Activities of Alfredo PALLONE
Plenary speeches (641)
Resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund (A7-0478/2013 - Elisa Ferreira)
Protection of consumers in utilities services (A7-0163/2014 - Josef Weidenholzer)
Technical requirements for inland waterway vessels (A7-0145/2014 - Corien Wortmann-Kool)
Correct application of the law on customs and agricultural matters (A7-0241/2014 - António Fernando Correia de Campos)
Shift2Rail Joint Undertaking (A7-0259/2014 - Josefa Andrés Barea)
Mobilisation of the European Globalisation Adjustment Fund - application EGF/2012/007 IT/VDC Technologies (A7-0261/2014 - Frédéric Daerden)
Mobilisation of the European Globalisation Adjustment Fund - application EGF/2012/004 ES/Grupo Santana (A7-0260/2014 - Frédéric Daerden)
Deposit guarantee schemes (A7-0216/2014 - Peter Simon)
Alternative fuels infrastructure (A7-0444/2013 - Carlo Fidanza)
Framework for the recovery and resolution of credit institutions and investment firms (A7-0196/2013 - Gunnar Hökmark)
Undertakings for collective investment in transferable securities (UCITS V) (A7-0125/2013 - Sven Giegold)
Payment accounts (A7-0398/2013 - Jürgen Klute)
Key information documents for investment products (A7-0368/2013 - Pervenche Berès)
EC-Indonesia framework agreement on comprehensive partnership and cooperation, with the exception of matters related to readmission (A7-0093/2014 - Ana Gomes)
EC-Indonesia framework agreement on comprehensive partnership and cooperation, with the exception of matters related to readmission (A7-0134/2014 - Ana Gomes)
EC-Indonesia framework agreement on comprehensive partnership and cooperation, as regards matters related to readmission (A7-0115/2014 - Ana Gomes)
Single European railway area (A7-0037/2014 - Saïd El Khadraoui)
Domestic passenger transport services by rail (A7-0034/2014 - Mathieu Grosch)
Interoperability of the rail system (A7-0033/2014 - Izaskun Bilbao Barandica)
Railway safety (A7-0015/2014 - Michael Cramer)
European Union Agency for Railways (A7-0016/2014 - Roberts Zīle)
Normalisation of the accounts of railway undertakings (A7-0472/2013 - Jaromír Kohlíček)
Member States experiencing or threatened with serious difficulties with respect to their financial stability (A7-0046/2014 - Maria do Céu Patrão Neves)
Adapting legal acts providing for the use of the regulatory procedure with scrutiny (Articles 290 and 291 TFEU) (A7-0011/2014 - József Szájer)
Adapting legal acts in the area of Justice providing for the use of the regulatory procedure with scrutiny (Article 290 TFEU) (A7-0480/2013 - József Szájer)
Adapting legal acts providing for the use of the regulatory procedure with scrutiny (Article 290 TFEU) (A7-0010/2014 - József Szájer)
2020 target to reduce CO2 emissions from new passenger cars (A7-0151/2013 - Thomas Ulmer)
Community trade mark (A7-0031/2014 - Cecilia Wikström)
Freezing and confiscation of proceeds of crime (A7-0178/2013 - Monica Luisa Macovei)
Laws of the Member States relating to trade marks (A7-0032/2014 - Cecilia Wikström)
European Union Agency for Law Enforcement Cooperation and Training (Europol) (A7-0096/2014 - Agustín Díaz de Mera García Consuegra)
Conditions of entry and residence[nbsp ]of third-country nationals (A7-0377/2013 - Cecilia Wikström)
European Voluntary Humanitarian Aid Corps (A7-0158/2013 - Michèle Striffler)
European Semester for economic policy coordination: annual growth survey 2014 (A7-0084/2014 - Philippe De Backer)
European Semester for economic policy coordination: employment and social aspects (A7-0091/2014 - Sergio Gutiérrez Prieto)
Compensation and assistance to passengers in the event of denied boarding and of cancellation or long delay of flights (A7-0020/2014 - Georges Bach)
Conditions of entry and residence of third-country nationals for the purposes of seasonal employment (A7-0428/2013 - Claude Moraes)
Authorising Member States to ratify, in the interests of the European Union, the Arms Trade Treaty (A7-0041/2014 - David Martin)
Arms Trade Treaty (B7-0075/2014)
Compliance with the rules of the Common Fisheries Policy (A7-0468/2013 - Isabelle Thomas)
Equipment and protective systems intended for use in potentially explosive atmospheres (A7-0255/2012 - Zuzana Roithová)
Explosives for civil uses (A7-0256/2012 - Zuzana Roithová)
Non-automatic weighing instruments (A7-0257/2012 - Zuzana Roithová)
Electromagnetic compatibility (A7-0258/2012 - Zuzana Roithová)
Electrical equipment designed for use within certain voltage limits (A7-0259/2012 - Zuzana Roithová)
Lifts and safety components for lifts (A7-0260/2012 - Zuzana Roithová)
Simple pressure vessels (A7-0261/2012 - Zuzana Roithová)
Measuring instruments (A7-0376/2012 - Zuzana Roithová)
Insolvency proceedings (A7-0481/2013 - Klaus-Heiner Lehne)
Promoting free movement by simplifying the acceptance of certain public documents (A7-0017/2014 - Bernhard Rapkay)
Criminal sanctions for insider dealing and market manipulation (A7-0344/2012 - Arlene McCarthy)
EU regulatory fitness and subsidiarity and proportionality - better lawmaking (A7-0056/2014 - Sajjad Karim)
Local and regional consequences of the development of smart grids (A7-0019/2014 - Elisabeth Schroedter)
Resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund (debate)
Smart specialisation: networking excellence for a sound Cohesion Policy (A7-0462/2013 - Hermann Winkler)
CO2 emissions from new light commercial vehicles (A7-0168/2013 - Holger Krahmer)
Consumer programme 2014-2020 (A7-0214/2012 - Robert Rochefort)
Community tariff quotas for high-quality beef, and for pigmeat, poultrymeat, wheat and meslin, and brans, sharps and other residues (A7-0212/2012 - Vital Moreira)
Imports of olive oil and other agricultural products from Turkey (A7-0209/2012 - Vital Moreira)
Geographical indications of aromatised wine products (A7-0158/2012 - Paolo Bartolozzi)
Carbon capture and storage technology (A7-0430/2013 - Chris Davies)
eHealth Action Plan 2012-2020 (A7-0443/2013 - Pilar Ayuso)
Food crisis, fraud in the food chain and the control thereof (A7-0434/2013 - Esther de Lange)
Effective labour inspections as a strategy to improve working conditions (A7-0458/2013 - Jutta Steinruck)
Financial participation of employees in companies' proceeds (A7-0465/2013 - Phil Bennion)
New Cohesion Policy programming period (A7-0007/2014 - Derek Vaughan)
Plastic waste in the environment (A7-0453/2013 - Vittorio Prodi)
Regional branding (A7-0456/2013 - Eric Andrieu)
Statistics relating to trading of goods between Member States (debate)
Mandatory automatic exchange of information in the field of taxation (A7-0376/2013 - George Sabin Cutaş)
Annual report on EU competition policy (A7-0357/2013 - Ramon Tremosa i Balcells)
Recovery and resolution framework for non-bank institutions (A7-0343/2013 - Kay Swinburne)
Credit agreements relating to residential property (A7-0202/2012 - Antolín Sánchez Presedo)
Multiannual financial framework 2014-2020 (A7-0389/2013 - Jean-Luc Dehaene, Ivailo Kalfin)
European Globalisation Adjustment Fund (application EGF/2013/004 ES/Comunidad Valenciana building materials from Spain) (A7-0341/2013 - Andrej Plenković)
Erasmus for all programme (A7-0405/2012 - Doris Pack)
Creative Europe programme (A7-0011/2013 - Silvia Costa)
Europe for Citizens programme (A7-0424/2012 - Hannu Takkula)
Connecting Europe Facility (A7-0021/2013 - Adina-Ioana Vălean, Dominique Riquet, Inés Ayala Sender)
Protection and use of transboundary watercourses and international lakes (A7-0356/2013 - Matthias Groote)
European Maritime and Fisheries Fund (A7-0282/2013 - Alain Cadec)
Organised crime, corruption, and money laundering (A7-0307/2013 - Salvatore Iacolino)
European Semester for economic policy coordination (A7-0322/2013 - Elisa Ferreira)
Migratory flows in the Mediterranean, with particular attention to the tragic events off Lampedusa (RCB7-0474/2013, B7-0474/2013, B7-0475/2013, B7-0476/2013, B7-0477/2013, B7-0478/2013, B7-0479/2013, B7-0480/2013)
Europski fond za pomorstvo i ribarstvo (A7-0282/2013 - Alain Cadec) HR
Organizirani kriminal, korupcija i pranje novca (A7-0307/2013 - Salvatore Iacolino) HR
Europski semestar za usklađivanje ekonomske politike (A7-0322/2013 - Elisa Ferreira) HR
Migracijski tokovi u Sredozemlju, s posebnim naglaskom na tragične događaje nedaleko od Lampeduse (RCB7-0474/2013, B7-0474/2013, B7-0475/2013, B7-0476/2013, B7-0477/2013, B7-0478/2013, B7-0479/2013, B7-0480/2013) HR
European Semester for economic policy coordination (debate)
Tariff quotas for wine (A7-0293/2013 - Iuliu Winkler)
In vitro diagnostic medical devices (A7-0327/2013 - Peter Liese)
Medical devices (A7-0324/2013 - Dagmar Roth-Behrendt)
European statistics on demography (A7-0050/2013 - Csaba Sógor)
Rethinking education (A7-0314/2013 - Katarína Neveďalová)
Patient safety (A7-0320/2013 - Oreste Rossi)
EU-Armenia agreement on the facilitation of the issuance of visas (A7-0290/2013 - Edit Bauer)
EU-China negotiations for a bilateral investment agreement (B7-0436/2013, B7-0439/2013)
EU and Member State measures to tackle the flow of refugees as a result of the conflict in Syria (B7-0442/2013)
Mobilisation of the European Globalisation Adjustment Fund: application EGF/2011/025 IT/Lombardy - Italy (A7-0294/2013 - Salvador Garriga Polledo)
Manufacture, presentation and sale of tobacco and related products (A7-0276/2013 - Linda McAvan)
Budgetary constraints for regional and local authorities regarding the EU's Structural Funds (A7-0269/2013 - Erminia Mazzoni)
Activities of the European Ombudsman in 2012 (A7-0257/2013 - Nikolaos Salavrakos)
Specific tasks for the European Central Bank concerning policies relating to the prudential supervision of credit institutions (A7-0392/2012 - Marianne Thyssen)
Situation in Syria (RCB7-0413/2013, B7-0413/2013, B7-0423/2013, B7-0424/2013, B7-0425/2013, B7-0426/2013, B7-0427/2013, B7-0428/2013)
Fuel quality directive and renewable energy directive (A7-0279/2013 - Corinne Lepage)
Credit agreements relating to residential property (debate)
Credit agreements relating to residential property (debate)
European transport-technology strategy for Europe's future sustainable mobility (A7-0241/2013 - Michael Cramer)
Right of access to a lawyer in criminal proceedings and right to communicate upon arrest (A7-0228/2013 - Elena Oana Antonescu)
Credit agreements relating to residential property (A7-0202/2012 - Antolín Sánchez Presedo)
Making the internal energy market work (A7-0262/2013 - Jerzy Buzek)
A strategy for fisheries in the Adriatic and Ionian seas (A7-0234/2013 - Guido Milana)
Online gambling in the internal market (A7-0218/2013 - Ashley Fox)
Practical arrangements for the holding of the European elections in 2014 (A7-0219/2013 - Andrew Duff)
Draft amending budget No 1/2013 - Expenditure related to the accession of Croatia to the EU (A7-0246/2013 - Giovanni La Via)
Laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (A7-0125/2013 - Sven Giegold)
Implementing enhanced cooperation in the area of financial transaction tax (A7-0230/2013 - Anni Podimata)
Reforming the structure of the EU banking sector (A7-0231/2013 - Arlene McCarthy)
Implementing enhanced cooperation in the area of financial transaction tax (debate)
Reforming the structure of the EU banking sector (debate)
Granting and withdrawing international protection (recast) (A7-0217/2013 - Sylvie Guillaume)
Adjustment rate to direct payments provided for in Regulation (EC) No 73/2009 in respect of calendar year 2013 (A7-0186/2013 - Luis Manuel Capoulas Santos)
Regional policy as a part of wider State support schemes (A7-0204/2013 - Oldřich Vlasák)
Preparations for the European Council meeting (27-28 June 2013) - European action to combat youth unemployment (RCB7-0270/2013, B7-0270/2013, B7-0273/2013, B7-0275/2013, B7-0276/2013, B7-0278/2013, B7-0279/2013, B7-0280/2013)
A new agenda for European consumer policy (A7-0163/2013 - Vicente Miguel Garcés Ramón)
Food intended for infants and young children and food for special medical purposes (A7-0191/2013 - Frédérique Ries)
Organised crime, corruption and money laundering (A7-0175/2013 - Salvatore Iacolino)
Educational and occupational mobility of women (A7-0164/2013 - Licia Ronzulli)
Specific tasks for the European Central Bank concerning policies relating to the prudential supervision of credit institutions - European Banking Authority and prudential supervision of credit institutions (debate)
Credit institutions and prudential supervision - Prudential requirements for credit institutions and investment firms (debate)
Guidelines for the 2014 budget - Section III (A7-0043/2013 - Anne E. Jensen)
European Ombudsman special report (Vienna airport) (A7-0022/2013 - Margrete Auken)
Mechanism for monitoring and reporting greenhouse gas emissions and other information relevant to climate change (A7-0191/2012 - Bas Eickhout)
Online consumer dispute resolution (A7-0236/2012 - Róża Gräfin von Thun und Hohenstein)
Economic and budgetary surveillance of Member States with serious difficulties with respect to their financial stability in the euro area (A7-0172/2012 - Jean-Paul Gauzès)
Monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area (A7-0173/2012 - Elisa Ferreira)
EU-US Agreement under GATT 1994: modification of concessions in the schedules of the Republic of Bulgaria and Romania in the course of their accession to the EU (A7-0430/2012 - Vital Moreira)
Guidelines for the employment policies of the Member States (A7-0010/2013 - Pervenche Berès)
Transparency of measures regulating the prices of medicinal products for human use (A7-0015/2013 - Antonyia Parvanova)
Specific measures for agriculture in the outermost regions of the Union (A7-0321/2011 - Gabriel Mato Adrover)
Improving access to finance for SMEs (A7-0001/2013 - Philippe De Backer)
Sustainable exploitation of fishery resources in the Mediterranean Sea (A7-0180/2012 - Anna Rosbach)
Credit rating agencies (A7-0221/2012 - Leonardo Domenici)
Urban redevelopment as contribution to economic growth (A7-0406/2012 - Andrea Cozzolino)
Information and consultation of workers, anticipation and management of restructuring (A7-0390/2012 - Alejandro Cercas)
EU strategy for the Horn of Africa (A7-0408/2012 - Charles Tannock)
Feasibility of introducing stability bonds (debate)
Public finances in EMU - 2011 and 2012 (debate)
Public finances in EMU - 2011 and 2012 (debate)
Towards a genuine Economic and Monetary Union (debate)
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EU steel industry (debate)
European Semester for economic policy coordination: implementation of 2012 priorities (debate)
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Economic and budgetary surveillance of Member States with serious difficulties with respect to their financial stability in the euro area - Monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area (debate)
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Common system for taxing financial transactions (debate)
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Means to combat the economic crisis, particularly in the eurozone (debate)
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Preparation for the European Council meeting (1-2 March 2012) (debate)
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Feasibility of introducing stability bonds (debate)
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Conclusions of the European Council meeting (8-9 December 2011) (debate)
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ECB annual report for 2010 (debate)
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Preparations for the European Council meeting (8-9 December 2011) (debate)
The future of VAT (debate)
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Economic crisis and the euro (debate)
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Financial, economic and social crisis: measures and initiatives to be taken (continuation of debate)
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Derivatives, central counterparties and trade repositories (debate)
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Prevention and correction of macroeconomic imbalances - Implementation of excessive deficit procedure - Requirements for budgetary frameworks of Member States - Budgetary surveillance in euro area - Surveillance of budgetary positions and surveillance and coordination of economic policies - Enforcement measures to correct excessive macroeconomic imbalances in euro area (continuation of debate)
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EIB annual report for 2009 (debate)
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EU response to the migration flows in North Africa and the Southern Mediterranean, in particular, in Lampedusa - Migration flows arising from instability: scope and role of EU foreign policy (debate)
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Innovative financing at a global and European level (debate)
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Appointments of ESA senior executives (debate)
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Situation of Christians in the context of freedom of religion (debate)
Cost of examining asylum seekers’ applications in Member States (debate)
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Preparations for the European Council meeting (16-17 December 2010) - Establishing a permanent crisis mechanism to safeguard the financial stability of the euro area (debate)
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Credit rating agencies (debate)
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Conclusions of the European Council meeting (28-29 October) and economic governance (continuation of debate)
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Alternative investment fund managers (debate)
Single Market Act (debate)
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Preparations for the European Council meeting (28-29 October) - Preparations for the G20 summit (11-12 November) - Financial, economic and social crisis: recommendations concerning the measures and initiatives to be taken - Improving economic governance and stability framework in the EU, in particular, in the euro zone (debate)
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Conclusions of the European Council meeting (16 September 2010) (debate)
Financial supervision package (debate)
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Situation of the Roma people in Europe (debate)
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Specific tasks for the European Central Bank concerning the functioning of the European Systemic Risk Board - Powers of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority - European Securities and Markets Authority - Macro-prudential oversight of the financial system and establishment of a European Systemic Risk Board - European Banking Authority - European Insurance and Occupational Pensions Authority - Cross-Border Crisis Management in the Banking Sector (debate)
Conclusions of the European Council meeting (17 June 2010) (debate)
Rights to interpretation and translation in criminal proceedings (debate)
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Explanations of vote (continuation)
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Electric cars (debate)
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Difficult monetary, economic and social situation of Eurozone countries (debate)
The cohesion policy after 2013 (debate)
Explanations of vote
Freedom of information in Italy (debate)
Reports (1)
REPORT on Public Finances in EMU – 2011 and 2012 PDF (146 KB) DOC (82 KB)
Shadow reports (2)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EC) No 638/2004 on Community statistics relating to trading of goods between Member States as regards conferring of delegated and implementing powers upon the Commission for the adoption of certain measures, the communication of information by the customs administration, the exchange of confidential data between Member States and the definition of statistical value PDF (202 KB) DOC (292 KB)
REPORT on the proposal for a directive of the European Parliament and of the Council on credit agreements relating to residential property PDF (1 MB) DOC (1 MB)
Opinions (1)
OPINION on a new strategy for consumer policy
Written declarations (4)
Amendments (735)
Amendment 16 #
2013/2175(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Shares the Commission's view that the EU financial sector has been less successful since the financial crisis in channelling savings into long term investment given the weak macroeconomic environment characterized by high uncertainty and risk aversion;
Amendment 20 #
2013/2175(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Stresses that long-term investments shall be in line with the objectives outlined in the Europe 2020 growth strategy, the 2012 industrial policy update, the Innovation Union initiative as well as Connecting Europe Facility;
Amendment 25 #
2013/2175(INI)
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Emphasises that long-term investments play a crucial part in stabilising financial markets by investing countercyclically and therefore promote sustainable economic growth;
Amendment 26 #
2013/2175(INI)
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Stress that far-reaching cooperation between the EU institutions, the Member States, local and regional authorities will be crucial to overcoming the economic crisis, facing new challenges and achieving common goals;
Amendment 33 #
2013/2175(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Notes that specific local and regional- level circumstances are not given enough attention in provision of long-term financing;
Amendment 39 #
2013/2175(INI)
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Notes that SMEs have more limited access to financing than large companies do and that they face a lot of barriers;
Amendment 46 #
2013/2175(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Believes that the current and the future reform of regulatory system should be well assessed and its consequences closely followed;
Amendment 64 #
2013/2175(INI)
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Believes that Public Private Partnerships (PPP) can be an effective and cost-efficient method to facilitate collaboration between the public and the private sector for certain investments, especially infrastructure projects; notes that there is a strong need for a high level of expertise to allow the proper selection, evaluation, design, long-term planning and funding arrangements of such projects;
Amendment 68 #
2013/2175(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Believes that national or multilateral development banks can stimulate private investments and catalyse long-term financing for undertakings of broader public interest to support strategically important investments and pursue counter cyclical financial policies;
Amendment 75 #
2013/2175(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Believes that long term investment at local and regional level can also be supported by complementing policy tools and framework with efforts to cut red tape, develop online communication and streamline the decision making process;
Amendment 78 #
2013/2175(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Calls on the Commission to set up a "coordination platform" in order to coordinate the activities of national development banks. It could be made through a pilot project financed by the EU budget;
Amendment 97 #
2013/2175(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Welcomes the European Investment Fund’s credit enhancement operations and the Competitiveness and Innovation Framework Programme to generate additional financing for SMEs; however more should be done to make easier the access to the market loans for SME;
Amendment 115 #
2013/2175(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Calls on the Commission services to reduce unnecessary administrative and regulatory burden, especially for SMEs and entrepreneurs, as mentioned in the Small Business Act and in the Competitiveness of enterprises and SMEs (COSME) regulation;
Amendment 127 #
2013/2175(INI)
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Encourages the Commission to seek enhanced international cooperation and convergence in the area of long-term investment by pursuing a global dialogue on both G20 and Financial Stability Board (FSB) level;
Amendment 137 #
2013/2175(INI)
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26a. Encourages the Commission to closely follow the G20's work on proposals to create a multilateral investment framework that sets minimum standards and modifies certain long-term investment regulations and fair value accounting rules in order to address short-term fluctuations and volatility and to consequently foster cross-border investments;
Amendment 140 #
2013/2175(INI)
Motion for a resolution
Paragraph 26 b (new)
Paragraph 26 b (new)
26b. Calls on Member States to develop and publish their own national infrastructure plans in order to provide investors and other stakeholders with detailed information and to allow for more certainty about future projects;
Amendment 144 #
2013/2175(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Believes that there is a strong need for a stable tax environment which prevents impediments to long-term investments; notes that certain tax incentives and concessions can be key in fostering investment; stresses that the internal market requires stronger coordination of national tax policies in order to facilitate cross-border investment and avoid double taxation; encourages the Member States to assess the possibility of granting tax-free yields on infrastructure projects invites the European Commission to study new ways to promote long term investment through tax incentives and concessions;
Amendment 148 #
2013/2175(INI)
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Believes that a coordinated European approach for applying a lower tax rate to certain long term investments should be considered;
Amendment 151 #
2013/2175(INI)
Motion for a resolution
Paragraph 27 b (new)
Paragraph 27 b (new)
27b. Takes the view that a minimum level of tax harmonization is necessary in order to grant a level playing field between Member States in attracting foreign capitals;
Amendment 153 #
2013/2175(INI)
Motion for a resolution
Paragraph 27 c (new)
Paragraph 27 c (new)
27c. Advise the Member States to consider the possibility of granting tax exemption in some R&D projects crucial for economic growth;
Amendment 154 #
2013/2175(INI)
Motion for a resolution
Paragraph 27 d (new)
Paragraph 27 d (new)
27d. Believes that an increased coordination between Member States is necessary to coordinate and simplify corporate income taxation and to avoid double taxation;
Amendment 155 #
2013/2175(INI)
Motion for a resolution
Paragraph 27 e (new)
Paragraph 27 e (new)
27e. Calls to the Commission to study appropriate ways to facilitate transnational long-term projects;
Amendment 55 #
2013/2157(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Congratulates those Member State authorities that have successfully implemented macroeconomic adjustment programmes or financial sector programmes;
Amendment 68 #
2013/2157(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines the fact that Economic and Monetary Union (EMU) is far from complete, and reminds the Commission of its obligations and commitments to enhance growth and economic convergence and strengthen competitiveness in the EU; believes that this could best be achieved if the Commission were to finally put forward further proposals for the completion of EMU as outin accordance with all the guidelineds in its blueprint on a deep and genuine EMU;
Amendment 72 #
2013/2157(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Welcomes the Commission statement to the effect that the top priority of the Annual Growth Survey (AGS) 2014 is to build growth, employment and competitiveness;
Amendment 80 #
2013/2157(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Encourages Member States under an macroeconomic adjustment programme to continue implementing structural reforms; expresses concern at the lack of political will of those Member States experiencing an excessive deficit or a current account deficit to modernise their economies;
Amendment 85 #
2013/2157(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Points out once more that a lack of political will to modernise economies, social securto the importance of rectifying excessive deficity systems and health care will put an excessive burden on future generationituations and current account imbalances, both in deficit countries and in surplus countries;
Amendment 87 #
2013/2157(INI)
Motion for a resolution
Paragraph 13 – point 1 (new)
Paragraph 13 – point 1 (new)
(1) Points out once more that failure to modernise economies, social security systems and healthcare systems will put an excessive burden on future generations;
Amendment 123 #
2013/2157(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 132 #
2013/2157(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
23. Points out that the objective of the macroeconomic imbalance procedure is to prevent the effects of ill-designed national policies from spilling over into other euro area Member States; is concerned that the Commission, in its reading of the scoreboard, does not take sufficient account of the fact that the euro area and its Member States are open economies;
Amendment 134 #
2013/2157(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
Amendment 9 #
2013/2075(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission report and its focus on the contribution of competition policy to fight barriers and irregular State aid for the benefit of the single market; takes the view that EU competition policy is in need of review, owing to developments in the global context;
Amendment 13 #
2013/2075(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Takes the view that competition policy should be adjusted so as to better respond to the challenges posed by globalisation; the new EU competition policy must, in particular, be able to address the continual erosion of the market share of the European single market as compared to that of the emerging markets;
Amendment 18 #
2013/2075(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Agrees that too many sectors are still largely divided by national borders and that competition policy has a fundamental role to play against suchthe fragmentation of the single market and hence in the promotion of a strong European single market; takes the view that sectors which are vital to the European economy, such as the iron and steel industry, should be better shielded and safeguarded with a view to restoring economic growth in Europe;
Amendment 21 #
2013/2075(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Takes the view that it should be possible for the new EU competition policy to include flexibility clauses, in the interests of shielding the European single market;
Amendment 22 #
2013/2075(INI)
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Calls on the Commission to consider the possibility of allowing adjustments to rules under the competition policy when these threaten to destabilise the economic and social situation of a Member State;
Amendment 137 #
2013/2062(INI)
Motion for a resolution
Paragraph 34 a (new)
Paragraph 34 a (new)
34a. Calls on the Member States, in the absence of an agreed solution at EU level, to take appropriate measures to implement the provisions of paragraph 7 of the supplementary guidelines on vertical restraints in agreements for the sale and repair of motor vehicles and for the distribution of spare parts for motor vehicles contained in Commission Notice 2010/C 138/05, so as to ensure contractual relations between dealers and automobile manufacturers based on fairness, transparency and compliance with the principles of good faith;
Amendment 81 #
2013/2045(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls on Member States, in agreement with the Commission, to establish a tax incentive scheme to promote youth employment and support under-35 undertakings, by means of incentives for undertakings, particularly SMEs, to recruit young people on permanent contracts; to this end, proposes that, as suggested by the Commission in the employment package, the Member States could use the instrument of employment subsidies and reduction of the tax wedge, particularly to meet the cost to employers of social security and health insurance contributions;
Amendment 82 #
2013/2045(INI)
Draft opinion
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Calls on Member States, in agreement with the Commission, to establish measures and concessions for apprenticeship contracts and bonuses for business start-ups by young people aged under 35; considers, in particular, that Member States should provide greater and better support services for start-ups, organise awareness-raising campaigns concerning the opportunities and prospects involved in self-employment, arrange more cooperation between employment services, and provide support for businesses, including with the aid of (micro-) financing;
Amendment 234 #
2013/2021(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Urges the Commission to carry out a thorough impact analysis of such a legislative proposal including whether the main aim of a banking structural reform, increasing the solvability and the resolvability of European banks, has already been achieved by ongoing European legislation;
Amendment 250 #
2013/2021(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Urges the Commission to come forward with a proposal for suchnsider the impact of mandatory separation through the establishment of a thorough, transparent and credible ‘ring fence’ on the current European economic landscape and on the role of the European banks in financing the European economy, around bank activities that are vital for the real economy, such as those relating to credit functions, market making, payment systems and deposits; takes the view that in the event of a bank failure, the ring fence must ensure that the retail entity continues business unaffected by operational problems, financial losses, funding shortages or reputational damage resulting from the resolution or insolvency of the investment entity;
Amendment 335 #
2013/2021(INI)
Motion for a resolution
Paragraph 12 – point d b (new)
Paragraph 12 – point d b (new)
(db) increasing the uneven level playing field for market makers in Europe at the benefit of other jurisdictions;
Amendment 347 #
2013/2021(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Market making which provides an essential service to the clients should be allowed to remain in the deposit taking entity as it enables banks to support European corporate clients to gain access to the markets;
Amendment 15 #
2013/0278(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) It is of particular importance that the Commission carries out the appropriate consultations during its preparatory work, including at expert level. The Commission should previously inform the Member States on who will be consulted and on what basis ensuring the respect of impartiality and avoiding possible conflicts of interest. When preparing and drawing-up delegated acts, the Commission should ensure the simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and the Council.
Amendment 16 #
2013/0278(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The Commission should ensure that these delegated acts do not impose a significant additional costs or administrative burden on the Member States and on the respondent units.
Amendment 18 #
2013/0278(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) Regulation (EC) No 638/2004 should be amended by replacing the reference to the Intrastat Committee with a reference to the ESSC. The ESSC should keep the same structure of the Intrastat Committee, that is one member for each Member State.
Amendment 22 #
2013/0278(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) The exchange of confidential data relating to intra-EU trade statistics should be allowed between Member States with a viewif necessary to increasinge the efficiency of the development, production and dissemination or to improving the quality of those statistics. The exchange should not entail additional costs or administrative burden on the Member States and on the respondent units.
Amendment 25 #
2013/0278(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) The definition of statistical value shouldmust be clarified and aligned with the definition of this data element under the extra-EU trade statistics in order to guarantee a better comparability of intra EU trade statistics with the extra EU trade ones.
Amendment 26 #
2013/0278(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) In accordance with the principle of proportionality, it is necessary and appropriate to lay down harmonized rules on the communication of information by the customs administration, the exchange of confidential data between MS and the definition of statistical value in the domain of intra-EU trade statistics. This Regulation does not go beyond what is necessary to achieve that objective, in accordance with Article 5(4) of the Treaty on the European Union.
Amendment 29 #
2013/0278(COD)
Proposal for a regulation
Article 1 – point 2 – point b
Article 1 – point 2 – point b
Regulation (EC) No 638/2004
Article 5 – paragraph 2
Article 5 – paragraph 2
2. The statistical information on dispatches and arrivals of goods which are the subject of a single administrative document for customs or fiscal purposes shall be provided directly by customs to the national authorities, at least once a month.
