[ParlTrack]

Proposal for a regulation
Recital 4 a (new)

(4a) While the ESRB has benefitted tremendously from the support and input provided by ECB staff and management during its set-up, the organisational independence of both institutions should be strengthened in the future in order to ensure the credibility of the ESRB's work and its ability to critically reflect on monetary policy.

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point -a (new)

Regulation (EU) No 1092/2010
Article 4 – paragraph 1

(-a) paragraph 1 is amended as follows: "1. The ESRB shall have a General Board, a Steering Committee, a Managing Director, a Secretariat, an Advisory Scientific Committee and an Advisory Technical Committee. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~” Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a

Regulation (EU) No 1092/2010
Article 4 – paragraph 2 a

2a. When consulted on the appointment of the head of Secretariat of the ESRB in accordance with Article 3(2) of Council Regulation (EU) No 1096/2010*, the General Board, following an open and transparent procedure, shall assess whether the shortlisted candidates for the position of head of Secretariat of the ESRB possess the qualities and experience necessary to manage the ESRB Secretariat. The General Board shall inform the European Parliament and the Council about the consultation procedure. __________________ * Council Regulation (EU) No 1096/2010 of 17 November 2010 conferring specific tasks upon the European Central Bank concerning the functioning of the European Systemic Risk Board (OJ L 331, 15.12.2010, p. 162).”;deleted

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b

Regulation (EU) No 1092/2010
Article 4 – paragraph 3 a

3a. When giving directions to the ~~head of Secretariat~~Managing Director of the ESRB in accordance with Article 4(1) of Council Regulation (EU) No 1096/2010, the ESRB Chair and the Steering Committee may in particular address the following:

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b

Regulation (EU) No 1092/2010
Article 4 – paragraph 3 a – point a

~~(a) the day-to-day management of the ESRB Secretariat;~~deleted

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b a (new)

Regulation (EU) No 1092/2010
Article 4 – paragraph 4

(ba) Paragraph 4 is amended as follows: "The Secretariat shall be responsible for the day-to-day business of the ESRB. It shall provide high-quality analytical, statistical, administrative and logistical support to the ESRB under the direction of the Chair ~~and~~, the Steering Committee and the Managing Director in accordance with Council Regulation (EU) No 1096/2010(1). It shall also draw on technical advice from the ESAs, national central banks and national supervisors." __________________ (1) See page 162 of this Official Journal. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point a

Regulation (EU) No 1092/2010
Article 5 – paragraph 2

2. The first Vice-Chair shall be elected by and from the members of the General Council of the ECB for a term of 5 years, with regard to the need for a balanced representation of Member States overall, and between those which are participating Member States as defined in Article 2(1) of Council Regulation (EU) No 1024/2013**, and those which are not. The first Vice-Chair may be re-elected once. __________________ ** Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).”the ESRB Managing Director.

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point a a (new)

Regulation (EU) No 1092/2010
Article 5 – paragraph 5

(aa) paragraph 5 is amended as follows: "5. The Chair shall preside at the meetings of the General Board ~~and the Steering Committee. (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~." Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point a b (new)

Regulation (EU) No 1092/2010
Article 5 – paragraph 6

(ab) paragraph 6 is amended as follows: "6. The Vice-Chairs, in order of precedence, shall preside at the General Board ~~and/or the Steering Committee~~ when the Chair is unable to participate in a meeting. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~" Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point a c (new)

Regulation (EU) No 1092/2010
Article 5 – paragraphs 6 a (new) and 6 b (new)

(ac) the following paragraphs 6a and 6b are inserted: “6a. The Managing Director shall preside at the meeting of the Steering Committee. 6b. The Vice-Chairs, in order of precedence, shall preside at the Steering Committee when the Chair of the Steering Committee is unable to participate in a meeting.”

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point a d (new)

Regulation (EU) No 1092/2010
Article 5 – paragraph 7

~~7. If the term of office of a member of the General Council of the ECB~~(ad) paragraph 7 is amended as follows: "7. If the term of office of the Managing Director elected as first Vice- Chair ends before the completion of the f~~ive~~our-year term or if for any reason the first Vice-Chair is unable to discharge his duties, a new ~~first Vice-Chai~~Managing Director shall be elected in accordance with paragraph 2~~. (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~ who takes up office as the first Vice- Chair." Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b

Regulation (EU) No 1092/2010
Article 5 – paragraph 8

8. The Chair shall represent the ESRB externally. The Chair may delegate tasks related to the external representation of the ESRB to the ~~head of the Secretariat~~Managing Director.

