Activities of Diogo FEIO
Plenary speeches (2190)
Maritime spatial planning and integrated coastal management (A7-0379/2013 - Gesine Meissner)
Infringements of competition law (A7-0089/2014 - Andreas Schwab)
Shipments of waste (A7-0069/2014 - Bart Staes)
Negotiation of the EU-Japan strategic partnership agreement (A7-0244/2014 - Alojz Peterle)
Russian pressure on Eastern Partnership countries and in particular destabilisation of eastern Ukraine (B7-0431/2014, B7-0435/2014, RCB7-0436/2014, B7-0436/2014, B7-0437/2014, B7-0441/2014, B7-0444/2014)
Enhancing worker mobility by improving the acquisition and preservation of supplementary pension rights (A7-0188/2014 - Ria Oomen-Ruijten)
Food and feed law, rules on animal health and welfare, plant health, plant reproductive material and plant protection products (A7-0162/2014 - Mario Pirillo)
Animal health (A7-0129/2014 - Marit Paulsen)
Protective measures against pests of plants (A7-0147/2014 - Hynek Fajmon)
Consumer product safety (A7-0355/2013 - Christel Schaldemose)
Market surveillance of products (A7-0346/2013 - Sirpa Pietikäinen)
Markets in financial instruments and amendment of the EMIR Regulation on OTC derivatives, central counterparties and trade repositories (A7-0303/2012 - Markus Ferber)
Markets in financial instruments and repeal of Directive 2004/39/EC (A7-0306/2012 - Markus Ferber)
Statistics in trade (A7-0457/2013 - Hans-Peter Martin)
Judgments in civil and commercial matters (A7-0052/2014 - Tadeusz Zwiefka)
Hospitable environment for enterprises, businesses and start-ups to create jobs (A7-0101/2014 - Anthea McIntyre)
Protection of species of wild fauna and flora (A7-0087/2014 - Matthias Groote)
Fishing opportunities and financial contribution provided for in the EU-Seychelles Fisheries Partnership Agreement (A7-0201/2014 - Maria do Céu Patrão Neves)
Fishing opportunities and financial contribution provided for in the EU-Comoros Fisheries Partnership Agreement (A7-0177/2014 - Jarosław Leszek Wałęsa)
Fishing opportunities and financial contribution provided for in the EU-Madagascar Fisheries Partnership Agreement (A7-0178/2014 - Crescenzio Rivellini)
EC-Montenegro Stabilisation and Association Agreement (Protocol to take account of the accession of Croatia) (A7-0192/2014 - Charles Tannock)
Authorisation for Portugal to apply a reduced rate of excise duty in the autonomous regions of Madeira and Azores on certain alcoholic beverages (A7-0262/2014 - Danuta Maria Hübner)
Amendment of the period of application of Council Decision[nbsp ]2004/162/EC concerning the dock dues in the French overseas departments (A7-0264/2014 - Danuta Maria Hübner)
Amendment of Parliament's Rules of Procedure with regard to parliamentary questions (A7-0123/2014 - Zita Gurmai)
Amendment of Rule 90 of Parliament's Rules of Procedure on international agreements (A7-0253/2014 - David Martin)
Amendment of Parliament's Rules of Procedure so as to allow for the possibility of electronic signatures (A7-0175/2014 - György Schöpflin)
Incidental catches of cetaceans (A7-0272/2014 - Raül Romeva i Rueda)
Posting of workers in the framework of the provision of services (A7-0249/2013 - Danuta Jazłowiecka)
Return of cultural objects unlawfully removed from the territory of a Member State (A7-0058/2014 - Marie-Christine Vergiat)
Reducing the consumption of lightweight plastic carrier bags (A7-0174/2014 - Margrete Auken)
Surveillance of external sea borders (A7-0461/2013 - Carlos Coelho)
Financial responsibility linked to investor-state dispute settlement tribunals established by international agreements to which the EU is party (A7-0124/2013 - Paweł Zalewski)
Protection against dumped and subsidised imports from countries not members of the EU (A7-0053/2014 - Christofer Fjellner)
Statute and funding of European political parties and European political foundations (A7-0140/2013 - Marietta Giannakou)
Financing of European political parties (A7-0200/2013 - Ingeborg Gräßle)
Technical implementation of the Kyoto Protocol to the UN Framework Convention on Climate Change (A7-0171/2014 - Vladimir Urutchev)
Fight against fraud to the Union's financial interests by means of criminal law (A7-0251/2014 - Ingeborg Gräßle, Juan Fernando López Aguilar)
European Parliament's right of inquiry (A7-0352/2011 - David Martin)
Relations between the European Parliament and the national parliaments (A7-0255/2014 - Carlo Casini)
System of own resources (A7-0271/2014 - Anne E. Jensen, Jean-Luc Dehaene)
Enhanced cooperation between Public employment services (A7-0072/2014 - Frédéric Daerden)
European Union Solidarity Fund (A7-0078/2014 - Rosa Estaràs Ferragut)
Macro-financial assistance to the Republic of Tunisia (A7-0110/2014 - Vital Moreira)
Recovery plan for Bluefin tuna in the eastern Atlantic and Mediterranean (A7-0102/2014 - Raül Romeva i Rueda)
Honey (A7-0440/2013 - Julie Girling)
European Maritime and Fisheries Fund (A7-0282/2013 - Alain Cadec)
Framework for the recovery and resolution of credit institutions and investment firms - Deposit guarantee schemes (debate)
Resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund (A7-0478/2013 - Elisa Ferreira)
Protection of consumers in utilities services (A7-0163/2014 - Josef Weidenholzer)
Technical requirements for inland waterway vessels (A7-0145/2014 - Corien Wortmann-Kool)
Correct application of the law on customs and agricultural matters (A7-0241/2014 - António Fernando Correia de Campos)
Shift2Rail Joint Undertaking (A7-0259/2014 - Josefa Andrés Barea)
Mobilisation of the European Globalisation Adjustment Fund - application EGF/2012/007 IT/VDC Technologies (A7-0261/2014 - Frédéric Daerden)
Mobilisation of the European Globalisation Adjustment Fund - application EGF/2012/004 ES/Grupo Santana (A7-0260/2014 - Frédéric Daerden)
Payment accounts (A7-0398/2013 - Jürgen Klute)
Key information documents for investment products (A7-0368/2013 - Pervenche Berès)
Inland waterway transport (A7-0142/2014 - Corien Wortmann-Kool)
Agricultural products on the internal market and in third countries (A7-0217/2014 - Esther Herranz García)
European and Developing Countries Clinical Trials Partnership Programme (A7-0064/2014 - Vicky Ford)
Disclosure of non-financial and diversity information by certain large companies and groups (A7-0006/2014 - Raffaele Baldassarre)
Conditions of entry and residence of third-country nationals in the framework of an intra-corporate transfer (A7-0170/2014 - Salvatore Iacolino)
Bio-Based Industries Joint Undertaking (A7-0092/2014 - Lambert van Nistelrooij)
Tripartite social summit for growth and employment (A7-0136/2014 - Csaba Őry)
Payment services in the internal market (A7-0169/2014 - Diogo Feio) (vote)
Common visa restrictions for Russian officials involved in the Sergei Magnitsky case (A7-0215/2014 - Kristiina Ojuland)
69th Session of the United Nations General Assembly (A7-0250/2014 - Alexander Graf Lambsdorff)
Role of broadcasting media in projecting the EU and its values (A7-0248/2014 - Graham Watson)
Sound level of motor vehicles (A7-0239/2014 - Miroslav Ouzký)
Computer databases which are part of the surveillance networks in the Member States (A7-0201/2012 - Sophie Auconie)
Application and enforcement of international trade rules (A7-0308/2013 - Niccolò Rinaldi)
Medical devices (A7-0324/2013 - Dagmar Roth-Behrendt)
European environmental economic accounts (A7-0420/2013 - Elena Oana Antonescu)
European Year for Development (2015) (A7-0384/2013 - Charles Goerens)
Space surveillance and tracking support framework (A7-0030/2014 - Amelia Andersdotter)
Management of expenditure relating to the food chain, animal health and animal welfare, and relating to plant health and plant reproductive material (A7-0424/2013 - Agnès Le Brun)
Clinical trials on medicinal products for human use (A7-0208/2013 - Glenis Willmott)
Community framework for the nuclear safety of nuclear installations (A7-0252/2014 - Romana Jordan)
Common system of taxation applicable in the case of parent companies and subsidiaries of different Member States (A7-0243/2014 - Mojca Kleva Kekuš)
Mid-term review of the Stockholm Programme (A7-0153/2014 - Luigi Berlinguer, Juan Fernando López Aguilar, Carlo Casini)
Community regime for the control of exports, transfer, brokering and transit of dual-use items (A7-0236/2014 - Christofer Fjellner)
Greenhouse gas emission trading (international aviation emissions) (A7-0079/2014 - Peter Liese)
European single market for electronic communications (A7-0190/2014 - Pilar del Castillo Vera)
Electronic identification and trust services for electronic transactions in the internal market (A7-0365/2013 - Marita Ulvskog)
Statutory audit of public-interest entities (A7-0177/2013 - Sajjad Karim)
Statutory audits of annual accounts and consolidated accounts (A7-0171/2013 - Sajjad Karim)
Reduction or elimination of customs duties on goods originating in Ukraine (A7-0238/2014 - Paweł Zalewski)
EU comprehensive approach and coherence of EU external action (A7-0138/2014 - Arnaud Danjean)
2012 discharge: European Commission and executive agencies (A7-0242/2014 - Markus Pieper)
Court of Auditors' special reports in the context of the 2012 Commission discharge (A7-0222/2014 - Markus Pieper)
2012 discharge: 8th, 9th and 10th European Development Funds (A7-0176/2014 - Jan Mulder)
2012 discharge: European Council and Council (A7-0189/2014 - Bogusław Sonik)
2012 discharge: European External Action Service (A7-0199/2014 - Tamás Deutsch)
Electronic identification of bovine animals (A7-0199/2012 - Sophie Auconie)
2012 discharge: Court of Justice (A7-0213/2014 - Tamás Deutsch)
2012 discharge: Court of Auditors (A7-0212/2014 - Tamás Deutsch)
2012 discharge: Economic and Social Committee (A7-0218/2014 - Bogusław Sonik)
2012 discharge: Committee of the Regions (A7-0226/2014 - Bogusław Sonik)
2012 discharge: European Ombudsman (A7-0225/2014 - Bogusław Sonik)
2012 discharge: European Data Protection Supervisor (A7-0228/2014 - Bogusław Sonik)
2012 discharge: Performance, financial management and control of EU agencies (A7-0237/2014 - Petri Sarvamaa)
2012 discharge: European Agency for the Cooperation of Energy Regulators (A7-0208/2014 - Petri Sarvamaa)
2012 discharge: Body of European Regulators for Electronic Communications (A7-0206/2014 - Petri Sarvamaa)
2012 discharge: Translation Centre for the Bodies of the European Union (A7-0205/2014 - Petri Sarvamaa)
2012 discharge: European Centre for the Development of Vocational Training (A7-0207/2014 - Petri Sarvamaa)
2012 discharge: European Police College (A7-0240/2014 - Petri Sarvamaa)
2012 discharge: European Aviation Safety Agency (A7-0221/2014 - Petri Sarvamaa)
2012 discharge: European Asylum Support Office (A7-0187/2014 - Petri Sarvamaa)
2012 discharge: European Banking Authority (A7-0220/2014 - Petri Sarvamaa)
2012 discharge: European Centre for Disease Prevention and Control (A7-0224/2014 - Petri Sarvamaa)
2012 discharge: European Chemicals Agency (A7-0229/2014 - Petri Sarvamaa)
2012 discharge: European Environment Agency (A7-0235/2014 - Petri Sarvamaa)
2012 discharge: European Fisheries Control Agency (A7-0233/2014 - Petri Sarvamaa)
2012 discharge: European Food Safety Authority (A7-0219/2014 - Petri Sarvamaa)
2012 discharge: European Institute for Gender Equality (A7-0230/2014 - Petri Sarvamaa)
2012 discharge: European Insurance and Occupational Pensions Authority (A7-0232/2014 - Petri Sarvamaa)
2012 discharge: European Institute of Innovation and Technology (A7-0234/2014 - Petri Sarvamaa)
2012 discharge: European Medicines Agency (A7-0227/2014 - Petri Sarvamaa)
2012 discharge: European Monitoring Centre for Drugs and Drug Addiction (A7-0185/2014 - Petri Sarvamaa)
2012 discharge: European Maritime Safety Agency (A7-0196/2014 - Petri Sarvamaa)
2012 discharge: European Network and Information Security Agency (A7-0194/2014 - Petri Sarvamaa)
2012 discharge: European Railway Agency (A7-0209/2014 - Petri Sarvamaa)
Interchange fees for card-based payment transactions - Payment services in the internal market (debate)
Interchange fees for card-based payment transactions - Payment services in the internal market (debate)
Asylum, Migration and Integration Fund (A7-0022/2014 - Sylvie Guillaume)
Asylum, Migration and Integration Fund and Internal Security Fund (general provisions) (A7-0021/2014 - Lorenzo Fontana)
Internal Security Fund (Police cooperation, preventing and combating crime and crisis management) (A7-0026/2014 - Salvatore Iacolino)
Internal Security Fund (External borders and visas) (A7-0025/2014 - Marian-Jean Marinescu)
High common level of network and information security (A7-0103/2014 - Andreas Schwab)
Union programme in the field of financial reporting and auditing 2014-2020 (A7-0315/2013 - Theodor Dumitru Stolojan)
Radio equipment (A7-0316/2013 - Barbara Weiler)
Implementation of the Treaty of Lisbon with respect to the European Parliament (A7-0120/2014 - Paulo Rangel)
Role of property and wealth creation in eradicating poverty and fostering sustainable development (A7-0118/2014 - Nirj Deva)
Policy coherence for development (A7-0161/2014 - Charles Goerens)
Pakistan's regional role and political relations with the EU (A7-0117/2014 - Boris Zala)
Anti-missile shield for Europe (A7-0109/2014 - Sampo Terho)
European fishing sector and the EU-Thailand free trade agreement (A7-0130/2014 - Gabriel Mato Adrover)
European gastronomic heritage (A7-0127/2014 - Santiago Fisas Ayxela)
Protection of individuals with regard to the processing of personal data (A7-0402/2013 - Jan Philipp Albrecht)
Protection of the euro against counterfeiting (Pericles 2020) (A7-0152/2014 - Agustín Díaz de Mera García Consuegra)
Humanitarian engagement of armed non-State actors in child protection (A7-0160/2014 - Judith Sargentini)
Provision of food information to consumers as regards the definition of 'engineered nanomaterials' (B7-0185/2014)
Processing of personal data for the purposes of crime prevention (A7-0403/2013 - Dimitrios Droutsas)
Implementation of the Single European Sky (A7-0095/2014 - Marian-Jean Marinescu)
Aerodromes, air traffic management and air navigation services (A7-0098/2014 - David-Maria Sassoli)
Package travel and assisted travel arrangements (A7-0124/2014 - Hans-Peter Mayer)
Fluorinated greenhouse gases (A7-0240/2013 - Bas Eickhout)
Freedom of movement for workers (A7-0386/2013 - Edit Bauer)
Assessment of the effects of certain public and private projects on the environment (A7-0277/2013 - Andrea Zanoni)
Statistics relating to external trade with non-member countries (delegated and implementing powers) (A7-0042/2014 - Vital Moreira)
Copernicus programme (A7-0027/2014 - Vittorio Prodi)
European GNSS Agency (A7-0364/2013 - Amalia Sartori)
US NSA surveillance programme, surveillance bodies in various Member States and impact on EU citizens' fundamental rights (A7-0139/2014 - Claude Moraes)
Evaluation of justice in relation to criminal justice and the rule of law (A7-0122/2014 - Kinga Göncz)
Preparing for a fully converged audiovisual world (A7-0057/2014 - Sabine Verheyen)
EU citizenship report 2013 (A7-0107/2014 - Nikolaos Salavrakos)
European Public Prosecutor's Office (A7-0141/2014 - Salvatore Iacolino)
Role and operations of the Troika with regard to the euro area programme countries - Employment and social aspects of the role and operations of the Troika (debate)
Role and operations of the Troika with regard to the euro area programme countries - Employment and social aspects of the role and operations of the Troika (debate)
Statistics of goods transport by inland waterways (delegated and implementing powers) (A7-0003/2014 - Eva Lichtenberger)
Statistics for the macroeconomic imbalances procedure (A7-0143/2014 - Derk Jan Eppink)
Extension of the EC-USA scientific and technological cooperation agreement (A7-0126/2014 - Amalia Sartori)
Nagoya Protocol on Access to genetic resources (A7-0061/2014 - Sandrine Bélier)
European Insurance and Occupational Pensions Authority and European Securities and Markets Authority (A7-0077/2012 - Burkhard Balz)
Information accompanying transfers of funds (A7-0140/2014 - Mojca Kleva Kekuš, Timothy Kirkhope)
Prevention of the use of the financial system for the purpose of money laundering and terrorist financing (A7-0150/2014 - Krišjānis Kariņš, Judith Sargentini)
Genetic resources (A7-0263/2013 - Sandrine Bélier)
Roadworthiness tests for motor vehicles and their trailers (A7-0210/2013 - Werner Kuhn)
Registration documents for vehicles (A7-0199/2013 - Vilja Savisaar-Toomast)
Roadworthiness of commercial vehicles (A7-0207/2013 - Olga Sehnalová)
Rail transport statistics (A7-0002/2014 - Michael Cramer)
Electronic invoicing in public procurement (A7-0004/2014 - Birgit Collin-Langen)
Farm structure surveys and survey on agricultural production methods (A7-0111/2014 - Paolo De Castro)
Goods resulting from the processing of agricultural products (A7-0260/2013 - Paolo De Castro)
European Investment Bank annual report 2012 (A7-0137/2014 - Marian-Jean Marinescu)
Equality between women and men in 2012 (A7-0073/2014 - Inês Cristina Zuber)
European System of Financial Supervision review (A7-0133/2014 - Sven Giegold)
Public access to documents 2011-2013 (A7-0148/2014 - Sophia in 't Veld)
Activities of the Committee on Petitions 2013 (A7-0131/2014 - Jarosław Leszek Wałęsa)
Horticulture (A7-0048/2014 - Anthea McIntyre)
Eradication of torture in the world (A7-0100/2014 - Véronique De Keyser)
Common European sales law (A7-0301/2013 - Klaus-Heiner Lehne, Luigi Berlinguer)
Sexual exploitation and prostitution and its impact on gender equality (A7-0071/2014 - Mary Honeyball)
SOLVIT (A7-0059/2014 - Morten Løkkegaard)
European Investigation Order (A7-0477/2013 - Nuno Melo)
EU-Indonesia voluntary partnership agreement on forest law enforcement, governance and trade in timber products to the EU (A7-0043/2014 - Yannick Jadot)
Situation in Ukraine (RCB7-0219/2014, B7-0219/2014, B7-0220/2014, B7-0221/2014, B7-0222/2014, B7-0223/2014, B7-0224/2014)
Situation in Iraq (RCB7-0188/2014, B7-0188/2014, B7-0189/2014, B7-0190/2014, B7-0191/2014, B7-0192/2014, B7-0193/2014)
Fundamental rights in the European Union (2012) (A7-0051/2014 - Louis Michel)
European Arrest Warrant (A7-0039/2014 - Sarah Ludford)
EU-Indonesia voluntary partnership agreement on forest law enforcement, governance and trade in timber products to the EU (B7-0187/2014)
Specific actions in the Common Fisheries Policy for developing the role of women (A7-0070/2014 - Dolores García-Hierro Caraballo, Raül Romeva i Rueda)
Single market governance (A7-0066/2014 - Sergio Gaetano Cofferati)
Cohesion Policy (A7-0081/2014 - Vilja Savisaar-Toomast)
Optimising the potential of outermost regions (A7-0121/2014 - Younous Omarjee)
Evaluation of the Union's finances (A7-0068/2014 - Michael Theurer)
Deployment of the interoperable EU-wide eCall (A7-0482/2013 - Philippe De Backer)
EC-Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama Political dialogue and cooperation agreement, with the exception of Article 49(3) thereof (A7-0463/2013 - José Ignacio Salafranca Sánchez-Neyra)
Guidelines for the employment policies of the Member States (A7-0470/2013 - Pervenche Berès)
Common system of value added tax (A7-0090/2014 - Ivo Strejček)
Amendment of decision 2009/831/EC as regards its period of application (A7-0113/2014 - Danuta Maria Hübner)
Amendment to Decision[nbsp ]2004/162/EC with regard to its implementation in Mayotte from 1[nbsp ]January[nbsp ]2014 (A7-0144/2014 - Danuta Maria Hübner)
EC-Indonesia framework agreement on comprehensive partnership and cooperation, with the exception of matters related to readmission (A7-0093/2014 - Ana Gomes)
EC-Indonesia framework agreement on comprehensive partnership and cooperation, with the exception of matters related to readmission (A7-0134/2014 - Ana Gomes)
EC-Indonesia framework agreement on comprehensive partnership and cooperation, as regards matters related to readmission (A7-0115/2014 - Ana Gomes)
EU-Turkey agreement on the readmission of persons residing without authorisation (A7-0097/2014 - Renate Sommer)
Recommendation for a decision - Extending Rule 147 of Parliament's Rules of Procedure until the end of the eighth parliamentary term
Amendment of Rules 166 (final vote) and 195(3) (voting in committee) of Parliament's Rules of Procedure (A7-0035/2014 - Carlo Casini)
Single European railway area (A7-0037/2014 - Saïd El Khadraoui)
Domestic passenger transport services by rail (A7-0034/2014 - Mathieu Grosch)
Interoperability of the rail system (A7-0033/2014 - Izaskun Bilbao Barandica)
Railway safety (A7-0015/2014 - Michael Cramer)
European Union Agency for Railways (A7-0016/2014 - Roberts Zīle)
Normalisation of the accounts of railway undertakings (A7-0472/2013 - Jaromír Kohlíček)
Occurrence reporting in civil aviation (A7-0317/2013 - Christine De Veyrac)
Deployment of the eCall in-vehicle system (A7-0106/2014 - Olga Sehnalová)
Insurance mediation (A7-0085/2014 - Werner Langen)
Third programme for the Union's action if the field of health (2014-2020) (A7-0224/2012 - Françoise Grossetête)
Trans-European telecommunications networks (A7-0272/2013 - Evžen Tošenovský)
Accessibility of public sector bodies' websites (A7-0460/2013 - Jorgo Chatzimarkakis)
Long-term financing of the European economy (A7-0065/2014 - Wolf Klinz)
Promoting development through responsible business practices (A7-0132/2014 - Judith Sargentini)
European Semester for economic policy coordination: annual growth survey 2014 - European Semester for economic policy coordination: employment and social aspects - Single market governance (debate)
Member States experiencing or threatened with serious difficulties with respect to their financial stability (A7-0046/2014 - Maria do Céu Patrão Neves)
Adapting legal acts providing for the use of the regulatory procedure with scrutiny (Articles 290 and 291 TFEU) (A7-0011/2014 - József Szájer)
Adapting legal acts in the area of Justice providing for the use of the regulatory procedure with scrutiny (Article 290 TFEU) (A7-0480/2013 - József Szájer)
Adapting legal acts providing for the use of the regulatory procedure with scrutiny (Article 290 TFEU) (A7-0010/2014 - József Szájer)
Appointment of a member of the Court of Auditors - Oskar HERICS (AT) (A7-0128/2014 - Inés Ayala Sender)
Amendment of Rule 136 of the Rules of Procedure on the attendance of Members at sittings (A7-0038/2014 - Gerald Häfner)
2020 target to reduce CO2 emissions from new passenger cars (A7-0151/2013 - Thomas Ulmer)
Community trade mark (A7-0031/2014 - Cecilia Wikström)
Freezing and confiscation of proceeds of crime (A7-0178/2013 - Monica Luisa Macovei)
Laws of the Member States relating to trade marks (A7-0032/2014 - Cecilia Wikström)
Conditions of entry and residence[nbsp ]of third-country nationals (A7-0377/2013 - Cecilia Wikström)
European Voluntary Humanitarian Aid Corps (A7-0158/2013 - Michèle Striffler)
Fund for European aid to the most deprived (A7-0183/2013 - Emer Costello)
Biocidal products (A7-0354/2013 - Matthias Groote)
Combating violence against women (A7-0075/2014 - Antonyia Parvanova)
Delegation of legislative powers and the Commission's exercise of implementing powers (A7-0435/2013 - József Szájer)
Plant breeding (A7-0044/2014 - Marit Paulsen)
A 2030 framework for climate and energy policies (A7-0047/2014 - Anne Delvaux, Konrad Szymański)
Recommendation for a decision, pursuant to Rule 88(2) and (3) of the Rules of Procedure, on the draft Commission regulation concerning the country of origin or place of provenance for fresh, chilled, and frozen meat of swine, sheep, goats and poultry (B7-0087/2014)
Recommendation for a decision, pursuant to Rule 87a(4) of the Rules of Procedure, on Commission Delegated Regulation (EU) No …/..of 28.8.2013 establishing Annex III to Regulation (EU) No 978/2012 of the European Parliament and of the Council applying a scheme of generalised tariff preferences (B7-0089/2014)
Situation in Ukraine (RCB7-0138/2014, B7-0138/2014, B7-0139/2014, B7-0140/2014, B7-0158/2014, B7-0161/2014, B7-0163/2014, B7-0164/2014)
Situation in Syria (RCB7-0141/2014, B7-0141/2014, B7-0142/2014, B7-0143/2014, B7-0144/2014, B7-0155/2014, B7-0157/2014, B7-0160/2014)
Situation in Egypt (RCB7-0145/2014, B7-0145/2014, B7-0146/2014, B7-0147/2014, B7-0148/2014, B7-0153/2014, B7-0154/2014, B7-0162/2014)
EU-Russia summit (B7-0149/2014, RCB7-0150/2014, B7-0150/2014, B7-0151/2014, B7-0152/2014, B7-0156/2014, B7-0159/2014)
2013 progress report on Bosnia and Herzegovina (B7-0074/2014)
2013 progress report on the former Yugoslav Republic of Macedonia (B7-0073/2014)
2013 progress report on Montenegro (B7-0072/2014)
Elimination of female genital mutilation (B7-0091/2014)
NAIADES II: An action programme to support inland waterway transport (B7-0094/2014)
Undocumented women migrants in the European Union (A7-0001/2014 - Norica Nicolai)
Conditions of entry and residence of third-country nationals for the purposes of seasonal employment (A7-0428/2013 - Claude Moraes)
Imports of Atlantic bigeye tuna (A7-0475/2013 - Raül Romeva i Rueda)
EU-Gabon protocol setting out fishing opportunities and the financial contribution provided for in the Fisheries Partnership Agreement (A7-0049/2014 - João Ferreira)
Relations between the EU on the one hand, and Greenland and the Kingdom of Denmark on the other (A7-0054/2014 - Ricardo Cortés Lastra)
Insurance of natural and man-made disasters (A7-0005/2014 - Sampo Terho)
Appointment of the Vice-Chair of the Supervisory Board of the European Central Bank (A7-0086/2014 - Sharon Bowles)
Agreement between the European Union and the Swiss Confederation concerning cooperation on the application of their competition laws (A7-0060/2014 - George Sabin Cutaş)
EU cooperation agreements on competition policy enforcement – the way forward (B7-0088/2014)
Protection against dumped and subsidised imports from countries not members of the EU (A7-0053/2014 - Christofer Fjellner)
Compliance with the rules of the Common Fisheries Policy (A7-0468/2013 - Isabelle Thomas)
Compensation and assistance to passengers in the event of denied boarding and of cancellation or long delay of flights (A7-0020/2014 - Georges Bach)
Insolvency proceedings (A7-0481/2013 - Klaus-Heiner Lehne)
Inclusion of Greenland in implementing the Kimberley Process certification scheme (A7-0467/2013 - Vital Moreira)
Participation of Greenland in the Kimberley Process certification scheme (A7-0466/2013 - Vital Moreira)
Migration to Union-wide credit transfers and direct debits (A7-0036/2014 - Sharon Bowles)
Cape Town Agreement of 2012 on the Implementation of the provisions of the 1993 Protocol relating to the Torremolinos International Convention of 1977 for the Safety of Fishing Vessels (A7-0040/2014 - Werner Kuhn)
29th annual report on monitoring the application of EU law (2011) (A7-0055/2014 - Eva Lichtenberger)
Promoting free movement by simplifying the acceptance of certain public documents (A7-0017/2014 - Bernhard Rapkay)
Classification, labelling and packaging of substances and mixtures (A7-0319/2013 - Sari Essayah)
Copyright and related rights and multi-territorial licensing of rights in musical works for online uses (A7-0281/2013 - Marielle Gallo)
Criminal sanctions for insider dealing and market manipulation (A7-0344/2012 - Arlene McCarthy)
Investment projects in energy infrastructure (A7-0323/2013 - Adina-Ioana Vălean)
Appointment of a member of the Court of Auditors (Klaus-Heiner LEHNE - DE) (A7-0050/2014 - Inés Ayala Sender)
EU regulatory fitness and subsidiarity and proportionality - better lawmaking (A7-0056/2014 - Sajjad Karim)
Homophobia and discrimination on grounds of sexual orientation and gender identity (A7-0009/2014 - Ulrike Lunacek)
Implementation of Unfair Commercial Practices Directive (A7-0474/2013 - Robert Rochefort)
EU justice scoreboard (A7-0442/2013 - Tadeusz Zwiefka)
Local and regional consequences of the development of smart grids (A7-0019/2014 - Elisabeth Schroedter)
Small agricultural holdings (A7-0029/2014 - Czesław Adam Siekierski)
Integrated parcel delivery market for the growth of e-commerce (A7-0024/2014 - Pablo Arias Echeverría)
Steel industry in Europe (A7-0028/2014 - András Gyürk)
Resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund (debate)
Reindustrialising Europe to promote competitiveness and sustainability (A7-0464/2013 - Reinhard Bütikofer)
Appointment of a Member of the Executive Board of the European Central Bank (Sabine Lautenschläger) (A7-0023/2014 - Sharon Bowles)
Authorising France to apply a reduced rate of certain indirect taxes on ‘traditional’ rum produced in Guadeloupe, French Guiana, Martinique and Réunion (A7-0013/2014 - Danuta Maria Hübner)
Amendment of Parliament 's Rules of Procedure on the waiver and the defence of parliamentary immunity (A7-0012/2014 - Anneli Jäätteenmäki)
Placing on the market, for cultivation, of a genetically modified maize product (B7-0007/2014)ЍЍ
Respect for the fundamental right of free movement in the EU (RCB7-0016/2014, B7-0016/2014, B7-0023/2014, B7-0024/2014, B7-0025/2014, B7-0026/2014, B7-0027/2014)
EU citizenship for sale (RCB7-0015/2014, B7-0015/2014, B7-0017/2014, B7-0028/2014, B7-0029/2014, B7-0030/2014, B7-0031/2014)
2013 progress report on Serbia (B7-0006/2014)
European integration process of Kosovo (B7-0004/2014)
2012 progress report on Iceland and post-election perspectives (B7-0005/2014)
Situation in South Sudan (RCB7-0018/2014, B7-0018/2014, B7-0019/2014, B7-0020/2014, B7-0021/2014, B7-0022/2014, B7-0032/2014)
EU homelessness strategy (RCB7-0008/2014, B7-0008/2014, B7-0009/2014, B7-0010/2014, B7-0011/2014, B7-0012/2014)
Powers and responsibilities of the standing committees (B7-0001/2014)
Repeal of Council Decision 2007/124/EC, Euratom (A7-0432/2013 - Juan Fernando López Aguilar)
Renewal of the EU-Russia agreement on cooperation in science and technology (A7-0473/2013 - Amalia Sartori)
Denominations and technical specifications of euro coins intended for circulation (A7-0479/2013 - Jean-Paul Gauzès)
Future of EU-ASEAN relations (A7-0441/2013 - Reinhard Bütikofer)
Tachographs and social legislation relating to road transport (A7-0471/2013 - Silvia-Adriana Ţicău)
Award of concession contracts (A7-0030/2013 - Philippe Juvin)
Public procurement (A7-0007/2013 - Marc Tarabella)
Procurement by entities operating in the water, energy, transport and postal services sectors (A7-0034/2013 - Marc Tarabella)
Access of goods and services to public procurement markets (A7-0454/2013 - Daniel Caspary)
Hercule III programme and protection of the European Union's financial interests (A7-0385/2012 - Monica Luisa Macovei)
Statistics relating to trading of goods between Member States (A7-0457/2013 - Hans-Peter Martin)
Combating wildlife crime (B7-0013/2014)
Request for the defence of the parliamentary immunity of Lara Comi (A7-0469/2013 - Eva Lichtenberger)
Smart specialisation: networking excellence for a sound Cohesion Policy (A7-0462/2013 - Hermann Winkler)
Rules on voting and contents of reports in the consent procedure (A7-0412/2013 - Rafał Trzaskowski)
CO2 emissions from new light commercial vehicles (A7-0168/2013 - Holger Krahmer)
Consumer programme 2014-2020 (A7-0214/2012 - Robert Rochefort)
Community tariff quotas for high-quality beef, and for pigmeat, poultrymeat, wheat and meslin, and brans, sharps and other residues (A7-0212/2012 - Vital Moreira)
Imports of olive oil and other agricultural products from Turkey (A7-0209/2012 - Vital Moreira)
Geographical indications of aromatised wine products (A7-0158/2012 - Paolo Bartolozzi)
Carbon capture and storage technology (A7-0430/2013 - Chris Davies)
eHealth Action Plan 2012-2020 (A7-0443/2013 - Pilar Ayuso)
Food crisis, fraud in the food chain and the control thereof (A7-0434/2013 - Esther de Lange)
Effective labour inspections as a strategy to improve working conditions (A7-0458/2013 - Jutta Steinruck)
Financial participation of employees in companies' proceeds (A7-0465/2013 - Phil Bennion)
Social protection for all, including self-employed workers (A7-0459/2013 - Vilija Blinkevičiūtė)
New Cohesion Policy programming period (A7-0007/2014 - Derek Vaughan)
Plastic waste in the environment (A7-0453/2013 - Vittorio Prodi)
Regional branding (A7-0456/2013 - Eric Andrieu)
Justice Programme 2014-2020 (A7-0396/2013 - Luigi Berlinguer, Philip Claeys)
Rights and Citizenship Programme 2014-2020 (A7-0397/2013 - Kinga Göncz)
Autonomous trade preferences for Moldova (A7-0422/2013 - Iuliu Winkler)
EU-Morocco Fisheries Partnership Agreement: protocol setting out fishing opportunities and financial contributions (A7-0417/2013 - Carmen Fraga Estévez)
ILO Convention concerning safety in the use of chemicals at work (A7-0400/2013 - Jutta Steinruck)
Illicit manufacturing of and trafficking in firearms, their parts and components and ammunition (A7-0359/2013 - Véronique Mathieu Houillon)
EU-China Agreement relating to the modification of concessions in the schedules of Bulgaria and Romania in the course of their accession to the EU (A7-0332/2013 - Helmut Scholz)
Importation of beef from animals not treated with certain growth-promoting hormones and increased duties applied by the United States to certain products of the European Union (A7-0427/2013 - Vital Moreira)
EU-Côte d’Ivoire Fisheries Partnership Agreement: protocol setting out the fishing opportunities and financial contribution (A7-0416/2013 - Jean Louis Cottigny)
Imports of certain fishery products into the Canary Islands from 2014 to 2020 (A7-0415/2013 - Gabriel Mato Adrover)
Mobilisation of the European Globalisation Adjustment Fund - application EGF/2013/001 FI/Nokia from Finland (A7-0411/2013 - Juan Andrés Naranjo Escobar)
Mobilisation of the European Globalisation Adjustment Fund - application EGF/2013/003 DE/First Solar from Germany (A7-0408/2013 - Nadezhda Neynsky)
Mobilisation of the European Globalisation Adjustment Fund (application EGF/2012/011 DL/Vestas - Denmark) (A7-0410/2013 - Jan Kozłowski)
Negotiations for an EU-Canada strategic partnership agreement (A7-0407/2013 - Elisabeth Jeggle)
Recovery and resolution framework for non-bank institutions (A7-0343/2013 - Kay Swinburne)
EU space industrial policy (A7-0338/2013 - Angelika Niebler)
Cloud computing (A7-0353/2013 - Pilar del Castillo Vera)
Common Fisheries Policy (A7-0409/2013 - Ulrike Rodust)
Common organisation of the markets in fishery and aquaculture products (A7-0413/2013 - Struan Stevenson)
North-East Atlantic: deep-sea stocks and fishing in international waters (A7-0395/2013 - Kriton Arsenis)
Civil protection mechanism (A7-0003/2013 - Elisabetta Gardini)
Credit agreements relating to residential property (A7-0202/2012 - Antolín Sánchez Presedo)
Imports of rice from Bangladesh (A7-0304/2013 - Paul Murphy)
Defining criteria determining when recovered paper ceases to be waste pursuant to Article 6 (1) of Directive 2008/98/EC on waste
Gender aspects of the European framework of national Roma inclusion strategies (A7-0349/2013 - Lívia Járóka)
Development and 'state building' in South Sudan (A7-0380/2013 - Véronique De Keyser)
CARS 2020: towards a strong, competitive and sustainable European car industry (A7-0391/2013 - Franck Proust)
Sexual and reproductive health and rights (A7-0426/2013 - Edite Estrela)
Horizon 2020 - framework programme for research and innovation (2014-2020) (A7-0427/2012 - Teresa Riera Madurell)
Rules for the participation and dissemination in Horizon 2020 (A7-0428/2012 - Christian Ehler)
Strategic innovation agenda of the European Institute of Innovation and Technology (A7-0422/2012 - Marisa Matias)
European Institute of Innovation and Technology (A7-0403/2012 - Philippe Lamberts)
Competitiveness of enterprises and small and medium-sized enterprises (2014 - 2020) (A7-0420/2012 - Jürgen Creutzmann)
Specific programme implementing Horizon 2020 (A7-0002/2013 - Maria Da Graça Carvalho)
European statistics (A7-0436/2012 - Liem Hoang Ngoc)
Programme for social change and innovation (A7-0241/2012 - Jutta Steinruck)
Programme for the environment and climate action (LIFE) (A7-0294/2012 - Jutta Haug)
Action programme for taxation (A7-0399/2012 - Theodor Dumitru Stolojan)
Action programme for customs (A7-0026/2013 - Raffaele Baldassarre)
Insurance and reinsurance (Solvency II) (A7-0352/2013 - Sharon Bowles)
State of play of the Doha development agenda (B7-0492/2013, B7-0493/2013, B7-0494/2013)
Entrepreneurship 2020 action plan - Reigniting the entrepreneurial spirit in Europe (B7-0466/2013)
Strengthening the social dimension of EMU (B7-0496/2013)
Mobilisation of the Flexibility Instrument - financing of the Cypriot Structural Funds programmes (A7-0388/2013 - Jean-Luc Dehaene)
Draft amending budget No 9/2013: Mobilisation of the EU Solidarity Fund for Romania (Drought and forest fires in 2012) and for Germany, Austria and the Czech Republic (Flooding in May and June 2013). (A7-0390/2013 - Giovanni La Via)
Mobilisation of the EU Solidarity Fund - Drought and forest fires in Romania and floods in Germany, Austria and the Czech Republic (A7-0369/2013 - José Manuel Fernandes)
Mobilisation of the Flexibility Instrument to complement the financing in the general budget of the EU for 2013 towards the financing of the European Social Fund to increase allocations to France, Italy and Spain (A7-0370/2013 - Reimer Böge)
Mobilisation of the Flexibility Instrument to complement the financing in the general budget of the EU for 2013 towards the financing of the European Social Fund to increase allocations to France, Italy and Spain (A7-0370/2013 - Reimer Böge)
European satellite navigation systems (A7-0321/2013 - Marian-Jean Marinescu)
Macro-financial assistance to Jordan (A7-0335/2013 - Vital Moreira)
EU-Russia agreement on drug precursors (A7-0342/2013 - Franck Proust)
Third States and organisations with which Europol shall conclude agreements (A7-0351/2013 - Philip Claeys)
Legal framework for a European Research Infrastructures Consortium (A7-0331/2013 - Amalia Sartori)
Common provisions on European funds (A7-0274/2013 - Lambert van Nistelrooij, Constanze Angela Krehl)
European Social Fund (A7-0250/2012 - Elisabeth Morin-Chartier)
European Regional Development Fund and the 'investment for growth and jobs' goal (A7-0268/2013 - Jan Olbrycht)
European Regional Development Fund and the 'European territorial cooperation' goal (A7-0280/2013 - Riikka Pakarinen)
Cohesion Fund (A7-0270/2013 - Victor Boştinaru)
European grouping of territorial cooperation (A7-0309/2013 - Joachim Zeller)
Gender balance among non-executive directors of companies listed on stock exchanges (A7-0340/2013 - Evelyn Regner, Rodi Kratsa-Tsagaropoulou)
Financing, management and monitoring of the CAP (A7-0363/2013 - Giovanni La Via)
Key information documents for investment products (A7-0368/2013 - Pervenche Berès)
European Agricultural Fund for Rural Development (A7-0361/2013 - Luis Manuel Capoulas Santos)
Common organisation of the markets in agricultural products (A7-0366/2013 - Michel Dantin)
Direct payments to farmers under support schemes within the framework of the CAP (A7-0362/2013 - Luis Manuel Capoulas Santos)
Transitional provisions on support for rural development (A7-0326/2013 - Albert Deß)
Provisions relating to financial management for certain Member States experiencing or threatened with serious difficulties with respect to their financial stability and to the decommitment rules for certain Member States (A7-0312/2013 - Oldřich Vlasák)
Financial allocation for certain Member States from the European Social Fund (A7-0381/2013 - Jan Olbrycht)
EC-Kiribati fisheries partnership agreement (A7-0345/2013 - Isabella Lövin)
Location of the seats of the European Union's institutions (A7-0350/2013 - Ashley Fox, Gerald Häfner)
Multiannual financial framework 2014-2020 (A7-0389/2013 - Jean-Luc Dehaene, Ivailo Kalfin)
Interinstitutional agreement on budgetary discipline, on cooperation in budgetary matters and on sound financial management (A7-0337/2013 - Rafał Trzaskowski)
Draft amending budget No 7/2013 - Strengthening the European Social Fund (ESF) to address youth unemployment, poverty and social exclusion in France, Italy and Spain (A7-0367/2013 - Giovanni La Via)
Draft amending budget No 8/2013 (DAB 2 bis) - Reinforcement of payments by MFF heading and shortage of payment appropriations in the 2013 budget (A7-0371/2013 - Giovanni La Via)
European Globalisation Adjustment Fund (application EGF/2013/004 ES/Comunidad Valenciana building materials from Spain) (A7-0341/2013 - Andrej Plenković)
Government procurement agreement (A7-0339/2013 - Helmut Scholz)
Erasmus for all programme (A7-0405/2012 - Doris Pack)
Creative Europe programme (A7-0011/2013 - Silvia Costa)
Europe for Citizens programme (A7-0424/2012 - Hannu Takkula)
Connecting Europe Facility (A7-0021/2013 - Adina-Ioana Vălean, Dominique Riquet, Inés Ayala Sender)
Trans-European transport network (A7-0012/2013 - Georgios Koumoutsakos, Ismail Ertug)
Agricultural and fishery statistics (A7-0148/2013 - Paolo De Castro)
Protection and use of transboundary watercourses and international lakes (A7-0356/2013 - Matthias Groote)
Supplementary research programme for the ITER project (2014-2018) (A7-0211/2013 - Vladimír Remek)
European Atomic Energy Community research and training programme (A7-0407/2012 - Peter Skinner)
Nuclear safety cooperation instrument (A7-0327/2012 - Holger Krahmer)
Nuclear decommissioning assistance programmes in Bulgaria, Lithuania and Slovakia (A7-0119/2013 - Giles Chichester)
Draft general budget of the European Union for the financial year 2014ЍЍ
Draft general budget of the European Union for the financial year 2014 - all sections (A7-0328/2013 - Monika Hohlmeier, Anne E. Jensen)
Marine knowledge 2020 (A7-0295/2013 - Maria do Céu Patrão Neves)
Application and enforcement of international trade rules (A7-0308/2013 - Niccolò Rinaldi)
European Maritime and Fisheries Fund (A7-0282/2013 - Alain Cadec)
Climate change conference (B7-0482/2013)
Organised crime, corruption, and money laundering (A7-0307/2013 - Salvatore Iacolino)
European Neighbourhood Policy, working towards a stronger partnership: EP's position on the 2012 progress reports (B7-0484/2013)
European Semester for economic policy coordination (A7-0322/2013 - Elisa Ferreira)
Migratory flows in the Mediterranean, with particular attention to the tragic events off Lampedusa (RCB7-0474/2013, B7-0474/2013, B7-0475/2013, B7-0476/2013, B7-0477/2013, B7-0478/2013, B7-0479/2013, B7-0480/2013)
Suspension of the SWIFT agreement as a result of NSA surveillance (B7-0467/2013, RCB7-0468/2013, B7-0468/2013, B7-0471/2013, B7-0472/2013, B7-0481/2013)
Draft amending budget No 6/2013 (A7-0347/2013 - Giovanni La Via)
General Union environment action programme to 2020 (A7-0166/2013 - Gaston Franco)
Dangers arising from exposure to ionising radiation (A7-0303/2013 - Thomas Ulmer)
Annual report from the Council to the European Parliament on the common foreign and security policy in 2012 (A7-0330/2013 - Elmar Brok)
Electronic communications (A7-0313/2013 - Catherine Trautmann)
Nacrt općeg proračuna Europske unije za financijsku godinu 2014. - svi dijelovi (A7-0328/2013 - Monika Hohlmeier, Anne E. Jensen) HR
Znanje o moru 2020. (A7-0295/2013 - Maria do Céu Patrão Neves) HR
Primjena i provedba međunarodnih trgovinskih pravila (A7-0308/2013 - Niccolò Rinaldi) HR
Europski fond za pomorstvo i ribarstvo (A7-0282/2013 - Alain Cadec) HR
Konferencija o klimatskim promjenama (B7-0482/2013) HR
Organizirani kriminal, korupcija i pranje novca (A7-0307/2013 - Salvatore Iacolino) HR
Europska politika susjedstva: prema jačanju partnerstva: stajalište Europskog parlamenta o izvješćima za 2012. (B7-0484/2013) HR
Europski semestar za usklađivanje ekonomske politike (A7-0322/2013 - Elisa Ferreira) HR
Migracijski tokovi u Sredozemlju, s posebnim naglaskom na tragične događaje nedaleko od Lampeduse (RCB7-0474/2013, B7-0474/2013, B7-0475/2013, B7-0476/2013, B7-0477/2013, B7-0478/2013, B7-0479/2013, B7-0480/2013) HR
Suspenzija sporazuma SWIFT zbog nadzora Agencije za nacionalnu sigurnost (B7-0467/2013, RCB7-0468/2013, B7-0468/2013, B7-0471/2013, B7-0472/2013, B7-0481/2013) HR
Nacrt izmjene proračuna br. 6/2013 (A7-0347/2013 - Giovanni La Via) HR
Opći akcijski program Unije za okoliš do 2020. (A7-0166/2013 - Gaston Franco) HR
Opasnosti koje potječu od izloženosti ionizirajućem zračenju (A7-0303/2013 - Thomas Ulmer) HR
Godišnje izvješće Vijeća Europskom parlamentu o zajedničkoj vanjskoj i sigurnosnoj politici u 2012. (A7-0330/2013 - Elmar Brok) HR
Elektroničke komunikacije (A7-0313/2013 - Catherine Trautmann) HR
Trade between the Community and third countries in drug precursors (A7-0167/2013 - Franck Proust)
Drug precursors (A7-0153/2013 - Anna Hedh)
e-justice Action Plan 2014-2018 (B7-0465/2013)
Tariff quotas for wine (A7-0293/2013 - Iuliu Winkler)
Macro-financial assistance to the Kyrgyz Republic (A7-0334/2013 - Vital Moreira)
In vitro diagnostic medical devices (A7-0327/2013 - Peter Liese)
Medical devices (A7-0324/2013 - Dagmar Roth-Behrendt)
Ship recycling (A7-0132/2013 - Carl Schlyter)
European statistics on demography (A7-0050/2013 - Csaba Sógor)
Sexual and reproductive health and rights (A7-0306/2013 - Edite Estrela)
Human rights in the Sahel region (A7-0325/2013 - Charles Tannock)
Local authorities and civil society (A7-0296/2013 - Corina Creţu)
Rethinking education (A7-0314/2013 - Katarína Neveďalová)
EU pre-accession funds: judicial systems and the fight against corruption (A7-0318/2013 - Monica Luisa Macovei)
Patient safety (A7-0320/2013 - Oreste Rossi)
Misleading advertisement practices (A7-0311/2013 - Cornelis de Jong)
Participation of Jordan in Union programmes (A7-0305/2013 - Annemie Neyts-Uyttebroeck)
European Border Surveillance System (EUROSUR) (A7-0232/2013 - Jan Mulder)
Portable batteries and accumulators containing cadmium (A7-0131/2013 - Vladko Todorov Panayotov)
Alleged transportation and illegal detention of prisoners in European countries by the CIA (B7-0378/2013, B7-0378/2013, B7-0379/2013, B7-0380/2013, B7-0381/2013)
Strengthening cross-border law-enforcement cooperation in the EU (B7-0433/2013)
Caste-based discrimination (B7-0434/2013)
Annual report on the activities of the Committee on Petitions 2012 (A7-0299/2013 - Edward McMillan-Scott)
Interinstitutional Agreement between the European Parliament and the ECB on cooperation on procedures related to the Single Supervisory Mechanism (A7-0302/2013 - Carlo Casini)
Number and numerical strength of the interparliamentary delegations, delegations to joint parliamentary committees and delegations to parliamentary cooperation committees and multilateral Parliamentary Assemblies
2011 discharge: European Council and Council (A7-0310/2013 - Andrea Češková)
Assessment of the effects of certain public and private projects on the environment (A7-0277/2013 - Andrea Zanoni)
Recreational craft and personal watercraft (A7-0213/2012 - Malcolm Harbour)
Recognition of professional qualifications and administrative cooperation through the Internal Market Information System (A7-0038/2013 - Bernadette Vergnaud)
EU-Armenia agreement on the facilitation of the issuance of visas (A7-0290/2013 - Edit Bauer)
EU-Armenia agreement on the readmission of persons residing without authorisation (A7-0289/2013 - Edit Bauer)
Permitted health claims made on foods (B7-0437/2013)
Food and products of animal origin (B7-0438/2013)
EU-China negotiations for a bilateral investment agreement (B7-0436/2013, B7-0439/2013)
EU-Taiwan trade relations (B7-0435/2013)
Technical requirements and administrative procedures related to air operations (B7-0440/2013)
EU and Member State measures to tackle the flow of refugees as a result of the conflict in Syria (B7-0442/2013)
EC-Ukraine cooperation agreement on a civil Global Navigation Satellite System (A7-0298/2013 - Amalia Sartori)
Mobilisation of the European Globalisation Adjustment Fund: application EGF/2011/025 IT/Lombardy - Italy (A7-0294/2013 - Salvador Garriga Polledo)
Mobilisation of the European Globalisation Adjustment Fund: application EGF/2012/008 IT/De Tomaso Automobili - Italy (A7-0292/2013 - Dominique Riquet)
Corruption in the public and private sectors: the impact on human rights in third countries (A7-0250/2013 - Ana Gomes)
Forward policy planning: budgetary implications for capacity-building (A7-0265/2013 - James Elles)
Private international law and employment (A7-0291/2013 - Evelyn Regner)
Flag State responsibilities for the enforcement of Council Directive 2009/13/EC implementing the Agreement on the Maritime Labour Convention (A7-0037/2013 - Pervenche Berès)
EU-Mauritania fishing opportunities and financial contribution protocol (A7-0184/2013 - Gabriel Mato Adrover)
Gendercide: the missing women? (A7-0245/2013 - Antigoni Papadopoulou)
Budgetary constraints for regional and local authorities regarding the EU's Structural Funds (A7-0269/2013 - Erminia Mazzoni)
Comprehensive EU fishery strategy in the Pacific region (A7-0297/2013 - Carmen Fraga Estévez)
Fisheries restrictions and jurisdictional waters in the Mediterranean and Black Sea - conflict resolution (A7-0288/2013 - Nikolaos Salavrakos)
European Banking Authority and prudential supervision of credit institutions (A7-0393/2012 - Sven Giegold)
Specific tasks for the European Central Bank concerning policies relating to the prudential supervision of credit institutions (A7-0392/2012 - Marianne Thyssen)
Access to genetic resources and the fair and equitable sharing of benefits arising from their utilization in the Union (A7-0263/2013 - Sandrine Bélier)
Micro-generation (B7-0388/2013)
Equal pay for male and female workers (B7-0387/2013)
EU cybersecurity strategy: an open, safe and secure cyberspace (B7-0386/2013)
Digital agenda for growth, mobility and employment (B7-0385/2013)
Situation in Syria (RCB7-0413/2013, B7-0413/2013, B7-0423/2013, B7-0424/2013, B7-0425/2013, B7-0426/2013, B7-0427/2013, B7-0428/2013)
Situation in Egypt (RCB7-0411/2013, B7-0411/2013, B7-0412/2013, B7-0414/2013, B7-0415/2013, B7-0417/2013, B7-0420/2013)
Maritime dimension of the common security and defence policy (A7-0220/2013 - Ana Gomes)
EU's military structures: state of play and future prospects (A7-0205/2013 - Marietta Giannakou)
EU policy towards Belarus (A7-0261/2013 - Justas Vincas Paleckis)
Pressure exercised by Russia on countries of the Eastern Partnership (in the context of the upcoming Eastern Partnership Summit in Vilnius) (RCB7-0389/2013, B7-0389/2013, B7-0393/2013, B7-0394/2013, B7-0395/2013, B7-0396/2013, B7-0397/2013)
EU internal security strategy (B7-0377/2013)
EU internal security strategy (B7-0377/2013)
EU internal security strategy (B7-0377/2013)
EU internal security strategy (B7-0377/2013)
European cultural and creative sectors as sources of economic growth and jobs (A7-0248/2013 - Marie-Thérèse Sanchez-Schmid)
Endangered European languages and linguistic diversity (A7-0239/2013 - François Alfonsi)
Parliament's rights in the appointment procedure of future executive directors of the European Environment Agency (A7-0264/2013 - Matthias Groote)
Draft amending budget No 2/2013 - Increase in forecasts concerning other revenue stemming from fines and penalties - Increase in payment appropriations (A7-0287/2013 - Giovanni La Via)
Draft amending budget No 3/2013 - Surplus resulting from the implementation of the budget year 2012 (A7-0284/2013 - Giovanni La Via)
Draft amending budget No 4/2013 - Staff of the European GNSS Agency - Staff of the Education, Audiovisual and Culture Executive Agency (EACEA) - Staff of the Court of Justice of the European Union (Rule 138) (vote) (A7-0285/2013 - Giovanni La Via, Derek Vaughan)
Mobilisation of the EU Solidarity Fund: flooding in Slovenia, Croatia and Austria in autumn 2012 (A7-0283/2013 - José Manuel Fernandes)
Draft amending budget No 5/2013 - Mobilisation of the Solidarity Fund following flooding in Slovenia, Croatia and Austria in 2012 (A7-0286/2013 - Giovanni La Via)
Fuel quality directive and renewable energy directive (A7-0279/2013 - Corinne Lepage)
Measures for the recovery of European eel stocks (A7-0242/2013 - Isabella Lövin)
