BETA

Activities of Sylvie GOULARD related to 2011/0006(COD)

Plenary speeches (1)

2016/11/22
Dossiers: 2011/0006(COD)

Shadow reports (1)

2016/11/22
Committee: ECON
Dossiers: 2011/0006(COD)
Documents: PDF(612 KB) DOC(474 KB)

Amendments (28)

Proposal for a directive
Recital -1 (new)

(-1) The financial crisis in 2007 and 2008 exposed important shortcomings in financial supervision, both in particular cases and in relation to the financial system as a whole. Nationally based supervisory models have lagged behind financial globalisation and the integrated and interconnected reality of European financial markets, in which many financial institutions operate across borders. The crisis exposed shortcomings in the areas of cooperation, coordination, consistent application of Union law and trust between national competent authorities.

2011/09/23
Committee: ECON

Proposal for a directive
Recital -1 a (new)

(-1a) In a number of resolutions adopted before and during the financial crisis, Parliament called for a move towards more integrated European supervision, in order to ensure a truly level playing field for all actors at Union level, and for it to reflect the increasing integration of financial markets in the Union (in its resolutions of 13 April 2000 on ‘the Commission communication on implementing the framework for financial markets: Action Plan’, of 21 November 2002 on prudential supervision rules in the European Union, of 11 July 2007 on ‘financial services policy (2005-2010) – White Paper’, of 23 September 2008 with recommendations to the Commission on hedge funds and private equity, and of 9 October 2008 with recommendations to the Commission on ‘Lamfalussy follow- up: Future Structure of Supervision’, and in its positions of 22 April 2009 on the amended proposal for a directive of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) and of 23 April 2009 on the proposal for a regulation of the European Parliament and of the Council on Credit Rating Agencies).

2011/09/23
Committee: ECON

Proposal for a directive
Recital -1 b (new)

(-1b) In November 2008 the Commission instructed a High-Level Group chaired by Jacques de Larosière to make recommendations on how to strengthen European supervisory arrangements with a view to better protecting EU citizens and rebuilding trust in the financial system. In its final report presented on 25 February 2009 (the ‘de Larosière Report’), the High-Level Group recommended that the supervisory framework be strengthened to reduce the risk and severity of future financial crises. It recommended far-reaching reforms to the supervisory structure of the financial sector within the Union. The de Larosière Report also recommended that a European System of Financial Supervisors (ESFS) be created, comprising three European Supervisory Authorities (ESA) – one for each of the banking, the securities and the insurance and occupational pensions sectors – and a European Systemic Risk Council.

2011/09/23
Committee: ECON

Proposal for a directive
Recital -1 c (new)

(-1c) Financial stability is a prerequisite if the real economy is to provide jobs, credit and growth. The financial crisis has revealed serious shortcomings in financial supervision, which has failed to anticipate adverse macro-prudential developments and to prevent the accumulation of excessive risks within the financial system.

2011/09/23
Committee: ECON

Proposal for a directive
Recital 1 a (new)

(1a) In its conclusions following its meeting of 18 and 19 June 2009, the European Council recommended that a European System of Financial Supervisors, comprising three new ESAs, be established. The system should be aimed at upgrading the quality and consistency of national supervision, strengthening the oversight of cross- border groups, establishing a single European rulebook applicable to all financial institutions in the internal market. It emphasised that the ESA should also enjoy supervisory powers in respect of credit rating agencies, and invited the Commission to prepare concrete proposals as to how the ESFS could play a strong role in crisis situations.

2011/09/23
Committee: ECON

Proposal for a directive
Recital 2

(2) In order for the European System of Financial Supervisors (ESFS) – which makes it possible, inter alia, to create the right conditions for long-term investment – to work effectively, changes to Union legislation in the field of operation of the three Authorities are necessary. Such changes concern the definition of the scope of certain powers of the ESAs, the integration of certain powers in existing processes established in relevant Union legislation and amendments to ensure a smooth and effective functioning of the ESA in the context of the ESFS. If the powers enjoyed by the ESAs were to change, the budget allocated to them should be modified accordingly.

