proposal for a regulation – amending act
Article 1 – point 4
Regulation (EC) No 1060/2009
Article 8 b
1. A credit rating agency registered in the Union shall maintain a password- protected website containing: (a) a list of the structured finance instruments for which it is in the process of providing a credit rating, identifying the type of the structured finance instrument, the name of the issuer and the date when the rating process was initiated; (b) a link to the password protected website on which the issuer of the structured finance instrument or a related third party provides the information required under Article 8a(1), as soon as it is in possession of this link. 2. A credit rating agency shall grant access without delay to the password protected website referred to in paragraph 1 to any credit rating agency registered or certified under this Regulation provided that the credit rating agency requesting access complies with the requirements set out in Article 8a (2).Article 8b deleted Access to rating information
2010/10/15
Committee: ECON
Amendment 84 #
Ashley FOX
Proposal for a regulation – amending act
Article 1 – point 12
Regulation (EC) No 1060/2009
Article 23
In carrying out their duties under this Regulation, neither ESMA northe European Supervisory Authority (European Securities and Markets Authority), the Commission and any other public authorities of a Member State shall not interfere with the content of credit ratings or methodologies.
2010/10/15
Committee: ECON
Amendment 86 #
Ashley FOX
Proposal for a regulation – amending act
Article 1 – point 13
Regulation (EC) No 1060/2009
Article 23 b – paragraph 1 – introductory part
1. ESMAThe European Supervisory Authority (European Securities and Markets Authority) may conduct all necessary investigations of persons referred to in Article 23a(1). To that end, the officials and other persons authorised by ESMAhose investigations shall be carried out in accordance with the law of the Member State in which they are undertaken. To that end, the officials and other persons authorised by the European Supervisory Authority (European Securities and Markets Authority) shall be empowered:
2010/10/15
Committee: ECON
Amendment 88 #
Ashley FOX
Proposal for a regulation – amending act
Article 1 – point 13
Regulation (EC) No 1060/2009
Article 23 c – paragraph 1
1. In order to carry out its duties under this Regulation, ESMAthe European Supervisory Authority (European Securities and Markets Authority) may conduct all necessary on-site inspections with or without announcement at the premises of persons referred to in Article 23a(1). Those on-site inspections shall be carried out in accordance with the law of the Member State in which they are undertaken.
2010/10/15
Committee: ECON
Amendment 95 #
Ashley FOX
Proposal for a regulation – amending act
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 24 – paragraph 4
4. Without prejudice to Article 20, ESMAthe European Supervisory Authority (European Securities and Markets Authority) shall communicate any decision taken pursuant to paragraph 1, without undue delay, to to the relevant credit rating agency, the competent authorities and the Commission and it shall publicly disclose any such deci. The credit rating agencies shall lodge any appeal to the Board of Appeal within one month of such communication. If the Board of Appeal decides to suspend the credit rating agency, the European Supervisory Authority (European Securities and Markets Authority) shall publicly disclose the suspension on its website within 5 working days from the date when it was takeof the Board of Appeal's decision.
2010/10/15
Committee: ECON
Amendment 108 #
Ashley FOX
Proposal for a regulation – amending act
Article 1 – point 24
Regulation (EC) No 1060/2009
Article 36 a – paragraph 1
1. At ESMA's request, the Commission may by decisionThe European Supervisory Authority (European Securities and Markets Authority) may impose on a credit rating agency a fine where, intentionally or negligently, the credit rating agency has committed one of the breaches listed in Annex III.
2010/10/15
Committee: ECON
Amendment 128 #
Ashley FOX
Proposal for a regulation – amending act
Article 1 – point 29
Regulation (EC) No 1060/2009
Article 40 a – paragraph 1
1. All competences and duties related to the supervisory and enforcement activity in the field of credit rating agencies, which were conferred to the competent authorities of the Member States, whether acting as competent authorities of the home Member State or not, and their colleges where those have been established, shall be terminated on [onelapse on ...*. * OJ please insert date: six months after the entry into force of this Regulation].
2010/10/15
Committee: ECON
Amendment 129 #
Ashley FOX
Proposal for a regulation – amending act
Article 1 – point 29
Regulation (EC) No 1060/2009
Article 40 a – paragraph 2
2. Any files and working documents related to the supervisory and enforcement activity in the field of credit rating agencies, including any on-going examinations and enforcement actions shall be taken over by ESMA on … [onethe European Supervisory Authority (European Securities and Markets Authority) on …*. * OJ please insert date: six months after the entry into force of this Regulation].
2010/10/15
Committee: ECON
Amendment 130 #
Ashley FOX
Proposal for a regulation – amending act
Article 1 – point 29
Regulation (EC) No 1060/2009
Article 40 a – paragraph 3
3. The competent authorities and colleges referred to in paragraph 1 shall ensure that any existing records and working papers shall be transferred to ESMA [one month after the entry into force of this Regulation]the European Supervisory Authority (European Securities and Markets Authority) on …*..Those competent authorities and colleges shall also render all necessary assistance and advice to ESMAthe European Supervisory Authority (European Securities and Markets Authority) to facilitate effective and efficient transfer and taking up of supervisory and enforcement activity in the field of credit rating agencies. * OJ please insert date: six months after the entry into force of this Regulation.
2010/10/15
Committee: ECON
Amendment 132 #
Ashley FOX
Proposal for a regulation – amending act
Article 1 – point 29
Regulation (EC) No 1060/2009
Article 40 a – paragraph 4
4. ESMAThe European Supervisory Authority (European Securities and Markets Authority) shall act as the legal successor of competent authorities and colleges referred to in paragraph 1 in any administrative or judicial proceedings that result from supervisory and enforcement activity pursued under this Regulation prior to [one...*. * OJ please insert date: six months after the entry into force of this Regulation].
2010/10/15
Committee: ECON
Amendment 134 #
Ashley FOX
Proposal for a regulation – amending act
Article 1 – point 29
Regulation (EC) No 1060/2009
Article 40 a – paragraph 5
5. Where judicial review of a decision, which was taken by a competent authority referred to in paragraph 1 under this Regulation, is on-going on [one month after the entry into force of this Regulation]...*, the case shall be transferred to the General Court, unless the judgement of the court reviewing that decision in the Member State is to be rendered within two months after [oby ...*. * OJ please insert date: six months after the entry into force of this Regulation. ** OJ please insert date: nine months after the entry into force of this Regulation.].
2010/10/15
Committee: ECON
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