Union Customs Code (A7-0006/2013 - Constance Le Grip)
Collection of accountancy data on the incomes and business operation of agricultural holdings (A7-0179/2012 - Giancarlo Scottà)
Amendment of food safety directives as regards the powers to be conferred on the Commission (A7-0045/2013 - Matthias Groote)
Amendment of Directive 2011/92/EU on the assessment of the effects of certain public and private projects on the environment (A7-0277/2013 - Andrea Zanoni)
EU-Cape Verde agreement on facilitating the issue of short-stay visas to citizens of the Republic of Cape Verde and of the EU (A7-0266/2013 - Mariya Gabriel)
EU-Cape Verde agreement on the readmission of persons residing without authorisation (A7-0267/2013 - Mariya Gabriel)
Implementation of the EU youth strategy 2010-2012 (A7-0238/2013 - Georgios Papanikolaou)
Tackling youth unemployment: possible ways out (A7-0275/2013 - Joanna Katarzyna Skrzydlewska)
Internal market for services (A7-0273/2013 - Anna Maria Corazza Bildt)
Amendment of Council Regulation (EC) No 850/98 concerning the conservation of fishery resources through technical measures for the protection of juveniles of marine organisms (A7-0256/2013 - Rareş-Lucian Niculescu)
Property consequences of registered partnerships (A7-0254/2013 - Alexandra Thein)
Matrimonial property regimes (A7-0253/2013 - Alexandra Thein)
European transport-technology strategy for Europe's future sustainable mobility (A7-0241/2013 - Michael Cramer)
Right of access to a lawyer in criminal proceedings and right to communicate upon arrest (A7-0228/2013 - Elena Oana Antonescu)
Credit agreements relating to residential property (A7-0202/2012 - Antolín Sánchez Presedo)
Insider dealing and market manipulation (market abuse) (A7-0347/2012 - Arlene McCarthy)
Amendment of Council Regulation (EC) No 2187/2005 for the conservation of fishery through technical measures in the Baltic Sea, the Belts and the Sound (A7-0259/2013 - Marek Józef Gróbarczyk)
Making the internal energy market work (A7-0262/2013 - Jerzy Buzek)
Implementation and impact of the energy efficiency measures under the cohesion policy (A7-0271/2013 - Mojca Kleva Kekuš)
A strategy for fisheries in the Adriatic and Ionian seas (A7-0234/2013 - Guido Milana)
More efficient and cost-effective interpretation in the European Parliament (A7-0233/2013 - Esther de Lange)
Online gambling in the internal market (A7-0218/2013 - Ashley Fox)
Appointment of Luigi Berlinguer to the panel set up under Article 255 of the TFEU (B7-0384/2013)
Further macro-financial assistance for Georgia (A7-0244/2013 - Vital Moreira)
Attacks against information systems (A7-0224/2013 - Monika Hohlmeier)
US NSA surveillance programme, surveillance bodies in various Member States and impact on EU citizens' privacy (RCB7-0336/2013, B7-0336/2013, B7-0337/2013, B7-0338/2013, B7-0341/2013, B7-0342/2013, B7-0343/2013)
Practical arrangements for the holding of the European elections in 2014 (A7-0219/2013 - Andrew Duff)
Arms exports: implementation of Council Common Position 2008/944/CFSP (RCB7-0258/2013, B7-0258/2013, RCB7-0260/2013, B7-0260/2013, B7-0262/2013, B7-0263/2013, B7-0264/2013, B7-0267/2013)
Opening of negotiations on a plurilateral agreement on services (B7-0314/2013, B7-0317/2013)
Increase in Norwegian duties on agricultural products (B7-0327/2013)
Completing the digital single market (B7-0331/2013)
Impact of the crisis on access to care for vulnerable groups (A7-0221/2013 - Jean Lambert)
Connected TV (A7-0212/2013 - Petra Kammerevert)
Review of the Irish Presidency, including the MFF agreement (B7-0332/2013, RCB7-0334/2013, B7-0334/2013, B7-0335/2013, B7-0339/2013, B7-0340/2013)
Wheeled vehicules (Amendment of Decision 97/836/EC ('revised 1958 Agreement')) (A7-0192/2013 - Vital Moreira)
Wheeled vehicules (Amendment of Council Decision 2000/125/EC ('parallel agreement')) (A7-0194/2013 - Vital Moreira)
Mobilisation of the European Globalisation Adjustment Fund: application EGF/2013/000 TA 2013 - technical assistance at the initiative of the Commission (A7-0243/2013 - Alda Sousa)
Investigations conducted by the European Anti Fraud Office (OLAF) (A7-0225/2013 - Ingeborg Gräßle)
Laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (A7-0125/2013 - Sven Giegold)
Timing of auctions of greenhouse gas allowances (A7-0046/2013 - Matthias Groote)
Adoption by Latvia of the euro on 1 January 2014 (A7-0237/2013 - Burkhard Balz)
Road safety (B7-0318/2013)
Reforming the structure of the EU banking sector (A7-0231/2013 - Arlene McCarthy)
Protection of the EU's financial interests - fight against fraud (A7-0197/2013 - Derek Vaughan)
Integrated internal control framework (A7-0189/2013 - Andrea Češková)
Vienna Convention on Civil Liability for Nuclear Damage (A7-0198/2013 - Alajos Mészáros)
Application of Article 93 of the EC Treaty (A7-0180/2013 - Sirpa Pietikäinen)
External aviation policy (A7-0172/2013 - Marian-Jean Marinescu)
Member States' export credit agencies (A7-0193/2013 - Yannick Jadot)
Statute for a European Foundation (A7-0223/2013 - Evelyn Regner)
Port State control (A7-0394/2012 - Brian Simpson)
Registration documents for vehicles (A7-0199/2013 - Vilja Savisaar-Toomast)
Inspection of the roadworthiness of commercial vehicles (A7-0207/2013 - Olga Sehnalová)
Roadworthiness tests for motor vehicles and their trailers (A7-0210/2013 - Werner Kuhn)
Priority substances in the field of water policy (A7-0397/2012 - Richard Seeber)
Certain categories of horizontal State aid and public passenger transport services by rail and by road (A7-0179/2013 - Herbert Dorfmann)
Blue growth - enhancing sustainable growth in the marine, maritime transport and tourism sectors (A7-0209/2013 - Spyros Danellis)
Contribution of cooperatives to overcoming the crisis (A7-0222/2013 - Patrizia Toia)
A bioeconomy for Europe (A7-0201/2013 - Paolo Bartolozzi)
Stepping-stone Economic Partnership Agreement between the EC and Central Africa (A7-0190/2013 - David Martin)
Second amendment to the Cotonou Agreement of 23 June 2000 (A7-0110/2013 - Michael Cashman)
Freedom of press and media in the world (A7-0176/2013 - Marietje Schaake)
Financial services: Lack of progress in Council and Commission's delay in the adoption of certain proposals (B7-0304/2013)
Situation in Turkey (RCB7-0305/2013, B7-0305/2013, B7-0306/2013, B7-0307/2013, B7-0308/2013, B7-0309/2013, B7-0310/2013, B7-0311/2013)
2013 review of the organisation and functioning of the EEAS (A7-0147/2013 - Elmar Brok, Roberto Gualtieri)
Promotion and protection of freedom of religion or belief (A7-0203/2013 - Laima Liucija Andrikienė)
A broader Transatlantic partnership (A7-0173/2013 - Francisco José Millán Mon)
Reconstruction and democratisation of Mali (B7-0254/2013)
Partnership and cooperation agreement with Afghanistan (RCB7-0274/2013, B7-0274/2013, B7-0281/2013, B7-0282/2013, B7-0283/2013, B7-0284/2013, B7-0285/2013)
Millennium development goals (A7-0165/2013 - Filip Kaczmarek)
Parliament's calendar of part-sessions – 2014
Appointment of a member of the Court of Auditors - Neven Mates (A7-0182/2013 - Inés Ayala Sender)
Appointment of a member of the Court of Auditors - George Pufan (A7-0181/2013 - Inés Ayala Sender)
Illegal, unreported and unregulated fishing (A7-0144/2013 - Raül Romeva i Rueda)
Laying down standards for the reception of applicants for international protection (recast) (A7-0214/2013 - Antonio Masip Hidalgo)
Application for international protection lodged in a Member State by a third-country national or a stateless person (recast version) (A7-0216/2013 - Cecilia Wikström)
Granting and withdrawing international protection (recast) (A7-0217/2013 - Sylvie Guillaume)
Fund for European aid to the most deprived (A7-0183/2013 - Emer Costello)
Establishment of 'Eurodac' for the comparison of fingerprints (A7-0432/2012 - Monica Luisa Macovei)
Temporary reintroduction of border control at internal borders (A7-0200/2012 - Renate Weber)
Establishment of an evaluation mechanism to verify application of the Schengen acquis (A7-0215/2013 - Carlos Coelho)
Financial statements and related reports of certain types of undertakings (A7-0278/2012 - Klaus-Heiner Lehne)
Transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market (A7-0292/2012 - Arlene McCarthy)
Adjustment rate to direct payments provided for in Regulation (EC) No 73/2009 in respect of calendar year 2013 (A7-0186/2013 - Luis Manuel Capoulas Santos)
Amendment of Schengen border code and Convention implementing the Schengen Agreement (A7-0206/2013 - Georgios Papanikolaou)
Draft decision of the European Council establishing the composition of the European Parliament (A7-0213/2013 - Rafał Trzaskowski, Roberto Gualtieri)
Social investment for growth and cohesion (B7-0255/2013)
Regional policy as a part of wider State support schemes (A7-0204/2013 - Oldřich Vlasák)
Annual report on competition policy (A7-0143/2013 - Antolín Sánchez Presedo)
Preparations for the European Council meeting (27-28 June 2013) - Democratic decision making in the future EMU (B7-0271/2013, B7-0272/2013, B7-0277/2013)
Preparations for the European Council meeting (27-28 June 2013) - European action to combat youth unemployment (RCB7-0270/2013, B7-0270/2013, B7-0273/2013, B7-0275/2013, B7-0276/2013, B7-0278/2013, B7-0279/2013, B7-0280/2013)
Deadlock on the revision of Regulation (EC) No 1049/2001 (RCB7-0256/2013, B7-0256/2013, B7-0257/2013, B7-0259/2013, B7-0261/2013, B7-0265/2013, B7-0266/2013)
Long-term plan for cod stocks and the fisheries exploiting those stocks - 1 (A7-0141/2013 - Diane Dodds)
A new agenda for European consumer policy (A7-0163/2013 - Vicente Miguel Garcés Ramón)
Legal aid in cross-border civil and commercial disputes (A7-0161/2013 - Tadeusz Zwiefka)
Customs enforcement of intellectual property rights (A7-0185/2013 - Jürgen Creutzmann)
Food intended for infants and young children and food for special medical purposes (A7-0191/2013 - Frédérique Ries)
Health and safety requirements regarding the exposure of workers to the risks arising from physical agents (electromagnetic fields) (A7-0009/2013 - Elisabeth Morin-Chartier)
Long-term plan for cod stocks and the fisheries exploiting those stocks - 2 (A7-0146/2013 - Diane Dodds)
Organised crime, corruption and money laundering (A7-0175/2013 - Salvatore Iacolino)
Social housing in the European Union (A7-0155/2013 - Karima Delli)
Educational and occupational mobility of women (A7-0164/2013 - Licia Ronzulli)
Electronic toll service and vignette system on light private vehicles (A7-0142/2013 - Jim Higgins)
Community Customs Code as regards the date of its application (A7-0170/2013 - Constance Le Grip)
Reinstatement of Myanmar/Burma's access to generalised tariff preferences (A7-0122/2013 - David Martin)
Non-commercial movement of pet animals (A7-0371/2012 - Horst Schnellhardt)
Animal health requirements governing trade in dogs, cats and ferrets (A7-0366/2012 - Horst Schnellhardt)
Situation of Syrian refugees in neighbouring countries (B7-0199/2013, B7-0200/2013, B7-0222/2013, B7-0226/2013, B7-0227/2013, B7-0228/2013, RCB7-0199/2013)
Asset recovery to Arab Spring countries in transition (RCB7-0188/2013, B7-0188/2013, B7-0189/2013, B7-0191/2013, B7-0192/2013, B7-0193/2013, B7-0194/2013)
2012 progress report on Bosnia and Herzegovina (B7-0161/2013)
2012 progress report on the former Yugoslav Republic of Macedonia (B7-0186/2013)
EU trade and investment agreement negotiations with the US (B7-0187/2013, B7-0195/2013)
Myanmar/Burma's access to generalised tariff preferences (B7-0198/2013)
A macro-regional strategy for the Alps (B7-0190/2013, B7-0190/2013, B7-0196/2013, B7-0197/2013, B7-0229/2013)
Labour conditions and health and safety standards following the recent factory fires and building collapse in Bangladesh (RCB7-0223/2013, B7-0223/2013, B7-0224/2013, B7-0225/2013, B7-0230/2013, B7-0231/2013, B7-0232/2013)
Future legislative proposals on EMU (debate)
Fight against tax fraud, tax evasion and tax havens (A7-0162/2013 - Mojca Kleva Kekuš)
Annual tax report: how to free the EU potential for economic growth (A7-0154/2013 - Ildikó Gáll-Pelcz)
Draft protocol on the application of the Charter of fundamental rights of the European Union to the Czech Republic (consultation) (A7-0174/2013 - Andrew Duff)
Mutual recognition of protection measures in civil matters (A7-0126/2013 - Antonio López-Istúriz White, Antonyia Parvanova)
EU-Canada Agreement on customs cooperation with respect to matters related to supply chain security (A7-0152/2013 - Peter Šťastný)
Pyrotechnic articles (A7-0375/2012 - Zuzana Roithová)
Implementation of the audiovisual media services directive (A7-0055/2013 - Piotr Borys)
EU-Sri Lanka Agreement on certain aspects of air services (A7-0169/2013 - Petri Sarvamaa)
Enhanced cooperation between the European Union and the European Organisation for the Safety of Air Navigation (A7-0157/2013 - Jaromír Kohlíček)
Amendment of Regulation (EEC/Euratom) No 354/83, as regards the deposit of the historical archives of the institutions at the European University Institute in Florence (A7-0156/2013 - Doris Pack)
Period for the eighth election of representatives to the European Parliament by direct universal suffrage (A7-0138/2013 - Carlo Casini)
Takeover bids (A7-0089/2013 - Klaus-Heiner Lehne)
Regional strategies for industrial areas in the European Union (A7-0145/2013 - Jens Geier)
Offshore oil and gas prospection, exploration and production activities (A7-0121/2013 - Ivo Belet)
Renewable energy in the European internal energy market (A7-0135/2013 - Herbert Reul)
Women's rights in the Balkan accession countries (A7-0136/2013 - Marije Cornelissen)
EU Charter: standard settings for media freedom across the EU (A7-0117/2013 - Renate Weber)
Adequate, safe and sustainable pensions (A7-0137/2013 - Ria Oomen-Ruijten)
Specific tasks for the European Central Bank concerning policies relating to the prudential supervision of credit institutions - European Banking Authority and prudential supervision of credit institutions (debate)
Amendment of the EC-Ukraine Agreement on the facilitation of the issuance of visas (A7-0059/2013 - Claude Moraes)
EU-Moldova Agreement on the facilitation of the issuance of visas (A7-0128/2013 - Marian-Jean Marinescu)
Impact of the financial and economic crisis on human rights (A7-0057/2013 - Inese Vaidere)
European statistics on demography (A7-0050/2013 - Csaba Sógor)
2012 comprehensive monitoring report on Croatia (B7-0160/2013)
2012 progress report on Turkey (B7-0162/2013)
2012 progress report on Montenegro (B7-0087/2013)
2012 progress report on Serbia (B7-0090/2013)
European integration process of Kosovo (B7-0089/2013)
Completing the scoreboard for the Macroeconomic Imbalance Procedure (B7-0165/2013)
2011 discharge: Section III, Commission (A7-0116/2013 - Jens Geier)
Court of Auditors' special reports in the context of the 2011 Commission discharge (A7-0096/2013 - Jens Geier)
2011 discharge: EU general budget, European Parliament (A7-0063/2013 - Eva Ortiz Vilella)
2011 discharge: 8th, 9th and 10th European Development Funds (EDF) (A7-0062/2013 - Søren Bo Søndergaard)
2011 discharge: European Council and Council (A7-0061/2013 - Andrea Češková)
2011 discharge: Court of Justice (A7-0090/2013 - Ryszard Czarnecki)
2011 discharge: Court of Auditors (A7-0092/2013 - Ryszard Czarnecki)
2011 discharge: European Economic and Social Committee (A7-0076/2013 - Andrea Češková)
2011 discharge: Committee of the Regions (A7-0093/2013 - Andrea Češková)
2011 discharge: European Ombudsman (A7-0094/2013 - Andrea Češková)
2011 discharge: European Data Protection Supervisor (A7-0095/2013 - Andrea Češková)
2011 discharge: European External Action Service (A7-0099/2013 - Ryszard Czarnecki)
2011 discharge: performance, financial management and control of EU agencies (A7-0118/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Agency for the Cooperation of Energy Regulators (A7-0068/2013 - Gerben-Jan Gerbrandy)
2011 discharge: Body of European Regulators for Electronic Communications (A7-0066/2013 - Gerben-Jan Gerbrandy)
2011 discharge: Translation Centre for the Bodies of the European Union (A7-0069/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Centre for the Development of Vocational Training (Cedefop) (A7-0073/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Police College (A7-0064/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Aviation Safety Agency (A7-0075/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Banking Authority (A7-0113/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Centre for Disease Prevention and Control (A7-0082/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Chemicals Agency (A7-0097/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Environment Agency (A7-0070/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Fisheries Control Agency (A7-0109/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Food Safety Agency (A7-0074/2013 - Gerben-Jan Gerbrandy)
2011 discharge - European Institute for Gender Equality (A7-0081/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Insurance and Occupational Pensions Authority (A7-0114/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Institute of Innovation and Technology (A7-0108/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Medicines Agency (A7-0098/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Monitoring Centre for Drugs and Drug Addiction (A7-0071/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Agency for Maritime Safety (A7-0078/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Network and Information Security Agency (A7-0100/2013 - Gerben-Jan Gerbrandy)
Estimates of revenue and expenditure for 2014 - Section I - Parliament (A7-0112/2013 - Monika Hohlmeier)
Financial assistance for Member States whose currency is not the euro (A7-0129/2013 - Danuta Maria Hübner)
2011 discharge: European Railway Agency (A7-0103/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Securities and Markets Authority (A7-0115/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Training Foundation (A7-0080/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Agency for Safety and Health at Work (A7-0085/2013 - Gerben-Jan Gerbrandy)
2011 discharge: Euratom Supply Agency (A7-0104/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Foundation for the Improvement of Living and Working Conditions (A7-0067/2013 - Gerben-Jan Gerbrandy)
2011 discharge: Eurojust (A7-0072/2013 - Gerben-Jan Gerbrandy)
Common system of value added tax as regards the treatment of vouchers (A7-0058/2013 - Ildikó Gáll-Pelcz)
2011 discharge: Europol (A7-0083/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Union Agency for Fundamental Rights (A7-0102/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European Agency for the Management of Operational Cooperation at the External Borders (Frontex) (A7-0079/2013 - Gerben-Jan Gerbrandy)
2011 discharge: European GNSS Agency (A7-0065/2013 - Gerben-Jan Gerbrandy)
2011 discharge: Artemis Joint Undertaking (A7-0087/2013 - Gerben-Jan Gerbrandy)
2011 discharge: Clean Sky Joint Undertaking (A7-0086/2013 - Gerben-Jan Gerbrandy)
2011 discharge: ENIAC Joint Undertaking (A7-0105/2013 - Gerben-Jan Gerbrandy)
2011 discharge: Fuel Cells and Hydrogen Joint Undertaking (A7-0084/2013 - Gerben-Jan Gerbrandy)
2011 discharge: Initiative on Innovative Medicines Joint Undertaking (A7-0088/2013 - Gerben-Jan Gerbrandy)
2011 discharge: Joint Undertaking for ITER and the development of fusion energy (A7-0077/2013 - Gerben-Jan Gerbrandy)
2011 discharge: SESAR Joint Undertaking (A7-0101/2013 - Gerben-Jan Gerbrandy)
International recovery of child support and other forms of family maintenance (A7-0091/2013 - Antonio López-Istúriz White)
Credit institutions and prudential supervision - Prudential requirements for credit institutions and investment firms (debate)
European Network and Information Security Agency (ENISA) (A7-0056/2013 - Giles Chichester)
Incidental catches of cetaceans (A7-0042/2013 - Raül Romeva i Rueda)
Fishing opportunities and financial contribution provided for by the EU-Mauritius Fisheries Partnership Agreement (A7-0127/2013 - Antolín Sánchez Presedo)
European Globalisation Adjustment Fund: application EGF/2012/023 IT/Antonio Merloni SpA (A7-0111/2013 - Frédéric Daerden)
European Globalisation Adjustment Fund: application EGF/2011/016 IT/Agile (A7-0133/2013 - Angelika Werthmann)
European Globalisation Adjustment Fund: application EGF/2011/010 AT/Austria Tabak (A7-0134/2013 - Frédéric Daerden)
EU/ACP countries' Economic Partnership Agreements: exclusion of certain countries from trade preferences (A7-0123/2013 - David Martin)
Timing of auctions of greenhouse gas allowances (A7-0046/2013 - Matthias Groote)
Scheme for greenhouse gas emission allowance trading (A7-0060/2013 - Peter Liese)
Groundhandling services at European Union airports (A7-0364/2012 - Artur Zasada)
Technical and control measures in the Skagerrak (A7-0051/2013 - Werner Kuhn)
Equal treatment between men and women in the access to and supply of goods and services (A7-0044/2013 - Zita Gurmai)
Advancing development through trade (A7-0054/2013 - Alf Svensson)
Trade and investment-driven growth for developing countries (A7-0053/2013 - Tokia Saïfi)
European Central Bank annual report (2011) (debate)
Situation of women in North Africa (A7-0047/2013 - Silvia Costa)
Financing of EU cooperation for African, Caribbean and Pacific States and overseas countries and territories for 2014-2020 (A7-0049/2013 - Patrice Tirolien)
Motion for a resolution - European Council conclusions of 7-8 February concerning the Multiannual Financial Framework
System of national and regional accounts (A7-0076/2012 - Sharon Bowles)
Guidelines for the 2014 budget - Section III (A7-0043/2013 - Anne E. Jensen)
Definition, description, presentation, labelling and protection of geographical indications of spirit drinks
Decision on the opening of, and mandate for, interinstitutional negotiations on direct payments to farmers under support schemes within the framework of the CAP - 2011/0280(COD) (B7-0079/2013)
Decision on the opening of, and mandate for, interinstitutional negotiations on common organisation of the markets in agricultural products (Single CMO Regulation) - 2011/0281(COD) (B7-0080/2013)
Decision on the opening of, and mandate for, interinstitutional negotiations on support for rural development by the European Agricultural Fund for Rural Development (EAFRD) - 2011/0282(COD) (B7-0081/2013)
Decision on the opening of, and mandate for, interinstitutional negotiations on financing, management and monitoring of the CAP - 2011/0288(COD) (B7-0082/2013)
Trans-European energy infrastructure guidelines (A7-0036/2013 - António Fernando Correia de Campos)
European Ombudsman special report (Vienna airport) (A7-0022/2013 - Margrete Auken)
Accounting rules and action plans on greenhouse gas emissions and removals resulting from activities related to land use (A7-0317/2012 - Kriton Arsenis)
Mechanism for monitoring and reporting greenhouse gas emissions and other information relevant to climate change (A7-0191/2012 - Bas Eickhout)
Online consumer dispute resolution (A7-0236/2012 - Róża Gräfin von Thun und Hohenstein)
Alternative consumer dispute resolution (A7-0280/2012 - Louis Grech)
Association of the overseas countries and territories with the European Union (A7-0052/2013 - Patrice Tirolien)
Radioactive substances in water intended for human consumption (A7-0033/2013 - Michèle Rivasi)
Economic and budgetary surveillance of Member States with serious difficulties with respect to their financial stability in the euro area (A7-0172/2012 - Jean-Paul Gauzès)
Monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area (A7-0173/2012 - Elisa Ferreira)
European venture capital funds (A7-0193/2012 - Philippe Lamberts)
European social entrepreneurship funds (A7-0194/2012 - Sophie Auconie)
Impact of the economic crisis on gender equality and women's rights (A7-0048/2013 - Elisabeth Morin-Chartier)
Eliminating gender stereotypes in the EU (A7-0401/2012 - Kartika Tamara Liotard)
European Innovation Partnership on Active and Healthy Ageing (A7-0029/2013 - Kartika Tamara Liotard)
Preparations for CITES COP 16 (B7-0047/2013)
Guidelines for the 2014 budget - sections other than the Commission (A7-0020/2013 - Monika Hohlmeier)
Corporate social responsibility: accountable, transparent and responsible business behaviour and sustainable growth (A7-0017/2013 - Raffaele Baldassarre)
Corporate social responsibility: promoting society's interests and a route to sustainable and inclusive recovery (A7-0023/2013 - Richard Howitt)
Common system of value added tax and a quick reaction mechanism against VAT fraud (A7-0014/2013 - David Casa)
European Semester for economic policy coordination: employment and social aspects in the annual growth survey 2013 (A7-0024/2013 - Veronica Lope Fontagné)
Governance of the single market (A7-0019/2013 - Andreas Schwab)
22nd session of the United Nations Human Rights Council (B7-0055/2013, B7-0055/2013, B7-0058/2013, B7-0059/2013, B7-0060/2013, B7-0061/2013, B7-0062/2013)
Judicial training - court coordinators (B7-0053/2013)
European Investment Bank - 2011 annual report (A7-0016/2013 - Mario Mauro)
EU-US Agreement under GATT 1994: modification of concessions in the schedules of the Republic of Bulgaria and Romania in the course of their accession to the EU (A7-0430/2012 - Vital Moreira)
Guidelines for the employment policies of the Member States (A7-0010/2013 - Pervenche Berès)
Transparency of measures regulating the prices of medicinal products for human use (A7-0015/2013 - Antonyia Parvanova)
Common fisheries policy (A7-0008/2013 - Ulrike Rodust)
Sound level of motor vehicles (A7-0435/2012 - Miroslav Ouzký)
European Refugee Fund, the European Return Fund and the European Fund for the Integration of Third-Country Nationals (A7-0004/2013 - Nils Torvalds)
External Borders Fund (A7-0433/2012 - Nils Torvalds)
Conservation of fishery resources (A7-0342/2012 - Pat the Cope Gallagher)
Elimination and prevention of all forms of violence against women and girls (B7-0049/2013)
Specific measures in favour of agriculture in the smaller Aegean islands (A7-0319/2011 - Georgios Papastamkos)
Specific measures for agriculture in the outermost regions of the Union (A7-0321/2011 - Gabriel Mato Adrover)
Improving access to finance for SMEs (A7-0001/2013 - Philippe De Backer)
European Semester for economic policy coordination: annual growth survey 2013 - European Semester for economic policy coordination: employment and social aspects in the annual growth survey 2013 - Governance of the single market (debate)
Iraq (B7-0006/2013)
EU-Iraq partnership and cooperation agreement (A7-0411/2012 - Mario Mauro)
Implementation of IEPA between the European Community and Eastern and Southern Africa States in light of the current situation in Zimbabwe (B7-0025/2013, B7-0026/2013, B7-0027/2013)
Interim agreement establishing a framework for an EC-Eastern and Southern Africa States Economic Partnership Agreement (A7-0431/2012 - Daniel Caspary)
State aid modernisation (B7-0024/2013)
Recent casualties in textile factory fires, notably in Bangladesh (B7-0004/2013, B7-0004/2013, B7-0005/2013, B7-0010/2013, B7-0020/2013, B7-0021/2013, B7-0022/2013)
Regulation on mandatory marking of origin for certain products imported from third countries (B7-0013/2013, B7-0013/2013, B7-0014/2013, B7-0015/2013, B7-0016/2013)
State of play of EU-Mercosur trade relations (B7-0008/2013, B7-0008/2013, B7-0009/2013, B7-0017/2013, B7-0018/2013, B7-0019/2013)
Classification, packaging and labelling of dangerous preparations (A7-0391/2012 - Eija-Riitta Korhola)
Sustainable exploitation of fishery resources in the Mediterranean Sea (A7-0180/2012 - Anna Rosbach)
Conclusion of the Nagoya-Kuala Lumpur Supplementary Protocol on Liability and Redress to the Cartagena Protocol on Biosafety (A7-0429/2012 - Matthias Groote)
Public finances in EMU - 2011 and 2012 (A7-0425/2012 - Alfredo Pallone)
Multi-annual plan for cod stocks in the Baltic Sea (A7-0395/2012 - Jarosław Leszek Wałęsa)
Conservation of fishery resources (A7-0342/2012 - Pat the Cope Gallagher)
Amendment of Parliament's Rules of Procedure on the order of precedence of Vice-Presidents elected by acclamation (A7-0412/2012 - Carlo Casini)
Youth guarantee (B7-0007/2013)
Urban redevelopment as contribution to economic growth (A7-0406/2012 - Andrea Cozzolino)
Role of territorial development in cohesion policy (A7-0421/2012 - Derek Vaughan)
European Union Solidarity Fund, implementation and application (A7-0398/2012 - Rosa Estaràs Ferragut)
Administrative procedure law (A7-0369/2012 - Luigi Berlinguer)
Information and consultation of workers, anticipation and management of restructuring (A7-0390/2012 - Alejandro Cercas)
EU strategy for the Horn of Africa (A7-0408/2012 - Charles Tannock)
Development aspects of intellectual property rights on genetic resources (A7-0423/2012 - Catherine Grèze)
Credit rating agencies - Undertakings of collective investment in transferable securities (UCITS) and alternative investment funds managers (debate)
Feasibility of introducing stability bonds (debate)
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Enhanced cooperation on the financial transaction tax (debate)
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Towards a genuine Economic and Monetary Union (debate)
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State of the Union (debate)
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Economic and budgetary surveillance of Member States with serious difficulties with respect to their financial stability in the euro area - Monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area (debate)
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Common system for taxing financial transactions (debate)
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Guinea-Bissau (debate)
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Common consolidated corporate tax base (debate)
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Employment and social aspects in the Annual Growth Survey 2012 - Contribution to the Annual Growth Survey 2012 - Guidelines for the employment policies of the Member States (continuation of debate)
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Feasibility of introducing stability bonds (debate)
Annual tax report (short presentation)
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EU foreign policy towards the BRICS and other emerging powers (debate)
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European Semester 2011: first lessons (debate)
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The future of VAT (debate)
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Prevention and correction of macroeconomic imbalances - Implementation of excessive deficit procedure - Requirements for budgetary frameworks of Member States - Budgetary surveillance in euro area - Surveillance of budgetary positions and surveillance and coordination of economic policies - Enforcement measures to correct excessive macroeconomic imbalances in euro area (debate)
Prevention and correction of macroeconomic imbalances - Implementation of excessive deficit procedure - Requirements for budgetary frameworks of Member States - Budgetary surveillance in euro area - Surveillance of budgetary positions and surveillance and coordination of economic policies - Enforcement measures to correct excessive macroeconomic imbalances in euro area (continuation of debate)
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Developments in the ongoing debt crisis and the EU response (debate)
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Governance and partnership in the single market - Single market for Europeans - Single market for enterprises and growth - Public procurement (debate)
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Preparation of the Eurozone summit of 11 March 2011 (debate)
Innovative financing at a global and European level (debate)
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Patients’ rights in cross-border healthcare (debate)
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Preparations for the European Council meeting (16-17 December 2010) - Establishing a permanent crisis mechanism to safeguard the financial stability of the euro area (debate)
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Conclusions of the European Council meeting (28-29 October) and economic governance (continuation of debate)
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Alternative investment fund managers (debate)
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Preparations for the European Council meeting (28-29 October) - Preparations for the G20 summit (11-12 November) - Financial, economic and social crisis: recommendations concerning the measures and initiatives to be taken - Improving economic governance and stability framework in the EU, in particular, in the euro zone (debate)
Preparations for the European Council meeting (28-29 October) - Preparations for the G20 summit (11-12 November) - Financial, economic and social crisis: recommendations concerning the measures and initiatives to be taken - Improving economic governance and stability framework in the EU, in particular, in the euro zone (debate)
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Combating late payment in commercial transactions (debate)
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Basel II and revision of the Capital Requirements Directive (CRD 4) (debate)
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Securities to be offered to the public and harmonisation of transparency requirements (debate)
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Implementation of the synergies of research and innovation earmarked funds in Regulation (EC) No 1080/2006 concerning the European Fund of Regional Development and the Seventh Framework Programme for Research and Development - Delivering a single market to consumers and citizens - Long-term sustainability of public finances for a recovering economy - Contribution of the Cohesion policy to the achievement of Lisbon and the EU 2020 objectives (debate)
Specific measures for agriculture in the outermost regions of the Union (amendment of Regulation (EC) No 247/2006) (debate)
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Effects of the Xynthia storm in Europe (debate)
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Taxation of financial transactions (debate)
Annual accounts of certain types of companies as regards micro-entities (debate)
Green Paper on reform of the common fisheries policy (debate)
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Difficult monetary, economic and social situation of Eurozone countries (debate)
Administrative cooperation in the field of taxation - Mutual assistance for the recovery of claims relating to taxes, duties and other measures - Reverse charge mechanism: goods and services susceptible to fraud - Promoting Good Governance in Tax Matters (debate)
Recent attacks on religious minorities in Egypt and in Malaysia
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Second revision of the ACP-EU Partnership agreement (Cotonou agreement) (debate)
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Responses to relaunch the economy in the Member States of the European Union in Central and Eastern Europe
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Preparation of the European Council to be held on 10 and 11 December 2009 (debate)
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Preparation of the Copenhagen Summit on climate change (debate)
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Outcome of the European Council on 29 and 30 October 2009 including the mandate and attributions of the President of the European Council and of the High Representative of the Union for the foreign and security policy/Vice-president of the Commission, as well as the structure of the new Commission (continuation of debate)
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Preparation of the TEC meeting and the EU/USA Summit (2 and 3 November 2009) - Transatlantic judicial and police cooperation (debate)
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Outcome of the referendum in Ireland (debate)
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Statement by the President-designate of the Commission (debate)
Reports (3)
REPORT on the proposal for a directive of the European Parliament and of the Council on payment services in the internal market and amending Directives 2002/65/EC, 2013/36/EU and 2009/110/EC and repealing Directive 2007/64/EC PDF (661 KB) DOC (792 KB)
REPORT on the proposal for a Council regulation amending Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure PDF (423 KB) DOC (421 KB)
REPORT Report with recommendations to the Commission on improving economic governance and stability framework in EU, in particular in the euro zone PDF (324 KB) DOC (232 KB)
Shadow reports (1)
REPORT on the feasibility of introducing Stability Bonds PDF (248 KB) DOC (155 KB)
Opinions (1)
OPINION on a Single Market for Enterprises and Growth
Amendments (867)
Amendment 40 #
2013/2277(INI)
Motion for a resolution
Recital B
Recital B
B. whereas, within the Troika, the Commission is responsible for negotiating the conditions for financial assistance for euro area Member States ‘'in liaison with the ECB’' and ’'wherever possible together with the IMF’', the financial assistance hereinafter referred to as ‘'EU-IMF assistance’'; whereas the financial disbursements made available by the European Commission and the ECB, on the one side, and the IMF, on the other, were of a different amount and that the IMF´s participation in the Troika was especially due to its particular know-how and experience in similar situations and operations;
Amendment 62 #
2013/2277(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the Troika together with the Member State concerned is also responsible forconsulted during the preparation of formal decisions of the Eurogroup;
Amendment 79 #
2013/2277(INI)
Motion for a resolution
Recital G
Recital G
G. whereas a Memorandum of Understanding (MoU) is an agreement between the Member State concerned and the Troika, which results from negotiations and whereby a Member State undertakes to carry out a number of precise actions in exchange for financial assistance; whereas it is stipulated in the ESM Treaty that a Member State requesting assistance from the ESM has also to address a request for assistance to the IMF;
Amendment 86 #
2013/2277(INI)
Motion for a resolution
Recital H
Recital H
H. whereas the total amount of financial assistance in the four programmes is unprecedented, as are the duration and shape of the programmes, leading to an unusual situation where the assistance has almost exclusively replaced the usual financing provided by the markets; whereas the timing of the adjustments was due to the amount of funding available;
Amendment 106 #
2013/2277(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the economic situation and recent developments in some Member States have compromised the quality ofreated serious problems to employment, and social protection and health and safety standards;
Amendment 141 #
2013/2277(INI)
Motion for a resolution
Recital L
Recital L
L. whereas the programmes were in the short run primarily meant to avoid a disorderly default and stop speculation on sovereign debt; whereas the medium term aim was to ensure that the money that was lent would be reimbursed, thus avoiding a large financial loss that would rest on the shoulders of the taxpayers of the countries which are providing the assistance and guaranteeing the funds; whereas this also requires the programme to deliver sustainable growth and effective debt reduction in the medium and long term; whereas the programmes were not suitdesigned to comprehensively correcting macroeconomic imbalances which had accumulated sometimes over decades and need to be consistently and persistently tackled by national governments and by the EU even after the end of the adjustment programmes;
Amendment 205 #
2013/2277(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that, at the beginning of the EU- IMF assistance programme, the Portuguese economy had suffered from low GDP and productivity growth for a number of years, and that this lack of growth, combined with an acceleration of expenditure, particularly discretionary spending, consistently above GDP growth, and the impact of the global financial crisis, had resulted in a large fiscal deficit and a high debt level, driving up Portugal’'s refinancing costs in capital markets to unsustainable levels; notes in this context that in 2007stresses that in 2010, before financial assistance was belatedly sought in 7 April 2011, Portugal’'s growth rate reached 2.4had declined to 1.9%, its fiscal deficit 3.1reached 9.8%, its debt level 62.794% and its current account deficit 10.26% of GDP, with the unemployment rate standing at 8.112.3%;
Amendment 238 #
2013/2277(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that the initial request for financial assistance was made by Greece on 23 April 2010 and that the agreement between the Greek authorities on the one side and the EU and IMF on the other was adopted on 2 May 2010 in the relevant MoUs containing , the policy conditionality for EU-IMF financial assistance; further notes that, following five reviews and the insufficient success of the first programme, a second programme had to be adopted in March 2012, which has been reviewed three times since;
Amendment 246 #
2013/2277(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Notes that the initial request for financial assistance was made by Portugal on 7 April 2011 and that the agreement between the Portuguese authorities on the one side and the EU and IMF on the other was adopted on 17 May 2011 in the relevant MoUs containing the policy conditionality for EU-IMF financial assistance; further notes that the Portuguese programme has since been reviewed regularly, leading to the combined eighth and ninth quarterlysuccessful tenth reviews of Portugal’'s economic adjustment programme;
Amendment 253 #
2013/2277(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that the initial request for financial assistance was made by Ireland on 21 November 2010 and that the agreement between the Irish authorities and the EU and IMF was adopted on 7 December 2010 in the relevant MoUs containing the policy conditionality for EU-IMF assistance; further notes that the Irish programme has since been reviewed regularly, leading to a twelfth and final review on 9 December 2013 marking the imminent completion of the Irish programme;
Amendment 279 #
2013/2277(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Deplores the unpreparedness of the EU and international institutions, including the IMF, for a sovereign debt crisis of a large magnitude and its differentiated origins and consequences inside a monetary union;
Amendment 307 #
2013/2277(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Regrets the lack of transparency in the MoU negotiations; notes the necessity to evaluate whether formal documents were clearly communicated in due time to the national parliaments and the European Parliament; further notes the possible negative impact of such practices on citizens’ rights and the political situation within the countries concerned;
Amendment 353 #
2013/2277(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. RegretsTakes note that the programmes for Greece, Ireland and Portugal comprise a number of detailed prescriptions for health systems reform and expenditure cuts; regrets that the programmes are not bound by the Charter of Fundamental Rights of the European Union and the Treaties, including Art. 168(7) TFEU;
Amendment 380 #
2013/2277(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Deplores that since 2008 the income distribution inequality has grown above average in the four countries and that cuts in social benefits and rising unemployment are raising poverty levels;
Amendment 401 #
2013/2277(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Points to the unacceptable level of youth unemployment in the four Member States under assistance programmes; points especially to the sharp increase in youth unemployment in Greece, Cyprus and Portugal and also in other EU countries;
Amendment 431 #
2013/2277(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Acknowledges the very demanding efforts that have been requested to individuals, families, enterprises and other institutions of the civil societies of the countries under adjustment programmes;
Amendment 452 #
2013/2277(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Underlines that adequate economic models are necessary in order to produce credible and efficient adjustment programmes; deplores that in some situations adequate statistics and information were not always available in the short time given; points out that in Greece large- scale fraud was happening in this respect in the years preceding the setting up of the programme;
Amendment 469 #
2013/2277(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Notes that financial assistance achieved in the short run the avoidance of a disorderly default on sovereign debt that would have had extremely severe economic and social consequences, as well as spill-over effects for other countries of an incalculable magnitude, and possibly the forced exit of countries from the euro area; further notes that there is no guarantee this will be avoided in the long run; also notes that the financial assistance and adjustment programme in Greece have not prevented an orderly default nor contagion of the crisis to other Member States; deplorelaments the economic and social downturn which became evident when the fiscal and macroeconomic corrections were put into place;
Amendment 483 #
2013/2277(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Deplores however the sometimes over- optimistic assumptions made by the Troika, especially as far as growth is concerned, but also the insufficient recognition of polit deriving mostly from an insufficient and superficial resistance to change in some Member Statesknowledge of the countries under financial adjustment; deplores the fact that this also affected the Troika’'s analysis of the interplay between fiscal consolidation and growth; notes that as a result fiscal targets could not be fulfilled notwithstanding serious efforts and relevant reforms conducted by national governments in that sense;
Amendment 507 #
2013/2277(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Regrets that the significant reduction of structural deficits in all programme countries since the start of their respective assistance programmes which is in itself a positive sign of financial stabilization has not yet led to a reduction in the ratios of public debt to GDP; underlines that the ratio of public debt to GDP has instead sharply increased in all programme countries; stresses that in some of these countries a large part of the growth in debt and GDP derives from the recognition of pre-existing liabilities and the mandatory recognition of debt of various state owned enterprises that were not correctly considered in the initial design of the adjustment programmes;
Amendment 535 #
2013/2277(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Points out that while the IMF’'s stated objective in its assistance operations within the frame of the Troika is internal devaluation, the Commission has never clearly endorsed this objective; notes that the objective emphasised by the Commission in all four programme countries under enquiry has rather been fiscal consolidation; recognizes these priority differences between the IMF and the European Commission, takes note of this preliminary inconsistency of goals between both institutions and considers it had a negative impact in the measures, fiscal targets, conditionality, and size of the financial envelopes attributed to each country under financial adjustment;
Amendment 544 #
2013/2277(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Considers that too little attention has been given by the Troika to alleviating the negative impact of adjustment strategies in the programme countries; regrets this lack of discernment, patent in its rejection of several governmental suggestions aiming to lessen such impact, and its harmful effect in the lives of citizens, families, enterprises and other institutions of these countries; takes note of several political declarations of Troika high officials subscribing to this need of alleviation, thus recognizing the need to moderate the rhythm and rigor of the measures, fiscal targets and conditionality of the adjustment programmes, and their prediction and judgement failures; and deplores that these were not duly and timely followed by the Troika´s technical teams that denoted unnecessary degrees of rigidity and intransigence which had negative social consequences;
Amendment 636 #
2013/2277(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Takes note of the dual role of the Commission in the Troika as both an agent of Member States and an EU institution;nd warns that conflicts of interests may therefore exist within the Commission between its role in the Troika and its responsibility as a guardian of the Treaties, especially in policies such as competition and state aid;
Amendment 689 #
2013/2277(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
36. Notes that formal decisions are made by both the Eurogroup and the IMF, with a crucial role now given to the ESM as it is the organisation responsible for deciding on financial assistance, thus putting governments, including those of the Member States directly concerned, at the centre of any decisions taken;
Amendment 795 #
2013/2277(INI)
Motion for a resolution
Paragraph 40 a (new)
Paragraph 40 a (new)
40a. Urges the EU to closely monitor the financial, fiscal and economic evolution in the Member States and to create an institutionalized system of positive incentives to duly reward those who meet best practices in this regard and those who utterly comply with their adjustment programmes;
Amendment 880 #
2013/2277(INI)
Motion for a resolution
Paragraph 45
Paragraph 45
45. Is of the opinion that the option of a Treaty change allowing for the extension of the scope of the present Art. 143 TFEU to all Member States, instead of being restricted to non-euro Member States, should be explored ; similarly, takes the view that the option of a Treaty change to create a European Monetary Fund within the Community framework as an alternative to the IMF should also be explored and encouraged; further considers that other issues to be evaluated include the current institutional framework of the Troika, the involvement of the ECB in the review of the programmes and the mandatory involvement of the IMF in euro area financial assistance programmes as enshrined in the ESM treaty;
Amendment 884 #
2013/2277(INI)
Motion for a resolution
Paragraph 45 a (new)
Paragraph 45 a (new)
45a. After these years of experience in designing and implementing financial programs, the European institutions have acquired the necessary know-how to design and implement them by themselves without resorting to the IMF in the future;
Amendment 140 #
2013/0306(COD)
Proposal for a regulation
Article 9 – paragraph 1 – point c
Article 9 – paragraph 1 – point c
(c) the issuer of the money market instrument has been awarded one of the two highest internal rating grades according to the rules laid down in Articles 16 to 19 of this Regulation.
Amendment 202 #
2013/0306(COD)
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. Each issuer of a money market instrument in which a MMF intends to invest shall be assigned an internal rating pursuant to the internal assessment procedure.