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 4 – point -a (new)

Directive 2009/138/EC
Article 35 – paragraph 2 – point a – point i

(-a) In paragraph 2(a), point (i) is replaced by the following: ‘(i) at predefined periods, whereby, for periods of less than 12 months, regular supervisory reporting is limited in the case of small and medium-sized insurance undertakings to information that changes significantly in the course of the year;’

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 4 – point -ab (new)

Directive 2009/138/EC
Article 35 – paragraph 2 – subparagraph 1 a (new)

(-ab) In paragraph 2, the following subparagraph is added: ‘When Member States require insurance companies to submit a full list of assets item by item, they shall limit the reporting obligations of small and medium-sized undertakings.’

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 5 – point -a (new)

Directive 2009/138/EC
Article 37 – paragraph 5 a (new)

(-a) the following paragraph is inserted: ‘5a. Without prejudice to their competence, the supervisory authorities concerned shall do everything within their power to inform in the framework of the colleges of supervisors its decision to set a capital add-on for and insurance or reinsurance undertaking.’

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 5 – point - a a (new)

Directive 2009/138/EC
Article 37 – paragraph 5 b (new)

(-aa) the following paragraph is inserted: ‘5b. Where there are diverging views among the college of supervisors concerning the decision of the supervisory authority concerned to impose a capital add-on according to the cases set out in points (a), (b) and (c) of paragraph 1, the group supervisor or any of the other supervisory authorities concerned may consult EIOPA. EIOPA is consulted during one month and all supervisory authorities concerned shall be informed. Where EIOPA has been consulted, the supervisory authority concerned shall duly consider such advice before taking its decision. In accordance with Article 19(2) of Regulation (EU) No 1094/2010, EIOPA shall act as a mediator at that stage.’

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 5 – point - a b (new)

Directive 2009/138/EC
Article 37 – paragraph 5 c (new)

(-ab) the following paragraph is inserted: ‘5c. Where, at the end of the period referred to in paragraph 7, if no agreement has been reached within the college, the group supervisor or any of the supervisory authorities concerned has referred the matter to EIOPA in accordance with Article 19 of Regulation (EU) No 1094/2010, the supervisory authority concerned shall defer its decision and await any decision that EIOPA may take in accordance with Article 19(3) of that Regulation, and shall take its decision in conformity with EIOPA’s decision. The period referred to in paragraphs 6 and 7, shall be deemed to be the conciliation period within the meaning of Article 19(2) of that Regulation. EIOPA shall take its decision within two months. The matter shall not be referred to EIOPA after the end of the period referred to in paragraph 6 or after an agreement among supervisory authorities concerned has been reached.’

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 5 – point b

Directive 2009/138/EC
Article 37 – paragraph 7 – subparagraph 2

The implementing technical standards referred to in the first subparagraph shall be adopted in accordance with Article 15 of Regulation ~~…/… [EIOPA]~~(EU) No 1094/2010.

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 5 – point b

Directive 2009/138/EC
Article 37 – paragraph 7 – subparagraph 3

EIOPA shall develop draft implementing technical standards for submission to the Commission by 3~~1 Dec~~0 September 20112.

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 5 – point b a (new)

Directive 2009/138/EC
Article 37 – paragraph 7 a (new)

(ba) The following paragraph is added: ‘7a. In order to ensure uniform conditions of application of this Article, EIOPA shall develop draft implementing technical standards to specify the scope and conditions of external audit for the information referred to in paragraphs 1 to 4. EIOPA shall submit those draft implementing technical standards to the Commission by 1 January 2013. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1094/2010.’

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 10

Directive 2009/138/EC
Article 56 – paragraph 4 a (new)

In order to ensure uniform conditions of application of this section, EIOPA shall develop draft implementing technical standards to specify the scope and conditions of external audit for the information referred to in articles 51, 53, 54 and 55. EIOPA shall submit those draft implementing technical standards to the Commission by 1 January 2013. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1094/2010.