Amendment 31 #
2013/0278(COD)
Proposal for a regulation
Article 1 – point 5
Article 1 – point 5
Regulation (EC) No 638/2004
Article 9a – paragraph 1
Article 9a – paragraph 1
The exchange of confidential data, as defined by Article 3(7) of Regulation (EC) No 223/2009 of the European Parliament and of the Council of 11 March 2009 on European statistics (*), shall for statistical purposes only, be allowed between the respective national authorities of each Member State, where it proves that the exchange serves the efficient development, production and dissemination of European statistics relating to the trading of goods between Member States or improves their quality. The exchange should not entail additional costs or administrative burden on the Member States and on the respondent units. __________________ (*) OJ L 87, 31.3.2009, p. 164.'
Amendment 35 #
2013/0278(COD)
Proposal for a regulation
Article 1 – point 5
Article 1 – point 5
Regulation (EC) No 638/2004
Article 9a – paragraph 2
Article 9a – paragraph 2
National authorities that have obtained confidential data shall treat this information confidentially and shall use it exclusively for statistical purposes. National authorities shall not transmit such data to any others international organizations.
Amendment 36 #
2013/0278(COD)
Proposal for a regulation
Article 1 – point 6 – point c
Article 1 – point 6 – point c
Regulation (EC) 638/2004
Article 10 – paragraph 5
Article 10 – paragraph 5
5. Member States may, under certain conditions that meet quality requirements, simplify the information to be provided for small individual transactions without detrimental effects on the quality of the statistics. The Commission shall be empowered to adopt, in accordance with Article 13a, delegated acts to define these conditions.
Amendment 37 #
2013/0278(COD)
Proposal for a regulation
Article 1 point 7 – point b
Article 1 point 7 – point b
Regulation (EC) 638/2004
Article 12 – paragraph 2
Article 12 – paragraph 2
2. Member States shallmust provide the Commission (Eurostat) with monthly results which cover their total trade in goods by using estimates, where necessary. The Commission shall be empowered to adopt, in accordance with Article 13a, delegated acts to define the criteria with which the results of the estimates shall comply.
Amendment 40 #
2013/0278(COD)
Proposal for a regulation
Article 1 – point 9
Article 1 – point 9
Regulation (EC) 638/2004
Article 13a – paragraph 2
Article 13a – paragraph 2
2. When exercising the powers delegated in Articles 3(4), 6(2), 10(3) (4) and (5), 12(1)(a) and (2), the Commission shall ensure that the delegated acts do not impose a significant additional costs or administrative burden on the Member States and on the respondents.
Amendment 44 #
2013/0278(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EC) 638/2004
Article 13a – paragraph 6
Article 13a – paragraph 6
6. A delegated act adopted pursuant to Articles 3(4), 6(2), 10(3) (4) and (5), 12(1)(a) and (2) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of twohree months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by twohree months at the initiative of the European Parliament or the Council.
Amendment 86 #
2013/0265(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation lays down uniform technical and business requirements for payment card and digital wallet transactions carried out within the Union, where both the payer's payment service provider and, the payer, the payee's payment service provider and the payee are established therein.
Amendment 97 #
2013/0265(COD)
Proposal for a regulation
Article 1 – paragraph 3 – point a
Article 1 – paragraph 3 – point a
(a) transactions with commercial cards,
Amendment 102 #
2013/0265(COD)
Proposal for a regulation
Article 1 – paragraph 3 – point c
Article 1 – paragraph 3 – point c
(c) transactions with cards issued by three party payment card schemes.
Amendment 138 #
2013/0265(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 9
Article 2 – paragraph 1 – point 9
(9) ‘'interchange fee’' means a fee paid for each transaction directly or indirectly (i.e. through a third party) between the payment service providers of the payer and of the payee involved in a payment card or a payment card-based transaction;. An interchange fee can either be explicit in a four party card scheme (the fee is paid by one legal entity to another legal entity) or implicit in a three party scheme (internal transfer between the acquiring business and the issuing business of one and the same legal entity). It also includes a fee paid or rebate offered between the payment service provider of the payer and a co- brand partner or an agent.
Amendment 145 #
2013/0265(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 15
Article 2 – paragraph 1 – point 15
(15) ‘'three party payment card scheme’' means a payment card scheme in which payments are made from a payment account held by the scheme on behalf of the cardholdpayer to a payment account held by the scheme on behalf of the payee, and card based transactions based on the same structure. When a three party payment card scheme licenses other payment service providers for the issuance and/or the acquiring of payment cards, or issues or distributes payment cards with a co-brand partner or through an agent, it is considered as a four party payment card scheme;
Amendment 151 #
2013/0265(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 25 a (new)
Article 2 – paragraph 1 – point 25 a (new)
(25a) 'digital wallet' means a service allowing the wallet holder to access, manage and use identification and payment instruments in order to initiate payments. This service may reside on a device owned by the wallet holder e.g., a mobile phone or a PC or may be remotely hosted on a server (or a combination thereof) but is anyway under the control of the holder. The merchant with whom the digital wallet contracts is referred to as the 'sub-merchant'.
Amendment 190 #
2013/0265(COD)
Proposal for a regulation
Article 4
Article 4
Amendment 237 #
2013/0265(COD)
Proposal for a regulation
Article 5 a (new)
Article 5 a (new)
Article 5 a 1. Three party payment card schemes operate with implicit interchange fees which should be subject to same rules that apply to the explicit interchange fees as referred to in Articles 3, 4 and 5. 2. In order to ensure compliance with this requirement, three party payment card schemes shall: a. keep separate accounts for the activities associated with acquiring consumer cards and the activities associated with issuing consumer cards in the same manner as would be the case if these activities were carried out by legally independent companies; b. make transparent their internal transfer prices to ensure compliance with the caps on implicit interchange fees and to prevent cross-subsidy.
Amendment 310 #
2013/0265(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
Four years after the entry into force of this Regulation, the Commission shall present to the European Parliament and to the Council a report on the application of this Regulation. The Commission's report shall look in particular at the appropriateness of the levels of interchange fees, and at steering mechanisms such as charges, and at the impact of this Regulation on consumers (including the increase of fees charges by payer's service provider to the payer any increase and any reduction in retail prices) and small merchants, taking into account the use and cost of the various means of payments and the level of entry of new players and new technology on the market.
Amendment 318 #
2013/0265(COD)
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
This Regulation shall enter into force on the twentieth daysix months following that of its publication in the Official Journal of the European Union.
Amendment 229 #
2013/0253(COD)
Proposal for a regulation
Article 2 – paragraph 1 – introductory part
Article 2 – paragraph 1 – introductory part
This Regulation shall apply to the following entities:
Amendment 232 #
2013/0253(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) credit institutions established in participating Member Statesentities for which the ECB has the direct responsibility for supervision, in accordance to Art. 6 of the SSM Regulation;
Amendment 236 #
2013/0253(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point b
Article 2 – paragraph 1 – point b
Amendment 242 #
2013/0253(COD)
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2a 1. The Commission, the Board and national resolution authorities shall carry out their tasks within a single resolution mechanism in accordance with their fields of competence under the rules of BRRD and this Regulation. 2. The Commission, the Board and national resolution authorities shall be subject to a duty of cooperation in good faith, an obligation to exchange information and converge to consistent resolution practices. 3. The Commission shall exercise oversight over the functioning of the mechanism based on the responsibilities and procedure set out in this Regulation.
Amendment 265 #
2013/0253(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Without prejudice to Article 2 of this Regulation, where, by virtue of this Regulation, the Commission or the Board exercises tasks or powers, which, according to Directive [ ] are to be exercised by the national resolution authority of a participating Member State, the Board shall, for the application of this Regulation and Directive [ ], be considered to be the relevant national resolution authority or, in case of cross-border group resolution, the relevant group national resolution authority.
Amendment 272 #
2013/0253(COD)
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. Subject to the provisions of this Regulation as referred to in Art. 2, the national resolution authorities of the participating Member State shall act on the basis of and in conformity with the relevant provisions of national law, as harmonized by Directive [ ].
Amendment 274 #
2013/0253(COD)
Proposal for a regulation
Article 5 – paragraph 3 a (new)
Article 5 – paragraph 3 a (new)
3a. National resolution authority shall inform the Commission and the Board on measures taken or the measures it intends to take pursuant paragraph 3 of this article.
Amendment 383 #
2013/0253(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Board, on its own initiative or upon proposal by a national resolution authority, may apply simplified obligations in relation to the drafting of resolution plans referred to, in Article 7 or may waive the obligation of drafting those plans.
Amendment 910 #
2013/0253(COD)
Proposal for a regulation
Part 3 – title 5 – chapter 2 – title
Part 3 – title 5 – chapter 2 – title
The Single Bank Resolution Fundinancing Mechanism
Amendment 919 #
2013/0253(COD)
Proposal for a regulation
Article 64 a (new)
Article 64 a (new)
Article 64 a 1. The Single Resolution Financing Mechanism is composed by: (i) National resolution funds established under BRRD, for financial institutions not directly supervised by the ECB as referred to in Art. 6 of the SSM Regulation; (ii) The European resolution fund established under this Regulation, for entities directly supervised by the ECB or included in the scope of this Regulation as referred to in Art. 2 2. In case of a systemic shock in a participating Member State or where a National resolution fund has available financial resources less than what will be needed to finance an impending resolution, rules set out in Art. 97 and 103 of the BRRD shall be applied.
Amendment 928 #
2013/0253(COD)
Proposal for a regulation
Article 65 – paragraph 1
Article 65 – paragraph 1
1. In a period no longer than 10 years after the entry into force of this Regulation, the available financial means of the Fund shall reach at least 1% of the amount of deposits of all credit institutions authorisedsubject to this Regulation as referred to in Art. 2 in the participating Member States which are guaranteed under Directive 94/19/EC.
Amendment 942 #
2013/0253(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1
Article 66 – paragraph 1 – subparagraph 1
1. The individual contribution of each institution shall be raised at least annually and shall be calculated pro-rata to the amount of its liabilities excluding own funds and covered deposits, with respect to the total liabilities, excluding own funds and covered deposits, of all the institutions authorisedsubject to this Regulation as referred to in Article 2 in the territories of the participating Member States.
Amendment 964 #
2013/0253(COD)
Proposal for a regulation
Article 67 – paragraph 1
Article 67 – paragraph 1
1. 1. Where the available financial means are not sufficient to cover the losses, costs or other expenses incurred by the use of the Fund, the Board shall raise in accordance with Article 62 extraordinary ex post contributions from the institutions authorisedsubject to this Regulation as referred to in Art. 2 in the territories of participating Member States, in order to cover the additional amounts. These extraordinary contributions shall be allocated between institutions in accordance with the rules set out in Article 66.
Amendment 220 #
2013/0139(COD)
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Directive lays down rules concerning the transparency and comparability of fees charged to consumers on their payment accounts held within the European Union and provided by payment service providers located in the Union and rules concerning the switching of payment accounts within the Uniona Member State.
Amendment 256 #
2013/0139(COD)
Proposal for a directive
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Member States shall ensure that the competent authorities referred to in Article 20, determine a provisional list of at least 20 payment services accounting for at least 80% of the most representative payment services subject to a fee at national level. The list shall contain terms and definitions for each of the services identified and clearly indicate whether they are subject to national or EU regulation.
Amendment 260 #
2013/0139(COD)
Proposal for a directive
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 292 #
2013/0139(COD)
Proposal for a directive
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Where one or more payment services referred to in paragraph 1 is offered as part of a package of financial services, the fee information document shall disclose which of the services referred to in paragraph 1 are included in the package, and the fee for the entire package and the fee for any service that is not referred to in paragraph 1.
Amendment 298 #
2013/0139(COD)
Proposal for a directive
Article 4 – paragraph 3 a (new)
Article 4 – paragraph 3 a (new)
3a. It shall be clearly indicated whether the fee information document makes reference to services linked to payment accounts offered within a branch or online.
Amendment 315 #
2013/0139(COD)
Proposal for a directive
Article 4 – paragraph 7
Article 4 – paragraph 7
7. The Commission shall be empowered to adopt implementing acts pursuant to Article 26 toMember States shall define the format of the fee information document, its common symbol and the order in which the services referred to in paragraph 5 1 of Article 3 shall be presented in the fee information document.
Amendment 326 #
2013/0139(COD)
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Member States shall ensure that payment service providers provide the consumer with a statement of all fees incurred on their payment account upon request at least annually. This statement may be forwarded to consumers through communication channels agreed among the parties (i.e. electronically, statement printer, etc.). Payment service providers shall implement the technical measures necessary to meet this obligation within twelve months of the adoption of the act pursuant to paragraph 4 of this article
Amendment 351 #
2013/0139(COD)
Proposal for a directive
Article 5 – paragraph 4
Article 5 – paragraph 4
4. The Commission shall be empowered to adopt implementing acts pursuant to Article 26 toMember States shall define the format of the statement of fees, its common symbol and the order in which the services referred to in paragraph 5 of Article 31 shall be presented in the statement of fees.
Amendment 398 #
2013/0139(COD)
Proposal for a directive
Article 8 – paragraph 1
Article 8 – paragraph 1
1. Member States shall ensure that when a payment account is offered together with another service or product as part of a package, the payment service provider informs the consumer of whether it is possible to buy the payment account separately and provides separate information regarding the costs and fees associated with each of the products and services offered in the package.
Amendment 409 #
2013/0139(COD)
Proposal for a directive
Article 9 – paragraph -1 a (new)
Article 9 – paragraph -1 a (new)
Amendment 416 #
2013/0139(COD)
Proposal for a directive
Article 9 – paragraph 1
Article 9 – paragraph 1
2. Member States shall ensure that the respective payment service providers provide upon the consumer's request a switching service as described in Article 10, or equivalent, to any consumer who holds a payment account with a payment service provider located in the Union and who has arranged for the opening of a new payment account with the receiving payment service provider.
Amendment 418 #
2013/0139(COD)
Proposal for a directive
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1a. The switching service request does not involve the switching of the contract from the transferring payment service provider to the receiving payment service provider.
Amendment 431 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 3 – introductory part
Article 10 – paragraph 3 – introductory part
3. Within one business daya reasonable time from the receipt of the authorisation referred to in paragraph 2, the receiving payment service provider shall request the transferring payment service provider to carry out the following tasks:
Amendment 437 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 3 – point a
Article 10 – paragraph 3 – point a
(a) transmit to the receiving payment service provider and, if specifically requested by the consumer pursuant to paragraph 2, to the consumer a list of all existing standing orders for credit transfers and debtor driven direct debit mandatesavailable direct debit mandates and credit transfers with execution date from the date specified in the authorisation;
Amendment 441 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 3 – point b
Article 10 – paragraph 3 – point b
(b) transmit to the receiving payment service provider and, if specifically requested by the consumer pursuant to paragraph 2, to the consumer the available information about incoming credit transfers and creditor driven direct debits executed on the consumer's account in the previous 13 months; the information shall be provided by the transferring payment service provider to the consumer only if the information has not already been provided to the consumer by the transferring payment services provider, by law;
Amendment 444 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 3 – point c
Article 10 – paragraph 3 – point c
(c) transmit to the receiving payment service provider any additionalrelevant information deemed necessary by the receiving payment service provider to perform the switch;
Amendment 449 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 3 – point d
Article 10 – paragraph 3 – point d
(d) where the transferring payment service provider does not provide a system for automated redirection of the standing ordersincoming credit transfer and direct debits to the account held by the consumer with the receiving payment service provider, cancel standing ordstop incoming credit transfers and stop accepting direct debits onfrom the date specified in the authorisation;
Amendment 452 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 3 – point f
Article 10 – paragraph 3 – point f
(f) where the consumer gave specific consent pursuant to paragraph 2, close the account held with the transferring payment service provider on the date specified by the consumer or – if closure on the specified date is not possible – on the next possible date after the tasks under paragraph 3 (d) and (e) have been performed, unless circumstances in need of clarification or regulation (e.g. negative balance or cards have not been returned) have arisen in respect of which the transferring payment service provider will contact the consumer; .
Amendment 454 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 3 – point f a (new)
Article 10 – paragraph 3 – point f a (new)
(fa) cancel standing orders and credit transfers with execution date from the date specified in the authorisation;
Amendment 455 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 4 – point a
Article 10 – paragraph 4 – point a
(a) set up within seven calendarbusiness days the standing orders for credit transfers requesmandated by the consumer and execute them from the date specified in the authorisation and credit transfers with execution date from the date specified in the authorisation; the seven business days should only start to count after the payment account with the receiving payment service provider has been established or opened and the consumer has provided all necessary information to the transferring payment service provider to start the switching process;
Amendment 461 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 4 – point b
Article 10 – paragraph 4 – point b
(b) accept direct debits from the date specified in the authorisationfter the payment account with the receiving payment service provider has been opened, accept direct debits from the date specified in the authorisation subject to the condition of compatibility with the payment systems of the receiving payment service provider;
Amendment 465 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 4 – point c
Article 10 – paragraph 4 – point c
(c) where the consumer gave specific consent pursuant to paragraph 2, inform payers making recurrent credit transfers into a consumer's payment account of the details of the consumer's account with the receiving payment provider. If the receiving payment service provider does not have all the information it needs to inform the payer, it shall ask the consumer or the transferring payment service provider to provide the missing information;
Amendment 468 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 4 – point d
Article 10 – paragraph 4 – point d
Amendment 471 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 4 – point e
Article 10 – paragraph 4 – point e
(e) where the consumer chooses to personally provide the information indicated in points (c) and (d), provide the consumer with standard letters providing details of the new account and the starting date indicated in the authorisation.
Amendment 478 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 6 – point a
Article 10 – paragraph 6 – point a
(a) send the receiving payment service provider the information indicated in points (a), (b) and (c) of paragraph 3 within seven calendarbusiness days of receiving the request;
Amendment 480 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 6 – point b
Article 10 – paragraph 6 – point b
(b) where the transferring payment service provider does not provide a system for automated redirection of the standing ordincoming credit transfers and direct debits to the account held by the consumer with the receiving payment service provider, cancel any standing ordstop incoming credit transfers and stop accepting direct debits on the payment account on from the date requested by the receiving payment service provider;
Amendment 484 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 6 – point d
Article 10 – paragraph 6 – point d
(d) close the payment account; which can only be closed after fulfilment of the duties as per Article 10 paragraph 6 (b) and (c).
Amendment 485 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 6 – point e a (new)
Article 10 – paragraph 6 – point e a (new)
(ea) the above referenced tasks are subject to a "positive" balance on the payment account. Insofar as transferring payment service providers consider personal confirmation (written or oral) of the request received pursuant to sentence 1 necessary, they will request the consumer within two business days of their receipt of the request pursuant to sentence 1 to forward such confirmation. Subsequent to the receipt of the consumer's personal confirmation, the transferring payment service provider will perform the tasks under paragraph 6 within the deadlines specified therein. As far as the request pursuant to sentence 1 releases a time limit and in case the transferring payment service provider requests the consumer's confirmation, this time limit will start with receipt of the consumer's confirmation.
Amendment 490 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 8
Article 10 – paragraph 8
Amendment 494 #
2013/0139(COD)
Proposal for a directive
Article 10 – paragraph 9
Article 10 – paragraph 9
Amendment 520 #
2013/0139(COD)
Proposal for a directive
Article 14 – paragraph 1
Article 14 – paragraph 1
Member States shall ensure that consumers legally resident in the Union are not discriminated against by reason of their nationality or place of residence when applying for or accessing a payment account within the Union, provided that the communication and the contractual agreements made between the payment service provider and the consumer is done ing a payment account within the Unionn official language of the Member State where the account is offered or in any other language agreed between the parties, as provided by Directive 2007/64/EC on Payment Services.
Amendment 548 #
2013/0139(COD)
Proposal for a directive
Article 15 – paragraph 2
Article 15 – paragraph 2
2. Member States shall ensure that consumers legally resident in the Union and can justify a genuine link with the Member State of the Payment Service Provider, have the right to open and use a payment account with basic features with the payment service provider or providers identified pursuant to paragraph 1. Such a right shall apply irrespective of the consumer's place of residence. Member States shall ensure, provided that the consumer (a) does not already hold a payment account; (b) provides a declaration of honour that can be used by Payment Service Providers as a reliable means of verifying that the exercise of the right is not made excessively difficult or burdensome for the consumer. Before opening the payment account with basic features, payment service providers shall verify whether the consumer holds or does not hold a payment account in their territory/she does not already hold a payment account based on a purposive test which should demonstrate a clear need for a payment account with basic features. Member States shall ensure that the exercise of the right is not made excessively difficult or burdensome for the consumer.
Amendment 557 #
2013/0139(COD)
Proposal for a directive
Article 15 – paragraph 2 a (new)
Article 15 – paragraph 2 a (new)
2a. Member States shall ensure that the competent authorities referred to in Article 20, determine national criteria entitling a consumer to open a payment account with basic features. The EBA shall develop guidelines pursuant to Article 16 of Regulation (EU) No 1093/2010 to assist the competent authorities.
Amendment 574 #
2013/0139(COD)
Proposal for a directive
Article 15 – paragraph 3 – point b a (new)
Article 15 – paragraph 3 – point b a (new)
(ba) where the consumer is unable to provide the payment service provider with clear reasons why he would need a payment account with basic features, pursuant to conditions determined by competent authorities;
Amendment 597 #
2013/0139(COD)
Proposal for a directive
Article 16 – paragraph 1 – introductory part
Article 16 – paragraph 1 – introductory part
1. Member States shall ensure that a payment account with basic features in the currency of the Member State where the payment service provider is located includes the following payment services:
Amendment 603 #
2013/0139(COD)
Proposal for a directive
Article 16 – paragraph 1 – point b
Article 16 – paragraph 1 – point b
(b) services enabling moneycash to be placed on a payment account;
Amendment 608 #
2013/0139(COD)
Proposal for a directive
Article 16 – paragraph 1 – point c
Article 16 – paragraph 1 – point c
(c) services enabling cash withdrawals within the Union from a payment account;
Amendment 615 #
2013/0139(COD)
Proposal for a directive
Article 16 – paragraph 1 – point d – point 2
Article 16 – paragraph 1 – point d – point 2
(2) payment transactions through a paymendebit card, including online payments;
Amendment 661 #
2013/0139(COD)
Proposal for a directive
Article 18 – paragraph 2 – introductory part
Article 18 – paragraph 2 – introductory part
2. The payment service provider may unilaterally terminate a framework contract where at least one offor compelling reasons to be determined by Member States, and which shall include the following conditions is met:
Amendment 663 #
2013/0139(COD)
Proposal for a directive
Article 18 – paragraph 2 – point a
Article 18 – paragraph 2 – point a
(a) the consumer deliberately abused the account services including for criminal activities;
Amendment 676 #
2013/0139(COD)
Proposal for a directive
Article 18 – paragraph 2 – point d a (new)
Article 18 – paragraph 2 – point d a (new)
(da) the consumer rudely harasses or endangers other customers or employees of the bank;
Amendment 678 #
2013/0139(COD)
Proposal for a directive
Article 18 – paragraph 2 – point d b (new)
Article 18 – paragraph 2 – point d b (new)
(db) the consumer infringes other provisions of the contract.
Amendment 690 #
2013/0139(COD)
Proposal for a directive
Article 18 – paragraph 3
Article 18 – paragraph 3
3. Member States shall ensure that where the payment service provider terminates the contract of a payment account with basic features, it informs the consumer of the grounds and the justification for the termination at least 2 months before the termination enters into force, in writing and free of charge, except if the consumer is suspected of using the payment account for criminal or fraudulent activities, in which case the contract may be terminated right away.
Amendment 725 #
2013/0139(COD)
Proposal for a directive
Article 27 – paragraph 3
Article 27 – paragraph 3
3. The review shall also assess whether the extended deadlines established in Article 10(9) shall be maintained for a longer period of time and whether additional measures in addition to those adopted pursuant to Article 7 and 8 with respect to comparison websites and packaged offers are needed.
Amendment 727 #
2013/0139(COD)
Proposal for a directive
Article 27 – paragraph 3 a (new)
Article 27 – paragraph 3 a (new)
3a. By 1 January 2015, the Commission shall report to the European Parliament and the Council on any legal obstacles which are capable of rendering cross- border switching impossible, and is invited to make a legislative proposal, if appropriate, by 31 December 2015 on which of those obstacles should be removed.
Amendment 31 #
2013/0045(CNS)
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) The revenues from the FTT should be allocated to the budget of the European Union as genuine own resources. This should not lead to a reduction of the respective national contributions of the participating Member States to the Union budget.
Amendment 35 #
2013/0045(CNS)
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) The FTT will truly achieve its objectives if it is introduced at global level. The enhanced cooperation of 11 Member States therefore only constitutes the first step towards a FTT on Union- level and ultimately on global level. The Union will continuously advocate a global introduction and will urge for a FTT being put on the G-20 agenda.
Amendment 52 #
2013/0045(CNS)
Proposal for a directive
Recital 13 a (new)
Recital 13 a (new)
(13a) With a view to strengthening the position of regulated markets and in particular of stock exchange trading, which is strictly regulated, controlled and transparent, against unregulated, less controlled and less transparent OTC trading, Member states should apply higher tax rates to OTC transactions. This will make it possible to effect a shift in trading from markets with little or no regulation to regulated markets. The higher rates should not apply to financial transactions of OTC derivatives where they objectively reduce risks and therefore serve the real economy.
Amendment 57 #
2013/0045(CNS)
Proposal for a directive
Recital 16
Recital 16
Amendment 73 #
2013/0045(CNS)
Proposal for a directive
Article 2 – paragraph 1 – point 2 – point b
Article 2 – paragraph 1 – point 2 – point b
Amendment 77 #
2013/0045(CNS)
Proposal for a directive
Article 2 – paragraph 1 – point 2 – point e
Article 2 – paragraph 1 – point 2 – point e
Amendment 90 #
2013/0045(CNS)
Proposal for a directive
Article 2 – paragraph 1 – point 8 – point f
Article 2 – paragraph 1 – point 8 – point f
(f) a pension fund or an institution for occupational retirement provision as defined in Article 6(a) of Directive 2003/41/EC of the European Parliament and of the Council, an investment manager of such fund or institution on the activities and supervision of institutions for occupational retirement provision or a funded or partly funded pension institution subject to the Regulation 883/2004/EC, an investment manager of such fund or institution, and an entity set up for the purpose of investment of such funds or institutions acting solely and exclusively in the interest of such funds or institutions, shall not be considered a financial institution for the purposes of this Directive;
Amendment 96 #
2013/0045(CNS)
Proposal for a directive
Article 2 – paragraph 1 – point 12 a (new)
Article 2 – paragraph 1 – point 12 a (new)
(12a) ‘market making activities’ means the activities of an investment firm, a credit institution, a third-country entity, or a firm as referred to in point (1) of Article (2) of Directive 2004/39/EC, that deals as principal in a financial instrument whether traded on or outside a trading venue, in any of the following capacities: (i) by posting firm, simultaneous two-way quotes of comparable size and at competitive prices, with the result of providing liquidity on a regular and ongoing basis to the market; (ii) as part of its usual business, by fulfilling orders initiated by clients or in response to clients’ requests to trade; (iii) by hedging positions (including securities borrowing activities) arising from the fulfilment of tasks under points (i) and (ii);
Amendment 113 #
2013/0045(CNS)
Proposal for a directive
Article 3 – paragraph 4 – point g a (new)
Article 3 – paragraph 4 – point g a (new)
(ga) Transactions between entities of a group of the right to dispose of a financial instrument as owner and any equivalent operation implying the transfer of the risk associated with the financial instrument, in cases not subject to point (a)
Amendment 119 #
2013/0045(CNS)
Proposal for a directive
Article 3 – paragraph 4 – point g b (new)
Article 3 – paragraph 4 – point g b (new)
(gb) transactions in the context of repurchase agreements, reverse repurchase agreements, securities or commodities lending and securities or commodities borrowing.
Amendment 123 #
2013/0045(CNS)
Proposal for a directive
Article 3 – paragraph 4 – point g c (new)
Article 3 – paragraph 4 – point g c (new)
(g c) transactions in the context of market making activities;
Amendment 140 #
2013/0045(CNS)
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2 – introductory part
Article 9 – paragraph 2 – subparagraph 2 – introductory part
Those rates shall not be lower thanbe:
Amendment 148 #
2013/0045(CNS)
Proposal for a directive
Article 9 – paragraph 3 a (new)
Article 9 – paragraph 3 a (new)
(3a) Notwithstanding paragraph 3, participating Member States shall apply a higher rate than those specified in paragraph 2 to OTC financial transactions referred to in Articles 6 and 7. Financial transactions of OTC derivatives which are objectively measurable as reducing risks as defined by Article 10 of Regulation 149/2013 shall not be subject to this higher rate.
Amendment 127 #
2013/0000(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls on Member States to agreedopt and implement a compulsorythe directive on a Common Consolidated Corporate Tax Base (CCCTB), as adopted by the European Parliament;
Amendment 135 #
2013/0000(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls on Member States to revokeIs of the opinion theat banking licensces of financial institutions if they actively assisting in tax fraud by offering products or services to customers enabling them to evade taxes or refuse to cooperate with tax authorities should be revoked;
Amendment 477 #
2012/2151(INI)
Motion for a resolution
Recital CB
Recital CB
Amendment 679 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.1 – paragraph 9 a (new)
Annex – part 1 – point 1.1 – paragraph 9 a (new)
The ESM should recapitalise banks directly as soon as legislation on the SSM has been approved. A precise and clear calendar for finalising the banking union should be drawn up.
Amendment 716 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 6 a (new)
Annex – part 1 – point 1.2 – paragraph 6 a (new)
Specify that a clear calendar for finalising the banking union should be drawn.
Amendment 747 #
2012/2151(INI)
Motion for a resolution
Annex – part 1 – point 1.3 – paragraph 6
Annex – part 1 – point 1.3 – paragraph 6
That obligation should be a collective one in the case of Member States whose currency is the euro. A vehicle should be established or designated to provide reassurance that that collective obligation will be met and if required that vehicle needs to be able to intervene directly in institutions under recovery or resolution. That vehicle could be the ESM, as long as recourse to public intervention is activated only in exceptional cases.