Amendment 205 #
2013/0306(COD)
Proposal for a regulation
Article 17 – paragraph 2 – point a
Article 17 – paragraph 2 – point a
(a) the internal rating system shall be based on a single rating scale which exclusively reflects quantification of the credit risk of the issuer. The rating scale shall have six grades for non-defaulted issuers and one for defaulted issuers;
Amendment 127 #
2013/0264(COD)
Proposal for a directive
Recital 5 a (new)
Recital 5 a (new)
(5a) The Single Euro Payments Area (‘SEPA’) will reach a major milestone in 2014 with the migration of national credit transfers and direct debits in euro to SEPA-compliant credit transfers and direct debits. The construction of an integrated, competitive, innovative and level-playing field market for euro retail payments in the Euro area should be continued to achieve a true Single Market for payment services in Europe. This ongoing construction should be sustained by strengthened governance under the chairmanship of the European Central Bank. The announcement by the ECB of the creation of the Euro Retail Payments Board (ERPB), successor of the SEPA Council, should contribute to and facilitate reaching this objective. The composition of the ERPB, taking into account a better balance of interest of the supply and the demand side of the payment market should ensure effective advice as regards the orientation of the SEPA project in the future and potential obstacles towards its achievement, ways to address them and ways to foster innovation, competition and integration in retail payments in euro in the EU. The Commission participation as an observer should be envisaged in order to ensure that the tasks, composition and functioning of the ERPB contribute to the promotion of the SEPA project.
Amendment 134 #
2013/0264(COD)
Proposal for a directive
Recital 7 a (new)
Recital 7 a (new)
(7a) For consumers to understand their rights and obligations under this Directive, they need to be informed in a clear and accessible way. Within two years after the entering into force of the Directive, the European Commission should therefore produce a consumer friendly electronic leaflet listing in a clear and easy to understand manner the rights and obligations of consumers under this Directive and related Union law on payment services. The information will be made available on the websites of the Commission, EBA and national banking regulators. The Member States shall ensure that payment services providers will make the leaflet in its original format available, free of charge, to all their existing and new clients electronically on their websites and on paper at their branches, their agents and the entities to which their activities are outsourced.
Amendment 146 #
2013/0264(COD)
Proposal for a directive
Recital 12
Recital 12
(12) Feedback from the market shows that the payment activities covered by the limited network exception often comprise massive payment volumes and values and offer to consumers hundreds or thousands of different products and services, which does not fit the purpose of the limited network exemption as provided for in Directive 2007/64/EC. That implies greater risks and no legal protection for payment service users, in particular for consumers and clear disadvantages for regulated market actors. A more precise description of a limited network, in line with Directive 2009/110/EC, is necessary in order to limit those risks. A payment instrument should thus be considered to be used within such a limited network if it can be used only either for the purchase of goods and services inwith a specific store or chain of storesretailer or retail chain, or for a limited range of goods or services, regardless of the geographical location of the point of sale. Such instruments could include store cards, petrol cards, membership cards, public transport cards, meal vouchers or vouchers for specific services, which are sometimes subject to a specific tax or labour legal framework designed to promote the use of such instruments to meet the objectives laid down in social legislation. Where such a specific-purpose instrument develops into a general purpose instrument, the exemption from the scope of this Directive should no longer apply. Instruments which can be used for purchases in stores of listed merchants should not be exempted from the scope of this Directive as such instruments are typically designed for a network of service providers which is continuously growing. The exemption should apply in combination with the obligation of potential payment service providers to notify activities falling within the scope of the definition of a limited network.
Amendment 159 #
2013/0264(COD)
Proposal for a directive
Recital 19 a (new)
Recital 19 a (new)
Amendment 210 #
2013/0264(COD)
Proposal for a directive
Recital 80
Recital 80
(80) In order to ensure consistent application of this Directive, the Commission should be able to rely on the expertise and support of EBA, which should have the task to elaborate guidelines and prepare regulatory technical standards on security aspects regarding payment services, and on the cooperation between Member States in the context of the provision of services and establishment of authorised payment institutions in other Member States. Where the guidelines and standards concern security aspects of payments, the EBA shall also take account of the recommendations adopted by the European Forum on the Security of Retail Payments (SecurePay Forum) regarding security of internet payments and payment account access services. The Commission should be empowered to adopt those regulatory technical standards. These specific tasks are fully in line with the role and responsibilities of EBA defined in Regulation (EU) No 1093/2010, under which the EBA has been set up.
Amendment 222 #
2013/0264(COD)
Proposal for a directive
Article 3 – paragraph 1 – point d
Article 3 – paragraph 1 – point d
(d) payment transactions consisting of the non- professionalit cash collection and delivery within the framework of a non- profit or charitable activity;
Amendment 230 #
2013/0264(COD)
Proposal for a directive
Article 3 – paragraph 1 – point k
Article 3 – paragraph 1 – point k
(k) services based on specific instruments that are designed to address precise needs that can be used only in a limited way, because they allow the specific instrument holder to acquire goods or services of only in in the premises of thone issuer or within a limited network of service providers under direct commercial agreement with a professional issuer or because they can be used only to acquire a limited range of goods or services;
Amendment 242 #
2013/0264(COD)
Proposal for a directive
Article 3 – paragraph 1 – point n a (new)
Article 3 – paragraph 1 – point n a (new)
(na) ‘personalised security credentials’ means information used for the validation of the identity of a natural or legal person
Amendment 265 #
2013/0264(COD)
Proposal for a directive
Article 4 – paragraph 1 – point 32
Article 4 – paragraph 1 – point 32
32. ‘payment initiation service’ means a payment service enabling access to a payment account provided by a third party payment service provider, where the payer can be actively involved in the payment initiation or the third party payment service provider’s software, or where payment instruments can be used by the payer or the payee to transmit the payer’s credentials to the account servicingservice provided by a third party payment service provider to initiate a payment order, upon request by the payer, with respect to a payment account held at another payment service provider;.
Amendment 269 #
2013/0264(COD)
Proposal for a directive
Article 4 – paragraph 1 – point 33
Article 4 – paragraph 1 – point 33
33. ‘account information service’ means a payment service where consolidated and user-friendly information isservice provided by a third party payment service providedr to a payment serprovicde userconsolidated information on one or several payment accounts held by the payment service user with one or several account servicingother payment service providers;
Amendment 275 #
2013/0264(COD)
Proposal for a directive
Article 4 – paragraph 1 – point 38 a (new)
Article 4 – paragraph 1 – point 38 a (new)
38a. ‘credit card transaction’ means a card payment transaction where the transaction is settled more than 2 working days after the transaction has been cleared;
Amendment 284 #
2013/0264(COD)
Proposal for a directive
Article 9 – paragraph 1 – introductory part
Article 9 – paragraph 1 – introductory part
1. The Member States or competent authorities shall require a payment institution which provides any of the payment services and, insofar as it at the same time is engaged in other business activities referred tolisted in Annex I, including those listed in Article 17(1)(c) to safeguard all funds which have been received from the payment service users or through another payment service provider for the execution of payment transactions, in either of the following ways:
Amendment 310 #
2013/0264(COD)
Proposal for a directive
Article 29 – paragraph 2 – subparagraph 1 – point b a (new)
Article 29 – paragraph 2 – subparagraph 1 – point b a (new)
(ba) payment systems where a sole payment service provider (whether as a single entity or as a group): - acts or can act as the payment service provider for both the payer and the payee and is exclusively responsible for the management of the system, and - licenses other payment service providers to participate in the system and the latter have no right to negotiate fees between or amongst themselves in relation to the system although they may establish their own pricing in relation to payers and payees.
Amendment 321 #
2013/0264(COD)
Proposal for a directive
Article 37 – paragraph 2 a (new)
Article 37 – paragraph 2 a (new)
2a. Member States shall require that, where a payment order is initiated by a third party payment service provider, it makes available to the payment service user the information and conditions referred to in Article 38. The information and conditions shall be given in a clear and understandable form and in an official language of the Member State where the payment service is offered or in any other language agreed between the parties.
Amendment 326 #
2013/0264(COD)
Proposal for a directive
Article 39 – paragraph 1 – point d
Article 39 – paragraph 1 – point d
(d) where applicable, the amount of any charges for the paymentpayable to the third party payment service provider for the transaction and, where applicable, a breakdown thereof.
Amendment 331 #
2013/0264(COD)
Proposal for a directive
Article 41 – paragraph 1 – introductory part
Article 41 – paragraph 1 – introductory part
Immediately after receipt of the payment order, the payer’saccount servicing payment service provider shall provide or make available to the payer, in the same way as provided for in Article 37(1), the following data with regard to its own services:
Amendment 385 #
2013/0264(COD)
Proposal for a directive
Article 57 – paragraph 2 – subparagraph 1
Article 57 – paragraph 2 – subparagraph 1
Consent to execute a payment transaction or a series of payment transactions (including direct debit) shall be given in the form agreed between the payer and the payment service provider. Consent may also be given directly or indirectly via the payee. Consent to execute a payment transaction shall also be considered given where the payer authorises a third party payment service provider to initiate the payment transaction with the account servicing payment service provider.
Amendment 386 #
2013/0264(COD)
Proposal for a directive
Article 57 – paragraph 3
Article 57 – paragraph 3
3. Consent may be withdrawn by the payer at any time, but no later than the point in time of irrevocability under Article 71. Consent to execute a series of payment transactions (including direct debit) may also be withdrawn with the effect that any future payment transaction is to be considered as unauthorised.
Amendment 388 #
2013/0264(COD)
Proposal for a directive
Article 58 – title
Article 58 – title
Access to and use of payment account information by third party payment service provider and by third party payment instrument issuers
Amendment 389 #
2013/0264(COD)
Proposal for a directive
Article 58 – paragraph 1
Article 58 – paragraph 1
1. Member States shall ensure that a payer, provided that he holds a payment account that can be accessed via online banking, has the right to make use of a third party payment service provider, to obtain payment services enabling access to payment accounts as referred to in point (7) of Annex I. Member States shall ensure that a payer has the right to make use of a third party payment instrument issuer to obtain payment card services.
Amendment 392 #
2013/0264(COD)
Proposal for a directive
Article 58 – paragraph 1 a (new)
Article 58 – paragraph 1 a (new)
Amendment 393 #
2013/0264(COD)
Proposal for a directive
Article 58 – paragraph 1 b (new)
Article 58 – paragraph 1 b (new)
1b. Payees who offer to payers the option of making use of third party payment service providers or third party payment instrument issuers shall unambiguously provide to payers information about such third party payment service provider(s), including their registration number and the name of their responsible supervisory authority.
Amendment 400 #
2013/0264(COD)
Proposal for a directive
Article 58 – paragraph 2 – point a a (new)
Article 58 – paragraph 2 – point a a (new)
(aa) when communicating with the account servicing payment service provider, to authenticate itself in an unequivocal manner;
Amendment 406 #
2013/0264(COD)
Proposal for a directive
Article 58 – paragraph 2 – point c
Article 58 – paragraph 2 – point c
(c) not to store sensitive payment data or personalised security credentials of the payment service user and not use any such data for purposes other than those explicitly requested by the payer.
Amendment 416 #
2013/0264(COD)
Proposal for a directive
Article 58 – paragraph 3 a (new)
Article 58 – paragraph 3 a (new)
3a. If the payer has given consent to a third party payment instrument issuer which has provided the payer with a payment instrument to obtain information on the availability of sufficient funds for a specified payment transaction on a specified payment account held by the payer, the account servicing payment service provider of the specified payment account shall provide such information to the third party payment instrument issuer immediately upon receipt of the payer's payment order.
Amendment 419 #
2013/0264(COD)
Proposal for a directive
Article 58 – paragraph 4
Article 58 – paragraph 4
4. Account servicing payment service providers shall treat payment orders transmitted through the services of a third party payment service provider or by a third party payment instrument issuer without any discrimination for other than objective reasons in particular in terms of timing and priority vis- à-vis payment orders transmitted directly by the payer himself.
Amendment 421 #
2013/0264(COD)
Proposal for a directive
Article 58 a (new)
Article 58 a (new)
Amendment 422 #
2013/0264(COD)
Proposal for a directive
Article 59
Article 59
Access to and use of payment account information by third party payment instrument issuers 1. Member States shall ensure that a payer has the right to make use of a third party payment instrument issuer to obtain payment card services. 2. If the payer has given consent to a third party payment instrument issuer which has provided the payer with a payment instrument to obtain information on the availability of sufficient funds for a specified payment transaction on a specified payment account held by the payer, the account servicing payment service provider of the specified payment account shall provide such information to the third party payment instrument issuer immediately upon receipt of the payer's payment order. 3. Account servicing payment service providers shall treat payment orders transmitted through the services of a third party payment instrument issuer without any discrimination for other than objective reasons in terms of timing and priority in respect of payment orders transmitted directly by the payer personally.rticle 59 deleted
Amendment 443 #
2013/0264(COD)
Proposal for a directive
Article 63 – paragraph 2
Article 63 – paragraph 2
2. Where the payment service user has chosen to make use of a third party payment service provider is involved, the payment service user shall also obtain rectification from the account servicing payment service provider pursuant to paragraph 1 of this Articleinform the latter and notify the account servicing payment service provider. It is for the account servicing payment service provider to rectify, unless it can demonstrate that the responsibility lies with either the payment service user or the third party payment service provider, without prejudice to Articles 65(2) and 80(1).
Amendment 445 #
2013/0264(COD)
Proposal for a directive
Article 63 – paragraph 2 a (new)
Article 63 – paragraph 2 a (new)
2a. The payment service user shall report to its account servicing payment service provider any incident that affects the former in the context of its use of a third party payment service provider or third party payment instrument issuer. The account servicing payment service provider shall notify the national competent authorities of any incidents that occur. National competent authorities shall than follow the procedures set by EBA, in close cooperation with the ECB, as lay down in Article 85.
Amendment 460 #
2013/0264(COD)
Proposal for a directive
Article 65 – paragraph 2
Article 65 – paragraph 2
2. Where a third party payment service provider is involved, the account servicing payment service provider shall refund the amount of the unauthorised payment transaction and, where applicable, restore the debited payment account to the state in which it would have been had the unauthorised payment transaction not taken place. Financial compensation to the account servicing payment service provider by the third party payment service provider may be applicableOnce it is established that the third party payment service provider is liable for the unauthorised payment transaction, the third party payment service provider shall, within one business day, compensate the account servicing payment service provider for reasonable costs incurred as a result of the refund to the payer, including the amount of the unauthorised payment transaction.
Amendment 494 #
2013/0264(COD)
Proposal for a directive
Article 67 – paragraph 1 – subparagraph 4
Article 67 – paragraph 1 – subparagraph 4
For direct debits the payer has an unconditional right for refund within the time limits set in Article 68, except where the payee has already fulfilled the contractual obligations and the services have already been received or the goods have already been consumed by the payer. At the payment service provider's request, the payee shall bear the burden to prove that the conditions referred to in the third subparagraph. Member States may limit the right for refund for fixed amount direct debits schemes for certain categories of goods or services. The EBA, in close cooperation with the European Retail Payments Board, shall develop guidelines on the types of goods and services that may be made subject to such fixed amount direct debit scheme with a limitation or exclusion of the refund right.
Amendment 538 #
2013/0264(COD)
Proposal for a directive
Article 85 – paragraph 2 a (new)
Article 85 – paragraph 2 a (new)
2a. Upon the receipt of the notification, the competent authority in the home Member State shall, without undue delay, provide the relevant details of the incident with EBA.
Amendment 539 #
2013/0264(COD)
Proposal for a directive
Article 85 – paragraph 3
Article 85 – paragraph 3
3. Upon receipt of the notification, and where relevant, EBA shall EBA shall, in co-operation with the competent authority in the home Member State, assess the relevance of the incident, and, based on that assessment, notify the competent authorities in the other Member States.
Amendment 541 #
2013/0264(COD)
Proposal for a directive
Article 85 – paragraph 3 a (new)
Article 85 – paragraph 3 a (new)
3a. The national competent authority shall act preventively, if necessary, and in order to protect the immediate safety of the financial system.
Amendment 543 #
2013/0264(COD)
Proposal for a directive
Article 85 – paragraph 4 a (new)
Article 85 – paragraph 4 a (new)
4a. EBA shall in close cooperation with the ECB develop guidelines specifying the framework for the notification of NIS incidents referred in the above paragraphs. The guidelines shall specify the scope and treatment of information to be submitted, including the criteria of relevance of incidents and standard notification templates to ensure a consistent and efficient notification process.
Amendment 555 #
2013/0264(COD)
Proposal for a directive
Article 86 – paragraph 4 a (new)
Article 86 – paragraph 4 a (new)
4a. EBA shall co-ordinate the sharing of information in the area of operational and security risks associated with payment services with the competent authorities the ECB, the competent authorities under the [NIS] Directive, and, where relevant, with ENISA.
Amendment 585 #
2013/0264(COD)
Proposal for a directive
Article 94 a (new)
Article 94 a (new)
Article 94a Common and Secure Open Standards of Communication 1.. The Common and Secure Open Standards of Communication shall be defined by the EBA, in close cooperation with the ECB, within 12 months of entry into force of this Directive [OJ please insert date], and include technical and functional specifications for transmitting a payment order between the account servicing payment service provider and the third party payment service provider. 2. The EBA, in close cooperation with the ECB, shall ensure appropriate consultation of all stakeholders in the payment services market. 3. Member States shall ensure that payment service providers shall offer once available, Common and Secure Open Standards of Communication for third party payment service on access to payment accounts. 4. This Article shall not preclude the application of other obligations laid down in this Directive.
Amendment 588 #
2013/0264(COD)
Proposal for a directive
Article 100 a (new)
Article 100 a (new)
Amendment 103 #
2013/0253(COD)
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) In the establishment of the SRM, and in parallel with what has been done in the SSM, the Board should be in charge of preparing a memorandum of understanding regarding the rules and procedure to be taken by national resolution authorities and the Board; The Board should be in charge of drafting the resolution plans of the credit institutions that are under the direct supervision of the ECB under the SSM framework, as well as all the cross-border institutions and groups, whereas the national resolution authorities should be in charge of drafting the resolution plans of the credit institutions that are exclusively located in their Member State and are not cross border entities, though always subject to a final approval by the Board; The same principle should be applied regarding the adoption of resolution schemes and actions on the basis of a strong and close cooperation;
Amendment 104 #
2013/0253(COD)
Proposal for a regulation
Recital 10 b (new)
Recital 10 b (new)
(10b) The creation of a Banking Union is a project that should not be underestimated, neither in its goals, nor in its unattended consequences. Although a single financial framework is needed, European Institutions and Member States should be aligned in their views regarding this project in order to achieve a complete and robust successful framework;
Amendment 105 #
2013/0253(COD)
Proposal for a regulation
Recital 10 c (new)
Recital 10 c (new)
(10c) A balance approach must be reached between predictability and flexibility in order not to jeopardize the future of our banking system; a balanced approach between the role of the central authorities and the national authorities should be safeguarded and the important role of the national authorities should never be underestimated; the impact that the entire project will have on senior unsecured creditors should be carefully assessed, including lower loss expectations in resolution than would be expected in insolvency;
Amendment 106 #
2013/0253(COD)
Proposal for a regulation
Recital 10 d (new)
Recital 10 d (new)
(10d) Before the entry into force of the Single Supervision Mechanism, the Bank Recovery and Resolution Directive and the Single Resolution Mechanism should be aligned as much as possible, mostly to avoid negative unintended consequences in the framework of possible resolutions of credit institutions that may occur in the transitional period, namely in Member States with higher sovereign credit risk;
Amendment 122 #
2013/0253(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) The ECB, as the supervisor within the SSM, is the best placed to assess whether a credit institution is failing or likely to fail and whether there is no reasonable prospect that any alternative private sector or supervisory action would prevent its failure within a reasonable timeframe. The Board, in its executive session, upon notification of the ECB, should provide a recommendation to the Commission. Given the need to balance the different interests at stake the Commission should decide whether or not to place an institution under resolution and should also decide on a clear and detailed resolution framework establishing the resolution actions to be taken by the Board. Within this framework, the Board, in its executive session, should decide on a resolution scheme and instruct the national resolution authorities on the resolution tools and powers to be executed at national level.
Amendment 126 #
2013/0253(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) It is instrumental for the good functioning of the internal market that the same rules apply to all resolution measures, regardless of whether they are taken by national resolution authorities under Directive [ ] or within the framework of the single resolution mechanism The Commission will assess those measures under Article 107 of the TFEU. Where the use of resolution financing arrangements does not involve State aid pursuant to Article 107 (1) of the TFEU, the Commission should, in order to ensure a level playing field within the internal market, assess those measures by analogy to Art 107 of the TFEU. If a notification under Article 108 of the TFEU is not necessary as no state aid pursuant to Article 107 of the TFEU is entailed in the proposed use of the Fund by the Board, as envisaged in its executive session, in order to ensure the integrity of the internal market between participating and non- participating Member States, the Commission should apply the relevant State aid rules under Article 107 of the TFEU by way of analogy when assessing the proposed use of the Fund. The Board should not decide on a resolution scheme until the Commission has ensured, by way of analogy with State aid rules, that the use of the Fund follows the same rules as interventions by national financing arrangements.
Amendment 131 #
2013/0253(COD)
Proposal for a regulation
Recital 19
Recital 19
(19) In order to ensure a swift and effective decision making process in resolution, the Board should be a specific Union agency with a specific structure, corresponding to its specific tasks, and which departs from the model of all other agencies of the Union. Its composition should ensure that due account is taken of all relevant interests at stake in resolution procedures. The Board should operate in executive and plenary sessions. The plenary session should take place on a quarterly basis. In its executive session, it should be composed of an Executive Director, a Deputy Executive Director, and representatives of the Commission and the ECB. Considering the missions of the Board, the Executive Director and Deputy Executive Director should be appointed by the Council on a proposal from the Commission and after hearing the European Parliament. When deliberating on the resolution of a bank or group established within a single participating Member State, the executive session of the Board should also convene and involve in the decision-making process the member appointed by the Member State concerned representing its national resolution authority. When deliberating on a cross- border group, the members appointed by the home and all host Member States concerned representing the relevant national resolution authorities should also be convened and involved in the decision- making process of the executive session of the Board. However, home authorities and host authorities should have a balanced influence on the decision, so host authorities should have jointly one single vote. Observers, including a representative of the ESM and of the Euro Group, may also be invited to attend the meetings of the BoardIn this context, the Board should also establish an Administrative Board of Review for the purposes of carrying out an internal administrative review of the decisions taken in its executive sessions concerning resolution schemes and/or measures, following a request for review, submitted by the national resolution authority. Observers, including a representative of the ESM and of the Euro Group, may also be invited to attend the meetings of the Board and are subject to the same professional secrecy requirements as Members of the Board, staff of the Board and staff exchanged with or seconded by participating Member States carrying out resolution duties.
Amendment 132 #
2013/0253(COD)
Proposal for a regulation
Recital 19 a (new)
Recital 19 a (new)
(19a) The Board should establish internal resolution teams composed of its own staff and staff of the national resolution authorities of the participating Member States, that should act as resolution colleges and should be headed by Coordinators appointed from the Board's senior staff. Coordinators should participate in the executive sessions of the Board, but would not be attributed any voting rights, when deliberations and decisions are at stake. In case of an unresolved dispute at the resolution team's level, the Coordinator and/or any of the national resolution authorities might appeal to the Board that will address and resolve the dispute in its executive sessions. National resolution authorities might appeal from the Board's decision taken in their executive sessions to the Administrative Board of Review.
Amendment 135 #
2013/0253(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) In the light of the Board's missions and the resolution objectives which include the protection of public funds, the functioning of the Board should be financed from contributions paid by the institutions in the participating Member States. These institutions should not, under any circumstances, provide extraordinary annual contributions to cover administrative expenditure and should not be called to contribute to the budget of their national resolution authorities.
Amendment 140 #
2013/0253(COD)
Proposal for a regulation
Recital 21
Recital 21
(21) The Board and the Commission, where relevant, should replace the national resolution authorities designated under Directive [ ] in respect of all aspects related to the resolution decision-making process. The national resolution authorities designated under Directive [ ] should continue to carry out activities related to the implementation of resolution schemes adopted by the Board. In order to ensure transparency and democratic control, as well as to safeguard the rights of the Union institutions, the Board should be accountable to the European Parliament and to the Council for any decisions taken on the basis of this proposal to the extent that it has not planned and/or acted in accordance with specific instructions from the Commission. For the same reasons of transparency and democratic control, national parliaments should have certain rights to obtain information about the activities of the Board and to engage in a dialogue with it.
Amendment 144 #
2013/0253(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) To ensure a uniform approach for institutions and groups the Board, in its executive session, should be empowered to draw up resolution plans for such institutions and groups. The Board should assess the resolvability of institutions and groups, and take measures aimed at removing impediments to resolvability, if any. The Board should require national resolution authorities to apply such appropriate measures designed to remove impediments to resolvability in order to ensure consistency and the resolvability of the institutions concerned.
Amendment 148 #
2013/0253(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) The single resolution mechanism should be constructed on the frameworks of Directive [ ] and the SSM. Therefore, the Board should be empowered to intervene at an early stage where the financial situation or the solvency of an institution is deteriorating. The information that the Board receives from the national resolution authorities or the ECB at this stage is instrumental in making a determination on the action it might take in order to prepare for the resolution of the institution concerned.
Amendment 155 #
2013/0253(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) In order to minimise disruption to the financial market and to the economy, the resolution process should be accomplished in a short time. The Commission should, throughout the resolution procedure, have access to any information which it deems necessary to take an informed decision in the resolution process. Where the Commission, following a recommendation of the Board, decides to put an institution under resolution, the Board should immediately adopt a resolution scheme, as proposed in the recommendation, establishing the details of the resolution tools and powers to be applied, and the use of any financing arrangements.
Amendment 169 #
2013/0253(COD)
Proposal for a regulation
Recital 36
Recital 36
(36) The Commission should provide, following a recommendation by the Board, the framework for the resolution action to be taken depending on the circumstances of the case and should be able to designate for use all necessary resolution tools. Within that clear and precise framework, the Board should decide on the detailed resolution scheme. The relevant resolution tools should include the sale of business tool, the bridge institution tool, the bail-in tool and the asset separation tool, which are also provided for by Directive [ ]. The framework should also make it possible to assess whether the conditions for the write- down and conversion of capital instruments are met.
Amendment 181 #
2013/0253(COD)
Proposal for a regulation
Recital 44
Recital 44
(44) In order to implement the burden- sharing by shareholders and junior creditors, as required under State aid rules, the single resolution mechanism would be able to apply, by way of analogy, as of the entry into application of this Regulation, the bail-in tool to those stakeholders.
Amendment 183 #
2013/0253(COD)
Proposal for a regulation
Recital 45
Recital 45
(45) To avoid institutions structuring their liabilities in a manner that impedes the effectiveness of the bail in tool, the Board should be able to establish that the institutions hold an aggregate amount of own funds, subordinated debt and senior liabilities subject to the bail-in tool expressed as a percentage of the total liabilities of the institution, that do not qualify as own funds for the purposes of Regulation (EU) No 575/2013 of the European Parliament and of the Council16 and of Directive 2013/36/EU of 26 June 2013 of the European Parliament and of the Council17 , which institutions should have at all times. __________________ 16 European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012, OJ L 176, 27.6.2013, p.1. 17 Directive 2013/36/EU of 26 June 2013 of the European Parliament and of the Council 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.including own- funds, which institutions should have at all times. Regulation (EU) No 575/2013 of the
Amendment 188 #
2013/0253(COD)
Proposal for a regulation
Recital 48
Recital 48
(48) The efficiency and uniformity of resolution action should be ensured in all the participating Member States. For this purpose, the Board should be empowered, in exceptional cases and where a national resolution authority has not or not sufficiently applied the decision of the Board to transfer to another person specified rights, assets or liabilities of an institution under resolution or to require the conversion of debt instruments which contain a contractual term for conversion in certain circumstancesoverride it in order to ensure that such decision is accomplished. Any action by national resolution authorities that would restrain or affect the exercise of powers or functions of the Board should be excluded.
Amendment 196 #
2013/0253(COD)
Proposal for a regulation
Recital 52
Recital 52
(52) In order to carry out its tasks effectively, the Board should have appropriate investigatory powers. It should be able to require all necessary information either directly or through national resolution authorities, and to conduct investigations and on-site inspections, where appropriate in cooperation with national competent authorities. In the context of resolution, on-site inspections would be available for the Board to effectively monitor implementation by national authorities and to ensure that the Commission and the Board take their decisions on the basis of fully accurate information. Where the national resolution authority has no means available to afford the necessary assistance, it should use its powers to request the necessary assistance of other national resolution authorities.
Amendment 197 #
2013/0253(COD)
Proposal for a regulation
Recital 52 a (new)
Recital 52 a (new)
(52a) The procedure regarding the exchange of information between the Board, competent authorities and national resolution authorities should be defined and implemented through a memorandum of understanding.
Amendment 199 #
2013/0253(COD)
Proposal for a regulation
Recital 54
Recital 54
(54) In order to ensure that decisions adopted within the framework of the single resolution mechanism are respected, proportionate and dissuasive sanctions should be imposed in case of infringement. The Board should be entitled to instruct national resolution authorities to impose fines or periodic penalty payments on undertakings for failure to comply with obligations under its decisions. In order to ensure consistent, efficient and effective enforcement practices the Board should be entitled to issue guidelines addressed to national resolution authorities concerning the application of fines and penalty paymentsThis fines or periodic penalty payments should be determined by the Board, together with the competent authorities, and the Commission.
Amendment 200 #
2013/0253(COD)
Proposal for a regulation
Recital 54 a (new)
Recital 54 a (new)
(54a) To ensure that decisions are fully respected across the Union, proportionate and dissuasive sanctions should be imposed in case of infringement and equally applied across all Member States; For this reason the framework for the adoption of administrative sanctions and legal sanctions should be harmonized at the Union level in order to ensure effective compliance; Therefore common minimum rules should be laid down in order to have a fully European mechanism;
Amendment 201 #
2013/0253(COD)
Proposal for a regulation
Recital 54 b (new)
Recital 54 b (new)
(54b) Member States and the Board should ensure that any penalties imposed pursuant to Regulation (EC) No (...) are publicly disclosed only where such public disclosure would be proportionate.
Amendment 202 #
2013/0253(COD)
Proposal for a regulation
Recital 55
Recital 55
Amendment 203 #
2013/0253(COD)
Proposal for a regulation
Recital 56
Recital 56
(56) Appropriate rules should be laid down governing the budget of the Board, the preparation of the budget, the adoption of internal rules specifying the procedure for the establishment and implementation of itsthe budget of the Board, its preparation, monitoring and control on a quarterly basis by the Board's plenary session, and the internal and external audit of the accounts.
Amendment 204 #
2013/0253(COD)
Proposal for a regulation
Recital 56 a (new)
Recital 56 a (new)
(56a) The Board's plenary session should also adopt its annual work programme, monitor and control it on a quarterly basis, and issue opinions and/or recommendations on the quarterly draft report by the Executive-Director which should include a section on the resolution activities and the ongoing resolution cases of the Board, and a section on financial and administrative matters.
Amendment 209 #
2013/0253(COD)
Proposal for a regulation
Recital 59 a (new)
Recital 59 a (new)
(59a) A credit facility for the Resolution Fund should be envisaged guaranteeing a full European backstop that can at any given moment effectively stop a contagious effect in the financial system. This credit facility will allow the economic agents to base their decisions according to the soundness of each financial institution rather than on the perceived sovereign risk of the Member States where the different institutions are based; With this credit facility the link between sovereign credit risk and the banking system will finally cease to exist;
Amendment 213 #
2013/0253(COD)
Proposal for a regulation
Recital 62
Recital 62
(62) Where participating Member States have already established national resolution financing arrangements, they should be able to provide that the national resolution financing arrangements use their available financial means, collected from institutions in the past by way of ex- ante contributions, to compensate institutions for the ex-ante contributions which those institutions should pay into the Fund. Such restitution should be without prejudice to the obligations of Member States under Directive 94/18/EC of the European Parliament and of the Council18. __________________ 18 Parliament and of the Council of 30 May 1994 amending Directive 80/390/EEC coordinating the requirements for the drawing up, scrutiny and distribution of the listing particulars to be published for the admission of securities to official stock-exchange listing, with regard to the obligation to publish listing particulars. OJ L 135, 31.5.1994, p. 1.funds already collected under these arrangements should be transferable to the Single Resolution Fund. Directive 94/18/EC of the European
Amendment 214 #
2013/0253(COD)
Proposal for a regulation
Recital 63
Recital 63
(63) In order to ensure a fair calculation of contributions and provide incentives to operate under a model which presents less risk, contributions to the Fund which are to be determined by the Board, following a proposal by the competent authority, should take account of the degree of risk incurred by credit institutions.
Amendment 216 #
2013/0253(COD)
Proposal for a regulation
Recital 66
Recital 66
(66) The Commission, after a proposal from the Board, should be empowered to adopt delegated acts in accordance with Article 290 TFEU in order to determine the type of contributions to the Fund and the matters for which contributions are due, the manner in which the amount of the contributions is calculated and the way in which they are to be paid; specify registration, accounting, reporting and other rules necessary to ensure that the contributions are fully and timely paid; determine the contribution system for institutions that have been authorized to operate after the Fund has reached its target level; determine the criteria for the spreading out in time of the contributions; determine the circumstances under which the payment of contributions may be advanced or delayed; determine the criteria for establishing the amount of annual contributions; determine the measures to specify the circumstances and modalities under which an institution may be partially or entirely exempted from ex post contributions, and the measures to specify the circumstances and modalities under which an institution may be partially or entirely exempted from ex-post contributions.
Amendment 219 #
2013/0253(COD)
Proposal for a regulation
Recital 67
Recital 67
(67) To preserve the confidentiality of the work of the Board, its members, staff of the Board, including the staff exchanged with or seconded by participating Member States for the purpose of carrying out resolution duties should be subject to requirements of professional secrecy, even after their duties have ceased. These requirements should also apply to other persons authorised by the Board and persons authorised or appointed by the national resolution authorities of the Member States to conduct on-site inspections, and to observers invited to attend the plenary and executive sessions of the Board. For the purpose of carrying out the tasks conferred upon it, the Board should be authorized, subject to conditions, to exchange information with national or Union authorities and bodies.
Amendment 221 #
2013/0253(COD)
Proposal for a regulation
Recital 69
Recital 69
(69) Until the Board is fully operational, the Commission should be responsible for the initial operations including collecting the first contributions necessary to cover administrative expenses and the designation of an interim executive director to authorise all necessary payments on behalf of the Board.
Amendment 288 #
2013/0253(COD)
Proposal for a regulation
Article 6 – paragraph 2 – introductory part
Article 6 – paragraph 2 – introductory part
2. When making decisions or taking action, which may have an impact in more than one participating Member State, and in particular when taking decisions concerning groups established in two or more participating Member States, the Commission and the Board shall give due consideration to all of the following factors:
Amendment 302 #
2013/0253(COD)
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The Commission and the Board shall balance the factors referred to in paragraph 2 with the resolution objectives referred to in Article 12 as appropriate to the nature and circumstances of each case.
Amendment 312 #
2013/0253(COD)
Proposal for a regulation
Article 6 – paragraph 4 a (new)
Article 6 – paragraph 4 a (new)
4a. In order to respect the right to conduct business laid down by Article 16 of the Charter of Fundamental Rights, the Board's discretion shall be limited to what is necessary to simplify the structure and operations of the institution solely to improve its resolvability. In addition, any measure imposed for such purposes shall be consistent with Union law. Measures shall neither directly nor indirectly be discriminatory on ground of nationality, and shall be justified by the overriding reason of the public interest in financial stability. To determine whether an action was taken in the general public interest, the Board, acting in the general public interest, shall be able to achieve the resolution objectives without encountering impediments to the application of resolution tools or its ability to exercise the powers conferred on it. Furthermore, an action shall not go beyond the minimum necessary to attain the objectives.
Amendment 319 #
2013/0253(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. The Board shall draw up resolution plans for the entities referred to in Article 2 and for groupthat are under direct supervision of the European Central Bank under the Single Supervisory Mechanism Regulation nº [ ] and for all cross border entities.
Amendment 322 #
2013/0253(COD)
Proposal for a regulation
Article 7 – paragraph 1 a (new)
Article 7 – paragraph 1 a (new)
1a. The national resolution authorities shall draw up the resolution plans for the credit institutions that are exclusively located in their Member State and are not cross border entities.
Amendment 323 #
2013/0253(COD)
Proposal for a regulation
Article 7 – paragraph 1 b (new)
Article 7 – paragraph 1 b (new)
1b. All resolution plans shall be submitted to final approval by the Board in its executive session.
Amendment 327 #
2013/0253(COD)
Proposal for a regulation
Article 7 – paragraph 4
Article 7 – paragraph 4
4. The resolution plan shall provide for the resolution actions which the CommissBoard or the national resolutions and the Boarduthorities may take where an entity referred to in Article 2 or a groupparagraph 1 and 1a meet the conditions for resolution. The resolution plan shall take into consideration a range of scenarios including that the event of failure may be idiosyncratic or may occur at a time of broader financial instability or of system wide events. The resolution plan shall not assume any extraordinary public financial support besides the use of the Fund established in accordance with this Regulation.
Amendment 368 #
2013/0253(COD)
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. When drafting a resolution plan for entities referred to in Article 27 paragraph 1 or giving the final approval to resolution plans for entities referred in Article 7 paragraph 1a, the Board shall assess the extent to which such an entity is resolvable in accordance with this Regulation. An entity shall be deemed resolvable if it is feasible and credible for the resolution authority to either liquidate it under normal insolvency proceedings or to resolve it by applying to it the different resolution tools and powers without giving rise to significant adverse consequences for financial systems, including circumstances of broader financial instability or system wide events, of the Member State in which the entity is situated, or other Member States, or the Union and with a view to ensuring the continuity of critical functions carried out by the entity.
Amendment 519 #
2013/0253(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. Where the ECB or a national resolution authority assesses that the conditions referred to in points (a) and (b) of paragraph 2 are met in relation to an entity referred to in Article 2, it shall communicate that assessment without delay to the Commission and the Board.
Amendment 526 #
2013/0253(COD)
Proposal for a regulation
Article 16 – paragraph 2 – introductory part
Article 16 – paragraph 2 – introductory part
2. On receiving a communication pursuant to paragraph 1, or on its own initiative, the Boardthe Board in its executive session shall conduct an assessment of whether the following conditions are met:
Amendment 572 #
2013/0253(COD)
Proposal for a regulation
Article 16 – paragraph 8
Article 16 – paragraph 8
8. Within the framework set by the Commission decision, the Board in its executive session shall decide on the resolution scheme referred to in Article 20 and shall ensure that the necessary resolution action is taken to carry out the resolution scheme by the relevant national resolution authorities. The decision of the Board shall be addressed to the relevant national resolution authorities and shall instruct those authorities, which shall take all necessary measures to implement the decision of the Board in accordance with Article 26, by exercising any of the resolution powers provided for in Directive [ ], in particular those in Articles 56 to 64 of that Directive [ ]. Where State aid is present, the Board may only decide after the Commission has taken a decision on that State aid.
Amendment 575 #
2013/0253(COD)
Proposal for a regulation
Article 16 – paragraph 9
Article 16 – paragraph 9
9. On receiving a communication pursuant to paragraph 1, or on its own initiative, if the Board considers thatIf the Board considers that the resolution scheme includes resolution measures that could constitute State aid pursuant to Article 107(1) TFEU, it shall invite the participating Member State or Member States concerned to immediately notify the envisaged measures to the Commission under Article 108(3) TFEU.
Amendment 577 #
2013/0253(COD)
Proposal for a regulation
Article 16 – paragraph 10
Article 16 – paragraph 10
10. To the extent that the resolution action as proposed by the Board in its executive session involves the use of the Fund and does not entail the grant of State aid pursuant to Article 107(1) of the TFEU, the Commission shall apply in parallel, by way of analogy, the criteria established for the application of Article 107 TFEU.
Amendment 706 #
2013/0253(COD)
Proposal for a regulation
Article 25 – paragraph 3
Article 25 – paragraph 3
3. Where this is necessary in order to achieve the resolution objectives, the Commission, following a recommendation of the Board or on its own initiative, may review its decision on the resolution framework and adopt the appropriate amendments.
Amendment 709 #
2013/0253(COD)
Proposal for a regulation
Article 26 – paragraph 2 – introductory part
Article 26 – paragraph 2 – introductory part
2. Where a national resolution authority has not applied a decision referred to in Article 16, or has applied it in a way which fails to achieve the resolution objectives under this Regulation, the Board shall have the power to order an institution under resolutoverride the national resolution authority in order to ensure the correct application of that decision:.
Amendment 711 #
2013/0253(COD)
Proposal for a regulation
Article 26 – paragraph 2 – point a
Article 26 – paragraph 2 – point a
Amendment 713 #
2013/0253(COD)
Proposal for a regulation
Article 26 – paragraph 2 – point b
Article 26 – paragraph 2 – point b
Amendment 739 #
2013/0253(COD)
Proposal for a regulation
Article 32 – paragraph 5
Article 32 – paragraph 5
5. The procedure regarding the exchange of information between the Board, the competent authorities and the national resolution authorities may draw up memorandum of understanding with a procedure concerning the exchange of informationshall be defined and implemented through a memorandum of understanding.
Amendment 744 #
2013/0253(COD)
Proposal for a regulation
Article 34 – paragraph 5
Article 34 – paragraph 5
5. Where the officials of and other accompanying persons authorised or appointed by the Board find that a person opposes an inspection ordered pursuant to paragraph 1, the national resolution authorities of the participating Member States concerned shall afford them the necessary assistance in accordance with national law. To the extent necessary for the inspection, this assistance shall include the sealing of any business premises and books or records. Where that power is not available to the national resolution authorities concerned, it shall use its powers to request the necessary assistance of other the national resolution authorities.
Amendment 745 #
2013/0253(COD)
Proposal for a regulation
Article 34 – paragraph 5 a (new)
Article 34 – paragraph 5 a (new)
5a. The officials and other persons referred to in paragraphs 2 and 4 shall be subject to the professional secrecy requirement laid down in Article 79.
Amendment 789 #
2013/0253(COD)
Proposal for a regulation
Article 41 – paragraph 1
Article 41 – paragraph 1
1. The Board shall be accountable to the European Parliament, the Council and the Commission for the implementation of this Regulation, in accordance with paragraphs 2 to 8 to the extent that it has not planned and/or acted in accordance with specific instructions from the Commission.
Amendment 803 #
2013/0253(COD)
Proposal for a regulation
Article 43 – paragraph 2
Article 43 – paragraph 2
2. The members of the Board referred to in Article 40(239 (1) shall act independently and objectively in the interest of the Union as a whole and shall neither seek nor take instructions from the Union's institutions or bodies, from any Government of a Member State or from any other public or private body.
Amendment 806 #
2013/0253(COD)
Proposal for a regulation
Article 46 – paragraph 1 – point a
Article 46 – paragraph 1 – point a
(a) adopt, by 30 November of each year, the Board's annual work programme for the coming year in accordance with Article 49(1), based on a draft put forward by the Executive Director and shall transmit it for information to the European Parliament, the Council, the Commission, and the European Central Bank; the implementation of the Board's annual work programme should be monitored and controlled on a quarterly basis by the Board’s plenary.
Amendment 808 #
2013/0253(COD)
Proposal for a regulation
Article 46 – paragraph 1 – point b
Article 46 – paragraph 1 – point b
(b) adopt, monitor and control, the annual budget of the Board in accordance with Article 598 (2);, and 58 (2a). The monitoring and control should be done on a quarterly basis.
Amendment 809 #
2013/0253(COD)
Proposal for a regulation
Article 46 – paragraph 1 – point b a (new)
Article 46 – paragraph 1 – point b a (new)
(ba) issue opinions and/or recommendations on the quarterly draft report of the Executive-Director mentioned in Article 52 (2)(g)
Amendment 810 #
2013/0253(COD)
Proposal for a regulation
Article 46 – paragraph 1 – point c
Article 46 – paragraph 1 – point c
(c) decide on the voluntary borrowing between financing arrangements in accordance with Article 68, the mutualisation of national financing arrangements in accordance with Article 72 and on the lending to deposit guarantee scheme in accordance with Article 73 (4);
Amendment 811 #
2013/0253(COD)
Proposal for a regulation
Article 46 – paragraph 1 – point d
Article 46 – paragraph 1 – point d
(d) adopt anthe annual activity report on the Board's activities referred to in Article 421. This report shall present detailed explanations on the implementation of the budget;
Amendment 814 #
2013/0253(COD)
Proposal for a regulation
Article 47 – paragraph 2
Article 47 – paragraph 2
2. The Board in its plenary session shall hold at least twofour ordinary meetings a year. In addition, it shall meet on the initiative of the Executive Director, at the request of the Commission, or at the request of at least one-third of its members.
Amendment 826 #
2013/0253(COD)
Proposal for a regulation
Article 49 – paragraph 3 a (new)
Article 49 – paragraph 3 a (new)
3a. The Coordinators of internal resolution teams, mentioned in Article 77, will also participate in the executive sessions of the Board, but without any voting rights, when deliberations and decisions will be taken with regard to entities referred to in Article 2.
Amendment 827 #
2013/0253(COD)
Proposal for a regulation
Article 49 – paragraph 3 b (new)
Article 49 – paragraph 3 b (new)
3b. The Board shall establish an Administrative Board of Review for the purposes of carrying out an internal administrative review of the decisions taken in its executive sessions, in the exercise of the powers conferred on it by this Regulation, and concerning resolution schemes and/or measures, following a request for review, submitted by the national resolution authorities whose members have participated in the deliberations and the decision making in accordance with paragraphs 2 and 3, in case of a major dissent from the decisions of the Board.
Amendment 836 #
2013/0253(COD)
Proposal for a regulation
Article 50 – paragraph 4
Article 50 – paragraph 4
Amendment 861 #
2013/0253(COD)
Proposal for a regulation
Article 52 – paragraph 2 – point g
Article 52 – paragraph 2 – point g
(g) each year the Executive Director shall prepare athe preparation of a quarterly draft report with a section on the resolution activities and the ongoing resolution cases of the Board, and a section on financial and administrative matters.
Amendment 868 #
2013/0253(COD)
Proposal for a regulation
Article 52 – paragraph 7
Article 52 – paragraph 7
7. An Executive Director or Deputy Executive Director whose term of office has been extended shall not participate in another selection procedure for the same post at the end of the overall period.
Amendment 880 #
2013/0253(COD)
Proposal for a regulation
Article 56 – paragraph 1
Article 56 – paragraph 1
1. The revenues of Part I of the budget shall consist of the annual contributions necessary to cover the annual estimated administrative expenditure in accordance with Article 62(1) (a).
Amendment 888 #
2013/0253(COD)
Proposal for a regulation
Article 58 – paragraph 2
Article 58 – paragraph 2
2. The budget of the Board shall be adopted by the plenary session of the Board on the basis of the statement of estimates. Where necessary, it shall be adjusted accordingly.
Amendment 889 #
2013/0253(COD)
Proposal for a regulation
Article 58 – paragraph 2 a (new)
Article 58 – paragraph 2 a (new)
2a. Where necessary, the budget of the Board might be adjusted accordingly, in plenary session, following its quarterly review by the Board.
Amendment 899 #
2013/0253(COD)
Proposal for a regulation
Article 62 – paragraph 3
Article 62 – paragraph 3
3. The Board shall determineFollowing a proposal by the competent authority, including the ECB, in accordance with the delegated acts referred to in paragraph 5, the Board shall determine the contributions due by each entity referred to in Article 2 in a decision addressed to the entity concerned. The Board shall apply procedural, reporting and other rules ensuring that contributions are fully and timely paid.
Amendment 901 #
2013/0253(COD)
Proposal for a regulation
Article 62 – paragraph 4 a (new)
Article 62 – paragraph 4 a (new)
4a. Entities referred to in Article 2 shall not be called, under any circumstances, to provide extraordinary annual contributions for the purposes mentioned in paragraph 1(a);
Amendment 902 #
2013/0253(COD)
Proposal for a regulation
Article 62 – paragraph 4 b (new)
Article 62 – paragraph 4 b (new)
4b. Entities referred to in Article 2 shall not be called to contribute to the budget of the national resolution authorities.
Amendment 903 #
2013/0253(COD)
Proposal for a regulation
Article 62 – paragraph 4 c (new)
Article 62 – paragraph 4 c (new)
4c. Funds already collected under existing national resolution financing arrangements shall be transferred to the Single Resolution Fund.
Amendment 907 #
2013/0253(COD)
Proposal for a regulation
Article 62 – paragraph 5 – point d
Article 62 – paragraph 5 – point d
(d) determine the amount of the first annual contributions necessary to cover the administrative expenditure of the Board before it becomes fully operational.
Amendment 923 #
2013/0253(COD)
Proposal for a regulation
Article 65 – paragraph 1
Article 65 – paragraph 1
1. In a period no longer than 105 years after the entry into force of this Regulation, the available financial means of the Fund shall reach at least 10,8 % of the amount of depositscovered deposits, according to Directive 94/19/EC, of all credit institutions authorised in the participating Member States which are guaranteed under Directive 94/19/EC.
Amendment 932 #
2013/0253(COD)
Proposal for a regulation
Article 65 – paragraph 1 a (new)
Article 65 – paragraph 1 a (new)
1a. A credit facility shall be envisaged, in the 12 month period after the entry into force of this Regulation, guaranteeing a full European backstop.
Amendment 933 #
2013/0253(COD)
Proposal for a regulation
Article 65 – paragraph 2
Article 65 – paragraph 2
2. During the initial period of time referred to in paragraph 1, contributions to the Fund calculated in accordance with Article 66, and raised in accordance with Article 62 shall be spread out in time as evenly as possible until the target level is reached unless, depending on the circumstances, they can be advanced or delayed in consideration of the favourable market conditions or the funding needs.
Amendment 938 #
2013/0253(COD)
Proposal for a regulation
Article 65 – paragraph 5 – point b
Article 65 – paragraph 5 – point b
(b) circumstances under which the payment of contributions may be advanced or delayed under paragraph 2;
Amendment 950 #
2013/0253(COD)
Proposal for a regulation
Article 66 – paragraph 2
Article 66 – paragraph 2
2. The available financial means to be taken into account in order to reach the target funding level specified in Article 65 may include payment commitments which are fully backed by collateral of low risk assetsassets eligible by the Central Banks of Member States, and unencumbered by any third party rights, at the free disposal and earmarked for the exclusive use by the Board for the purposes specified in Article 71(1). The share of these irrevocable payment commitments shall not exceed 350% of the total amount of contributions raised in accordance with paragraph 1.
Amendment 958 #
2013/0253(COD)
Proposal for a regulation
Article 66 – paragraph 3 – point b
Article 66 – paragraph 3 – point b
Amendment 990 #
2013/0253(COD)
Proposal for a regulation
Article 71 – paragraph 1 – point f
Article 71 – paragraph 1 – point f
(f) to make a contribution to the institution under resolution in lieu of the contribution which would have been achieved by the write down and/or equity conversion of certain creditors, when the bail-in tool is applied and the resolution authority decides to exclude certain creditors from the scope of bail-in in accordance with Article 24(35);
Amendment 999 #
2013/0253(COD)
Proposal for a regulation
Article 73 – paragraph 1
Article 73 – paragraph 1
1. Participating Member States shall ensure that, when the Board takes resolution actions, and provided that these actions ensure that depositors continue having access to their deposits, the deposit guarantee scheme to which the institution is affiliated shall be liable for the amounts specified in Article 99(1) and (4) of Directive [ ].