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 12 a (new)

Directive 2009/138/EC
Article 70

(12a) Article 70 is replaced by the following: ‘Article 70 Transmission of information to central banks, and monetary authorities, payment systems overseers and the European Systemic Risk Board 1. Without prejudice to this Section, a supervisory authority may transmit information intended for the performance of their tasks to the following: (a) central banks of the European System of Central Banks (including the ECB) and other bodies with a similar function in their capacity as monetary authorities where this information is relevant to their respective statutory tasks, including the conduct of monetary policy and related liquidity provision, oversight of payments, clearing and securities settlement systems and safeguarding the stability of the financial system; (b) where appropriate, other national public authorities responsible for overseeing payment systems.; and (c) the European Systemic Risk Board (ESRB), where that information is relevant to its tasks. 2. Such authorities or bodies may also communicate to the supervisory authorities such information as they may need for the purposes of Article 67. Information received in this context shall be subject to the provisions on professional secrecy laid down in this Section. 3. In an emergency situation, including a situation as defined in Article 18 of Regulation (EU) No 1094/2010, Member States shall allow the competent authorities to communicate, without delay, information to the central banks of the European System of Central Banks (including the ECB) where that information is relevant to their statutory tasks including the conduct of monetary policy and related liquidity provision, oversight of payments, clearing and securities settlement systems and safeguarding the stability of the financial system, and to the ESRB, where such information is relevant to its tasks.’

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 14 – point -a (new)

Directive 2009/138/EC
Article 75 – paragraph 1 – subparagraph 1 – point b

(-a) In paragraph 1, first subparagraph, point (b) shall be replaced by the following: ‘(b) liabilities shall be valued at the amount for which they could be transferred, or settled, between knowledgeable willing parties in an arm’s length transaction. The assessment of technical provisions shall not take account of information concerning assets specific to the insurance or reinsurance undertaking.’;

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 14 a (new)

Directive 2009/138/EC
Article 76 – paragraph 2

(14a) Article 76(2) shall be replaced by the following: ‘2. The value of technical provisions shall correspond to the current amount insurance and reinsurance undertakings would have to pay if they were to transfer their insurance and reinsurance obligations immediately to another insurance or reinsurance undertaking. The value of technical provisions shall not be affected by assets held by the insurance or reinsurance undertaking.’;

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 14 b (new)

Directive 2009/138/EC
Article 77 – paragraph 2 – subparagraph 1

(14b) In Article 77(2), the first subparagraph shall be replaced by the following: ‘2. The best estimate shall correspond to the probability-weighted average of future cash-flows, taking account of the time value of money (expected present value of future cash-flows), using the relevant risk-free interest rate term structure. The relevant risk-free interest rate term structure shall not take account of assets held by the insurance or reinsurance undertaking.’;

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 15

Directive 2009/138/EC
Article 77a – paragraph 1

EIOPA shall publish technical information including the relevant risk-free interest rate term structure. Where EIOPA observes an illiquidity premium in the financial markets in periods of stressed liquidity, information relating to the illiquidity premium, including its size and a justification concerning its calculation method shall also be published. EIOPA shall carry out the observation of the illiquidity premium and the derivation of the information on a transparent, objective and reliable basis. Information for all these purposes shall be derived according to methods and assumptions which may include formulae, or determinations made by EIOPA.

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 15

Directive 2009/138/EC
Article 77a – paragraph 2

The information referred to in the first paragraph shall be published for each relevant currency on at least a ~~quarter~~monthly basis in a manner which is consistent with the methodologies referred to in Article 86.’

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 33 a (new)

Directive 2009/138/EC
Article 159

(33a) Article 159 is replaced by the following: ‘Article 159 Statistical information on cross-border activities Every insurance undertaking shall inform the competent supervisory authority of its home Member State, separately in respect of transactions carried out under the right of establishment and those carried out under the freedom to provide services, of the amount of the premiums, claims and commissions, without deduction of reinsurance, by Member State and as follows: (a) for non-life insurance, by lines of business as set out in the corresponding delegated act; (b) for life insurance, by each line of business I to IX, as set out in the corresponding delegated act. As regards class 10 in Part A of Annex I, not including carrier’s liability, the undertaking concerned shall also inform that supervisory authority of the frequency and average cost of claims. The supervisory authority of the home Member State shall forward the information referred to in the first and second subparagraphs within a reasonable time and in aggregate form to the supervisory authorities of each of the Member States concerned upon their request.’