Amendment 39 #
2012/2040(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Believes that further work on common technical standards wcould not only enhance the competitiveness of the European economy and the functioning of the internal market but would also bring security-related advantages in the form of common security standards, which would benefit both consumers and merchants;
Amendment 59 #
2012/2040(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that the separation of payment infrastructures from payment schemes cwould not necessarily increase competition as smaller players wnd that any technical constraints for market access should not be blocoked out due to technical constraintsat separately;
Amendment 7 #
2012/2028(INI)
Motion for a resolution
Citation 2 a (new)
Citation 2 a (new)
- having regard to the presentation by Vice-President Rehn in the Committee on Economic and Monetary Affairs on 23 November 2011 and of the exchange of views with the German Council of Economic Experts on the European redemption fund on 29 November 2011,
Amendment 8 #
2012/2028(INI)
Motion for a resolution
Citation 2 b (new)
Citation 2 b (new)
- having regard to the report by President of the European Council, Herman Van Rompuy "Towards a Genuine Economic and Monetary Union",
Amendment 9 #
2012/2028(INI)
Motion for a resolution
Citation 2 c (new)
Citation 2 c (new)
- having regard to the decision of the European Council of 30 June 2012 to explore ways of improving the economic and financial architecture of the eurozone
Amendment 15 #
2012/2028(INI)
Motion for a resolution
Recital A
Recital A
A. whereas Parliament requested that the Commission submit a report on the posfeasibility of introducing eurostability bonds, which was an integral part of the agreement between Parliament and the Council on the economic governance package (six pack); whereas the Green Paper, however, proposes neither crisis resolution measures nor ways in which the options presented could be implemented;
Amendment 29 #
2012/2028(INI)
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. whereas the crisis has demonstrated not only the interdependence between eurozone Member States but also has made clear the need for a more robust fiscal union with effective mechanisms to correct unsustainable fiscal trajectories, macroeconomic imbalances, debt levels and the upper limits of budget balance of Member States;
Amendment 31 #
2012/2028(INI)
Motion for a resolution
Recital B c (new)
Recital B c (new)
Bc. whereas it is now recognized that the common issuance of debt is not an immediate response to the present crisis nor an immediate crisis resolution mechanism but just an instrument within a completely functional economic and monetary union to the reinforcement of financial stability and prevention of future sovereign debt crisis;
Amendment 33 #
2012/2028(INI)
Motion for a resolution
Recital B d (new)
Recital B d (new)
Bd. whereas the common issuance of debt with joint and several liabilities and an enhanced fiscal integration and budgetary discipline and control are two faces of the same coin;
Amendment 35 #
2012/2028(INI)
Motion for a resolution
Recital B e (new)
Recital B e (new)
Be. whereas a substantial part of the national budgetary sovereignty should be transferred to the EU, making the participation on the common debt issuance system conditional on the respect of SGP rules - and on the acceptance of EU powers to requires changes to national budgets when in violation of fiscal rules - so to ensure compliance and prevent moral hazard;
Amendment 44 #
2012/2028(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Welcomes the presentation of the Green Book, which fulfils a long standing requests of the European Parliament; Considers that the possible introduction of stability bonds would be an operation at par in importance with the introduction of the single currency;
Amendment 47 #
2012/2028(INI)
Motion for a resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Welcomes the decision of the European Council of 30 June 2012 to explore ways of improving the economic and financial architecture of the euro area; notes that great emphasis is put by the Council on avoiding moral hazard and achieving sound and sustainable public finances;
Amendment 49 #
2012/2028(INI)
Motion for a resolution
Paragraph 1 c (new)
Paragraph 1 c (new)
1c. Notes that the EFSM, the EFSF and the ESM are the most important firewalls designed so far by the EU; stresses that as a common bond system does not prevent individual country default, the role of the ESM regarding solvency issues shall not be disregarded and reiterates its vital importance to help ring-fencing such system;
Amendment 51 #
2012/2028(INI)
Motion for a resolution
Paragraph 1 d (new)
Paragraph 1 d (new)
1d. Stresses that fiscal consolidation and structural reforms throughout all Member States are necessary to restore fiscal credibility and are essential to achieve a sustainable balance of payments and sound and sustainable public finances. Restoring sound state finances and carrying out structural reforms should be a prerequisite for introducing a common debt issuance system;
Amendment 55 #
2012/2028(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the fiscal consolidation and structural reform efforts undertaken by a number of Member States; acknowledges the difficult and demanding efforts that are being requested to the European citizens but reinforces the need for fiscal consolidation; welcomes that two Member states saw their excessive deficit procedure ended this year;
Amendment 60 #
2012/2028(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Believes that growth is only possible with sound fiscal policies and therefore, and due to the deepen inter-dependence between Member States and the spill-over effects of macroeconomic policies, even those Member States out of assistance programmes should improve their consolidation efforts and structural reform programmes in order to foster competitiveness, growth and employment;
Amendment 66 #
2012/2028(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is deeply concerned, however, that despite Member States‘ reform and consolidation efforts euro area sovereign bond markets are in distrthe markets have not acknowledged the considerable efforts towards reforms and consolidation in some Member statess, which is reflected in widening spreads and high interest rate volatility;
Amendment 76 #
2012/2028(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Believes that there is an urgent need to further discuss a longer-term vision for the euro area which ensures sound public finances, sustainable growth and high levels of employment, preventing moral hazard and supporting convergence which is only possible with a qualitative move towards a fiscal union;
Amendment 82 #
2012/2028(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Notes that an integrated budgetary framework is essential to ensure sound fiscal policy, encompassing coordination, joint decision-making, greater enforcement and commensurate steps towards common debt issuance (including short-term funding instruments on a limited and conditional basis, or gradual roll-over into a redemption fund);
Amendment 109 #
2012/2028(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that the prospect of common bonds can foster stability in the euro area and be an additional element to incentivise compliance with the stability and growth pactReiterates its position that as a necessary precondition for common issuance bonds, a sustainable fiscal framework needs to be in place, aimed at both enhanced economic governance, fiscal discipline and SGP compliance; reiterates its position that sequencing is a key issue involving a binding roadmap, included in the annex,roadmap similar to the Maastricht criteria for introducing the single currency; asks for further clarification on the Commission's suggestion to make the common debt issuance conditional, e.g. on the respect of the Stability and Growth Pact;
Amendment 122 #
2012/2028(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Reminds that even under a common bond issuance scheme every Member state is obliged to pay back the entirety of its debt; reminds that common bond issuance are no guarantee against a Member state defaulting on its debt;
Amendment 127 #
2012/2028(INI)
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Urges to only consider commonly issued bonds that insure strict seniority status to the holders of these bonds in order to protect the EU taxpayers;
Amendment 129 #
2012/2028(INI)
Motion for a resolution
Paragraph 7 c (new)
Paragraph 7 c (new)
7c. Notes that most proposals for eurobonds include ways to reduce the access to the bonds for Member states whose budgetary positions spin out of control; urges therefore to maintain mechanisms that are able to help those Member states which are experiencing difficulties in form of a liquidity crisis (as opposed to a solvability crisis) and that are excluded from the common issuance of bonds; believes that the ESM should be maintained for that purpose; urges to make the ESM subject to the Community method;
Amendment 134 #
2012/2028(INI)
Motion for a resolution
Paragraph 7 g (new)
Paragraph 7 g (new)
7g. Believes that it is essential to establish a roadmap in a two-phase approach: in a short-run exit the current crisis and in a long-run to move towards a fiscal union by completing, strengthening and deepening the economic and monetary union;
Amendment 142 #
2012/2028(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Urges Member States to seriously considertudy the option of immediately establishing a temporary European Redemption Fund in order to allow participating countries to reduce excessive debt over a maximum period of 25 years by using the interest rate savings for debt reduction;
Amendment 154 #
2012/2028(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Urges Member States to seriously consider the immediate issuance of common short-term debt in the form of eurobills to protect those Member States with fundamentally sustainable fiscal polices from illiquidity runs and the negative feedback loop between sovereign and banking crises;
Amendment 181 #
2012/2028(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Believes that, in parallel, there is an urgent need to recapitalise the European banking sector and to further complete financial integration in the EU; calls on the Commission to put forward proposals for a Banking Union with a single financial supervisory authority to oversee systemic financial institutions with pre-emptive intervention powers, a banking resolution regime including a recapitalisation fund and an EU-wide common deposit guarantee scheme;
Amendment 200 #
2012/2028(INI)
Motion for a resolution
Paragraph 12 c (new)
Paragraph 12 c (new)
12c. Shares the view expressed by the Commission in its Green Paper that the stability of a eurobond system cannot rely solely on the shoulders of a small number of Member states with sustainable finances, and that such system demands a strengthened fiscal union and stronger budgetary discipline and control to prevent moral hazard;
Amendment 209 #
2012/2028(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Believes that if the blue-bond/red- bond system proves to be beneficial to the euro area as a whole, a further step, requiringa system of mutualisation of debt is deemed possible and well interwoven in a stability oriented framework, a Treaty change, should be envisaged, which iscould result in the issuance of bonds under joint and several liability;
Amendment 212 #
2012/2028(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Believes that a system of partial substitution of national issuance (such as the blue/red bonds) might reduce the cost of borrowing for those Member States that have sound and sustainable public finances on the one hand, and might create an incentive for those with excessive debt to reduce it on the other, as the risk associated with red bonds would be higher and interest rates would increase;
Amendment 225 #
2012/2028(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Strengthens that the Commission should study the feasibility of each and all of the options presented in the Annex (both phase 1 and phase 2), which are not necessarily alternative but can be, under certain circumstances, cumulative and concurrent;
Amendment 228 #
2012/2028(INI)
Motion for a resolution
Paragraph 14 b (new)
Paragraph 14 b (new)
14b. Is aware that an ever increasing number of proposals for the mutualisation of debt are being made, especially in the academic field; notes that these proposals vary considerably; outlines a chosen number of possible options in the annex;
Amendment 234 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Title
Annex - Phase 1 - Title
Phase 1 - Immediate measures to exit theShort term measure in view of the present sovereign debt crisis
Amendment 236 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Subtitle 1
Annex - Phase 1 - Point 1 - Subtitle 1
Option 1. Setting up of a temporary European redemption fund to reduce debt to sustainable levels at affordable interest rates
Amendment 246 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 1
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 1
- transfer of debt amounts above the Maastricht reference value of 60 % of GDP to a common fund subject to joint and several liabilthrough a roll-in phase of five years; such transference should be phased and start wityh through a roll-in phase of five yearse transfer of only 10% of the debt above the Maastricht threshold of 60% of the GDP; subsequent transfers should be gradual;
Amendment 250 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 2
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 2
- limit participation to Member States without an adjustment programme; provide for a phasCountries with adjustment program can joing in of Member States that havmmediately but their debts can only be transferred, following a phase-in plan after the successfully completed anion of the adjustment programme;
Amendment 255 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3
- oblige Member States to autonomously redeem the transferred debt over a period of maximum 25 years by using the interest rate savings for debt redemption, which could be shorter if the growth rate is higher than foreseen;
Amendment 260 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3 a (new)
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 3 a (new)
- apply strict conditions such as (i) depositing collaterals; (ii) commit to fiscal consolidations plans and structural reforms;
Amendment 269 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5 a (new)
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 5 a (new)
- provide for transparent and predictable exit procedures for Member States. Staying should be incentivised and therefore exit should be costly; failure to honour commitments during the roll-in phase should immediately stop the roll-in phase and failure to honour commitments at any time should forfeit the collateral deposited with the Fund.
Amendment 272 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Subtitle 2
Annex - Phase 1 - Point 2 - Subtitle 2
Amendment 287 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1 c (new)
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1 c (new)
- total eurobill issuance can not exceed 10% of country GDP;
Amendment 289 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 2
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 2
- maximum maturity of eurobills (amounting to maximum 10% of GDP) of up to one year, which allows for continued monitoring and due to short term maturity frequent renewal of guarantees;
Amendment 291 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 3
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 3
- eurobills replace all short-term debt to be issued by Member States which consequently remain solely responsible for issuing their own debt for longer maturities which should be monitored and limited according to each country needs, fiscal situation and debt ratio;
Amendment 294 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 4
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 4
- provide for dismissible participation by a decision of the national parliamenttransparent and predictable exit procedures for Member States. Staying should be incentivised and therefore exit should be costly;
Amendment 307 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Title
Annex - Phase 2 - Title
Phase 2 Blue bond proposal: yearly allocated debt ≤ 60 % of GDP to be issued in common without a Treaty changeLong term solutions in order to complete the EMU
Amendment 310 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 1 a (new)
Annex - Phase 2 - Paragraph 1 a (new)
Progress to phase 2 shall be conditional to the establishment of an enhanced fiscal integration and budgetary discipline and control with effective mechanisms to prevent and correct unsustainable fiscal policies.
Amendment 311 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 1 b (new)
Annex - Phase 2 - Paragraph 1 b (new)
A substantial part of the national budgetary sovereignty should therefore be transferred to the EU, making the participation on the common debt issuance system conditional on the respect of SGP rules - and on the acceptance of EU powers to require changes to national budgets when in violation of fiscal rules - so to ensure compliance and prevent moral hazard. Such a progress would ultimately lead to the establishment of a euro area fiscal body equivalent to a treasury office.
Amendment 312 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 1 c (new)
Annex - Phase 2 - Paragraph 1 c (new)
Option 1 Common issuance of national debt involving a Treaty change
Amendment 316 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 2
Annex - Phase 2 - Paragraph 2
The Commission puts forward proposals for theshall study and report its conclusions to the European Parliament on the possibility of setting up of a system for the allocation of debt below 60 % of GDP to be issued in common, which is safeguarded by national debt brakes according to principles such as:
Amendment 321 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 2 - Paragraph 2 - Subparagraph 2
Annex - Phase 2 - Paragraph 2 - Subparagraph 2
- strictly limit the amount of debt to be issued under joint and several liabilities to a part of less than 60 % of GDP by prohibiting participating Member States from issuing senior debt outside the common issuanceto a part of less than 60 % of GDP, possibly even at an upper level that is lower than 60%;
Amendment 328 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 3 - Title
Annex - Phase 3 - Title
Amendment 333 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 3 - Paragraph 1
Annex - Phase 3 - Paragraph 1
Amendment 338 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 3 - Paragraph 1 - Subparagraph 1
Annex - Phase 3 - Paragraph 1 - Subparagraph 1
Amendment 341 #
2012/2028(INI)
Motion for a resolution
Annex - Phase 3 - Paragraph 1 - Subparagraph 2
Annex - Phase 3 - Paragraph 1 - Subparagraph 2
- establish a European debt agency for the issuance of bonds, or confer this task to the ESM;
Amendment 189 #
2012/0175(COD)
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Directive lays down rules concerning the taking-up and pursuit of the activities of insurance and reinsurance mediation, including professional management of claims and loss adjusting, by natural and legal persons which are established in a Member State or which wish to be established there.
Amendment 202 #
2012/0175(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 3 – subparagraph 1
Article 2 – paragraph 1 – point 3 – subparagraph 1
3. ‘insurance mediation’' means the activities of advising on , proposing or carrying out other work preparatory to the conclusion of contracts of insurance, concluding such contracts or assisting in the administration and performance of such contracts, in particular in the event of a claim , and the. These activities shall be considered activityies of professional management of claims and loss adjusting . These activitiesadvising on, proposing or carrying out other work preparatory to the conclusion of contracts of insurance, or of concluding such contracts, shall also be considered to be insurance mediation also if carried onut by an employee of an insurance undertaking in direct contact with the client without the intervention of an insurance intermediary.
Amendment 217 #
2012/0175(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 8
Article 2 – paragraph 1 – point 8
8. ‘'tied insurance intermediary’' means any person who carries on the activity of insurance mediation for and on behalf of one or more insurance undertakings or insurance intermediaries,in the case of insurance products which are not in competition and who acts under the full responsibility of those insurance undertakings for insurance intermediaries, provided that the insurance intermediaries under whose responsibility the person acts do not themselves act undthe products which concern them responsibility of another insurance undertaking or intermediarectively;
Amendment 395 #
2012/0175(COD)
Proposal for a directive
Article 17 – paragraph 1 – point f
Article 17 – paragraph 1 – point f
(f) if the intermediary will receive a fee or a commission of any kind, the full amount of the remuneration concerning the insurance products being offered or considered or, where the precise amount is not capable of being given, the basis of calculation of all the fee or commission or the combination of both;whether in relation to the insurance contract, the source of remuneration is: (i) the policyholder; (ii) the insurance undertaking; (iii) another insurance intermediary; (iv) a combination of (i), (ii) and (iii).
Amendment 409 #
2012/0175(COD)
Proposal for a directive
Article 17 – paragraph 1 – point g
Article 17 – paragraph 1 – point g
Amendment 424 #
2012/0175(COD)
Proposal for a directive
Article 17 – paragraph 2 – point a
Article 17 – paragraph 2 – point a
Amendment 429 #
2012/0175(COD)
Proposal for a directive
Article 17 – paragraph 2 – point b
Article 17 – paragraph 2 – point b
Amendment 435 #
2012/0175(COD)
Proposal for a directive
Article 17 – paragraph 3
Article 17 – paragraph 3
Amendment 441 #
2012/0175(COD)
Proposal for a directive
Article 17 – paragraph 4
Article 17 – paragraph 4
Amendment 482 #
2012/0175(COD)
Proposal for a directive
Article 18 – paragraph 3
Article 18 – paragraph 3
3. When the insurance intermediary or the insurance undertaking inform the customer that it gives its advice on the basis of a fair analysis, it is obliged to give that advice on the basis of an analysis of a sufficiently large number of insurance contracts available on the market, to enable it to make a recommendation, in accordance with professional criteria, regarding which insurance contract would be adequate to meet the customer's needs.
Amendment 529 #
2012/0175(COD)
Proposal for a directive
Chapter 7 – title
Chapter 7 – title
Amendment 533 #
2012/0175(COD)
Proposal for a directive
Article 22 – paragraph 1 – introductory part
Article 22 – paragraph 1 – introductory part
This Chapter applies additional requirements to insurance mediation, when carried on in relation toreplaces Articles 15 to 18 of Chapter VI for the sale of insurance investment products by:
Amendment 557 #
2012/0175(COD)
Proposal for a directive
Article 24 – paragraph 3 – point a
Article 24 – paragraph 3 – point a
(a) the insurance intermediary or insurance undertaking and its services. When advice is provided, information shall specify whether the advice is provided on an independent basis and whether it is based on a broad or on a more restricted analysis of the market and shall indicate whether the insurance intermediary or insurance undertaking will provide the customer with the on-going assessment of the suitability of the insurance product recommended to the customer;
Amendment 563 #
2012/0175(COD)
Proposal for a directive
Article 24 – paragraph 3 – point b
Article 24 – paragraph 3 – point b
(b) insurance products and proposed investment strategies. This should include appropriate guidancewhether advice is provided independently on the basis of a fair analysis in the market or on the basis onf and warnings of the risks associ analysis of the products offered by an insurance undertaking. The information shall indicated wihether the investments in those products or in respect of particular investment strategies; andsurance intermediary or insurance undertaking will provide the customer with the on- going assessment of the suitability of the insurance product recommended to the customer;
Amendment 564 #
2012/0175(COD)
Proposal for a directive
Article 24 – paragraph 3 – point c
Article 24 – paragraph 3 – point c
(c) costs and associated chargeinsurance products while taking into account the complexity of the insurance product and the type of customer (whether consumer or not). This should include appropriate guidance on and warnings of the risks associated with investments in those products.
Amendment 575 #
2012/0175(COD)
Proposal for a directive
Article 24 – paragraph 5 – introductory part
Article 24 – paragraph 5 – introductory part
5. When the insurance intermediary or insurance undertaking informs the customer that insurance advice is provided on an independent basis, the insurance intermediary or insurance undertaking shallly, the appropriate information referred to in paragraph 3 shall include the following which shall be provided before the insurance advice:
Amendment 580 #
2012/0175(COD)
Proposal for a directive
Article 24 – paragraph 5 – point a
Article 24 – paragraph 5 – point a
(a) assess a sufficiently large number of insurance products available on the market. The insurance products should be diversified with regard to their type and issuers or product providers and should not bethe range of insurance products on which the recommendation will be based and, in particular, whether the range is limited to insurance products issued or provided by entities having close links with the insurance intermediary or insurance undertakingwho represents the customer; and
Amendment 592 #
2012/0175(COD)
Proposal for a directive
Article 24 – paragraph 5 – point b
Article 24 – paragraph 5 – point b
(b) not accept or receive fees, commissions or any monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision ofwhether a fee is payable by the customer for the seradvice to customers.;
Amendment 599 #
2012/0175(COD)
Proposal for a directive
Article 24 – paragraph 5 – point b a (new)
Article 24 – paragraph 5 – point b a (new)
(ba) whether the insurance intermediary receives any fees or commissions from third parties in relation to the insurance contract.
Amendment 170 #
2012/0169(COD)
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
This Regulation shall apply to the manufacturing and selling of investment productPRIPs.
Amendment 176 #
2012/0169(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point a
Article 2 – paragraph 2 – point a
(a) life insurance products, which do not offer a surrender value or where that surrender value is not wholly or partially exposed, directly or indirectly, to market fluctuations;ith or without profit sharing, where the investment risk is not borne by the policyholder and which fall under Annex I (I) of Directive 2002/83/EC and annex II (I) of Directive 2009/138/EC
Amendment 187 #
2012/0169(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point d a (new)
Article 2 – paragraph 2 – point d a (new)
(da) securities whose denomination per unit amounts at least 100,000 Euro;
Amendment 194 #
2012/0169(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point f
Article 2 – paragraph 2 – point f
(f) all pension products for which a financial contribution from the employer is required by national law and where the employee has no choice as to the pension product provider.as defined under Article 4(d)
Amendment 197 #
2012/0169(COD)
Proposal for a regulation
Article 2 – paragraph 2 – point f a (new)
Article 2 – paragraph 2 – point f a (new)
(fa) officially recognised pension products and social security schemes subject to national or European Union law
Amendment 202 #
2012/0169(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. WThere investment product manufacturers subject to this Regulation are also subject to Directive 2003/71/EC, this Regulation and Directive 2003/71/EC shall both apply key information document drawn up in accordance with the requirements laid down in this Regulation shall be regarded as compliant with the requirements laid down in Article 24 (3) of Regulation n. 809/2004 as amended by Regulation n. 486/2012 and in Article 17 (1), 18 and 19 of Directive 2003/71/EC, as amended by Directive 2010/73/EC.
Amendment 209 #
2012/0169(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. WThere investment product manufacturers subject to this Regulation are also subject to Directive 2009/138/EC, this Regulation and key information document drawn up in accordance with the requirements laid down in this Regulation shall be regarded as compliant with the requirements laid down in Article 185 (4) of Directive 2009/138/EC shall both apply.
Amendment 210 #
2012/0169(COD)
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. The Commission shall be empowered to adopt delegated act in accordance with article 23 defining further requirements in order to ensure that the content and related rules of the key information document allow to fulfil the mentioned obligations respectively set out by Directive 2003/71/EC and Directive 2009/138/EC.
Amendment 216 #
2012/0169(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) ‘investment product’ means an investment where regardless of the legal form of the investment the amount repayable to the investor is exposed to fluctuations in reference values other than interest rate or in the performance of one or more assets which are not directly purchased by the investor; by altering its risk and reward profile or the costs associated with an investment in the investment product;
Amendment 221 #
2012/0169(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point c – point i
Article 4 – paragraph 1 – point c – point i
(i) retail clients as defined in point (12) of Article 4(1) of Directive 2004/39/EC whenever the investment product is a financial instrument as defined in the annex I, section C of that Directive;
Amendment 223 #
2012/0169(COD)
Proposal for a regulation
Article 4 – paragraph 1 – point c – point ii
Article 4 – paragraph 1 – point c – point ii
(ii) customers within the meaning of Directive 2002/92/EC whenever the investment product is an insurance policy within the meaning of Directive 2009/138/EC;
Amendment 315 #
2012/0169(COD)
Proposal for a regulation
Article 8 – paragraph 2 – point b – point iii
Article 8 – paragraph 2 – point b – point iii
(iii) an indication of whether the investment product manufacturer targets specific environmental, social or governance outcomes, either in respect of his conduct of business or in respect of the investment product, and if so, an indication of the outcomes being sought and how these are to be achieved;
Amendment 326 #
2012/0169(COD)
Proposal for a regulation
Article 8 – paragraph 2 – point b – point iv
Article 8 – paragraph 2 – point b – point iv
Amendment 336 #
2012/0169(COD)
Proposal for a regulation
Article 8 – paragraph 2 – point b – point vi
Article 8 – paragraph 2 – point b – point vi
Amendment 350 #
2012/0169(COD)
Proposal for a regulation
Article 8 – paragraph 2 – point c – introductory part
Article 8 – paragraph 2 – point c – introductory part
(c) under a section titled ‘Could I lose money?’, a brief"Insurance benefits", an indication of whether loss of capital is possible, includingthe investment product provides insurance benefits and if so, details of these insurance benefits
Amendment 356 #
2012/0169(COD)
Proposal for a regulation
Article 8 – paragraph 2 – point c – point i
Article 8 – paragraph 2 – point c – point i
(i) any guarantees orand capital protection provided, as well as any limitations to these;
Amendment 361 #
2012/0169(COD)
Proposal for a regulation
Article 8 – paragraph 2 – point c – point ii
Article 8 – paragraph 2 – point c – point ii
(ii) whether the investment product is covered by a compensation or guarantee schemeand the name of the guarantor;
Amendment 369 #
2012/0169(COD)
Proposal for a regulation
Article 8 – paragraph 2 – point d
Article 8 – paragraph 2 – point d
(d) under a section titled ‘What is it for?’"Under what conditions may I disinvest?" an indication of the recommended or required minimum holding period and the expected liquidity profile of the product including the possibility and conditions for any disinvestments before maturity, having regard to the risk and reward profile of the investment product and the market evolution it targetswhere a minimum recommended term for holding the investment product is stated in the offer documents the possibility and conditions for any disinvestments before maturity;
Amendment 380 #
2012/0169(COD)
Proposal for a regulation
Article 8 – paragraph 2 – point e
Article 8 – paragraph 2 – point e
(e) under a section titled ‘What are the r" Risks and what might I get back?’reward profile", the risk and reward profile of the investment product, including a summary indicator of this profinarrative description of the rele vand warnings in relation to any specific risks that may not be fully reflected in the summary indicatort risks consistently with those provided by the offer documents, if any;
Amendment 388 #
2012/0169(COD)
Proposal for a regulation
Article 8 – paragraph 2 – point e a (new)
Article 8 – paragraph 2 – point e a (new)
(e a) under a section titled "Premium", the minimum entry or investment requirement and the premium payment terms and flexibility (single or periodic payment)
Amendment 398 #
2012/0169(COD)
Proposal for a regulation
Article 8 – paragraph 2 – point f
Article 8 – paragraph 2 – point f
(f) under a section titled ‘"What are the costs?’", the costs associated with an investment in the investment product, comprising both direct and indirect costs to be borne by the investor, including summary indicators of these costs, consistently with those provided by the offer documents, if any;
Amendment 404 #
2012/0169(COD)
Proposal for a regulation
Article 8 – paragraph 2 – point g
Article 8 – paragraph 2 – point g
(g) under a section titled ‘How has it done in the past?’,"Past- performance", a description of the past performance of the investment product, if this is relevant having regard to the nature of the investment product and the length of its track record and, if so, complemented by an appropriate warning that "past returns do not guarantee future performance";
Amendment 414 #
2012/0169(COD)
Proposal for a regulation
Article 8 – paragraph 2 – point h
Article 8 – paragraph 2 – point h
Amendment 430 #
2012/0169(COD)
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
Amendment 475 #
2012/0169(COD)
Proposal for a regulation
Article 10 – paragraph 2 – introductory part
Article 10 – paragraph 2 – introductory part
2. The Commission shall be empowered to adopt delegated acts in accordance with Article 23 laying down detailed rules for the review of the information contained in the key information document and the revision of the key information document, having regard to the nature of the investment product, as regards:
Amendment 488 #
2012/0169(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Where an investment product manufacturer has produced a key information document which does not comply with the requirements of Articles 6, 7 and 8 on which a retail investor has relied when making an investment decision, such a retail investor may claim from the investment product manufacturer damages for any loss caused to that retail investor through the use of the key information documentKey investor information shall constitute pre-contractual information. It shall be fair, clear and not misleading. It shall provide key information and shall be consistent with the relevant parts of the offer documents, when they have to be produced by the product manufacturer.
Amendment 502 #
2012/0169(COD)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. When a retail investor demonstrates a loss resulting from the use of the information contained in the key information document, the inveMember States shall ensure that a person does not incur civil liability solely on the basis of the key investor information, including any translation thereof, unless it is misleading, inaccurate or inconsistment product manufacturer has to prove that the key information document has been drawn up in compliance with Articles 6, 7 and 8 of this Regulationwith the relevant parts of the offer documentation. Key investor information shall contain a clear warning to that effect.
Amendment 508 #
2012/0169(COD)
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
Amendment 589 #
2012/0169(COD)
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
Article 15 – paragraph 1 – introductory part
1. Where a retail investor initiates a procedure for alternative dispute resolution laid down in national law against an investment product manufacturer or a person selling investment products with regard to a dispute concerning rights and obligations established under this Regulation, the investment product manufacturer or the person selling investment products shallmay participate in that procedure, provided that it fulfils the following requirements:
Amendment 680 #
2012/0169(COD)
Proposal for a regulation
Article 26 – paragraph 3
Article 26 – paragraph 3
This Regulation shall be binding in its entirety and directly applicable in all Member States. During the first 12 months of application of this Regulation the competent authorities shall allow the investment product manufacturers to adopt the necessary arrangements in order to comply with this Regulation.
Amendment 6 #
2012/0164(APP)
Motion for a resolution
Recital G
Recital G
Amendment 23 #
2012/0164(APP)
Motion for a resolution
Paragraph 5 – point iii
Paragraph 5 – point iii
(iii) the increased variety of financial assistance to non-euro area Member States provided for in the BoP Proposal is welcome; however, an appropriate instrument for bank recapitalisation needs to be added to the selection of financial assistance tools in order to ensure a level playing field between euro area and non-euro area Member States;
Amendment 155 #
2012/0150(COD)
Proposal for a directive
Recital 10
Recital 10
(10) National Authorities should take into account the risk, size and interconnectedness of an institution, legal status, nature, scope and complexity of business activity, and interconnectedness of an institution and membership to an IPS as according to Art. 80(8) CRD or other cooperative mutual solidarity systems as according to Art. 80(7) CRD and Art. 3 CRD when applying the requirements under this Directive in the context of recovery and resolution plans and when using the different tools at their disposal, making sure that the regime is applied in an proportionate and appropriate way.
Amendment 274 #
2012/0150(COD)
Proposal for a directive
Article 1 a (new)
Article 1 a (new)
Article 1 a The competent authorities shall ensure when establishing and applying the requirements under this Directive and when using the different tools at their disposal to take account of risk, size, legal status interconnectedness, the nature, the scope and the complexity of the activities of institutions and membership to an IPS and other cooperative solidarity systems as according to Art. 80(8) CRD and Art. 3 CRD.
Amendment 277 #
2012/0150(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) ‘resolution’ means the restructuring of an institution in order to ensure the continuity of its essential functions, preserve financial stability and restore the viability of all or part of that institution; The resolution phase is formally declared by the resolution authority when conditions are met;
Amendment 279 #
2012/0150(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 1 a (new)
Article 2 – paragraph 1 – point 1 a (new)
(1a) ‘early intervention’ means any action taken by a competent authority or by the DGS or by the IPS in consultation with a competent authority before the resolution phase is formally declared.
Amendment 283 #
2012/0150(COD)
Proposal for a directive
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
(7a) ‘IPS’ means an Institutional Protection Scheme meeting the requirements laid down in art. 80(8) of Directive 48/2006/CE.