Amendment 1011 #
2013/0253(COD)
Proposal for a regulation
Article 77 – paragraph 3
Article 77 – paragraph 3
3. The Board mayshall establish internal resolution teams composed of its own staff and staff of the national resolution authorities of the participating Member States.
Amendment 1012 #
2013/0253(COD)
Proposal for a regulation
Article 77 – paragraph 3 a (new)
Article 77 – paragraph 3 a (new)
3a. The Board will appoint from its own senior level staff Coordinators of the internal resolution teams.
Amendment 1013 #
2013/0253(COD)
Proposal for a regulation
Article 77 – paragraph 3 b (new)
Article 77 – paragraph 3 b (new)
3b. In case of an unresolved dispute at the level of the internal resolution team, the Coordinator and/or any of the national resolution authorities may appeal to the Board that will address and resolve the dispute in its executive session.
Amendment 1014 #
2013/0253(COD)
Proposal for a regulation
Article 77 – paragraph 3 c (new)
Article 77 – paragraph 3 c (new)
3c. National resolution authorities may still appeal against the Board's decision taken in its executive session to the Administrative Board of Review, according to paragraph 3 b new of Article 49.
Amendment 1020 #
2013/0253(COD)
Proposal for a regulation
Article 79 – paragraph 2 a (new)
Article 79 – paragraph 2 a (new)
2a. The professional secrecy requirements referred to in paragraphs 1 and 2 shall also apply to observers who attend the Board's meetings on an ad hoc basis.
Amendment 1030 #
2013/0253(COD)
Proposal for a regulation
Article 83 – paragraph 1 – point a
Article 83 – paragraph 1 – point a
(a) the functioning of the SRM and the impact of the its resolution activities on the interests of the Union as a whole and on the coherence and integrity of the internal market in financial services, including its possible impact on the structures of the national banking systems within the Union, on their competitiveness in comparison with other banking systems outside the SRM and outside the Union, and regarding the effectiveness of cooperation and information sharing arrangements within the SRM, between the SRM and the SSM, and between the SRM and national resolution authorities and national competent authorities of non- participating Member States;
Amendment 1031 #
2013/0253(COD)
Proposal for a regulation
Article 83 – paragraph 1 – point d
Article 83 – paragraph 1 – point d
(d) the interaction between the Board and the national resolution authorities of non- participating Member States and the effects of the SRM on these Member States, and the interaction between the Board and national resolution authorities of third countries.
Amendment 1038 #
2013/0253(COD)
Proposal for a regulation
Article 85 – paragraph 1
Article 85 – paragraph 1
From the date of application referred to in the second subparagraph of Article 88, the Fund shall be considered the only resolution financing arrangement of the participating Member States under Title VII of Directive [ ].
Amendment 1045 #
2013/0253(COD)
Proposal for a regulation
Article 88 – paragraph 2
Article 88 – paragraph 2
Articles 7 to 23 and Articles 25 to 387 shall apply from 1 January 2015.
Amendment 103 #
2013/0185(COD)
Proposal for a directive
Article 2 – paragraph 2
Article 2 – paragraph 2
2. Full compensation shall place anyone who has suffered harm in the position in which that person would have been had the infringement not been committed. It shall therefore include compensation for actual loss and for loss of profit, and payment of interest from the time the harm occurred until the compensation in respect of that harm has actually been paid.
Amendment 124 #
2013/0185(COD)
Proposal for a directive
Article 4 – paragraph 1 – point 9
Article 4 – paragraph 1 – point 9
9. ‘reviewcompetition court’ means a national court that is empowered to review decisions of a national competition authority, in which context it may also have the power to find an infringement of Article 101 or 102 of the Treaty;
Amendment 125 #
2013/0185(COD)
Proposal for a directive
Article 4 – paragraph 1 – point 11
Article 4 – paragraph 1 – point 11
11. ‘final’ infringement decision means an infringement decision of a competition authority or reviewcompetition court that can no longer be reviewed;
Amendment 131 #
2013/0185(COD)
Proposal for a directive
Article 4 – paragraph 1 – point 14
Article 4 – paragraph 1 – point 14
14. ‘leniency corporate statement’ means an oral or written presentation voluntarily provided by, or on behalf of, an undertakingapplicant to a competition authority, describing the undertakingapplicant's knowledge of a secret cartel and its role therein, which was drawn up specifically for submission to the authority with a view to obtaining immunity or a reduction of fines under a leniency programme concerning the application of Article 101 of the Treaty or the corresponding provision under national law; this does not include documents or information that exist irrespective of the proceedings of a competition authority (‘pre-existing information’);
Amendment 151 #
2013/0185(COD)
Proposal for a directive
Article 5 – paragraph 4
Article 5 – paragraph 4
4. Member States shall ensure that national courts have at their disposal effective measures to protect confidential information from improper use to the greatest extent possible whilst also ensuring that relevant evidence containing such information is available in the action for damages.
Amendment 154 #
2013/0185(COD)
Proposal for a directive
Article 5 – paragraph 5
Article 5 – paragraph 5
5. Member States shall take the necessary measures to give full effect to legal privileges and other rights not to be compelled to disclose evidence.
Amendment 164 #
2013/0185(COD)
Proposal for a directive
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) leniency corporate statemestatements from leniency applicants; and
Amendment 169 #
2013/0185(COD)
Proposal for a directive
Article 6 – paragraph 2 – point b
Article 6 – paragraph 2 – point b
(b) information that was drawn up by a competition authority in the course of its proceedings and was included in the file of a competition authority.
Amendment 176 #
2013/0185(COD)
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Member States shall ensure that evidence falling into one of the categories listed in Article 6(1) which is obtained by a natural or legal person solely through access to the file of a competition authority in exercise of his rights of defence under Article 27 of Regulation No 1/2003 or corresponding provisions of national law is not admissible in actions for damages.
Amendment 178 #
2013/0185(COD)
Proposal for a directive
Article 7 – paragraph 2
Article 7 – paragraph 2
2. Member States shall ensure that evidence falling within one of the categories listed in Article 6, paragraph 2 which is obtained by a natural or legal person solely through access to the file of a competition authority in exercise of his rights of defence under Article 27 of Regulation No 1/2003 or corresponding provisions of national law is not admissible in actions for damages until that competition authority has closed its proceedings or taken a decision referred to in Article 5 of Regulation No 1/2003 or in Chapter III of Regulation No 1/2003.
Amendment 185 #
2013/0185(COD)
Proposal for a directive
Article 9
Article 9
Member States shall ensure that, where national courts rule, in actions for damages under Article 101 or 102 of the Treaty or under national competition law, on agreements, decisions or practices which are already the subject of a final infringement decision by a national competition authority or by a reviewcompetition court, those courts cannot take decisions running counter to such finding of an infringement. This obligation is without prejudice to the rights and obligations under Article 267 of the Treaty.
Amendment 197 #
2013/0185(COD)
Proposal for a directive
Article 11 – paragraph 2
Article 11 – paragraph 2
Amendment 200 #
2013/0185(COD)
Proposal for a directive
Article 11 – paragraph 3
Article 11 – paragraph 3
3. Member States shall ensure that an infringing undertaking may recover a contribution from any other infringing undertaking, the amount of which shall be determined in the light of their relative responsibility for the harm caused by the infringement. The amount of contribution of an undertaking which has been granted immunity from fines by a competition authority under a leniency programme shall not exceed the amount of the harm it caused to its own direct or indirect purchasers or providers.
Amendment 201 #
2013/0185(COD)
Proposal for a directive
Article 11 – paragraph 4
Article 11 – paragraph 4
Amendment 132 #
2013/0025(COD)
Proposal for a directive
Recital 13
Recital 13
(13) TIn order to mitigate the risks related to the use of the gambling sector to launder the proceeds of criminal activity is of concern. In order to mitigate the risks related to the sector and to provide parity amongst the providers of gambling services, an obligation for all providers of gambling services to conduct customer due diligence for single transactions of EUR 2 000 or more should be laid down. Member States should consider applying this threshold to the collection of winnings as well as wagering a stake. Providers of gambling services with physical premises (e.g. casinos and gaming houses) should ensuresubject to State supervision will be deemed in any event to have satisfied thate customer due diligence, if it is taken at the point of entry to the premises, can be linked to the transactions conducted by the customer on those premises requirements if they register, identify, and verify the identity of, their customers immediately on or before entry, whatever the value of the transactions to be carried out.
Amendment 298 #
2013/0025(COD)
Proposal for a directive
Article 10 – paragraph 1 – point d
Article 10 – paragraph 1 – point d
(d) for providers of gambling services, when carrying out occasional transactions amounting to EUR 2 000 or more, whether the transaction is carried out in a single operation or in several operations which appear to be linkedwhose individual value amounts to EUR 2000 or more;
Amendment 41 #
2012/2151(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the economic and monetary union (EMU) is not an end in itself but rather an instrument to achieve the Union and the Member States objectives, in particular a balanced and sustainable growth and a high level of, sound public finances and employment;
Amendment 54 #
2012/2151(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the Union is at a crossroads and a clear direction needs to be chosen either to combine the forces within the Union antaken concerning its future; whereas forces need to be combined to build a future for a strong and value-driven Union in a globalised world, or to fold back on itself and be forced to submit passively to globalisation for lack of power and influence;
Amendment 69 #
2012/2151(INI)
Motion for a resolution
Recital F
Recital F
F. whereas there icurrently several Member States gareat concern about the difficult facing a very demanding economic and financial situation in which several Member States find themselves, aggravated by the continuous strains on the sovereign bond markets reflected in high interest borrowing rates for some countries and considerable financial and economicand considerable instability;
Amendment 79 #
2012/2151(INI)
Motion for a resolution
Recital H
Recital H
H. whereas recent events have made clear that the euro area is not sufficientstill not properly equipped to solve thean economic and financial crisis and to react adequately to regional economic shocks within it; whilst the Union has made significant progress in order to overcome such barriers, room for improvement still exists;
Amendment 85 #
2012/2151(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the important role played by the euro, both within the euro area and at the global level, as the second most important international reserve currency , risks being increasingly undermined the longer the crisis persistsdemands a strong European response and a coordinated European action to bring back growth and stability to the economy;
Amendment 88 #
2012/2151(INI)
Motion for a resolution
Recital J
Recital J
J. whereas over the last decade, notwithstanding its conceptual and practical flaws, the euro has brought Union citizens many benefits, such as price stability, protection against currency fluctuations, the impossibility of non- cooperative competitive devaluations, lower interest rates, the encouragement of the integration of financial markets and easier cross-border capital movement;
Amendment 94 #
2012/2151(INI)
Motion for a resolution
Recital K
Recital K
K. whereas the Union's single currency should not become a symbol of division which threatens the whole European project, but should remain a symbol of a Union that is decisive and capable of taking far-reaching decisions for a common and prosperous future; whereas the euro should be regarded as an essential step towards a more robust economic and fiscal union;
Amendment 104 #
2012/2151(INI)
Motion for a resolution
Recital L a (new)
Recital L a (new)
La. whereas the crisis has demonstrated not only the interdependence between Member States whose currency is the euro but also has made clear the need for a more robust fiscal union with effective mechanisms to correct unsustainable fiscal trajectories, macroecononomic imbalances, debt levels and the upper limits of budget balance of Member States;
Amendment 107 #
2012/2151(INI)
Motion for a resolution
Recital N
Recital N
N. whereas Union and national policy makers should continuouslye to explain to their citizens all steps of the policy measures applied; whereas communication is a corner stone of every democracy and represents a necessary pillar to achieve social cohesion; whilst all the benefits of a single currency, including the costs and risks linked to a break up of the euro area;
Amendment 120 #
2012/2151(INI)
Motion for a resolution
Recital Q
Recital Q
Q. whereas time is running out and restoring confidence is the main task in order to convincerestoring confidence inside the Union is essential in order to create the conditions for European citizens and enterprises to start reinvesting again in the economy and to create conditions for financial institutions to provide the real economy, once again, with credit on a broad butand sound basis;
Amendment 124 #
2012/2151(INI)
Motion for a resolution
Recital R
Recital R
R. whereas the answer to successfully exit the euro crisis isproves to be complex and demands sustained, and multifaceted efforts at all institutional and policy levels;
Amendment 133 #
2012/2151(INI)
Motion for a resolution
Recital T
Recital T
T. whereas in order to restoringe confidence also requires thosein the Union, Heads of State and Government and their Ministers musto defend, loyally, in their Member States, the policy decisions they agreed upon at Union level and to explain that; necessary explanation of they subscribed to those policies in the belief that theys desired as wiell safeguard the future of their own citizens; whereas by imputing unpopular decisions to the Union, a particularly dangerous game of perception is being played which risks eroding the Union from below, undermining solidarity and ultimately damaging the European project as a wholeas sharing the common belief that those measures will safeguard the future of their own citizens;
Amendment 135 #
2012/2151(INI)
Motion for a resolution
Recital T a (new)
Recital T a (new)
Ta. whereas socially the Union is fragile at the moment; whereas several Member States are under extremely demanding structural reform efforts and consolidation programmes; whereas ultimately political union is the key to overcome to overcome such times, encouraging solidarity and carry on with the European project;
Amendment 140 #
2012/2151(INI)
Motion for a resolution
Recital V
Recital V
V. whereas the growing divide between core and peripheral countries in the Union should not become chronic in nature; whereas a permanent framework must be created in which Member States in difficulty should be able to rely on solidarity-based support from other Member States; whereas those Member States which desire solidarityMember States 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 151 #
2012/2151(INI)
Motion for a resolution
Recital W
Recital W
W. whereas it is beyond doubtclear that the European integration is an irreversible and progressivecan become a truly progressive and popular process if Member States meticulously honour their European engagements and if Union institutions strictly respect and thoroughly apply the principle of subsidiarity;
Amendment 169 #
2012/2151(INI)
Motion for a resolution
Recital Z
Recital Z
Z. whereas the report drawn up by the four Presidents represents the firsta long-term plan which unambiguously chooses the way forward and seeks to break the cycle of distrust by means of structural measures;
Amendment 185 #
2012/2151(INI)
Motion for a resolution
Recital AD
Recital AD
AD. whereas the most probable need for future Treaty changes should not be an obstacle to the swift implementation of what can already be achieved under the existing Treaties; whereas much can be achieved within the current institutional framework;prevent the Union and the Member States from continuing their path towards deeper and more efficient economic and fiscal coordination within the actual legal framework, using all available tools to the full implementation of the 'six pack', the 'two pack' and the Fiscal Compact.
Amendment 188 #
2012/2151(INI)
Motion for a resolution
Recital AE
Recital AE
AE. whereas the ambitiongoal should be that all Member States jointly take steps fortowards stronger 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 253 #
2012/2151(INI)
Motion for a resolution
Recital AO
Recital AO
AO. whereas supervisory authorities in general should detit is part of the role of a supervisory authority to detect and correct problems at an early stage to prevent crises from occurring and maintaining financial stability;
Amendment 303 #
2012/2151(INI)
Motion for a resolution
Recital AY
Recital AY
AY. whereas the independence of the European 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, given the impact that supervisory measures may have on public financesneeds to be accountable given the impact and importance of its measures; whereas to achieve the proper and desired political accountability, regular reporting must take place in the European Parliament, banks, employees and customerd whenever the situation requires;
Amendment 363 #
2012/2151(INI)
Motion for a resolution
Recital BI
Recital BI
BI. whereas ex-ante planning, early intervention, speed, access to quality information and credibility are essential in managing bank crises;
Amendment 438 #
2012/2151(INI)
Motion for a resolution
Recital BW
Recital BW
Amendment 450 #
2012/2151(INI)
Motion for a resolution
Recital BY a (new)
Recital BY a (new)
BYa. whereas the creation of a "European Debt Authority" responsible to coordinate all issues related with the annual debt issuance plan of the Member States, the renewal of their outstanding debt and the assessment of the sustainability of all Member States governments debt, as well as a annual publication of data related to Member States public debt, deficit and other macroeconomic indicators and a creditworthiness assessment could be an effective pre-emptive mechanism to avoid future sovereign debt crises;
Amendment 456 #
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 EMU within a completely functional economic and monetary union and should not be regarded as an immediate response to the present crisis nor an immediate crisis resolution mechanism;
Amendment 463 #
2012/2151(INI)
Motion for a resolution
Recital BZ a (new)
Recital BZ a (new)
BZ a. whereas an enhanced fiscal integration and budgetary discipline are a necessary precondition for the common issuance of debt with joint and several liabilities;
Amendment 472 #
2012/2151(INI)
Motion for a resolution
Recital CA a (new)
Recital CA a (new)
CAa. whereas the feasibility of moving towards a system of 'European Safe Bonds' as proposed by 'Euro-nomics' should be envisaged as an immediate tool to reduce pressure on debt markets, without the need for a treaty change; whereas this option does not require joint and several liabilities;
Amendment 489 #
2012/2151(INI)
Motion for a resolution
Recital CC
Recital CC
CC. whereas the European Semester offers a good framework to coordinate economic policies implemented at national level in line with the country-specific recomis the valid framework for the effective economic and governance of the euro area Member States that are linked by a joint and common responsibility, bringing together the multilateral surveillance of budgetary and macroeconomic policies and the implemendtations adopted by the Council of the European Strategy for Growth and Jobs as embodied in the 'Europe 2020' Strategy;
Amendment 496 #
2012/2151(INI)
Motion for a resolution
Recital CC a (new)
Recital CC a (new)
CCa. whereas the European Semester allows for the necessary ex ante coordination in the euro area context, via the exchange of draft budget plans and the previous discussion of all major economic policy reform plans, allowing the reduction and/or elimination of any possible spill-over effects that may arise from national actions on other countries or on the euro area as a whole;
Amendment 508 #
2012/2151(INI)
Motion for a resolution
Recital CE
Recital CE
CE. whereas national economic policies must reflect the reality of membership of EMU within a social market economythe interlinkage that arises from EMU membership;
Amendment 517 #
2012/2151(INI)
Motion for a resolution
Recital CG
Recital CG
CG. whereas it is up to the Member States to always deliver without delay on the agreed reforms in their national reform programmes;
Amendment 521 #
2012/2151(INI)
Motion for a resolution
Recital CG a (new)
Recital CG a (new)
CGa. whereas the current demand for public sector investment programmes should imply the need for European scrutiny of all programmes with direct impact in the euro area as a whole, using the European Semester tool; whereas such programs should only be agreed upon if they truly represent quality investment; if they are sound and sustainable and if they do not represent any increase in the national debt ratios;
Amendment 530 #
2012/2151(INI)
Motion for a resolution
Recital CH
Recital CH
CH. whereas the instrument of enhanced cooperation should be used more frequently in the field of taxation; whereas reference can be made to the European Parliament's position on the common consolidated corporate tax base (CCCTB) and the financial transactions tax (FTT)as stated by Commission President Barroso in his State of the Union speech;
Amendment 547 #
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 foris crucial in all areas, in particular for those focusing in growth and employment;
Amendment 559 #
2012/2151(INI)
Motion for a resolution
Subheading 8
Subheading 8
Amendment 567 #
2012/2151(INI)
Motion for a resolution
Recital CM a (new)
Recital CM a (new)
CMa. whereas the single currency as a strong economic pillar is indispensable, therefore it should rest on an enhanced governance and a broader fiscal union to foster fiscal discipline and deeper integration in the internal market;
Amendment 568 #
2012/2151(INI)
Motion for a resolution
Recital CM b (new)
Recital CM b (new)
CMb. whereas the European Parliament should become a fully fledged Parliament, like its peers; whereas political leaders and representatives of the Institutions, the agencies and other European bodies should be political accountable before the European Parliament; whereas regular reporting and annually presentations of their work and forecasts should be made before the European Parliament; whereas the European Parliament and national parliaments should reinforce their working tools and fill in the existing gap that still prevails between the national parliaments important cooperation;
Amendment 578 #
2012/2151(INI)
Motion for a resolution
Recital CN a (new)
Recital CN a (new)
CNa. whereas a Consultative Committee should be created to play an advisory role to the President of the Commission; whereas such Consultative Committee should be composed of past Commission presidents and should give advice over general political directions and priorities for the European Union; whereas its meetings should convene preferably before the European Council meetings and its recommendations could me made public with the agreement of the President of the Commission;
Amendment 586 #
2012/2151(INI)
Motion for a resolution
Recital CP
Recital CP
CP. whereas measures taken at Union level are oftento deal with the current crisis are sometimes perceived as being ‘"too little, too late’" due to the procedures arising from the democratic legislative process, the lack of a European institutional substructure or own Union resources to intervene directly to tackle a crisis situation;
Amendment 589 #
2012/2151(INI)
Motion for a resolution
Recital CP a (new)
Recital CP a (new)
CPa. whereas the path to create a fully fledged European budget, with its own resources, should be envisaged; whereas such budget should act as counter-cyclical instrument and as a vehicle for a transfer union;
Amendment 601 #
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 national parliaments should be ensured;
Amendment 679 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 a (new)
Annex – part 1 – point 1.1 – paragraph 9 a (new)
The ESM should recapitalise banks directly as soon as legislation on the SSM has been approved. A precise and clear calendar for finalising the banking union should be drawn up.
Amendment 716 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 6 a (new)
Annex – part 1 – point 1.2 – paragraph 6 a (new)
Specify that a clear calendar for finalising the banking union should be drawn.
Amendment 747 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 6
Annex – part 1 – point 1.3 – paragraph 6
That obligation should be a collective one in the case of Member States whose currency is the euro. A vehicle should be established or designated to provide reassurance that that collective obligation will be met and if required that vehicle needs to be able to intervene directly in institutions under recovery or resolution. That vehicle could be the ESM, as long as recourse to public intervention is activated only in exceptional cases.
Amendment 5 #
2012/2150(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. Whereas the current economic situation has demonstrated that stronger coordination between Member States macroeconomic and budgetary policies is needed in order to achieve a more integrated and balanced economic union;
Amendment 6 #
2012/2150(INI)
Motion for a resolution
Recital B
Recital B
B. whereas the European Semester wasframework was finally codified in Regulation (EU) No 1175/2011 of 16 November 2011 (the Wortmann-Kool report) and; presents one of the main cornerstone's of the economic and governance package, essential to lead the Union in the following steps of the completion of the EMU;
Amendment 8 #
2012/2150(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. Whereas this is the first time that the European Semester is being fully implemented and the necessary lessons must be drawn in order to reach its full potential.
Amendment 14 #
2012/2150(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission's country- specific recommendations for the euro area; recalls that these is the first time, due to the implementation of the new economic and governance package, that those recommendations have a macroeconomic scenario of all the euro area and gained a new level of detail; believes that the recommendations haven't yet reached their full potential; expects these recommendations to form the basis of the Spring Council's recommendations;
Amendment 15 #
2012/2150(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Recalls that the European Semester is the valid framework for the effective economic and governance of the euro area Member States that are linked by a joint and common responsibility, bringing together the multilateral surveillance of budgetary and macroeconomic policies and the implementation of the European Strategy for Growth and Jobs as embodied in the EU2020 Strategy.
Amendment 18 #
2012/2150(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recalls that the European Semester allows for the necessary ex ante coordination in the euro area context, both via the transmissionexchange of draft budget plans and the previous discussion of all major economic policy reform plans, in order to take into accountallowing the reduction and/or elimination of, and reduce,y possible spill-over effects that may arise from national actions on other countries or on the euro area as a whole;
Amendment 23 #
2012/2150(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is confident that the measures proposed are conducive to sustainable public finances, increased competitiveness,Welcomes the measures that have been proposed and believes that those are the necessary steps to be undertaken to achieve sound and sustainable public finances, to minimize the macroeconomic imbalances and to boost competitiveness that will lead to higher growth and improved employment;
Amendment 33 #
2012/2150(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. NoteSupports the Commission's insistence oefforts in conducting growth-enhancing structural reforms to allow the EU to get to grips with the crisis and regain its preeminent role in the world economy; Strongly supports the Commission's efforts to correct the macroeconomic imbalances within the euro area;
Amendment 41 #
2012/2150(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that most of the structural reforms are concentrating on a small number of areasWelcomes and supports the areas where most of the structural reforms are taking place, such as labour markets, the taxation system, restructuring the banking sector, removing unjustified restrictions on regulated trades and professions, liberalising certain industries, improving the efficiency and quality of public expenditure, avoiding unnecessary layers of government, combating tax evasion, and reforming mortgage and real estate markets; acknowledges that there is still a long way to go and believes that the right foundations have been set and that room for improvement still exits.
Amendment 53 #
2012/2150(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Reiterates that the Commission is in a unique position to develop a truly detailed European macroeconomic plan that can boost growth and jobs and; Urges the Commission to pursuit it utmost; Believes that in order to pursue such plan the Commission shall propose to use the European funds in the most smart and friendly way and shall look for ways to adapt them to the needs that the EU currently faces;
Amendment 77 #
2012/2150(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Welcomes the end of excessive deficit procedures for several Member States; hopBelieves that more procedurethe remaining Member States still in the procedure will be able to meet the targets can be brought to an end in the near futured time frames set out for them; Urges all political leaders to pursuit such efforts and maintain their commitments';
Amendment 81 #
2012/2150(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Acknowledges the very demanding efforts that have been requested to all European citizens in the recent years;
Amendment 97 #
2012/2150(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Lauds the economic dialogue held so far between Parliament and national representatives, and wishesRecalls its importance to achieve a fully operating European Semester framework and to reach the necessary democratic accountability for all the involved players; Reiterates its commitment to conduct further dialogues;
Amendment 108 #
2012/2150(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Reiterates its call to take action to improve the stability of the financial system in the euro area; Recalls that such action is needed to regain stability worldwide since the Union is one of its decisive players; Urges all political leaders to take the necessary measures conductive to reach this goal;
Amendment 115 #
2012/2150(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Recalls that any decision of the Council not to follow the European Commission recommendations shall be dully explained and go along with a fully fledged explanatory statement;
Amendment 10 #
2012/2134(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. Whereas it is crucial to create and develop the necessary tools and lay the right conditions that will able the Union to boost growth in the eurozone and in the Union as whole;
Amendment 16 #
2012/2134(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas SMEs constitute the dominant category of business organisation in all EU countries with more than 23 million enterprises, representing 99.8% of the market, and their contribution to the EU-GDP is up to 60%;
Amendment 17 #
2012/2134(INI)
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. whereas 85 % of all new jobs in the EU between 2002 and 2010 were created by SMEs, in particular by new firms; whereas 32.5 million people in the EU are self-employed;
Amendment 42 #
2012/2134(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Recalls that in the current economic situation and due to the severe impact it is having in the European banking system, due to its link with sovereign, alternative ways to access finance to SMEs needs to be found; Stresses that the current situation can prove itself ideal to create permanent alternative ways that could help breaking the link between SMEs financing and bank credit;
Amendment 61 #
2012/2134(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Stresses that the Commission should emphasize the important role that the stock market can play as a way for SMEs to obtain their financing requirements at different stages;
Amendment 62 #
2012/2134(INI)
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Recalls that stock markets designed specifically for SMEs are already in place, such as NYSE Alternext, a market designed to response to specific market and financing requirements in the Eurozone; Whereas this self-regulated market, in operation since 2005, has already allowed SMEs to raise their capital between 2,5 millions € and 15 millions €, which clearly demonstrates the impact and added value that the stock market can have as tool for the financing of SMEs;
Amendment 63 #
2012/2134(INI)
Motion for a resolution
Paragraph 7 c (new)
Paragraph 7 c (new)
7c. Whereas the stock market offers access to liquidity both for companies and investors and should be used by SMEs as a way to step up growth, facilitate the withdrawal of an investor or prepare for an inheritance or buyout;
Amendment 64 #
2012/2134(INI)
Motion for a resolution
Paragraph 7 d (new)
Paragraph 7 d (new)
7d. Stresses that beside being an alternative way for SMEs to access finance, due to the requirements and conditionality's of the stock markets, they have the added value of improving substantially the organization, management and reporting skills of this companies and by that contributing significantly to strengthen this category of business organisation;
Amendment 130 #
2012/2134(INI)
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Calls on the Commission to develop ways of making tailor made SMEs stock markets more attractive both to institutional investors (such as hedge funds, investment funds, pension funds, insurance companies among others) and private investors; Whereas this could be achieved by introducing more friendly tax regimes for investors that would channel part of their investments for SMEs, or by fostering the use of SMEs specialized investments funds, for example in partnership with the EIB, or by supporting mechanisms through which a small group of SMEs, that are already in the stock market and that share the same kind of risk weight, could issue common bonds with medium and long maturity, increasing the attractiveness of this markets to all investors;
Amendment 134 #
2012/2134(INI)
Motion for a resolution
Paragraph 23 b (new)
Paragraph 23 b (new)
23b. Stresses that due to the vital role that SMEs play in the Unions' economy, it makes them the more potent contributors to economic growth and job creation in the upcoming years and for this reason; Calls on the Commission and Member States to act fast in creating the necessary space that the SMEs need to be able to properly finance themselves and drive the Unions' economy;
Amendment 7 #
2012/2028(INI)
Motion for a resolution
Citation 2 a (new)
Citation 2 a (new)
- having regard to the presentation by Vice-President Rehn in the Committee on Economic and Monetary Affairs on 23 November 2011 and of the exchange of views with the German Council of Economic Experts on the European redemption fund on 29 November 2011,
Amendment 8 #
2012/2028(INI)
Motion for a resolution
Citation 2 b (new)
Citation 2 b (new)
- having regard to the report by President of the European Council, Herman Van Rompuy "Towards a Genuine Economic and Monetary Union",
Amendment 9 #
2012/2028(INI)
Motion for a resolution
Citation 2 c (new)
Citation 2 c (new)
- having regard to the decision of the European Council of 30 June 2012 to explore ways of improving the economic and financial architecture of the eurozone
Amendment 15 #
2012/2028(INI)
Motion for a resolution
Recital A
Recital A
A. whereas Parliament requested that the Commission submit a report on the posfeasibility of introducing eurostability bonds, which was an integral part of the agreement between Parliament and the Council on the economic governance package (six pack); whereas the Green Paper, however, proposes neither crisis resolution measures nor ways in which the options presented could be implemented;
Amendment 25 #
2012/2028(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas no federal state (including the U.S.A. and Germany) issue the equivalent of eurobonds such as foreseen in options 1 and 2 of the Green Book, something which elevates eurobonds to the level of a totally new concept, which cannot be compared with the tried and trusted U.S. treasury bonds and Bundesanleihen;
Amendment 29 #
2012/2028(INI)
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. whereas the crisis has demonstrated not only the interdependence between eurozone Member States but also has made clear the need for a more robust fiscal union with effective mechanisms to correct unsustainable fiscal trajectories, macroeconomic imbalances, debt levels and the upper limits of budget balance of Member States;
Amendment 31 #
2012/2028(INI)
Motion for a resolution
Recital B c (new)
Recital B c (new)
Bc. whereas it is now recognized that the common issuance of debt is not an immediate response to the present crisis nor an immediate crisis resolution mechanism but just an instrument within a completely functional economic and monetary union to the reinforcement of financial stability and prevention of future sovereign debt crisis;
Amendment 33 #
2012/2028(INI)
Motion for a resolution
Recital B d (new)
Recital B d (new)
Bd. whereas the common issuance of debt with joint and several liabilities and an enhanced fiscal integration and budgetary discipline and control are two faces of the same coin;
Amendment 35 #
2012/2028(INI)
Motion for a resolution
Recital B e (new)
Recital B e (new)
Be. whereas a substantial part of the national budgetary sovereignty should be transferred to the EU, making the participation on the common debt issuance system conditional on the respect of SGP rules - and on the acceptance of EU powers to requires changes to national budgets when in violation of fiscal rules - so to ensure compliance and prevent moral hazard;
Amendment 39 #
2012/2028(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Takes note ofWelcomes the various crisis mitigation and resolution efforts of the European institutions, particularly the establishment of the EFSM, the EFSF, the SMP and the LTRO, and the latest agreement ons reached regarding the ESM and the "fiscal compact"; lauds these steps as a clear sign for solidarity within the euro area; reminds that three Member states outside the euro area have also receive help to overcome their sovereign debt crisis;
Amendment 44 #
2012/2028(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Welcomes the presentation of the Green Book, which fulfils a long standing requests of the European Parliament; Considers that the possible introduction of stability bonds would be an operation at par in importance with the introduction of the single currency;
Amendment 47 #
2012/2028(INI)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Welcomes the decision of the European Council of 30 June 2012 to explore ways of improving the economic and financial architecture of the euro area; notes that great emphasis is put by the Council on avoiding moral hazard and achieving sound and sustainable public finances;
Amendment 49 #
2012/2028(INI)
Motion for a resolution
Paragraph 1 c (new)
Paragraph 1 c (new)
1c. Notes that the EFSM, the EFSF and the ESM are the most important firewalls designed so far by the EU; stresses that as a common bond system does not prevent individual country default, the role of the ESM regarding solvency issues shall not be disregarded and reiterates its vital importance to help ring-fencing such system;
Amendment 51 #
2012/2028(INI)
Motion for a resolution
Paragraph 1 d (new)
Paragraph 1 d (new)
1d. Stresses that fiscal consolidation and structural reforms throughout all Member States are necessary to restore fiscal credibility and are essential to achieve a sustainable balance of payments and sound and sustainable public finances. Restoring sound state finances and carrying out structural reforms should be a prerequisite for introducing a common debt issuance system;
Amendment 55 #
2012/2028(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the fiscal consolidation and structural reform efforts undertaken by a number of Member States; acknowledges the difficult and demanding efforts that are being requested to the European citizens but reinforces the need for fiscal consolidation; welcomes that two Member states saw their excessive deficit procedure ended this year;
Amendment 60 #
2012/2028(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Believes that growth is only possible with sound fiscal policies and therefore, and due to the deepen inter-dependence between Member States and the spill-over effects of macroeconomic policies, even those Member States out of assistance programmes should improve their consolidation efforts and structural reform programmes in order to foster competitiveness, growth and employment;
Amendment 66 #
2012/2028(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is deeply concerned, however, that despite Member States‘ reform and consolidation efforts euro area sovereign bond markets are in distrthe markets have not acknowledged the considerable efforts towards reforms and consolidation in some Member statess, which is reflected in widening spreads and high interest rate volatility;
Amendment 76 #
2012/2028(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Believes that there is an urgent need to further discuss a longer-term vision for the euro area which ensures sound public finances, sustainable growth and high levels of employment, preventing moral hazard and supporting convergence which is only possible with a qualitative move towards a fiscal union;
Amendment 82 #
2012/2028(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Notes that an integrated budgetary framework is essential to ensure sound fiscal policy, encompassing coordination, joint decision-making, greater enforcement and commensurate steps towards common debt issuance (including short-term funding instruments on a limited and conditional basis, or gradual roll-over into a redemption fund);
Amendment 97 #
2012/2028(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Stresses that all existing and future instruments or institutions which are sensu stricto or sensu lato part of the economic governance framework of the Union need to be democratically legitimised as well as rooted on a firm legal base and made accountable by involving the parliaments of the Member States and the European Parliament in the setting-up and running of these instruments or institutions;
Amendment 109 #
2012/2028(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that the prospect of common bonds can foster stability in the euro area and be an additional element to incentivise compliance with the stability and growth pactReiterates its position that as a necessary precondition for common issuance bonds, a sustainable fiscal framework needs to be in place, aimed at both enhanced economic governance, fiscal discipline and SGP compliance; reiterates its position that sequencing is a key issue involving a binding roadmap, included in the annex,roadmap similar to the Maastricht criteria for introducing the single currency; asks for further clarification on the Commission's suggestion to make the common debt issuance conditional, e.g. on the respect of the Stability and Growth Pact;
Amendment 122 #
2012/2028(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Reminds that even under a common bond issuance scheme every Member state is obliged to pay back the entirety of its debt; reminds that common bond issuance are no guarantee against a Member state defaulting on its debt;
Amendment 127 #
2012/2028(INI)
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Urges to only consider commonly issued bonds that insure strict seniority status to the holders of these bonds in order to protect the EU taxpayers;
Amendment 129 #
2012/2028(INI)
Motion for a resolution
Paragraph 7 c (new)
Paragraph 7 c (new)
7c. Notes that most proposals for eurobonds include ways to reduce the access to the bonds for Member states whose budgetary positions spin out of control; urges therefore to maintain mechanisms that are able to help those Member states which are experiencing difficulties in form of a liquidity crisis (as opposed to a solvability crisis) and that are excluded from the common issuance of bonds; believes that the ESM should be maintained for that purpose; urges to make the ESM subject to the Community method;
Amendment 131 #
2012/2028(INI)
Motion for a resolution
Paragraph 7 d (new)
Paragraph 7 d (new)
7d. Is aware of the fact that eurobonds can lead to a transfer union in two ways: through the subsidizing of interest rates in normal times, and in the case a Member state defaults on its debt which demands the establishment of a full functional fiscal union;
Amendment 132 #
2012/2028(INI)
Motion for a resolution
Paragraph 7 e (new)
Paragraph 7 e (new)
7e. Asks the Commission to further elaborate on the criteria of allocation of the loans to the Member states, as the Green Book's only states that this would be done 'according to their needs'; insists that the capacity to service the debt should be one of the central allocation criteria;
Amendment 133 #
2012/2028(INI)
Motion for a resolution
Paragraph 7 f (new)
Paragraph 7 f (new)
7f. Understands that the Commission deems the upper limit of 60% in the blue bond proposals to be too high to insure the stability of the system and asks for further clarification concerning that limit;
Amendment 134 #
2012/2028(INI)
Motion for a resolution
Paragraph 7 g (new)
Paragraph 7 g (new)
7g. Believes that it is essential to establish a roadmap in a two-phase approach: in a short-run exit the current crisis and in a long-run to move towards a fiscal union by completing, strengthening and deepening the economic and monetary union;
Amendment 142 #
2012/2028(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Urges Member States to seriously considertudy the option of immediately establishing a temporary European Redemption Fund in order to allow participating countries to reduce excessive debt over a maximum period of 25 years by using the interest rate savings for debt reduction;
Amendment 154 #
2012/2028(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Urges Member States to seriously consider the immediate issuance of common short-term debt in the form of eurobills to protect those Member States with fundamentally sustainable fiscal polices from illiquidity runs and the negative feedback loop between sovereign and banking crises;
Amendment 157 #
2012/2028(INI)
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Urges Member States to study the feasibility of moving towards a system of European Safe Bonds as proposed by Euro-nomics;
Amendment 168 #
2012/2028(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission to prepare contingency plans allowing a rapid implementation of these schemesengage in clarifying the legal restraints to the common issuance of bonds, especially Article 125 TFEU and its implication for three possible issuing modes, which are joint liability, several liability, as well as joint and several liability; Urges the Commission to analyse the possible use of article 352/1 of the TFEU or any other legal basis for the implementation of a partial common debt issuance solution without a necessary Treaty change;
Amendment 181 #
2012/2028(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Believes that, in parallel, there is an urgent need to recapitalise the European banking sector and to further complete financial integration in the EU; calls on the Commission to put forward proposals for a Banking Union with a single financial supervisory authority to oversee systemic financial institutions with pre-emptive intervention powers, a banking resolution regime including a recapitalisation fund and an EU-wide common deposit guarantee scheme;
Amendment 197 #
2012/2028(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Believes that the issuance of common bondscommon debt issuance under separate liability, similar to the EFSF bond, risks not being sufficiently attractive for investors and that the roadmap should therefore include a system, which does not require any Treaty change, for the allocation of debt below 60 % of GDP to be issued under joint and several liabilities (blue-bond/red-bond proposal)if some Member states participating in the scheme still lack sustainable finances;
Amendment 198 #
2012/2028(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Notes that three scenarios might have to be chosen from: first, a single interest rate for all participating Member states, resulting in a transfer of wealth between countries, second, a differentiated interest rate, and third, a single rate associated to a compensation scheme such as floated by the Commission, where Member states with lower ratings financially compensate those with better ratings;
Amendment 199 #
2012/2028(INI)
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12b. Asks the Commission to elaborate more its option to establish a system of differentiation of the interest rates between Member states with divergent ratings, especially to clarify how and by whom these ratings are established once market mechanisms were neutralized by the introduction of common bonds;
Amendment 200 #
2012/2028(INI)
Motion for a resolution
Paragraph 12 c (new)
Paragraph 12 c (new)
12c. Shares the view expressed by the Commission in its Green Paper that the stability of a eurobond system cannot rely solely on the shoulders of a small number of Member states with sustainable finances, and that such system demands a strengthened fiscal union and stronger budgetary discipline and control to prevent moral hazard;
Amendment 209 #
2012/2028(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Believes that if the blue-bond/red- bond system proves to be beneficial to the euro area as a whole, a further step, requiringa system of mutualisation of debt is deemed possible and well interwoven in a stability oriented framework, a Treaty change, should be envisaged, which iscould result in the issuance of bonds under joint and several liability;
Amendment 212 #
2012/2028(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Believes that a system of partial substitution of national issuance (such as the blue/red bonds) might reduce the cost of borrowing for those Member States that have sound and sustainable public finances on the one hand, and might create an incentive for those with excessive debt to reduce it on the other, as the risk associated with red bonds would be higher and interest rates would increase;
Amendment 221 #
2012/2028(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Advocates, following the implementation of short-term measures to exit the crisis, the setting-up of a committee inspired by the Delors Committee of 1988, including representatives from Member States, the Commission and the ECBPresident of the Commission, the President of the European Council, the President of the ECB and the President of the Eurogroup; believes that this committee should evaluate progress and make recommendations for further steps with regard to post-crisis phases, to be discussed in Parliament; takes the view that this committee should also look at the longer term possibility of issuing genuine federal bonds destined to feed the European budget;
Amendment 225 #
2012/2028(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Strengthens that the Commission should study the feasibility of each and all of the options presented in the Annex (both phase 1 and phase 2), which are not necessarily alternative but can be, under certain circumstances, cumulative and concurrent;
Amendment 228 #
2012/2028(INI)
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14b. Is aware that an ever increasing number of proposals for the mutualisation of debt are being made, especially in the academic field; notes that these proposals vary considerably; outlines a chosen number of possible options in the annex;
Amendment 232 #
2012/2028(INI)
Motion for a resolution
Annex - Title
Annex - Title
Amendment 234 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Title
Annex - Phase 1 - Title
Phase 1 - Immediate measures to exit theShort term measure in view of the present sovereign debt crisis
Amendment 236 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Subtitle 1
Annex - Phase 1 - Point 1 - Subtitle 1
Option 1. Setting up of a temporary European redemption fund to reduce debt to sustainable levels at affordable interest rates
Amendment 238 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1
Annex - Phase 1 - Point 1 - Paragraph 1
The Commission makes a proposal for the immediateshall study and report its conclusions to the European Parliament on the possibility of setting up of a temporary European redemption fund along the following principles:
Amendment 246 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 1
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 1
- transfer of debt amounts above the Maastricht reference value of 60 % of GDP to a common fund subject to joint and several liabilthrough a roll-in phase of five years; such transference should be phased and start wityh through a roll-in phase of five yearse transfer of only 10% of the debt above the Maastricht threshold of 60% of the GDP; subsequent transfers should be gradual;
Amendment 250 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 2
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 2
- limit participation to Member States without an adjustment programme; provide for a phasCountries with adjustment program can joing in of Member States that havmmediately but their debts can only be transferred, following a phase-in plan after the successfully completed anion of the adjustment programme;
Amendment 255 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3
- oblige Member States to autonomously redeem the transferred debt over a period of maximum 25 years by using the interest rate savings for debt redemption, which could be shorter if the growth rate is higher than foreseen;
Amendment 260 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3 a (new)
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3 a (new)
- apply strict conditions such as (i) depositing collaterals; (ii) commit to fiscal consolidations plans and structural reforms;
Amendment 264 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 4
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 4
- implement the national debt brakes introduced in the fiscal compact to limit the debts that remain exclusively with the participating Member States at a maximum of 60 % of GDP starting in the year the redemption fund is established and oblige Member States to cover their liabilities by risk-free collateral;
Amendment 269 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5 a (new)
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5 a (new)
- provide for transparent and predictable exit procedures for Member States. Staying should be incentivised and therefore exit should be costly; failure to honour commitments during the roll-in phase should immediately stop the roll-in phase and failure to honour commitments at any time should forfeit the collateral deposited with the Fund.
Amendment 272 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Subtitle 2
Annex - Phase 1 - Point 2 - Subtitle 2
Amendment 275 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1
Annex - Phase 1 - Point 2 - Paragraph 1
The Commission makes a proposal for the immediateshall study and report its conclusions to the European Parliament on the possibility of setting up of a system for the issuance of common short-term debt along the following principles:
Amendment 282 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1
- establish an agencentity or use an already existing entityone to issue eurobills and limitwith the participation to Member States that comply with the rules as set-out in the Stability and Growth Pactof all eurozone Member States without an adjustment programme; provide for a phasing in of Member States that have successfully completed their adjustment programmes;
Amendment 285 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1 a (new)
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1 a (new)
- those Member States that do not comply with the rules set-out in the Stability and Growth Pact might pay a penalty interest rate;
Amendment 286 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1 b (new)
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1 b (new)
- Member States might be asked to pay a premium over eurobills rates related to their deficit and debt figures;
Amendment 287 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1 c (new)
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1 c (new)
- total eurobill issuance can not exceed 10% of country GDP;
Amendment 289 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 2
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 2
- maximum maturity of eurobills (amounting to maximum 10% of GDP) of up to one year, which allows for continued monitoring and due to short term maturity frequent renewal of guarantees;
Amendment 291 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 3
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 3
- eurobills replace all short-term debt to be issued by Member States which consequently remain solely responsible for issuing their own debt for longer maturities which should be monitored and limited according to each country needs, fiscal situation and debt ratio;
Amendment 294 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 4
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 4
- provide for dismissible participation by a decision of the national parliamenttransparent and predictable exit procedures for Member States. Staying should be incentivised and therefore exit should be costly;
Amendment 296 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2a - Subtitle 2 a (new)
Annex - Phase 1 - Point 2a - Subtitle 2 a (new)
Option 3. Introducing European Safe Bonds:
Amendment 297 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2a - Paragraph 1 a (new)
Annex - Phase 1 - Point 2a - Paragraph 1 a (new)
The Commission shall study and report its conclusions to the European Parliament on the possibility of setting up of a system for the issuance of European Safe Bonds along the following principles:
Amendment 298 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2a - Paragraph 1 b (new)
Annex - Phase 1 - Point 2a - Paragraph 1 b (new)
- establish an entity or use an already existing one ("Entity") to buy, on secondary markets, existing sovereign bonds of the eurozone Member States without an adjustment programme on a fixed weight and up to 60% of each country's GDP; provide for a phasing in of Member States that have successfully completed their adjustment programmes;
Amendment 299 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2a - Paragraph 1 c (new)
Annex - Phase 1 - Point 2a - Paragraph 1 c (new)
- sovereign bonds will then be used as collateral to the issuing of two securities: (i) European Safe Bonds that would grant the right to a senior claim to the payments from the bonds held in portfolio; (ii) European Junior Bonds, composed by the junior tranche on the portfolio of bonds, sold to investors in the market. The risks of losses on this junior bonds would be absorbed by holders of these securities and not by the Entity nor the EU or its Member States;
Amendment 300 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2a - Paragraph 1 d (new)
Annex - Phase 1 - Point 2a - Paragraph 1 d (new)
- the weight of each eurozone country should be fixed and should correspond to their % on the total eurozone GDP; such weights cannot be discretionarily changed to respond to any special and unforeseeable circumstances and cannot be permeable to political interference;
Amendment 301 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2a - Paragraph 1 e (new)
Annex - Phase 1 - Point 2a - Paragraph 1 e (new)
- European safe bonds would be issued by the Entity being composed of the senior tranche on a portfolio of sovereign bonds of different eurozone Member States and would be very close to a risk free security;
Amendment 302 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2a - Paragraph 1 f (new)
Annex - Phase 1 - Point 2a - Paragraph 1 f (new)
- potential further guarantees should be required;
Amendment 303 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2a - Paragraph 1 g (new)
Annex - Phase 1 - Point 2a - Paragraph 1 g (new)
- the move to the European Safe Bonds should the gradual and the limits of target-issuing should start at lower levels than the maximum threshold of 60% of the eurozone GDP; Additional capital guarantees might be needed;
Amendment 307 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Title
Annex - Phase 2 - Title
Phase 2 Blue bond proposal: yearly allocated debt ≤ 60 % of GDP to be issued in common without a Treaty changeLong term solutions in order to complete the EMU
Amendment 310 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 1 a (new)
Annex - Phase 2 - Paragraph 1 a (new)
Progress to phase 2 shall be conditional to the establishment of an enhanced fiscal integration and budgetary discipline and control with effective mechanisms to prevent and correct unsustainable fiscal policies.
Amendment 311 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 1 b (new)
Annex - Phase 2 - Paragraph 1 b (new)
A substantial part of the national budgetary sovereignty should therefore be transferred to the EU, making the participation on the common debt issuance system conditional on the respect of SGP rules - and on the acceptance of EU powers to require changes to national budgets when in violation of fiscal rules - so to ensure compliance and prevent moral hazard. Such a progress would ultimately lead to the establishment of a euro area fiscal body equivalent to a treasury office.
Amendment 312 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 1 c (new)
Annex - Phase 2 - Paragraph 1 c (new)
Option 1 Common issuance of national debt involving a Treaty change
Amendment 316 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 2
Annex - Phase 2 - Paragraph 2
The Commission puts forward proposals for theshall study and report its conclusions to the European Parliament on the possibility of setting up of a system for the allocation of debt below 60 % of GDP to be issued in common, which is safeguarded by national debt brakes according to principles such as:
Amendment 321 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 2 - Subparagraph 2
Annex - Phase 2 - Paragraph 2 - Subparagraph 2
- strictly limit the amount of debt to be issued under joint and several liabilities to a part of less than 60 % of GDP by prohibiting participating Member States from issuing senior debt outside the common issuanceto a part of less than 60 % of GDP, possibly even at an upper level that is lower than 60%;
Amendment 328 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 3 - Title
Annex - Phase 3 - Title
Amendment 333 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 3 - Paragraph 1
Annex - Phase 3 - Paragraph 1
Amendment 338 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 3 - Paragraph 1 - Subparagraph 1
Annex - Phase 3 - Paragraph 1 - Subparagraph 1
Amendment 341 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 3 - Paragraph 1 - Subparagraph 2
Annex - Phase 3 - Paragraph 1 - Subparagraph 2
- establish a European debt agency for the issuance of bonds, or confer this task to the ESM;
Amendment 345 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 4 - Title
Annex - Phase 4 - Title
Amendment 350 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 4 - Paragraph 1
Annex - Phase 4 - Paragraph 1
The Commission, after having prepared all eventual changes to the EU legal framework, puts forward proposals for possible issuance of bonds to finance EU investments for EU public goods (e.g. infrastructure, research and development, etc.) as well as serving as an instrument to facilitate fiscal adjustment in response to external shocks when cross-border effects are at playmake up for the difference between own resources and expenditures.