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 54 – point a a (new)

Directive 2009/138/EC
Article 248 – paragraph 3

(aa) Paragraph 3 is replaced by the following: ‘3. The supervisory authorities of significant branches and related undertakings shall also be allowed to participate in the college of supervisors. However, their participation shall be limited to achieving the objective of an efficient exchange of information. The group supervisor may invite, as appropriate, the relevant central banks of the European System of Central Banks (including the ECB) to participate in the activities of the college of supervisors, where those activities are relevant to the exercise of their respective tasks. The effective functioning of the college of supervisors may require that some activities be carried out by a reduced number of supervisory authorities therein.’ ‘The membership of the college of supervisors shall include the group supervisor and supervisory authorities of all the Member States in which the head office of all subsidiary undertakings is situated. The supervisory authorities of significant branches and related undertakings shall also be allowed to participate in the college of supervisors. However, their participation shall be limited to achieving the objective of an efficient exchange of information. The group supervisor may invite, as appropriate, the relevant central banks of the European System of Central Banks (including the ECB) to participate in the activities of the college of supervisors, where those activities are relevant to the exercise of their respective tasks. The effective functioning of the college of supervisors may require that some activities be carried out by a reduced number of supervisory authorities therein.’

2011/09/23
Committee: ECON

Sylvie GOULARD, Sharon BOWLES

Proposal for a directive
Article 2 – point 62 – point c

Directive 2009/138/EC
Article 260 – paragraph 4

4. By way of derogation from Article 261(1), the first paragraph of Article 262(1) and the second paragraph of Article 263, Member States may, for a transitional period, rely on the group supervision exercised by the third-country supervisory authorities~~. The transitional period shall last for a maximum of 5 years from the date referred to in the first sub-paragraph of Article 309(1).~~ of insurance and reinsurance undertakings, the parent undertaking of which has its head office outside the Community on 1 January 2014 in situations other than those covered in paragraph 5. The transitional period shall last from 1 January 2014 until 31 December 2018, or until the date on which, in accordance with paragraph 2 of this Article, the prudential regime of that third country has been deemed to be equivalent to that laid down in this Title, whichever the earlier. This derogation shall only apply where the Commission has made a decision in accordance with paragraph 57 that specified conditions have been met by the third country. No later than 3 years after 1 January 2014, the Commission shall review in relation to each third country for which the Commission has made a decision in accordance with paragraph 7, the progress on convergence to an equivalent regime that has been made by the third country.

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 70

Directive 2009/138/EC
Article 308a – paragraph 3

3. Where the Commission has adopted a delegated act in accordance with Article 308b(3), Article 41(1) and Article 41(3) shall not apply for a maximum period of 3 years from the date referred to in the first sub-paragraph of Article 309(1)ithout prejudice to Article 308b, on 1 July 2013, insurance and reinsurance undertakings shall: (a) calculate the Solvency Capital Requirement, Minimum Capital Requirement, the amount of own funds, determine the balance sheet in accordance with this Directive; (b) provide supervisory authorities with information referred to in Article 35 in relation to the requirements set out in the previous sub-paragraph; the reference date of this information shall be the first day of the financial year starting on or after 1 July 2012 but before 1 July 2013; EIOPA shall define the templates to be provided.

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 70

Directive 2009/138/EC
Article 308a – paragraph 3 a (new)

3a. Without prejudice to Article 308b, Member states shall ensure that supervisory authorities have the power to require insurance and reinsurance undertakings to submit the information referred to in Article 35 in relation to the financial year ending on or after 1 July 2013.

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 – point 70

Directive 2009/138/EC
Article 308a – paragraph 9 a (new)

9a. The standard parameters to be used for equities that the undertaking purchased on or before 31 December 2013, when calculating the equity risk sub-module in accordance with the standard formula without the option set out in Article 304 shall be calculated as the weighted averages of: (a) the standard parameter to be used when calculating the equity risk sub- module in accordance with Article 304; and (b) the standard parameter to be used when calculating the equity risk sub- module in accordance with the standard formula without the option set out in Article 304, The weight for the parameter expressed in point (b) shall increase at least linearly at the end of each year from 0 % during the year starting on 1 January 2014 to 100 % as of 10 years after 1 January 2014. The Commission shall adopt delegated acts further specifying the procedure and criteria to be met, including the equities that shall be subject to the transitional measure.

2011/09/23
Committee: ECON

Proposal for a directive
Article 2 a (new)

Article 2a Revision The Commission shall, by 1 January 2015 and every year thereafter, submit to the European Parliament and to the Council a report specifying whether the ESAs have submitted the draft regulatory technical standards and the draft implementing technical standards provided for in this Directive, whether the submission is mandatory or optional, with any appropriate proposals.

2011/09/23
Committee: ECON