Amendment 313 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Each Member States shall designate one or more resolution authoritiesy that areis empowered to apply the resolution tools and exercise the resolution powers.
Amendment 335 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 6 a (new)
Article 3 – paragraph 6 a (new)
6a. EBA should develop the required standards of expertise, resources and operational capacity and monitor the implementation of this paragraph also through periodical peer reviews. If needed, EBA shall require the designated authorities to take all measures necessary to ensure full compliance with such standards.
Amendment 340 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 7
Article 3 – paragraph 7
Amendment 345 #
2012/0150(COD)
Proposal for a directive
Article 3 – paragraph 8
Article 3 – paragraph 8
8. Member States shall inform European Banking Authority (EBA) of the national authority or authorities appointed as resolution authorities and contact authority and, where relevant, their specific functions and responsibilities. EBA shall publish the list of those resolution authorities.
Amendment 355 #
2012/0150(COD)
Proposal for a directive
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. Having regard to the impact that the failure of the institution could have, due to the legal model of the institution, the nature of its business, its size or its interconnectedness to other institutions or to the financial system in general, on financial markets, on other institutions, on funding conditions, having also regard to the existence of IPS for those institutions which participate in them, Member States shall ensure that competent and resolution authorities determine the extent to which the following apply to institutions:
Amendment 392 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
1a. Member States shall ensure that IPSs draw up and maintain a recovery plan for the whole network to the benefice to which they operate. Competent authorities shall refer to IPS for institutions that participate to them.
Amendment 394 #
2012/0150(COD)
Proposal for a directive
Article 5 – paragraph 1 b (new)
Article 5 – paragraph 1 b (new)
1b. Institutions which are part of an intra group financial support a arrangements as referred to Article 16 of this directive are exempted to draw up recovery plans at individual level.
Amendment 438 #
2012/0150(COD)
Proposal for a directive
Article 6 – paragraph 3
Article 6 – paragraph 3
3. Where competent authorities assess that there are deficiencies in the recovery plan, or potential impediments to its implementation, they shall notify the institution of their assessment and require the institution to submit, within three months, a revised plan demonstrating how those deficiencies or impediments have been addressed. Before requiring an institution to submit a revised recovery plan, the competent authority shall give the institution the opportunity to state its opinion.
Amendment 465 #
2012/0150(COD)
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Member States shall ensure that parent undertakings or institutions that are subject to consolidated supervision pursuant to Articles 125 and 126 of Directive 2006/48/EC draw up and submit to the consolidating supervisor a group recovery plan that includes a recovery plan for the whole group and for subsidiaries included into consolidated supervision, including for the companies referred to in points (c) and (d) of Article 1, as well as a recovery plan for each institution that is part of the group.
Amendment 531 #
2012/0150(COD)
Proposal for a directive
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1a. Institutions which are part of an intra group financial support arrangements as referred to Article 16 of this directive are exempted to draw up resolution plans at individual level.
Amendment 640 #
2012/0150(COD)
Proposal for a directive
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Where the resolution authority assesses that the measures proposed by an institution in accordance with paragraph 2 do not effectively reduce or remove the impediments in question, it shall, where necessary and proportionate, subject to paragraph 5 and in consultation with the competent authorities, identify alternative measures that may achieve that objective, and notify in writing those measures to the institution.
Amendment 676 #
2012/0150(COD)
Proposal for a directive
Article 14 – paragraph 5
Article 14 – paragraph 5
5. Resolution authorities shall not base a determination in accordance with paragraph 1 on impediments resulting from factors beyond the control of the institution, including: (a) the operational and financial capacity of the resolution authority. and resolution financing arrangements; (b) the absence of agreements pursuant to Article 11 or agreements pursuant to Article 88 with relevant third country authorities.
Amendment 685 #
2012/0150(COD)
Proposal for a directive
Article 14 – paragraph 7 a (new)
Article 14 – paragraph 7 a (new)
7a. Member States shall ensure that: (a) institutions that are affected by the taking of measures by a resolution authority under this article have adequate rights of appeal and review, including judicial review, concerning such decision; (b) necessary legislative measures are taken to remove impediments which exist or arise as a result of compliance with Union or national legislation or regulations.
Amendment 763 #
Amendment 784 #
2012/0150(COD)
Proposal for a directive
Article 20 – paragraph 1 – point c a (new)
Article 20 – paragraph 1 – point c a (new)
(ca) Member states shall ensure their national laws did not prevent or impede the establishment and maintenance of intra-group support arrangements.
Amendment 892 #
2012/0150(COD)
Proposal for a directive
Article 26 – paragraph 2 – point d
Article 26 – paragraph 2 – point d
(d) to avoid unnecessary destruction of value and to seek to minimise the cost of resolutionbe the least cost alternative for creditors;
Amendment 942 #
2012/0150(COD)
Proposal for a directive
Article 28 – paragraph 4
Article 28 – paragraph 4
4. Subject to paragraph 3 and by way of derogation from the provisions of paragraph 1, notwithstanding the fact that a company referred to in point(c) or (d) of Article 1 may not meet the conditions established in Article 27 (1) resolution authorities may take resolution action with regards to a company referred to in point (c) or (d) of Article 1 when one or more of the subsidiaries which are institutions comply with the conditions established in Article 27 (1), (2) and (3) and their assets and liabilities represent the majority of the assets and liabilities of the group and action with regard to the company referred to in points (c) or (d) of Article 1 is necessary for the resolution of one or moresuch subsidiaries which are institutions orand for the resolution of the group as a whole.
Amendment 953 #
2012/0150(COD)
Proposal for a directive
Article 29 – paragraph 1 – point c
Article 29 – paragraph 1 – point c
(c) senior management of the institution under resolution is replaced and a monitoring trustee is appointed by the creditors to control the application of the resolution tool and the management of the institution under resolution;
Amendment 1006 #
2012/0150(COD)
Proposal for a directive
Article 31 – paragraph 4
Article 31 – paragraph 4
4. Resolution authorities may apply the asset separation tool and the bail-in tool only in conjunction with another resolution tool an in accordance with Article 31 (3) and (4).
Amendment 1009 #
2012/0150(COD)
Proposal for a directive
Article 31 – paragraph 7
Article 31 – paragraph 7
7. Member States shall not be prevented from conferring upon resolution authorities additional powers exercisable where an institution meets the conditions for resolution, provided that those additional powers do not pose obstacles to effective group resolution and that they are consistent with the resolution objectives and the general principles governing resolution set out in Articles 26 and 29. Member States shall introduce such additional powers only once they have notified them to the European Commission. If these measures do not constitute an obstacle to effective group resolution, the European Commission shall grant its approval within 3 months upon notification.
Amendment 1058 #
2012/0150(COD)
Proposal for a directive
Article 37 – paragraph 2 – introductory part
Article 37 – paragraph 2 – introductory part
2. Member States shall ensure that resolution authorities may apply the bail-in tool for either of the following purposes:
Amendment 1060 #
2012/0150(COD)
Proposal for a directive
Article 37 – paragraph 2 – point a
Article 37 – paragraph 2 – point a
Amendment 1065 #
2012/0150(COD)
Proposal for a directive
Article 37 – paragraph 3 – subparagraph 1
Article 37 – paragraph 3 – subparagraph 1
Member States shall ensure that resolution authorities may apply the bail-in tool for the purpose referred to in point (a) of paragraph 2 only if there is a realistic prospect that the application of that tool, in conjunction with measures implemented in accordance with the business reorganisation plan required by Article 47 will, in addition to achieving relevant resolution objectives, restore the institution in question to financial soundness and long-term viabilitythe powers of bail-in are only applied to eligible liabilities, identified in accordance with Article 39.
Amendment 1070 #
2012/0150(COD)
Proposal for a directive
Article 37 – paragraph 3 – subparagraph 2
Article 37 – paragraph 3 – subparagraph 2
Amendment 1074 #
2012/0150(COD)
Proposal for a directive
Article 37 – paragraph 3 a (new)
Article 37 – paragraph 3 a (new)
3 a. Member States shall ensure that resolution authorities apply the bail-in tool as a last resort measure, in accordance with the resolution objectives specified in Article 26 (2), with a particular view on avoiding unnecessary destruction of value and on minimising losses for creditors.
Amendment 1075 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 1
Article 38 – paragraph 1
1. Member States shall ensure that the bail- in tool may beis applied to allonly to the liabilities of an institution that are not excluded from the scope of that tool pursuant to paragraph 2. fulfilling the conditions set out in draft regulatory technical standards developed by EBA. EBA shall submit those draft regulatory technical standards to the Commission within twenty four months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No1093/2010.
Amendment 1076 #
Amendment 1131 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 3
Article 38 – paragraph 3
Amendment 1140 #
2012/0150(COD)
Proposal for a directive
Article 38 – paragraph 4
Article 38 – paragraph 4
Amendment 1160 #
2012/0150(COD)
Proposal for a directive
Article 39 – paragraph 1
Article 39 – paragraph 1
1. Member States shall ensure that the institutions maintain, at all times, a sufficientn aggregate amount of own funds and eligible liabilities expressed as athat is equal or higher than 10 per centage of the total liabilities of the institution that: a) do not qualify as own funds under Section 1 of Chapter 2 of Title V of Directive 2006/48/EC or under Chapter IV of Directive 2006/49/EC; b) are not deposits that are guaranteed in accordance with Directive 94/19/EC; and c) are not guaranteed or covered bonds as defined in Article 22(4) of Council Directive 86/611/EEC.
Amendment 1165 #
2012/0150(COD)
Proposal for a directive
Article 39 – paragraph 3
Article 39 – paragraph 3
Amendment 1190 #
2012/0150(COD)
Proposal for a directive
Article 39 – paragraph 6
Article 39 – paragraph 6
6. Resolution authorities shall inform EBA of the minimum amount they have determined for each institution under their jurisdiction. EBA shall report to the Commission by 1 January 2018 at the latest on the implementation of the requirement under paragraph 1. In particular EBA shall report to the Commission whether there are divergences regarding the implementation at national level of that requirementEBA shall report to the Commission by 1 January 2018 at the latest on the implementation of the requirement under paragraph 1.
Amendment 1194 #
2012/0150(COD)
Proposal for a directive
Article 39 – paragraph 7
Article 39 – paragraph 7
Amendment 1202 #
2012/0150(COD)
Proposal for a directive
Article 40 – paragraph 1 – introductory part
Article 40 – paragraph 1 – introductory part
1. Resolution authorities may choose to apply the minimum requirement established in Article 39(1) and (3) on a consolidated basis to groups which are subject to consolidated supervision, provided that the following conditions are satisfied:
Amendment 1247 #
2012/0150(COD)
Proposal for a directive
Article 47 – paragraph 1
Article 47 – paragraph 1
Amendment 1249 #
2012/0150(COD)
Proposal for a directive
Article 47 – paragraph 2
Article 47 – paragraph 2
Amendment 1250 #
2012/0150(COD)
Proposal for a directive
Article 47 – paragraph 2 – subparagraph 1
Article 47 – paragraph 2 – subparagraph 1
Amendment 1252 #
2012/0150(COD)
Proposal for a directive
Article 47 – paragraph 2 – subparagraph 2
Article 47 – paragraph 2 – subparagraph 2
Amendment 1254 #
2012/0150(COD)
Proposal for a directive
Article 47 – paragraph 3
Article 47 – paragraph 3
Amendment 1255 #
2012/0150(COD)
Proposal for a directive
Article 47 – paragraph 4
Article 47 – paragraph 4
Amendment 1257 #
2012/0150(COD)
Proposal for a directive
Article 47 – paragraph 5
Article 47 – paragraph 5
Amendment 1258 #
2012/0150(COD)
Proposal for a directive
Article 47 – paragraph 6
Article 47 – paragraph 6
Amendment 1259 #
2012/0150(COD)
Proposal for a directive
Article 47 – paragraph 7
Article 47 – paragraph 7
Amendment 1260 #
2012/0150(COD)
Proposal for a directive
Article 47 – paragraph 8
Article 47 – paragraph 8
Amendment 1261 #
2012/0150(COD)
Proposal for a directive
Article 47 – paragraph 9
Article 47 – paragraph 9
Amendment 1262 #
2012/0150(COD)
Proposal for a directive
Article 47 – paragraph 10
Article 47 – paragraph 10
Amendment 1382 #
2012/0150(COD)
Proposal for a directive
Article 82 – paragraph 2
Article 82 – paragraph 2
The group resolution authoritiesy shall communicate on requestordinate the flow of all relevant information between resolution authorities. In particular, the group level resolution authority shall provide the resolution authorities in other Member States with all the relevant information in a timely manner in view of facilitating the exercise of the tasks referred to in points (b) to (h ) of the second subparagraph of Article 80(1).
Amendment 1426 #
2012/0150(COD)
Proposal for a directive
Article 91 – paragraph 1
Article 91 – paragraph 1
1. Member States shall establish financing arrangements for the purpose of enabling each national Deposit Guarantee Scheme under Directive 94/19/EC, for all the institutions authorised in the territory of the Member State, the capability to ensuring the effective application by the resolution authority of the resolution tools and powers. The financing arrangements shall be used only in accordance with the resolution objectives and the principles set out in Articles 26 and 29.
Amendment 1427 #
2012/0150(COD)
Proposal for a directive
Article 91 – paragraph 1 a (new)
Article 91 – paragraph 1 a (new)
1 a. Institutional Protection Schemes shall be considered as financing arrangements, provided that they meet the requirements laid down in art. 80(8) of Directive 48/2006/CE.
Amendment 1455 #
2012/0150(COD)
Proposal for a directive
Article 93 – paragraph 1
Article 93 – paragraph 1
1. Member States shall ensure that, in a period no longer than 105 years after the entry into force of this directive, the available financial means of their financing arrangements reach at least 1% of the amount of covered deposits of all the credit institutions authorised in their territory which are guaranteed under Directive 94/19/EC.
Amendment 1465 #
2012/0150(COD)
Proposal for a directive
Article 93 – paragraph 3
Article 93 – paragraph 3
3. If, after the initial period of time referred to in paragraph 1, the available financial means diminish below the target level specified in paragraph 2, contributions raised in accordance with Article 94 shall resume until the target level is reached. Where the available financial means amount to less than half of the target level, the annual contributions shall not be less than 0.251% of covered deposits.
Amendment 1474 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 2 – point a
Article 94 – paragraph 2 – point a
(a) if a Member State has availed itself of the option provided for in Article 99(5) of this Directive to use the funds of Deposit Guarantee Scheme for the purposes of Article 92 of this Directive, the contribution from each institution shall be pro-rata to the amount of its liabilities excluding own funds and deposits guaranteed under Directive 94/19/EC with respect to the total liabilities, excluding own funds and deposits guaranteed under Directive 94/19/EC, of all the institutions authorised in the territory of the Member State.
Amendment 1478 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 2 – point b
Article 94 – paragraph 2 – point b
Amendment 1484 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 2 – point c
Article 94 – paragraph 2 – point c
(c) the contributions calculated under (a) and (b) shall be adjusted in proportion to the risk profile of institutions, in accordance with the criteria adopted under paragraph 7 of this Article.
Amendment 1486 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 3
Article 94 – paragraph 3
3. The available financial means to be taken into account in order to reach the target level specified in Article 93 may include payment commitments which are fully backed by collateral of low risk assets unencumbered by any third party rights, at the free disposal and earmarked for the exclusive use by the resolution authorities for the purposes specified in the first paragraph of Article 92. The share of irrevocable payment commitments shall not exceed 30% of the total amount of contributions raised in accordance with this Article.
Amendment 1491 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 5
Article 94 – paragraph 5
5. The amounts raised in accordance with this Article shall only be used for the purposes specified in Article 92 of this Directive, and, where Member States have availed themselves of the option provided for under Article 99(5) of this Directive, for the purposes specified in Article 92 of this Directive or for the repayment of deposits guaranteed under Directive 94/19/EC.
Amendment 1509 #
2012/0150(COD)
Proposal for a directive
Article 94 – paragraph 7 – point d
Article 94 – paragraph 7 – point d
Amendment 1527 #
2012/0150(COD)
Proposal for a directive
Article 95 – paragraph 1
Article 95 – paragraph 1
1. Where the available financial means are not sufficient to cover the losses, costs or other expenses incurred by the use of the financing arrangements, Member States shall ensure that extraordinary ex post contributions not exceeding 0.25% of covered deposits per calendar year are raised from the institutions authorised in their territory, in order to cover the additional amounts. These extraordinary contributions shall be allocated between institutions in accordance with the rules set out in Article 94(2). However, such contributions shall not exceed an annual affordability threshold for contributions set by the financing arrangement. The credit institution may entirely or partially be exempted from the obligation referred to in the second subparagraph if this would jeopardise the settlement of claims of other creditors against it. Such exemption shall not be granted for a longer period than 6 months but may be renewed on request of the credit institution.
Amendment 1613 #
2012/0150(COD)
Proposal for a directive
Article 99 – paragraph 4
Article 99 – paragraph 4
4. The contribution from the deposit guarantee scheme for the purpose of paragraph 1 shall be made in cashproportionate to the situation and the need to maintain stability of the financial system.
Amendment 1617 #
2012/0150(COD)
Proposal for a directive
Article 99 – paragraph 5
Article 99 – paragraph 5
5. Member States may also provide that the available financial means of deposit guarantee schemes established in their territory may be used for the purposes of Article 92(1), provided that the deposit guarantee schemes comply, where applicable, with the provisions laid down in Articles 93 to 98.
Amendment 1625 #
2012/0150(COD)
Proposal for a directive
Article 99 – paragraph 7
Article 99 – paragraph 7
Amendment 1630 #
2012/0150(COD)
Proposal for a directive
Article 99 – paragraph 8 – subparagraph 1
Article 99 – paragraph 8 – subparagraph 1
Amendment 1661 #
2012/0150(COD)
Proposal for a directive
Article 115 – paragraph 1 – subparagraph 2
Article 115 – paragraph 1 – subparagraph 2
They shall forthwith communicate to the Commission the text of those provisions. Member States shall apply those provisions from 1 January 2015.
Amendment 32 #
2011/2146(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Supports the concept of thresholds for exemption from the requirement to give notification of state compensatory payments for SGEI, with the associated lessening of the administrative burden; suggests, on the basis of the consultations carried out, that the thresholds which determine the application of the SGEI Decision should not be raised;
Amendment 66 #
2011/2146(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls on the Commission, as part of the promised simplification of state aid rules, to introduce greater flexibilittransparency in the monitoring of over-compensation, as this would result in significant time and cost savings for both service providers and the public authorities; suggests, to this end, and suggests that, in the case of multiannual contracts, checks for over-compensation should be carried out only at the end of the contractual period, as this would save time and expense both for service providers and for the public authorities;
Amendment 80 #
2011/2146(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the Commission to propose appropriate thresholds for the ‘de minimis’ arrangement; suggests as a possible reference in this respect the combined indices of size of municipality, amount of compensation payment and level of turnover of the undertaking entrusted with the operation of the serviceamount of compensation payment;
Amendment 17 #
2011/2010(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the Commission, once Solvency II becomes fully operational, to come forward with proposals for a minimum harmonisation directive establishing a coherent and consistent cross-border framework for insurance guarantee schemes (IGS) across Member States providing exclusively last resort protection to consumers when insurance undertakings are unable to fulfil their contractual commitments owing to their insolvency;
Amendment 27 #
2011/2010(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Supports the adoption of the ‘home’ country principle – whereby alllife insurance policies written by an insurer, regardless of location of sale, are covered by the ‘home’ IGS – recognising both that: A) under Solvency II the cross-border provision of insurance services will increase; and, B) the failure of an insurer will be linked to the inadequacy of supervision by the ‘home’ supervisor, and thus the burden of responsibility for failure should be borne by the ‘home’ IGS ;
Amendment 40 #
2011/2010(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Stresses that the ‘home’ country approach to IGS can only be credible from a consumer perspective if there is consistency of consumer experience; calls on the Commission to requirepart of their national supervisor and a single own-language process and point of contact for consumers within their national supervisor for all insurance guarantefor life insurance claims regardless of the location of the ‘home’ IGS; recommends that EIOPA develop a harmonised approach for both IGS functions (portfolio transfer and policyholder compensation claims) on the basis of simplicity and best practice, if necessary through binding technical standards;
Amendment 56 #
2011/2010(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Insists that new EU legislation should not result in the dilution of protection offered by existing IGS in Member States, and that consumers should not face any losses as a result of regulatory failure to adequately supervise insurers or intermediarlife insurance companies; calls consequently on the Commission to ensure that a European framework for IGS compensates policyholproviders for losses in full and without exception for all types of insurance productcontinuity in life insurance contracts or compensates life insurance policyholders for losses in the event of insurer bankruptcy, insurer or intermediary mis- selling, or fraud, within a set period of time, consistent throughout Member States;
Amendment 430 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 3 – subparagraph 2 – indent 2
Article 2 – paragraph 3 – subparagraph 2 – indent 2
– the proportion of the capital employed for carrying out the activity. in relation to the capital on a group basis;
Amendment 436 #
2011/0298(COD)
Proposal for a directive
Article 2 – paragraph 3 – subparagraph 2 – indent 2 a (new)
Article 2 – paragraph 3 – subparagraph 2 – indent 2 a (new)
– the activity relates to the management of commodity risks or other risk arising from the commercial business of the group.
Amendment 649 #
2011/0298(COD)
Proposal for a directive
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Member States shall require that investment firms and market operators operating an OTFs establish arrangements preventing the execution of client orders in an OTF against the proprietary capital of the investment firm or market operator operating the OTF, unless they obtain the prior consent of their clients before proceeding to execute their orders and subject to the obligation set out in Article 27 (1). The investment firm shall not act as a systematic internaliser in an OTF operated by itself. An OTF shall not connect with another OTF in a way which enables orders in different OTFs to interact.
Amendment 800 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – introductory part
Article 25 – paragraph 3 – subparagraph 1 – point a – introductory part
a) the services do not referred to any of the following financial instruments:financial instruments that, embedding derivatives, incorporating a structure or being considered illiquid, make difficult for the client to understand the risk involved.
Amendment 801 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point i
Article 25 – paragraph 3 – subparagraph 1 – point a – point i
Amendment 806 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point ii
Article 25 – paragraph 3 – subparagraph 1 – point a – point ii
Amendment 810 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iii
Article 25 – paragraph 3 – subparagraph 1 – point a – point iii
Amendment 816 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
Amendment 826 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point v
Article 25 – paragraph 3 – subparagraph 1 – point a – point v
Amendment 838 #
2011/0298(COD)
Proposal for a directive
Article 25 – paragraph 7
Article 25 – paragraph 7
7. ESMA shall develop by [] at the latest, and update periodically, guidelinetechnical standards for the assessment of financial instruments embedding a derivative, incorporating a structure which makes itor being illiquid so as to determine which among these products could fall under the scope of paragraph 3. In its assessment, ESMA shall take into account whether complexity and/or illiquidity in each of these products makes difficult for the client to understand the risks involved in accordance with paragraph 3 (a).
Amendment 1306 #
2011/0298(COD)
Proposal for a directive
Annex 1 – Section C – point 6
Annex 1 – Section C – point 6
(6) Options, futures, swaps, and any other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market , OTF, or an MTF and which are not entered into for commercial purposes and display the characteristics of other derivative financial instruments;
Amendment 313 #
2011/0296(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF based on the trading system operated shall make public prices and the depth of trading interests at those prices for orders or quotes advertised through their systems for bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF. This requirement shall also apply to actionable indications of interests. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make this information available to the public on a continuous basis during normal trading hour. The level of disclosure and the frequency of publication shall be calibrated proportionately to issuance, transaction size and characteristics of national markets.
Amendment 369 #
2011/0296(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make public the price, volume and time of the transactions executed in respect of bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make details of all such transactions public as close to real- time as is technically possible. The level of disclosure and the frequency of publication shall be calibrated proportionately to issuance, transaction size and characteristics of national markets.
Amendment 448 #
2011/0296(COD)
Proposal for a regulation
Article 17 – paragraph 6 a (new)
Article 17 – paragraph 6 a (new)
Amendment 468 #
2011/0296(COD)
Proposal for a regulation
Article 19 – paragraph 3 a (new)
Article 19 – paragraph 3 a (new)
3 a. ESMA shall identify the principles and criteria where the provisions regarding the use of APAs as per paragraph 1 shall be waived for investment firms which execute relatively small volumes of transactions in respect of shares, depositary receipts, exchange- traded funds, certificates and other financial instruments. In such cases, ESMA shall prescribe specific provisions as it regards the minimum content and format of the information published through the use of own proprietary disclosure systems.
Amendment 473 #
2011/0296(COD)
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Investment firms which, either on own account or on behalf of clients, conclude transactions in bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and derivatives which are clearing-eligible or are reported to trade repositories in accordance with Article [6] of Regulation [EMIR] or are admitted to trading on a regulated market or are traded on an MTF or an OTF shall make public the volume and price of those transactions and the time at which they were concluded. This information shall be made public through an APA.
Amendment 483 #
2011/0296(COD)
Proposal for a regulation
Article 20 – paragraph 3 a (new)
Article 20 – paragraph 3 a (new)
3 a. ESMA shall identify the principles and criteria where the provisions regarding the use of APAs as per paragraph 1 shall be waived for investment firms which execute relatively small volumes of transactions in respect of bonds, structured finance products, emission allowances and derivatives. In such cases, ESMA shall prescribe specific provisions with regards to the minimum content and format of the information published through the use of own proprietary disclosure systems.
Amendment 292 #
2011/0295(COD)
Proposal for a regulation
Article 12 – paragraph 8
Article 12 – paragraph 8
8. This Article shall not apply to issuers who have not requested or approved admission of their financial instruments to trading on a regulated market in a Member State or, have issued only bonds traded exclusively on a MTF or an OTF, according to specific technical requirements to be determined by ESMA or in the case of an instrument only traded on a MTF or an OTF, have not requested or approved trading of their financial instruments on a MTF or an OTF in a Member State.
Amendment 297 #
2011/0295(COD)
Proposal for a regulation
Article 12 – paragraph 9 – subparagraph 1 – indent 1 a (new)
Article 12 – paragraph 9 – subparagraph 1 – indent 1 a (new)
- the technical requirements of issuer and bonds only traded on a MTF or an OTF subject to the exemption referred to in paragraph 8;
Amendment 21 #
2011/0261(CNS)
Proposal for a directive
Recital 1
Recital 1
(1) The recent financial crisis has led to debates at all levels about a possible additional tax on the financial sector and in particular a financial transactions tax (FTT). This debate stems from the desire to ensure the financial sector contribute to covering the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future; to dis-incentivise excessively risky activities by financial institutions; to complement regulatory measures aimed at avoiding future crises and to generate additional revenue for general budgets or specific policy purposes, as well as stimulating growth and employment, particularly among young people.
Amendment 85 #
2011/0261(CNS)
Proposal for a directive
Article 1 – paragraph 4 – point a a (new)
Article 1 – paragraph 4 – point a a (new)
(aa) government bond transactions
Amendment 104 #
2011/0261(CNS)
Proposal for a directive
Article 2 – paragraph 1 – point 1 – point b
Article 2 – paragraph 1 – point 1 – point b
Amendment 42 #
2011/0203(COD)
Proposal for a directive
Recital 9
Recital 9
(9) The scope of measures should therefore be as broad as possible, covering all institutions whose business is to receive repayable funds from the public, whether in the form of deposits or in other forms such as the continuing issue of bonds and other comparable securities and to grant credits for their own account. Exceptions should be provided for in the case of certain credit institutions to which this Directive does not apply. This Directive will not apply to institutions other than those defined in the Regulation [inserted by OP]. The provisions of this Directive should not affect the application of national laws which provide for special supplementary authorisations permitting credit institutions to carry on specific activities or undertake specific kinds of operations.
Amendment 293 #
2011/0203(COD)
Proposal for a directive
Article 87 – paragraph 1 – point a – subparagraph 2
Article 87 – paragraph 1 – point a – subparagraph 2
Executive or non-executive directorships held (i) within the same group shall count as one single directorship. or (ii) within institutions which are members of the same institutional protection scheme if the conditions of Article 108(7) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms]are fulfilled; (iia)(new) have established links according to Art. 108(6) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms] or (iii) within undertakings (including non-financial institutions) where the institutions owns a qualifying holding shall count as one single directorship. For point a(iii) this includes: (i) undertakings and non financial entities a) in which there is a qualified holding according to Article 4(21) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms], b) in which there are participations according to Article 4(49) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms] or c) which have close ties as according to Article 4(72) of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms] to certain non-financial institutions. (ii) parent financial holding company according to Article 4(65)(66) and (67) of Regulation(EU) No .../2012 of the European Parliament and of the Council of ... [on prudential requirements for credit institutions and investment firms] controlling a central or regional credit institution adhering to an IPS scheme.
Amendment 144 #
2011/0202(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) Directive [inserted by OP], based on Article 53 (1) TFEU, should contain the provisions concerning the access to the activity of credit institutions and investment firms as defined in this Regulation, the modalities for their governance, and their supervisory framework, such as provisions governing the authorisation of the business, the acquisition of qualifying holdings, the exercise of the freedom of establishment and of the freedom to provide services, the powers of supervisory authorities of home and host Member States in this regard and the provisions governing the initial capital and the supervisory review of credit institutions and investment firms.
Amendment 145 #
2011/0202(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) This Regulation should contain the prudential requirements for credit institutions and investment firms that relate strictly to the functioning of banking and financial services markets and are meant to ensure the financial stability of the operators on these markets as well as a high level of protection of investors and depositors. This Regulation should not apply to other types of institution, such as financial institutions that do not take deposits from the public. This directly applicable legal act aims at contributing in a determining manner to the smooth functioning of the internal market and should, consequently, be based on the provisions of Article 114 TFEU, as interpreted in accordance with the consistent case-law of the Court of Justice of the European Union .
Amendment 148 #
2011/0202(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) Shaping prudential requirements in the form of a Regulation would ensure that those requirements will be directly applicable to them. This would ensure uniform conditions by preventing diverging national requirements as a result of the transposition of a Directive. This Regulation would entail that all credit institutions and investment firms which it defines as such follow the same rules in all the Union, which would also boost confidence in the stability of credit institutions and investment firms, especially in times of stress. A Regulation would also reduce regulatory complexity and firms' compliance costs, especially for credit institutions and investment firms operating on a cross-border basis, and contribute to eliminating competitive distortions. With regard to the peculiarity of immovable property markets which are characterised by economic developments and jurisdictional differences that are specific to Member States, regions or local areas, competent authorities should be allowed to set higher risks weights or to apply stricter criteria based on default experience and expected market developments to exposures secured by mortgages on immovable property in specific areas.
Amendment 149 #
2011/0202(COD)
Proposal for a regulation
Recital 12
Recital 12
Amendment 166 #
2011/0202(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) In line with the decision of the BCBS, as endorsed by the GHOS on 10 January 2011, all Additional Tier 1 and Tier 2 instruments of an systemically important financial institution should be fully and permanently written down or converted fully into Common Equity Tier 1 capital at the point of non-viability of the institution.