Amendment 4 #
2012/0309(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) Exemption from the visa requirement for nationals of Dominica, Grenada, Kiribati, Marshall Islands, Micronesia, Nauru, Palau, Saint Lucia, Saint Vincent and the Grenadines, Samoa, Solomon Islands, Timor-Leste, Tonga, Trinidad and Tobago, Tuvalu, the United Arab Emirates and Vanuatu should not come into force until bilateral agreements on visa waiver between the Union and the countries concerned have been concluded in order to ensure full reciprocity.
Amendment 6 #
2012/0309(COD)
Proposal for a regulation
Article 1 – point 1 – point a
Article 1 – point 1 – point a
(a) in point 1, the references to Dominica, Grenada, Kiribati, Marshall Islands, Micronesia, Nauru, Palau, Saint Lucia, Saint Vincent and the Grenadines, Samoa, Solomon Islands, Timor-Leste, Tonga, Trinidad and Tobago, Tuvalu, the United Arab Emirates and Vanuatu are deleted and a reference to South-Sudan is inserted;
Amendment 7 #
2012/0309(COD)
Proposal for a regulation
Article 1 – point 2 – point a – two last references
Article 1 – point 2 – point a – two last references
"Tuvalu*", "United Arab Emirates*" and "Vanuatu*"
Amendment 72 #
2012/0299(COD)
Proposal for a directive
Recital 13
Recital 13
Amendment 82 #
2012/0299(COD)
Proposal for a directive
Recital 15 a (new)
Recital 15 a (new)
(15a) The EU institutions, agencies and in particular the ECB should lead by example concerning gender balance. Stringent rules on internal and external recruitment to all EU-institutions and agencies should be implemented in order to ensure fair treatment between women and men and to improve the gender balance among leading positions.
Amendment 84 #
2012/0299(COD)
Proposal for a directive
Recital 16
Recital 16
Amendment 99 #
2012/0299(COD)
Proposal for a directive
Recital 21 a (new)
Recital 21 a (new)
(21a) Setting binding targets for gender balance in corporate boards of listed companies would seriously infringe on shareholders rights to freely choose their representatives. Consequently, companies' individual commitments and initiatives are preferable in the attempt to improve the gender balance among board positions.
Amendment 100 #
2012/0299(COD)
Proposal for a directive
Recital 21 b (new)
Recital 21 b (new)
(21b) Keeping in mind that individual commitment of companies is the only way to change attitudes and practices toward women and men in a more comprehensive manner within companies. It also allows for companies to take action more broadly than merely among non-executive directors. Therefore it is necessary that all companies have a Gender policy in place.
Amendment 128 #
2012/0299(COD)
Proposal for a directive
Recital 29
Recital 29
Amendment 169 #
2012/0299(COD)
Proposal for a directive
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Member States shall ensure that listed companies in whose board's members of the under-represented sex hold less than 40 per cent of the non-executive director positions make the appointments to those positions on the basis of a comparative analysis of the qualifications of each candidate, by applying pre-established, clear, neutrally formulated and unambiguous criteria, in order to attain the said percentage at the latestundertake individual commitments in the form of individual targets or gender policies, in order to significantly improve the gender balance by 1 January 2020 or at the latest by 1 January 2018 in c. The individual commitments shall be realistic but ambitious and based of listed companies whin company and branch ch are public undertakingacteristics.
Amendment 177 #
2012/0299(COD)
Proposal for a directive
Article 4 – paragraph 2
Article 4 – paragraph 2
Amendment 93 #
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 limits 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, integration of supervisory responsibilities, through the definition of common principles and policies (methods, processes, practices and standards), should therefore be enhanced.
Amendment 121 #
2012/0242(CNS)
Proposal for a regulation
Recital 9
Recital 9
(9) A European banking union should therefore be set up, underpinned by a true single rulebook for financial services for the Single Market as a whole and composed of a single supervisory mechanism, and a common deposit insurance and resolution framework. . 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 State, in the setting up phase, to Euro area Member States only, in order to assure that the supervisory mechanism model is the most adequate and can be used by all the Union's Members. With a view to maintaining and deepening the internal market, and to the extent that this isfollowing the set up of an institutionally possibleviable solution, the banking union should also be open later on to the participation of other Member States.
Amendment 135 #
2012/0242(CNS)
Proposal for a regulation
Recital 10
Recital 10
(10) As a first step towards the banking union, a single supervisory mechanism should ensure that the Union's policy relating to the prudential supervision of credit institutions is implemented in a coherent, integrated, articulated and effective way, that the single rulebook for financial services is applied equally to credit institutions in all Member States concerned, and that thoseall its credit institutions are equally subject to supervision of the highest quality, unfettered by other, non- prudential considerations. In particular, the single supervisory mechanism should be consistent with the functioning of the internal market for financial services and with the free movement of capital. A single supervisory mechanism is the basis for the next steps towards the banking union. This reflects the principle that any introduction of common intervention mechanisms in case of crises should be preceded by common controls to reduce the likelihood that intervention mechanisms will have to be used.
Amendment 139 #
2012/0242(CNS)
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10 a) The implementation of a single rule book for financial services should be concluded as soon as possible, while the common deposit insurance and resolution framework in the Euro area should follow soon after the setting up of the single supervisory mechanism, and with a specified deadline, as they respectively the second and third fundamental pillars, of a true European banking union.
Amendment 140 #
2012/0242(CNS)
Proposal for a regulation
Recital 10 b (new)
Recital 10 b (new)
(10 b) The single supervisory mechanism should provide for a single and indivisible common supervisory framework and rule book, applicable equally to all Credit Institutions, independently of their nature, dimension, complexity or interconnectedness. The single supervisory mechanism should be applied in a way that does not allow for any kind of segmentation, qualification or discrimination whatsoever among credit institutions in terms of quality and strictness of prudential supervision.
Amendment 144 #
2012/0242(CNS)
Proposal for a regulation
Recital 11
Recital 11
(11) As the Euro area's central bank with extensive and widely recognized 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 Member States Central Banks are already responsible for banking supervision. The ECB should therefore be conferred specific tasks concerningwith access to multiple information resources and having maintained its credibility maintained through the recent crisis, the ECB is well placed to setting up the common supervisory framework and rule book with a focus on protecting the stability of Europe's financial system. Specific responsibilities should therefore be conferred on the ECB concerning the definition of principles and policies relating to the prudential supervision of credit institutions within the Euro area.
Amendment 153 #
2012/0242(CNS)
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11 a) Such definition of principles and policies (methods, processes, practices and standards) falls under the exclusive competence of the ECB and it could never be delegated since it confers on it the role of guardian of prudential supervision's quality, consistency and uniformity.
Amendment 156 #
2012/0242(CNS)
Proposal for a regulation
Recital 12
Recital 12
(12) The ECB should be conferred all those specific supervisory taskresponsibilities which are crucial to ensure a coherent, integrated, articulated and effective implementation of the Union's policy relating to the prudential supervision of credit institutions, while other taskresponsibilities should remain with national authorities. The ECB's taskresponsibilities should include measures taken inthe pursuance of macro-prudential stability.
Amendment 165 #
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. Therefore, the ECB should be able to exercise its supervisory tasks in relationresponsibilities in relation, and in an equal manner, to all banks of participating Member States.
Amendment 177 #
2012/0242(CNS)
Proposal for a regulation
Recital 13 a (new)
Recital 13 a (new)
(13 a) The ECB may, under its full discretion, delegate to national competent authorities the execution of some tasks concerning prudential supervision while, at the same time, maintaining full responsibility for coordination, monitoring and control of national competent authorities.
Amendment 178 #
2012/0242(CNS)
Proposal for a regulation
Recital 13 b (new)
Recital 13 b (new)
(13 b) In case of delegation of any tasks concerning prudential supervision, national competent authorities could be empowered to take decisions relating to the execution of those tasks although within the common supervisory framework and rule book established by the ECB.
Amendment 179 #
2012/0242(CNS)
Proposal for a regulation
Recital 13 c (new)
Recital 13 c (new)
(13 c) As a result of this delegation, national competent authorities should be accountable to the ECB. As part of their duties under the common supervisory framework and rule book, national competent authorities should submit regular reports to the ECB.
Amendment 180 #
2012/0242(CNS)
Proposal for a regulation
Recital 13 d (new)
Recital 13 d (new)
(13 d) The ECB should monitor and control national competent authorities under the common supervisory framework and rule book on an ongoing basis, making use of the powers referred to in this Regulation as well as of any powers arising out of the normal management process of delegation, such as the power to conduct audits and peer reviews of national competent authorities.
Amendment 181 #
2012/0242(CNS)
Proposal for a regulation
Recital 13 e (new)
Recital 13 e (new)
(13 e) In addition to ongoing reporting, national competent authorities should inform the ECB without delay of any serious concerns about the safety and/or soundness of any credit institution, where the stability of the financial system is or is likely to be endangered by the situation of that credit institution, individually or as part of a group of credit institutions.
Amendment 182 #
2012/0242(CNS)
Proposal for a regulation
Recital 13 f (new)
Recital 13 f (new)
(13 f) The ECB may, at any moment, decide to take over the direct supervision of any credit institution in a participating Member State, in particular when the national competent authorities fail to perform their duties under this Regulation or when there is evidence that the credit institution, individually or as part of a group of credit institutions, is about to pose a threat to the orderly functioning and integrity of the Union financial market and/or to the stability of the financial system, or to exacerbate a pre- existing threat.
Amendment 183 #
2012/0242(CNS)
Proposal for a regulation
Recital 13 g (new)
Recital 13 g (new)
(13 g) The Colleges of Supervision, under the exclusive guidance and control of the ECB, should continue to exist for credit institutions with cross-border activity, for purposes of regular supervision and most particularly for purposes of dealing with a threat to the orderly functioning and integrity of the Union financial market and/or stability of the financial system.
Amendment 184 #
2012/0242(CNS)
Proposal for a regulation
Recital 13 h (new)
Recital 13 h (new)
(13 h) Whenever a competent national authority believes that a major supervisory decision from the ECB might have been disproportionate in its impact and involves serious danger for the national economy and/or financial system of the corresponding Member State, the competent national authorities shall warn and have the right to appeal.
Amendment 188 #
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 havebe responsible for the task tof authoriseing credit institutions and should be responsible for the withdrawal ofing authorisations.
Amendment 193 #
2012/0242(CNS)
Proposal for a regulation
Recital 15
Recital 15
(15) In addition to the conditions set out in Union legislative actsaw for authorisation of credit institutions and the cases for withdrawal of such authorisations, Member States mayare currently able to provide for further conditions for authorisation and cases for withdrawal of authorisation. The ECB should therefore carry out its task to authorise credit institutions 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 245 #
2012/0242(CNS)
Proposal for a regulation
Recital 22
Recital 22
(22) Supervisory taskresponsibilities 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 251 #
2012/0242(CNS)
Proposal for a regulation
Recital 23
Recital 23
(23) The ECB should carry out the taskresponsibilities conferred on it with a view to ensuring the safety and soundness of credit institutions 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 single rulebook for financial services in the Union.
Amendment 344 #
2012/0242(CNS)
Proposal for a regulation
Recital 36
Recital 36
(36) In particular, a supervisory board responsible for preparing decisions on supervisory matters should be set up with the ECB encompassing the specific expertise of national supervisors. 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 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 supervisory board, subject to the oversight and responsibility of the Governing Council, which can give instructions and directions to that body. The supervisory board may be supported by a steering committee with a more limited composition.
Amendment 378 #
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 soon as possible. However, the transfer of supervisory tasks from national supervisors to the ECB requires a certain amount of preparation. Therefore, an appropriate, accordingly to a phasing- in period should be provided for. The number of banks subject to the supervision of the ECB should increase progressively,lan which takinges into account the relevance of the supervision of those banks to ensure financial stability. As a first step the ECB should be able to apply its supervisory tasks to any 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 one year from the entry into force of this Regulation at the latestamount of preparation required to set up a common supervisory framework and rule book, as well as for the supervisory tasks.
Amendment 398 #
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, with a view toresponsibilities concerning the definition and implementation of supervisory principles and policies (methods, processes, practices and standards) relating to the prudential supervision of credit institutions, with a view to: - develop a single common supervisory framework and rule book applicable equally to all Credit Institutions, independently of their nature, dimension, complexity or interconnectedness; - promoting the safety and soundness of credit institutions and the stability of the financial system, with due regard for the unity and integrity of the internal market, allowing for no segmentation, qualification or discrimination among credit institutions in terms of quality and strictness of prudential supervision.
Amendment 431 #
Amendment 444 #
2012/0242(CNS)
Proposal for a regulation
Article 3 a (new)
Article 3 a (new)
Article 3a Exclusive responsibilities conferred on the ECB The ECB shall, in accordance with the relevant provisions of Union law, be exclusively: - competent to develop a one and indivisible common supervisory framework and rule book, on the basis of principles and policies applicable to all credit institutions equally while ensuring a coherent, integrated, articulated and effective implementation of the Union's prudential supervision policy; - responsible for the coordination, monitoring and control of national competent authorities; - responsible to pursue macro-prudential stability; - responsible to coordinate and express a common position of representatives from competent authorities of the participating Member States when participating in the Board of Supervisors and the Management Board of the European Banking Authority, for issues relating to the responsibilities conferred on the ECB by this Regulation.
Amendment 445 #
Amendment 454 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. The ECB shall, in accordance with the relevant provisions of Union law, be exclusively and with its internal regulation, be competent to carry out, for prudential supervisory purposes, the following tasks in relation to all credit institutions established in the participating Member States, in a equal manner:
Amendment 492 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 1 – point j
Article 4 – paragraph 1 – point j
(j) To participate in supplementary supervision of a financial conglomerate in relation to the credit institutions included in it and assume the tasksresponsibility of a coordinator where the ECB is appointed as the coordinator for a financial conglomerate in accordance with the criteria set out relevant Union law;
Amendment 532 #
2012/0242(CNS)
Proposal for a regulation
Article 4 – paragraph 4
Article 4 – paragraph 4
4. This regulation is without prejudice to the responsibilities and related powers of the competent authorities of the participating Member States to carry out supervisory taskresponsibilities not referred to in this Regulation.
Amendment 550 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The ECB shall carry outpursue its tasks within a single supervisory mechanism composed of the ECB and national competent authorities.
Amendment 555 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
1a. The ECB may, under its internal regulation, delegate on national competent authorities some of the tasks set out in Article 4(1) concerning prudential supervision.
Amendment 560 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. National competent authorities shall assist the ECB on its request with the preparation and implementation of any acts relating to the tasks referred tofalling under its competence, and execute at national level the delegated powers referred to by its internal regulation as mentioned in Article 4(1).
Amendment 572 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. The ECB shall organise, according to its internal regulation, the practical modalities of implementation of paragraph 2 by the national supervisory authorities in discharging its tasks. It shall clearly define the framework and conditions under which national competent authorities shall carry out those activities, while at the same time, maintaining full responsibility for coordination, monitoring and control of national competent authorities. National competent authorities shall carry out those tasks within the context of the common supervisory framework and rule book. The national competent authorities of all participating Member States shall be treated on an equal footing.
Amendment 591 #
2012/0242(CNS)
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. National competent authorities shall follow the instructions given by and be accountable to the ECB.
Amendment 604 #
2012/0242(CNS)
Proposal for a regulation
Article 5 a (new)
Article 5 a (new)
Amendment 731 #
2012/0242(CNS)
Proposal for a regulation
Article 14 – paragraph -1 (new)
Article 14 – paragraph -1 (new)
-1. The existence of Colleges of Supervision, under the exclusive guidance and control of the ECB, shall continue to exist for credit institutions with cross- border activity, for the purposes of regular supervision and most particularly for the purposes of dealing with a threat to the orderly functioning and integrity of the Union financial market and/or stability of the financial system.
Amendment 744 #
2012/0242(CNS)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. For the purpose of carrying out the tasks conferred upon it by this Regulation, where credit institutions, financial holding companies, or mixed financial holding companies, intentionally or negligibly, breach a requirement under directly applicable Union acts in relation to which administrative pecuniary sanctions shall be available to competent authorities under Union law, the ECB may impose administrative pecuniary sanctions of up to twice the amount of the profits gained or losses avoided because of the breach where those can be determined, or up to 105% of the total annual turnover of a legal person in the preceding business year. The sanctions shall be apply using the principle of proportionality and they shall guarantee that the institution is not placed in a scenario that might threaten its stability.
Amendment 747 #
2012/0242(CNS)
Proposal for a regulation
Article 15 – paragraph 1 a (new)
Article 15 – paragraph 1 a (new)
1a. The upper limit of the administrative pecuniary sanctions applied to an institution, in a one year period, is of up to 5% of the annual turnover of a legal person in the preceding business year.
Amendment 756 #
2012/0242(CNS)
Proposal for a regulation
Article 15 – paragraph 6
Article 15 – paragraph 6
6. The ECB shall publish any sanction referred to paragraph 1 without undue delay including information on the type and nature of the breach and the identity of persons responsible for it, unless such publication would seriously jeopardise the stability of the financial markets. Where publication would cause a disproportionate damage to the parties involved, the ECB shall publish the sanction on an anonymous basis.
Amendment 758 #
2012/0242(CNS)
Proposal for a regulation
Article 15 – paragraph 7 a (new)
Article 15 – paragraph 7 a (new)
7a. A credit institutions, financial holding company, or mixed financial holding company shall have the right to appeal to the European Court of Justice when it considers that the pecuniary sanction applied to it is disproportionate and likely to affect its sustainability.
Amendment 802 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. The planning and execution of theGoverning Council is the ultimate responsible for the development and implementation of a common supervisory framework and rule book as well as for the supervisory tasks conferred upon the ECB, shall be undertaken by. The Governing Council may delegate the responsibilities and tasks under Article 4 and paragraph 1 of Article 4a, on 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 ‘"supervisory board’").
Amendment 832 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 3
Article 19 – paragraph 3
Amendment 842 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 4
Article 19 – paragraph 4
Amendment 865 #
2012/0242(CNS)
Proposal for a regulation
Article 19 – paragraph 7
Article 19 – paragraph 7
7. The Governing Council, in accordance with its rules of procedure and voting mechanism shall adopt the rules of procedure of the supervisory board including rules on the term of office of the Chair and the Vice-Chair. Each Member of the Supervisory Board shall have one vote. The term of office shall not exceed five years and shall not be renewable.
Amendment 915 #
2012/0242(CNS)
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
1. The ECB shall levy fees on credit institutions which shall cover expenditures relating to its tasks, and not exceed those expendituresbe proportionate and which shall not amount to a duplication of fees paid to the national supervisor and to the ECB.
Amendment 967 #
2012/0242(CNS)
Proposal for a regulation
Article 27 – paragraph 1
Article 27 – paragraph 1
1. From the 1st of Julanuary 2013, the ECB shall carry out the supervisory tasks conferred on it also in relation to the most significant credit institutions, 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 2013by this Regulation.
Amendment 973 #
2012/0242(CNS)
Proposal for a regulation
Article 27 – paragraph 2
Article 27 – paragraph 2
2. The ECB shall assume in full the tasks conferred on it by this regulation on the 1 January 2014 at latestthe earliest, in accordance with a phasing-in plan which takes into account the amount of preparation required to set up a common supervisory framework and rule book, as well as for the supervisory tasks.
Amendment 975 #
2012/0242(CNS)
Proposal for a regulation
Article 27 – paragraph 3
Article 27 – paragraph 3
Amendment 979 #
2012/0242(CNS)
Proposal for a regulation
Article 27 – paragraph 4
Article 27 – paragraph 4
4. From the entry into force of this Regulation, in view of the assumption of its tasks in accordance with paragraph 1 to 3, the ECB may require the competent authorities of the participating Member States and the persons referred to in Article 9 to provide all relevant information for the ECB to carry out a comprehensive assessment of the credit institutions of the participating Member State. The credit institution and the competent authority shall supply the information requested.
Amendment 200 #
2012/0150(COD)
Proposal for a directive
Recital 29
Recital 29
(29) When applying resolutions tools and exercising resolution powers, resolution authorities should make sure that shareholders and creditors bear an appropriate share of the losses, that the managers that have been involved in decisions leading to the imminent threat of failure of the credit institution or investment firm are replaced, that the costs of the resolution of the institution are minimised, and that all creditors of an insolvent institution that are of the same class are treated in a similar manner. When the use of the resolution tools involves the granting of State aid, interventions should have to be assessed in accordance with the relevant State aid provisions. State aid may be involved, inter alia, where resolution funds or deposit guarantee funds intervene to assist in the resolution of failing institutions.
Amendment 218 #
2012/0150(COD)
Proposal for a directive
Recital 46
Recital 46
(46) Where the bail-in tool is applied with the objective of restoring the capital of the failing institution to enable it to continue to operate as a going concern, the resolution through bail-in should always be accompanied by replacement of management and a subsequentthe application of other resolution tools in order to restructuring ofe the institution and its activities in a way that addresses the reasons for its failure. That restructuring should be achieved through the implementation of a business reorganisation plan. Where applicable, such plans should be compatible with the restructuring plan that the institutions is required to submit to the Commission under the Union State aid framework. In particular, in addition to measures aiming at restoring the long term viability of the institution, the plan should include measures limiting the aid to the minimum and burden sharing, and measures limiting distortions of competition.
Amendment 219 #
2012/0150(COD)
Proposal for a directive
Recital 46 a (new)
Recital 46 a (new)
(46a) The resolution authorities shall only apply the bail-in tool after the completion of a thorough evaluation of the institution that led to the conclusion that, no other alternative resolution tools would be enough to achieve the resolution objectives, either when applied per se, or in conjunction.
Amendment 227 #
2012/0150(COD)
Proposal for a directive
Recital 50
Recital 50
Amendment 311 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Each Member States shall designate one or more resolution authoritiesy that areis empowered to apply the resolution tools and exercise the resolution powers.
Amendment 327 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 5
Article 3 – paragraph 5
5. Where the designated authority in accordance with paragraph 1 is not the competent ministry in a Member State, any decision of the designated authority pursuant to this Directive shall be taken in consultation with the competent ministry. However, if such decision may lead to systemic or national implications and/or if it arises out of a systemic international crisis, than the competent ministry shall have the ultimate decision making regarding any decision of the designated authority.
Amendment 380 #
2012/0150(COD)
Proposal for a directive
Article 4 – paragraph 3 a (new)
Article 4 – paragraph 3 a (new)
3a. The contents of the plans referred to in Articles 5, 7, 9 and 11 shall not be revealed to anyone, including the institution’s shareholders, with the exception of the competent authorities, resolution authorities, and the persons involved in their preparation and approval.
Amendment 386 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Member States shall ensure that each institution that is not part of a group draws up and maintains a recovery plan providing, through measures to be taken by the management of the institution or by a group entity, for the restoration of its financial situation following significant deterioration. The host competent authority may request a specific recovery plan to be drawn up for the subsidiary in that Member State if the operations of the institution's subsidiary constitute a significant share of that Member State's financial system. Recovery plans shall be considered as a governance arrangement within the meaning of Article 22 of Directive 2006/48/EC.
Amendment 401 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 3
Article 5 – paragraph 3
3. Recovery plans shall not assume any access to or receipt of extraordinary public financial support but shall include, where applicable, an analysis of how and when an institution may apply for the use of central bank facilities in stressed conditions and available collateral.
Amendment 413 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 6
Article 5 – paragraph 6
Amendment 565 #
2012/0150(COD)
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Member States shall ensure that resolution authorities draw up group resolution plans. Group resolution plans shall include both a plan for resolution at the level of the parent undertaking or institution subject to consolidated supervision pursuant to Article 125 and 126 of Directive 2006/48/EC and the resolution plans for both the individual subsidiary institutions and, where systematically relevant, the resolution plans for individual branches, all drawn up in accordance with Article 9 of this Directive. The group resolution plans shall also include plans for the resolution of the companies referred to in points (c) and (d) of Article 1 and plans for the resolution of institutions with branches in other Member States in compliance with the provisions of Directive 2001/24/EC.
Amendment 580 #
2012/0150(COD)
Proposal for a directive
Article 11 – paragraph 3 – point e
Article 11 – paragraph 3 – point e
(e) identify how the group resolution actions could be financed and, where appropriate, set out principles for sharing responsibility, on an equitable basis, for that financing between sources of funding in different Member States. The plan shall not assume extraordinary public financial support besides the use of the financing arrangements established in accordance with Article 91. Those principles shall be set out on the basis of equitable and balanced criteria and shall take into account, in particular, the economic impact of the resolution in the Member States affected and the distribution of the supervisory powers between the different competent authorities.
Amendment 694 #
2012/0150(COD)
Proposal for a directive
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The group level resolution authorities and, the resolution authorities of the subsidiaries and the relevant branches, in consultation with the relevant competent authorities, shall consult each other within the resolution college and shall take all reasonable steps to reach a joint decision in regards to the application of measures identified in accordance with Article 14(3).
Amendment 700 #
2012/0150(COD)
Proposal for a directive
Article 15 – paragraph 2
Article 15 – paragraph 2
2. The group level resolution authority, in cooperation with the consolidating supervisor and EBA in accordance with Article 25(1) of Regulation (EU) No 1093/2010, shall prepare and submit a report to the parent undertakings or institution subject to consolidated supervision and to the resolution authorities of the subsidiaries and relevant branches. The report shall be prepared in consultation with the competent authorities, and shall analyse the substantive impediments to the effective application of the resolution tools and the exercising of the resolution powers in relation to the group. The report shall also recommend any proportionate and targeted measures that, in the authorities' view, are necessary or appropriate to remove those impediments.
Amendment 705 #
2012/0150(COD)
Proposal for a directive
Article 15 – paragraph 4
Article 15 – paragraph 4
4. The group level resolution authority shall communicate any measure proposed by the parent undertakings or institution subject to consolidated supervision to the consolidating supervisor, EBA and, the resolution authorities of the subsidiaries and the resolution authorities of relevant branches. The group level resolution authorities and the resolution authorities of the subsidiaries, in consultation with the competent authorities, shall do everything within their power to reach a joint decision within the resolution college regarding the identification of the material impediments, and if necessary, the assessment of the measures proposed by the parent undertakings or institution subject to consolidated supervision and the measures required by the authorities in order to address or remove the impediments.
Amendment 736 #
2012/0150(COD)
Proposal for a directive
Article 16 – paragraph 1
Article 16 – paragraph 1
1. In order to overcome potential legal impediments to providing financial support within a group of institutions, Member States shall ensure that a parent institution in a Member State, or a Union parent institution, or a company referred to in points (c) and (d) of Article 1and its subsidiaries that are institutions or financial institutions covered by the supervision of the parent undertaking, may enter into an agreement to provide financial support to any other party to the agreement that experiences financial difficulties, provided that the conditions laid down in this chapter are satisfied. The provisions in this chapter shall not restrict the operation of centralised funding within a group of institutions in normal circumstances.
Amendment 740 #
2012/0150(COD)
Proposal for a directive
Article 16 – paragraph 1 a (new)
Article 16 – paragraph 1 a (new)
1a. The agreements referred to in paragraph 1 are optional between institutions of the group, and, in case of existence, they should be kept strictly confidential, having the institutions the right to decide whether it is of their interest to participate in these arrangements.
Amendment 800 #
2012/0150(COD)
Proposal for a directive
Article 22 – paragraph 3 – subparagraph 1
Article 22 – paragraph 3 – subparagraph 1
Member States shall ensure that institutions that have entered into a group financial support agreement pursuant to Article 16 to make public a description of the agreement and the names of the entities that are party to it and update that information at least annuallynotify supervisory authorities about the existence of such agreements. There should be no public disclosure whatsoever, neither regarding the existence of the agreements, nor its contents, except to supervisory and/or resolution authorities. The confidentiality includes non-disclosure to shareholders, even in the case of listed or otherwise publicly traded companies.
Amendment 814 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 – point a
Article 23 – paragraph 1 – point a
(a) require the management of the institution to implement one or more of the arrangements and measures set out in the recovery plan, or to update such recovery plan when the circumstances that led to the Early Intervention are different from the assumptions set out in the initial recovery plan;
Amendment 816 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 – point b
Article 23 – paragraph 1 – point b
(b) upon verification of different assumptions, require the management of the institution to examine the situation, identify measures to overcome any problems identified and draw up an action program new recovery plan to overcome those problems and a timetable for its implementation;
Amendment 821 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 – point d
Article 23 – paragraph 1 – point d
(d) requirplace the senior management of the institution to remove and replace one or more board members or managing directors if these persons are found unfit to perform their duties pursuant to Article 11 of Directive 2006/48/EC, or in cases of fraud or of proven bad management;
Amendment 824 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 – point e
Article 23 – paragraph 1 – point e
Amendment 827 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 – point f
Article 23 – paragraph 1 – point f
Amendment 830 #
2012/0150(COD)
Proposal for a directive
Article 23 – paragraph 1 – point g
Article 23 – paragraph 1 – point g
Amendment 855 #
2012/0150(COD)
Proposal for a directive
Article 24 – paragraph 2 a (new)
Article 24 – paragraph 2 a (new)
2a. The special manager shall: (1) Conduct a fair valuation of the company under the terms of Article 24a; (2) Elaborate a report on the institution's situation based on the valuation conducted under the terms of Article 24a where it: i. updates the institution's financial situation; ii. grants an opinion regarding the institution's future viability; iii. recommends the restructuring of the institution or its entering into resolution; (3) Submit both options to the competent authorities, for approval; (4) Upon a decision of restructuring, the special manager shall draw up a restructuring plan that may include, among other measures, the voluntary renegotiation of debt with some or all of its creditors; (5) Gather information and take the necessary steps in order to prepare the institution for Resolution, if that is to be the case; (6) Contact potential purchasers in order to prepare for the resolution of the institution, subject to the conditions laid down in Article 33(2) and the confidentiality provisions laid down in Article 77.
Amendment 860 #
2012/0150(COD)
Proposal for a directive
Article 24 a (new)
Article 24 a (new)
Amendment 951 #
2012/0150(COD)
Proposal for a directive
Article 29 – paragraph 1 – point c
Article 29 – paragraph 1 – point c
Amendment 974 #
Amendment 1069 #
2012/0150(COD)
Proposal for a directive
Article 37 – paragraph 3 – subparagraph 2
Article 37 – paragraph 3 – subparagraph 2
Amendment 1071 #
2012/0150(COD)
Proposal for a directive
Article 37 – paragraph 3 a (new)
Article 37 – paragraph 3 a (new)
3 a. The resolution authorities shall apply bail-in after having proceeded to an evaluation of the institution that led to the conclusion that no other alternative resolution tools would be enough to achieve the resolution objectives, either when applied per se, or in conjunction.
Amendment 1082 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point a
Article 38 – paragraph 2 – subparagraph 1 – point a
(a) all deposits that are guaranteed in accordance with Directive 94/19/EC;
Amendment 1086 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point b
Article 38 – paragraph 2 – subparagraph 1 – point b
(b) secured liabilities, such as covered bonds in a covered pool or register;
Amendment 1105 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point d
Article 38 – paragraph 2 – subparagraph 1 – point d
(d) interbank money-market liabilities with an original maturity of less than one month;
Amendment 1109 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point e a (new)
Article 38 – paragraph 2 – subparagraph 1 – point e a (new)
(e a) arising from positions in derivatives in case the underlying assets are held by the institution and have been excluded from bail-in;
Amendment 1113 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point e b (new)
Article 38 – paragraph 2 – subparagraph 1 – point e b (new)
(e b) derivatives that have been contractualised between institutions that do not have a Credit Support Annex agreement;
Amendment 1114 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point e c (new)
Article 38 – paragraph 2 – subparagraph 1 – point e c (new)
(e c) deposit guarantee schemes;
Amendment 1124 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 3
Article 38 – paragraph 2 – subparagraph 3
Amendment 1135 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 3
Article 38 – paragraph 3
3. Where resolution authorities apply the bail-in tool, they may exclude from the application of the write-down and conversion powers liabilities arising from derivatives that do not fall within the scope of point (d) of paragraph 2, if that exclusion is necessary or appropriate to achieve the objectives specified in points (a) and (b) and (d) of Article 26(2). except if those liabilities derived from positions that were closed by counterparties that exercised termination clauses related to the credit situation of the institution;
Amendment 1145 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 4 – point a
Article 38 – paragraph 4 – point a
Amendment 1148 #
Amendment 1198 #
Amendment 1213 #
2012/0150(COD)
Proposal for a directive
Article 42 – paragraph 1 – point a
Article 42 – paragraph 1 – point a
Amendment 1275 #
2012/0150(COD)
Proposal for a directive
Article 51 – paragraph 1 – introductory part
Article 51 – paragraph 1 – introductory part
1. Resolution authorities may only apply the bail-in tool after having proceeded to an evaluation of the situation and of the institution that led to the conclusion that no other alternative resolution tools are enough to achieve the resolution objectives, either when applied per se or in conjunction. Member States shall require that before any resolution action is taken, resolution authorities exercise the write down power, in accordance with the provisions of Article 52 and without delay, in relation to relevant capital instruments issued by an institution when one or more of the following circumstances apply:
Amendment 1292 #
2012/0150(COD)
Proposal for a directive
Article 56 – paragraph 1 – point j
Article 56 – paragraph 1 – point j
Amendment 1347 #
2012/0150(COD)
Proposal for a directive
Article 75 – paragraph 5
Article 75 – paragraph 5
5. The resolution authority shall ensure that the documents providing proof of the instruments referred to in paragraph 4 are sent to the known shareholders and creditors of the institution under resolution, if the latter's share or instruments of ownership are not admitted to trading on a regulated market.
Amendment 1425 #
2012/0150(COD)
Proposal for a directive
Article 91 – paragraph 1
Article 91 – paragraph 1
1. Member States shall establish financing arrangements for the purpose of ensuring the effective application by the resolution authority of the resolution tools and powers. The financing arrangements shall be used only in accordance with the resolution objectives and the principles set out in Articles 26 and 29 and be completely separate and independent from deposit guarantee schemes.
Amendment 1452 #
2012/0150(COD)
Proposal for a directive
Article 93 – paragraph 1
Article 93 – paragraph 1
1. Member States shall ensure that, in a period no longer than 10 years after the entry into force of this directive, the available financial means of their financing arrangements reach at least 1[...]% of the amount of deposits liabilities excluding own funds and covered deposits, of all the credit institutions authorised in their territory which are guaranteed under Directive 94/19/EC.
Amendment 1460 #
2012/0150(COD)
Proposal for a directive
Article 93 – paragraph 2 – subparagraph 2
Article 93 – paragraph 2 – subparagraph 2
Member States may extend the initial period of time for a maximum of four years in case the financing arrangements make cumulated disbursements superior to 0.5[...]% of covered deposits.
Amendment 1464 #
2012/0150(COD)
Proposal for a directive
Article 93 – paragraph 3
Article 93 – paragraph 3
3. If, after the initial period of time referred to in paragraph 1, the available financial means diminish below the target level specified in paragraph 2, contributions raised in accordance with Article 94 shall resume until the target level is reached. Where the available financial means amount to less than half of the target level, the annual contributions shall not be less than 0.25% of[...]% of liabilities excluding own funds and covered deposits.
Amendment 1487 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 3
Article 94 – paragraph 3
3. The available financial means to be taken into account in order to reach the target level specified in Article 93 may include payment commitments which are fully backed by collateral of low risk assets unencumbered by any third party rights, at the free disposal and earmarked for the exclusive use by the resolution authorities for the purposes specified in the first paragraph of Article 92. The share of irrevocable payment commitments shall not exceed 350% of the total amount of contributions raised in accordance with this Article.
Amendment 1550 #
2012/0150(COD)
Proposal for a directive
Article 97 – paragraph 2 – subparagraph 1
Article 97 – paragraph 2 – subparagraph 1
Member States shall ensure that financing arrangements under their jurisdiction are obliged tomay lend to other financing arrangements within the Union in the circumstances specified under paragraph 1.
Amendment 1560 #
2012/0150(COD)
Proposal for a directive
Article 97 – paragraph 2 – subparagraph 2
Article 97 – paragraph 2 – subparagraph 2
Subject to the first subparagraph, national financing arrangements shall not be obliged tomay not lend to another national financing arrangement in those circonumstances when the resolution authority of the Member State of the financing arrangement considers that it would not have sufficient funds to finance any foreseeable resolution in the near future. In any case they should not be obliged tomay not lend more than half of the funds that the national financing arrangement has available at the moment when the borrowing request is formalised, or if the amount of the loan would result in reducing the national arrangement's funding to a level below the minimum threshold percentage.
Amendment 1663 #
2012/0150(COD)
Proposal for a directive
Annex 1 – section 1 – paragraph 1 – point 2
Annex 1 – section 1 – paragraph 1 – point 2
(2) a summary of the material changes to the institution since the most recently filed recovery plan. EBA shall develop draft regulatory technical standards specifying the meaning of of "material changes". EBA shall submit those draft regulatory standards to the Commission within twelve months from the date of entry into force of this Directive;
Amendment 1665 #
2012/0150(COD)
Proposal for a directive
Annex 1 – section 1 – paragraph 1 – point 6
Annex 1 – section 1 – paragraph 1 – point 6
(6) a detailed description of any material impediment to the effective and timely execution of the plan, including consideration of impact on the rest of the group, customers and counterparties. EBA shall develop draft regulatory technical standards specifying the meaning of of "material changes". EBA shall submit those draft regulatory standards to the Commission within twelve months from the date of entry into force of this Directive;
Amendment 1681 #
2012/0150(COD)
Proposal for a directive
Annex 1 – section 3 – paragraph 1 – point 10
Annex 1 – section 3 – paragraph 1 – point 10
(10) The extent to which the institution or the group has tested its management information systems under stress scenarios defined by the resolution authority. EBA shall develop draft regulatory technical standards on stress scenarios. EBA shall submit those regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the draft regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 5 #
2011/2271(INI)
Motion for a resolution
Recital A
Recital A
A. whereas the EU's internal market with mobility of persons, services, goods and capital is not fully functioning and there are still areas that need to be improved;
Amendment 8 #
2011/2271(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas excessive debt in the MS has triggered the current financial crisis and;
Amendment 14 #
2011/2271(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the current economic and financial crisis has led to a significant rise in public debt in Europe;
Amendment 16 #
2011/2271(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas states with high deficits are currently facing the need to apply measures to increase their taxes, those measures should not be harmful to growth;
Amendment 36 #
2011/2271(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Notes that tax policies must aim to foster European competitiveness and lowers costs for European business, namely for Small and Medium Enterprises;
Amendment 43 #
2011/2271(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Calls upon the Member States to make their tax systems more growth-friendly by improving tax design and implementing shifts towards less distortionary taxes while safeguarding the social market objective;
Amendment 53 #
2011/2271(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that MS with high deficits will have to increase tax revenues through higher taxes, pursue expenditure reductiho suffered the worst decline in GDP growth and who faced higher deficits were the ones and increase public savingswho had to increase their taxes the most;
Amendment 64 #
2011/2271(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Takes note of the recent initiatives of the Commission in the field of taxation, such as, on a Common Consolidated Corporate Tax Base, on a Financial Transaction Tax and on the field of energy;
Amendment 66 #
2011/2271(INI)
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Welcomes the introduction of the European Semester as a possible revenue generator for the MS by the mean of the exchange of best practices for a more coordinated and sustainable fiscal path;
Amendment 94 #
2011/2271(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes that eliminating tax obstacles can play an important role in increasing citizens' ability and confidence to work, retire, shop and together with enterprises to invest in the EU;
Amendment 97 #
2011/2271(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Welcomes that the Commission wants to increase its efforts to ensure that all EU citizens have access to information and advice they need on tax rules within the EU;
Amendment 98 #
2011/2271(INI)
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Notes that Member States have agreed that citizens should have better access to tax information;
Amendment 99 #
2011/2271(INI)
Motion for a resolution
Paragraph 7 c (new)
Paragraph 7 c (new)
7c. Underlines the importance of ensuring that citizens do note face tax obstacles to exercising the freedoms in the Internal Market;
Amendment 102 #
2011/2271(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Calls on the Commission to share information about best practices in Europe concerning information to citizens and businesses, to foster European competitiveness, to develop appropriate tools for exchange of information and to set up pilot projects;
Amendment 107 #
2011/2271(INI)
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Notes that double taxation is a barrier to cross-border activities and investments and that there is need for coordinated solutions to overcome this problem; Calls upon the Commission in 2012 to come forward with some proposals;
Amendment 111 #
2011/2271(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the Commission to make access to thecontinue it's work in Europe Direct and Your Europe citizens' advice services easier and to further develop the Europe Direct web portal so that EU citizens can find information from EU 27 tax authoritietax related information can be easier to access by EU citizens;
Amendment 119 #
2011/2271(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Believes that the EU Treaty obliges MS to resolve the issue of double taxation; reminds MS therefore about the content of Articles 4(3) and 26 of the TFEU, as articles 4(3) and 26 of the TFEU regarding the Internal Market read;
Amendment 126 #
2011/2271(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Calls on the MS to improve the procedures which allows Small and Medium Enterprises to claim-back VAT paid faster; thus shortening the reimbursement period;
Amendment 163 #
2011/2271(INI)
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30a. Asks the Commission for more swift action towards tax evasion and fraud;
Amendment 169 #
2011/2271(INI)
Motion for a resolution
Paragraph 32 a (new)
Paragraph 32 a (new)
32a. Calls on the European Commission to identify and give priority of policy measures that have fiscal implications of the MS Stability and Convergence Programmes and National Reform Programmes;
Amendment 2 #
2011/2181(INI)
Draft opinion
Paragraph 1
Paragraph 1
1. Welcomes the Commission's green paper on the EU corporate governance framework; believes that, given the diverse nature of existing national frameworks and individual listed companies, a proportional and flexible approach to corporate governance must be applied;, but also calls for the fact that the excessive bureaucratic burden need to be avoided.
Amendment 4 #
2011/2181(INI)
Draft opinion
Paragraph 1 – point 1 (new)
Paragraph 1 – point 1 (new)
(1) Considers that companies should put in place mechanisms (trainings, information briefings, regular newsletters, etc) to increase shareholders awareness, participation and responsibility, and exchange best practices, as long as this would not impose disproportionate burdens on companies.
Amendment 25 #
2011/2181(INI)
Draft opinion
Paragraph 4
Paragraph 4
4. Believes that existing codes should be strengthened and that more effective monitoring of codes and better quality of explanations are required; stresses that shareholders (not only the majority but also the minority ones) must remain central to the governance of companies and their role must be enhanced, not diminished; believes that shareholders should inform regulators when a company provides an unacceptable explanation for departing from a code of practice;
Amendment 28 #
2011/2181(INI)
Draft opinion
Paragraph 4 – point 1 (new)
Paragraph 4 – point 1 (new)
(1) Emphasizes that the Green Book deals with the enterprises listed on stock, although it would be practical to also involve the OTC enterprises and the SMEs under a differentiated approach into the subject of corporate governance framework for European companies;
Amendment 31 #
2011/2181(INI)
Draft opinion
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Stresses that a well-governed company should be transparent and accountable to its shareholders and other stakeholders; reaffirms that directors of corporates have to take account of the sustainability, long- term interests when taking decisions, in order to minimise risks;
Amendment 206 #
2011/2157(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Emphasises the importance of a wider geographical and strategic approach when looking prospectively at the ENP, recalling that, following the European Parliament’s Resolution of 19 January 2006 on the ENP, the EU established in November 2007 specific policies on Atlantic island countries neighbouring EU outermost regions adjacent to the European continent, where special questions of geographical proximity, cultural and historical affinity and mutual security were found to be relevant; welcomes the high level of results achieved and the dynamism of the specific policies already implemented, namely the EU-Cape Verde Special Partnership; and calls on the EU to further strengthen its dialogue and policy convergence with these countries and to support their efforts to consolidate political, social and economic reforms;
Amendment 8 #
2011/2111(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the BRICS - Brazil, Russia, India, China and South Africa - are countries with extremely different history, culture, societies and political and economical systems and whereas an historical geopolitical antagonism has existed between some of them, and that they show diverse degrees of commitment to main European values;
Amendment 83 #
2011/2111(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that the BRICS have embarked on quasi-permanent coordination of foreign policBrazil, Russia, India, China and South Africa have coordinated on some foreign policy matters, namely by abstaining from the vote on UNSC Resolution 1973 (2011) on Libya (South Africa was not yet part of the BRICS at that time), by deferring the vote on the EU'’s role in UNGA, and through their coinciding positions on Côte d'’Ivoire, Sudan and the placement of weapons in outer space, as well as by coordinating their action through the BRICSir Leaders'’ meetings. Points out that the BRICS seem to be challengingsome of these countries have aspirations to occupy a more central role on the current system of international governance; believes that if the EU will duly take into account their new weight, in political and economic terms, and of the BRICS and other emerging powers, this may contribute to an orderly reform of global governance without any destabilising effects;
Amendment 94 #
2011/2111(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Stresses that the occasional convergence between the BRICS on some issues and international forums should not lead the European Union to consider and relate with these five countries as if they were a cohesive block; on the contrary, notwithstanding the necessary coordination and exchange of information between main EU Foreign Policy decision-makers and the EU Delegations in those countries, the EU should choose an approach towards them that takes into account their differences and focus particularly on the improvement of the relationships with those who not only share but consistently put into practice main European values, such as democracy, the rule of law and the respect for human rights;
Amendment 113 #
2011/2111(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Notes that, with very different growth patterns, most of the BRICS have resisted the economical and financial crisis more robustly than European countries and are now back to stable growth. Naturally there are some lessons which Europe may learn from the BRICS, regarding financial regulation and economic policies. Also, the commercial dimension of the relation between Europe and the BRICS should take into account the fast development of those markets and the opportunities created to European investors and entrepreneurs;
Amendment 10 #
2011/2094(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission Report on Competition Policy 2010; highlights, on the occasion of the 40th anniversary of this report, that competition policy has brought numerous benefits in terms of consumer welfare and continues to be an essential tool for preserving the single market; stresses that thsome rules need to be updated to deal with new challenges;
Amendment 67 #
2011/2094(INI)
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Points out that there are innumerable cases of undertakings occupying a clearly dominant position in the new-technology markets, particularly the internet, without causing any actual harm for users of these platforms or products and without leading to abusive practices or closure of the market; encourages the Commission, bearing in mind the particularly volatile nature of these markets, where one day’s dominant position can be the next day’s marginal one, to adopt specific sectoral guidelines for these markets;
Amendment 71 #
2011/2094(INI)
Motion for a resolution
Paragraph 15 b (new)
Paragraph 15 b (new)
15b. Urges the Commission to analyse the aviation sector, in particular code-share agreements between airlines which in many cases do not produce any benefits for consumers but merely contribute to greater closure of the market, leading to abuses of dominant positions and concerted practices between undertakings which would otherwise have to act competitively;
Amendment 72 #
2011/2094(INI)
Motion for a resolution
Paragraph 15 c (new)
Paragraph 15 c (new)
15c. Urges the Commission to pay particular attention to examining oligopolistic markets, since the existence of sectors where competition is limited generally leads to absence of innovation, abusive practices and a deterioration in the quality of the products and services provided, causing genuine harm to consumers and the market;
Amendment 173 #
2011/2071(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Considers that until further notice, the European Semester is the valid contribution to the implementation of the EU strategy and of anframework for the effective economic government, notablyance of the euro area Member States that are linked by a joint and common responsibility, and that behind the wording a process over the full yearbringing together the multilateral surveillance of budgetary and macroeconomic policies and the implementation of the European Strategy for Growth and Jobs as embodied in the EU2020 Strategy, and that much is at stake for EU institutions and Member States;
Amendment 176 #
2011/2071(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Emphasises that the success of the Europe 2020 strategy depends on the commitment of the EU as a whole, and on ownership by Member States, and their national parliaments, local and regional authorities and social partners; recalls the importance of a strong and properly functioning social dialogue and collective agreements within the framework of the Europe 2020 strategy, as well as the promotion of a genuine European social dialogue on macroeconomic policies and measurin Member States;
Amendment 184 #
2011/2071(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Believes that the introduction of the ‘European Semester’ and enhanced fiscal and economic policy coordination should leave enough scope and flexibility of to the EU Member States to pursue atheir own effective alternative counter-cyclical strategy and stability policy, geared to distribution and development andbudgetary, economic and social strategy, providing for an adequate level of public services and infrastructure for EU citizens,;
Amendment 193 #
2011/2071(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7.Notes that the European Semester is now the annual framework for ensuring sustained convergence of the economic performance of the Member States and closer coordination of economic and fiscal policies and, as such, including the formulation and surveillance of the implementation of the broad guidelines of the economic policies of the Member States and of the Union (Broad Economic Policy Guidelines, the submission and assessment of Member States' Stability or Convergence Programmes, the submission and assessment of Member States' National Reform Programmes supporting the Union's strategy for growth and jobs, the surveillance to prevent and correct macroeconomic imbalances), the formulation and examination of the implementation of the employment guidelines; recalls that the European Semester shall take place without prejudice to the powers of the European Parliament conferred on it by the TFEU; calls on the Commission to develop proposals establishing how these different instruments are differentiated, create spill- over effects across policy areas and fit together;
Amendment 210 #
2011/2071(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Emphasises that steps needed to improve the European economic governance capacity should not lead to any deficit in democratic legitimacy and accountability; warns, therefore, against a set-up of the Annual Growth Survey as a bureaucratic act which lacks the approval of the European Parliamentbe accompanied by similar steps to improve the democratic legitimacy and accountability;
Amendment 215 #
2011/2071(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 220 #
2011/2071(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 227 #
2011/2071(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15.Calls on the Commission, when drawing up the Annual Sustainability GuidelinesGrowth Survey, to draw upon heterodox broad scientific expertise to the greatest extent possible and to take relevant recommendations of the European Parliament into account;
Amendment 230 #
2011/2071(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the Commission clearly to assess, in the Annual Sustainability GuidelinesGrowth Survey, the main economic problems of the EU and individual Member States, and to propose priority measures to overcome those problems, and to identify the inienhance competiatives taken by the Union and theness and economic growth in Member States to supporthrough long-term structural reforms and investment, to remove obstacles to growth, achieve the targets laid down in the Treaties and the current economic strategy, implement the 7 flagships and reduce macroeconomic imbalances;
Amendment 236 #
2011/2071(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Calls on the Commission and Council to ensure that policy guidance for fiscal consolidation and structural reforms are fully coheris complemented and consistentmpatible with the Union's objectives of social and sustainable developmen strategy for growth and jobs; reiterates that these inter linkages should not provide for exemptions to the provisions of the Stability and Growth Pact; considers that, in defining and implementing the Annual Sustainability GuidelinesGrowth Survey, the Union must take into account the impact of developments in micro-financial legislation, in particular prudential regulation, on long-term investment stimulating sustainable growth and job creation; believes that the country-specific recommendations need to be subject ofshould be accompanied by social impact assessments so as to ensure tha, taking into account requirements linked to the promotion of a high level of employment, the guarantee of adequate social protection, the fight against social exclusion, and a high level of education, training, retraining and protection of human health are met;
Amendment 243 #
2011/2071(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Calls on the Commission to identify explicitly in the Annual Sustainability GuidelinesGrowth Survey potential cross-border spill- over effects of major economic policy measures implemented at the EU level as well as in Member States;
Amendment 248 #
2011/2071(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls on the commissioners responsible for the European Semester to come and debate the Annual Sustainability GuidelinesGrowth Survey with the relevant EP committees as soon as it has been adopted by the Commission;
Amendment 262 #
2011/2071(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Calls on the Council to come to Parliament to explain and justify any significant changes it has made to the Commission’s proposed recommendations; request the Commission to take part in this hearing to provide its views on the situation;
Amendment 266 #
2011/2071(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Calls on the Commission and the Council to step up the role of the macroeconomic dialogue introduced by the Cologne Council in June 1999 so as to improve the interaction among those responsible for wage development, and fiscal and monetary policy;
Amendment 271 #
2011/2071(INI)
Motion for a resolution
Paragraph 27 a
Paragraph 27 a
27 a. Takes note that the crisis and the developments especially inside the euro area call for an upgrading of the European dimension of the economic policies of its Member States, calls on the EP to adapt to this evolution;
Amendment 275 #
2011/2071(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Takes noteReminds that the EP has notis in the process of adapteding its structure to the evolution brought by the Lisbon treaty regarding the new role and powers of the President of the European Council and the Eurogroup, and intends to use its increased powers to their full extent;
Amendment 282 #
2011/2071(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
Amendment 286 #
2011/2071(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Is concerned abouReminds that the democratic legitimacy inof the introduction of the European Semester, maintains that the Parliament, NEuropean Semester at the European level should be ensured by the European Parliament, recognizes that national Pparliaments as well as local and Rregional elected representatives have a crucial role to play in establishing the necessary democratic legitimacynational ownership;
Amendment 290 #
2011/2071(INI)
Motion for a resolution
Paragraph 34
Paragraph 34
34. Intends to organise, from 2013, prior to the Spring European Council each year, an interparliamentary forum at the European Parliament for members of the competent national parliamentary committees, recommends that this meeting be an integrated part of the annual meeting organised by the Economic and Monetary Affairs Committee for members of national parliaments; proposes that this forum include meetings of the political groups and the relevant committees, along with a plenary sitting affording an opportunity to adopt a joint resolution in preparation for the Spring European Council; instructs its President to represent it at the European Spring Council on the basis of the resolution thus adopted; invites the European social partners to participate in this meeting and provide their views;
Amendment 297 #
2011/2071(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
36. UnderlRemineds the need forat country- specific recommendations to be based onare subject to democratic procedures; warns against the establishment of any practice that lacks parliamentary approval at the European and national level; notes that this applies especially to recommendations which could undermine social regulation and parliamentary scrutiny;
Amendment 302 #
2011/2071(INI)
Motion for a resolution
Paragraph 38
Paragraph 38
Amendment 306 #
2011/2071(INI)
Motion for a resolution
Paragraph 39
Paragraph 39
39. Intends to conduct an audit hearing of the Union's macroeconomic situation in the autumn, having recourse to heterodox and international external independent advice and in consultation with the relevant stakeholders, and in particular the social partners, in order to foster debate and obtain a second opinion on economic issues in preparation for its discussions with the Commission prior to the drafting of the Annual Growth Survey;
Amendment 329 #
2011/2071(INI)
Motion for a resolution
Paragraph 48
Paragraph 48
48. Calls for the development of the concept of a European Treasury to strengthen the implementation capacity of the European semester and the economic pillar of EMUWelcomes the strengthening of the implementation capacity of the European semester and the economic and fiscal pillar of EMU; underlines that the EU should continue working on enhanced coordination and further strengthening of the independent role of the European Commission in multilateral budgetary and economic surveillance;
Amendment 335 #
2011/2071(INI)
Motion for a resolution
Paragraph 49
Paragraph 49
49. Underlines that the policy guidance to Member States partly concerns policy areas like wages and pensions that in line with Article 153 of the TFEU fall under the competences of Member States and social partners; eEmphasizes that democratic accountability needs to be ensured and the principles of subsidiarity and social dialogue are to be respected in order to preserve the policy space required for National implementation; ; Or. eenen
Amendment 91 #
2011/0417(COD)
Proposal for a regulation
Article 3 – point iii a (new)
Article 3 – point iii a (new)
(iiia) issued by a qualifying portfolio undertaking and acquired by the qualifying venture capital fund from other venture capital fund, established under a Member State's regime in the Union.