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 2 a (new)

Regulation (EU) No 1092/2010
Article 5 a (new)

(2a) The following Article 5a is inserted: "Article 5a Managing Director 1. The ESRB shall be managed by a Managing Director, who shall be a full- time independent professional. The Managing Director shall also assume the post of the Head of Secretariat of the ESRB in the sense of Regulation (EU) 1096/2010*. 2. The Managing Director’s term of office shall be 4 years and may be extended once, following the approval of the European Parliament. The terms of office of the Managing Director and the Chair of the General Board should not start or end simultaneously. 3. The Managing Director shall be selected on the basis of merit, skills, knowledge of financial institutions and markets, and capacity to manage the Secretariat, following an open call for candidates to be published in the Official Journal of the European Union. The Managing Director shall have at least 15 years of recognised experience relevant to the tasks of the ESRB, in particular in macro-prudential oversight and financial services regulation, and at least 10 years of senior management experience, shall be able to demonstrate leadership skills and high standards of efficiency, ability and integrity and have proven language skills of at least two official languages of the Union. Candidates are eligible when they are, at the time of the application, neither staff member of the ECB or ESRB nor staff member of an EU Institution or any Member State administration. At the time of taking up office the Managing Director shall not be older than 63 years. 4. The General Board shall submit a shortlist of candidates for the position of the Managing Director to the European Parliament and Council for approval. Following the approval of that shortlist, the General Board shall adopt a decision to appoint the Managing Director. 5. Where the Managing Director no longer fulfils the conditions referred to in Article 7 or has been found guilty of serious misconduct: – the General Board may adopt a decision to remove him or her from office; or – the European Parliament and the Council may adopt a joint decision to remove him or her from office. 6. In their respective roles in the selection procedure, Parliament, Council and the General Board shall aim at the highest professional standards and take into account the need to safeguard the interests of the Union as a whole and diversity in the composition. 7. In the course of the 9 months preceding the end of the Managing Director’s term of office, the General Board shall evaluate in particular: (a) the results achieved in the first term of office and the way they were achieved; (b) the ESRB’s duties and requirements in the coming years. 8. The General Board shall take into account the evaluation referred to in the previous paragraph, when deciding whether to extend the first term of office of the Managing Director. __________________ * Council Regulation (EU) No 1096/2010 of 17 November 2010 conferring specific tasks upon the European Central Bank concerning the functioning of the European Systemic Risk Board (OJ L 331, 15.12.2010, p. 162).”;

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point a – point -i (new)

Regulation (EU) No 1092/2010
Article 6 – paragraph 1 – point c

(~~c) a Member of the Commission; (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~-i) point (c) is deleted. deleted Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point a – point ii

~~(ii) point (g) is replaced by the following: (g) the Chair of the Advisory Scientific Committee;’;~~deleted

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point a – point ii a (new)

Regulation (EU) No 1092/2010
Article 6 – paragraph 1 – point h a (new)

(iia) the following point (ha) is inserted: "(ha) the Managing Director of the ESRB."

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point b – point i a (new)

Regulation (EU) No 1092/2010
Article 6 – paragraph 2 – point a a (new)

(ia) the following point aa is inserted: “(aa) a Member of the Commission;”

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 3 a (new)

Regulation (EU) No 1092/2010
Article 7 – paragraph 1

(3a) in Article 7, paragraph 1 is amended as follows: "When participating in the activities of the General Board and of the Steering Committee or when conducting any other activity relating to the ESRB, the members of the ESRB shall perform their duties impartially and solely in the interest of the Union as a whole. They shall not seek nor take instructions from ~~the Member States~~any government, the Union institutions or any other public or private body. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~" Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 4

Regulation (EU) No 1092/2010
Article 9 – paragraph 5

~~(4) in Article 9, paragraph 5 is~~ deleted;

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 4 a (new)

Regulation (EU) No 1092/2010
Article 10 a (new)

(4a) the following Article 10a is inserted: “Article 10a Managing Director The Managing Director shall manage the ESRB secretariat. The Managing Director shall raise possible conflicts of interest or any other matter of importance regarding the ESRB's operational and strategic affairs to the General Board and act as a major safeguard towards securing the ESRB's independence from the ECB.”