Amendment 180 #
2011/0202(COD)
Proposal for a regulation
Recital 57 a (new)
Recital 57 a (new)
Amendment 195 #
2011/0202(COD)
Proposal for a regulation
Recital 74
Recital 74
(74) Credit institutions and investment firms should hold a stock of liquid assets that they can use to cover liquidity needs in a short term liquidity stress. When theyThese requirements should not apply to institutions other than those defined in this Regulation. When credit institutions and investment firms use the stock, they should put in place a plan to restore their holdings of liquid assets and competent authorities should ensure the adequacy of the plan and its implementation.
Amendment 351 #
2011/0202(COD)
Proposal for a regulation
Article 22 – paragraph 1 – point 27 – subparagraph 1 a (new)
Article 22 – paragraph 1 – point 27 – subparagraph 1 a (new)
For the purposes of this Regulation, the undertakings referred to in letters c), d), e), f) and h) above, shall not be qualified as relevant entity, where the following conditions are met: a) the shares of such undertakings are listed in a European regulated market; b) such entities act according to a low financial risk insurance business model; c) the institution does not own more than 20% of the voting rights or capital of that undertaking; d) following assessment by the competent authority, the same authority is satisfied of the level of risk controls and financial analysis procedures specifically adopted by the institution in order to supervise the investment in the undertaking.
Amendment 356 #
2011/0202(COD)
Proposal for a regulation
Article 24 – paragraph 1 – point a
Article 24 – paragraph 1 – point a
(a) capital instruments,Shares, as defined under the respective national law in Member States provided the conditions laid down in Article 26 are met;
Amendment 364 #
2011/0202(COD)
Proposal for a regulation
Article 24 – paragraph 4
Article 24 – paragraph 4
Amendment 369 #
2011/0202(COD)
Proposal for a regulation
Article 24 – paragraph 4 a (new)
Article 24 – paragraph 4 a (new)
4 a. Competent authorities shall notify EBA of the forms of shares they deem eligible according to their national law as Common Equity Tier 1instruments. EBA shall evaluate these forms of shares on an on-going basis and develop a draft list of the forms of shares in each Member State that qualify as Common Equity Tier 1 instruments in accordance with paragraph 5. The EBA will establish and publish this list by 1 January 2013. Only the instruments included in this list are eligible to be classified as common equities tier1 for institutions. Upon a Member State's request or on its own initiative, the EBA may decide to request legal opinions in order to ascertain the eligibility of the forms of shares notified by Member States against the conditions defined in Article 26.'
Amendment 416 #
2011/0202(COD)
Proposal for a regulation
Article 30 – paragraph 1 – point b a (new)
Article 30 – paragraph 1 – point b a (new)
Amendment 428 #
2011/0202(COD)
Proposal for a regulation
Article 36 – paragraph 1
Article 36 – paragraph 1
1. Institutions shall apply a risk weight in accordance with Chapter 2 or 3 of Title II of Part Three, as applicable, to deferred tax assets that do not rely on future profitabilitythe items referred to in points (a) and (b), and a risk weight of 100% to items referred to in point (c).
Amendment 430 #
2011/0202(COD)
Proposal for a regulation
Article 36 – paragraph 2 – introductory part
Article 36 – paragraph 2 – introductory part
2. Deferred tax assets that do not rely on future profitability compriseshall be limited to the following: :
Amendment 432 #
2011/0202(COD)
Proposal for a regulation
Article 36 – paragraph 2 – point c
Article 36 – paragraph 2 – point c
(c) deferred tax assets arising from temporary differences, which,ere all the following conditions are met: (i) they are automatically and mandatorily replaced without delay with a tax credit in the event that the institution incurreports a loss, becomes insolv when the annual financial statements or enters liquidaf the institution, are replaced, on a mandatory and automatic basis in accordance with the applicable national law, with a claimformally approved, or in the event of liquidation or insolvency proceedings; (ii) an institution shall be able under the applicable national tax law to offset a tax credit referred to in point (i) against any tax liability onf the central government of the Member State in which the institution is incorporated which shall absorb losses to the same degree as Common Equity Tier 1 instruments on a going concern basis and in the event of insolvency or liquidation of the institution. institution or any other undertaking included in the same consolidation as the institution for tax purposes under that law or any other undertaking subject to the supervision on a consolidated basis in accordance with Chapter 2 of Title II of Part One; where the amount of tax credits referred to in point (ii) exceeds the tax liabilities referred to in that point, any such excess is replaced without delay with a direct claim on the central government of the Member State in which the institution is incorporated.
Amendment 441 #
2011/0202(COD)
Proposal for a regulation
Article 45 – paragraph - 2 (new)
Article 45 – paragraph - 2 (new)
-2. Without prejudice to paragraph 1 above and subject to the provision of the present Section 3, [Member States may allow institutions not to deduct] institutions shall not deduct holdings in the Common Equity Tier 1 instruments of insurance undertakings, reinsurance undertakings and insurance holding companies in which the institution has an investment, whether significant or not, where the following conditions are met: a) the shares of such undertakings are listed in a European regulated market; b) such entities act according to a low financial risk insurance business model; c) the institution does not own more than 20% of the voting rights or capital of that undertaking; d) following assessment by the competent authority, the same authority is satisfied of the level of risk controls and financial analysis procedures specifically adopted by the institution in order to supervise the investment in the undertaking.
Amendment 443 #
2011/0202(COD)
Proposal for a regulation
Article 45 – paragraph 2
Article 45 – paragraph 2
2. Items that are not deducted pursuant to paragraph 1 and 2 shall be risk weighted at 250 % and subject to the requirements of Title IV of Part Three, as applicable.
Amendment 448 #
2011/0202(COD)
Proposal for a regulation
Article 46 – paragraph 1
Article 46 – paragraph 1
Amendment 458 #
2011/0202(COD)
Proposal for a regulation
Article 46 – paragraph 1 a (new)
Article 46 – paragraph 1 a (new)
1 a. Without prejudice to the provisions of the present Section 3, [Member States may allow institutions not to deduct] institutions shall not deduct holdings in the Common Equity Tier 1 instruments of insurance undertakings, reinsurance undertakings and insurance holding companies in which the institution has an investment, whether significant or not, where the following conditions are met: a) the shares of such undertakings are listed in a European regulated market; b) such entities act according to a low financial risk insurance business model; c) the institution does not own more than 20% of the voting rights or capital of that undertaking; d) following assessment by the competent authority, the same authority is satisfied of the level of risk controls and financial analysis procedures specifically adopted by the institution in order to supervise the investment in the undertaking.
Amendment 459 #
2011/0202(COD)
Proposal for a regulation
Article 46 – paragraph 1 b (new)
Article 46 – paragraph 1 b (new)
1 b. With reference to items that are not deducted pursuant to paragraph 1, as an alternative to the deduction of holdings of an institution in the Common Equity Tier 1 instruments of insurance undertakings, reinsurance undertakings and insurance holding companies in which the institution has a significant investment, competent authorities may allow institutions to apply methods 1, 2 or 3 of Annex I to Directive 2002/87/EC. The institution shall apply the method chosen in a consistent manner over time. An institution may apply method 1 (accounting consolidation) only if it has received the prior consent of the competent authority. The competent authority may grant such consent only if it is satisfied that the level of integrated management and internal control regarding the entities that would be included in the scope of consolidation under method 1 is adequate.
Amendment 469 #
2011/0202(COD)
Proposal for a regulation
Article 46 – paragraph 3 – point b – introductory part
Article 46 – paragraph 3 – point b – introductory part
(b) where an institution referred to in Article 25 has a holding in another such institution, or in its central or regional credit institution, or in the parent undertaking of its central or regional credit institution, and the following conditions are met:
Amendment 477 #
2011/0202(COD)
Proposal for a regulation
Article 46 – paragraph 3 – point b – point i
Article 46 – paragraph 3 – point b – point i
(i) where the holding is in a central or regional credit institution, the institution with that holding is associated with that central or regional credit institution in a network subject to legal or statutory or contractual provisions and the central or regional credit institution is responsible, under those provisions, for cash-clearing operations within that network;
Amendment 478 #
2011/0202(COD)
Proposal for a regulation
Article 46 – paragraph 3 – point b – point ii
Article 46 – paragraph 3 – point b – point ii
(ii) the institutions referred to in Article 25 and its central or regional credit institution fall within the same institutional protection scheme referred to in Article 108(7);
Amendment 538 #
2011/0202(COD)
Proposal for a regulation
Article 79 – paragraph 1 a (new)
Article 79 – paragraph 1 a (new)
If a competent authority derogates from the application of prudential requirements on an individual basis, as laid down in Article 6, calculation of minority interests included in consolidated Common Equity Tier 1 capital should be done without taking into account the individual waiver.
Amendment 551 #
2011/0202(COD)
Proposal for a regulation
Article 80 – paragraph 1 a (new)
Article 80 – paragraph 1 a (new)
If a competent authority derogates from the application of prudential requirements on an individual basis, as laid down in Article 6, calculation of qualifying Tier 1 instruments included in consolidated Tier 1 capital should be done without taking into account the individual waiver.
Amendment 553 #
2011/0202(COD)
Proposal for a regulation
Article 81 – paragraph 1
Article 81 – paragraph 1
Institutions shall determine the amount of qualifying Tier 1 capital of a subsidiary that is included in consolidated Additional Tier 1 capital by subtracting from the qualifying Tier 1 capital of that undertaking included in consolidated Tier 1 capital the minority interests of that undertaking that are included in consolidated Common Equity Tier 1 capital. If a competent authority derogates from the application of prudential requirements on an individual basis, as laid down in Article 6, calculation of qualifying Tier 1 capital included in consolidated Tier 1 capital should be done without taking into account the individual waiver
Amendment 566 #
2011/0202(COD)
Proposal for a regulation
Article 82 – paragraph 1 a (new)
Article 82 – paragraph 1 a (new)
If a competent authority derogates from the application of prudential requirements on an individual basis, as laid down in Article 6, calculation of qualifying Tier 1 capital included in consolidated Tier 1 capital should be done without taking into account the individual waiver.
Amendment 568 #
2011/0202(COD)
Proposal for a regulation
Article 83 – paragraph 1
Article 83 – paragraph 1
Institutions shall determine the amount of qualifying own funds of a subsidiary that is included in consolidated Tier 2 capital by subtracting from the qualifying own funds of that undertaking that are included in consolidated own funds the qualifying Tier 1 capital of that undertaking that is included in consolidated Tier 1 capital. If a competent authority derogates from the application of prudential requirements on an individual basis, as laid down in Article 6, calculation of qualifying Tier 1 capital included in consolidated Tier 1 capital should be done without taking into account the individual waiver.
Amendment 578 #
2011/0202(COD)
Proposal for a regulation
Part 3 – Article 87 – paragraph 3 – point a
Part 3 – Article 87 – paragraph 3 – point a
(a) the risk weighted exposure amounts for credit risk and dilution risk, calculated in accordance with Title II of Part Three, in respect of all the business activities of an institution, excluding: (i) the risk weighted exposure amounts for credit risk for loans to SMEs (as defined in Title II Chapter 3 Section 2 Sub-section 2 Art.148 (4)) for which the risk weighted exposure amounts have to be calculated in accordance with Title II and then multiplied by 76.19% (application of an SMEs Supporting Factor); (ii) risk weighted exposure amounts from the trading book business of the institution;
Amendment 623 #
2011/0202(COD)
Proposal for a regulation
Article 114 – paragraph 1
Article 114 – paragraph 1
1. Exposures to institutions for which a credit assessment by a nominated ECAI is available shall be risk-weighted in accordance with Article 115. Exposures to institutions for which a credit assessment by a nominated ECAI is not available shall bOne of the two methods described in Article 115 paragraphs 1 and 2, and Article 116 shall apply in determining the risk- weighted in accordance with Article 116s for exposures to institutions.
Amendment 624 #
2011/0202(COD)
Proposal for a regulation
Article 114 – paragraph 2
Article 114 – paragraph 2
2. Exposures to institutions of a residual maturity of 3 months or less denominated and fundWithout prejudice to the other provisions of Article 116, exposures to financial institutions authorised and supervised inby the national currency shall be assigned a risk weight that is one category less favourable than the preferential risk weight, as described in Articles 109(4) and 109(5), assigncompetent authorities responsible for the authorisation and supervision of credit institutions and subject to prudential requirements equivalent to those applied to credit institutions shall be risk-weighted toas exposures to its central governmentnstitutions.
Amendment 625 #
2011/0202(COD)
Proposal for a regulation
Article 114 – paragraph 3
Article 114 – paragraph 3
3. No eExposures with a residual maturity of 3 months or less denominated and funded in the national currency of the borrowerto an unrated institution shall not be assigned a risk weight lessower than 20 %that applied to exposures to its central government.
Amendment 626 #
2011/0202(COD)
Proposal for a regulation
Article 114 – paragraph 4 – introductory part
Article 114 – paragraph 4 – introductory part
Amendment 627 #
2011/0202(COD)
Proposal for a regulation
Article 114 – paragraph 5
Article 114 – paragraph 5
Amendment 628 #
2011/0202(COD)
Proposal for a regulation
Article 115 – paragraph 3
Article 115 – paragraph 3
Amendment 632 #
2011/0202(COD)
Proposal for a regulation
Article 115 a (new)
Article 115 a (new)
Article 115 a Central government risk weight based method 1. Exposures to institutions shall be assigned a risk weight according to the credit quality step to which exposures to the central government of the jurisdiction in which the institution is incorporated are assigned in accordance with Table 3 Table 3 Credit quality step to which central government is assigned 1 2 3 4 5 6 Risk weight of exposure 20% 50% 100% 100% 100% 150% 2. For exposures to institutions incorporated in countries where the central government is unrated, the risk weight shall be not more than 100 %. 3. For exposures to institutions with an original effective maturity of three months or less, the risk weight shall be 20 %.
Amendment 633 #
Amendment 634 #
2011/0202(COD)
Proposal for a regulation
Article 116 a (new)
Article 116 a (new)
Article 116 a Credit assessment based method 1. Exposures to institutions with an original effective maturity of more than three months for which a credit assessment by a nominated ECAI is available shall be assigned a risk weight according to Table 4 in accordance with the assignment by the competent authorities of the credit assessments of eligible ECAIs to six steps in a credit quality assessment scale. Table 4 Credit quality step 1 2 3 4 5 6 Risk weight 20% 50% 50% 100% 100% 150% 2. Exposures to unrated institutions shall be assigned a risk weight of 50 %. 3. Exposures to an institution with an original effective maturity of three months or less for which a credit assessment by a nominated ECAI is available shall be assigned a risk weight according to Table 5 in accordance with the assignment by the competent authorities of the credit assessments of eligible ECAIs to six steps in a credit quality assessment scale: Table 5 Credit quality step 1 2 3 4 5 6 Risk weight 20% 20% 20% 50% 50% 150% 4. Exposures to unrated institutions having an original effective maturity of three months or less shall be assigned a 20 % risk weight.
Amendment 635 #
2011/0202(COD)
Proposal for a regulation
Article 116 b (new)
Article 116 b (new)
Amendment 636 #
2011/0202(COD)
Proposal for a regulation
Article 116 c (new)
Article 116 c (new)
Article 116 c Short-term exposures in the national currency of the borrower 1. Exposures to institutions of a residual maturity of 3 months or less denominated and funded in the national currency may, subject to the discretion of the competent authority, be assigned, under both methods described in Article 115 paragraphs 1 and 2, and Article 116, a risk weight that is one category less favourable than the preferential risk weight, assigned to exposures to its central government. 2. No exposures of a residual maturity of 3 months or less denominated and funded in the national currency of the borrower shall be assigned a risk weight less than 20 %.
Amendment 637 #
2011/0202(COD)
Proposal for a regulation
Article 116 d (new)
Article 116 d (new)
Article 116 d Investments in regulatory capital instruments 1. Investments in equity or regulatory capital instruments issued by institutions shall be risk weighted at 100 %, unless deducted from the own funds.
Amendment 638 #
2011/0202(COD)
Proposal for a regulation
Article 116 e (new)
Article 116 e (new)
Article 116 e Minimum reserves required by the ECB 1. Where an exposure to an institution is in the form of minimum reserves required by the ECB or by the central bank of a Member State to be held by the credit institution, Member States may permit the assignment of the risk weight that would be assigned to exposures to the central bank of the Member State in question provided: (a) the reserves are held in accordance with Regulation (EC) No 1745/2003 of the European Central Bank of 12 September 2003 on the application of minimum reserves or a subsequent replacement regulation or in accordance with national requirements in all material respects equivalent to that Regulation; and (b) in the event of the bankruptcy or insolvency of the institution where the reserves are held, the reserves are fully repaid to the credit institution in a timely manner and are not made available to meet other liabilities of the institution.
Amendment 683 #
2011/0202(COD)
Proposal for a regulation
Article 121 – paragraph 1 – point c
Article 121 – paragraph 1 – point c
(c) exposures related to property leasing transactions concerning offices or other commercial premises under which the institution is the lessor and the tenant has an option to purchase may be assigned a risk weight of 50 % provided that the exposure of the institution is fully and completely secured by its ownership of the property. In Member States in which the competent authorities have deemed this risk weight to be appropriate in accordance with Article 119(2), it will be applied without the limit provided for in paragraph 2(d) below.
Amendment 690 #
2011/0202(COD)
Proposal for a regulation
Article 121 – paragraph 3 – point a
Article 121 – paragraph 3 – point a
(a) losses stemming from lending or leasing collateralised by commercial immovable property up to 50 % of the market value or 60 % of the mortgage lending value (unless otherwise determined under Article 119(2)) do not exceed 0,3 % of the outstanding loans collateralised by commercial immovable property in any given year;
Amendment 693 #
2011/0202(COD)
Proposal for a regulation
Article 121 – paragraph 3 – point b
Article 121 – paragraph 3 – point b
(b) overall losses stemming from loansending or leasing collateralised by commercial immovable property do not exceed 0.,5 % of the outstanding loans collateralised by commercial immovable property in any given year.
Amendment 757 #
2011/0202(COD)
Proposal for a regulation
Article 174 – paragraph 1 – subparagraph 1 – point b
Article 174 – paragraph 1 – subparagraph 1 – point b
Amendment 881 #
2011/0202(COD)
Proposal for a regulation
Article 389 – paragraph 1 – subparagraph 1 – point k a (new)
Article 389 – paragraph 1 – subparagraph 1 – point k a (new)
(ka) as of 1 January 2015, exposures, including participations or other kinds of holdings, incurred by an institution to its parent undertaking, to other subsidiaries of that parent undertaking or to its own subsidiaries, in so far as those undertakings are covered by the supervision on a consolidated basis to which the institution itself is subject, in accordance with this Regulation or with equivalent standards in force in a third country; exposures that do not meet these criteria, whether or not exempted from Article 384(1) shall be treated as exposures to a third party;
Amendment 883 #
2011/0202(COD)
Proposal for a regulation
Article 389 – paragraph 2 – point c
Article 389 – paragraph 2 – point c
(c) Until 31 December 2014 exposures, including participations or other kinds of holdings, incurred by an institution to its parent undertaking, to other subsidiaries of that parent undertaking or to its own subsidiaries, in so far as those undertakings are covered by the supervision on a consolidated basis to which the institution itself is subject, in accordance with this Regulation or with equivalent standards in force in a third country; exposures that do not meet these criteria, whether or not exempted from Article 384(1) shall be treated as exposures to a third party;
Amendment 1141 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 4 – subparagraph 3
Article 410 – paragraph 4 – subparagraph 3
Clearing, custody or cash management services referred to in point (a) only covers such services to the extent that they are rendered in the context of an established relationship on which the depositor has substantial dependency. They shall not merely consist in correspondent banking or prime brokerage services and the institution shall have objective evidence that the client is unable to withdraw those amounts over a 30 day horizon without compromising its operational functioning.
Amendment 1144 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 4 a (new)
Article 410 – paragraph 4 a (new)
4a. Institutions shall multiply liabilities resulting from deposits that have to be maintained by the depositor in the context of an established operational relationship other than that mentioned under point (4): by 5% to the extent to which they are covered by a Deposit Guarantee Scheme according to Directive 94/19/EC or an equivalent deposit guarantee scheme in a third country and by 50% otherwise. When conducting the assessment referred to in Article 409(5), EBA shall also assess the calibration of corporate deposits. Pending a uniform definition of 'established relationship', institutions shall establish the criteria for qualifying as an 'established relationship'. Institutions shall follow any general guidance laid down by competent authorities for identifying deposits with established relationships.
Amendment 1151 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 5
Article 410 – paragraph 5
5. Institutions shall multiply liabilities resulting from deposits by clients that are not financial customers by a rate between 50% and 75% to the extent they do not fall under paragraph 4. When conducting the assessment referred to in Article 409(5), EBA shall also assess the calibration of corporate deposits.
Amendment 1155 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 7 – subparagraph 1 a (new)
Article 410 – paragraph 7 – subparagraph 1 a (new)
All notes, bonds and other debt securities issued by the bank are included in this category regardless of the holder, unless the bond is sold exclusively in the retail market and held in retail accounts, in which case instruments that become due within 30 days can be treated in the appropriate retail deposit category.
Amendment 1159 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 8 – subparagraph 1 – point a
Article 410 – paragraph 8 – subparagraph 1 – point a
(a) the depositor is one of the following: (i) a parent or subsidiary institution of the institution or another subsidiary of the same parent institution or linked to the institution by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC; or (ii) an institution falling within the same institutional protection scheme meeting the requirements of Article 108(7);
Amendment 1167 #
2011/0202(COD)
Proposal for a regulation
Article 410 – paragraph 8 a (new)
Article 410 – paragraph 8 a (new)
8a. Deposits received as collateral shall not be considered liabilities for the purposes of the preceding Point 7 but will be subject to the provision of Article 411 where applicable.
Amendment 1227 #
2011/0202(COD)
Proposal for a regulation
Article 413 – paragraph 4 – subparagraph 1 – point b
Article 413 – paragraph 4 – subparagraph 1 – point b
(b) the provider iscounterpart is one of the following: i) a parent or subsidiary institution of the institution or another subsidiary of the same parent institution or linked to the institution by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC; ii) an institution falling within the same institutional protection scheme meeting the requirements of Article 108(7); and
Amendment 1479 #
2011/0202(COD)
Proposal for a regulation
Article 473 – paragraph 1 – introductory part
Article 473 – paragraph 1 – introductory part
1. Until 31 December 2014, tThe 10 % limit for senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities laid down in points (d) and (e) of Article 124(1) shall not apply, provided that:
Amendment 1481 #
2011/0202(COD)
Proposal for a regulation
Article 473 – paragraph 2
Article 473 – paragraph 2
Amendment 1498 #
2011/0202(COD)
Proposal for a regulation
Article 477 a (new)
Article 477 a (new)
Article 477a By 31 December 2014 the Commission shall review and report on the application of Article 30 (c) and shall submit this report to the European Parliament and the Council and, if appropriate, a legislative proposal. With respect to the potential elimination of the Article 30 (c) and its potential application at the Union level, the review shall in particular ensure that sufficient safeguards are in place to ensure financial stability in all Member states.
Amendment 1598 #
2011/0202(COD)
Proposal for a regulation
Article 485 – title
Article 485 – title
Amendment 1604 #
2011/0202(COD)
Proposal for a regulation
Article 485 – paragraph 2 – introductory part
Article 485 – paragraph 2 – introductory part
For these purposes, EBA shall report the following to the Commission: - with regard to Article 118:
Amendment 1606 #
2011/0202(COD)
Proposal for a regulation
Article 485 – paragraph 2 – indent 1 a (new)
Article 485 – paragraph 2 – indent 1 a (new)
- with regard to Article 87: an analysis of the SMEs Supporting Factor's appropriateness in achieving the goal of supporting economic recovery and growth in Europe without being detrimental for the banking industry's stability.
Amendment 73 #
2011/0092(CNS)
Proposal for a directive
Recital 15
Recital 15
(15) Article 5 of Directive 2003/96/EC permits the application of differentiated rates of taxation in certain cases. However, in order to ensure the consistency of the CO2 price signal, the possibility for Member States to differentiate national rates should be restricted to general energy consumption taxation. Moreover, the possibility to apply a lower level of taxation to oil derived motor fuel used by taxis is no longer compatible with the objective of policies promoting alternative fuels and energy carriers and the use of cleaner vehicles in urban transport and should thus be removed.
Amendment 81 #
2011/0092(CNS)
Proposal for a directive
Recital 18
Recital 18
(18) In the case of liquefied petroleum gas (LPG) and natural gas used as propellantsused as motor fuel, advantages in the form of lower minimum levels of general energy consumption taxation or the possibility to exempt thoseis energy products from taxation are no longer justified, in particular in the light of the need to increase the market share of renewable energy sources and should therefore be removed in the medium term. In the case of natural gas and bio methane used as motor fuel, advantages in the form of lower minimum levels of general energy consumption taxation or the possibility to exempt that energy product from taxation should only be removed after an assessment, by 2023, on the implementation of this Directive relating to the level of taxation applicable to natural gas in road transport. That assessment should, inter alia, examine the progress in the availability of natural gas and bio methane, the growth of the refilling stations network in the Union, the market share of natural gas vehicles in the Union, the innovation and technological developments of bio methane as fuel in transport and the real value of the minimum level of taxation.
Amendment 93 #
2011/0092(CNS)
Proposal for a directive
Recital 21
Recital 21
(21) The general rules introduced by this Directive take account of the specificities of fuels that are biomass or made of biomass complying with the sustainability criteria laid down in Article 17 of Directive 2009/28/EC with regard both to their contribution to the CO2-balance and to their lower energy content per quantitative unit of liquid biofuels, as compared to some of the competing fossil fuels. Consequently, the provisions in Directive 2003/96/EC authorising reductions or exemptions for those fuels should be removed in the medium term. For the interim period, it should be ensured that the application of these provisions is made consistent with the general rules introduced by this Directive. Biofuels and bioliquids defined in Article 2(h) and (i) of Directive 2009/28/EC should therefore only benefit from additional tax advantages applied by Member States if they fulfil the sustainability criteria laid down in Article 17 of this Directive. In the case of bio methane, the energy content per quantitative unit is the same as for natural gas. Given the fact that bio methane injected into the natural gas grid helps to increase the share of renewable sources, bio methane will be tax exempted with respect to its CO2 and energy content, provided that is produced in accordance with the sustainability criteria.
Amendment 126 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 4 – point b
Article 1 – point 4 – point b
Directive 2003/96/EC
Article 4 – paragraph 3 – subparagraph 1
Article 4 – paragraph 3 – subparagraph 1
Amendment 134 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 4 – point b
Article 1 – point 4 – point b
Directive 2003/96/EC
Article 4 – paragraph 3 – subparagraph 2
Article 4 – paragraph 3 – subparagraph 2
Amendment 135 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 4 – point b
Article 1 – point 4 – point b
Directive 2003/96/EC
Article 4 – paragraph 3 – subparagraph 2 a (new)
Article 4 – paragraph 3 – subparagraph 2 a (new)
In the case of natural gas and bio methane as motor fuels, higher minimum levels of general energy consumption taxation should apply only after an assessment, by 2023, on the implementation of the provisions of this Directive relating to the level of taxation applicable to natural gas in road transport. The report shall, inter alia, examine the progress in the availability of natural gas and bio methane, the growth of the refilling stations network in Europe, the market share of natural gas vehicles in the Union, the innovation and technological developments of bio methane as fuel in transport, and the real value of the minimum level of taxation.
Amendment 148 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 5 – point b
Article 1 – point 5 – point b
Directive 2003/96/EC
Article 5 – indent 3
Article 5 – indent 3
– for the following uses: local public passenger transport (excluding taxis running on oil derived motor fuels), waste collection, armed forces and public administrations, disabled people, ambulances;
Amendment 181 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 13 – point a – point i
Article 1 – point 13 – point a – point i
Directive 2003/96/EC
Article 15 – paragraph 1 – point i
Article 15 – paragraph 1 – point i
(i) Until 1 January 2023, natural gas, bio methane and LPG used as propellantsmotor fuels, without prejudice to Article 4(3) subparagraph 2a;
Amendment 194 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 13a* – point a – point i
Article 1 – point 13a* – point a – point i
Directive 2003/96/EC
Article 16 – paragraph 1– introductory part
Article 16 – paragraph 1– introductory part
1. Until 1 January 2023, Member States may, without prejudice to paragraph 5 of this Article, apply an exemption or a reduced rate of general energy consumption taxation under fiscal control on the taxable products referred to in Article 2 of this Directive where such products are made up of, or contain, one or more of the following products and where, as far as biofuels and bioliquids defined in Article 2(h) and (i) of Directive 2009/28/EC are concerned, these products comply with the sustainability criteria laid down in Article 17 of that Directive: * NB: wrongly numbered '(1)' in the Commission proposalIn the case of bio methane, the energy content per quantitative unit is the same as for natural gas. Given the fact that bio methane injected into the natural gas grid helps to increase the share of renewable sources, bio methane will be tax exempted with respect to the CO2 and energy content, provided it is produced according to the sustainability criteria.
Amendment 212 #
2011/0092(CNS)
Proposal for a directive
Article 1 – point 21
Article 1 – point 21
Directive 2003/96/EC
Article 29 – paragraph 3 a (new)
Article 29 – paragraph 3 a (new)
By 2023 the Commission shall submit to the Council an assessment on the implementation of the provisions of this Directive relating to the level of taxation applicable to natural gas in road transport and a proposal for its modification. This assessment shall, inter alia, examine the progress in the availability of natural gas and bio methane, the growth of the refilling stations network in the Union, the market share of natural gas vehicles in the Union, the innovation and technological developments of bio methane as fuel in transport, the real value of the minimum level of taxation.
Amendment 192 #
2011/0062(COD)
Proposal for a directive
Recital 8
Recital 8
(8) As consumers and enterprises are not in the same position, they do not need the same level of protection. While it is important to guarantee consumers’ rights by provisions that cannot be derogated from by contract, it is reasonable to let enterprises and organisations engage in other agreements. This Directive should therefore apply to credit granted to consumers. Member States should, however, have the possibility to extend the scope to natural or legal persons that are not consumers, notably micro-enterprises, as defined by Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises26 .
Amendment 196 #
2011/0062(COD)
Proposal for a directive
Recital 9
Recital 9
(9) The objective of this Directive is to ensurepromote responsible lending and borrowing in the context of a transparent, efficient and competitive internal market for loans related to residential immovable property, while ensuring that all credits provided to consumers benefit from a high level of protection. It should therefore apply to credits secured by real estate, or credits which are used to purchase a property in some Member States and to credits for the renovation of residential property that are not covered by Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC27 which lays down rules at Union level concerning consumer credit agreements. Furthermore, this Directive should not be applied to certain types of credit agreements where the credit is granted by an employer to his employees under certain circumstances, as already provided in Directive 2008/48/EC or where a credit is granted to a restricted public under a statutory provision, on terms more favourable to consumers that those prevailing on the market.