Amendment 143 #
2011/0417(COD)
Proposal for a regulation
Article 17 – paragraph 1 a (new)
Article 17 – paragraph 1 a (new)
If the venture capital fund manager does not comply with this Regulation, despite the measures taken by the competent authority of the home Member State, the competent authority of the host Member State shall take all the necessary measures to protect investors, after informing the competent authority of the home Member State.
Amendment 144 #
2011/0417(COD)
Proposal for a regulation
Article 17 – paragraph 1 b (new)
Article 17 – paragraph 1 b (new)
In the event of a disagreement between the competent authority of the home Member State and the competent authority of the host Member State regarding the adequacy of the EuVECA for investors in the host market, either or both of the competent authorities concerned may refer the matter to ESMA under Article 19 of Regulation (EU) No 1095/2010.
Amendment 69 #
2011/0386(COD)
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5a) The aim of this Regulation is to put in place further European mechanisms for the coordination and surveillance of Member States budgetary and economic policies. Nevertheless, prudence should be shown in all steps of the way, and for this reason, no matters related to the Member States debt issuance plans, the renewal of outstanding debt and other relevant operations should be made public, and they should be used for internal coordination only. This arises from the potential risk that a Member State may be subject to by making its financial needs known in advance to the financial markets.
Amendment 70 #
2011/0386(COD)
Proposal for a regulation
Recital 5 b (new)
Recital 5 b (new)
(5b) Furthermore, the Commission should put forward a report, and if necessary a proposal, to the European Parliament and to the Council, evaluating the possibility of the creation of a European debt authority that would be responsible for managing and coordinating all issues related with the annual debt issuance plan of the Member States, the renewal of outstanding debt, and the assessment of the sustainability of all Member States governments debt. Moreover, that authority should periodically publish data related to Member States public debt, deficit and other macroeconomic indicators.
Amendment 74 #
2011/0386(COD)
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) The common budgetary plan timeline must be, at its most, coherent with the Member States budgetary timeframe. If not a Commission opinion regarding the draft budgetary plans has the potential risk of lacking democratic legitimacy in the national parliaments.
Amendment 98 #
2011/0386(COD)
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) In the context of better coordination and ex ante discussion among Member States of any major economic and fiscal policy reform plans with potential spill- over effects, the Commission should put forward a report, and if necessary a proposal, to the European Parliament and the to Council, with a detailed plan of how will such coordination operate, in what format will the discussions take place, which are the policies contemplated, and what will be the political consequences to the Member States and national parliaments of decisions that may come out of such coordination and ex ante discussion; such Commission opinion shall, at least, incorporate this coordination with the European Semester framework.
Amendment 99 #
2011/0386(COD)
Proposal for a regulation
Recital 10 b (new)
Recital 10 b (new)
(10b) Furthermore, strengthening economic governance should include a closer and more timely involvement of the European Parliament and the national parliaments. While recognising that the counterparts of the European Parliament in the framework of the dialogue are the relevant institutions of the Union and their representatives, the competent committee of the European Parliament may offer an opportunity to participate in an exchange of views to a Member State which is the subject of a Council decision imposing an interest-bearing deposit or an annual fine in accordance with this Regulation. The Member State's participation in such an exchange of views is voluntary.
Amendment 115 #
2011/0386(COD)
Proposal for a regulation
Recital 13 a (new)
Recital 13 a (new)
(13a) This Regulation will be followed by a proposal from the Commission to set in place a European redemption fund such as that proposed by the German council of economic experts or other proposals that follow the same line as well as a roadmap to joint management of sovereign debt issuance.
Amendment 171 #
2011/0386(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Member States shall submit annually to the Commission and the Eurogroup a draft budgetary plan for the forthcoming year no later than 15 October.
Amendment 173 #
2011/0386(COD)
Proposal for a regulation
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
1a. The draft budgetary plan guidelines, to be adopted by delegated act, shall not create an excessive extra burden to Member States governments; their content and rules shall be designed in a simple and easy way to comply with.
Amendment 191 #
2011/0386(COD)
Proposal for a regulation
Article 5 – paragraph 3 – subparagraph 1 a (new)
Article 5 – paragraph 3 – subparagraph 1 a (new)
All related issues with the annual debt issuance plan of the Member States, such as financial needs, renewal of outstanding debt or others, shall not be made public and be used only for coordination within the euro area.
Amendment 214 #
2011/0386(COD)
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. The Commission shall, if necessary, adopt an opinion on the draft budgetary plan by 30no later than 15 November.
Amendment 274 #
2011/0386(COD)
Proposal for a regulation
Article -11 (new)
Article -11 (new)
Article -11 Economic Dialogue In order to enhance the dialogue between the Union institutions, in particular the European Parliament, the Council and the Commission, and to ensure greater transparency and accountability, the competent committee of the European Parliament may invite the President of the Council, the Commission and, where appropriate, the President of the European Council or the President of the Eurogroup to appear before the committee to discuss decisions taken pursuant to Article 5(5), Article 6(4), Article 7(5), Article 8(4) and Article 9(3). The competent committee of the European Parliament may offer the opportunity to the Member State concerned by such decisions to participate in an exchange of views.
Amendment 283 #
2011/0386(COD)
Proposal for a regulation
Article 11 a (new)
Article 11 a (new)
Article 11a Commission report Three months upon entry into force of this Regulation, the Commission shall put forward a report, and if necessary a proposal, to the European Parliament and to the Council, with a detailed plan of how coordination and ex ante discussion among Member States of any major economic and fiscal policy reform plans with potential spill-over effects operate, in what format will the discussions take place, which are the policies contemplated, and what will be the political consequences to the Member States and national parliaments of decisions that may come out of such coordination and ex ante discussion.
Amendment 284 #
2011/0386(COD)
Proposal for a regulation
Article 11 b (new)
Article 11 b (new)
Amendment 285 #
2011/0386(COD)
Proposal for a regulation
Article 11 c (new)
Article 11 c (new)
Article 11 c European debt authority By ...*, the Commission shall put forward a report, and if necessary a proposal, to the European Parliament and to the Council, evaluating the possibility of the creation of a European debt authority, which would be responsible to manage and coordinate all issues related with the annual debt issuance plan of the Member States, the renewal of their outstanding debt and the assessment of the sustainability of all Member States governments debt, as well as a annual publication of data related to Member States public debt, deficit and other macroeconomic indicators. ____________ * OJ please insert date: three months after entry into force of this Regulation.
Amendment 58 #
2011/0385(COD)
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) Furthermore, the Commission should put forward a report, and if necessary a proposal, to the European Parliament and to the Council, evaluating the possibility of the creation of a European debt authority, which would be responsible for managing and coordinating all issues relating to the annual debt issuance plan of the Member States, the renewal of outstanding debt and with the assessment of the sustainability of all Member States' governments debt. Moreover, the European debt authority should periodically publish data relating to Member States public debt, deficit and other macroeconomic indicators.
Amendment 75 #
2011/0385(COD)
Proposal for a regulation
Recital 7
Recital 7
Amendment 97 #
2011/0385(COD)
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Article 1a Enhanced budgetary rules and economic coordination 1. With a view to coordinating better the planning of their national debt issuance, Member States shall report in advance on their public debt issuance plans to the Commission and to the Council. 2. With a view to benchmarking best practices and working towards a more closely coordinated economic policy, the Member States shall ensure that all major economic and fiscal policy reforms that they plan to undertake are discussed in advance and, where appropriate, they shall coordinate those reforms with the other Member States. 3. In addition to complying with Regulation (EC) No 1466/97, Member States shall ensure that the budgetary position of the general government is balanced or in surplus. The budgetary position of the general government shall be deemed to be balanced if the annual structural balance of the general government is at its country-specific medium-term objective as defined in the revised Stability and Growth Pact with a lower limit of a structural deficit of 0,5 % of the gross domestic product at market prices. The Member States shall ensure rapid convergence towards their respective medium-term objective. The Member States may temporarily deviate from their medium-term objective or the adjustment path towards it only in exceptional circumstances as defined in the Stability and Growth Pact. Where the ratio of government debt to gross domestic product at market prices is significantly below 60 % and where risks in terms of long-term sustainability of public finances are low, the lower limit of the medium-term objective specified under the second subparagraph can reach a structural deficit of no higher than 1,0 % of the gross domestic product at market prices.
Amendment 101 #
2011/0385(COD)
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. The Commission mayshall decide to make a Member State experiencing severe difficulties with regard to its financial stability subject to enhanced surveillancefinancing problems with serious threats to its financial stability, likely to have adverse spill-over effects on other Member States whose currency is the euro or a detrimental impact on the sustainability of public finances, subject to enhanced surveillance. That decision shall be deemed to be adopted by the Council unless it decides by qualified majority, within 10 days, to reject it. The Member State concerned shall be given the possibility to express its views beforehand. The Commission shall decide every six months whether to prolong the enhanced surveillance.
Amendment 109 #
2011/0385(COD)
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
2. The Commission shall decide to make a Member State receiving a financial assistance on a precautionary basis from one or several other States, the EFSF, the ESM or any other International Financial Institution, such as the IMF, subject to enhanced surveillance. The decision shall be deemed to be adopted by the Council unless it decides, by qualified majority, within 10 days, to reject it. The Commission shall establish a list of the precautionary financial assistance instruments concerned and keep it updated to take into account possible changes in the financial support policy of the EFSF, ESM or of any other relevant International Financial Institution.
Amendment 141 #
2011/0385(COD)
Proposal for a regulation
Article 3 – paragraph 5
Article 3 – paragraph 5
5. Where it is concluded - on the basis of the assessment foreseen in paragraph 4 - that further measures are needed andor the financial situation of the Member State concerned has significant adverse effects on the financial stability of the euro area, the Council, acting by qualified majority on a proposal from the Commission, may recommend to the Member State concerned to seek financial assistance and to prepare a macro-economic adjustment programme. The Council may decide to make this recommendation public.
Amendment 177 #
2011/0385(COD)
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. The Council, acting by qualified majority on a proposal from the Commission, shall approve the adjustment programmemmission proposal of the adjustment programme shall be deemed to be adopted by the Council unless it decides by qualified majority, within 10 days, to reject it.
Amendment 189 #
2011/0385(COD)
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
4. The Commission - in liaison with the ECB - shall examine with the Member State concerned the changes that may be needed to its adjustment programme. The Council, acting by a qualified majority on a proposal from the Commission, shall decide on any change to be made to the adjustment programme. This decision shall be deemed to be adopted by the Council unless it decides by qualified majority, within 10 days, to reject it.
Amendment 233 #
2011/0385(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. A Member State shall be under post- programme surveillance as long as a minimum of 75% of the financial assistance received from one or several other Member State(s), the EFSM, the EFSF or the ESM has not been repaid. The Council, acting on a qualified majority on a proposal from the Commission, may extend the duration of the post programme surveillancemmission proposal to extend the duration of the post programme surveillance shall be deemed to be adopted by the Council unless it decides by qualified majority to reject it.
Amendment 239 #
2011/0385(COD)
Proposal for a regulation
Article 11 – paragraph 4
Article 11 – paragraph 4
4. The Council, acting by qualified majority on a proposal from the Commission, may recommendation to thea Member State, under post programme surveillance, to adopt corrective measures shall be deemed to be adopted by the Council unless it decides by qualified majority to reject it.
Amendment 249 #
2011/0385(COD)
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)
Article 13a Review Clause By ...*, the Commission shall put forward a report, and if necessary a proposal, to the European Parliament and to the Council, evaluating the possibility of the creation of a European debt authority, which would be responsible for managing and coordinating all issues relating to the annual debt issuance plan of the Member States, the renewal of their outstanding debt and the assessment of the sustainability of all Member States' government debts, as well as a annual publication of data relating to Member States public debt, deficit and other macroeconomic indicators. _______________ * OJ please insert date: three months after entry into force of this Regulation.
Amendment 46 #
2011/0361(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) The European Parliament issued a resolution on credit ratings agencies on 8 June 2011 calling for enhanced regulation on credit rating agencies. At an informal ECOFIN meeting of September 30 and October 1, 2010, the Council of the European Union acknowledged that further efforts should be made to address a number of issues related to credit rating activities, including the risk of over-reliance on credit ratings and the risk of conflict of interests stemming from the remuneration model of rating agencies. The European Council of 23 October 2011 concluded that progress is needed on reducing overreliance on credit ratings.
Amendment 54 #
2011/0361(COD)
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5a) Overreliance on external credit ratings occurs when financial institutions and institutional investors rely solely or mechanistically on ratings issued by credit rating agencies while neglecting their own due diligence and internal risk management obligations. Therefore, it is essential to reinforce the financial institutions and institutional investor's due diligence obligations and internal risk management obligations when acquiring financial products, especially complex or structured products. Financial regulation should also increase the disclosure obligations for issuers of financial products, especially for highly complex or structured products.
Amendment 56 #
2011/0361(COD)
Proposal for a regulation
Recital 5 b (new)
Recital 5 b (new)
(5b) Overreliance on external credit ratings shall be reduced and all the automatic effects deriving from ratings should be gradually eliminated. Regulation should, therefore, encourage credit institutions and investment firms to put in place internal models of risk assessment and impose due diligence obligations upon investors.
Amendment 59 #
2011/0361(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) Regulation (EC) No 1060/2009 already provided a first round of measures to address the question of independence and integrity of credit rating agencies and their credit rating activities. The objectives of guaranteeing the independence of credit rating agencies and of identifying, managing and, to the extent possible, avoiding any conflict of interest that could arise were already underlying several provisions of that Regulation in 2009. Whilst providing a sound basis, the existing rules do not appear to have had a sufficient impact in this regard. Credit rating agencies still are not perceived as sufficiently independent actors. The selection and remuneration of the credit rating agency by the rated entity (issuer- pays model) engenders inherentmight increase the risk of conflicts of interest, which are insufficiently addressed by the existing rules. Under this model, there are incentives for credit rating agencies to issue complacency ratings on the issuer in order to secure a long-standing business relationship guaranteeing revenues or in order to secure additional work and revenues. Moreover, relationships between the shareholders of credit rating agencies and the rated entities may cause conflicts of interest which are not sufficiently dealt with by the existing rules. As a result, credit ratings issued under the issuer-pays model may be perceived as the credit ratings that suit the issuer rather than the credit ratings needed by the investor. Without prejudice to the conclusions of the report to be submitted by the Commission on the issuer-pays model by December 2012 pursuant to Article 39(1) of Regulation (EC) No 1060/2009, it is essential to reinforce the conditions of independence applying to credit rating agencies in order to increase the level of credibility and independence of credit ratings issued under the issuer-pays model.
Amendment 62 #
2011/0361(COD)
Proposal for a regulation
Recital 7
Recital 7
Amendment 70 #
2011/0361(COD)
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) The recognition of a credit rating agency as an External Credit Assessment Institution (ECAI) should not increase the foreclosure of a market already dominated by three main undertakings. ECB, EBA and the national central banks, without making the process easier or less demanding, should provide for the recognition of more credit rating agencies as ECAI as a way to open the market to the entrance of new undertakings.
Amendment 78 #
2011/0361(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) Regular rotation of credit rating agencies issuing credit ratings on an issuer or its debt instruments shouldIt is important to find ways to bring more diversity to the evaluation of the creditworthiness of the issuer that selects and pays that credit rating agency. Multiple and different views, perspectives and methodologies applied by credit rating agencies should produce more diverse credit ratings and ultimately improve the assessment of the creditworthiness of the issuers. For this diversity to play a role and to avoid complacency of both issuers and credit rating agencies, the maximum duration of the business relationship between the credit rating agency and the issuer paying must be restricted to a level guaranteeing regular fresh looks at the creditworthiness of issuers. Therefore, a time period of three years would seem appropriate, also considering the need to provide certain continuity within the credit ratings. The risk of conflict of interest increases in situations where the credit rating agency frequently issues credit ratings on debt instruments of the same issuer within a shA system of a mandatory double rating should be designed so that institutions, issuers or their related third parties and sovereigns always use at least two ECAI ratings for the regulatorty period of time. In those cases, the maximum duration of the business relationship should be shourposes set in legislation. Further to guarantee similar results. Hence, the business relationship should stop after a credit rating has rated ten debt instruments of the same issuer. However, in order to avoid imposing a disproportionate burden on issuers and credit rating agencies, no requirement to change credit more, alternatives shall be put in place so that institutions, issuers or their related third parties and sovereigns may, without restrating agency within the first 12 months of the business relationship should be imposed. Where an issuer mandates more than one credit rating agency, either because as an issuer of structured finance instruments he is obliged to do so, or on a voluntary basis, it should be sufficient that the strict rotation periods only apply to one of the credit rating agencies. However, also in this case, the business relationship between the issuer and the additional credit rating agencies should not exceed a period of six yearst, choose the first ECAI and the second shall be appointed by an independent authority, from all recognized ECAI. This shall not prevent the mandating party to use credit ratings from more than one credit rating agency.
Amendment 79 #
2011/0361(COD)
Proposal for a regulation
Recital 9
Recital 9
Amendment 88 #
2011/0361(COD)
Proposal for a regulation
Recital 10
Recital 10
Amendment 102 #
2011/0361(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) Requiring issuers to regularly change the credit rating agency they mandate to issue credit ratings is proportionate to the objective pursued. This requirement only applies to certain regulated institutions (registered credit rating agencies) which provide a service affecting the public interest (credit ratings that can be used for regulatory purposes) under certain conditions (issuer-pays model). The privilege of having its services recognised as playing an important role in the regulation of the financial services market and being approved to carry out this function, entails the need to respect certain obligations in order to guarantee independence and the perception of independence in all circumstances. A credit rating agency which is prevented from providing credit rating services to a particular issuer would still be allowed to provide credit ratings to other issuersnstitutions, issuers or their related third parties and sovereigns to have a double rating - one from a chosen credit rating agency and a second from an appointed one - is proportionate to the objective pursued. This requirement only applies to certain credit ratings (those used for regulatory purposes) which provide a service affecting the public interest. In a market context where the rotdouble rationg rule applies to all players, business opportunities will arise since all issuers would need to change credit rating agency. Moreover, credit rating agencies may always issue unsolicited credit ratings on the same issuer, capitalising on their experience. Unsolicited ratings are not constrained by the issuer-pays model and therefore are less affected by potential conflicts of interests. For issuers, the maximum duration of the business relationship with a credit rating agency or the rule on the employment of more than one credit rating agency also represents a restriction on their freedom to conduct their own business. However, this restriction is necessary on public-interest grounds considering the interference of the issuer-pays model with the necessary independence of credit rating agencies to guarantee independent credit ratings that can be used by investors for regulatory purposes. At the same time, these restrictions do not go beyond what is necessary and should rather be seen as an element increasing the issuer's creditworthiness towards other parties, and ultimately the marketthe appointed credit rating agency shall be chosen among all recognised ECAI. The appointment of the second credit rating agency by an independent authority shall favour smaller credit rating agencies already operating in the market and recognised.
Amendment 106 #
2011/0361(COD)
Proposal for a regulation
Recital 12
Recital 12
Amendment 112 #
2011/0361(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) The independence of a credit rating agency vis-à-vis a rated entity is alsomight be affected by possible conflict of interests of any of its significant shareholders with the rated entity: Aa shareholder of a credit rating agency could be a member of the administrative or supervisory board of a rated entity or a related third party. The rules of Regulation (EC) No 1060/2009 addressed this type of situation only as regards the conflicts of interest caused by rating analysts, persons approving the credit ratings or other employees of the credit rating agency. The Regulation was, however, silent as regards potential conflicts of interest caused by shareholders or members of credit rating agencies. With a view to enhancing the perception of independence of credit rating agencies vis-à-vis the rated entities, it is appropriate to extend the existing rules applying to conflicts of interest caused by employees of the credit rating agencies also to those caused by shareholders or members holding a significant position within the credit rating agency. Hence, the credit rating agency should abstain from issuing credit ratings, or should disclose that the credit rating may be affected, where a shareholder or member holding 10% of the voting rights of that agency is also a member of the administrative or supervisory board of the rated entity or has invested in the rated entity. Moreover, where a shareholder or member is in a position to significantly influence the business activity of the credit rating agency, that person should not provide consultancy or advisory services to the rated entity or a related third party regarding its corporate or legal structure, assets, liabilities or activitiesHence, the credit rating agency should disclose that the credit rating may be affected, where a shareholder or member holding 10% of the voting rights of that agency is also a member of the administrative or supervisory board of the rated entity or has invested in the rated entity.
Amendment 115 #
2011/0361(COD)
Proposal for a regulation
Recital 14
Recital 14
Amendment 120 #
2011/0361(COD)
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14a) Credit rating agencies should establish, maintain, enforce, and document an effective internal control structure governing the implementation of policies and procedures to the prevention and control of possible conflicts of interest and to ensure the independence of ratings, analysts and rating teams regarding shareholders, administrative and management bodies and sales and marketing activities. Standard Operating Procedures (SOP) should be put in place on the topic of corporate governance, organizational, and management of conflict of interest. SOPs should be periodically reviewed and monitored to evaluate the effectiveness of the internal control structure and whether it should be updated.
Amendment 121 #
2011/0361(COD)
Proposal for a regulation
Recital 14 b (new)
Recital 14 b (new)
(14b) Credit rating agencies shall submit an annual internal controls report to ESMA, which shall contain a description of the responsibility of management in establishing and maintaining an effective internal control structure and an assessment of the effectiveness of the internal control structure.
Amendment 122 #
2011/0361(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) The perception of independence of credit rating agencies wcould be particularly affectdamaged should the same shareholders or members be investing in different credit rating agencies not belonging to the same group of credit rating agencies, at least if this investment reaches a certain size that could allow these shareholders or members to exercise a certain influence on the agency's business. Therefore, in order to ensure the independence (and the perception of independence) of credit rating agencies, it is appropriate to provide for strictermore transparent rules regarding the relations between the credit rating agencies and their shareholders. For this reason, no person should simultaneously hold a participation of 5% or more in more than one credit rating agency, unless the agencies concerned belong to the same groupall 10 % or more shareholders should be publicly and periodically disclosed.
Amendment 125 #
2011/0361(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) The objective of ensuring sufficient independence of credit rating agencies entails that investors should not hold simultaneously investments of 5 % or more in more than one credit rating agency. Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market requests that those persons controlling 510 % of the voting rights in a listed company results should disclose it to the public, because, inter alia, of the interest for investors to know about changes in the voting structure of such company. 510 % of the voting rights is considered therefore to be a major holding capable of influencing the voting structure in a company. It is therefore appropriate to use the 510 % level for the purposes of restricting the simultaneous investment in more than onedisclosure of shareholder's participations in credit rating agencyies. This measure cannot be considered disproportionate, given that all registered credit rating agencies in the Union are non- listed undertakings therefore not subject to the transparency and procedural rules that apply to listed companies in the EU. Often unlisted undertakings are governed by shareholders' protocols or agreements and the number of shareholders or members is usually low. Therefore, even a minority position in an unlisted credit rating agency could be influential. Nevertheless, in order to ensure that purely economic investments in credit rating agencies are still possible, this limitation to simultaneously investments in more than one credit rating agency should not be extended to investments channelled though collective investment schemes managed by third parties independent from the investor and not subject to his or her influence.
Amendment 130 #
2011/0361(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) The new rules limiting the duration of the business relationship between an issuer and themandatory double rating and the recognition of ECAI status to more and smaller credit rating agency wouldies can significantly reshape the credit rating market in the Union, which today remains largely concentrated. New market opportunities would arise for small and mid-size credit rating agencies, which would need to develop to take up those challenges in the first years following the entry into force of the new rules. Those developments are likely to bring new diversity into the market. The objectives and the effectiveness of the new rules would, however, be largely jeopardised if, during these initial years, large established credit rating agencies would prevent their competitors from developing credible alternatives by acquiring them. Further consolidation in the credit rating market driven by large established players would result in a reduction of the number of available registered credit rating agencies, thus creating selection difficulties for issuers at the moment in which they regulThe Council Regulation (EC) No 139/2004 of 20 January 2004 on the control of concentrations between undertakings (the Merger Regulation) is a specific legal instrument necessarly need to appoint one or more new credit rating agencies and disturbto permit effective control of all concentrations ing the smooth funerms of their effecti oning of the new rules. More importantly, further consolidation driven by large established credit rating agencies would particularly prevent the emergence of mo the structure of competition in the Union. This Regulation shall therefore apply to all mergers and concentrations with a community dimension between cre diversity in the markett rating agencies.
Amendment 135 #
2011/0361(COD)
Proposal for a regulation
Recital 18
Recital 18
Amendment 139 #
2011/0361(COD)
Proposal for a regulation
Recital 19
Recital 19
(19) It is important to ensure that relevant modifications to the rating methodologies do not result in less rigorous methodologies. For that purpose, issuers, investors and other interested parties should have the opportunity to comment on any intended relevant change of rating methodologies. This will help them to understand the reasons behind new methodologies and for the change in question. Comments provided by issuers and investors on the draft methodologies may provide valuable input for the credit rating agencies in defining the methodologies. Moreover, ESMA should verify and confirm the compliance of new rating methodologies with Article 8(3) of Regulation (EC) No 1060/2009 and the relevant regulatory technical standard before methodologies are applied in practice. ESMA should verify that the proposed methodologies are rigorous, systematic, continuous and subject to validation based on historical experience, including back-testingbe notified when new methodologies are applied in practice. However, this vernotification process should not grant ESMA any power to judge the appropriateness of the proposed methodology or the content of the credit ratings issued following the application of the methodologies or to certify or pre-approve methodologies used by credit rating agencies.
Amendment 146 #
2011/0361(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) Due to the complexity of structured finance instruments, credit rating agencies have not always succeeded in ensuring a sufficiently high quality of credit ratings issued on such instruments. This has led to a loss of market confidence in this type of credit ratings. In order to regain confidence it would be appropriate to require issuers or their related third parties to engage two different credit rating agencies for the provision of credit ratings on structured finance instruments, which could lead to different and competing assessments. This could also reduce the over-reliance on a single credit rating and enhance competition.
Amendment 152 #
2011/0361(COD)
Proposal for a regulation
Recital 23
Recital 23
(23) Investors, issuers and other interested parties should have access to up to date rating information on a central webpage. A European Rating Index (EURIX) established by ESMA should allow investors to easily compare all ratings that exist with regard to a specific rated entity and provide them with average ratings. In order to enable investors to compare ratings on the same entity issued by different credit rating agencies it is necessary that credit rating agencies use a harmonised rating scale, to be developed by ESMA and adopted by the Commission as a regulatory technical standard. The use of the harmonised rating scale should only be mandatory for the publication of the ratings on the EURIX webpage while credit rating agencies should be free to use their own rating scales when publishing the ratings on their own websites. The mandatory use of a harmonised rating scale should not have a harmonising effect on methodologies and processes of credit rating agencies, but should be limited to making the rating outcome comparable. It is important that the EURIX webpage shows, in addition to an aggregate rating index, all available ratings per instrument in order to allow investors to consider the whole variety of opinions before taking their own investment decision. The aggregate rating index may help investors to get a first indication of the creditworthiness of an entity. The EURIX should help smaller and new credit rating agencies to gain visibility. The European Rating Index would complement the information on h, EURIX shall create an equivalence chart between all different rating scales used by credit rating agencies. The equivalence chart may help investors to get a first indication of the creditworthiness of an entity rated by several different agencies. Historical performance data to be published byon credit rating agencies in ESMA's central repository. The European Parliament supported the establishment of such European Rating Index in its resolution on credit rating agencies of 8 June 2011shall be periodically published by ESMA.
Amendment 157 #
2011/0361(COD)
Proposal for a regulation
Recital 24
Recital 24
(24) Credit ratings, whether issued for regulatory purposes or not, have a significant impact on investment decisions. Hence, credit rating agencies have an important responsibility towards investors in ensuring that they comply with the rules of Regulation (EC) No 1060/2009 so that their ratings are independent, objective and of adequate quality. However, in the absence of a contractual relationship between the credit rating agency and the investor, investors are not always in a position to enforce the agency's responsibility towards them. Therefore, it is important to provide for an adequate right of redress for investors who relied on a credit rating issued in breach of the rules of Regulation (EC) No 1060/2009. The investor should be able to hold the credit rating agency liable, when acting intentionally or with gross negligence, for any damage caused by an infringement of that Regulation which had an impact on the rating outcome. Infringements which do not impact the rating outcome, such as breaches of transparency obligations, should not trigger civil liability claims.
Amendment 168 #
2011/0361(COD)
Proposal for a regulation
Recital 26
Recital 26
(26) It is important to provide investors with an effective right of redress against credit rating agencies. As investors do not have close insight in internal procedures of credit rating agencies a partial reversal of tThe burden of proof withas regard tos the existence of an infringement and the infringement's impact on the rating outcome seems to be appropriate if the investor has made a reasonable case in favour of the existence of such an infringement. However, the burden of proof, and also as regards the existence of a damage and the causality of the infringement for the damage, both being closer to the sphere of the investor, should fully be on the investor.
Amendment 176 #
2011/0361(COD)
Proposal for a regulation
Recital 28
Recital 28
Amendment 179 #
2011/0361(COD)
Proposal for a regulation
Recital 29
Recital 29
(29) In order to further mitigate conflicts of interest and facilitate fair competition in the credit rating market, it is important to ensure that the fees charged by credit rating agencies to customers are not discriminatory. Differences in fees charged for the same type of service should only be justifiable by a difference in the actual costs in providing this service to different customers. Moreover, the fees charged for rating services to a given issuer should not depend on the results or outcome of the work performed or on the provision of related (ancillary) services. Furthermore, in order to allow for the effective supervision of those rules, credit rating agencies should disclose to ESMA the fees received from each of their clients and their general pricing policy.
Amendment 189 #
2011/0361(COD)
Proposal for a regulation
Recital 32
Recital 32
(32) In view of the specificities of sovereign ratings and in order to reduce the risk of volatility, it is appropriate to require credit rating agencies to only publish these ratings after the close of business of the trading venues established in the Union and at least one hour before their opening. Also, sovereign ratings should be published twice a year on predefined dates set by ESMA. Whenever special circumstances may justify a review, such credit rating review may be publish outside those predefined dates, together with a full explanatory statement on the grounds of such unplanned review. If accompanied by the explanatory statement mentioned above, such review cannot be challenged on the grounds of extemporaneity.
Amendment 198 #
2011/0361(COD)
Proposal for a regulation
Recital 34
Recital 34
(34) The Commission should adopt the draft regulatory technical standards developed by ESMA regarding the content of the handover file when a credit rating agency is replaced by another credit rating agency, the content, frequency and presentation of the information to be provided by issuers on structured finance instruments, harmonisation of the standard rating scale to be used by credit rating agencies, the presentation of the information, including structure, format, method and timing of reporting, that credit rating agencies, EBA and national central banks of Member States should disclose to ESMA in relation to EURIX and the content and format of the periodic reporting on fees charged by credit rating agencies for the purposes of ongoing supervision by ESMA. The Commission should adopt those standards by means of delegated acts pursuant to Article 290 of the Treaty and in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 202 #
2011/0361(COD)
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36a) The Commission should put forward a report, and if necessary a proposal, to the European Parliament and to the Council, evaluating the possibility of the creation, within the Commission, of a European debt authority, which would be responsible to manage and coordinate all issues related with the annual debt issuance plan of the Member States, the renewal of outstanding debt and with the assessment of the sustainability of all Member States governments debt. Moreover, the European debt authority should periodically publish all data related to Member States public debt, deficit and other macroeconomic indicators on a single website. While not itself being a credit rating agency and while not itself issuing credit ratings, the European debt authority should provide investors with all relevant data regarding sovereign debt and other key macroeconomic indicators. Such disclosure on a single website should help decrease overreliance on credit ratings and enhance transparency.
Amendment 203 #
2011/0361(COD)
Proposal for a regulation
Recital 36 b (new)
Recital 36 b (new)
(36b) The Commission should put forward, by the end of 2012, a report regarding the feasibility of a network of smaller credit rating agencies in order to increase competition in the market. Such report should evaluate the possibility of ensuring European financial support to the creation of such network - taking into consideration the potential conflict of interest arising from such public funding - and other possible non financial incentives to be put in place to this objective.
Amendment 205 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 1
Article 1 – point 1
Regulation (EC) No 1060/2009
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation introduces a common regulatory approach in order to enhance the integrity, transparency, responsibility, good governance and reliabilityindependence of credit rating activities, contributing to the quality of credit ratings issued in the Union, thereby contributing to the smooth functioning of the internal market while achieving a high level of consumer and investor protection. It lays down conditions for the issuing of credit ratings and rules on the organisation and conduct of credit rating agencies, including their shareholders and members, to promote credit rating agencies' independence, the avoidance of conflicts of interest and the enhancement of consumer and investor protection.
Amendment 209 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 3 – point c
Article 1 – point 3 – point c
Regulation (EC) No 1060/2009
Article 3 – paragraph 1 – point w
Article 3 – paragraph 1 – point w
(w) “rating outlook” means an opinion regarding the likely direction of a credit rating over the short and medium termtime period specified by the relevant credit rating agency in that opinion.
Amendment 216 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 6
Article 1 – point 6
Regulation (EC) No 1060/2009
Article 5b – title
Article 5b – title
Reliance on credit ratings by the European Supervisory Authorities and, the European Systemic Risk Board and the European Central Bank
Amendment 219 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 6
Article 1 – point 6
Regulation (EC) No 1060/2009
Article 5b – paragraph 1
Article 5b – paragraph 1
The European Supervisory Authority (European Banking Authority) established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council (*)1 (EBA), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council (**)2 (EIOPA) and ESMA, ESMA and the ECB shall not refer to credit ratings in their guidelines, recommendations and draft technical standards where such references have the potential to trigger mechanistic reliance on credit ratings by competent authorities or financial market participants. Accordingly, and at the latest by 31 December 2013, EBA, EIOPA and ESMA, ESMA and the ECB shall review and remove where appropriate all references to credit ratings in existing guidelines and recommendations. _____________ 1 OJ 331, 15.12.2010, p. 12. 2 OJ 331, 15.12.2010, p. 48.
Amendment 226 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 6
Article 1 – point 6
Article 5c Due diligence obligations and internal risk management Financial institutions and institutional investors shall perform all due diligence obligations and internal risk management obligations when acquiring financial products, especially in regard to complex or structured products. When investors disregard intentionally or with gross negligence their due diligence and their internal risk management obligations, credit rating agencies shall not be held liable for damage or loss arising from such conduct.
Amendment 228 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 7 a (new)
Article 1 – point 7 a (new)
Regulation (EC) No 1060/2009
Article 6 – paragraph 3 a (new)
Article 6 – paragraph 3 a (new)
(7a) In Article 6, the following paragraph is added: "3a. A credit rating agency shall not provide consultancy or advisory services to the rated entity or a related third party regarding the corporate or legal structure, assets, liabilities or activities of that rated entity or related third party."
Amendment 229 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 7 b (new)
Article 1 – point 7 b (new)
Regulation (EC) No 1060/2009
Article 6 – paragraph 3 b (new)
Article 6 – paragraph 3 b (new)
Amendment 230 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 7 c (new)
Article 1 – point 7 c (new)
Regulation (EC) No 1060/2009
Article 6 – paragraph 3 c (new)
Article 6 – paragraph 3 c (new)
(7b) In Article 6, the following paragraph is added: "3c. Credit rating agencies shall submit an annual internal controls report to ESMA, which shall contain a description of the responsibility of their management in establishing and maintaining an effective internal control structure and an assessment of the effectiveness of their internal control structure."
Amendment 232 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6a – paragraph 1
Article 6a – paragraph 1
1. All shareholders or a members of a credit rating agency holding at least 510 % of the capital or of the voting rights in that agency shall not (a) hold 5% or more of the capital of any other credit rating agency. This prohibition does not apply to holdings in diversified collective investment schemes, including managed funds such as pension funds or life insurance, provided that the holdings in diversified collective investment schemes do not put him or her in a position to exercise significant influence on the business activities of those schemes; (b) have the right or the power to exercise 5% or more of the voting rights in any other credit rating agency; (c) have the right or the power to appoint or remove members of the administrative, management or supervisory body of any other credit rating agency; (d) be member of the administrative, management or supervisory body of any other credit rating agency; (e) have the power to exercise, or actually exercise, dominant influence or control over any other credit rating agency.should be publicly disclosed. (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 241 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6a – paragraph 2
Article 6a – paragraph 2
2. This Article does not apply to investmenWhere a shareholder or a member of a credit rating agency holding at least 10% of the capital or the voting rights in otherat credit rating agencies belonging to the same group of credit rating agenciesy is also a member of the administrative or supervisory board of the rated entity or has invested in the rated entity, that relationship shall be publicly disclosed and the credit rating agency shall disclose the fact that its rating could be affected.
Amendment 242 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6b
Article 6b
Amendment 274 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 10 – point c
Article 1 – point 10 – point c
Regulation (EC) No 1060/2009
Article 8 – paragraph 5a – subparagraph 1
Article 8 – paragraph 5a – subparagraph 1
5a. A credit rating agency that intends to introduce significant changes or use any new rating methodologies, models or key rating assumptions shall without undue delay inform ESMA and publish the proposed relevant changes or proposed new methodologies on its website inviting stakeholders to submit comments for a period not shorter than one month, together with a detailed explanation of the reasons for and the implications of the proposed changes or proposed new methodologies.
Amendment 279 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 10 – point c
Article 1 – point 10 – point c
Regulation (EC) No 1060/2009
Article 8 – paragraph 5a – subparagraph 2
Article 8 – paragraph 5a – subparagraph 2
After expiry of the consultation period referred to in the first subparagraph, the credit rating agency shall notify ESMA of the intended changes or proposed new methodologies and after the approval of the changes or new methodologies, the credit rating agency shall notify them to ESMA without undue delay.
Amendment 286 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 10 – point d – point i
Article 1 – point 10 – point d – point i
Regulation (EC) No 1060/2009
Article 8 – paragraph 6 – introductory part
Article 8 – paragraph 6 – introductory part
6. When methodologies, models or key assumptions used in credit rating activities are changed following the decision of ESMA referred to in paragraph 3 of Article 22a, a credit rating agency shall without undue delay:
Amendment 290 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 10 – point d – point ii
Article 1 – point 10 – point d – point ii
Regulation (EC) No 1060/2009
Article 8 – paragraph 6 – point aa
Article 8 – paragraph 6 – point aa
(aa) immediatelynform ESMA and publish on its website the new methodologies together with a detailed explanation thereof;
Amendment 294 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 10 – point e
Article 1 – point 10 – point e
Regulation (EC) No 1060/2009
Article 8 – paragraph 7 – point a
Article 8 – paragraph 7 – point a
Amendment 295 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 10 – point e
Article 1 – point 10 – point e
Regulation (EC) No 1060/2009
Article 8 – paragraph 7 – point b
Article 8 – paragraph 7 – point b
Amendment 296 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 10 a (new)
Article 1 – point 10 a (new)
Regulation (EC) No 1060/2009
Article 8a (new)
Article 8a (new)
10a. The following Article is inserted: "Article -8a Sovereign ratings 1. Sovereign credit ratings shall be reviewed at least every six months. 2. The sovereign credit rating reviews referred to in paragraph 1 shall be published only twice a year, on predefined dates that shall be established by ESMA. 3. Credit rating agencies shall publish sovereign credit rating reviews after close of business in all trading venues established in the Union and at least one hour before their opening. 4. Where justified by particular circumstances regarding the situation of a the country concerned, sovereign credit rating reviews may be publish on dates other than those established by ESMA under paragraph 2, together with a full explanatory statement on the grounds of such unplanned review. 5. Where sovereign credit ratings are published in accordance with paragraph 4, they shall not be challenged on the ground of their extemporaneity."
Amendment 302 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 11
Article 1 – point 11
Regulation (EC) No 1060/2009
Article 8b – title
Article 8b – title
Double credit rating of structured finance instruments
Amendment 304 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 11
Article 1 – point 11
Regulation (EC) No 1060/2009
Article 8b – paragraph 1 a (new)
Article 8b – paragraph 1 a (new)
1a. All credit ratings used for regulatory purposes shall take into account the ratings issued by two credit rating agencies recognised as external credit assessment institutions (ECAIs). Each credit rating agency shall provide its own independent credit rating.
Amendment 305 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 11
Article 1 – point 11
Regulation (EC) No 1060/2009
Article 8b – paragraph 1 b (new)
Article 8b – paragraph 1 b (new)
Amendment 306 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 11
Article 1 – point 11
Regulation (EC) No 1060/2009
Article 8b – paragraph 2
Article 8b – paragraph 2
2. The credit rating agencies mandated by an issuer or its related third parties referred in paragraphs 1 and 3 shall comply with the following conditions:
Amendment 307 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 11
Article 1 – point 11
Regulation (EC) No 1060/2009
Article 8b – paragraph 2 – point e
Article 8b – paragraph 2 – point e
Amendment 312 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 12
Article 1 – point 12
Regulation (EC) No 1060/2009
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Credit rating agencies shall ensure that credit ratings and rating outlooks are presented and processed in accordance with the requirements set out in Section D of Annex I and that credit ratings which are not intended by a credit rating agency to be used for regulatory purposes are clearly and prominently identified as such.
Amendment 319 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 11a – paragraph 1
Article 11a – paragraph 1
1. Any registered and any certified credit rating agency shall, when issuingno later than one working day following the publication of a credit rating or a rating outlook, submit to ESMA rating information, including the rating and outlook of the rated instrument, information on the type of rating, the type of rating action, and date and hour of publication. The rating submitted shall be based upon the harmonised rating scale referred to in point (a) of Article 21(4a).
Amendment 321 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1060/2009
Article 11a – paragraph 2
Article 11a – paragraph 2
2. ESMA shall establish a European Rating Index which will include all credit ratings submitted to ESMA pursuant to paragraph 1 and an aggregated rating index for any rated debt instrument. The index and individual credit ratingsconstitute an aggregated rating-implied index for any rated debt instrument, derived from all credit ratings submitted to ESMA pursuant to paragraph 1, the credit risk measurements submitted by EBA derived from the internal models of banks authorised to use such models in the Union and, where available, from credit risk measurements submitted to ESMA by the national central banks of the Member States and other European and global public authorities. The index shall be published on ESMA's website.
Amendment 330 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 17
Article 1 – point 17
Regulation (EC) No 1060/2009
Article 19 – paragraph 1
Article 19 – paragraph 1
1. ESMA shall charge fees to the credit rating agencies which are registered in accordance with this Regulation and the regulation on fees referred to in paragraph 2. Those fees shall be referable only to, but shall fully cover, ESMA's necessary and reasonable expenditure relating to the registration, certification and supervision of credit rating agencies and the reimbursement of any costs that the competent authorities may incur carrying out work pursuant to this Regulation insofar as that work relates to the supervision of credit rating agencies, in particular as a result of any delegation of tasks in accordance with Article 30.
Amendment 331 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 18 – point b
Article 1 – point 18 – point b
Regulation (EC) No 1060/2009
Article 21 – paragraph 4 – point a
Article 21 – paragraph 4 – point a
(a) a harmonised standard rating scale to be used, in accordance with Article 11a, by registered and certified credit rating agencies, which will be based upon the metric to measure credit risk and the number of rating categories and cut off values for each rating categoryn equivalence chart between the rating scales used by registered and certified credit rating agencies;
Amendment 333 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 18 – point b
Article 1 – point 18 – point b
Regulation (EC) No 1060/2009
Article 21 – paragraph 4 – point b
Article 21 – paragraph 4 – point b
(b) the content and the presentation of the information, including structure, format, method and timing of reporting that credit rating agencies shall disclose to ESMA in accordance with Article 11a (1) and the information that EBA and the national central banks shall disclose to ESMA in accordance with Article 11a(2); and
Amendment 336 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 19 – point a
Article 1 – point 19 – point a
Regulation (EC) No 1060/2009
Article 22a – title
Article 22a – title
Examination of rating methodologiescompliance with the back- testing obligation
Amendment 338 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 19 – point b
Article 1 – point 19 – point b
Regulation (EC) No 1060/2009
Article 22a – paragraph 3
Article 22a – paragraph 3
Amendment 362 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 20
Article 1 – point 20
Regulation (EC) No 1060/2009
Article 35a – paragraph 4
Article 35a – paragraph 4
4. Where an investor establishes facts from which it may be inferred that a credit rating agency has committed any of the infringements listed in Annex III, it will be forsuch an investor will have to produce proof that the credit rating agency to prove that it has nothas committed thate infringement or that that infringement did not have anintentionally or with gross negligence and that such infringement has had a significant impact on the issued credit rating.
Amendment 364 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 20
Article 1 – point 20
Regulation (EC) No 1060/2009
Article 35a – paragraph 5 a (new)
Article 35a – paragraph 5 a (new)
Amendment 365 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 20
Article 1 – point 20
Regulation (EC) No 1060/2009
Article 35a – paragraph 5 b (new)
Article 35a – paragraph 5 b (new)
5b. This Article shall not apply where the investor, intentionally or with gross negligence, does not comply with its due diligence and internal management obligations as laid down in Article 5c.
Amendment 368 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 21 – point b b (new)
Article 1 – point 21 – point b b (new)
Regulation (EC) No 1060/2009
Article 36a – paragraph 4 a (new)
Article 36a – paragraph 4 a (new)
(bb) In Article 36a, the following paragraph is added: "4a. The basic amounts of fines defined within the limits set out in paragraph 2 shall be adjusted, where appropriate, by taking into account any damages paid or to be paid following a civil liability action pursuant Article 35a."
Amendment 370 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 24 – point a
Article 1 – point 24 – point a
Regulation (EC) No 1060/2009
Article 39 – paragraph 1
Article 39 – paragraph 1
Amendment 375 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 24 – point b
Article 1 – point 24 – point b
Regulation (EC) No 1060/2009
Article 39 – paragraph 4
Article 39 – paragraph 4
4. By 1 July 2015, the Commission shall assess the situation in the credit rating market, in particular the availability of sufficient choice in order to comply with the requirements set out in Articles 6b and 8b. The review shall also assess the need to extend the scope of the obligations in Article 8a to include other financial products, including covered bonds.