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a – point -i (new)

Regulation (EU) No 1092/2010
Article 11 – paragraph 1 – point a

(~~a) the Chair and first Vice-Chair of the ESRB; (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~-i) point (a) is replaced by the following: "(a) the Chair of the ESRB;" Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a – point -i (new)

(-i) the following point( aa) is inserted: “(aa) The Managing Director and first Vice-Chair of the ESRB;”

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a a (new)

Regulation (EU) No 1092/2010
Article 11 – paragraph 2

(aa) paragraph 2 is amended as follows: "Meetings of the Steering Committee shall be convened by the Chair of the ~~ESRB~~Steering Committee at least quarterly, before each meeting of the General Board. The Chair of the ~~ESRB~~Steering Committee may also convene ad-hoc meetings. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~" Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 6 – point -a (new)

Regulation (EU) No 1092/2010
Article 12 – paragraph 1

(-a) paragraph 1 is amended as follows: "1. The Advisory Scientific Committee shall be composed of the Chair of the Advisory Technical Committee and 15 experts representing a wide range of skills and experiences and knowledge in all relevant financial markets sectors proposed by the Steering Committee and approved by the General Board for a four- year, renewable mandate. The nominees shall not be members of the ESAs and shall be chosen on the basis of their general competence and their diverse experience in academic fields or other sectors, in particular in small and medium- sized enterprises or trade-unions, or as providers or consumers of financial services. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~" Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 6 – point -a a (new)

Regulation (EU) No 1092/2010
Article 12 – paragraph 2

(-aa) paragraph 2 is amended as follows: "2. The Chair and the two Vice-Chairs of the Advisory Scientific Committee shall be appointed by the General Board following a proposal from the ~~Chair of the ESRB~~Managing Director and they shall each have a high level of relevant expertise and knowledge, for example by virtue of their academic and professional background in the sectors of banking, securities markets, or insurance and occupational pensions. The chairmanship of the Advisory Scientific Committee should rotate between those three persons. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~" Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 6 – point -a b (new)

Regulation (EU) No 1092/2010
Article 12 – paragraph 3

(-ab) paragraph 3 is amended as follows: "3. The Advisory Scientific Committee shall provide advice and assistance to the ESRB in accordance with Article 4(5), at the request of the ~~Chair~~General Board ofr the ~~ESRB. (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~Managing Director.” Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 6 – point a

Regulation (EU) No 1092/2010
Article 12 – paragraph 5

5. Where appropriate, the Advisory Scientific Committee shall organise consultations with stakeholders such as market participants, consumer bodies and academic experts at an early stage and in an open and transparent manner, while taking into account the requirement of confidentiality. The consultations shall be conducted as widely as possible to ensure an inclusive approach of all interested parties and relevant financial sectors and shall allow reasonable time for stakeholders to respond.

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a – point -i (new)

Regulation (EU) No 1092/2010
Article 13 – paragraph 1 – point a

(-i) point (a) is amended as follows: "(a) a representative of each national central bank ~~and a representative of the ECB; (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~; " Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a – point -i (new)

Regulation (EU) No 1092/2010
Article 13 – paragraph 1 – point a a (new)

(-i) the following point (aa) is inserted: “(aa) the Managing Director;”

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a a (new)

Regulation (EU) No 1092/2010
Article 13 – paragraph 2

(aa) paragraph 2 is amended as follows: "The Chair of the Advisory Technical Committee shall be appointed by the General Board following a proposal from the ~~Chair of the ESRB. (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~Managing Director.” Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a b (new)

Regulation (EU) No 1092/2010
Article 13 – paragraph 3

(ab) paragraph 3 is amended as follows: "3. The Advisory Technical Committee shall provide advice and assistance to the ESRB in accordance with Article 4(5) at the request of the ~~Chair~~General Board ofr the ~~ESRB. (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~Managing Director.” Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a c (new)

Regulation (EU) No 1092/2010
Article 13 – paragraph 4

(ac) paragraph 4 is amended as follows: "4. The ESRB Secretariat shall support the work of the Advisory Technical Committee and the ~~head of the Secretariat~~Managing Director shall participate in its meetings. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~” Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point b

Regulation (EU) No 1092/2010
Article 13 – paragraph 4 a

4a. Where appropriate, the Advisory Technical Committee shall organise consultations with stakeholders at an early stage and in an open and transparent manner, while taking into account the requirement of confidentiality. The consultations shall be conducted as widely as possible to ensure an inclusive approach of all interested parties and relevant financial sectors and shall allow reasonable time for stakeholders to respond.