Amendment 208 #
2011/0062(COD)
Proposal for a directive
Recital 16
Recital 16
(16) The applicable legal framework should give consumers the confidence that creditors and credit intermediaries are acting in the bestby taking into account the interests of the consumer. A key aspect of ensuring such consumer confidence is the requirement to ensure a high degree of fairness, honesty and professionalism in the industry. While this Directive should require relevant knowledge and competence to be proven at the level of the institution, Member States should be free to introduce or maintain such requirements applicable to individual natural persons.
Amendment 211 #
2011/0062(COD)
Proposal for a directive
Recital 16 a (new)
Recital 16 a (new)
Amendment 217 #
2011/0062(COD)
Proposal for a directive
Recital 20 a (new)
Recital 20 a (new)
(20a) Consumers should receive personalised information by means of the ESIS in good time prior to the conclusion of the credit agreement in order to enable them to compare and reflect on the characteristics of credit products. Member States shall ensure that when a binding offer is provided to the consumer, it shall be accompanied by the ESIS. Credit agreement should not be concluded until the consumer has had sufficient time to compare the offers, assess their implications and take an informed decision on whether to accept an offer, regardless of the means of conclusion of the contract. In order to achieve this objective Member States may regulate the period of time regarded as sufficient for the consumer to compare the offers, assess their implications and take an informed decision on whether to accept an offer.
Amendment 222 #
2011/0062(COD)
Proposal for a directive
Recital 23
Recital 23
(23) In order to promote the establishment and functioning of the internal market and to ensure a high degree of protection for consumers throughout the Union, it is necessary to ensure the comparability of information relating to annual percentage rates of charge throughout the Union. The total cost of the credit to the consumer should comprise all the costs that the consumer has to pay in connection with the credit agreement, except for notarial costs and registration costs. It should therefore include interest, commissions, taxes, fees for credit intermediaries and any other fees as well as the cost of insurance, the valuation of the property or other ancillary products, where these are obligatory in order to obtain the credit on the terms and conditions marketed. As the annual percentage rate of charge can at the pre- contractual stage be indicated only through an example, such an example should be representative. Therefore, it should correspond, for instance, to the average duration and total amount of credit granted for the type of credit agreement under consideration. Given the complexities of calculating an annual percentage rate of charge (for instance, for credits based on variable interest rates or non-standard amortisation) and in order to be able to accommodate product innovation, technical regulatory standards could be employed to amend or specify the method of calculation of the annual percentage rate of charge. The definition of and methodology used for calculating the annual percentage rate of charge in this Directive should be the same as those in Directive 2008/48/EC in order to facilitate consumer understanding and comparison. Those definitions and methodologies may, however, differ in the future should Directive 2008/48/EC be modified at a later date. Member States are free to maintain or introduce prohibitions on unilateral changes to the borrowing rate by the creditor.
Amendment 225 #
2011/0062(COD)
Proposal for a directive
Recital 24
Recital 24
(24) An assessment of creditworthiness should take into consideration all necessary factors that could influence a consumer’s ability to repay the credit over theits lifetime of the loan including, but not limited to, the consumer’s income, savings, assets, regular expenditures, debts and other financial commitments, credit score, past credit history, ability to handle interest rate adjustments, and other existing credit commitreasonable assumptions as to the consumer’s situation over the term of the proposed credit agreements. Additional provisions may be necessary to further elaborate on the different elements that may be taken into consideration in a creditworthiness assessment. These objectives may be satisfied through an effective prudential regulation. Member States may issue guidance on the method and criteria to assess a consumer’s creditworthiness, for example by setting limits on loan-to-value or loan-to-income ratio. If a consumer is subsequently unable to meet his debt obligation relating to the credit agreement after a positive creditworthiness assessment, this should not automatically mean that the creditworthiness assessment was conducted improperly. The provisions of this Directive are without prejudice to the national and Union regulations on the sound and prudent management of creditors.
Amendment 231 #
2011/0062(COD)
Proposal for a directive
Recital 25
Recital 25
(25) A negative creditworthiness assessment should indicate to the creditor that the consumer is unable to afford the credit and as a consequence, the creditor should not grant the credit. Such a negative outcome may derive from a wide range of reasons, including but not limited to the consultation of a database or a negative credit score. A positive creditworthiness assessment should not constitute an obligation for the creditor to provide credit.
Amendment 243 #
2011/0062(COD)
Proposal for a directive
Recital 31
Recital 31
(31) In order to be in a position to understand the nature of the service, consumers should be made aware of what constitutes a personalised recommendation on suitable credit agreements for that consumer’s needs and financial situation (‘advice’) and when it is being provided and when it is not. It is therefore important to ensure that the service of advice is a distinct service which is separately remunerated in a manner transparent to the consumer. Consumers should also be able to rely on the competence of the adviser. Those providing advice should comply with general standards in order to ensure that the consumer is presented with a range of products suitable for his needs and circumstances and should also have the necessary professional competence to provide expert advice. That service should be based on a fair and sufficiently wide- ranging analysis of the products available on the market, in the case of provision of advice by an untied credit intermediary, or from within the creditor’s organisation in the case of provision of advice by the creditor or a tied credit intermediary, and on a close inspection of the consumer’s financial situation, preferences and objectives. Such an assessment should be based on up-to-date information and reasonable assumptions on the consumer’s circumstances during the lifetime of the loan. Member States may clarify how the suitability of a given product for a consumer should be assessed in the context of the provision of advice. The act of making a binding offer to a consumer does not in itself constitute advice.
Amendment 253 #
2011/0062(COD)
Proposal for a directive
Recital 32
Recital 32
(32) A consumer’s ability to repay his credit prior to the expiry of his credit agreement may play an important role in promoting competition in the single market and the free movement of EU citizens. However, substantial differences exist between the national principles and conditions under which consumers have the ability to repay and the conditions under which such early repayment can take place. Whilst recognising the diversity in mortgage funding mechanisms and the range of products available, certain standards with regard to early repayment of credit are essential at Union level in order to ensure that consumers have the possibility to discharge their obligations before the date agreed in the credit agreement and the confidence to shop around for the best products to meet their needs. Member States should therefore ensure, either by legislation or by means of contractual clauses, that consumers have a statutory or contractual right to early repayment; nevertheless, Member States should be able to define the conditions for the exercise of such a right. These conditions may include time limitations on the exercise of the right, different treatment depending on the type of the borrowing rate, whether fixed or variable, restrictions with regard to the circumstances under which the right may be exercised. Member States cshould also providensure that the creditor should beis entitled to fair and objectively justified compensation for potential costs directly linked to early repayment of the credit. In any event if the early repayment falls within a period for which the borrowing rate is fixed, exercise of the right may be made subject to the existence of a special interest on the part of the consumer. Such special interest may for example occur in case of divorce or unemployment. Where a Member State chooses to lay down such conditions, these should not make the exercise of the right excessively difficult or onerous for the consumer.
Amendment 277 #
2011/0062(COD)
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
The purpose of this Directive is to lay down a framework for certain aspects of the laws, regulations and administrative provisions of the Member States concerning credit agreements concluded with consumers relating to residential immovable property for consumers and concerning certain aspects of the prudential and supervisory requirements for credit intermediaries and creditors.
Amendment 283 #
2011/0062(COD)
Proposal for a directive
Article 2 – paragraph 1 – introductory part
Article 2 – paragraph 1 – introductory part
1. This Directive shall apply to the following credit agreements as defined in Article 1:
Amendment 304 #
2011/0062(COD)
Proposal for a directive
Article 2 – paragraph 2 – point b a (new)
Article 2 – paragraph 2 – point b a (new)
(ba) Credit agreement where the creditor: – contributes a lump sum and/or periodic payments and/or other forms of credit disbursement in return for a sum deriving from the future sale of an immovable property and/or a right relating to immovable property and – will not seek full repayment of the credit until the occurrence of one or more specified life events of the borrower, as defined by Member States, unless a breach of contractual obligations that allows the creditor to terminate the credit agreement occurs (equity release).
Amendment 305 #
2011/0062(COD)
Proposal for a directive
Article 2 – paragraph 2 – point b b (new)
Article 2 – paragraph 2 – point b b (new)
(bb) credit agreements where the credit is granted free of interest and without any other charges.
Amendment 307 #
2011/0062(COD)
Proposal for a directive
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
2a. Member States may provide that some or all articles of this Directive do not apply to credit agreements which relate to loans granted to a restricted public under a statutory provision with a general interest purpose, and at lower interest rates than those prevailing on the market or for free of interest or on other terms which are more favourable to the consumer than those prevailing on the market and at interest rates not higher than those prevailing on the market.
Amendment 320 #
2011/0062(COD)
Proposal for a directive
Article 3 – paragraph 1 – point f
Article 3 – paragraph 1 – point f
(f) ‘Tied credit intermediary’ means any credit intermediary who acts on behalf of and under the full responsibility of only one creditor or one group or of more creditors and more groups.
Amendment 326 #
2011/0062(COD)
Proposal for a directive
Article 3 – paragraph 1 – point k
Article 3 – paragraph 1 – point k
(k) ‘Total cost of the credit to the consumer’ means the total cost of the credit to the consumer as defined in Article 3(g) of Directive 2008/48/ECall costs, including interest, commissions, taxes and any other kind of fee, which the consumer is required to pay in connection with the credit agreement and which are known to the lender, except notary fees and mortgage registration fees; costs in respect of ancillary services relating to the credit agreement, in particular costs relating to the valuation of the property and insurance premiums, are also included if the conclusion of a service contract is compulsory in order to obtain the credit or to obtain it on the terms and conditions marketed and these costs are known to the lender.
Amendment 334 #
2011/0062(COD)
Proposal for a directive
Article 3 – paragraph 1 – point o
Article 3 – paragraph 1 – point o
(o) ‘Creditworthiness assessment’ means the evaluation of a consumer’s ability to meet his debt obligationsn the prospect for the debt obligations resulting from the credit agreement to be repaid.
Amendment 354 #
2011/0062(COD)
Proposal for a directive
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Member States shall require that, when granting, intermediating or advising on credit and, where appropriate, ancillary services to consumers, the creditor or the credit intermediary acts honestly, fairly and professionally in accordance with the besttaking into account the interests of the consumer.
Amendment 359 #
2011/0062(COD)
Proposal for a directive
Article 5 – paragraph 2
Article 5 – paragraph 2
2. Member States shall ensure that the manner in which creditors remunerate their staff and the relevant credit intermediaries and the manner in which credit intermediaries remunerate their staff do not impede compliance with the obligation to act in accordance with the besttaking into account the interests of the consumer, as referred to in paragraph 1.
Amendment 375 #
2011/0062(COD)
Proposal for a directive
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) The staff of creditors and credit intermediaries who are in direct contact with the consumer possess an appropriate level of knowledge and competence in relation to the offering or granting of credit agreements within the meaning of Article 2, or the activity of credit intermediation as defined in Article 3(e). Where the conclusion of a credit agreement includes an ancillary service related to it, in particular insurance or investment services, they shall also possess appropriate knowledge and competence in relation to that ancillary service in order to satisfy the requirements set out in Article 19 of Directive 2004/39/EC and Article 4 of Directive 2002/92/EC.
Amendment 393 #
2011/0062(COD)
Proposal for a directive
Article 6 – paragraph 4
Article 6 – paragraph 4
Amendment 475 #
2011/0062(COD)
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2
Article 9 – paragraph 2 – subparagraph 2
Member States shall ensure that when an offer binding on the creditor is provided to, in good time before the consumer, it shall be accompanied by an ESISs bound by any credit agreement or offer, an ESIS is provided. In such circumstances, Member States shall ensure that the credit agreement cannot be concluded until the consumer has had sufficient time to compare the offers, assess their implications and take an informed decision on whether to accept an offer, regardless of the means of conclusion of the contract.
Amendment 516 #
2011/0062(COD)
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
Member States shall ensure that creditors and, where applicable, credit intermediaries provide adequate explanations to the consumer on the proposed credit agreement(s) and any ancillary service(s), in order to place the consumer in a position enabling him to assess whether the proposed credit agreements and ancillary services are adapted to his needs and financial situation. An adequate explanation shall include the provision of personalised information on the characteristics of the credits on offer, without however formulating any recommendation. Creditors and, where applicable, credit intermediaries shall accurately assess the level of knowledge and experience with credit of the consumer by any means necessary so as to enable the creditor or the intermediary to determine the level of explanations to be given to the consumer and adjust such explanations accordinglyAn explanation of the risks connected with the choice of a variable or of a fixed borrowing rate should be included as well.
Amendment 523 #
2011/0062(COD)
Proposal for a directive
Article 12 – paragraph 1 a (new)
Article 12 – paragraph 1 a (new)
1 a. The annual percentage rate of charge shall be determined including exclusively the costs levied by the lender for the loan for his benefit.
Amendment 526 #
2011/0062(COD)
Proposal for a directive
Article 12 – paragraph 2 – subparagraph 1
Article 12 – paragraph 2 – subparagraph 1
Amendment 529 #
2011/0062(COD)
Proposal for a directive
Article 12 – paragraph 2 – subparagraph 2
Article 12 – paragraph 2 – subparagraph 2
Where the opening of an account is obligatory in order to obtain the credit, on the terms and the conditions marketed, the costs of maintaining such an account, the costs of using a means of payment for both payment transactions and drawdowns on that account, and other costs relating to payment transactions shall be included in the total cost of credit to the consumer, unless the costs have been clearly and separately shown in the credit agreement or in any other agreement concluded with the consumer.
Amendment 540 #
2011/0062(COD)
Proposal for a directive
Article 12 – paragraph 5 – subparagraph 1
Article 12 – paragraph 5 – subparagraph 1
Powers are delegated to the Commission in accordance with Article 26 and subject to the conditions of Articles 27 and 28, to amend the formula ato adopt regulatory technical standards in order to amend the assumptions used to calculate the annual percentage rate of charge as set out in Annex I.
Amendment 567 #
2011/0062(COD)
Proposal for a directive
Article 14 – paragraph 2 – point a
Article 14 – paragraph 2 – point a
Amendment 583 #
2011/0062(COD)
Proposal for a directive
Article 14 – paragraph 2 – point d
Article 14 – paragraph 2 – point d
(d) Where the credit application is rejected on the basis of the data contained, or lack thereof, in a database that has been consulted, the creditor informs the consumer immediately and without charge of the name of the database that was consulted, the result of the consultation as well as of its controller and of his right to access and, where necessary, his right to rectify his data in that database. The information shall be provided unless the provision of such information is prohibited by other Union legislation or is contrary to objectives of public policy or public security.
Amendment 599 #
2011/0062(COD)
Proposal for a directive
Article 14 – paragraph 4
Article 14 – paragraph 4
4. Further to assessing a consumer's creditworthiness, Member States shall ensure that creditors and credit intermediaries obtain the necessary information regarding the consumer's personal and financial situation, his preferences and objectives and consider a sufficiently large number of credit agreements from their product range in order for the consumer to identify products that are not unsuitable for the consumer givento his needs, financial situation and personal circumstances. Such considerations shall be based on the information that is up to date at that moment in time and on reasonable assumptions as to the consumer's situation over the term of the proposed credit agreement.
Amendment 601 #
2011/0062(COD)
Proposal for a directive
Article 14 – paragraph 4 a (new)
Article 14 – paragraph 4 a (new)
4 a. Consumers shall act with prudence and respect their contractual obligations.
Amendment 605 #
2011/0062(COD)
Proposal for a directive
Article 14 – paragraph 5
Article 14 – paragraph 5
Amendment 641 #
2011/0062(COD)
Proposal for a directive
Article 17 – paragraph 2 – introductory part
Article 17 – paragraph 2 – introductory part
2. Member States shall ensure that the creditor or credit intermediary informs the consumer, in the context of a given transaction, whether or not advice is being or will be provided to him and, if applicable, indicates the fee payable by the consumer for the provision of advice. This may be done through additional pre- contractual information. Where advice is provided to consumers, in addition to the requirements set out in Articles 5 and 6, Member States shall ensure that creditors and credit intermediaries:
Amendment 647 #
2011/0062(COD)
Proposal for a directive
Article 17 – paragraph 2 – point a
Article 17 – paragraph 2 – point a
(a) consider a sufficiently large number of credit agreements available owithin the marketcreditor’s or the credit intermediary’s range of offered products so as to enable the recommendation of the most suitable credit agreements for the consumer's needs, financial situation and personal circumstances;
Amendment 660 #
2011/0062(COD)
Proposal for a directive
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Member States shall ensure that the consumer has a statutory or contractual right to discharge his obligations under a credit agreement prior to the expiry of that agreement. In such cases, he shall be entitled to a reduction in the total cost of the credit, such a reduction consisting of the interest and the costs for the remaining duration of the contract. In return, the creditor should be entitled to fair and objectively justified compensation for potential costs directly linked to early repayment of the credit.
Amendment 673 #
2011/0062(COD)
Proposal for a directive
Article 18 – paragraph 2 – subparagraph 1
Article 18 – paragraph 2 – subparagraph 1
Member States may provide that the exercise of the right referred to in paragraph 1 is subject to certain conditions. Such conditions may include time limitations on the exercise of the right, different treatment depending on the type of the borrowing rate, or restrictions with regard to the circumstances under which the right may be exercised. Member States may also providshall ensure that the creditor ishould be entitled to fair and objectively justified compensation for potential costs directly linked to early repayment of the credit. In any event, if the early repayment falls within a period for which the borrowing rate is fixed, exercise of the right may be made subject to the existence of a special interest on the part of the consumer.
Amendment 743 #
2011/0062(COD)
Proposal for a directive
Article 26 – paragraph 1
Article 26 – paragraph 1
1. The powers to adopt delegated acts referred to in Articles 6(4), 8(4), 9(3), 10(3), 14(5) and 16(2) shall be conferred on the Commission for an indeterminate period of time following the entry into force of this Directive.
Amendment 754 #
2011/0062(COD)
Proposal for a directive
Article 27 – paragraph 1
Article 27 – paragraph 1
1. The delegation of powers referred to in Articles 6(4), 8(4), 9(3), 10(3), 14(5) and 16(2) may be revoked at any time by the European Parliament or by the Council.
Amendment 761 #
2011/0062(COD)
Proposal for a directive
Article 29 – title
Article 29 – title
Amendment 762 #
2011/0062(COD)
Proposal for a directive
Article 29 – paragraph 1 a (new)
Article 29 – paragraph 1 a (new)
1 a. Insofar as this directive contains harmonised provisions, Member States cannot maintain or introduce into their national law provisions diverging from those laid down in this directive.
Amendment 772 #
2011/0062(COD)
Proposal for a directive
Article 31 – paragraph 2 – point g
Article 31 – paragraph 2 – point g
Amendment 782 #
2011/0062(COD)
Proposal for a directive
Annex 2 – part A – point 6 – introductory part
Annex 2 – part A – point 6 – introductory part
Amendment 353 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – paragraph 1
Article 77a – paragraph 1
EIOPA shall publish technical information, includter alia concerning the relevant risk-free interest rate term structure. Where EIOPA observes an illiquidity premium in, including the existence of a countercyclical premium in periods of particular tension for the financial markets in periods of stressed liquidity,. Where the relevant risk- free interest rate term structure shows the existence of a countercyclical premium in periods of financial tension as observed by EIOPA, the formulae published for the relevant risk-free interest rate term structure shall include formulae enabling undertakings to calculate information relating to the illiquidityis premium, including its size shall also be published.. In such cases, EIOPA shall carry out the observation of the illiquiditycountercyclical premium and the derivation of the information on a transparent, objective and reliable basis. Information for all these purposes shall be derived according to the methods and assumptions which may include formulae, o, principles and techniques referred to under letter (b) of the first paragraph of Article 86, and on the basis of the detailed criteria and calculation methods and assumptions referred to under dletterminations made by EIOPA (i) of the first paragraph of Article 86.
Amendment 362 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 15
Article 2 – point 15
Directive 2009/138/EC
Article 77a – paragraph 2
Article 77a – paragraph 2
The information referred to in the first paragraph shall be published for each relevant currency on at least a quarterly basis in a manner which is consistent with the methodologi. In calculating technical provisions, insurance and reinsurance undertakings shall use the formulae for the relevant risk-free interest referred to in Article 86ate term structure published by EIOPA, within the meaning of the first paragraph.
Amendment 373 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 16
Article 2 – point 16
Directive 2009/138/EC
Article 86 – paragraph 1 – point i
Article 86 – paragraph 1 – point i
(i) the detailed criteria for the elements of technical information, the calculation methods and assumptions, and where appropriate the formulae and determinations, according to which the information is to be derived by EIOPA as referred to in Article 77a..
Amendment 459 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 70
Article 2 – point 70
Directive 2009/138/EC
Article 308 a – paragraph 7
Article 308 a – paragraph 7
7. Where the Commission has adopted a delegated act in accordance with Article 308b(7), Article 94 shall not apply for a maximum period of 10 years from the date referred to in the first sub-paragraph of Article 309(1). ithout prejudice to Article 94, basic own-fund items issued prior to the date referred to in the first sub-paragraph of Article 309(1) which under the Directives listed in Article 310 may be used to cover up to 50% of the solvency margin, shall be classified as level 1 basic own-fund items for 20 years from that date. Without prejudice to Article 94, basic own-fund items issued prior to the date referred to in the first sub-paragraph of Article 309(1) which under the Directives listed in Article 310 may be used to cover up to 25% of the solvency margin, shall be classified as level 2 basic own-fund items for 20 years from that date.
Amendment 469 #
2011/0006(COD)
Proposal for a directive
Article 2 – point 74
Article 2 – point 74
Directive 2009/138/EC
Article 311 – paragraph 2
Article 311 – paragraph 2
‘Articles 1, 2, 3, 5 to 9, 11, 12, 14 to 17, 19-22, 24, 25, 33, 57 to 66,69, 69, 70, 73, 143, 145, 147, 149 to 161, 168 to 171, 174 to 177, 179 to 184, 186 to 189, 191, 193 to 209, 267 to 300, 302, 305- to 08 and Annexes I and II, V, VI and VII shall apply from 1 January 2013.’4.’ The Member States shall ensure that, by the date referred to in Article 309, the supervisory authorities enjoy sufficient powers to carry out the assessments required under Articles 90, 95, 104(7), 112, 113, 211, 230 and 308.
Amendment 21 #
2010/2303(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses that risk is intrinsic and necessary in the financial sector in order to foster competitiveness, increase liquidity, provide loans, and deliver economic growth, whose core activity consists in mediating risks between economic operators, for example by transferring savings to those who require credit;
Amendment 24 #
2010/2303(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls for the establishment of mandatoryBelieves that economically significant financial institutions should assess whether they ought to establish risk committees at board level for all economically significant financial institutions;
Amendment 55 #
2010/2303(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for regular, formal external assessments to be carried out of the board and its performancethe board regularly to assess its own members, on the basis of objective criteria to be approved by the relevant national supervisor, and for summaries of these assessments to be included in annual reports for the benefit of investors, shareholders and national supervisors;
Amendment 69 #
2010/2303(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Believes that there sThe limits to the hould be a basic assumption that no person should serve ing of multiple positions more than three boards of directors of financial institutionust be the subject of specific provisions of company bylaws or rules;
Amendment 80 #
2010/2303(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
Amendment 83 #
2010/2303(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
Amendment 129 #
2010/2303(INI)
Motion for a resolution
Paragraph 27
Paragraph 27
27. Believes that significant transactions above a set size, with the benchmark to be decided by ESMA, should require specific shareholder approval or should be subject to a requirement to inform shareholders before the transaction can take effect;
Amendment 135 #
2010/2303(INI)
Motion for a resolution
Paragraph 28
Paragraph 28
28. Recognises that transparency is necessary with regard to related party transactions and that, on the basis of a benchmark to be set by ESMA, transactions relating to financial institutions quoted on regulated exchanges which involve a related party should be notified to the listing authority and be accompanied by a letter from an independent adviser confirming that the transaction is fair and reasonable, or should be subject to a vote by shareholders from which the related party is excluded;
Amendment 140 #
2010/2303(INI)
Motion for a resolution
Paragraph 29
Paragraph 29
Amendment 49 #
2010/2269(INI)
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Is convinced of the importance of bilateral agreements between the European Union and third countries to step up cooperation in the Area of Freedom, Security and Justice and optimise the management of migratory movements;
Amendment 81 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 1 – paragraph 3
Annex – recommendation 1 – paragraph 3
3. Attribute to the relevant supervisor the responsibility for crisis management and the approval of each bank’s contingency plan, as follows: • for Systemic Bcross-border banks: the European Banking Authority (EBA) in close cooperation with the college of national supervisors and the Cross -Border Stability Groups (as defined in the above-mentioned Memorandum of Understanding of June 2008); • for all other cross border non-systemic banks: the consolidated supervisor within the college, under the coordination of the EBA and in consultation with the Cross Border Stability Groups; • for local banks: the local supervisor.
Amendment 103 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 2 a (new)
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 2 a (new)
Amendment 105 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 3 a (new)
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 3 a (new)
• impose transfer of assets among the entities of the group;
Amendment 107 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 4 a (new)
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 4 a (new)
• impose a suspension of all the claims against the bank (“moratorium”);
Amendment 113 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 6 a (new)
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 6 a (new)
• authorise the access to the EU Financial Stability Fund for emergency medium term collateralised funding;
Amendment 114 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 6 b (new)
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 6 b (new)
• grant guarantees through the EU Financial Stability Fund to facilitate merger and acquisition operations;
Amendment 148 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2 – paragraph 1
Annex – recommendation 2 – paragraph 1
1. Systemic BCross-border banks, due to their special risk profileole in the EU single market of financial services, require to be urgently addressed by a new special regime to be known as the European Bank Company Law to be designed until the end of 2011.
Amendment 162 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2 – paragraph 2
Annex – recommendation 2 – paragraph 2
2. Systemic BCross-border banks shall adhere to the new special regime which shall overcome legal impediments to effective action across borders while ensuring clear and predictable treatment of shareholders, depositors, creditors and other stakeholders.
Amendment 169 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2 – paragraph 3
Annex – recommendation 2 – paragraph 3
Amendment 176 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2 – paragraph 4
Annex – recommendation 2 – paragraph 4
Amendment 186 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2 – paragraph 5
Annex – recommendation 2 – paragraph 5
5. For each of the Systemic Bcross-border banks, the EBA shall lead the college of supervisors, act under normal circumstances through national supervisors and retain the ultimate decision power and a binding mediating role.
Amendment 197 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 2 – paragraph 6
Annex – recommendation 2 – paragraph 6
6. An EU Financial Stability Fund and a Resolution Unit shall support interventions led by the EBA (resolution or insolvency) as regards Systemic Bcross-border banks.
Amendment 215 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 3 – paragraph 2 – indent 2
Annex – recommendation 3 – paragraph 2 – indent 2
• funded ex-ante by the Systemic Bcross-border banks on the basis of risk-based, countercyclical criteria;
Amendment 217 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 3 – paragraph 2 – indent 3
Annex – recommendation 3 – paragraph 2 – indent 3
• separate and independent from Deposit Guarantee Schemes and substitute national similar funds;
Amendment 220 #
2010/2006(INI)
Motion for a resolution
Annex – recommendation 3 – paragraph 2 – indent 5 a (new)
Annex – recommendation 3 – paragraph 2 – indent 5 a (new)
In order to ensure a level playing field and the financial stability of the EU single market of financial services, Member States shall establish national stability funds to support the crisis management of local banks. An EU framework should be established to regulate the creation of a national stability fund in each Member State; existing national stability funds should comply with the newly established EU framework.
Amendment 65 #
2010/0281(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) To strengthen the economic and monetary union there is a need to build upon the experience gained during the first decade of functioning of the economic and monetary union.
Amendment 117 #
2010/0281(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) Based on the multilateral surveillance procedure and the alert mechanism, the Commission should identify in a transparent procedure the Member States to be subject to an in-depth review. The in- depth review should encompass a thorough analysis of sources of imbalances in the Member State under review. It should be discussed withininclude a surveillance mission by the Commission to the Member State concerned, in liaison with the ECB when those missions concern Member States whose currency is the euro or Member States participating in ERM II. It should be discussed within the European Parliament, the Council and the Euro Group for the Member States whose currency is the euro.
Amendment 122 #
2010/0281(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) A procedure to monitor and correct adverse macroeconomic imbalances, with preventive and corrective elements, will require enhanced surveillance tools based on those used in the multilateral surveillance procedure. This mayshould include enhanced surveillance missions and control of statistics by the Commission to Member States in liaison with the ECB when those missions concern participating Member States or Member States participating in the ERM II and additional reporting by the Member State in case of severe imbalances, including imbalances that jeopardise the proper functioning of the economic and monetary union.
Amendment 150 #
2010/0281(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) The early warnings and recommendations by the European Systemic Risk Board to Member States or the Union address risks of a macrofinancial nature. These may also warrant appropriate follow-up action in the context of the surveillance of imbalances. The independence and confidentiality regime of the European Systemic Risk Board should be strictly respected.
Amendment 183 #
2010/0281(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point a
Article 2 – paragraph 1 – point a
(a) 'imbalances‘ means macroeconomic developments which are adversely affecting, or have the potential adversely to affect, the proper functioning and/or the competitiveness of the economy of a Member State or of economic and monetary union, or of the Union as a whole.
Amendment 194 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The Commission shall, after consultation with Member States and the European Parliament, establish an indicative scoreboard as a tool to facilitate early identification and monitoring of imbalances.
Amendment 210 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The scoreboard shall be made up of an array of macroeconomic and, macrofinancial indicators for Member Stateand structural indicators, which are adequate to measure the economic equilibrium and competitiveness of the Member States in comparison to other Member States as well as their international competitiveness. The Commission may set indicative lower or upper thresholds for these indicators to serve as alert levels. The thresholds applicable to Member States whose currency is the euro may be different from those applicable to the other Member States.
Amendment 220 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. The list of indicators to be included in the scoreboard and the thresholds should allow the detection of internal and external macroeconomic imbalances.
Amendment 243 #
2010/0281(COD)
Proposal for a regulation
Article 3 – paragraph 4
Article 3 – paragraph 4
4. The Commission shall regularly assess the appropriateness of the scoreboard, including the composition of indicators, the thresholds set and the methodology used, and shall adapt it, in accordance with Article 3 paragraph 1, and in case of emergency the Commission may temporarily adapt the scoreboard, the indicators and the thresholds if necessary to preserve or enhance its capability to detect emerging imbalances and monitor their development. Changes in the underlying methodology and composition of the scoreboard and the associated thresholds shall be made public.
Amendment 257 #
2010/0281(COD)
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The release of the updated scoreboard shall be accompanied by a Commission report containing an economic and financial assessment putting the movement of the indicators into perspective, drawing if necessary on any other economic and financial indicatoranalysis relevant to detection of imbalances. The report shall also indicate whether the crossing of lower or upper thresholds in one or more Member States signifies the possible emergence of imbalances.
Amendment 261 #
2010/0281(COD)
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. The report shall identify Member States that the Commission considers to be affected by, or at risk of, imbalance macroeconomic imbalances and weakening competitiveness.
Amendment 263 #
2010/0281(COD)
Proposal for a regulation
Article 4 – paragraph 3 a (new)
Article 4 – paragraph 3 a (new)
3a. The Report should be transmitted in a timely manner to the European Parliament.