Amendment 380 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 24 a (new)
Article 1 – point 24 a (new)
Regulation (EC) No 1060/2009
Article 40a a (new)
Article 40a a (new)
(24 a) The following article is inserted: "Article 40aa European debt authority By ...*, in order to reduce overreliance on credit ratings, the Commission shall put forward a report, and if appropriate a proposal, to the European Parliament and to the Council, evaluating the possibility of the creation, within the Commission, of a European debt authority that would be responsible to manage and coordinate all issues related with the annual debt issuance plan of the Member States, the renewal of their outstanding debt and the assessment of the sustainability of all Member States governments debt, as well as a annual publication of data related to Member States public debt, deficit and other macroeconomic indicators. The European debt authority shall provide investors with all relevant data regarding sovereign debt and other key macroeconomic indicators published on a single website."
Amendment 381 #
2011/0361(COD)
Proposal for a regulation
Article 1 – point 24 b (new)
Article 1 – point 24 b (new)
Regulation (EC) No 1060/2009
Article 40a b (new)
Article 40a b (new)
(24b) The following article is inserted: "Article 40ab Credit rating agency network The Commission shall put forward, by the end of 2012, a report regarding the feasibility of a network of smaller credit rating agencies in order to increase competition in the market. That report shall evaluate the possibility of ensuring European financial support to the creation of such network, taking into consideration the potential conflict of interest arising from such public funding, and other possible non-financial incentives to be put in place to this objective."
Amendment 384 #
2011/0361(COD)
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
Point (8) of Article 1 of this Regulation in relation to Article 6a(1)(a) of Regulation (EC) No Regulation (EC) No 1060/2009 shall apply from [1 year after the entry into force of this Regulation] as regards any shareholder or member of a credit rating agency which on 15 November 2011 held 510% or more of the capital of more than one credit rating agency.
Amendment 386 #
2011/0361(COD)
Proposal for a regulation
Annex I – point 1 – point b
Annex I – point 1 – point b
Regulation (EC) No 1060/2009
Annex I – Section B – point 3
Annex I – Section B – point 3
Amendment 418 #
2011/0361(COD)
Proposal for a regulation
Annex III – point 1 – point b
Annex III – point 1 – point b
Regulation (EC) No 1060/2009
Annex III – Part I – points 26a to 26 f
Annex III – Part I – points 26a to 26 f
Amendment 425 #
2011/0361(COD)
Proposal for a regulation
Annex III – point 1 – point h
Annex III – point 1 – point h
Regulation (EC) No 1060/2009
Annex III – Part I – point 46a
Annex III – Part I – point 46a
46a. The credit rating agency infringes the second subparagraph of Article 8(5) in conjunction with the first sentence of the first subparagraph of Article 8(5)Article 10a by not monitoring its sovereign ratings or by not reviewing its sovereign ratings on an ongoing basis and at least every 6 months.
Amendment 426 #
2011/0361(COD)
Proposal for a regulation
Annex III – point 2 – point a
Annex III – point 2 – point a
Regulation (EC) No 1060/2009
Annex III – Part II – point 3a and 3b
Annex III – Part II – point 3a and 3b
Amendment 429 #
2011/0361(COD)
Proposal for a regulation
Annex III – point 3 – point a
Annex III – point 3 – point a
Regulation (EC) No 1060/2009
Annex III – Part III – point 3a
Annex III – Part III – point 3a
3a. The credit rating agency infringes the first subparagraph of Article 8(5a) by not notifying ESMA and publishing on its website the proposed relevant changes to the methodologies, models or key rating assumptions or the proposed new methodologies, models or key rating assumptions together with a detailed explanation of the reasons for and the implications of the proposed changes.
Amendment 430 #
2011/0361(COD)
Proposal for a regulation
Annex III – point 3 – point b
Annex III – point 3 – point b
Regulation (EC) No 1060/2009
Annex III – Part III – point 4a
Annex III – Part III – point 4a
4a. The credit rating agency infringes point (aa) of Article 8(6), where it intends to use new methodologies, by not publishing immediatelynotifying ESMA and publishing on its website the new methodologies together with a detailed explanation thereofwithout undue delay.
Amendment 432 #
2011/0361(COD)
Proposal for a regulation
Annex III – point 3 – point b
Annex III – point 3 – point b
Regulation (EC) No 1060/2009
Annex III – Part III – point 4b
Annex III – Part III – point 4b
Amendment 433 #
2011/0361(COD)
Proposal for a regulation
Annex III – point 3 – point b
Annex III – point 3 – point b
Regulation (EC) No 1060/2009
Annex III – Part III – point 4c
Annex III – Part III – point 4c
Amendment 141 #
2011/0359(COD)
Proposal for a regulation
Recital 44
Recital 44
(44) In order to take account of the technical developments in the financial markets, in auditing and the audit profession and to specify the requirements laid down in this Regulation, the Commission should be empowered to adopt delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union. In particular, the use of delegated acts is necessary to adapt the list of related audit services and of non-audit services as well as to set out the level of fees that ESMA could charge for delivering the European Quality Certificate to statutory auditors and audit firms. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level and with the European Group of Auditors Oversight Bodies ("EGAOB") . 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 145 #
2011/0359(COD)
Proposal for a regulation
Recital 45
Recital 45
(45) In order to ensure legal certainty and the smooth transition to the regime introduced by this Regulation, it is important to introduce a transitional regime regarding the entry into force of the obligation to rotate audit firms, the obligation to organise a selection procedure for the choice of audit firm and the conversion of audit firms into firms that only provide audit servicescertain of the obligations in this Regulation.
Amendment 177 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
A statutory auditor or an audit firm carrying out a statutory audit of a public- interest entities mayy shall not provide to the audited entity, to or its parentcontrolled undertaking and to its controlled undertakings statutory audit services and relas, either directly or indirectly, any non-audit services that are prohibited financial audit services paragraph 3 below.
Amendment 182 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 2
Article 10 – paragraph 1 – subparagraph 2
Where the statutory auditor or audit firm belongs to a network, ano other member of such network may provide to the audited entity, to its parent undertaking within the Union and to its controlled undertakings within the Union statutory the non-audit services or related financial audit servicesthat are prohibited under paragraph 3 below.
Amendment 196 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 1
Article 10 – paragraph 3 – subparagraph 1
Amendment 201 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 2
Article 10 – paragraph 3 – subparagraph 2
Amendment 293 #
2011/0359(COD)
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
6. The Commission shall be empowered to adopt delegated acts in accordance with Article 68 for the purpose of adapting the list of related financial audit services referred to inMember States may exceptionally add to the list of services prohibited by virtue of paragraph 23 and the list of non-audit services referred to in paragraph 3 of this Article. When using such powers, the Commission shall take into account developments in auditing and the audit professbove, for statutory auditors or audit firms for which the relevant Member State is the home Member State, provided such additions result from existing requirements under national law or regulation.
Amendment 299 #
2011/0359(COD)
Proposal for a regulation
Article 11 – paragraph 4 – subparagraph 1 – point c
Article 11 – paragraph 4 – subparagraph 1 – point c
(c) request permissionseek the approval from the audit committee to provide any the non-audit services referred to in Article 10(3)(b)(i) and (ii) to the audited entityto the audited entity or to its controlled undertakings in the European Union, other than those prohibited services referred to in Article 10(3) and those audit related and other assurance services referred to in Article 10(2);
Amendment 316 #
2011/0359(COD)
Proposal for a regulation
Article 22 – paragraph 2 – point r
Article 22 – paragraph 2 – point r
Amendment 373 #
2011/0359(COD)
Proposal for a regulation
Article 31 – paragraph 5 – point f
Article 31 – paragraph 5 – point f
(f) authorise, on a case by case basis,pprove the provision by the statutory auditor or audit firm of the services referred to in Article 10(3)(b)(i) and (ii) of this Regulation to to the audited entity and its controlled undertakings in the Union of all non-audit services other than those prohibited services referred to in Article 10(3) and those audit related and other audited entityssurance services referred to in Article 10(2).
Amendment 410 #
2011/0359(COD)
Proposal for a regulation
Article 33 – title
Article 33 – title
Duration of the statutory audit engagement
Amendment 414 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 1 – subparagraph 1
Article 33 – paragraph 1 – subparagraph 1
The public-interest entity shall appoint a statutory auditor or audit firm for an initial engagement period that shall not be shortlonger than twosix years.
Amendment 419 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 1 a (new)
Article 33 – paragraph 1 a (new)
(1a) The audit committee shall consider whether or not to initiate a tender process for the statutory audit following the conditions set out in Article 32.
Amendment 426 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 1 – subparagraph 2
Article 33 – paragraph 1 – subparagraph 2
The public-interest entity may renew thise audit engagement only onceproviding that such renewal is proposed by the audit committee and is approved by the shareholders’ meeting.
Amendment 432 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 1 – subparagraph 3
Article 33 – paragraph 1 – subparagraph 3
Amendment 449 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 2
Article 33 – paragraph 2
Amendment 455 #
2011/0359(COD)
Proposal for a regulation
Article 33 – paragraph 3
Article 33 – paragraph 3
Amendment 16 #
2011/0341B(COD)
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) The programme as such and its success are vital in the present economic situation, bearing in mind that the Union needs to move towards closer economic, fiscal, and budgetary policy cooperation and coordination.
Amendment 17 #
2011/0341B(COD)
Proposal for a regulation
Recital 1 b (new)
Recital 1 b (new)
(1b) The free movement of capital cannot be used as a way to evade tax, in particular for Member States whose currency is the euro and which are experiencing or threatened with serious difficulties with respect to their financial stability in the euro area.
Amendment 18 #
2011/0341B(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) The programme activities, i.e. the European Information Systems, the joint actions for tax officials and the common training initiatives, are expected to contribute to the realisation of the Europe 2020 Strategy for smart, sustainable and inclusive growth. In providing a framework for activities which strive for more efficient tax authorities, strengthen the competitiveness of businesses, promote employment and contribute to the protection of the Union’s financial and economic interests, the programme will actively strengthen the functioning of the taxation systems in the internal market while gradually eliminating existing barriers and distortions within the market.
Amendment 24 #
2011/0341B(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) To support the process of accession and association by third countries, not only should the programme should be open for the participation of acceding and candidate countries as well as potential candidates and partner countries of the European Neighbourhood Policy if certain conditions are fulfilled, but the Commission should also establish the conditions enabling accession to be brought about. Considering the increasing interconnectivity of the world economy, the programme continues to provide for the possibility to involve external experts, such as representatives of governmental authorities, economic operators and their organisations or representatives of international organisations, in certain activities.
Amendment 30 #
2011/0341B(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) Given the increasing globalisation, an efficient fight against fraud should equally have an international dimension. It is therefore usefuessential to enable the Union to conclude agreements on technical cooperation with developed third countries to allow those countries to use the Union components of the European Information Systems to support a secure exchange of information between them and the Member States in the framework of bilateral tax agreements.
Amendment 32 #
2011/0341B(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. A multi-annual action programme “Fiscalis 2020” (“the programme”) is hereby established to improve the operation of the taxation systems in the internal market and cooperation and coordination thereof.
Amendment 41 #
2011/0341B(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The general objective of the programme shall be to strengthen the internal market through efficient and effective taxation systems. and to eradicate tax fraud, tax evasion, and tax avoidance through cooperation.
Amendment 50 #
2011/0341B(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) to support thecoordinated preparation from the outset, coherent application, without distortions, and effective implementation of Union tax law
Amendment 52 #
2011/0341B(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) to fight against tax fraud, tax evasion and tax avoidance, in particular by enhancing through effective and efficient administrative cooperation and exchange of information based on clear- cut transparent rules and efficient, operational means of communication between stakeholders
Amendment 59 #
2011/0341B(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point b
Article 7 – paragraph 1 – point b
(b) IT capacity building to enhance the development of tax authorities and support them more effectively for the purposes of: development, maintenance, operation and quality control, of Union components of European Information Systems set out in point 1 of the Annex and, new European Information Systems established under Union legislation
Amendment 646 #
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 internalis, except where the relevant client has elected in writing to opt-in to arrangements permitting the execution of the client's orders in anthat OTF operated by itself. An OTF shall not connect with another OTF in a way which enables orders in different OTFs to interactagainst proprietary capital of the investment firm or market operator operating that OTF for client facilitation purposes.
Amendment 663 #
2011/0298(COD)
Proposal for a directive
Article 20 – paragraph 4 a (new)
Article 20 – paragraph 4 a (new)
4 a. Member States shall require that investment firms or market operators operating an OTF take appropriate steps to identify and manage any conflicts of interest arising in connection with the oversight and operation of their OTF.
Amendment 698 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 3 – subparagraph 1 – indent 1
Article 24 – paragraph 3 – subparagraph 1 – indent 1
– the investment firm and its services; when investment advice is provided, information shall specify whetherthat the advice is provided on an independent basis and whether it is based on a broad or on a more restricted analysis of the market and shall indicate whetheron a reasonable analysis of the market that suits the client's best interests and shall indicate periodicity with which the investment firm will provide the client with the on-going assessment of the suitability of the financial instruments recommended to clients,
Amendment 729 #
2011/0298(COD)
Proposal for a directive
Article 24 – paragraph 5 – introductory part
Article 24 – paragraph 5 – introductory part
5. When the investment firm informs the client that investment advice is provided on an independent basisprovides investment advice, the firm:
Amendment 824 #
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 and other UCITS based on complex portfolio management techniques;
Amendment 839 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 7
Article 25 – paragraph 7
7. ESMA shall develop by [] at the latest, and update periodically, guidelines for the assessment of financial instruments incorporating a structure which makes it difficult for the client to understand the risk involved in accordance with paragraph 3 (a) and of UCITS based on complex portfolio management techniques.
Amendment 1219 #
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 concern the content of the communication to which they relate;
Amendment 1287 #
2011/0298(COD)
Proposal for a directive
Article 96 – paragraph 1 – point f a (new)
Article 96 – paragraph 1 – point f a (new)
(fa) the compliance by investment firms with the best execution obligations provided in [Article 27] and the level of pre-trade transparency in the EU market, notably on the quality and accessibility of pre-trade information by investors, taking into account inter alia the level of market fragmentation. The Commission shall submit its report accompanied, if appropriate, by a legislative proposal for the establishment of a consolidated tape for pre-trade information.
Amendment 114 #
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 including conflicts management, 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 them, except where proprietary capital is used in order to facilitate client orders.
Amendment 130 #
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 such as request for quotes as well as hybrid and voice broking systems, and take account of issuance, transaction size and characteristics of national markets.
Amendment 278 #
2011/0296(COD)
Proposal for a regulation
Article 4 – paragraph 3 – point b
Article 4 – paragraph 3 – point b
(b) the size orand type of orders for which pre- trade disclosure may be waived under paragraph 1 for each class of financial instrument concerned;
Amendment 301 #
2011/0296(COD)
Proposal for a regulation
Article 6 – paragraph 2 – point b
Article 6 – paragraph 2 – point b
(b) the conditions for authorising a regulated market, an investment firm, including a systematic internaliser or an investment firm or market operator operating an MTF or an OTF for a deferred publication of trades and the criteria to be applied when deciding the transactions for which, due to their size or the type (including prevailing liquidity profile or the specific characteristics of the trading activity) of share, depositary receipt, exchange-traded fund, certificate or other similar financial instrument involved, deferred publication is allowed for each class of financial instrument concerned.
Amendment 68 #
2011/0295(COD)
Proposal for a regulation
Recital 14
Recital 14
Amendment 74 #
2011/0295(COD)
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14 a) When inside information concerns a process which occurs in stages, each stage of the process as well as the overall process could be information of a precise nature.
Amendment 115 #
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, competent 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 suchviolation of this Regulation or Directive [new MAD]. Telephone and data traffic records rhelated 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 encompass the content of such recordsd by telecom operators do not encompass the content of such records. This shall not limit the powers of competent authorities to request and have access to telephone and data traffic records referred to in article [16(7) of New MiFID], including its content.
Amendment 171 #
2011/0295(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point e
Article 6 – paragraph 1 – point e
Amendment 195 #
2011/0295(COD)
Proposal for a regulation
Article 7 – paragraph 7
Article 7 – paragraph 7
Amendment 211 #
2011/0295(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point a – introductory part
Article 8 – paragraph 1 – point a – introductory part
(a) entering into a transaction, placing an order to trade or any other behaviour which has the following consequences:
Amendment 213 #
2011/0295(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point a – indent 1
Article 8 – paragraph 1 – point a – indent 1
– it gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of, a financial instrument or a related spot commodity contract; or
Amendment 215 #
2011/0295(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point a – indent 2
Article 8 – paragraph 1 – point a – indent 2
– it secures, or is likely to secure, the price of one or several financial instruments or a related spot commodity contracts at an abnormal or artificial level;
Amendment 219 #
2011/0295(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point b
Article 8 – paragraph 1 – point b
(b) entering into a transaction, placing an order to trade or any other behaviour affecting, or likely to affect, the price of one or several financial instruments or a related spot commodity contract, which employs a fictitious device or any other form of deception or contrivance; or
Amendment 224 #
2011/0295(COD)
Proposal for a regulation
Article 8 – paragraph 1 – point c – introductory part
Article 8 – paragraph 1 – point c – introductory part
(c) disseminating information through the media, including the Internet, or by any other means, which has or is likely to have the consequences referred to in subparagraph (a), where the person who made the dissemination knew, or ought to have known, that the information was false or misleading. When information is disseminated for the purposes of journalism, such dissemination of information shall be assessed taking into account the rules governing the freedom of the press and freedom of expression in other media, unless:
Amendment 231 #
2011/0295(COD)
Proposal for a regulation
Article 8 – paragraph 3 – introductory part
Article 8 – paragraph 3 – introductory part
3. The following behaviour shall be considered as market manipulation or attempts to engage in market manipulation:
Amendment 235 #
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 or is likely to have the effect of fixing, directly or indirectly, purchase or sale prices or creatinges or is likely to create other unfair trading conditions,
Amendment 238 #
2011/0295(COD)
Proposal for a regulation
Article 8 – paragraph 3 – point b
Article 8 – paragraph 3 – point b
(b) the buying or selling of financial instruments at the close of the market with the effect or intentionlikely effect of misleading investors acting on the basis of closing prices,
Amendment 245 #
2011/0295(COD)
Proposal for a regulation
Article 8 – paragraph 3 – point c – introductory part
Article 8 – paragraph 3 – point c – introductory part
(c) the sending of orders to a trading venue by means of algorithmic trading, including high frequencyby means of algorithmic trading, without an intention to trade bu the effect for the purposelikely effect of:
Amendment 282 #
2011/0295(COD)
Proposal for a regulation
Article 12 – paragraph 4 – subparagraph 2
Article 12 – paragraph 4 – subparagraph 2
Where an issuer of a financial instrument or emission allowance market participant has decided to delayed the disclosure of inside information under this paragraph it shall immediately inform the competent authority that disclosure of the information was delayed immediately after the information is disclosed to the publicof such decision. Such information to competent authorities shall not preclude in any way the power of competent authorities to sanction a breach of this Regulation.
Amendment 320 #
2011/0295(COD)
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Paragraph 1 shall not apply to transactions totalling under EUR 20,000 over the period of a calendar year12 months and calculated since the date of the last notification or the date of appointment of the person to discharge managerial responsibilities if no notification has yet been made.
Amendment 340 #
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 not concern the content of the communication to which they relate.]where such records may be relevant to prove a violation of this Regulation or Directive [new MAD]; these records shall however not concern the content of the communication to which they relate.] Point (f) shall not prejudice in any way the powers of competent authorities to request telephone and electronic records of investment firms, notably those referred to in article 16(7) of Directive [MiFID 2], nor restrict the power to access to its content.
Amendment 372 #
2011/0295(COD)
Proposal for a regulation
Article 26 – paragraph 1 – point k
Article 26 – paragraph 1 – point k
(k) administrative pecuniary sanctions of up to twice the amount of the profits gained or losses avoided because of the breach where those can be determined; , if higher than any of the maximum amounts referred to in points (l) or (m), as applicable;
Amendment 57 #
2011/0203(COD)
Proposal for a directive
Recital 51 a (new)
Recital 51 a (new)
(51a) The CRD framework, being one of the pillars upon which the overreliance on external credit rating was built, should take into account the G20 conclusions, FSB principles and the proposals of the European Commission amending Regulation (EC) No 1060/2009 on credit rating agencies and amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to UCITS and Directive 2011/61/EU on Alternative Investment Fund Managers, regarding the excessive reliance on external credit ratings. Therefore banks should be encouraged to use internal rather than external credit ratings even for purposes of calculating regulatory capital requirements.
Amendment 58 #
2011/0203(COD)
Proposal for a directive
Recital 51 b (new)
Recital 51 b (new)
(51b) Overreliance on external credit ratings should be reduced and all the automatic effects deriving from ratings should be gradually eliminated. Regulation should, therefore, require credit institutions and investment firms to put in place sound credit granting criteria and credit decision processes. External credit ratings may be used as one factor among others in this process but they should not rely solely or mechanistically on external ratings and these should not prevail.
Amendment 59 #
2011/0203(COD)
Proposal for a directive
Recital 51 c (new)
Recital 51 c (new)
(51c) The recognition of a Credit Rating Agency as an External Credit Assessment Institution (ECAI) should not increase the foreclosure of a market already dominated by three main undertakings. EBA and Central Banks, without making the process easier or less demanding, should provide for the recognition of more Credit Rating Agencies as ECAI as a way to open the market to other undertakings.
Amendment 223 #
2011/0203(COD)
Proposal for a directive
Article 76 – paragraph 1 a (new)
Article 76 – paragraph 1 a (new)
1a. Competent authorities shall ensure that internal ratings used by institutions do not rely solely or mechanistically on external credit ratings and that these do not prevail over internal assessment.
Amendment 230 #
2011/0203(COD)
Proposal for a directive
Article 77 – point b
Article 77 – point b
(b) Institutions have internal methodologies that enable them to assess the credit risk of exposures to individual borrowers, securities or counterparties as well as credit risk at the portfolio level. In particular, internal methodologies shall not rely solely or mechanistically on external ratings. Where own funds requirements are based on a rating by an External Credit Assessment Institution (ECAI) or based on the fact that an exposure is unrated, institutions shall use their own methodologies in order to assess the appropriateness of the rank-ordering of credit risk implicit in those own funds requirements and take the result into account in their allocation of internal capital;
Amendment 455 #
2011/0203(COD)
Proposal for a directive
Article 124 – paragraph 2
Article 124 – paragraph 2
2. Institutions shall meet the requirement imposed by paragraph 1 with Common Equity Tier 1 capital or other loss absorbing items such as provisions in excess over expected losses, additional tier 1 or alternatively with equivalent contingent capital insofar as this constitutes other fully loss absorbing capital, which shall be additional to any Common Equity Tier 1 capital maintained to meet the own funds requirement imposed by Article 87 of Regulation [inserted by OP(EU) No. .../2012 of ... [on prudential requirements for credit institutions and investment firms], the requirement to maintain a Capital Conservation Buffer under Article 123 and any requirement imposed under Article 100.
Amendment 504 #
2011/0203(COD)
Proposal for a directive
Article 127 – paragraph 1
Article 127 – paragraph 1
1. Where a designated authority, in accordance with Article 126(5), or a relevant third country authority has set a countercyclical buffer rate in excess of 2.5% of the total risk exposure amount referred to in Article 87(3) of Regulation [inserted by OP(EU) No. .../2012 of ... [on prudential requirements for credit institutions and investment firms], the other designated authorities mayshall recognise that buffer rate for the purposes of the calculation by domestically authorised institutions of their institution specific countercyclical capital buffers.
Amendment 510 #
2011/0203(COD)
Proposal for a directive
Article 127 – paragraph 2 a (new)
Article 127 – paragraph 2 a (new)
2a. Where a designated authority or a relevant third country authority has set a countercyclical buffer rate in excess of 2.5% of the total risk exposure amount referred to in Article 127(1), the ESRB shall evaluate that specific buffer rate and, if appropriate, issue a recommendation to the designated authorities concerning the appropriate countercyclical buffer rate for exposures to that third country, in accordance to Article 128(3).
Amendment 511 #
2011/0203(COD)
Proposal for a directive
Article 127 – paragraph 2 b (new)
Article 127 – paragraph 2 b (new)
2b. In accordance with Article 128(3), after a recommendation made by the ESRB to any designated authority to set out a different countercyclical buffer rate, as foreseen in paragraph 2a, all other designated authorities shall apply the same recognized rate.
Amendment 540 #
2011/0203(COD)
Proposal for a directive
Article 150 – paragraph 2 a (new)
Article 150 – paragraph 2 a (new)
2a. EBA in cooperation with EIOPA and ESMA shall ensure an effective reduction on reliance on external ratings and shall gradually provide for the elimination of all mechanistic and automatic effects of an external credit rating still existing in Union law.
Amendment 159 #
2011/0202(COD)
Proposal for a regulation
Recital 21 a (new)
Recital 21 a (new)
(21a) Where the deduction of the minority interests included in consolidated Common Equity Tier 1 capital results in a disproportionate increase of capital requirement for certain types of credit institutions or investment firms, such institutions or firms should be exempted from the application of such rule.
Amendment 162 #
2011/0202(COD)
Proposal for a regulation
Recital 25 a (new)
Recital 25 a (new)
(25a) Overreliance on external credit ratings shall be reduced and all the automatic effects deriving from ratings should be gradually eliminate. Regulation should, therefore, require credit institutions and investment firms to put in place sound credit granting criteria and credit decision processes. External credit ratings may be used as one factor among others in this process but they should not rely solely or mechanistically on external ratings and these should not prevail.
Amendment 167 #
2011/0202(COD)
Proposal for a regulation
Recital 27 a (new)
Recital 27 a (new)
(27a) The minority interests arising from intermediate financial holding companies that are subject to the requirements of this Regulation on a subconsolidated basis may also be eligible (within the relevant limits) to the Common Equity Tier 1 of the group on a consolidated basis, as the Common Equity Tier 1 capital of an intermediate financial holding company attributable to minority interests and the part of that same capital attributable to the parent company support both pari passu the losses of their subsidiaries when they occur.
Amendment 191 #
2011/0202(COD)
Proposal for a regulation
Recital 69 a (new)
Recital 69 a (new)
(69a) The sovereign debt crisis and the statement of 26 October 2011 of the Head of State or Government of Member States whose currency is the euro have demonstrated that the current situation of government bonds no longer corresponds with the economic reality; Therefore, it may be of interest that, when the current situation of the European Union as a whole has reached a stabilized path, the Commission may submit a report to the European Parliament and the Council proposing options to future adjustment to the treatment of sovereign debt.
Amendment 192 #
2011/0202(COD)
Proposal for a regulation
Recital 72 a (new)
Recital 72 a (new)
(72a) The recognition of a Credit Rating Agency as an External Credit Assessment Institution (ECAI) should not increase the foreclosure of a market already dominated by three main undertakings. EBA and Central Banks, without making the process easier or less demanding, should provide for the recognition of more Credit Rating Agencies as ECAI as a way to open the market to other undertakings.
Amendment 193 #
2011/0202(COD)
Proposal for a regulation
Recital 72 b (new)
Recital 72 b (new)
(72b) This Regulation should ensure that institutions always use at least two ECAI ratings for the regulatory purposes set therein. Furthermore, alternatives should be put in place in the future so that institutions may, without restraint, choose the first ECAI and the second should be appointed by an independent authority, from all recognized ECAI. This should not prevent institutions to use external ratings from more than one credit rating agency.
Amendment 425 #
2011/0202(COD)
Proposal for a regulation
Article 34 – paragraph 1 – point b a (new)
Article 34 – paragraph 1 – point b a (new)
(ba) the amount of intangible assets to be deducted shall be reduced by the amount of software classified as intangible assets under the relevant accounting standards.
Amendment 536 #
2011/0202(COD)
Proposal for a regulation
Article 79 – paragraph 1 a (new)
Article 79 – paragraph 1 a (new)
Where the parent company of a credit institution or of an investment firm is a non operating holding company having a minority control over its consolidated risk- weighted assets, such credit institution or investment firm is exempted, with regard to its relations with the minority subsidiaries concerned, from the application of the provisions of this Article. As the case may be, competent authorities may impose such rule on a case by case basis to a credit institution or an investment firm which they deemed exposed to a high degree of systemic risk.
Amendment 537 #
2011/0202(COD)
Proposal for a regulation
Article 79 – paragraph 1 a (new)
Article 79 – paragraph 1 a (new)
Competent authorities may permit institutions not to subtract from the minority interests of a cross-guarantee scheme the result of multiplying the amount referred to in paragraph 1(a) by the percentage referred to in paragraph 1(b) subject to the conditions laid down in Article 108(7).
Amendment 918 #
2011/0202(COD)
Proposal for a regulation
Article 400 – paragraph 1 – point 2
Article 400 – paragraph 1 – point 2
(2) ‘Retail deposit’ means a liability to a natural person or to a small and medium sized enterprise where the aggregate liability to such clients or group of connected clients is less than 1 million EURas defined by the IRB approach in the capital framework.
Amendment 1149 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 5
Article 410 – paragraph 5
5. Institutions shall multiply liabilities resulting from deposits by clients that are not financial customers by 750% to the extent they do not fall under paragraph 4 and 5. EBA shall test the appropriateness of the calibration of the outflows in accordance with paragraph 6 by taking into account historical data provided by institutions.
Amendment 1364 #
2011/0202(COD)
Proposal for a regulation
Article 443 – paragraph 1 – point k a (new)
Article 443 – paragraph 1 – point k a (new)
(k a) the requirements for large exposures laid down in Articles 384 to 392
Amendment 1370 #
2011/0202(COD)
Proposal for a regulation
Article 443 – paragraph 1 – point k b (new)
Article 443 – paragraph 1 – point k b (new)
(k b) The public disclosure requirements laid down in Articles 418 to 440.
Amendment 1381 #
2011/0202(COD)
Proposal for a regulation
Article 443 a (new)
Article 443 a (new)
Article 443a Macro-prudential risks at the national level 1.In order to address macro-prudential risks at the national level, each designated authority in the Member States shall be empowered to impose on domestically authorised institutions stricter prudential requirements, as those laid down for the Commission under article 443. 2.Each designated authority shall notify the Commission, the EBA and the ESRB before the adoption of such stricter requirements, leaving appropriate time for coordination. 3.Based on the assessment that the macro- prudential risks identified by the designated authority do not exist, the Commission may adopt a decision to suspend the resolution of the Member State's designated authority. This decision should take place in the 30 days that follow the notification carried out by the designated authority. 4.In the absence of a decision from the Commission in the deadline specified in the paragraph 3, the decision of the designated authority should not be suspended.
Amendment 1443 #
2011/0202(COD)
Proposal for a regulation
Article 458 – paragraph 2 a (new)
Article 458 – paragraph 2 a (new)
2 a. In cases where certain closed defined benefit plans of Member States are similar to the first pillar of social systems, when meeting the criteria of Article 451(1)(a), competent authorities may allow for the maintenance of the additional filters until 31 of December of 2028 as set out in Article 461(1)(a);
Amendment 1453 #
2011/0202(COD)
Proposal for a regulation
Article 461 – paragraph 1
Article 461 – paragraph 1
1. By way of derogation from Articles 29 to 33, 53 and 63, during the period from 1 January 2013 to 31 December 2017, institutions shall make adjustments to include in or deduct from Common Equity Tier 1 items, Tier 1 items, Tier 2 items or own funds items the applicable percentage of filters or deductions required under national transposition measures for Articles 57, 61 and 66 of Directive 2006/48/EC, and for Articles 13 and 16 of Directive 2006/49/EC, or under other national provisions and which are not required in accordance with Part Two.
Amendment 1457 #
2011/0202(COD)
Proposal for a regulation
Article 462 – paragraph 1 – point a
Article 462 – paragraph 1 – point a
(a) the instruments were issued prior to 20 July 2011the date of application of this Regulation;
Amendment 1497 #
2011/0202(COD)
Proposal for a regulation
Article 477 a (new)
Article 477 a (new)
Article 477a International Implementation of Basel III 1. In regard to the international nature of the Basel framework and the risks associated with a non-simultaneous implementation of the changes to that framework in major jurisdictions, the Commission shall report to the European Parliament and the Council, by 31 December 2014, on progress made towards the international implementation of the changes to the capital adequacy and liquidity framework and, if appropriate, with the necessary legislative proposals. 2. The relevant committee of the European Parliament may invite representatives of the Basel Committee, President of the Council, the Commission and, where appropriate, the President of the Eurogroup, to appear before the committee for an exchange views.
Amendment 23 #
2011/0058(CNS)
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1 a) Tax policies must aim to foster European competitiveness and lower costs for European business, in particular for small and medium enterprises.
Amendment 25 #
2011/0058(CNS)
Proposal for a directive
Recital 1 b (new)
Recital 1 b (new)
(1 b) More cooperation among tax authorities can lead to a significant decrease on costs and administrative burdens for business operating cross- border within the EU.
Amendment 26 #
2011/0058(CNS)
Proposal for a directive
Recital 1 c (new)
Recital 1 c (new)
(1c) Bearing in mind how important small and medium-sized enterprises are in the European business sector and the key role they play, an impact assessment should be carried out that will cast light on the added value that this Directive will offer for SMEs and the obstacles it will pose for them, accompanied, where necessary, by fresh proposals.
Amendment 43 #
2011/0058(CNS)
Proposal for a directive
Recital 5 a (new)
Recital 5 a (new)
(5 a) This Directive is not a first step towards harmonisation of the corporate tax rates of the Member States. If, however, when this Directive is assessed, it becomes apparent that the economic efficiency, effectiveness and equitability of corporate taxation would benefit from a certain harmonisation of rates, this should be limited to the establishment of a corresponding minimum level.
Amendment 52 #
2011/0058(CNS)
Proposal for a directive
Recital 7 a (new)
Recital 7 a (new)
(7a) An assessment of the economic impact that these new rules will have on local authorities' management systems should be carried out and properly studied, in particular the added costs that may arise for these authorities, and a study should also be carried out on the method to be used in order to calculate the redistribution of the tax base.
Amendment 62 #
2011/0058(CNS)
Proposal for a directive
Recital 9 a (new)
Recital 9 a (new)
(9a) The system for calculating the redistribution of the tax base should be accompanied by a study covering the various possible methods that could be applied, as well as the method for calculating each of the factors to be included.
Amendment 410 #
Amendment 314 #
2011/0006(COD)
Proposal for a directive
Article -1 – point 1 (new)
Article -1 – point 1 (new)
Directive 2002/92/EC
Article 3 – paragraph 2 – subparagraph 2 a (new)
Article 3 – paragraph 2 – subparagraph 2 a (new)
(1) In Article 3(2), the following subparagraph is added: ‘Member States shall communicate the information gathered by the information point on a regular basis to the European Insurance and Occupational Pensions Authority established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council (EIOPA), which shall publish it on its website.’
Amendment 406 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 21
Article 2 – point 21
Directive 2009/138/EC
Article 111 – paragraph 2
Article 111 – paragraph 2
2. The Commission may adopt delegated acts, in accordance with Article 301a and subject to the conditions of Articles 301b and 301c, laying down quantitative limits and asset eligibility criteria. Those delegated acts shallIn order to ensure consistent harmonisation in relation to solvency capital requirement, EIOPA may develop draft regulatory standards, laying down quantitative limits and asset eligibility criteria in order to address risks which are not adequately covered by a sub-module. EIOPA may submit those draft regulatory technical standards to the Commission by 1 March 2012. 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 1094/2010. Those regulatory technical standards may apply to assets covering technical provisions, excluding assets held in respect of life insurance contracts where the investment risk is borne by the policy holders. Those measures shallregulatory technical standards may be reviewed by the Commission in the light of developments in the standard formula and financial markets.
Amendment 17 #
2010/2302(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. Whereas the absence of regulatory certainty in this sector is putting at risk the proper functioning of EU financial markets and therefore requires the EU Commission, before coming forward with further amendments to Regulation 1060/2009, to properly identify the gaps in the new framework and provide an impact assessment on the range of alternatives available to fill such gap including the possibility of further legislative proposals.
Amendment 66 #
2010/2302(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Is aware of the inherent conflict of interest if market participants devise internal credit risk assessments for their own regulatory capital requirements, and hence sees the need to increase supervisors‘ responsibilities, capacity and resources for monitoring, assessing and overseeing the adequacy of the internal models and of the risk management of such market participants;
Amendment 73 #
2010/2302(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Highlights the global nature of the credit rating industry and urges the Commission and Member States to work on a global approach, based on the highest standards, in order to preserve a level playing field and prevent regulatory arbitrage while keeping markets open;
Amendment 95 #
2010/2302(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Believes that the start-up financing costs to cover the first three years of the ECRaF's work need to be carefully calculated; that these initial costs should take the form of a lump-sum capital payment and should be provided by the financial services industry with the involvement of both users and issuers; asks the Commission to produce a detailed impact assessment, viability analysis, and cost estimate for the necessary financing in this respect; considers that the new ECRaF should be fully self-sufficient after the three-year start-up period;
Amendment 101 #
2010/2302(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Considers that, to ensure its credibility, the management, staff and governance structure of the new ECRaF need to be fully autonomous vis-à-vis the Member States, the Commission and all other public bodies and operates in accordance with amended Regulation (EC) no 1060/2009;
Amendment 118 #
2010/2302(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
15. Points out that, in order to enable investors to adequately to assess risk and to fulfil their due-diligence and fiduciary duties, increased disclosure of information is necessary in the field of structured finance instruments to allow investors to make informed judgments; considers that sophisticated investors should be able to rate the underlying credits from which they can then derive the risk of a securitised product;
Amendment 122 #
2010/2302(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Asks the Commission to propose a revision of Directive 2003/71/EC and Directive 2004/109/EC in order to ensure that sufficient accurate and complete information on structured finance instruments is more widely available;
Amendment 128 #
2010/2302(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17 a. Alongside with increased transparency of the rating process and its internal auditing, calls for stronger supervision of CRAs by EU supervisory authorities and of more intrusive supervision by national supervisory authorities of the use /dependency on ratings by financial institutions;
Amendment 137 #
2010/2302(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Considers that the costs of both ratings should be borne by the issuer and that the first rating should be by a hired CRA, at the choice of the issuer, while the second CRA should be assigned by the European Securities and Markets Authority (ESMA) to a different CRA on the base of merit, taking historic performance into accountnominated by an independent authority;
Amendment 157 #
2010/2302(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Considers that, as almost all information on sovereigns is available in the public domain, l and more will be available as a result of the reinforced economic governance, market players should make better use of it in making their investment decisions. Larger and more sophisticated market players should use internal models to assess sovereign credit risk;
Amendment 185 #
2010/2302(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Points out that the ultimate responsibility for an investment decisions lies with the financial market participant, i.e. the asset manager, financial institution or sophisticated investor; these should have effective risk management capabilities subject to adequate oversight by the administration;
Amendment 12 #
2010/2277(INI)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Calls for improved access to capital markets for SMEs and for the simplification of their accounting reporting obligations and reduction of administrative burden;
Amendment 13 #
2010/2277(INI)
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Underlines the importance of improving the European Union's economic governance in order to provide the economic conditions for enterprises to take advantage of the opportunities provided by the single market allowing them to grow and become more competitive and calls for this linkage to be made explicitly in the Single Market Act;
Amendment 14 #
2010/2277(INI)
Draft opinion
Paragraph 1 c (new)
Paragraph 1 c (new)
1c. Emphasises the need for effective implementation and completion of the financial supervisory package to achieve a sustainable internal market; an assessment by the Commission to ensure such implementation should be undertaken throughout the EU and a correlation table published in a yearly basis; to that aim, best practices should be motivated amongst national and EU supervisory entities;
Amendment 20 #
2010/2277(INI)
Draft opinion
Paragraph 3
Paragraph 3
3. Calls on the Commission to integrate competition policy and tools in its single market strategy, taking into account specific features of SMEs;
Amendment 27 #
2010/2277(INI)
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Urges use of the EU budget to increase the credit granted by the EIB in partnership with the banking and private sectors, and the creation of a project bond scheme in order to finance European projects aimed at strengthening the recovery of growth and employment;
Amendment 3 #
2010/2099(INI)
Motion for a resolution
Citation 33 a (new)
Citation 33 a (new)
having regard of the Commission Communication of 30 June on Enhancing economic policy coordination for stability, growth and jobs – Tools for stronger EU economic governance COM(2010) 367/2,
Amendment 6 #
2010/2099(INI)
Motion for a resolution
Citation 33 b (new)
Citation 33 b (new)
having regard to the Council (ECOFIN) conclusions of 7 September 2010 approving a stronger monitoring of economic and budgetary policies (the European Semester),
Amendment 9 #
2010/2099(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas both the current framework for economic governance and surveillance and the regulatory framework for financial services have not provided enough stability and growth,
Amendment 15 #
2010/2099(INI)
Motion for a resolution
Recital B a (new)
Recital B a (new)
B a. whereas the Treaty of Lisbon transforms the former 'Community method', adapting and strengthening it, into a 'Union method' in which, in essence: – the European Council defines the general political directions and priorities, – the Commission promotes the general interest of the Union and takes appropriate initiatives to that end, – the European Parliament and the Council jointly exercise legislative and budgetary functions on the basis of the Commission's proposals,
Amendment 18 #
2010/2099(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas a fully independent Central Bank is a necessary requirement for a stable euro, low inflation and favourable financing conditions for growth and jobs,
Amendment 19 #
2010/2099(INI)
Motion for a resolution
Recital C b (new)
Recital C b (new)
C b. whereas more attention must be given to implicit liabilities and off-balance sheet operations which may increase public debt in the medium and long term and reduce transparency,
Amendment 20 #
2010/2099(INI)
Motion for a resolution
Recital C c (new)
Recital C c (new)
C c. whereas policy makers have to identify and tackle the common economic and social challenges the EU economies are facing in a coordinated manner,
Amendment 22 #
2010/2099(INI)
Motion for a resolution
Recital C d (new)
Recital C d (new)
Amendment 37 #
2010/2099(INI)
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas fiscal policy of many Member States has often been pro-cyclical and country-specific medium-term budgetary objectives of the Stability and Growth Pact (SGP) have seldom been strictly enforced nor implemented,
Amendment 53 #
2010/2099(INI)
Motion for a resolution
Recital G a (new)
Recital G a (new)
G a. whereas the European Parliament has for years urged improvements in economic governance both inside the union and as regards EU external representation in international economic and monetary forums,
Amendment 55 #
2010/2099(INI)
Motion for a resolution
Recital H a (new)
Recital H a (new)
H a. whereas the decisions taken during Spring 2010 to safeguard the stability of the euro are only temporary solutions and will need to be supported by policy measures at national level and a stronger economic governance framework at the EU level, particularly among the euro area Member States,
Amendment 93 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 3
Annex 1 – heading 1 – paragraph 1 – indent 3
– Following in-depth joint and bilateral surveillance based on the scoreboard referred to above in accordance with the Integrated Guidelines,In-depth country specific surveillance should take place, if revealed necessary by the scoreboard referred to above and the concerned Member States should decide on national policies intaking into a ccoordinated manner taking into accountunt Commission recommendations and the Union dimension of their nationalsuch policies,
Amendment 104 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 4 a (new)
Annex 1 – heading 1 – paragraph 1 – indent 4 a (new)
– Establish a mechanism at the national level to assess the implementation of the Europe 2020 priorities in the National Reform Programme and how to achieve the relevant national targets in this respect in order to support the yearly evaluation by the EU institutions,
Amendment 108 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 1 – paragraph 1 – indent 6
Annex 1 – heading 1 – paragraph 1 – indent 6
– Establish a "Union semester" for a first comparison and assessment of draft budgets of Member States (main elements and assumptions) in order to better evaluate the implementation and future execution of the Stability and Convergence Programmes (SCPs) and the National Reform Programmes (NRPs), taking due account of the national annual budget procedures and multi-annual budgetary frameworks: Member States shall submit their SCPs and NRPs to the Commission in April, after due involvement of national parliaments and taking into account EU level rules and conclusions; the European Parliament may on its part establish a systematic way to support a public debate and increase awareness, visibility and accountability of these procedures and how the EU institutions have implanted the agreed rules,
Amendment 138 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 1
Annex 1 – heading 2 – paragraph 1 – indent 1
– Launch the Excessive Deficit Procedure (EDP)/ Excessive Debt Surveillance Procedure (EDSP) on the basis of gross debt levels. The EDF/EDSP including detailed regular reports on the debt dynamics and development (including "sustainability stress-tests"), would be triggered for all Member States in which government debt level exceeds the 60 % threshold and is not diminishing at satisfactory pace. The EDP/EDSP would be on "stand-still" as long as the country fulfils its MTFO and would be abrogated once the debt level is below 60 %; consolidated efforts should be proportional to the underlying fiscal position and should privilege expenditure restraints.
Amendment 145 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 3
Annex 1 – heading 2 – paragraph 1 – indent 3
– Establish a clear harmonised framework to measure and monitor debt dynamics, including implicit and contingent liabilities, such as public guarantees in public-private-partnership investments, and the costs such type of investments bring to the country budget throughout the years,
Amendment 156 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 2 – paragraph 1 – indent 5
Annex 1 – heading 2 – paragraph 1 – indent 5
– Establish minimum rules and guidelines for national budgetary procedures (i.e. annual and multiannual financial frameworks) and institutions in order to implement the obligation in Article 3 of the Protocol (No 12) on Excessive Deficit Procedure. Those national frameworks should include sufficient information on both the expenditure and revenue sides of the planned budgetary actions in order to enable sensible discussion and scrutiny of the budgetary plans at both the national and Union level,
Amendment 198 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 4 – introductory part
Annex 1 – heading 4 – introductory part
Recommendation 4 : Establish a robust and credible excessive debt prevention and resolution mechanism for the euro area. An impact assessment and feasibility study should be undertaken before any legislative act (based Article 352 TFEU or any other appropriate legal base) aiming to:
Amendment 236 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 6 – paragraph 1 – introductory part
Annex 1 – heading 6 – paragraph 1 – introductory part
The legislative act to be adopted should aim to: - ensure that any legislative initiatives regarding financial services are in line with the macro-economic policies in order to guaratee the necessary transparency and market stability, and consequently to boost confidence in the markets and economic development,
Amendment 237 #
2010/2099(INI)
Motion for a resolution
Annex 1 – heading 6 – paragraph 1 – indent 1
Annex 1 – heading 6 – paragraph 1 – indent 1
Amendment 2 #
2010/2074(INI)
Motion for a resolution
Citation 5 a (new)
Citation 5 a (new)
– having regard to the Basel Committee on Banking Supervision’s consultative document on an international framework for liquidity risk measurement, standards and monitoring5,
Amendment 3 #
2010/2074(INI)
Motion for a resolution
Citation 9 a (new)
Citation 9 a (new)
– having regard to the communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the European Central Bank on Bank Resolution Funds (COM(2010)254),
Amendment 38 #
2010/2074(INI)
Motion for a resolution
Recital J
Recital J
J. whereas banks should focus more on the core business of banking, namely lending to the real economy; whereas the Basel Committee and the Commission have to find ways to promote this core business while not losing sight of the need to extend regulatory reform to currently non-regulated entities in order to avoid regulatory arbitrage,
Amendment 130 #
2010/2074(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Urges the Basel Committee and the Commission, when defining the treatment for holdings in financial sector entities, to take proper account the specifics of the European banc assurance model, that has demonstrated its resilience during the financial crisis, and calls the Basel Committee attention to the European Financial Conglomerates Regulation, that has proven to be an efficient framework to avoid double counting of capital;
Amendment 131 #
2010/2074(INI)
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Asks the Basel Committee and the Commission to better define the treatment of reciprocal financial cross holding agreements to avoid the excessive penalization for the growth of European Banks in emerging markets and de- coupled economies (ex: Africa and Latin America);
Amendment 132 #
2010/2074(INI)
Motion for a resolution
Paragraph 18 c (new)
Paragraph 18 c (new)
18c. Calls on the Commission to take proper account of the differences in pension models across countries in order to assure a level playing field and to develop volatility and pro-cyclicality dampening mechanisms for capital requirements related to pension funds;
Amendment 133 #
2010/2074(INI)
Motion for a resolution
Paragraph 18 d (new)
Paragraph 18 d (new)
18d. Asks for the Commission to consider a balanced treatment between unrealized gains and losses, in order to contain volatility and pro-cyclicality;
Amendment 144 #
2010/2074(INI)
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Calls the attention, however, to the fact that liquidity requires a dynamic measurement, and standards should only be used as a complement to a wider set of measures and pieces of information;
Amendment 145 #
2010/2074(INI)
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19b. Calls on the Commission to carefully consider the impact on forthcoming regulations from including the liquidity standards under Pillar 1;
Amendment 165 #
2010/2074(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Urges the Commission to define the criteria for high quality liquid assets in accordance with the current definition of European Central Bank Eligible assets for monetary policy operations (repo facility). In particular, highly rated securitization and covered bonds eligible for ECB repo facility resulting from bank’s lending activity to households and SME’s, should be accepted for the liquidity buffer;
Amendment 166 #
2010/2074(INI)
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Urges the Commission to include all Euro zone sovereign debt as high quality liquid assets regardless its specific rating, reducing the disproportional impact of rating agencies actions;
Amendment 167 #
2010/2074(INI)
Motion for a resolution
Paragraph 21 c (new)
Paragraph 21 c (new)
21c. Calls on the Commission to analyze the inherent inconsistencies of the “Net Stable Funding Ratio” (NSFR) given the underlying scenarios assumed by the ratio;
Amendment 199 #
2010/2074(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Notes the concept of a "crude" LR as a possible backstop against building excessive leverage, but has strong concerns about its added value and its eventual inclusion under Pillar 1;
Amendment 200 #
2010/2074(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
Amendment 3 #
2010/2038(INI)
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas there is an urgent need to look in greater depth at the phenomenon of the falling birth rate in the European Union and its causes and implications, with a view to reversing this worrying trend,
Amendment 10 #
2010/2038(INI)
Motion for a resolution
Recital C
Recital C
C. whereas thsome Member States have taken steps to reduce their administrative expenditure, bring their healthcare spending under control and reform their health and retirement systems and whereas all the Member States should adopt the best practice in this area,
Amendment 35 #
2010/2038(INI)
Motion for a resolution
Recital I
Recital I
I. whereas the over-indebtedness of families fully justifies tax incentives to encourage saving and calls for people to consume less despite the risk that some tax incentives that advantage economic agents with a strong propensity to save are liable tomay fuel excess saving leading to financial bubbles,
Amendment 39 #
2010/2038(INI)
Motion for a resolution
Recital J
Recital J
J. whereas population trends are shaped by changes in the fertility rate, which are to a large degree dependent on maternity incentives and benefits, and migration flows,
Amendment 46 #
2010/2038(INI)
Motion for a resolution
Recital L
Recital L
L. whereas there is still considerable demand for a welfare state in some Member States, and whereas the welfare state has not necessarily sapped those countries’ economic dynamism in the past; whereas, however, the new circumstances give good reason for serious thought to be given to what is and what should be the role of the State,
Amendment 64 #
2010/2038(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Draws attention to the undesirable effects – in terms of deteriorating employment, human capital and purchasing power – of prematurely withdrawing support measures and to those that will inevitably result from its extension beyond what is justifiable;
Amendment 67 #
2010/2038(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Calls on the Commission to draw up a Green Paper on the birth rate in the European Union in order to identify the causes and implications of the falling birth rate, as well as solutions and alternatives regarding this problem;
Amendment 75 #
2010/2038(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Emphasises that, in a context of chronic under-utilisation of production capacity, structural measures would have little impact if nothing were done to support demand, since firms, whose capital resources are under-utilised, would have little reason to invest, and acknowledges that the freer the market is, the more such firms will be able to make use of their resources and the better they will respond to demand;
Amendment 80 #
2010/2038(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Takes the view that the Commission should defingive due consideration to sufficiently flexible indicators of a ‘recovering economy’ in order to determine the point at which exit strategies should be deployed, for example where an economy has reached its normal production capacity utilisation rate;
Amendment 88 #
2010/2038(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Agrees with the Commission that ‘successful fiscal expansion to counter recession and longer-term fiscal sustainability are not incompatible’, but warns against the risks of excessive and artificial expansion based on higher public expenditure, which are liable to undermine the policy;
Amendment 99 #
2010/2038(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Emphasises that some public-sector and welfare spending is more than just unproductive expenditure, since it also has a beneficial impact on the accumulation of physical and human capital and on effective demand and that, in view of the limited resources available, it is important to opt for those types of spending which will have such an impact;
Amendment 104 #
2010/2038(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Emphasises that the resulting increase in the potential growth rate would in turn, possibly, be likely to relax constraints on financing such expenditure, thanks to the ensuing tax revenue;
Amendment 105 #
2010/2038(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Emphasises that the role of social protection systems as ‘social safety nets’ has proven particularly effective in times of crisis, and that such systems can be maintained by, inter alia, broadening their financing base; draws attention, however, to the fact that they should benefit those who actually need them in such a way that, ideally, this state of need does not last any longer than necessary and does not become a way of life, but rather has a springboard effect, facilitating a return to working life for as many as possible and a permanent and more effective means of assistance for the most serious cases;
Amendment 111 #
2010/2038(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Recalls that the long-term balance of compulsory pension schemes depends not only on population trends, but also on the productivity of assets (which affects the potential growth rate) and the proportion of GDP allocated to the financing of such schemes and that an increase in the funding for such schemes, in particular through higher taxation, can have a counterproductive effect on productivity;
Amendment 126 #
2010/2038(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Asks the Commission to carry out studies that will afford a basis for assessing the quality of the Member States’ debts – which determines interest rates on government borrowing – in order to improve the information available to credit-rating agenciesthe market;
Amendment 10 #
2010/2008(INI)
Motion for a resolution
Recital B
Recital B
B. whereas in the future, too, firms need to be able to manage the risks inherent to their business in a targeted fashion, under their own responsibility, and at comprehensible prices, and whereas, taking into account the specificities of small and medium enterprises with regard to bilateral derivatives, firms arshould be responsible for risk,
Amendment 45 #
2010/2008(INI)
Motion for a resolution
Recital H
Recital H
H. whereas small and medium-sized enterprises use derivatives under special conditions in that, as regards capital charges and financing variation margins, they are dependent on exemptionith regard to the specific circumstances under which small and medium sized companies rely on derivatives,
Amendment 115 #
2010/2008(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that, as regards regulation, a distinction must be made between derivatives to hedge firms’ transactions and pure financial market derivatives, in particular those which may involve systemic risk;
Amendment 58 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 1
Recital 1
(1) The coordination of the economic policies of the Member States within the Union, as provided by the Treaty, should entail compliance with the guiding principles of stable prices, sustainable growth, and sound public finances and monetary conditions and a sustainable balance of payments.
