Activities of Ramón JÁUREGUI ATONDO related to 2009/0143(COD)
Shadow opinions (1)
OPINION Proposal for a Regulation of the European Parliament and of the Council establishing a European Insurance and Occupational Pensions Authority
Amendments (25)
Amendment 85 #
Proposal for a regulation
Title
Title
REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL establishing a European Supervisory Authority on Insurance and Occupational Pensions Authority
Amendment 91 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The Authority shall act within the scope of Directive 64/225/EEC, Directive 73/239/EEC, Directive 73/240/EEC, Directive 76/580/EEC, Directive 78/473/EEC, Directive 84/641/EEC, Directive 87/344/EEC, Directive 88/357/EEC, Directive 92/49/EEC, Directive 98/78/EC, Directive 2001/17/EC, Directive 2002/83/EC, Directive 2002/92/EC, Directive 2003/41this Regulation and of Directive 2006/48/EC, Directive 2006/49/EC, Directive 2002/87/EC, Directive 2005/680/EC, Directive 2007/44/EC, Directive 20052/605/EC, and Directive 2002/6594/19/EC, including all directives, regulations, and decisions based on these acts, and of any further CommunityEU act which confers tasks on the Authority.
Amendment 92 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 95 #
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) contribute to a consistent application of Communitystandards and legislation, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of this Regulation and the legislation referred to in Article 1(2), preventing regulatory arbitrage, mediating and settling disagreements between national supervisory authorities, promotensuring a coherent functioning of colleges of supervisors and taking actions, inter alia, in emergency situations;
Amendment 97 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
1. The Authority mayshall develop technical standards in the areas specifically set out in this Regulation and in the legislation referred to in Article 1(2), or at the request of the Commission. Technical standards shall not include policy choices and shall reflect the principle of proportionality. The Authority shall submit its draft technical standards to the Commission for endorsementadoption as delegated acts (regulatory standards) or endorsement as implementing acts (supervisory standards) in accordance with this Regulation and with the legislation referred to in Article 1(2). The draft standards shall also be transmitted at the same time to the European Parliament and the Council.
Amendment 98 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Before submitting them to the Commission, the Authority shall, where appropri conduct open public consultations with all stakeholders and analyse the potential relate,d conduct open public consultations on technical standards and analyse the potential related costs and benefitssts and benefits, unless such consultations and analyses are disproportionate to the scope and impact of the technical standards concerned or to the particular urgency of the matter. The Authority shall also request an opinion or advice of the Insurance, Reinsurance and Occupational Pensions Stakeholder Group referred to in Article 22.
Amendment 99 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 3
Article 7 – paragraph 1 – subparagraph 3
Within three months of receipt of the draft technical standards, the Commission shall decide whether to endorse the draft standards. The Commission may extend that period by one month. Tupervisory standards if they comply with Union legislation. Within the same period, the Commission may endorseadopt the draft standards only in part or with amendments where the Community interest so requirestechnical standards with amendments where they were drawn up as regulatory standards. In both cases, the Commission may extend that period by one month.
Amendment 100 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Amendment 101 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The standards shall be adopted by the Commission by means of Regulations or Decisions and published in the Official Journal of the European UnionOnce the due procedure has been completed, the standards shall be published in the Official Journal of the European Union bearing the title "EU Delegated Standards" or "EU Implementing Standards" respectively.
Amendment 103 #
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7a Exercise of the delegation 1. The powers to adopt regulatory standards referred to in Article 7 shall be conferred on the Commission for an indeterminate period of time, unless otherwise specified by sectoral legislation. 2. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 3. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 7b and 7c.
Amendment 104 #
Proposal for a regulation
Article 7 b (new)
Article 7 b (new)
Article 7b Revocation of the delegation 1. The delegation of powers referred to in Article 7 may be revoked by the European Parliament or by the Council. 2. The institution which has commenced an internal procedure for deciding whether to revoke the delegation of power shall endeavour to inform the other institution and the Commission within a reasonable time before the final decision is taken, indicating the delegated powers which could be subject to revocation and the possible reasons for a revocation. 3. The decision of revocation shall take effect immediately or at a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union.
Amendment 105 #
Proposal for a regulation
Article 7 c (new)
Article 7 c (new)
Amendment 106 #
Proposal for a regulation
Article 8 – subparagraph 2
Article 8 – subparagraph 2
The national supervisory authorities and financial institutions shall make every effort to comply with those guidelines and recommendations.
