BETA

83 Amendments of Sylvie GOULARD related to 2014/0020(COD)

Amendment 102 #
Proposal for a regulation
Recital 3 a (new)
(3 a) Since the proposal of the High-level Expert Group on reforming the structure of the Union’s banking sector, the Union has adopted a large amount of legislation (EMIR, MIFID2, CRR, CRD4, DGS, BRRD among others) reducing systemic risk, increasing capital requirements, safeguarding depositors and improving the tools for dealing with bank crises across the Union. As a result of these new rules and of new structures for supervision, the legal framework has been reinforced and the single rulebook in banking has created a new basis for financial markets in the Union, facilitating a single financial market and a working Capital Markets Union.
2015/02/04
Committee: ECON
Amendment 111 #
Proposal for a regulation
Recital 10
(10) Consistent with the goals of contributing to the functioning of the internal market, it should be possible to grant a derogation for a credit institution from the provisions on separation of certain trading activities where a Member State has adopted national primary legislation prior to 29 January 2014 (including secondary legislation subsequently adopted) prohibiting credit institutions, which take deposits from individuals and Small and Medium sized Enterprises (SMEs) from dealing in investments as a principal and holding trading assets. The Member State should therefore be entitled to make a request to the Commission to grant a derogation from the provisions on separation of certain trading activities for a credit institution that is subject to the national legislation compatible with those provisions. This would allow Member States that already have primary legislation in place, the effects of which are equivalent to and consistent with this Regulation, to avoid alignment of existing, effective provisions. To ensure that the impact of that national legislation, as well as of subsequent implementing measures, does not jeopardise the aim or functioning of the internal market, the aim of that national legislation and related supervisory and enforcement arrangements must be able to ensure that credit institutions that take eligible deposits from individuals and from SMEs comply with legally binding requirements that are equivalent and compatible with the provisions provided in this Regulation. The competent authority supervising the credit institution subject to the national legislation in question should be responsible for providing an opinion that should accompany the request for the derogation.deleted
2015/02/04
Committee: ECON
Amendment 120 #
Proposal for a regulation
Recital 12 a (new)
(12 a) Through a risk-based approach, this Regulation should aim at providing financial stability, reducing systemic risk and maintaining a competitive European banking sector able to finance the economy.
2015/02/04
Committee: ECON
Amendment 134 #
Proposal for a regulation
Recital 16
(16) It is difficult to distinguish proprietary trading from market making. To overcome this difficulty, the prohibition of proprietary trading should be limited to desks, units, divisions or individual traders specifically dedicated to proprietary tradingre should be enhanced rules regarding the definition of trading mandates with risk limits and improved permanent monitoring under the control of the competent authorities to ensure the consistency of transactions with the trading mandates and risk limits. Banks should not be able to circumvent the prohibition by running or benefiting from investments in non-bank entities engaging in proprietary trading.
2015/02/04
Committee: ECON
Amendment 147 #
Proposal for a regulation
Recital 21
(21) The management body of the entities subject to the prohibition of proprietary trading should ensure compliance with this prohibition. The permanent control should assess the consistency of profit and loss, risk and activity (including turnover) results with the appetite for risk of the institution, the internal risk limits and the trading mandates.
2015/02/04
Committee: ECON
Amendment 159 #
Proposal for a regulation
Recital 23
(23) If, when assessing the trading activities, the competent authority concludes that they exceed certain metrics in terms of relative size, leverage, complexity, profitability, associated market risk, as well as interconnectedness, and further deems that there is a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system, taking into account the objectives of this Regulation, it should require their separation from the core credit institution unless the core credit institution can demonstrate to the satisfaction of the competent authority that those trading activities do not pose a threat to the financial stability of the core credit institution or to the Union financial system as a whole, taking into account the objectives set out in this Regulation.
2015/02/04
Committee: ECON
Amendment 178 #
Proposal for a regulation
Recital 29
(29) Irrespective of separation, the core credit institution should still be able to manage its own risk. Certain trading activities should therefore be allowed to the extent that they are aimed at the prudent management of the core credit institution's capital, liquidity and funding and do not pose concerns to its financial stability. Similarly, the core credit institutions needs to be able to provide certain necessary risk management services to its clients. However, that should be done without exposing the core credit institution to unnecessary risk and without posing concerns to its financial stability. Hedging activities eligible for the purpose of prudently managing own risk and for the provision of risk management services to clients can, but does not have to, qualify as hedge accounting under the International Financial Reporting Standards. Irrespective of a decision to separate, the competent authority shall have the power conferred by Article 104(1)(a) of Directive 2013/36/EU to impose an own funds requirement when the volume of risks and trading activities exceeds certain levels, in order to incentivise an institution not to take unnecessary risks for its financial stability or the financial stability of the Union in whole or in part.