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 7 a (new)

(7a) Article 14 is replaced by the following: "In performing the tasks set out in Article 3(2), the ESRB shall, where appropriate, seek the views of relevant private sector stakeholders. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~The consultations shall be conducted as widely as possible to ensure an inclusive approach of all interested parties and relevant financial sectors and shall allow reasonable time for stakeholders to respond. " Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 8 – point a

Regulation (EU) No 1092/2010
Article 16 – paragraph 2 – first sentence

Warnings or recommendations issued by the ESRB in accordance with points (c) and (d) of Article 3(2) may be of either a general or a specific nature and shall be addressed in particular to the Union, to one or more Member States, to one or more of the ESAs or to one or more of the national competent authorities, or national resolution authorities, to the ECB for the tasks conferred to the ECB in accordance with Articles 4(1), 4(2) and 5(2) of Regulation (EU) No 1024/2013 or to the Single Resolution Board.;

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 9

Regulation (EU) No 1092/2010
Article 17 – paragraph 1

1. If a recommendation referred to in Article 3(2)(d) is addressed to the Commission, to one or more Member States, to one or more ESAs, or to one or more national competent authorities, the addressees shall communicate to the European Parliament, the Council, the Commission and to the ESRB the actions undertaken in response to the recommendation and shall substantiate any inaction. Where relevant, the ESRB shall, subject to strict rules of confidentiality, inform the ESAs of the answers received without delay.

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)

Regulation (EU) No 1092/2010
Article 19 – paragraph 1

(9a) in Article 19, paragraph 1 is amended as follows: "1. At least annually and more frequently in the event of widespread financial distress, the Chair of the ESRB or the Managing Director of the ESRB shall be invited to an annual hearing in the European Parliament by the competent committee, marking the publication of the ESRB’s annual report to the European Parliament and the Council. That hearing shall be conducted separately from the monetary dialogue between the European Parliament and the President of the ECB. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~" Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 9 b (new)

Regulation (EU) No 1092/2010
Article 19 – paragraph 2

(9b) in Article 19, paragraph 2 is amended as follows: "2. The annual report referred to in paragraph 1 shall contain the information that the General Board decides to make public in accordance with Article 18. The annual report shall be made available to the public. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~It shall include giving an account of the resources made available to the ESRB in accordance with Article 3(1) of Regulation (EU) 1096/2010." Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 9 c (new)

(9c) in Article 19, paragraph 4 is amended as follows: "4. The European Parliament may request the Chair of the ESRB or the Managing Director of the ESRB to attend a hearing of the competent Committees of the European Parliament. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~" Or. en

2018/09/07
Committee: ECON

Burkhard BALZ

Proposal for a regulation
Article 1 – paragraph 1 – point 9 d (new)

Regulation (EU) No 1092/2010
Article 19 – paragraph 5

~~5. The Chai~~(9d) in Article 19, paragraph 5 is amended as follows: "5. The Chair of the ESRB or the Managing Director of the ESRB shall hold confidential oral discussions at least twice a year and more often if deemed appropriate, behind closed doors with the Chair and Vice-Chairs of the Economic and Monetary Affairs Committee of the European Parliament on the ongoing activity of the ESRB. An agreement shall be concluded between the European Parliament and the ESRB on the detailed modalities of organising those meetings, with a view to ensuring full confidentiality in accordance with Article 8. The ESRB shall provide a copy of that agreement to the Council. ~~(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010R1092&rid=1)~~" Or. en

2018/09/07
Committee: ECON

40 Amendments of Burkhard BALZ related to 2017/0232(COD)

ParlTrack - 2011-2024