BETA

4 Amendments of Sylvie GOULARD related to 2011/0361(COD)

Amendment 204 #
Proposal for a regulation
Recital 37 a (new)
(37a) The Commission should assess the latest regulatory and supervisory developments in the Union in order to see if investors and the wider public are able to make their own credit risk assessment. This could be achieved, in particular, through a significant increase of public disclosure requirements on issuers and, in parallel, a reduction of credit rating agencies' access to non-public or privileged information.
2012/04/17
Committee: ECON
Amendment 249 #
Proposal for a regulation
Article 1 – point 8
Regulation (EC) No 1060/2009
Article 6b
Article 6b Maximum duration of the contractual relationship with a credit rating agency 1. Where a credit rating agency has entered into a contract with an issuer or its related third party for the issuing of credit ratings on that issuer, it shall not issue credit ratings on that issuer for a period exceeding three years. 2. Where a credit rating agency has entered into a contract with an issuer or its related third party for the issuing of credit ratings on the debt instruments of that issuer, the following shall apply: a) when those credit ratings are issued within a period exceeding an initial period of twelve months but shorter than three years, the credit rating agency shall not issue any further credit ratings on those debt instruments from the moment that ten debt instruments have been rated; b) when at least ten credit ratings are issued within an initial period of twelve months, that credit rating agency shall not issue any further credit ratings on those debt instruments after the end of that period; c) when less than ten credit ratings are issued, the credit rating agency shall not issue any further credit ratings on those debt instruments from the moment a period of 3 years have elapsed. 3. Where an issuer has entered into a contract regarding the same matter with more than one credit rating agency, the limitations set out in paragraphs 1 and 2 shall only apply to one of these agencies. However, none of these agencies shall have a contractual relationship with the issuer exceeding a period of six years. 4. The credit rating agency referred to in paragraphs 1 to 3 shall not enter into a contract with the issuer or its related third parties for the issuing of credit ratings on the issuer or its debt instruments for a period of four years from the end of the maximum duration period of the contractual relationship referred to in paragraphs 1 to 3. The first subparagraph shall also apply to: a) a credit rating agency belonging to the same group of credit rating agencies as the credit rating agency referred to in paragraphs 1 and 2; b) a credit rating agency which is a shareholder or member of the credit rating agency referred to in paragraphs 1 and 2; c) a credit rating agency in which the credit rating agency referred to in paragraph 1 and 2 is a shareholder or member. 5. Paragraphs 1 to 4shall not apply to sovereign ratings. 6. Where following the end of the maximum duration period of the contractual relationship, pursuant to the rules in paragraphs 1 and 2, a credit rating agency is replaced by another credit rating agency, the exiting credit rating agency shall provide the incoming credit rating agency with a handover file. Such file shall include relevant information concerning the rated entity and the rated debt instruments as may reasonably be necessary to ensure the comparability with the ratings carried out by the exiting credit rating agency. The exiting rating agency shall be able to demonstrate to ESMA that such information has been provided to the incoming credit rating agency. 7. ESMA shall develop draft regulatory technical standards to specify technical requirements on the content of the handover file referred to in paragraph 5. ESMA shall submit those draft regulatory technical standards to the Commission by 1 January 2013. Power is delegated to the Commission to adopt the regulatory technical standards referred to in this paragraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010.deleted
2012/04/17
Committee: ECON
Amendment 348 #
Proposal for a regulation
Article 1 – point 20
Regulation (EC) No 1060/2009
Title IIIa
(20) The following Title IIIa is inserted after Article 35: 'TITLE IIIa CIVIL LIABILITY OF CREDIT RATING AGENCIES Article 35a Civil liability 1. Where a credit rating agency has committed intentionally or with gross negligence any of the infringements listed in Annex III having an impact on a credit rating on which an investor has relied when purchasing a rated instrument, such an investor may bring an action against that credit rating agency for any damage caused to that investor. 2. An infringement shall be considered to have an impact on a credit rating if the credit rating that has been issued by the credit rating agency is different from the rating that would have been issued had the credit rating agency not committed that infringement. 3. A credit rating agency acts with gross negligence if it seriously neglects duties imposed upon it by this Regulation. 4. Where an investor establishes facts from which it may be inferred that a credit rating agency has committed any of the infringements listed in Annex III, it will be for the credit rating agency to prove that it has not committed that infringement or that that infringement did not have an impact on the issued credit rating. 5. The civil liability referred to in paragraph 1 shall not be excluded or limited in advance by agreement. Any clause in such agreements excluding or limiting the civil liability in advance shall be deemed null and void.'deleted
2012/04/17
Committee: ECON
Amendment 379 #
Proposal for a regulation
Article 1 – point 24 – point b
Regulation (EC) No 1060/2009
Article 39 – paragraph 4 a (new)
4a. By 31 December 2013, the Commission shall, in light of developments in the regulatory and supervisory framework of the Union, present a report to the European Parliament and to the Council concerning the tools enabling investors and the wider public to make their own credit risk assessment of issuers, accompanied, where appropriate, by proposals.
2012/04/17
Committee: ECON