Amendment 126 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 7
Recital 7
(7) The establishment of the existence of an excessive deficit based on the debt criterion and the steps leading to it should not be based solely on non- compliance with the numerical benchmark, but always take into account the whole range of relevant factors covered by the Commission report under Article 126(3) of the TreatNon-compliance with the numerical benchmark for debt reduction should not be sufficient for the establishment of an excessive deficit, which should take into account the whole range of relevant factors covered by the Commission report under Article 126(3) of the Treaty. The assessment of the effect of the cycle and the composition of the stock- flow adjustment on debt developments need to be analysed carefully.
Amendment 137 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 8
Recital 8
(8) In the establishment of the existence of an excessive deficit based on the deficit criterion and the steps leading to it there is a need to take into account the whole range of relevant factors covered by the report under Article 126(3) of the Treaty if the government debt to gross domestic product does not exceed the reference value. These factors should always be taken into account when establishing the existence of an excessive deficit based on the debt criterion and in the steps leading to it.
Amendment 138 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 8 a (new)
Recital 8 a (new)
(8a) Even when the existence of the excessive deficit has been established, all the relevant factors should be taken into account in the subsequent steps of the procedure. In particular, the implementation of policies aimed at increasing the medium-term rate for potential growth in the context of the common growth strategy of the Union should be appropriately taken into account when setting the deadline for correcting the excessive deficit and eventually extending it.
Amendment 140 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 8 b (new)
Recital 8 b (new)
(8b) In taking into account systemic pensions reforms among the relevant factors, the central consideration should be whether they enhance the long-term sustainability of the overall pension system, while not increasing risks for the medium-term budgetary position.
Amendment 142 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 9
Recital 9
(9) The Commission report under Article 126(3) of the Treaty should appropriately consider the quality of the national fiscal framework, as it plays a crucial role in supporting fiscal consolidation and sustainable public finances. This consideration should include the minimum requirements as laid down in Council Directive […] on requirements for budgetary frameworks of the Member States as well as other agreed desirable requirements for fiscal discipline.
Amendment 144 #
2010/0276(CNS)
Proposal for a regulation – amending act
Recital 10
Recital 10
(10) In order to support the monitoring of compliance with Council recommendations and notices for the correction of the situations of excessive deficit, there is a need that these specify annual budgetary targets consistent with the required fiscal improvement in cyclically adjusted terms, net of one-off and temporary measures. In this context, the 0.5% of GDP annual benchmark should be understood as annual average basis.
Amendment 162 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 1
Article 1 – point 1
Regulation (EC) No 1467/97
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation sets out the provisions to speed up and clarify the excessive deficit procedure, having as its. This procedure has the objective to deter excessive government deficits and, if they occur, to further prompt their correction, where compliance with the budgetary discipline is examined on the basis of the government deficit and government debt criteria.
Amendment 165 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 1
Article 1 – point 1
Regulation (EC) No 1467/97
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
The Council shall use the reversed qualified majority voting when deciding on the adoption of recommendations and notices based on Commission formal positions' under Article 126 of the Treaty.
Amendment 171 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point a
Article 1 – point 2 – point a
Regulation (EC) No 1467/97
Article 2 – paragraph 1 – subparagraph 1
Article 2 – paragraph 1 – subparagraph 1
1. The excess of a government deficit over the reference value shall be considered exceptional, in accordance with the second indent of Article 126 (2) (a) of the Treaty, when resulting from an unusual event outside the control of the Member State concerned and which hasith a major impact on the financial position of general government, or when resulting from a severe economic downturn.
Amendment 177 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point b
Article 1 – point 2 – point b
Regulation (EC) No 1467/97
Article 2 – paragraph 1a
Article 2 – paragraph 1a
1a. When it exceeds the reference value, the ratio of the government debt to gross domestic product (GDP) is to be considered sufficiently diminishing and approaching the reference value at a satisfactory pace in accordance with Article 126 (2) (b) of the Treaty if the differential with respect to the reference value has reduced over the previous three years at an average rate of the order of one-twentieth per year. For a period of 3 ye, as a benchmark, following an assessment made over a three-year period. The requirement under the debt criterion shall be also considered fulfilled if the budgetarsy from [date of entering into force of this Regulation - to be inserted], account shall be taken of the backward-looking nature of this indicator in its application. orecasts as provided by the Commission indicate that the required reduction in the differential will occur over the three-year period encompassing the two years following the last year for which the data is available. For a Member State that is subject to an excessive deficit procedure at [date of adoption of this Regulation - to be inserted] and for a period of three years from the correction of the excessive deficit, the requirement under the debt criterion shall be considered fulfilled if the Member State concerned makes sufficient progress towards compliance as assessed in the Council opinions on its Stability or Convergence Programme.
Amendment 189 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point c
Article 1 – point 2 – point c
Regulation (EC) No 1467/97
Article 2 – paragraph 3
Article 2 – paragraph 3
3. The Commission, when preparing a report under Article 126(3) of the Treaty shall take into account all relevant factors as indicated in that Article insofar they affect significantly the assessment of compliance with the deficit and debt criteria by the concerned Member State. The report shall appropriately reflect: – The developments in the medium-term economic position (in particular potential growth, prevailing cyclical condi and cyclical developments, inflations, inflation,the implementation of policies in the context of common growth strategy of the Union and prevention and correction of excessive macroeconomic imbalances) and; – The developments in the medium-term budgetary position (in particular, fiscal consolidation efforts in “good times”, public investment, the implementation of policies in the context of the common growth strategy for the Union and the overall quality of public finances, in particular, compliance with Council Directive […] on requirements for budgetary frameworks of the Member States).primary expenditure and revenue developments against prevailing cyclical conditions, public investment and the overall quality of public finances, in particular the effectiveness of national budgetary frameworks); – The developments of the current public expenditure should also be taken into account in particular that it remains stable in real terms; – The report shall also analyse developments in the medium-term government debt position as relevant (in particular, it appropriately reflects, its dynamics and sustainability (in particular, risk factors including the maturity structure and currency denomination of the debt, stock- flow operaadjustment and its compositions, accumulated reserves and other governmentfinancial assets; guarantees, notably linked to the financial sector; implicit liabilities both explicit and implicit related to ageing and private debt to the extent that it may represent a contingent implicit liability for the government).; – Furthermore, the Commission shall give due consideration to any other factors which, in the opinion of the Member State concerned, are relevant in order to comprehensively assess in qualitative terms the excess over the reference value compliance with deficit and debt criteria and which the Member State has put forward to the Commission and to the Council. In that context, special consideration shall be given to financial contributions to fostering international solidarity and to achieving Union policy goals, including financial stability. particular debt incurred in the form of bilateral and multilateral support between Member States in the context of financial and sovereign debt crisis. When preparing a report, the Commission may request additional information from the Member State concerned.
Amendment 206 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point d
Article 1 – point 2 – point d
Regulation (EC) No 1467/97
Article 2 – paragraph 4
Article 2 – paragraph 4
4. The Commission and the Council shall make a balanced overall assessment of all the relevant factors, specifically,to the extent to which they affect the assessment of compliance with the deficit and/or the debt criteria as aggravating or mitigating factors debt criteria by the concerned Member State. Relevant factors shall be taken into account as appropriate in both the steps leading to the decision on the existence of an excessive deficit provided for in paragraphs 4, 5 and 6 of Article 126 of the Treaty, namely, to confirm that the concerned Member State should be placed in excessive deficit to reach the opposite conclusion and the subsequent steps of Article 126, as specified in Art. 2(5) and 2(6) of this Regulation. When assessing compliance on the basis of the deficit criterion, if the ratio of the government debt to GDP exceeds the reference value, these factors shall be taken into account in the steps leading to the decision on the existence of an excessive deficit provided for in paragraphs 4, 5 and 6 of Article 126 of the Treaty only if the double condition of the overarching principle that, before these relevant factors are taken into account, the general government deficit remains close to the reference value and its excess over the reference value is temporary is fully met.
Amendment 211 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point d a (new)
Article 1 – point 2 – point d a (new)
Regulation (EC) No 1467/97
Article 2 – paragraph 5
Article 2 – paragraph 5
(d a) paragraph 5 is amended as follows: 5. The Commission and the Council, in all budgetary assessments in the framework of the excessive deficit procedure, shall give due consideration to the implementation of pension reforms introducing a multipillar system that includes a mandatory, fully funded pillar. In particular, consideration shall be given to the features of the overall pension system created by the reform, namely whether it promotes long-term sustainability while not increasing risks for the medium-term budgetary position.
Amendment 212 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – subpoint d b (new)
Article 1 – point 2 – subpoint d b (new)
Regulation (EC) No 1467/97
Article 2 – paragraph 5 a (new)
Article 2 – paragraph 5 a (new)
5a. However, these factors shall be taken into account in the steps leading to the decision on the existence of an excessive deficit when assessing compliance on the basis of the debt criterion.
Amendment 213 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point d b (new)
Article 1 – point 2 – point d b (new)
Regulation (EC) No 1467/97
Article 2 – paragraph 6
Article 2 – paragraph 6
(db) Paragraph 6 is amended as follows: 6. If the Council, taking into account the position of the Commission, has decided, on the basis of Article 126(6) of the Treaty, that an excessive deficit exists in a Member State, the Commission and the Council shall take into account the relevant factors mentioned in paragraph 3, as they affect the situation of the concerned Member State, also in the subsequent procedural steps of Article 126, including as specified in Articles 3(4), 3(5) and 5(2) of this Regulation, namely in establishing a deadline for the correction of the excessive deficit and eventually extending it. However those relevant factors shall not be taken into account for the decision of the Council under Article 126(12) of the Treaty on the abrogation of some or all of its decisions under paragraphs 6 to 9 and 11 of Article 126.
Amendment 220 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 – point e
Article 1 – point 2 – point e
Regulation (EC) No 1467/97
Article 2 – paragraph 7
Article 2 – paragraph 7
7. In the case of Member States where the excess of the deficit or the breach of the requirements of the debt criterion according to Article 126 (2) (b) of the Treaty reflects the implementation of a pension reform introducing a multi-pillar system that includes a mandatory, fully funded pillar, the Commission and the Council shall also consider the cost of the reform to the publicly managed pillar when assessing developments in EDP deficit and debt figures. In cases where the debt ratio exceeds the reference value, the cost of the reform shall be considered only if the deficit remains close to the reference value. For that purpose, for a period of five years starting from the date of entry into force of such a reform, consideration shall be given to its net cost as reflected in deficit and debt developments on the basis of a linear degressive scale. When assessing compliance on the basis of the deficit criterion, consideration shall be given to the net cost of the reform only if the deficit remains close to the reference value, unless the debt ratio does not exceed the reference value. Additionally, irrespective of the date of entry into force of the reform, its net cost as reflected in debt developments shall be given consideration for a transitional period of five years from [date of entry into force of this Regulation, to be inserted] on the basis of the same linear degressive scale. The net cost as thus calculated shall be taken into account also for the decision of the Council under Article 126(12) of the Treaty on the abrogation of some or all of its decisions under paragraphs 6 to 9 and 11 of Article 126 of the Treaty, if the deficit has declined substantially and continuously and has reached a level that comes close to the reference value and, in case of non- fulfilment of the requirements of the debt criterion, the debt has been put on a declining path. Moreover, equal consideration shall be given to the reduction in this net cost resulting from the partial or total reversal of an above mentioned pension reformreversal of such a reform decided after [date of entry into force of this Regulation, to be inserted].
Amendment 224 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 a (new)
Article 1 – point 2 a (new)
Regulation (EC) No 1467/97
Section 1 a (new)
Section 1 a (new)
2a. The following Section is inserted: "SECTION 1a DIALOGUE ON MACRO-ECONOMIC AND BUDGETARY SURVEILLANCE"
Amendment 225 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 2 b (new)
Article 1 – point 2 b (new)
Regulation (EC) No 1467/97
Article 2 a (new)
Article 2 a (new)
2b. The following Article is inserted: "Article 2a In order to enhance the dialogue between the institutions of the Union, in particular the European Parliament, the Council, the Commission, and the Member States' parliaments and governments, or any other relevant body, and to ensure greater transparency and accountability, the competent committee of the European Parliament may conduct public debates and hearings, in particular regarding Article 126 (8) of the Treaty on the macro-economic and budgetary surveillance undertaken by the Council and the Commission."
Amendment 227 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point -a (new)
Article 1 – point 3 – point -a (new)
Regulation (EC) No 1467/97
Article 3 – paragraph 1
Article 3 – paragraph 1
(-a) paragraph 1 is amended as follows: 1. Within 10 days of the adoption by the Commission of a report issued in accordance with Article 126(3) of the Treaty, the Economic and Financial Committee shall formulate an opinion in accordance with Article 126(4) of the Treaty.
Amendment 237 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point c
Article 1 – point 3 – point c
Regulation (EC) No 1467/97
Article 3 – paragraph 4
Article 3 – paragraph 4
4. The Council recommendation made in accordance with Article 126(7) of the Treaty shall establish a deadline of six months at most for effective action to be taken by the Member State concerned. When warranted by the situation, the deadline for effective action could be reduced to three months. The Council recommendation shall also establish a deadline for the correction of the excessive deficit, which should be completed in the year following its identification unless there are special circumstances. In the recommendation, the Council shall request that the Member State achieves annual budgetary targets which, on the basis of the forecast underpinning the recommendation, are consistent with a minimum annual improvement of at least 0,5 % of GDP as a benchmark, in its cyclically adjusted balance net of one-off and temporary measures, in order to ensure the correction of the excessive deficit within the deadline set in the recommendation.
Amendment 240 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point d
Article 1 – point 3 – point d
Regulation (EC) No 1467/97
Article 3 – paragraph 4a
Article 3 – paragraph 4a
4a. Within the deadline of six month at most provided for in paragraph 4, the Member State concerned shall report to the Commission and the Council on action taken in response to the Council recommendation under Article 126(7) of the Treaty. The report shall include the targets for the government expenditure, namely the evolution of the public current expenditure, and for the discretionary measures on the revenue side consistent with the Council recommendation under Article 126(7) of the Treaty, as well as information on the measures taken and the nature of those envisaged to achieve the targets. The Commission may request additional reporting from the Member State. The report shall be made public.
Amendment 248 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 3 – point e
Article 1 – point 3 – point e
Regulation (EC) No 1467/97
Article 3 – paragraph 5
Article 3 – paragraph 5
5. If effective action has been taken in compliance with a recommendation under Article 126(7) of the Treaty and unexpected adverse economic events with major unfavourable consequences for government finances occur after the adoption of that recommendation, the Council may decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) of the Treaty. The revised recommendation, taking into account the relevant factors mentioned in Article 2(3) of this Regulation, may notably extend the deadline for the correction of the excessive deficit by one year as a rule. The Council shall assess the existence of unexpected adverse economic events with major unfavourable consequences for government finances against the economic forecasts in its recommendation. TIn case of a severe economic downturn, the Council may also decide, on a recommendation from the Commission, to adopt a revised recommendation under Article 126(7) of the Treaty ion case of a severe economic downturn of a general naturethe condition that this does not endanger fiscal sustainability in the medium-term.
Amendment 251 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 4 – point -a (new)
Article 1 – point 4 – point -a (new)
Regulation (EC) No 1467/97
Article 4 – paragraph 1
Article 4 – paragraph 1
(-a) in Article 4, paragraph 1 is amended as follows: 1. Any Council decision to make public its recommendations, where it is established that no effective action has been taken in accordance with Article 126 (8) of the Treaty, shall be taken immediately after the expiry of the deadline set in accordance with Article 3 (4) of this Regulation. At the same time, the Council, on a proposal from the Commission, shall submit a formal report to the European Council.
Amendment 253 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1467/97
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The Council, when considering whether effective action has been taken in response to its recommendations made in accordance with Article 126(7) of the Treaty, shall base its decision on the report submitted by the Member State concerned in accordance with Article 3(4a) of this Regulation and its implementation as well as on any other publicly announced decisions by the Government of the Member State concerned. When the Council establishes, in accordance with Article 126(8), that the Member State concerned failed to take effective action, it shall report to the European Council. The European Commission may carry out on-site monitoring visits in accordance with Article 10a. For participating Member States, and Member States participating in the ERM II, such visits shall be carried out in liaison with the ECB. The Commission shall report to the Council and the European Parliament on the outcome of the visit and shall make its findings public.
Amendment 261 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 5 – point b
Article 1 – point 5 – point b
Regulation (EC) No 1467/97
Article 5 – paragraph 1a
Article 5 – paragraph 1a
1a. Following the Council notice given in accordance with Article 126(9) of the Treaty, the Member State concerned shall report to the Commission and the Council on action taken in response to the Council notice. The report shall include the targets for the government expenditure, namely the evolution of the current expenditure and for the discretionary measures on the revenue side as well as information on the actions being taken in response to the specific Council recommendations so as to allow the Council to take, if necessary, the decision in accordance with Article 6 (2) of this Regulation. The Commission shall monitor and evaluate adjustment measures taken to address the excessive deficit by means of a visit in accordance with Article 10a and prepare a report to the Council. This report shall be made public.
Amendment 269 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 5 – point c
Article 1 – point 5 – point c
Regulation (EC) No 1467/97
Article 5 – paragraph 2
Article 5 – paragraph 2
2. If effective action has been taken in compliance with a noticerecommendation under Article 126(97) of the Treaty and unexpected adverse economic events with major unfavourable consequences for government finances occur after the adoption of that noticerecommendation, the Council may decide, on a recommendation from the Commission, to adopt a revised noticerecommendation under Article 126(97) of the Treaty. The revised noticerecommendation, taking into account the relevant factors mentioned in Article 2(3) of this Regulation, may notably extend the deadline for the correction of the excessive deficit by one year as a rule. The Council shall assess the existence of unexpected adverse economic events with major unfavourable consequences for government finances against the economic forecasts in its notice. Trecommendation. In case of a severe economic downturn, the Council may also decide, on a recommendation from the Commission, to adopt a revised noticerecommendation under Article 126(97) of the Treaty ion case of a severe economic downturn of a general natureondition that this does not endanger fiscal sustainability in the medium-term.
Amendment 308 #
2010/0276(CNS)
Proposal for a regulation – amending act
Article 1 – point 14
Article 1 – point 14
Regulation (EC) No 1467/97
Article 16
Article 16
Fines referred to in Article 12 of this Regulation shall constitute other revenue, as referred to in Article 311 of the Treaty, and shall be distributed among participating Member States which do not have excessive deficit as determined in accordance with Article 126(6) of the Treaty and which are not the subject of an excessive imbalance procedure within assigned to stability mechanisms to provide financial assistance, created by Member States whose currency is the euro in order to safeguard the stability of the euro area as a whole, notably the European Financial Stability Facility or any other mechaning of Regulation (EU) No […/…], in proportion to their share in the total grossm that may substitute this latter after its ndational income (GNI) of the eligible Member Statese of expiry.
Amendment 243 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 1 a (new)
Article 2 – paragraph 1 – point 1 a (new)
(1 a) “Benchmark" means any published figure calculated by the application of a formula to the value of one or more underlying assets or prices by reference to which the amount payable under a derivative is determined.
Amendment 264 #
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, an authorised institutions for occupational retirement provision as defined in Directive 2003/41/EC or and alternative investment funds managers as defined in Directive 2010/.../EU other than such an alternative investment fund whose sole investment policy is to develop or invest in physical real estate (directly or indirectly through subsidiary entities, co-ownership or joint venture participations);
Amendment 277 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
(21) ’‘independent member of the board' means a member of the board that has no business, family or other relationship that raises a conflict of interest with the CCP, its controlling shareholder(s) or management or its clearing members or management;. A board member who is a director or employee of a clearing member, exchange, clearing house, multilateral trading facility, systematic internaliser, broking crossing network, client of a clearing member, service provider or other entity shall not thereby be disqualified from being an independent board member unless the entity of which he is a director or employee has a direct conflict of interest with the CCP.
Amendment 678 #
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 thirdquarter, but no less than two, of its members are independent. 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 800 #
2010/0250(COD)
Proposal for a regulation
Article 38 – paragraph 1 a (new)
Article 38 – paragraph 1 a (new)
1 a. For any derivative whose value is calculated by reference to a commercial index or other benchmark, CCPs should be permitted non-discriminatory access to information on the composition, methodology and prices of that benchmark and should be automatically granted at a commercially reasonable price, and in any event at a price no higher than the lowest price that the benchmark provider has licensed the relevant intellectual property rights to another CCP or related entity in the preceding 12 months, the intellectual property rights necessary in respect of such information to enable CCPs to clear such derivatives.
Amendment 801 #
2010/0250(COD)
Proposal for a regulation
Article 38 – paragraph 1 b (new)
Article 38 – paragraph 1 b (new)
1 b. No CCP or related entities may enter into an agreement with any benchmark provider the effect of which would be either (i) to prevent any other CCP obtaining access to such information or rights as referred to in paragraph 2; or (ii) to prevent any other CCP from obtaining access to such information or rights on terms any less advantageous than those conferred on that CCP
Amendment 112 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 3 – subparagraph 1
Article 4a – paragraph 3 – subparagraph 1
3. The target fund level shall be financed prior to and irrespective of the occurrence of any event relevant under Article 2(2) or (2b). Member States shall ensure that the level of funding for each scheme is reached within a tenfive-year period after the entry into force of this Directive and that e, in what concerns ex-ante funded ICS. Regarding ex-post funded ICS, the transitional period should be set for a ten-year period. Each scheme should adopts and compliesy with an appropriate planning in order to fulfil this objective.
Amendment 45 #
2009/2133(INI)
Draft opinion
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Calls on the Commission, the Council, the Member States and the next High Representative to consider the strategic importance of European world languages as a fundamental part of Europe's public diplomacy, especially when establishing the linguistic rules by which the EEAS is to operate.
Amendment 155 #
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 CommunityEuropean Union require a swift and concerted response at CommunityEuropean Union 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 discretionBearing mind the sensitivity of the issue, thise power should be conferred on the Commission. 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 Community law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the marketto determine the existence of an emergency situation should be conferred on the Council, following appropriate consultation with the Commission, the ESRB and, where appropriate, the European Supervisory Authorities.
Amendment 333 #
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 Commission, upon its own initiative or following a request by the Authority, the Council, or the ESRBEuropean Union, the Council, following appropriate consultations with the Commission, the ESRB, and where appropriate, the European Supervisory Authorities, may adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this regulation.
Amendment 341 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. As soon as it issues a warning the Council shall notify it simultaneously to the European Parliament, the ESRB, the Commission and the European Supervisory Authority.
Amendment 345 #
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 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 market participants and competent authorities satisfy the requirements laid down in that legislation.
Amendment 348 #
2009/0144(COD)
Proposal for a regulation
Article 10 – paragraph 2 a (new)
Article 10 – paragraph 2 a (new)
2a. 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 European Union, the Authority shall actively facilitate and, where deemed necessary, coordinate any actions undertaken by the relevant national competent supervisory authorities.
Amendment 351 #
2009/0144(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 at least once a month and declare the discontinuation of the emergency situation, as soon as appropriate
Amendment 538 #
2009/0144(COD)
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 1
Article 29 – paragraph 1 – subparagraph 1
1. The Board of Supervisors shall act on the basis of qualified majority of its members, as defined in Article 20516 of the Treaty on European Union, for acts specified in Articles 7, 8 and all measures and decisions adopted under Chapter VI. For all other decisions, the Board of Supervisors shall decide by simple majority and each member shall have one vote.
Amendment 162 #
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 CommunityEuropean Union require a swift and concerted response at CommunityEuropean Union 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 discretionBearing in mind the sensitive nature of the issue, thise power should be conferred on the Commission. 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 Community law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the marketto determine the existence of an emergency situation should be conferred on the Council, following appropriate consultation with the Commission, the ESRB and, where appropriate, the European Supervisory Authorities.
Amendment 309 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 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 Commission, upon its own initiative or following a request by the Authority, the Council, or the ESRBUnion, the Council, following appropriate consultations with the Commission, the ESRB, and where appropriate, the European Supervisory Authorities, may adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this regulation.
Amendment 313 #
2009/0143(COD)
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. As soon as it issues a warning, the Council shall notify it simultaneously to the European Parliament, the ESRB, the Commission and the European Supervisory Authority.
Amendment 320 #
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 requiringdecisions addressed to the national supervisory 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 321 #
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 supervisory authorities.
Amendment 323 #
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 498 #
2009/0143(COD)
Proposal for a regulation
Article 29 – paragraph 1
Article 29 – paragraph 1
1. The Board of Supervisors shall act on the basis of qualified majority of its members, as defined in Article 20516 of the Treaty on European Union, for acts specified in Articles 7, 8 and all measures and decisions adopted under Chapter VI. AFor all other decisions of, the Board of Supervisors shall be takendecide by simple majority of membersand each member shall have one vote.
Amendment 207 #
2009/0142(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 CommunityEuropean Union require a swift and concerted response at CommunityEuropean Union level. The Authority should therefore be able to require national supervisory authorities to take specific actions to remedy an emergency situation. As the determinationBearing mind the sensitivity of the issue, the power to determine the existence of an emergency situation involves a significant degree of discretion, this power should be conferred on the Commission. 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 institutions in areas of Community law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the marketuncil, following appropriate consultation with the Commission, the ESRB and, where appropriate, the European Supervisory Authorities.
Amendment 214 #
2009/0142(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 cross-border situations 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 also cover disagreements on the procedural obligations in the cooperation process as well as on the interpretation and application of Community 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 Community law directly applicable to theme or content of an action or inaction by a competent authority of a Member State.
Amendment 303 #
2009/0142(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) 'financial institutions' means 'credit institutions' as defined in Directive 2006/48/EC, 'investment firms' as defined inundertakings and entities subject to any of the legislative acts mentioned in Article 1(2). However, with regard to Directive 2006/495/60/EC, and '‘financial conglomerates'institutions’ means only credit and financial institutions as defined in that Directive 2002/87/EC; ;
Amendment 431 #
2009/0142(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 226 of the Treaty, where a competent authority does not comply with the decision referred to in paragraph 4 of this Article within the period of time specified therein has not been not complied with, where such non- compliance significantly affects the financial system of Member States other than that of the relevant competent authority, and where it is necessary to remedy in a timely manner the non compliance by theat 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 institutions, adopt an individual decision addressed to a financial institution requiring the necessary action to comply with its obligations under Community law including the cessation of any practice.
Amendment 448 #
2009/0142(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 Commission, upon its own initiative or following a request by the Authority, the Council, or the ESRBuncil, following appropriate consultations with the Commission, the ESRB, and where appropriate, the European Supervisory Authorities, may adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this regulation.
Amendment 460 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. As soon as it issues a warning the Council shall notify it simultaneously to the European Parliament, the ESRB, the Commission and the European Supervisory Authority.
Amendment 470 #
2009/0142(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 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 competent authorities satisfy the requirements laid down in that legislation.
Amendment 471 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 2 a (new)
Article 10 – paragraph 2 a (new)
2a. 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 European Union, the Authority shall actively facilitate and, where deemed necessary, coordinate any actions undertaken by the relevant national competent supervisory authorities.
Amendment 473 #
2009/0142(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 at least once a month and declare the discontinuation of the emergency situation, as soon as appropriate.
Amendment 477 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. Without prejudice to the powers of the Commission under Article 226 of the Treaty, where a competent authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, where such non-compliance significantly affects the financial system of Member States other than that of the relevant competent authority, the Authority may, where the relevant requirements laid down in 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 that legislation, including the cessation of any practice.
Amendment 679 #
2009/0142(COD)
Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 2
Article 29 – paragraph 1 – subparagraph 2
Amendment 70 #
2009/0132(COD)
Proposal for a directive – amending act
Recital 8 Directive
Recital 8 Directive
(8) A valid prospectus, drawn up by the issuer or the offeror 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 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 offeror as long as this is valid and duly supplemented in accordance with Articles 9 and Article 16 of Directive 2003/71/EC and the issuer or the offeror responsible for drawing up such prospectus consents to its use. In this case no other prospectus should be required. However, in casThe issuer or the offeror should be able to attach conditions to his or her consent. In the event that consent to use the prospectus has been given, the issuer or the offeror responsible for drawing up the initial prospectus should be liable for the information stated therein and no other prospectus should be required. Where, notwithstanding such consent, the final terms of the resale prospectus have to be updated, the financial intermediary making use of the prospectus should be liable for the additional information stated in the prospectus, and for updating the final terms with the resale price. However, where the issuer or the offeror responsible for drawing up such initial prospectus does not consent to its use, the financial intermediary should be required to publish a new prospectus. Where the financial intermediary chooses to use the initial prospectus without consent, the intermediary should be liable for the information stated in the initial prospectus.
Amendment 73 #
2009/0132(COD)
Proposal for a directive – amending act
Recital 10
Recital 10
(10) The summary of the prospectus ishould be replaced by a key information document, which will be a key source of information for retail investors. It should be short, simple, clear and easy for targeted investors to understand. It should focus on the key informationessential elements that investors need in order to be able to make informed investment decisions. Its content should not be restricted to any predetermined number of words. The format and content of the summary should be determined in a way that ensures comparability with other investment products that are similar to decide which offers of securities to consider further. It should be concise and should present the information in a specified order to allow harmonisation to the highest extent possible and to facilitate comparability between prospectuses. ESMA should provide advice to the Commission (i) as to the scope of application of key information documents in the context of securities, (ii) the potential for the PRIPs initiative to be developed further investment proposal described in the prospectus. Therefore, the context of the forthcoming review of Directive 2004/39/EC and in light thereof (iii) as to any consequential implementing measures. Member States should attachensure that no civil liability on the basis of the summary not only if it is misleading, inaccurate or inconsistent, when read together with the other parts of the prospectus, but also if it does not provide key information enabling investors to take informed investment decisions and to compare the securities with other investment produattaches to any person solely on the basis of the key information document, including any translation thereof, unless it is misleading, inaccurate or inconsistent, when read together with the other parts of the prospectus. Key investor information should contain a clear warning in this respects.
Amendment 75 #
2009/0132(COD)
Proposal for a directive – amending act
Recital 10 a (new)
Recital 10 a (new)
(10a) The PRIP initiative will clarify how to ensure adequate investor protection and comparability between PRIPS and UCITS at a pre-contractual stage. The distribution aspect is of paramount importance when ensuring retail investor protection. Directives 2003/71/EC and 2004/109/EC should, if necessary, be amended by a horizontal measure in this respect in due course.
Amendment 79 #
2009/0132(COD)
Proposal for a directive – amending act
Recital 11
Recital 11
(11) In order to improve the efficiency of cross border right issues and to adequately take into account the size of issuers, notably credit institutions issuing the securities mentioned in Article 1(2)(j) of Directive 2003/71/EC at or above the limit laid down in that Article and companies with reduced market capitalization, a proportionate disclosure regime should be introduced for rights issues and for offers of shares of SMEs referred to in Article 2(1)(f) of Directive 2003/71/EC, and issuers with reduced market capitalization and offers of non-equity securities referred to in Article 1(2)(j) of Directive 2003/71/EC issued by credit institutions at or above the limit laid down in that Article.
Amendment 81 #
2009/0132(COD)
Proposal for a directive – amending act
Recital 11 b (new)
Recital 11 b (new)
(11b) Taking into consideration the different national markets, the threshold to be set up in accordance with Articles 24, 24a and 24b regarding reduced market capitalisation should not lead to the adoption of different thresholds across the Union.
Amendment 89 #
2009/0132(COD)
Proposal for a directive – amending act
Recital 19
Recital 19
(19) In particular, in order to take account of the technical developments in the financial markets and to ensure uniform application of Directive 2003/71/EC, the Commission should be empowered to adopt implementing measures to update the limits established in that Directive. Since those measures are of general scope and are designed to amend non-essential elements of Directive 2003/71/EC by supplementing it with new nonessential elements, they must be adopted in accordance with the regulatory procedure with scrutiny provided for in Article 5a of Decision 1999/468/ECdelegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union concerning the updating of the limits established in Directive 2003/71/EC, and, following the outcome of the PRIPs initiative, specifying, if necessary, further detail on the content and form of the key information document.
Amendment 93 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 1 – point a – point i
Article 1 – point 1 – point a – point i
Directive 2003/71/EC
Article 1 – paragraph 2 – point h
Article 1 – paragraph 2 – point h
(h) securities included in an offer where the total consideration of the offer in the Community is less than EUR 2 55 000 000, which limit shall be calculated over a period of 12 months;
Amendment 96 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 2 – point a – point i
Article 1 – point 2 – point a – point i
Directive 2003/71/EC
Article 2 – paragraph 1 – point e
Article 2 – paragraph 1 – point e
(i) Persons or entities that are considered to be or treated on request as professional clients in accordance with Annex II to Directive 2004/39/EC, or recognised as eligible counterparties in accordance with Article 24 of Directive 2004/39/EC; and, investment firms and credit institutions shall inform their clients about their status as qualified investor under this Directive.
Amendment 97 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 2 – point a – point ii
Article 1 – point 2 – point a – point ii
Directive 2003/71/EC
Article 2 – paragraph 1 – point e
Article 2 – paragraph 1 – point e
(ii) points (ii), (iii), (iv) and (iiiv) are deleted.
Amendment 101 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 2 a (new)
Article 1 – point 2 a (new)
Directive 2003/71/EC
Article 2 – paragraphs 2 and 3
Article 2 – paragraphs 2 and 3
2a. Paragraphs 2 and 3 of Article 2 are deleted.
Amendment 102 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 2 b (new)
Article 1 – point 2 b (new)
Directive 2003/71/EC
Article 2 – paragraph 4
Article 2 – paragraph 4
2b. Article 2(4) is replaced by the following: "4. In order to take account of technical developments on financial markets and to ensure uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, the definitions referred to in paragraph 1, including adjustment of the figures used for the definition of SMEs, the elements to be included in the key information and the thresholds for reduced market capitalisation, taking into account the situation on different markets, Union legislation and recommendations as well as economic developments [...]."
Amendment 103 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 3 – point -a (new)
Article 1 – point 3 – point -a (new)
Directive 2003/71/EC
Article 3 – paragraph 2 – point b
Article 3 – paragraph 2 – point b
(-a) In paragraph 2, point (b) is replaced by the following: "(b) an offer of securities addressed to fewer than 250 natural or legal persons per Member State, other than qualified investors; and/or"
Amendment 107 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 3 – point -a a (new)
Article 1 – point 3 – point -a a (new)
Directive 2003/71/EC
Article 3 – paragraph 2 – point c
Article 3 – paragraph 2 – point c
(-aa) In paragraph 2, point (c) is replaced by the following: "(c) an offer of securities addressed to investors who acquire securities for a total consideration of at least EUR 100 000 per investor, for each separate offer; and/or"
Amendment 110 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 3 – point -a b (new)
Article 1 – point 3 – point -a b (new)
Directive 2003/71/EC
Article 3 – paragraph 2 – point d
Article 3 – paragraph 2 – point d
(-aa) In paragraph 2, point (d) is replaced by the following: "d) an offer of securities whose denomination per unit amounts to at least EUR 100 000; and/or"
Amendment 115 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 3 – point b
Article 1 – point 3 – point b
Directive 2003/71/EC
Article 3 – paragraph 2
Article 3 – paragraph 2
Member States shall not require another prospectus in any such subsequent resale of securities or final placement of securities through financial intermediaries as long as a valid prospectus is available in accordance with Article 9 and the issuer or the person responsible for drawing up such prospectus consents to its use. and another entity which, pursuant to national law, is liable for the accuracy of the content of such prospectus consents to its use. Where, notwithstanding such consent, the final terms of the resale prospectus have to be updated, the financial intermediary making use of the prospectus shall be liable for the additional information.
Amendment 119 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 3 b (new)
Article 1 – point 3 b (new)
Directive 2003/71/EC
Article 4 – paragraph 1 – point b
Article 4 – paragraph 1 – point b
3b. In Article 4(1), point (b) is replaced by the following: "(c) securities offered, allotted or to be allotted in connection with a merger or division, provided that a document is available containing information which is regarded by the competent authority as being equivalent to that of the prospectus, taking into account the requirements of Union legislation;"
Amendment 127 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 2003/71/EC
Article 5 – paragraph 2 – subparagraph 1 – introductory part
Article 5 – paragraph 2 – subparagraph 1 – introductory part
2. The prospectus shall contain information concerning the issuer and the securities to be offered to the public or to be admitted to trading on a regulated market. ItThe prospectus shall also include a summary. The summarykey information document. The key information document shall, in a brief manner and in non-technical language, convey the essential characteristics and risks associated with the issuer, any guarantor and the securities,. It shall be in the language in which the prospectus was originally drawn up. The format and content of the summarykey information document of the prospectus shall provide key information in order to enable investors to ta, in conjunction with the prospectus, appropriate information about the essential characteristics of the securities concerned in order to enable investors to determine whether to consider investing in the securities. The key informed investment decisions and to compare the secuation document shall include information on the following essential elements in respect of the securities concerned: (a) essential information on the issuer, if applicable, the guarantor, and the securities to be offered to the public or to be admitted to trading on a regulated market; (b) a short descripties with other investment products. The summaryon of the risks associated with and essential characteristics of the investment in the relative security; (c) details of the offer and admission to trading; (d) the assets, liabilities and financial position of the securities, if applicable; (e) the reasons for the offer and prospective use of proceeds, where appropriate; (f) any rights attaching to the securities; and (g) the general terms and associated costs. The key information document shall also contain a warning that:
Amendment 147 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 9 – point b
Article 1 – point 9 – point b
Directive 2003/71/EC
Article 9 – paragraph 4
Article 9 – paragraph 4
4. A registration document, as referred to in Article 5(3), previously filed and approved, shall be valid for a period of up to 24 months provided that it has been supplemented in accordance with Article 16. The registration document, supplemented if necessary in accordance with Article 16, accompanied by the securities note and the summary note shall be considered to constitute a valid prospectus.
Amendment 159 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 14
Article 1 – point 14
Directive 2003/71/EC
Article 16 – paragraph 1
Article 16 – paragraph 1
1. Every significant new factor, material mistake or inaccuracy relating to the information included in the prospectus which is capable of affecting the assessment of the securities and which arises or is noted between the time when the prospectus is approved and the final closing of the offer to the public or, as the case may be, the time when trading on a regulated market begins, whichever occurs earlilater, shall be mentioned in a supplement to the prospectus. Such a supplement shall be approved in the same way in a maximum of seven working days and published in accordance with at least the same arrangements as were applied when the original prospectus was published. The summarykey information document, and any translations thereof, shall also be supplemented, if necessary to take into account the new information included in the supplement.
Amendment 160 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 14
Article 1 – point 14
Directive 2003/71/EC
Article 16 – paragraph 2
Article 16 – paragraph 2
2. IRegarding an offer of securities to the public, investors who have already agreed to purchase or subscribe for the securities before the supplement is published shall have the right, exercisable within two working days after the publication of the supplement, to withdraw their acceptances, provided that the new factor, mistake or inaccuracy referred to in paragraph 1 did arise before the final closing of the offer to the public and the delivery of the securities. This period may be extended by the issuer, or the offeror or the person asking for the admission to trading on a regulated marke. The final date of the right of withdrawal shall be stated in the supplement.
Amendment 222 #
2009/0064(COD)
Proposal for a directive
Recital 12 a (new)
Recital 12 a (new)
(12a) The Leaders’ statement following the G-20 Summit in Pittsburgh on 24 and 25 September 2009 set out the international consensus concerning remuneration of staff in banks and other systemically important financial services firms. Those principles should apply to appropriate staff at systemically important AIFM which fall within the scope of this Directive. The Commission should adopt implementing measures to that end, ensuring that any such measures are proportionate and even-handedly implemented with regard to the competitiveness of AIFM established in the EU.
Amendment 277 #
2009/0064(COD)
Proposal for a directive
Recital 19
Recital 19
(19) AIFM Member State should also be able to market AIF domiciled in third countries to professional investors both in the home Member State of the AIFM and in other Member States. That right should be subject to notification procedures and the existence of a tax agreement with the third country concerned which ensures an efficient exchange of information with the tax authorities in the domicile of the Community investors. Given the fact that such AIF and the third country in which they are domiciled have to meet additional requirements, some of which first have to be laid down in implementing measures, the rights granted under the Directive to market AIF domiciled in third countries to professional investors should only become effective three years after the transposition period. In the meantime Member States may allow or continue to allow AIFM to market AIF domiciled in third countries to professional investors on their territory subject to national law. During this period of three years, AIFM can however not market such AIF to professional investors in other Member States on the basis of rights granted under this Directiveallow AIFM to market in its territory AIF domiciled in third countries to investors in that Member State, if appropriate cooperation arrangements are in place between the competent authorities of the AIFM home Member State and the supervisory authority of the relevant third country.
Amendment 291 #
2009/0064(COD)
Proposal for a directive
Recital 21
Recital 21
Amendment 468 #
2009/0064(COD)
Proposal for a directive
Article 3 – point e
Article 3 – point e
(e) ‘Marketing’ means any general offering or placement of units or shares in an AIF to or with investors domiciled in the Community, regardless of at whose in, at the initiative of an AIFM or of an intermediary responsible for distribution, of units or shares in an AIF to or with investors domiciled in the Union, but does not mean: (i) any unsolicited offer or (ii) any offer or approach legitimative the offer or placement takes place;ely made in a Member state under the laws of such Member State and other that any law implementing this directive.
Amendment 486 #
2009/0064(COD)
Proposal for a directive
Article 3 – point l
Article 3 – point l
(l) ‘Leverage’ means any method by which the AIFM increases the exposure of an AIF it manages to a particular investments whether through borrowing of cash or securities, or leverage embeddedthrough in derivative positions or; the level of leverage shall bye any other meanssessed in all cases on an appropriately netted and risk-adjusted basis;
Amendment 611 #
2009/0064(COD)
Proposal for a directive
Article 9 a (new)
Article 9 a (new)
Article 9a Remuneration policy The AIFM shall set up and implement sound remuneration policies and practices that are consistent with effective risk management and long-term value creation.
Amendment 613 #
2009/0064(COD)
Proposal for a directive
Article 9 b (new)
Article 9 b (new)
Article 9b Notification The AIFM shall inform Member States’ competent authorities about the characteristics of its remuneration policies and practices.
Amendment 616 #
2009/0064(COD)
Proposal for a directive
Article 9 c (new)
Article 9 c (new)
Article 9c Competent authorities Member States’ competent authorities may react and take appropriate corrective measures to offset risks that may result in the failure of an AIFM to implement sound remuneration policies and practices.
Amendment 689 #
2009/0064(COD)
Proposal for a directive
Article 14 – paragraph 4 a (new)
Article 14 – paragraph 4 a (new)
Amendment 1036 #
2009/0064(COD)
Proposal for a directive
Article 19 – paragraph 2 – point c a (new)
Article 19 – paragraph 2 – point c a (new)
(ca) the amount of remuneration, split into fixed and variable remuneration, paid by a systemically important AIFM and, where relevant, by any AIF managed by such an AIFM, to senior executives and other employees having a material impact on the firm’s risk exposure.
Amendment 1169 #
2009/0064(COD)
Proposal for a directive
Article 21 – paragraph 3 a (new)
Article 21 – paragraph 3 a (new)
3a. An AIFM managing one or more AIF employing leverage on a systemically significant basis shall make available to the competent authorities of its home Member State information about the overall level of leverage employed by each AIF it manages, a breakdown between leverage arising from borrowing of cash or securities and leverage embedded in financial derivatives and, where known, the extent to which AIF's assets have been re-used under leveraging arrangements. That information shall include the identity of the five largest sources of borrowed cash or securities for each of the AIF managed by the AIFM, and the amounts of leverage received from each of those entities for each of the AIF managed by the AIFM.
Amendment 1250 #
2009/0064(COD)
Proposal for a directive
Article 25 – paragraph 3
Article 25 – paragraph 3
Amendment 1506 #
2009/0064(COD)
Proposal for a directive
Article 35 – paragraph 1
Article 35 – paragraph 1
An AIFM may only market shares or units of an AIF domiciled in a third country to professional investors domiciled in a Member State, if the third country has signed an agreement with this Member State which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention and ensures an effective exchange of information in tax matters Member State may allow AIFM to market on its own territory shares or units of an AIF domiciled in a third country if appropriate cooperation arrangements are in place between the competent authorities of the home Member State of the AIFM and the supervisory authority of that third country.
Amendment 1512 #
2009/0064(COD)
Proposal for a directive
Article 35 – paragraph 2
Article 35 – paragraph 2
Amendment 1513 #
2009/0064(COD)
Proposal for a directive
Article 35 – paragraph 3
Article 35 – paragraph 3
Amendment 1555 #
2009/0064(COD)
Proposal for a directive
Article 39
Article 39
Amendment 6 #
2009/0035(COD)
Draft opinion
Paragraph 1
Paragraph 1
The Committee on Economic and Monetary Affairs calls on the Committee on Legal Affairs, as the committee responsible, to propose rejection ofthat the Commission proposal be amended as proposed in the above amendments, and to ask for a general revision of the 4th and 7th Company Law Directives in 2010, in particular as regards SMEs and micro- entities whose annual net turnover from cross-border trade is above 10%, accompanied by an all-inclusive impact assessment.
Amendment 9 #
2009/0035(COD)
Proposal for a directive – amending act
Recital 6
Recital 6
(6) Micro-entities are however often subject to the same reporting rules as larger companies. Those rules put a burden on them which is not in proportion to their size and is therefore disproportionate for the smallest enterprises as compared to the larger enterprises. Therefore it should be possible immediately to exempt micro- entities from the obligation to draw up annual accountswhose activities are essentially carried out in a Member State or at local or regional level, and whose annual net turnover from cross-border transactions is 10% or less, from the obligation to draw up annual accounts in accordance with the 4th Company Law Directive (Directive 78/660/EEC), even if such accounts provide an input for statistical information.
Amendment 12 #
2009/0035(COD)
Proposal for a directive – amending act
Article 1
Article 1
Directive 78/660/EEC
Article 1a – paragraph 1 – subparagraph 1 a (new)
Article 1a – paragraph 1 – subparagraph 1 a (new)
In addition to these requirements, and in order for micro-entities to be exempted from the scope of the Directive by the Member State, they must carry out their activities essentially in the Member State or at local or regional level, with an annual net turnover from cross-border transactions of 10% or less.
Amendment 14 #
2009/0035(COD)
Proposal for a directive – amending act
Article 1
Article 1
Directive 78/660/EEC
Article 1a – paragraph 2 – subparagraph 1
Article 1a – paragraph 2 – subparagraph 1
2. Where on its balance sheet date, a company exceeds the limits of two of the three criteria set out in paragraph 1 in two consecutive financial years, or where more than 10% of its annual net turnover after two consecutive years stems from cross- border trade, even though its activities are essentially carried out at the level of the Member State or at local or regional level, that company may no longer benefit from the exemption referred to in that paragraph.
Amendment 19 #
2009/0035(COD)
Proposal for a directive – amending act
Article 1
Article 1
Directive 78/660/EEC
Article 1a – paragraph 2 – subparagraph 2
Article 1a – paragraph 2 – subparagraph 2
Where on its balance sheet date, a company has ceased to exceed the limits of two of the three criteria set out in paragraph 1, and where 10% or less of its annual net turnover stemmed from cross- border trade, since its activities were essentially carried out at the level of the Member State or at local or regional level, it may benefit from the exemption referred to in that paragraph, provided that it has not exceeded those limits in two consecutive financial years.