2015/02/04
Committee: ECON
Amendment 185 #
Proposal for a regulation
Recital 32 a (new)
(32 a) In accordance with Article 1(5) and Article 22(2) of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), EBA shall pay particular attention to any systemic risk posed by financial institutions, the failure of which may impair the operation of the financial system or the real economy. EBA shall therefore develop guidance on the quantitative and the qualitative parameters.
2015/02/04
Committee: ECON
Amendment 191 #
Proposal for a regulation
Recital 37 a (new)
(37 a) For the purpose of carrying out its exclusive tasks, including the duties specified in this Regulation, the ECB has the sanctioning powers specified in Article 18 of Regulation (EU) No 1024/2013. For the purpose of carrying out its exclusive tasks, including the duties specified in this Regulation, the ECB has the sanctioning powers specified in Article 18 of Regulation (EU) No 1024/2013.
2015/02/04
Committee: ECON
Amendment 200 #
Proposal for a regulation
Recital 44 a (new)
(44 a) The conferral of supervisory tasks implies a significant responsibility for the ECB to safeguard financial stability in the Union, and to use its supervisory powers in the most effective and proportionate way. Any shift of supervisory powers from the Member State to the Union level should be balanced by appropriate transparency and accountability requirements. The ECB should therefore be accountable for the exercise of those tasks towards the European Parliament and the Council as democratically legitimised institutions representing the citizens of the Union and the Member States. That should include regular reporting, and responding to questions by the European Parliament in accordance with its rules of procedure, and by the Eurogroup in accordance with its procedures. Any reporting obligations should be subject to the relevant professional secrecy requirements.
2015/02/04
Committee: ECON
Amendment 203 #
Proposal for a regulation
Recital 47 a (new)
(47 a) As stated in the Liikanen report, "attention should be paid to the governance and control mechanisms of all banks". More attention should indeed be given by the competent authorities to the ability of management and boards to run and monitor large and complex banks as well as smaller ones as the crisis has shown that small banks represent a risk too. Complementary supervisory tools should be developed such as fit-and- proper tests applied when evaluating the suitability of management and board candidates.
2015/02/04
Committee: ECON
Amendment 204 #
Proposal for a regulation
Article 1 – paragraph 1 – introductory part
This Regulation aims atconfers on the competent authorities specific tasks concerning policies relating to the prudential supervision with the aim of preventing systemic risk, financial stress or failure of, in particular, large, complex and interconnected entities in the financial system, in particular credit institucredit institutions by mandating competent authorities to assess the trading activities and if an excessive risk occurs across the different legal entities of a banking group imposing the separation in a trading entity of those activities from the rest of the banking group, where they represent a threat to the solvency of the institution or to financial stability. In exercising this Regulations, and at meetingthe competent authorities will have to pay particular attention to the following objectivedimensions:
2015/02/04
Committee: ECON
Amendment 229 #
Proposal for a regulation
Article 2 – paragraph 1 – introductory part
This Regulation lays down rules onfor a framework for the competent authorities' supervisory processes to properly assess the need for:
2015/02/04
Committee: ECON
Amendment 247 #
Proposal for a regulation
Article 3 – paragraph 1 – point b – introductory part
(b) any of the following entities that for a period of three consecutive years has total assets amounting at least to EUR 30 billion and has trading activities amounting at least to EUR 70 billion or 10 per cent of its total assets:
2015/02/04
Committee: ECON
Amendment 259 #
Proposal for a regulation
Article 3 – paragraph 1 – point b a (new)
(b a) any entity that the competent authority may, on its own initiative, consider to be of significant relevance on grounds of preventing systemic risk, financial stress or failure.
2015/02/04
Committee: ECON
Amendment 279 #
Proposal for a regulation
Article 5 – paragraph 1 – point 4
4. ‘proprietary trading’ means using own capital or borrowed money to take positions in reaction to and with the motivation of exploiting actual or expected movements in market valuations, in any type of transaction to purchase, sell or otherwise acquire or dispose of any financial instrument or commodities for the sole purpose of making a profit for own account, and without any connection to actual or anticipated client activity or for the purpose of hedging the entity’s risk as result of actual or anticipated client activity, through the use of desks, units, divisions or individual tra. This definition includers specifically dedicated to such position taking and profit making, including through dedicated web-based proprietary trading platformsany such transaction undertaken with the aim of making profit, irrespective of whether such profit would be realised in the short term or in the longer term, or is in fact realised;
2015/02/04
Committee: ECON
Amendment 287 #
Proposal for a regulation
Article 5 – paragraph 1 – point 12
12. ‘market making’ means a financial institution's commitment to provide market liquidity on a regular and on-going basis, by posting two-way quotes with regard to a certain financial instrument, or as part of its usual business, by fulfilling orders initiated by clients or in response to clients’ requests to trade, butor in both cases without bereasonable anticipation of potential client activity, and by hedging exposed to material market riitions arising from the fulfilment of these tasks;
2015/02/04
Committee: ECON
Amendment 297 #
Proposal for a regulation
Article 5 – paragraph 1 – point 22 a (new)
22 a. "concentration" means a concentration as determined in accordance with Council Regulation (EC) No 139/2004.
