Activities of Ramón JÁUREGUI ATONDO related to 2009/0144(COD)
Shadow opinions (1)
OPINION Proposal for a Regulation of the European Parliament and of the Council establishing a European Securities and Markets Authority
Amendments (25)
Amendment 88 #
Proposal for a regulation
Title
Title
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL establishing a European Supervisory Authority on European Securities and Markets Authority
Amendment 94 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The Authority shall act within the scope of Directive 97/9/EC, Directive 98/26/EC, Directive 2001/34/EC,this Regulation and of Directive 20026/47/EC, Directive 2002/87/EC, Directive 2003/6/EC, Directive 2003/71/EC, Directive 2004/25/EC, Directive 2004/39/EC, Directive 2004/109/EC, Directive 2005/60/EC, Directive 2009/65/EC, Directive 2002/65/EC, Directive 2006/49/EC (without prejudice to the competence of the European Banking Authority in terms of prudential supervision), Directive … [future AIFM Directive], and Regulation … [future CRA Regulation]8/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 CommunityEU act which confers tasks on the Authority.
Amendment 96 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 99 #
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 competent authorities, promotensuring a coherent functioning of colleges of supervisors and taking actions, inter alia in emergency situations;
Amendment 101 #
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 endorsement. adoption 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 102 #
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 Securities and Markets Stakeholder Group referred to in Article 22.
Amendment 103 #
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 104 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Amendment 106 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The standards shall be adopOnce the due procedure has been completed by the Commission by means of Regulations or Decisions andstandards shall be published in the Official Journal of the European Union, bearing the title "EU Delegated Standards" or "EU Implementing Standards" respectively.
Amendment 107 #
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Amendment 108 #
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 powers 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 109 #
Proposal for a regulation
Article 7 c (new)
Article 7 c (new)
Article 7c Objections to delegated acts 1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. At the initiative of the European Parliament or the Council this period shall be extended by two months. 2. If, on the expiry of that period, neither the European Parliament nor the Council has objected to the delegated act, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein. Before the expiry of that period and in exceptional and duly justified cases, the European Parliament and the Council may both inform the Commission that they do not intend to raise objections to a delegated act. In such cases, the delegated act shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein.
Amendment 110 #
Proposal for a regulation
Article 8 – subparagraph 2
Article 8 – subparagraph 2
The competent authorities and financial institutions shall make every effort to comply with those guidelines and recommendations.
Amendment 111 #
Proposal for a regulation
Article 8 – subparagraph 3 a (new)
Article 8 – subparagraph 3 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 112 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Where a competent 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 market participantinstitution 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 113 #
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1
Article 9 – paragraph 2 – subparagraph 1
2. Upon request from one or more competent authorities, from the CommissionEuropean Parliament, the Council, the Commission or the Securities and Markets Stakeholder Group, or on its own initiative and after having informed the competent authority concerned, the Authority may investigate the alleged incorrect breach or non-application of CommunityUnion law.
Amendment 115 #
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 competent 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 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 market participantinstitutions, adopt an individual decision addressed to a financial market participantinstitution requiring the necessary action to comply with its obligations under CommunityUnion law including the cessation of any practice.
Amendment 116 #
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 117 #
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 rRegulation.
Amendment 119 #
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 competent 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 coordinated 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 market participantinstitutions and competent authorities satisfy the requirements laid down in that legislation.
Amendment 126 #
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 131 #
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 133 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a 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 135 #
Proposal for a regulation
Article 18 – paragraph -1 a (new)
Article 18 – paragraph -1 a (new)
The Authority shall represent the European Union in all international fora concerning regulation and supervision of the institutions covered by the legislation referred to in Article 1(2). National competent authorities may continue to contribute to such fora as pertain to national issues and issues relevant for their own functions and competences under Union law.
Amendment 136 #
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 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.