2 Amendments of Guy VERHOFSTADT related to 2009/0142(COD)
Amendment 88 #
Proposal for a regulation
Recital - 1 (new)
Recital - 1 (new)
(-1) For effective micro- and macro- prudential financial supervision a single European supervisory authority should be established, fully integrating the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), the European Securities and Markets Authority (ESMA) and the European Systemic Risk Board (ESRB) into a single entity based on, and working closely together with, national supervisory authorities.
Amendment 106 #
Proposal for a regulation
Article 1
Article 1
Article 1 Article 1 Establishment and Scope of action 1. This Regulation establishes a European Banking Authority ("the Authority"). 2. The Authority shall act within the scope of Directive 2006/48/EC, Directive 2006/49/EC, Directive 2002/87/EC, Directive 2005/60/EC, Directive 2002/65/EC and Directive 94/19/EC, including all directives, regulations, and decisions based on these acts, and of any further Community act which confers tasks on the Authority. 3. The provisions of this Regulation are without prejudice to the powers of the Commission, in particular under Article 226 of the Treaty to ensure compliance with Community law. 4. The objective of the Authority shall be to contribute to: (i) improving the functioning of the internal market, including in particular a high, effective and consistent level of regulation and supervision, (ii) protecting depositors and investors, (iii) ensuring the integrity, efficiency and orderly functioning of financial markets, (iv) safeguarding the stability of the financial system, and (v) strengthening international supervisory coordination. For this purpose, the Authority shall contribute to ensuring the consistent, efficient and effective application of the Community law referred to in Article 1(2) above, fostering supervisory convergence and providing opinions to the European Parliament, the Council, and the Commission. 5. The Authority shall form part of a European System of Financial Supervisors, hereinafter referred to as 'ESFS', which shall function as a network of supervisors, as further specified in Article 39. 6. The European Banking Authority shall co-operate with the European Systemic Risk Board, hereinafter referred to as 'ESRB' as laid down in Article 21 of this Regulatione European Financial Supervisory Authority (EFSA) shall ensure that the rules applicable to the financial sector are adequately implemented, in order to preserve financial stability and thereby to ensure confidence in the financial system as a whole and sufficient protection for the customers of financial services. 2. The European Financial Supervisory Authority shall comprise the following: (a) the European Systemic Risk Board established by Regulation (EU) No .../... [ESRB]; (b) the European Supervisory Authority (Securities and Markets) established by Regulation (EU) No .../... [ESMA]; (c) the European Supervisory Authority (Insurance and Occupational Pensions) established by Regulation (EU) No …/…[EIOPA]; (d) the European Supervisory Authority (Banking)[EBA]; (e) the Commission, for the purposes of carrying out the tasks referred to in Articles 7 and 9; 3. The Authority shall cooperate regularly and closely with national supervisory authorities. It shall ensure cross-sectoral consistency of work and arrive at joint positions in the area of supervision of financial conglomerates and on other cross-sectoral issues. 4. In accordance with the principle of sincere cooperation in accordance with Article 4(3) of the EU Treaty, the parties of the EFSA shall cooperate with trust and full mutual respect, in particular in ensuring that appropriate and reliable information flows between them.