2015/02/04
Committee: ECON
Amendment 304 #
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
1. Entities referred to in Article 3 shall not unless via a separate trading entity which satisfies the conditions set in Articles 13, 14 and whose process of creation satisfies Article 18:
2015/02/03
Committee: ECON
Amendment 312 #
Proposal for a regulation
Article 6 – paragraph 1 – point b – point i
(i) acquire or retain units or shares of substantially leveraged AIFs as defined by Article 4(1)(a) of Directive 2011/61/EU;
2015/02/03
Committee: ECON
Amendment 316 #
Proposal for a regulation
Article 6 – paragraph 1 – point b – point ii
(ii) invest in derivatives, certificates, indices or any other financial instrument the performance of which is linked to shares or units of substantially leveraged AIFs;
2015/02/03
Committee: ECON
Amendment 321 #
Proposal for a regulation
Article 6 – paragraph 1 – point b – point iii
(iii) hold any units or shares in an entity that engages in proprietary trading or acquires units or shares in substantially leveraged AIFs.
2015/02/03
Committee: ECON
Amendment 325 #
Proposal for a regulation
Article 6 – paragraph 1 a (new)
1 a. Notwithstanding paragraph 1(b)(i), entities referred to in Article 3 may: - provide seed capital to substantially leveraged AIFs up to 3% over a period of one year extendable twice from the date of their commitment; or - retain at least one share of contractual funds.
2015/02/03
Committee: ECON
Amendment 330 #
Proposal for a regulation
Article 6 – paragraph 2 – point a
(a) financial instruments issued by Member States central governments or by entities listed in point (2) of Article 117 and in Article 118 of Regulation (EU) No 575/2013;deleted
2015/02/03
Committee: ECON
Amendment 352 #
Proposal for a regulation
Article 6 – paragraph 4
4. The management body of each entity referred to in Article 3 shall ensure that the requirements set out in paragraph 1 are complied with. In particular, the credit institution or the EU parent must report qualitative and quantitative information to the competent authority and have in place appropriate procedures, reasonably designed to achieve compliance with the requirements set out in paragraph 1. Procedures shall include inter alia: - identifying, defining and monitoring activities within the credit institution; - establishing appropriate risk limits unit by unit for trading activities; - computing a comprehensive profit and loss attribution for each unit engaged in trading; - reviewing on a regular basis the compliance program; - aligning the remuneration of the staff with a prudent management of the risks involved.
2015/02/03
Committee: ECON
Amendment 364 #
Proposal for a regulation
Chapter 3 – title
Separation ofFramework for certain trading activities
2015/02/03
Committee: ECON
Amendment 399 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
1 a. The requirements of this Chapter shall apply to all entities referred to in Article 3 paragraph (b) that for a period of three consecutive years have total trading activities amounting to at least EUR 70 billion or 10 per cent of the entity's total assets.
2015/02/03
Committee: ECON
Amendment 405 #
Proposal for a regulation
Article 8 – paragraph 2
2. The requirements of this Chapter shall not apply to the buying or selling of financial instruments issued by Member States’ central governments or by entities listed in point (2) of Article 117 and in Article 118 of Regulation (EU) No 575/2013.deleted
2015/02/03
Committee: ECON
Amendment 427 #
Proposal for a regulation
Article 9 – paragraph 1 a (new)
1 a. Even when trading activities are separated from the rest of the group, as a result of national measures referred to in Article 1, as a result of the decision laid down in Article 10 or as a choice of the institution, the competent authority shall assess these trading activities with a view, where necessary, to implement intra- group large exposure limits referred to in Article 14 or further requirements such as additional capital surcharges and risk limits.