Amendment 267 #
2010/0281(COD)
Proposal for a regulation
Article 4 – paragraph 4
Article 4 – paragraph 4
4. As part of the multilateral surveillance in accordance with Article 121(3) of the Treaty, the Council shall discuss and adopt conclusions on the Commission reportthe Commission shall present its report to the Council. The Euro Group shall discuss the report as far as it relates, directly or indirectly, to Member States whose currency is the euro. The Council may reject the report by a qualified majority within 10 days. The report of the Commission shall be made public.
Amendment 272 #
2010/0281(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. Taking account of the discussions in the Council, the European Parliament and the Euro Group, as provided for in Article 4(4), the Commission shall prepare an in- depth review for each Member State it considers affected by, or at risk of, imbalances. This assessment shall include an evaluation of whether the Member State in question is affected by macroeconomic imbalances, and of whether these macroeconomic imbalances constitute excessive imbalances. The in-depth review shall involve a surveillance mission by the Commission to the Member State concerned, in liaison with the ECB when the Member State concerned is a Member State participating in ERM II.
Amendment 286 #
2010/0281(COD)
Proposal for a regulation
Article 5 – paragraph 2 – point c
Article 5 – paragraph 2 – point c
(c) any early warnings or recommendations from the European Systemic Risk Board on systemic risks addressed or being relevant to the Member State under review. The confidentiality regime of the European Systemic Risk Board shall be respected.
Amendment 302 #
2010/0281(COD)
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. The Councilmmission shall inform the European Parliament of its recommendations. The Council recommendations shall be made public.
Amendment 306 #
2010/0281(COD)
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The Councilmmission shall review these recommendations at least annually and may amend them if appropriate in accordance with paragraph 1.
Amendment 309 #
2010/0281(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. If, on the basis of the in-depth review referred to in Article 5, the Commission considers that the Member State concerned is affected by excessive imbalances, it shall inform the Council accordinglyEuropean Parliament and the Council accordingly and draft the necessary recommendations to take corrective action. The recommendations shall set out the nature of the imbalances and specify the corrective action to be taken in detail and the deadline within which the Member State concerned must take such corrective action.
Amendment 313 #
2010/0281(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The Council, on a recommendation from the Commission, may adopt recommendations in accordance with Article 121(4) of the Treaty declaring the existence of an excessive imbalance and recommending the Member State concerned to take corrective action. Those recommendations shall set out the nature of the imbalances and specify the corrective action to be taken in detail and the deadline within which the Member State concerned must take such corrective action. The Council may, as provided for in Article 121(4) of the Treaty, may reject the recommendations by a qualified majority within 10 days. The Commission may make its recommendations public.
Amendment 336 #
2010/0281(COD)
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. Within two months after submission of a corrective action plan and on the basis of a Commission report, the Council shall assess the corrective action plan. If considered sufficient, on the basis of a Commission proposal, the Council shall adopt an opinion,it is assessed by the Commission for endorsing iement. If the actions taken or envisaged in the corrective action plan or their timetable for implementation are considered insufficient to implement the recommendations, the Council shall, on the basis of a Commission proposhal,l invite the Member State to amend its corrective action plan within a new deadline. The Council shall discuss the invitation of the Commission and may reject it by a qualified majority within 10 days. The amended corrective action plan shall be examined according to the procedure laid down in this paragraph.
Amendment 342 #
2010/0281(COD)
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. The corrective action plan, the Commission report and the Council invitation referred to in paragraph 2assessments, its decisions and the Council's rejection, if there was one, shall be made public.
Amendment 347 #
2010/0281(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission shall monitor implementation of the recommended corrective action and of the corrective action plan by the Member State concerned. For this purpose, the Member State shall report to the Council and the Commission at regular intervals in the form of progress reports whose frequency shall be established by the Councilmmission in the recommendation referred to in Article 7(21).
Amendment 353 #
2010/0281(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Member States’ progress reports shall be made public by the Councilmmission.
Amendment 354 #
2010/0281(COD)
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. The Commission mayshall carry out surveillance missions to the Member State concerned to monitor implementation of the corrective action plan, in liaison with the ECB when those missions concern Member States whose currency is the euro or Member States participating in ERM II.
Amendment 361 #
2010/0281(COD)
Proposal for a regulation
Article 9 – paragraph 4
Article 9 – paragraph 4
4. If economic circumstances change, the Council, on a recommendation from the Commission, may amend the recommendations adopted under Article 7 in accordance with the procedure laid down in the same Article. The Council may reject the recommendations by a qualified majority within 10 days. The Member State concerned shall submit a revised corrective action plan that shall be assessed in accordance with the procedure laid down in Article 8.
Amendment 366 #
2010/0281(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. On the basis of a Commission report, the CouncilThe Commission shall conclude whether or not the Member State concerned has taken the recommended corrective action.
Amendment 368 #
2010/0281(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. The Commission's report shall beconclusions shall be discussed in the Council and made public.
Amendment 371 #
2010/0281(COD)
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. The Councilmmission conclusions shall be adopted by the deadline set by the Councilmmission in its recommendations adopted in accordance with Article 7.
Amendment 377 #
2010/0281(COD)
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
4. Where ithe Commission concludes that the Member State has not taken the recommended corrective action, the Council, on a recommendation from the Commission, shall adoptpropose revised recommendations in accordance with Article 7, on a recommendation from the Commission, setting another deadline for corrective action by when another assessment in accordance with this Article shall be conducted.
Amendment 383 #
2010/0281(COD)
Proposal for a regulation
Article 10 – paragraph 5
Article 10 – paragraph 5
5. Where the Councilmmission concludes that the Member State has taken the recommended corrective action, the excessive imbalance procedure shall be held in abeyance.
Amendment 387 #
2010/0281(COD)
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
6. The state of abeyance of the procedure for Member States concerned shall be reviewed regularly by the Councilmmission in accordance with the procedure set out in paragraphs (1) to (5).
Amendment 410 #
2010/0281(COD)
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Amendment 73 #
2010/0280(COD)
Proposal for a regulation
Citation 2 a (new)
Citation 2 a (new)
- having regard to the opinion of the European Central Bank,
Amendment 139 #
2010/0280(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The obligation to achieve and maintain the medium-term budgetary objective needs to be put into operation, through the specification of principles of prudent fiscal policy-makingfor the adjustment path towards the medium-term objective.
Amendment 189 #
2010/0280(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) In order to ensure compliance with the fiscal surveillance framework of the Union for participating Member States, a specific enforcement mechanism should be established on the basis of Article 136 of the Treaty for cases where aof persistent and significant deviation from prudent fiscal policy making prevailsthe adjustment path towards the medium-term objective.
Amendment 231 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 –point 1 e (new)
Article 1 –point 1 e (new)
Regulation (EC) No 1466/97
Section 1A b (new)
Section 1A b (new)
Amendment 241 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 2 – subpoint b – subpoint i
Article 1 – point 2 – subpoint b – subpoint i
Regulation (EC) No 1466/97
Article 3 – paragraph 2 – point a
Article 3 – paragraph 2 – point a
(a) the medium-term budgetary objective and the adjustment path towards this objective for the general government balance as a percentage of GDP, the expected path of the general government debt ratio, the planned growth path of government expenditure, in particular bearing in mind the conditions and criteria to establish the expenditure growth under Article 5(1), the planned growth path of government revenue at unchanged policy and a quantification of the planned discretionary revenue measures;
Amendment 269 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 2 – subpoint c
Article 1 – point 2 – subpoint c
Regulation (EC) No 1466/97
Article 3 – paragraph 3
Article 3 – paragraph 3
3. The information about the paths for the general government balance and debt ratio, the growth of government expenditure, the planned growth path of government revenue at unchanged policy, the planned discretionary revenue measures, appropriately quantified, and the main economic assumptions referred to in paragraph 2(a) and (b) shall be on an annual basis and shall cover, the preceding year, the current year and at least the following three years.
Amendment 280 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 2
Article 5 – paragraph 1 – subparagraph 2
The Council and the Commission, when assessing the adjustment path toward the medium-term budgetary objective, shall examine if the Member State concerned pursues an appropriate annual improvement of its cyclically-adjusted budget balance, net of one-off and other temporary measures, required to meet its medium-term budgetary objective, with 0.5% of GDP as a benchmark. For Member States with a high level of debt, high debt of the private sectors, significant contingent and/or implicit liabilities or excessive macroeconomic imbalances or both, the Council and the Commission shall examine whether the annual improvement of the cyclically-adjusted budget balance, net of one-off and other temporary measures is higher than 0.5% of GDP. The Council shall take into account whether a higher adjustment effort is made in economic good times, whereas the effort may be more limited in economic bad times.
Amendment 292 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 3
Article 5 – paragraph 1 – subparagraph 3
With a view to ensuring that the medium- term budgetary objective is effectively achieved and maintained, the Council and the Commission shall verify thatif the growth path of government expenditure, taken in conjunction with the effect of measures being taken or planned on the revenue side, is consistent with prudent fiscal policy-making. the adjustment path towards the MTO.
Amendment 304 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 4 – point a
Article 5 – paragraph 1 – subparagraph 4 – point a
(a) for Member States that have achieved the medium-term budgetary objective, annual expenditure growth does not exceed a prudentreference medium-term rate of potential GDP growth, unless the excess is matched by discretionary revenue measures;
Amendment 312 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 4 – point b
Article 5 – paragraph 1 – subparagraph 4 – point b
(b) for Member States that have not yet reached their medium-term budgetary objective, annual expenditure growth does not exceed a rate below a prudentreference medium- term rate of potential GDP growth, unless the excess is matched by discretionary revenue measures. The size of the shortfall of the growth rate of government expenditure compared to a prudentreference medium-term rate of potential GDP growth is set in such a way as to ensure an appropriate adjustment towards the medium-term budgetary objective;
Amendment 343 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 4
Article 1 – point 4
Regulation (EC) No 1466/97
Article 5 – paragraph 1 – subparagraph 7
Article 5 – paragraph 1 – subparagraph 7
Amendment 371 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 5
Article 1 – point 5
Regulation (EC) No 1466/97
Article 6 – paragraph 1
Article 6 – paragraph 1
1. As part of multilateral surveillance in accordance with Article 121(3) of the Treaty, the Council shall monitor the implementation of stability programmes, on the basis of information provided by participating Member States and of assessments by the Commission and the Economic and Financial Committee, in particular with a view to identifying actual or expected significant divergences of the budgetary position from the medium-term budgetary objective, or from the appropriate adjustment path towards it ensuing from deviations from prudent fiscal-policy making.
Amendment 391 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 5
Article 1 – point 5
Regulation (EC) No 1466/97
Article 6 – paragraph 2 – subparagraph 2
Article 6 – paragraph 2 – subparagraph 2
A deviation from prudent fiscal policy makingthe medium term objective shall be considered significant if the following conditions occur: an excess over the expenditure growth is not consistent with prudent fiscal policy-makingthe adjustment path towards the medium term objective, not offset by discretionary revenue-increasing measures; or discretionary revenue- decreasing measures not offset by reductions in expenditure; and the deviation has a total impact on the government balance of at least 0.5 % of GDP in one single year or of at least 0.25 % of GDP on average per year in two consecutive years.
Amendment 435 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 6 – subpoint c
Article 1 – point 6 – subpoint c
Regulation (EC) No 1466/97
Article 7 – paragraph 3
Article 7 – paragraph 3
3. The information about the paths for the general government balance and debt ratio, the growth of government expenditure, the planned growth path of government revenue at unchanged policy, the planned discretionary revenue measures, appropriately quantified, and the main economic assumptions referred to in paragraph 2(a) and (b) shall be on an annual basis and shall cover the preceding year, the current year and at least the following three years.
Amendment 448 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 2
Article 9 – paragraph 1 – subparagraph 2
The Council and the Commission, when assessing the adjustment path toward the medium-term budgetary objective, shall take into account whether a higher adjustment effort is made in economic good times, whereas the effort may be more limited in economic bad times. For Member States with a high level of debt, high debt of the private sectors, significant contingent and/or implicit liabilities or excessive macroeconomic imbalances or both, the Council and the Commission shall examine whether the annual improvement of the cyclically- adjusted budget balance, net of one-off and other temporary measures is higher than 0.5% of GDP. For ERM2 Member States, the Council and the Commission shall examine if the Member State concerned pursues an appropriate annual improvement of its cyclically adjusted balance, net of one-off and other temporary measures, required to meet its medium- term budgetary objective, with 0.5% of GDP as a benchmark.
Amendment 457 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 3
Article 9 – paragraph 1 – subparagraph 3
With a view to ensuring that the medium- term budgetary objective is effectively achieved and maintained, the Council and the Commission shall verify thatwhether the growth path of government expenditure, taken in conjunction with the effect of the measures being taken or proposed on the revenue side, is consistent with prudent fiscal-policy making. the adjustment path towards the medium term objective.
Amendment 469 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 4 – point a
Article 9 – paragraph 1 – subparagraph 4 – point a
(a) for Member States that have achieved the medium-term budgetary objective, annual expenditure growth does not exceed a prudentreference medium-term rate of potential GDP growth, unless the excess is matched by discretionary revenue measures;
Amendment 501 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 8
Article 1 – point 8
Regulation (EC) No 1466/97
Article 9 – paragraph 1 – subparagraph 7
Article 9 – paragraph 1 – subparagraph 7
Amendment 521 #
2010/0280(COD)
Proposal for a regulation – amending act
Article 1 – point 9
Article 1 – point 9
Regulation (EC) No 1466/97
Article 10 – paragraph 1 – first subparagraph
Article 10 – paragraph 1 – first subparagraph
As part of multilateral surveillance in accordance with Article 121(3) of the Treaty, the Council shall monitor the implementation of convergence programmes, on the basis of information provided by Member States with a derogation and of assessments by the Commission and the Economic and Financial Committee, in particular with a view to identifying actual or expected significant divergences of the budgetary position from the medium-term budgetary objective, or from the appropriate adjustment path towards it, ensuing from deviations from prudent fiscal-policy making.
Amendment 268 #
2010/0251(COD)
Proposal for a regulation
Article 6
Article 6
Amendment 283 #
2010/0251(COD)
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. A natural or legal person who has aThe relevant competent authority shall disclose at the end of each trading day to the public any aggregated net short positions in relation to the issued share capital of a company that has shares admitted to trading on a trading venue shall disclose to the public details of the position whenever the position reaches or falls below a relevant publication threshold referred to in paragraph 2.
Amendment 289 #
2010/0251(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. A relevant publication threshold is a percentage that equals 0.51 % of the value of the issued share capital of the company concerned and each 0.1,2 % above that.
Amendment 310 #
2010/0251(COD)
Proposal for a regulation
Article 8 – paragraph 3 – point b
Article 8 – paragraph 3 – point b
(b) the total value of outstanding issued sovereign debt for each Member State and the Union, the turnover and the average size of positions held by market participants relating to the sovereign debt of that Member State or the Union.
Amendment 311 #
2010/0251(COD)
Proposal for a regulation
Article 8 – paragraph 3 – point b a (new)
Article 8 – paragraph 3 – point b a (new)
(ba) the liquidity of each sovereign bond market, assessed by the competent authority.
Amendment 312 #
2010/0251(COD)
Proposal for a regulation
Article 8 a (new)
Article 8 a (new)
Article 8a Record keeping For the purposes of Articles 5, 7 and 8, natural and legal persons that hold significant net short positions shall keep for a period of 10 years records of the gross positions which make a significant net short position.
Amendment 344 #
2010/0251(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point b
Article 12 – paragraph 1 – point b
(b) the natural or legal person has entered into an framework agreement to borrow the share or sovereign debt instrument;
Amendment 353 #
2010/0251(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point c
Article 12 – paragraph 1 – point c
(c) the natural or legal person has an arrangement with a third party under which that third party has confirmed that the share or sovereign debt instrument has been located and reserved for lending for the natural or legal person sohe has a reasonable expectation that settlement can be effected when it is due.
Amendment 358 #
2010/0251(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point c a (new)
Article 12 – paragraph 1 – point c a (new)
(ca) the natural or legal person has bought, or given an instruction to exercise, on the same day, an equivalent amount of issue rights.
Amendment 380 #
2010/0251(COD)
Proposal for a regulation
Article 13 – paragraph 1 – introductory part
Article 13 – paragraph 1 – introductory part
1. A trading venue that has shares or sovereign debt admitted to trading shall ensure that it, or tThe central counterpartyies that provides clearing services for the trading venue, hason shares have procedures in place which comply with all of the following requirements:
Amendment 384 #
2010/0251(COD)
Proposal for a regulation
Article 13 – paragraph 1 – point a
Article 13 – paragraph 1 – point a
(a) where a natural or legal person who sells shares or sovereign debt instruments on the venue is not able to deliver the shares or sovereign debt instrument for settlement within four trading days after the day on which the trade takes place, or six trading days after the day on which the trade takes place in the case of market making activitiesfor settlement within six trading days after the day on which the settlement is due, then procedures are automatically triggered for the trading venue or central counterparty to buy-in the shares or sovereign debt instrument to ensure delivery for settlement;
Amendment 388 #
2010/0251(COD)
Proposal for a regulation
Article 13 – paragraph 1 – point b
Article 13 – paragraph 1 – point b
(b) where the trading venue or central counterparty is not able to buy-in the shares or the sovereign debt instrument for delivery then cash compensation is paid by the trading venue or the central counterparty to the buyer based on the value of the shares or the debt to be delivered at the delivery date plus an amount for any losses incurred by the buyer;
Amendment 391 #
2010/0251(COD)
Proposal for a regulation
Article 13 – paragraph 1 – point c
Article 13 – paragraph 1 – point c
(c) the natural or legal person who fails to settle pays an amount to the trading venue or central counterparty to reimburse the trading venue or central counterparty for all amounts paid pursuant to points (a) and (b).
Amendment 395 #
2010/0251(COD)
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1
Article 13 – paragraph 2 – subparagraph 1
2. A trading venue that has shares or sovereign debt instruments admitted to trading shall ensure that it has procedures in place, or that tThe settlement system that provides settlement services for the shares or sovereign debt instrumentshall hasve procedures in place, which ensure that where a natural or legal person who sells shares or sovereign debt instrument on the venue fails to deliver the shares or sovereign debt instrumentfails to deliver the shares for settlement by the date on which settlement is due, then such natural or legal person is subject to the obligation to make daily payments to the trading venue or settlement system for each day that the failure continues.
Amendment 398 #
2010/0251(COD)
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2
Article 13 – paragraph 2 – subparagraph 2
The daily payments shall be sufficiently high not to allow the seller to make a profit from the settlement failure and to act as a deterrent to natural or legal persons failing to settle.
Amendment 400 #
2010/0251(COD)
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
Amendment 497 #
2010/0251(COD)
Proposal for a regulation
Article 24 – paragraph 4
Article 24 – paragraph 4
4. Before deciding to impose or renew any measure referred to in paragraph 1, ESA (ESMA) shall consult, where appropriate, with the European Systemic Risk Board and, where appropriate, other relevant authorities.
Amendment 167 #
2010/0250(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) Where appropriate, rules applicable to financial counterparties, should also apply to non-financial counterparties. It is recognised that non-financial counterparties use OTC-contracts in order to cover themselves against commercial risks directly linked to their commercial activities. Consequently, in determining whether a non-financial counterparty should be subject to the clearing obligation, consideration should be given to the purpose for which that non-financial counterparty uses OTC derivatives, beyond the adopted accounting treatment, and to the size of the exposures that it has in those instruments. When establishing the threshold for the clearing obligation, ESMA should consult all relevant authorities, as for example regulators responsible for commodity markets, in order to ensure that the particularities of these sectors are fully taken into account. Moreover, by 31 December 2013, the Commission shall assess the systemic importance of the transactions of non- financial firms in OTC derivatives in different sectors, including the energy sector.
Amendment 227 #
2010/0250(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Regulation lays down uniform requirements for derivative contracts set out in Annex I Section C numbers (4) to (10) of Directive 2004/39/EC that are traded over-the-counter and lays down uniform requirements for the performance of activities of central counterparties and trade repositories.
Amendment 229 #
2010/0250(COD)
Proposal for a regulation
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
1 a. Articles 3 through 5 shall not apply to derivative contracts executed on a regulated market provided that such contracts are cleared by a CCP. This is without prejudice to the clearing obligation applying to the same contracts when executed OTC.
Amendment 236 #
2010/0250(COD)
Proposal for a regulation
Article 1 – paragraph 4 – point b
Article 1 – paragraph 4 – point b
(b) multilateral development banks, as listed under Section 4.2 of Part 1 of Annex VI to Directive 2006/48/EC, and other public international bodies.
Amendment 239 #
2010/0250(COD)
Proposal for a regulation
Article 1 – paragraph 4 – point b a (new)
Article 1 – paragraph 4 – point b a (new)
(b a) public international bodies established with a development mission which (i) provide finance to borrowers guaranteed by national governments or by persons or bodies within paragraph (a) of Article 1(4) of this Regulation, and (ii) enter into derivatives to hedge their funding arrangements or such financing activity.
Amendment 245 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 3
Article 2 – paragraph 1 – point 3
(3) ’clearing' means the process of establishing settlement positions, including the calculation of net positions, and the process of checking that financial instruments, cash or both are available to secure the exposures arising from a transacby which a third party interposes itself, directly or indirectly, between the transaction counterparties in order to assume their rights and obligations;
Amendment 249 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
(4) ’class of derivatives' means a number of OTC derivative contracts that share common, essential charactesubset of derivatives sharing common and essential characteristics which include, but may not be limited to: relationship with the underlying asset, type of underlying asset, pay-off profile and currency of notional. Derivatives belonging to the same class may have different maturistics;es.
Amendment 281 #
2010/0250(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 22 a (new)
Article 2 – paragraph 1 – point 22 a (new)
(22 a) ‘trade compression’ means the process of legally substituting a given set of derivative contracts with a different set of contracts characterised, from the perspective of each participant to the process, by: (a) lower number of contracts and aggregated notional value; and (b) the same or a similar risk profile as the original set of derivative contracts;
Amendment 302 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2
Article 3 – paragraph 1 – subparagraph 2
That clearing obligation shall also apply to financial counterparties and to the non- financial counterparties referred to in Article 7(2) which enter into eligible OTC derivative contracts with third country entities which are, similarly, either financial counterparties or non-financial counterparties exceeding the clearing threshold.
Amendment 321 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2 a. When complying with the clearing obligation under paragraph 1, clearing members shall distinguish in separate accounts with the CCP the positions of each client. Clients shall be known to the CCP.
Amendment 322 #
2010/0250(COD)
Proposal for a regulation
Article 3 – paragraph 2 b (new)
Article 3 – paragraph 2 b (new)
Amendment 326 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Where a competent authority has authorised a CCP to clear a class of derivatives under Article 10 or 11, it shall immediately notify ESMA of that authorisation and request a decision on the eligibility for the clearing obligation referred to in Article 3.
Amendment 328 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
1 a. Where a CCP established in a third country has been recognised in accordance with Article 23, the relevant competent authority of the third country shall notify ESMA, in application of the cooperative arrangements referred to in Article 23(4), of the classes of derivative contracts for which that CCP has been granted the right to provide clearing services to clearing members and/or clients established in the Union.
Amendment 329 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 2 – introductory part
Article 4 – paragraph 2 – introductory part
2. ESMA, aAfter receiving the notification and request referred to in paragraph 1, and 1a, ESMA shall, within six months, address a decision to the requesting competent authority statdevelop and submit to the Commission draft implementing technical standards determining the following:
Amendment 333 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 2 – point a
Article 4 – paragraph 2 – point a
(a) whether that class of derivatives is eligible forsubject to the clearing obligation pursuant to Article 3;
Amendment 337 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 2 – point b
Article 4 – paragraph 2 – point b
(b) the date from which the clearing obligation takes effect, including the timeframe in which counterparties or categories of counterparties become subject to the clearing obligation.
Amendment 341 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
Amendment 371 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 3 a (new)
Article 4 – paragraph 3 a (new)
3 a. Before submitting the draft implementing technical standards to the Commission, ESMA shall conduct a public consultation and consult with the European Systemic Risk Board (ESRB), and, where appropriate, the competent authorities of third countries. In order to ensure uniform conditions of application of Article 3(1), powers are conferred upon the Commission to determine the elements indicated in subparagraph 1. The implementing technical standards shall be adopted in accordance with Article 15 of Regulation EU 1095/2010.
Amendment 372 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 4
Article 4 – paragraph 4
Amendment 376 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 4 a (new)
Article 4 – paragraph 4 a (new)
4 a. In order to take into account of relevant market developments leading to changes in the conditions that backed the existing implementing technical standards, ESMA shall submit to the Commission new draft implementing technical standards to amend, suspend or revoke existing implementing technical standards. Before doing so, ESMA shall consult the European Systemic Risk Board (ESRB) and, where appropriate, the competent authorities of third countries. The Commission shall amend, suspend and revoke the existing implementing technical standards in accordance with Article 15 of Regulation EU 1095/2010. The Commission may at any time request ESMA to provide it with draft implementing technical standards within 6 months.
Amendment 377 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 5
Article 4 – paragraph 5
5. ESMA shall, on its own initiative and in consultationafter conducting a public consultation and consulting with the European Systemic Risk Board (ESRB), identify and notify to the Commission the classes of derivatives contracts that should be included in its public register, but for which no CCP has yet received authorisationsubject to the clearing obligation pursuant to Article 3, but for which no CCP has yet received authorisation. Following the notification by ESMA, the Commission may publish a call for development of proposals for the clearing of those classes of derivatives contracts.
Amendment 383 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 6 – subparagraph 1
Article 4 – paragraph 6 – subparagraph 1
Powers are delegated to the Commission to adopt regulatoryimplementing technical standards specifying the following: (a)in accordance with Article 15 of Regulation (EU) No 1095/2010 specifying the details to be included in the notification referred to in paragraphs 1; (b) the criteria referred to in paragraph 3; (c) the details to be included in the register referred to in paragraph 4. and 2. deleted deleted deleted
Amendment 387 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 6 – subparagraph 2
Article 4 – paragraph 6 – subparagraph 2
Amendment 389 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 6 – subparagraph 3
Article 4 – paragraph 6 – subparagraph 3
Amendment 392 #
2010/0250(COD)
Proposal for a regulation
Article 4 – paragraph 6 – subparagraph 4
Article 4 – paragraph 6 – subparagraph 4
ESMA shall submit drafts for those regulatoryimplementing technical standards to the Commission by 30 June 2012.
Amendment 395 #
2010/0250(COD)
Proposal for a regulation
Article 4 a (new)
Article 4 a (new)
Article 4a Public Register 1. For the purpose of the clearing obligation, ESMA shall establish and manage a public register. The register shall be publicly available on ESMA’s website. 2. The register shall reflect at least: a) the classes of derivative contracts that are subject to the clearing obligation pursuant to Article 3; b) the CCPs that can be used for the purpose of the clearing obligation; c) the dates from which the clearing obligation takes effect, including any phased-in implementation d) the classes of derivatives identified by ESMA in accordance with Article 4(5). 3. Where a competent authority, or the relevant competent authority of a third country, has withdrawn the authorisation to clear a given class of derivative contracts, ESMA shall immediately remove such CCP from the register in relation to that class of derivatives. 4. The register shall be regularly updated by ESMA. 5. In order to ensure uniform conditions of application of this Article, ESMA may develop draft implementing technical standards to specify the details to be included in the public register referred to in paragraph 1. ESMA shall submit those draft implementing technical standards to the Commission by 30 June 2012. 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 1095/2010.
Amendment 416 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
Amendment 422 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1 a (new)
Article 6 – paragraph 1 – subparagraph 1 a (new)
The reporting obligations under subparagraph 1 shall be satisfied by the CCP where the derivative contracts subject to the clearing obligation are cleared. When derivative contracts are subject to a process of trade compression, the reporting obligations under subparagraph 1 shall be satisfied by the operator of the trade compression service.
Amendment 426 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 2
Article 6 – paragraph 1 – subparagraph 2
Amendment 430 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 2 a (new)
Article 6 – paragraph 1 – subparagraph 2 a (new)
The entities referred to in subparagraphs 1 and 2 shall ensure that the details of their OTC derivative contract are reported without duplication.
Amendment 451 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 4 – subparagraph 2 – point a
Article 6 – paragraph 4 – subparagraph 2 – point a
(a) the parties to the contract and, where different, the beneficiary of the rights and obligations arising from it are appropriately identifiedin case of transactions executed on regulated markets or multilateral trading facilities, their clients and clearing members;
Amendment 453 #
2010/0250(COD)
Proposal for a regulation
Article 6 – paragraph 4 – subparagraph 2 – point b
Article 6 – paragraph 4 – subparagraph 2 – point b
(b) the main characteristics of the contract, including the type, underlying, maturity and notional value are reported.
Amendment 469 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
Where a non-financial counterparty takes positions in OTC derivative contracts that exceed the information threshold to be determined pursuant to paragraph 3(a) over a specified time period, it shall notify the competent authority designated in accordance with Article 48 of Directive 2004/39/EC thereof, providing justification for taking those positionsinformation on those positions on reasonable request of the competent authority.
Amendment 477 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1
Article 7 – paragraph 2 – subparagraph 1
Where a non-financial counterparty takes net positions and exposures in OTC derivative contracts exceeding the clearing threshold to be determined pursuant to paragraph 3(b) over a specified time period, it shall be subject to the clearing obligation set out in Article 3 with regard to all its eligible OTC derivative contracts in excess of the clearing threshold.
Amendment 479 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 2
Article 7 – paragraph 2 – subparagraph 2
The clearing obligation shall subsist as long as the non-financial counterparty’s net positions and exposures in OTC derivative contracts exceed the clearing threshold and shall end once these net positions and exposures are below the clearing threshold over a specified time period. The competent authority designated in accordance with Article 48 of Directive 2004/39/EC shall ensure that the obligation under the first subparagraph is met within an appropriate timeframe.
Amendment 489 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1 – point b a (new)
Article 7 – paragraph 3 – subparagraph 1 – point b a (new)
(b a) criteria for establishing which derivative contracts are objectively measurable as directly linked to the commercial or treasury financing activity;
Amendment 490 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1 – point b b (new)
Article 7 – paragraph 3 – subparagraph 1 – point b b (new)
(b b) the time periods mentioned in Article 7(2) subparagraphs 1 and 2
Amendment 493 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 2
Article 7 – paragraph 3 – subparagraph 2
Those thresholds shall be determined taking into account the systemic relevance of the sum of net positions and exposures by counterparty per class of OTC derivatives. The systemic relevance of the sum of net positions and exposures of OTC derivatives shall be assessed on the basis of appropriate quantitative and qualitative criteria per class of OTC derivatives, in particular on the credit risk exposures to systemically relevant financial institutions. These regulatory technical standards shall take into account existing regulations, generally accepted standards and audit procedure and hedges of operating cash flows
Amendment 507 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 4
Article 7 – paragraph 4
4. In calculating the positions referred to in Article 7, paragraph 2, OTC derivative contracts entered into by a non-financial counterparty, beyond the adopted accounting treatment, that are objectively measurable as directly linked to the commercial or treasury financing activity of that counterparty shall not be taken into account, nor shall transactions in OTC derivative contracts of the same nature with affiliates be taken into account.