Amendment 107 #
Proposal for a regulation
Article 8 – subparagraph 2 a (new)
Article 8 – subparagraph 2 a (new)
In its annual report the Authority shall state which national authority has not complied with its issued guidelines and recommendations and shall outline how the Authority intends to ensure that its recommendations and guidelines are followed in the future; it shall also include the same information for the main larger financial entities
Amendment 108 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Where a national supervisory authority has not correctly applied the legally binding acts and legislation referred to in Article 1(2) or has applied them in a way which appears to be in breach of Union law, in particular by failing to ensure that a financial institution satisfies the requirements laid down in that legislation, the Authority shall have the powers set out in paragraphs 2, 3 and 6 of this Article.
Amendment 109 #
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1
Article 9 – paragraph 2 – subparagraph 1
2. Upon request from one or more national supervisorycompetent authorities, from the CommissionEuropean Parliament, the Council, the Commission or the Insurance, Reinsurance and Occupational PensionsStakeholder Group or on its own initiative and after having informed the national supervisory authority concerned, the Authority may investigate the alleged incorrect breach or non-application of CommunityUnion law.
Amendment 111 #
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 22658 of the Treaty on the Functioning of the European Union, where a national supervisory authority does not comply with the decision referred to in paragraph 4 of this Article within the period of time specified therein, and where it is necessary to remedy in a timely manner the non compliance by the national supervisory 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 CommunityUnion law including the cessation of any practice.
Amendment 112 #
Proposal for a regulation
Article 9 – paragraph 7 a (new)
Article 9 – paragraph 7 a (new)
7a. In its annual report the Authority shall set out which national authorities and financial institutions have not complied with the decisions referred to in paragraphs 4 and 6.
Amendment 113 #
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 CommissionEuropean Union, the ESRB, upon its own initiative or following a request by the Authority, the Council, or the ESRB, may adopt a decision addressed to the Authority, determinEuropean Parliament or a Member State may issue a warning declaring the existence of an emergency situation for the purposes of this regulation.
Amendment 115 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commission has adopted a decision pursuant to paragraph 1, the Authority may adopt individual decisions requiring national supervisory authorities to take the necessary actESRB has issued a warning pursuant to paragraph 1, or where the Commission or the Council, upon its own initiative or following a request by the Authority, the European Parliament or a Member State, adopts a decision determining the existence of similar or justified circumstances where co- ordinated action by national authorities is necessary in order to respond to 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 may, without having to comply with any further requirements, adopt individual decisions 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 121 #
Proposal for a regulation
Article 10 – paragraph 4 a (new)
Article 10 – paragraph 4 a (new)
4a. In its annual report the Authority shall set out the individual decisions addressed to national authorities and financial institutions under paragraphs 3 and 4.
Amendment 125 #
Proposal for a regulation
Article 11 – paragraph 4 a (new)
Article 11 – paragraph 4 a (new)
4a. In its annual report, the Authority shall set out the disagreement between competent authorities, the agreements reached and the decision taken to settle such disagreements.
Amendment 127 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12 a Evolution of the Authority The Authority shall evolve according to the best practices recognised at European and international level. One such approach could be the establishment of a new level of direct supervision by the Authority. To avoid international distortions and to strengthen the European System of Financial Supervision, the introduction of direct supervision should be carefully evaluated and considered in order to add value to the supervision of large financial institutions, many of which are global in nature and operate in the EU. This applies above all to those large financial institutions with wholesale banking or other activities that could pose a systemic risk to the internal market, and those systemic financial institutions defined and identified at an international level. This issue shall be further studied in the first review of this Regulation, as provided for in Article 66, which shall take place not later than three years after its entry into force.
Amendment 129 #
Proposal for a regulation
Article 18 – subparagraph -1 a (new)
Article 18 – subparagraph -1 a (new)
Amendment 130 #
Proposal for a regulation
Article 18 – subparagraph 1
Article 18 – subparagraph 1
Without prejudice to the competences of the CommunityUnion Institutions and Member States, the Authority may develop contacts with supervisory authorities from third countries. It mayand enter into administrative arrangements with supervisory authorities, international organisations and the administrations of third countries.