2015/02/03
Committee: ECON
Amendment 434 #
Proposal for a regulation
Article 9 – paragraph 2 – introductory part
2. When performing the assessment referred to in paragraph 1, the competent authority shall use the following metricsqualitative and quantitative parameters, inter alia:
2015/02/03
Committee: ECON
Amendment 463 #
Proposal for a regulation
Article 9 – paragraph 2 – point h a (new)
(h a) the cartography of trading activities, including methods for assessing the need to build up inventories in order to meet anticipated client demand;
2015/02/03
Committee: ECON
Amendment 468 #
Proposal for a regulation
Article 9 – paragraph 2 – point h b (new)
(h b) the compliance framework implementing this regulation;
2015/02/03
Committee: ECON
Amendment 470 #
Proposal for a regulation
Article 9 – paragraph 2 – point h d (new)
(h d) the remuneration schemes;
2015/02/03
Committee: ECON
Amendment 472 #
Proposal for a regulation
Article 9 – paragraph 2 – point h c (new)
(h c) additional quantitative data such as inventory turnover, value-at-risk variations, 'day 1 profit and loss', limits on trading desks and geographic diversification of the trading activities.
2015/02/03
Committee: ECON
Amendment 476 #
Proposal for a regulation
Article 9 – paragraph 2 – point h e (new)
(h e) the risk management policy;
2015/02/03
Committee: ECON
Amendment 477 #
Proposal for a regulation
Article 9 – paragraph 2 – point h f (new)
(h f) the risk disclosure management;
2015/02/03
Committee: ECON
Amendment 478 #
Proposal for a regulation
Article 9 – paragraph 2 – point h g (new)
(h g) the policy to fight aggressive tax planning and tax havens;
2015/02/03
Committee: ECON
Amendment 479 #
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1 (new)
This assessment by the competent authority shall be carried out at a detailed level up to the desk where deemed relevant, and cover all trading activities, including market making.
2015/02/03
Committee: ECON
Amendment 481 #
Proposal for a regulation
Article 9 – paragraph 2 a (new)
2 a. The competent authority may require all quantitative and qualitative information it deems relevant for the assessment of trading activities under paragraph 1.
2015/02/03
Committee: ECON
Amendment 501 #
Proposal for a regulation
Article 10 – paragraph 1
1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and conditions linked to the metrics referred to in points (a) to (h) of Article 9(2) and specified in the delegated act referred to in paragraph 5 are met, and it therefore deems that there ispart or all of the trading activities represent a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system as a whole, taking into account the objectives referred to in Article 1, it shall, no later than two months after the finalisation of that assessment, start the procedure leading to a decision as referredrequire the institution to take measures to mitigate excessive risk taking. The institution shall submit a report to in the second subparagraph of paragraph 3competent authorities outlining the measures that it has taken or intends to take to efficiently address those risks.
2015/02/03
Committee: ECON
Amendment 507 #
Proposal for a regulation
Article 10 – paragraph 2
2. Where the limits and conditions referred to in paragraph 1 are not met, the competent authority may still start the procedure leading to a decision as referred to in the third subparagraph of paragraph 3 where it concludes, following the assessment referred to in Article 9(1), that any trading activity, with the exception of trading in derivatives other than those permitted under Article 11 and 12, carried out by the core credit institution, poses a threat to the financial stability of the core credit institution or to the Union financial system as a whole taking into account the objectives referred to in Article 1.deleted
2015/02/03
Committee: ECON
Amendment 512 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 1
The competent authority shall notify its conclusions referred to in paragraphs 1 or 2 to the core credit institution and provide the core credit institution with the opportunity to submit written comments within two months from the date of the notification.
2015/02/03
Committee: ECON
Amendment 525 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 2
Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the reasons leading to the conclusions are not justified, tThe competent authority shall adopt a decision addressing the core credit institution and requiring it not to carry out the trading activities specified in those conclusions that should be carried out in a segregated trading entity, or alternatively set risk limits or an additional loss absorbency capacity. The competent authority shall state the reasons for its decision and publicly disclose it.
2015/02/03
Committee: ECON
Amendment 532 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 3
For purpose of paragraph 1, where the competent authority decides to allow the corThis decision shall be proportionate to the risks taken by credit institutions and to the necessity to safeguard a competitive European banking sector aiming at financing the economy. The competent authority shall in particular authorise the credit institution to carry out those tradmarket making activities it shall also statewhich do not pose a threat to the financial stability of the creasons for that decision and publicly disclose it. dit institution or to the whole or part of the Union financial system. For this purpose, the competent authorities shall consult all relevant authorities.
2015/02/03
Committee: ECON
Amendment 535 #
Proposal for a regulation
Article 10 – paragraph 3 – subparagraph 4
For purpose of paragraph 2, where the competent authority decides to allow the core credit institution to carry out trading activities the competent authority shall adopt a decision addressed to the core credit institution to that effect.deleted
2015/02/03
Committee: ECON
Amendment 545 #
Proposal for a regulation
Article 10 – paragraph 4
4. The decisions referred to in the second subparagraph of paragraph 3 will be subject to review by the competent authority every 5 yearsat least every year in the context of the Supervisory Review and Evaluation Process that competent authorities shall carry out under Article 97 of Directive 2013/36/EU.
2015/02/03
Committee: ECON
Amendment 551 #
Proposal for a regulation
Article 10 – paragraph 5 – introductory part
5. The Commission shall, [OP insert the correct date by 6 months of publication of this Regulation] adopt delegated acts in accordance with Article 35 to:EBA shall develop and submit guidance on the parameters to the competent authority. In order to properly assess the risk, the EBA shall review regularly the guidance.
2015/02/03
Committee: ECON
Amendment 552 #
Proposal for a regulation
Article 10 – paragraph 5 – point a
(a) specify, with regard to the metrics: (a) the relevant limit of each of the metrics provided in points (a) to (h) of Article 9(1), above which the risk level of the trading activity concerned is deemed individually significant; (ii) the conditions, including how many of the metrics need to exceed the relevant limit, and in what combination, in order for the competent authority to start the procedure referred to in Article 10(1). (iii) The specification of the conditions in point (ii) shall include an indication of the level of the aggregate significant risk of the trading activity concerned that results from several metrics having exceeded the relevant limits referred to in point (i);deleted
2015/02/03
Committee: ECON
Amendment 556 #
Proposal for a regulation
Article 10 – paragraph 5 – point b
(b) specify which type of securitisation is not considered to pose a threat to the financial stability of the core credit institution or to the Union financial system as a whole with regard to each of the following aspects: (i) the structural features, such as the embedded maturity transformation and simplicity of the structure; (ii) the quality of the underlying assets and related collateral characteristics; (iii) the listing and transparency features of the securitisation and its underlying assets; (iv) the robustness and quality of the underwriting processes.deleted
2015/02/03
Committee: ECON
Amendment 567 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1
A core credit institution that has been subject to a decision referred to in Article 10(3) mayWithout prejudice to the decision of the competent authority referred to in Article 10(3), a core credit institution may also carry out trading activities to the extent that the purpose is limited to only prudently managing its capital, liquidity and funding.
2015/02/03
Committee: ECON
Amendment 594 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – introductory part
AWithout prejudice to the decision of the competent authority referred to in Article 10(3), a core credit institution that has been subject to a decision referred to in Article 10(3) may also sell interest rate derivatives, foreign exchange derivatives, credit derivatives, emission allowances derivatives and commodity derivatives eligible for central counterparty clearing and emission allowances to its non- financial clients, to financial entities referred to in the second and third indents of point (19) of Article 5, to insurance undertakings and to institutions providing for occupational retirement benefits when the fsollowing conditions have been satisfied:e purpose of the sale is to hedge interest rate risk, foreign exchange risk, credit risk, commodity risk or emissions allowance risk.
2015/02/03
Committee: ECON
Amendment 596 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – point a
(a) the sole purpose of the sale is to hedge interest rate risk, foreign exchange risk, credit risk, commodity risk or emissions allowance risk;deleted
2015/02/03
Committee: ECON
Amendment 600 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – point b
(b) the core credit institution's own funds requirements for position risk arising from the derivatives and emission allowances does not exceed a proportion of its total risk capital requirement to be specified in a Commission delegated act in accordance with paragraph 2.deleted
2015/02/03
Committee: ECON
Amendment 646 #
Proposal for a regulation
Article 15 – paragraph 1
1. In addition to the provisions of paragraph 1 of Article 395 of Regulation (EU) No 575/2013 when measures have been imposed in accordance with this Chapter of this Regulation the core credit institution shall not incur the following exposures: (a) a large exposure that exceeds 25 per cent of the core credit institution's eligible capital to a financial entity. That exposure limit shall apply on an individual and on a sub-consolidated basis, and after taking into account the effect of the credit risk mitigation and exemptions in accordance with Articles 399 to 403 of Regulation (EU) No 575/2013 and Article 16 of this Regulation; (b) large exposures that in total exceed 200 per cent of the core credit institution's eligible capital to financial entities. That exposure limit shall apply on an individual and on a sub-consolidated basis, and after taking into account the effect of the credit risk mitigation and exemptions in accordance with Articles 399 to 403 of Regulation (EU) No 575/2013 and Article 16 of this Regulation.deleted
2015/02/03
Committee: ECON
Amendment 653 #
Proposal for a regulation
Article 16
Credit risk mitigation techniques In addition to the provisions of Articles 399 to 403 of Regulation (EU) No 575/2013, when measures have been imposed in accordance with this Chapter of this Regulation, restrictions with respect to the recognition of credit mitigation techniques shall apply to the computation of exposure values for the purposes of compliance with the large exposure limits as referred to in Articles 14 and 15 of this Regulation. The Commission shall be empowered to adopt delegated acts in accordance with Article 35 to specify the extent to which credit risk mitigation techniques including types of and limits to eligible credit protection shall be recognised for the purposes of the first sub-paragraph with the purpose of ensuring that credit risk mitigation techniques do not fail when risks materialise so that there can be effective recovery of credit protection.Article 16 deleted
2015/02/03
Committee: ECON
Amendment 676 #
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 1a (new)
A finding by the relevant resolution authority that there are no substantive impediments to resolvability shall not in itself be deemed sufficient indication that the conclusions referred to in Article 10(3) are not justified, as primary objectives of this Regulation focus on financial stability at large and not only on resolvability. Likewise, the competent authority shall not take a decision referred to in Article 10(3) for resolvability purposes, since the powers to change banking groups' structure, including by requiring a "holding company" structure are entrusted to the resolution authority in accordance with Article 17(5)(g) of Directive 2014/59/EU.
2015/02/03
Committee: ECON
Amendment 680 #
Proposal for a regulation
Article 19 – paragraph 3 – subparagraph 1a (new)
In particular, the competent authority shall provide the resolution authority with all relevant information resulting from its risk assessment of trading activities so as to facilitate the update of resolution plans by the resolution authority.
2015/02/03
Committee: ECON
Amendment 703 #
Proposal for a regulation
Article 21 – title
DerogImplementation ofrom the requirements of Chapter IIIin order to preserve the Single Market
2015/02/03
Committee: ECON
Amendment 707 #
Proposal for a regulation
Article 21 – paragraph 1 – introductory part
1. At the request of a Member State, the Commission may grant a derogation from the requirements of this Chapter to aThis Regulation shall not prevent Member States from implementing national bank structural reforms that apply at individual level to credit institutions authorized in their territory with the view of isolating core credit institutions or taking deposits from individuals and SMEs that are subject to national primary legislation adopted before 29 January 2014macro-prudential measures, with the prior consent of the competent authorities and resolution authorities. Competent authorities and resolution authorities shall not authorise those national measures whenre the national legislation complies with the following requirements:credit institution is subject to a resolution regime equipped with resolution financing arrangements that prevent the use of tax payer money by establishing ex ante funding in a resolution fund separate from Member States' general budget.
2015/02/03
Committee: ECON
Amendment 709 #
Proposal for a regulation
Article 21 – paragraph 1 – point a
(a) it aims at preventing financial stress or failure and systemic risk referred to in Article 1;deleted
2015/02/03
Committee: ECON
Amendment 712 #
Proposal for a regulation
Article 21 – paragraph 1 – point b
(b) it prevents credit institutions taking eligible deposits from individuals and SMEs from engaging in the regulated activity of dealing in investments as principal and holding trading assets; however, the national legislation may provide for limited exceptions to allow the credit institution taking deposits from individuals and SMEs to undertake risk- mitigating activities for the purpose of prudently managing its capital, liquidity and funding and to provide limited risk management services to customers;deleted
2015/02/03
Committee: ECON
Amendment 716 #
Proposal for a regulation
Article 21 – paragraph 1 – point c
(c) if the credit institution taking eligible deposits from individuals and SMEs belongs to a group, it ensures that the credit institution is legally separated from group entities that engage in the regulated activity of dealing in investments as a principal or hold trading assets, and the national legislation specifies the following: (i) the credit institution taking eligible deposits from individuals and SMEs is able to make decisions independently of other group entities; (ii) the credit institution taking eligible deposits from individuals and SMEs has a management body that is independent of other group entities and independent of the credit institution itself; (iii) the credit institution taking eligible deposits from individuals and SMEs is subject to capital and liquidity requirements in its own right; (iv) the credit institution taking eligible deposits from individuals and SMEs may not enter into contracts or transactions with other group entities other than on terms similar to those referred to in Article 13(7).deleted
2015/02/03
Committee: ECON
Amendment 721 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 1
AWhere a Member State wishing to obtain a derogation for a credit institution subject to the national legislation in question, shall send a request for derogation, accompanied by a positive opinion issued by the competent authority supervising the credit institution that is subject to the request for derogation, to the Commission. That request shall provide all the necessary information for the appraisal of has implemented national measures referred to in paragraph 1, this Regulation applies in the following way: (a) the separation decision referred to in Article 10 shall be performed at consolidated level for EU parent institutions authorized in that Member State; (b) Credit institutions that have already been separated in accordance withe national legislation and specify the credit institutions the derogation is applied for. Whemeasures shall be subject to the supervisory assessment referred the Commission considers that it does not have all the necessary information, it shall contact the Member State concerned within two moo in Article 10, so that the competent authority may impose, at consolidated level or at individual level, higher capital requiremenths of receipt of the request and specify what additional information is requiredr stricter limits; (c) All other provisions of this Regulation, including Article 14 on large exposure, shall apply.
2015/02/03
Committee: ECON
Amendment 723 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 2
Once the Commission has all the information it considers necessary for appraisal of the request for derogation, it shall within one month notify the requesting Member State that it is satisfied with the information.deleted
2015/02/03
Committee: ECON
Amendment 727 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 3
Within five months of issuing the notification referred to in the second subparagraph, the Commission shall, after having consulted the EBA on the reasons underlying its envisaged decision and on the potential impact of such a decision on the financial stability of the Union and the functioning of the internal market, adopt an implementing decision declaring the national legislation not incompatible with this Chapter and granting the derogation to the credit institutions specified in the request referred to in paragraph 1. Where the Commission intends to declare the national legislation incompatible and to not grant the derogation it shall set out its objections in detail and provide the requesting Member State with the opportunity to submit written comments within one month from the date of notification of the Commission objections. The Commission shall within three months from the end of the time limit for submission adopt an implementing decision granting or rejecting the derogation.deleted
2015/02/03
Committee: ECON
Amendment 732 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 4
Where the national legislation is amended, the Member State shall notify the amendments to the Commission. The Commission may review the implementing decision referred to in the third subparagraph.deleted
2015/02/03
Committee: ECON
Amendment 736 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 5
Where the national legislation not declared incompatible with this Chapter no longer applies to a credit institution that has been granted derogation from the requirements of this Chapter, that derogation shall be withdrawn with regard to that credit institution.deleted
2015/02/03
Committee: ECON
Amendment 740 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 6
The Commission shall notify its decisions to the EBA. The EBA shall publish a list of the credit institutions that have been granted a derogation in accordance with this Article. The list shall be continuously kept up-to-date.deleted
2015/02/03
Committee: ECON
Amendment 752 #
Proposal for a regulation
Article 22 – paragraph 4 – subparagraph 1
By [OP insert the correct date by 12 months of publication of this Regulation], the competent authority shall annually identify credit institutions and groups that are subject to this Regulation in accordance with Article 3 and notify them immediately to the EBA.
2015/02/03
Committee: ECON
Amendment 767 #
Proposal for a regulation
Article 23 – paragraph 3 a (new)
3 a. For the purpose of Article 3(1)(b), the calculation of thresholds for entities that have effected a concentration during the previous year shall for the two years prior to the concentration be based on the combined accounts of the merged entities.
2015/02/03
Committee: ECON
Amendment 775 #
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 1
For the purposes of this RegulationWithout prejudice to Council Regulation No 1024/2013, the consolidating supervisor shall be deemed to beand the competent authority with regard to all group entities responsible for the supervision of subsidiaries tshat belong to the same group as the EU parent and that are subject to this Regulationll take joint decisions, based on the risk assessment performed under Article 10, following the process for decisions on institution-specific prudential requirements laid down in Article 113 of Directive 2013/36/EU, which shall apply mutatis mutandis to separation decisions and other supervisory measures referred to in Article 10.
2015/02/03
Committee: ECON
Amendment 778 #
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 2
When the subsidiary of an EU parent is established in another Member State and supervised by a different supervisor than the EU parent and when the subsidiary is significant in accordance with Article 6(4) of Regulation (EU) No 1024/2013, the consolidating supervisor shall consult with the competent authority of the home Member State of the significant subsidiary with regard to any decision to be made by the consolidating supervisor pursuant to this Regulation.deleted
2015/02/03
Committee: ECON
Amendment 786 #
Proposal for a regulation
Article 26 a (new)
Article 26 a Accountability and reporting 1. When acting as a competent authority in the framework of this regulation, the ECB shall be accountable to the European Parliament and to the Council for the implementation of this Regulation. The ECB shall be subject to the same accountability provisions laid down in Article 20 of Council regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions. This implies inter alia that at the request of the European Parliament, the Chair of the Supervisory Board of the ECB shall participate in a hearing on the execution of its supervisory tasks by the competent committees of the European Parliament. 2. The ECB shall report on the execution of the tasks conferred on it by this Regulation in the framework of the annual report it is due to submit to the European Parliament, to the Council, to the Commission and to the euro Group referred to in article 20 of Council regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions. 3. The other competent authorities shall report, on a regular basis, to the Commission and the EBA on the implementation of this Regulation. 4. The competent committee of the European Parliament may invite the other competent authorities to participate in an exchange of views.
2015/02/03
Committee: ECON
Amendment 796 #
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point b
(b) the disgorgement of the profits gained or losses avoided due to the breach in so far as they can be determinedwhich the competent authority estimates to have been gained or avoided due to the breach ;
2015/02/03
Committee: ECON
Amendment 797 #
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point d
(d) withdrawal or suspension of the authorisation;
2015/02/03
Committee: ECON
Amendment 800 #
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point g
(g) maximum administrative pecuniary sanctions of at least three times the amount of the profits gained or losses avoided because ofpenalties of up to twice the amount of the benefit derived from the breach where thoseat benefit can be determined;
2015/02/03
Committee: ECON
Amendment 804 #
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point h
(h) in respectthe case of a natural person, a maximum administrative pecuniary sanction of at leastpenalties of up to EUR 5 000 000 or, in the Member States whose currency is not the euro, the corresponding value in the national currency on the date of entry into force of this Regulation;
2015/02/03
Committee: ECON
Amendment 805 #
Proposal for a regulation
Article 28 – paragraph 4 – subparagraph 1 – point i
(i) in respectthe case of a legal persons, maximum administrative pecuniary sanctions of at leastpenalties of up to 10 per cent of the total annual net turnover of the legal person according to the last available accounts approved by the management body; where the legal person is a parent undertaking or a subsidiary of the parent undertaking which has to prepare consolidated financial accounts according to Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income according to the relevant accounting regime according to the last available consolidated accounts approved by the management body of the ultimate parent undertakingincluding the gross income consisting of interest receivable and similar income, income from shares and other variable or fixed-yield securities, and commissions or fees receivable in accordance with Article 316 of Regulation (EU) No 575/2013 of the undertaking in the preceding business year.
2015/02/03
Committee: ECON
Amendment 807 #
Proposal for a regulation
Article 28 – paragraph 5 a (new)
5 a. In the event of a breach referred to in paragraph 1, the ECB, as a competent authority, may impose the sanctions laid down in Article 18 of Regulation (EU) No 1024/2013.
2015/02/03
Committee: ECON
Amendment 811 #
Proposal for a regulation
Article 29 – paragraph 1 – point d
(d) the importance of the profits gained or losses which the competent authority estimates to have been gained or avoided by the person responsible for the breach, insofar as they can be determined;
2015/02/03
Committee: ECON
Amendment 828 #
Proposal for a regulation
Article 34 – paragraph 1
The CommissionEBA shall, on a regular basis, monitor the effect of rules laid down in this Regulation in respect of the achievement of the objectives referred to in Article 1 and on the stability of the Union financial system as a whole, taking into account market structure developments as well as the development and activities of the entities regulated by this Regulation, and make any appropriate proposals. The review shall in particular focus on the appropriateness and the application of the thresholds referred to in Article 3, the application and effectiveness of the prohibition foreseen in Article 6, including the exemptions to the prohibition provided in the same Article, the scope of activities referred to in Article 8 and the suitability of the metrics set out in Article 9. By 1 January 2020 and on a regular basis thereafter, the Commission shall, after taking into account the views of the competent authorities, submit to the European Parliament and to the Council a report, including the issues mentioned above, if appropriate accompanied by a legislative proposaland qualitative information set out in Article 9.
2015/02/03
Committee: ECON
Amendment 829 #
Proposal for a regulation
Article 34 – paragraph 1 a (new)
By*, the Commission, after consulting the ESRB, the EBA and the competent authorities, shall submit to the European Parliament and to the Council a report on the potential threats to financial stability, to the Single Market and to the competitiveness of the EU, covering inter alia: - the calibration of sovereign debt; - the governance and control mechanisms of the banks; - misaligned fiscal incentives, notably the preferential fiscal treatment of debt ; - the level of competition both inside the EU and at global level. If appropriate, the report should be accompanied by legislative proposals. * within 12 months of publication of this Regulation in the OJ.
2015/02/03
Committee: ECON
Amendment 830 #
Proposal for a regulation
Article 34 – paragraph 1 a (new)
Based on the EBA review referred to in paragraph 1, by 1 January 2020 and on a regular basis thereafter, the Commission shall, after taking into account the views of the competent authorities, submit to the European Parliament and to the Council a report, including the issues mentioned above, if appropriate accompanied by a legislative proposal.
2015/02/03
Committee: ECON