Amendment 512 #
2010/0250(COD)
Proposal for a regulation
Article 7 – paragraph 4 a (new)
Article 7 – paragraph 4 a (new)
4 a. For those derivatives, the qualification as financial hedging instruments shall be carried out by the non-financial counterparty itself, in accordance with the criteria referred to in paragraph 3(c). Certification shall be subject to sample supervision by ESA (ESMA).
Amendment 517 #
2010/0250(COD)
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 1 – introductory part
Article 8 – paragraph 1 – subparagraph 1 – introductory part
Financial counterparties or the non- financial counterparties referred to in Article 7(2), that enter into an OTC derivative contract not cleared by a CCP, shall ensure that appropriate procedures and arrangements are in place to measure, monitor and mitigate operational and credit risk, including at least:
Amendment 527 #
2010/0250(COD)
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
For the purposes of point (b), the value of outstanding contracts shall be marked-to- market on a dailyregular basis and risk management procedures shall require the timely, accurate and appropriately segregated exchange of collateral or the appropriate and proportionate holding of capitalcapital backing commensurate with the risk.
Amendment 529 #
2010/0250(COD)
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 2 a (new)
Article 8 – paragraph 1 – subparagraph 2 a (new)
The obligations under the first sub- paragraph point a) and b) above shall only apply to a non-financial counterparty which is subject to the clearing obligation under Article 7 (2) and from the date on which the non-financial counterparty becomes subject to the clearing obligation under Article 7 (2).
Amendment 546 #
2010/0250(COD)
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
Where a CCP that is a legal person established in the Union and has access to adequate liquidity intends to perform its services and activitiesintends to act as a CCP, it shall apply for authorisation to the competent authority of the Member State where it is established.
Amendment 550 #
2010/0250(COD)
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 2
Article 10 – paragraph 1 – subparagraph 2
Amendment 559 #
2010/0250(COD)
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. A CCP shall have a permanent, available and separataid-up and available initial capital of at least EUR 25 million to be authorised pursuant to Article 10.
Amendment 562 #
2010/0250(COD)
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
2. Capital, together with retained earnings and reserves of a CCP, shall be proportional to the risk stemming from the activities of the CCP. It shall at all times be sufficient to ensure an orderly winding- down or restructuring of the activities over an appropriate time span and that the CCP is adequately protected against operational and residual risk, legal and investment risks which are not already covered by other risk mitigation measures.
Amendment 564 #
2010/0250(COD)
Proposal for a regulation
Article 12 – paragraph 2 a (new)
Article 12 – paragraph 2 a (new)
2 a. In addition to what required under paragraph 2, a CCP shall hold capital, together with retained earnings and reserves, of an amount determined taking into consideration the total default fund contributions.
Amendment 565 #
2010/0250(COD)
Proposal for a regulation
Article 12 – paragraph 3 – subparagraph 1
Article 12 – paragraph 3 – subparagraph 1
Powers are delegated to the Commission to adopt regulatory technical standards specifying the requirements regarding the capital, retained earnings and reserves of a CCP referred to in paragraph 2 and 2a, including the frequency or timing when these should be updated.
Amendment 700 #
2010/0250(COD)
Proposal for a regulation
Article 27 – paragraph 4 – subparagraph 1
Article 27 – paragraph 4 – subparagraph 1
Powers are delegated to the Commission to adopt regulatory technical standards specifying the details of the records and information to be retained as referred to in paragraphs 1 and 2 and, where appropriate, a longer time length for the maintenance of records.
Amendment 758 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. A CCP shall keep records and accounts that shall enable it, at any time and without delay, to identify and segregate the assets anddistinguish the positions of one clearing member from the assets and positions of any other clearing member and from its own assetsCCP with whom it has entered into an interoperability arrangement, and to comply with the requirements set forth in paragraphs 2 and 3.
Amendment 762 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 2
Article 37 – paragraph 2
2. A CCP shall require each cClearing member toshall distinguish and segregate inin separate accounts with the CCP the assets and positions of thate clearing member from those of its clients. A CCP shall allow clients to have a more detailed segregation of their assets and positions. The CCP shall publicly disclose the risks and costs associated with the different levels of segregation.
Amendment 774 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 3
Article 37 – paragraph 3
Amendment 786 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 3 a (new)
Article 37 – paragraph 3 a (new)
3 a. Clearing members shall distinguish in separate accounts with the CCP the positions of each client (“full segregation”). Clients shall be given by clearing members the possibility to have their positions recorded in omnibus accounts with the CCP (opt-out).
Amendment 787 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 3 b (new)
Article 37 – paragraph 3 b (new)
3 b. A CCP shall keep records that shall enable it, at any time and without delay, to identify the assets posted in relation to each account kept in accordance with the present Article.
Amendment 791 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 4
Article 37 – paragraph 4
4. Provided that thea client is not exposed to the default of the clearing member through which it has access to the CCP or of any other clientshas selected full segregation, Annex III, Part 2, point 6 of Directive 2006/48/EC shall apply.
Amendment 793 #
2010/0250(COD)
Proposal for a regulation
Article 37 – paragraph 5
Article 37 – paragraph 5
Amendment 812 #
2010/0250(COD)
Proposal for a regulation
Article 39 – paragraph 3 a (new)
Article 39 – paragraph 3 a (new)
3 a. A CCP shall call and collect margins that are adequate to cover the positions registered in each account kept in accordance with article 37 with respect to specific financial instruments.
Amendment 814 #
2010/0250(COD)
Proposal for a regulation
Article 39 – paragraph 3 b (new)
Article 39 – paragraph 3 b (new)
3 b. A CCP may calculate margins with respect to a portfolio of financial instruments only when the price correlation among the financial instruments included in the portfolio is high and stable.
Amendment 820 #
2010/0250(COD)
Proposal for a regulation
Article 39 – paragraph 5 – subparagraph 1
Article 39 – paragraph 5 – subparagraph 1
Powers are delegated to the Commission to adopt regulatory technical standards specifying the appropriate percentage in excess of 99 per cent and time horizon, as referred to in paragraph 1, to be considered for the different classes of financial instruments. , and the conditions referred to in paragraphs 3a and/or 3b.
Amendment 833 #
2010/0250(COD)
Proposal for a regulation
Article 40 – paragraph 2 a (new)
Article 40 – paragraph 2 a (new)
2 a. A CCP shall develop scenarios of extreme but plausible market conditions. The scenarios shall include the most volatile periods that have been experienced by the markets for which the CCP provides its services and a range of potential future scenarios. They shall take into account sudden sales of financial resources and rapid reductions in market liquidity. The size of the default fund shall include the margins calculated, in compliance with Article 39, on the positions stemming from the hypothesised scenarios. In calculating credit exposures to its clearing members, a CCP shall take into account: a) the exposures of each clearing member, as registered on each account kept in accordance with article 37, and b) whether or not profits on proprietary positions can be used to cover losses on clients’ positions.
Amendment 845 #
2010/0250(COD)
Proposal for a regulation
Article 42 – paragraph 3
Article 42 – paragraph 3
3. A CCP shall use contributions to the default fund anfter having exhausted other contributions of non-the defaulting clearing members only after having exhausted the contributions of the defaulting clearing member and, where relevant, the CCP's own fund, a CCP shall use its own funds up to the amount referred to in Article 12(2a) before depleting the default fund or using any other financial resources or arrangements referred to in Article 41(1).
Amendment 864 #
2010/0250(COD)
Proposal for a regulation
Article 44 – paragraph 1 a (new)
Article 44 – paragraph 1 a (new)
1 a. The amount of capital, together with retained earnings and reserves of a CCP, which are not invested according to paragraph 1, shall not be considered for the purposes of Article 12(2 and 2a).
Amendment 894 #
2010/0250(COD)
Proposal for a regulation
Article 49 a (new)
Article 49 a (new)
Article 49a Provision of margins among CCPs 1. A CCP shall segregate the collateral received by CCPs with whom it has entered into an interoperability arrangement. 2. Collateral received in the form of cash shall be segregated in accounts with the central bank of issue. 3. Collateral received in the form of financial instruments shall be segregated in accounts with operators of securities settlement systems notified under Directive 98/26/EC. 4. Collateral segregated under paragraphs 1, 2 and 3 shall be available to the receiving CCP only in case of default of the CCP which has provided the collateral in the context of an interoperability arrangement. 5. In case of default of the CCP which has received the collateral in the context of an interoperability arrangement, the collateral segregated under paragraphs 1, 2 and 3 shall be readily returned to the providing CCP.
Amendment 950 #
2010/0250(COD)
Proposal for a regulation
Article 67 – paragraph 2 – introductory part
Article 67 – paragraph 2 – introductory part
2. A trade repository shall make the necessary information availableavailable the aggregate positions by class of derivatives and the details of the contracts reported to it to the following entities:
Amendment 951 #
2010/0250(COD)
Proposal for a regulation
Article 67 – paragraph 2 – point c a (new)
Article 67 – paragraph 2 – point c a (new)
(c a) the competent authority supervising the venues of executions of the reported contracts;
Amendment 961 #
2010/0250(COD)
Proposal for a regulation
Article 68 – paragraph 1 – subparagraph 1
Article 68 – paragraph 1 – subparagraph 1
By 31 December 2013[3] at the latest, the Commission shall review and prepare a general report on the instituis Regulational and supervisory arrangements under Title III and in particular the role and responsibilities of ESMAon regulatory technical standards adopted by the Commission. The Commission shall submit the report to the European Parliament and the Council, together with any appropriate proposals.
Amendment 970 #
2010/0250(COD)
Proposal for a regulation
Article 70
Article 70
Amendment 971 #
2010/0250(COD)
Proposal for a regulation
Article 70 – paragraph - 1 (new)
Article 70 – paragraph - 1 (new)
Amendment 225 #
2010/0210(COD)
Proposal for a directive
Article 10 – paragraph 2
Article 10 – paragraph 2
2. The seasonal worker permit shall be a single document issued by the competent authorities of the Member States using the format as laid down in Council Regulation (EC) No 1030/2002. In accordance with point (a) 6.4 of the Annex to that Regulation, Member States shall enter ‘seasonal worker’ under the heading ‘type of permit’.
Amendment 240 #
2010/0210(COD)
Proposal for a directive
Article 12 – paragraph 1 – point a
Article 12 – paragraph 1 – point a
a) upon application, issue up to three seasonal worker permits covering up to three subsequent seasons within one administrative act (‘multi-seasonal worker permit’),; where the application is lodged by a seasonal worker, the employer shall inform the competent authorities that he or she wishes to employ the worker concerned under a multi-seasonal employment contract;
Amendment 252 #
2010/0210(COD)
Proposal for a directive
Article 12 a (new)
Article 12 a (new)
Amendment 262 #
2010/0210(COD)
Proposal for a directive
Article 14
Article 14
Member States shall require employers of seasonal workers to provide evidence that the seasonal worker will benefit from accommodation that ensures an adequate standard of living, under decent health and hygiene conditions certified by the competent authorities. If seasonal workers are required to pay rent for such accommodation, its cost shall not be excessive in relation to their remuneration. and in any case should enable the workers to live freely and with dignity.
Amendment 123 #
2010/0207(COD)
Proposal for a directive
Recital 22
Recital 22
(22) The financial means ofMember States shall determine the procedures for raising the resources needed to ensure that Deposit Guarantee Schemes should prihave sufficient financipally be used means for the repayment of depositors. They could, however, also be used in ord as laid down by this Directive in the event of insolvency of a credit institution. In many cases, however, support measures should be taken to avert to finance the transfer of deposits to another credit institution, provided that the costs borne by the Deposit Guarantee Scheme do not exceed the amount of covered deposits at the credit institution concerned. They could also to a certain extent,he insolvency of a credit institution since they have a more favourable effect in guaranteeing deposits than reimbursement of depositors. Moreover, such measures may make it possible to avoid further costs and adverse effects on financial stability and the confidence of depositors. It should therefore also be possible to use the resources of Deposit Guarantee Schemes for support measures. Support measures should always entail conditions with which the institution receiving the support must comply. It should, however, also be possible to use them in conjunction with the proper functioning of as circumscribed in the Directive, be used to financeredit institution, provided that the costs borne by the Deposit Guarantee Scheme do not exceed the amount of covered deposits at the pcrevention of bank failuresdit institution concerned. Such measures should comply with state aid rules. This isese options for action by Deposit Guarantee Scheme operators are without prejudice to the future Commission policy concerning the establishment of national bank resolution funds.
Amendment 125 #
2010/0207(COD)
Proposal for a directive
Recital 24
Recital 24
(24) Contributions to Deposit Guarantee Schemes should take account of the degree of risk incurred by their members. To this would allow to reflect the risk profiles of individual banks and lead to a fair calculation of contributions and to provide incentives to operate under a less risky business model. Developing a set of core indicators mandatory for allend, a standard approach to the identification of risk-dependent contributions to Deposit Guarantee Schemes should be laid down. However, the nature of the risks accepted by the affiliated credit institutions may vary depending on market circumstances and the business activities of the credit institutions. It is therefore worthwhile, in addition to the standard approach, to make it possible for Deposit Guarantee Schemes also to use risk-dependent procedures of their own in so far as they comply with the guidelines to be drawn up by the European Banking Authority after consulting the European Forum of Deposit Insurers (EFDI). This takes account of the risk profiles of individual banks, leads to a more precise calculation of contributions, tailored to market circumstances in the Member States, and another set of optional supplementary indicators would introduce such harmonisation gradually. provides incentives to operate under a less risky business model. In order to take account of particularly low-risk sectors of lending which are governed by special laws, corresponding reductions in the contributions to be paid should be provided for.
Amendment 145 #
2010/0207(COD)
Proposal for a directive
Article 2 – paragraph 1 – point g a (new)
Article 2 – paragraph 1 – point g a (new)
(ga) ‘individual contribution base’ means: covered deposits of the individual member of the Deposit Guarantee Scheme multiplied by its risk weight as referred to in Article 11;
Amendment 148 #
2010/0207(COD)
Proposal for a directive
Article 2 – paragraph 1 – point h
Article 2 – paragraph 1 – point h
(h) 'target level' means 1.5% of eligiblecovered deposits for the coverage of which a Deposit Guarantee Scheme is responsible;
Amendment 159 #
2010/0207(COD)
Proposal for a directive
Article 3 – paragraph 6 – subparagraph 1
Article 3 – paragraph 6 – subparagraph 1
Member States shall ensure that the procedures adopted by Deposit Guarantee Schemes accord with the provisions of Article 11(3) or the guidelines adopted by the European Banking Authority pursuant to Article 11(5), that Deposit Guarantee Schemes perform tests of their systems and that they are informed immediately in the event that the competent authorities detect problems in a credit institution that are likely to give rise to the intervention of Deposit Guarantee Schemes.
Amendment 191 #
2010/0207(COD)
Proposal for a directive
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
Deposit Guarantee Schemes shall be in a position to repay unavailable deposits within 720 days of the date on which the competent authorities make a determination as referred to in Article 2(1)(e)(i) or a judicial authority makes a ruling as referred to in Article 2(1)(e)(ii). By 31 December 2014 the Commission shall submit to the European Parliament and to the Council a report on the feasibility and costs of reducing the payout period to 7 days.
Amendment 209 #
2010/0207(COD)
Proposal for a directive
Article 8 – paragraph 2
Article 8 – paragraph 2
2. Without prejudice to any other rights which they may have under national law and subject to paragraph 3, schemes which make payments under guarantee shall have the right of subrogation to the rights of depositors in liquidation proceedings for an amount equal to their payments. Rights subject to the right of subrogation referred to in this paragraph, shall have the first rank after the right of depositors referred to in paragraph 1 and before all other rights against the liquidator.
Amendment 212 #
2010/0207(COD)
Proposal for a directive
Article 9 – paragraph 1 – subparagraph 1
Article 9 – paragraph 1 – subparagraph 1
Member States shall ensure that Deposit Guarantee Schemes have in place adequate systems to determine their potential liabilities. The available financial means of Deposit Guarantee Schemes shall be proportionate to these liabilities represented by the deposits covered. The Member States shall determine the procedures for raising the resources to ensure that Deposit Guarantee Schemes have sufficient financial means proportionate to these liabilities to reimburse the deposits referred to in Article 7(1), first paragraph, of this Directive.
Amendment 215 #
2010/0207(COD)
Proposal for a directive
Article 9 – paragraph 1 – subparagraph 2
Article 9 – paragraph 1 – subparagraph 2
Deposit Guarantee Schemes shall raise the available financial means by regular contributions from their members on 30 June and 30 December of each yearpaid ex ante or ex post in accordance with the provisions taken by the Member State on the basis of their systemic stability. This shall not prevent additional financing from other sources. One-off entry fees may not be requested..
Amendment 223 #
2010/0207(COD)
Proposal for a directive
Article 9 – paragraph 1 – subparagraph 3
Article 9 – paragraph 1 – subparagraph 3
The available financial means shall at least reach the target level. Where the financing capacity falls short of the target level, the payment of contributions shall resume at least until the target level is reached again. Where the available financial means amount to under procedures and timescaless than two thirds of the target level, the regular contribution shall not be less than 0.25% of eligible depositsdetermined by the competent authorities of each Member State.
Amendment 225 #
2010/0207(COD)
Proposal for a directive
Article 9 – paragraph 2
Article 9 – paragraph 2
Amendment 229 #
2010/0207(COD)
Proposal for a directive
Article 9 – paragraph 3
Article 9 – paragraph 3
Amendment 235 #
2010/0207(COD)
Proposal for a directive
Article 9 – paragraph 4 – subparagraph 1
Article 9 – paragraph 4 – subparagraph 1
The cumulated amount of contributions referred to paragraphs 1 and 2 may not exceed 1% of eligiblecovered deposits per calendar year.
Amendment 237 #
2010/0207(COD)
Proposal for a directive
Article 9 – paragraph 4 – subparagraph 2
Article 9 – paragraph 4 – subparagraph 2
The competent authorities may entirely or partially exempt a credit institution from the obligation referred to in that paragraph 2 if the sum of payments referred to in paragraphs 1 and 2 would jeopardize the settlement of claims of other creditors against it. Such exemption shall not be granted for a longer period than 6 months but may be renewed on request of the credit institution.
Amendment 242 #
2010/0207(COD)
Proposal for a directive
Article 9 – paragraph 5 – subparagraph 1
Article 9 – paragraph 5 – subparagraph 1
The financial means referred toavailable under a Deposit Guarantee Scheme as defined in paragraphs 1, 2 and 3first subparagraph, of this Article shall principally be used in order to repay depositors pursuant to this Directive.
Amendment 247 #
2010/0207(COD)
Proposal for a directive
Article 9 – paragraph 5 – subparagraph 3 – introductory part
Article 9 – paragraph 5 – subparagraph 3 – introductory part
Amendment 250 #
2010/0207(COD)
Proposal for a directive
Article 9 – paragraph 5 – subparagraph 3 – point a
Article 9 – paragraph 5 – subparagraph 3 – point a
Amendment 252 #
2010/0207(COD)
Proposal for a directive
Article 9 – paragraph 5 – subparagraph 3 – point b
Article 9 – paragraph 5 – subparagraph 3 – point b
Amendment 254 #
2010/0207(COD)
Proposal for a directive
Article 9 – paragraph 5 – subparagraph 4
Article 9 – paragraph 5 – subparagraph 4
Amendment 263 #
2010/0207(COD)
Proposal for a directive
Article 10 – paragraph 1 – subparagraph 1 – point g
Article 10 – paragraph 1 – subparagraph 1 – point g
Amendment 264 #
2010/0207(COD)
Proposal for a directive
Article 10 – paragraph 1 – subparagraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1 – subparagraph 1
[[amount of covered deposits to be repaid under Article 8(1)] – [available financial means] + amount of alternative funding arrangements referred to in Article 9(6).
Amendment 265 #
2010/0207(COD)
Proposal for a directive
Article 10 – paragraph 2 – point a
Article 10 – paragraph 2 – point a
a) each scheme shall lend the amount proportionate to the amount of eligiblecovered deposits at each scheme without taking account of the borrowing scheme and Deposit Guarantee Schemes referred to under point (a). The amounts shall be calculated pursuant to the latest confirmed monthly information referred to in Article 9(7).
Amendment 268 #
2010/0207(COD)
Proposal for a directive
Article 10 – paragraph 4
Article 10 – paragraph 4
4. Member States shall ensure that the contributions levied by the borrowing scheme are sufficient to reimburse the amount borrowed and to re-establish the target level as soon as possiblein accordance with the procedures and timescales determined by the respective competent authorities.
Amendment 269 #
2010/0207(COD)
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. The contributions to Deposit Guarantee Schemes referred to in Article 9 shall be determined for each member on the basis of the degree of risk incurred by it. Credit institutions shall not pay less than 75% or more than 200% of the amount that a bank with an average risk would have to contribute. Member States may decide that members of Schemes referred to in Article 1(3) and (4) pay lower contributions to Deposit Guarantee Schemes but not less than 37.45% of the amount that a bank with an average risk would have to contribute..
Amendment 277 #
2010/0207(COD)
Proposal for a directive
Article 11 – paragraph 1 a (new)
Article 11 – paragraph 1 a (new)
1a. Member States shall ensure, through their national competent authorities, that the Schemes referred to in Article 1(3) hold sufficient financial resources in order to grant immediately and unconditionally the support necessary to avoid bankruptcy of its members in case it becomes necessary.
Amendment 281 #
2010/0207(COD)
Proposal for a directive
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The determination of the degree of risk incurrassumed and the calculation of contributions shall be based on the elements referred to in Annex I and IIgeneral principles laid down in Annex I and II, while it should be the task of the competent authorities of each Member State to set thresholds for the indicators, scores and weights in respect of the classification model for credit institutions which are members of the scheme referred to in Article 1(2).
Amendment 285 #
2010/0207(COD)
Proposal for a directive
Article 11 – paragraph 3
Article 11 – paragraph 3
3. Paragraph 2 shall not apply to Deposit Guarantee Schemes referred to inBy derogation from the standardised approach in paragraphs 1 and 2, Deposit Guarantee Schemes may use their own risk-based methods to determine the degree of risk incurred by members and calculate contributions by member bodies to the Deposit Guarantee Scheme. Calculation of the contributions shall be proportional to the commercial risk of the institute in question and take due consideration of the risk profiles of the various business models. The procedures may also calculate the contribution base from the assets side of the balance sheet and consider capital adequacy, the quality of the assets and liquidity at least as risk indicators. The procedures must be approved by the respective national supervisory authorities and by the European Banking Authority and accord with the guidelines developed by the European Banking Authority pursuant to Article 11(25). The European Banking Authority shall conduct a review of compliance with the guidelines whenever the scheme is changed and at periodic intervals of at least every five years.
Amendment 289 #
2010/0207(COD)
Proposal for a directive
Article 11 – paragraph 4
Article 11 – paragraph 4
4. In order to ensure specify the elements ofuniform conditions for the application of the definitions and methods underdescribed in Annex II Part A, powers are delegated to the Commission. These draft regulatory standards shall be adopted in accordance with Articles 7 to 7d of [EBA Regulation]. The European Banking Authority may develop draft regulatory standards for submission to the Commission for the standardised approach set out in paragraphs 1 and 2, the European Banking Authority shall develop draft regulatory standards. The European Banking Authority shall submit its draft technical regulatory standards to the Commission by 31 December 2012. Powers shall be delegated to the Commission to adopt the technical regulatory standards mentioned in subparagraph 1 in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 291 #
2010/0207(COD)
Proposal for a directive
Article 11 – paragraph 5
Article 11 – paragraph 5
5. By 31 December 2012, the European Banking Authority shall issue guidelines on the application of Annex II Part B pursuant to [and for the separate risk-based methods developed by the Deposit Guarantee Schemes under paragraph 3 pursuant to the procedure in Article 816 of the EBA Regulation] (EU) No 1093/2010
Amendment 292 #
2010/0207(COD)
Proposal for a directive
Article 11 – paragraph 5 a (new)
Article 11 – paragraph 5 a (new)
5a. By 31 December 2013, the Commission shall submit to the European Parliament and to the Council a report on the possibility for applying reduced risk based contributions to the members of schemes which provide protection against insolvency in addition to Deposit Guarantee Schemes and whose financing and functioning is harmonised at European level.
Amendment 312 #
2010/0207(COD)
Proposal for a directive
Article 19 – paragraph 5
Article 19 – paragraph 5
5. The Commission, supported by the [European Banking Authority], shall submit to the European Parliament and to the Council by 31 December 2015 a report on the progress towards the implementation of this Directive. This report should cover notably the possibility to determine the target level on the basis of covered deposits, without diminishing the protection of depositors.
Amendment 314 #
2010/0207(COD)
Proposal for a directive
Article 20 – paragraph 1 – subparagraph 3
Article 20 – paragraph 1 – subparagraph 3
By way of derogation from the first subparagraph, Member States shall bring into force the laws, regulations and administrative provisions necessary for them to comply with Article 7(1) and 9(5) by 31 December 2013. However, the percentage of eligible deposits referred to in Article 9(5)(a) shall not apply before 1 January 2014. Until 31 December 2017, a percentage of 0.5% shall apply. After that date and until 31 December 2020, a percentage of 0.75% shall apply.
Amendment 315 #
2010/0207(COD)
Proposal for a directive
Annex 1 – point 2 a (new)
Annex 1 – point 2 a (new)
2 a. The number of risk classes for calculating contributions based on risks to the Deposit Guarantee Schemes shall be determined in accordance with the provisions laid down in Directive 2006/48/EC and subsequent amendments, Annex VII, part 4, point 6 ‘Internal ratings based method’ (IRB method’).
Amendment 79 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 4 – point a
Article 1 – point 4 – point a
Directive 97/9/EC
Article 4 – paragraph 1 – subparagraph 1
Article 4 – paragraph 1 – subparagraph 1
1. Member States shall ensure that schemes provide for coverage of not less than EUR 50 000 for each investor in respect of the claims referred to in Article 2(2a) or (2c).
Amendment 98 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 2 – subparagraph 1
Article 4a – paragraph 2 – subparagraph 1
2. Member States shall ensure that each scheme establishes a target fund level of at least 0.51% of the value of the monies and financial instruments held, administered or managed by the investment firms or UCITS that are covered by the protection of the investor compensation scheme. The Member States shall have the power to determine the percentage of the contribution referred to above (0.1%) to be paid ex ante and the percentage to be paid ex post. The value of the covered monies and financial instruments shall be calculated every year as at 31 JanuaryDecember.
Amendment 115 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 4
Article 4a – paragraph 4
Amendment 131 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 8 – subparagraph 1
Article 4a – paragraph 8 – subparagraph 1
8. Member States shallmay ensure that 105% of the ex-ante funding amount of the schemes referred to in Article 4a (2) is available for lending to other schemes under the conditions established in Article 4cb. Such a funding method shall be used only when ordinary means of financing are not available.
Amendment 133 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4a – paragraph 8 – subparagraph 2
Article 4a – paragraph 8 – subparagraph 2
Amendment 137 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 5
Article 1 – point 5
Directive 97/9/EC
Article 4b – paragraph 1 – subparagraph 1 – introductory part
Article 4b – paragraph 1 – subparagraph 1 – introductory part
1. After the ten-year period referred to in Article 4a(3), a scheme shall have the right to borrow from all other schemes referred to in Article 2 within the Union provided that all of the following conditions are met:
Amendment 152 #
2010/0199(COD)
Proposal for a directive – amending act
Article 1 – point 7
Article 1 – point 7
Directive 97/9/EC
Article 9 – paragraph 2 – subparagraph 5
Article 9 – paragraph 2 – subparagraph 5
Amendment 185 #
2010/0065(COD)
Proposal for a directive
Article 13 – paragraph 2
Article 13 – paragraph 2
2. Member States shall take measures, where appropriate andnever possible, to provide assistance and support to the family of the child victim of trafficking in human beings when the family is in the territory of the Member State. In particular, Member States shall, where appropriate and possible, apply Article 4 of Council Framework Decision 2001/220/JHA to the family.
Amendment 187 #
2009/2161(INI)
Motion for a resolution
Paragraph 34 a (new)
Paragraph 34 a (new)
34a. Takes the view that the attempts in some Member States to consign religion to the private sphere should be described as an infringement of the fundamental right to freedom of religion, which is expressly protected by the Charter with regard to both public and private spheres;
Amendment 188 #
2009/2161(INI)
Motion for a resolution
Paragraph 34 b (new)
Paragraph 34 b (new)
34b. Is alarmed that the concept of 'hate speech' is increasingly invoked in order to place unacceptable restrictions on legitimate manifestations of religious freedom;
Amendment 66 #
2009/0165(COD)
Proposal for a directive
Recital 22
Recital 22
(22) With a view to ensuring substantive equality between female and male applicants, examination procedures should be gsender sensitivesitive to the specificities of the two sexes. In particular, personal interviews should be organised in a way which makes its possible for both female and male applicants to speak about their past experiences in cases involving gender sex-based persecution. The complexity of gender sex-related claims should be properly taken into account in procedures based on the safe third country concept, the safe country of origin concept or the notion of subsequent applications.
Amendment 90 #
2009/0165(COD)
Proposal for a directive
Article 4 – paragraph 2 – point b
Article 4 – paragraph 2 – point b
(b) gendersex, trauma and age awareness;
Amendment 114 #
2009/0165(COD)
Proposal for a directive
Article 9 – paragraph 3 – point d
Article 9 – paragraph 3 – point d
(d) the personnel examining applications and taking decisions are instructed and have the possibility to seek advice, whenever necessary, from experts on particular issues, such as medical, cultural, child or gender, religious or sex issues.
Amendment 121 #
2009/0165(COD)
Proposal for a directive
Article 10 – paragraph 4
Article 10 – paragraph 4
4. Paragraph 3 shall not apply to cases where disclosure of particular circumstances of a person to members of his/her family can jeopardize the interests of that person, including cases involving gendersex and/or age based persecution. In such cases, a separate decision shall be issued to the person concerned.
Amendment 27 #
2009/0164(COD)
Proposal for a directive
Recital 29
Recital 29
(29) It is equally necessary to introduce a common concept of the persecution ground "membership of a particular social group". For the purposes of defining a particular social group, issues arising from an applicant's gender should be given due consideration. In this connection, special consideration should be given to issues such as female genital mutilation, forced abortion and forced sterilisation.
Amendment 39 #
2009/0164(COD)
Proposal for a directive
Article 2 – point j – indent 3
Article 2 – point j – indent 3
Amendment 62 #
2009/0164(COD)
Proposal for a directive
Article 10 – paragraph 1 – point d – subparagraph 2
Article 10 – paragraph 1 – point d – subparagraph 2
Depending on the circumstances in the country of origin, a particular social group might include a group based on a common characteristic of sexual orientation. Sexual orientation cannot be understood to include acts considered to be criminal in accordance with national law of the Member States. GenderSex related aspects should be given due consideration for the purposes of determining membership of a particular social group or identifying a characteristic of such a group.
Amendment 67 #
2009/0164(COD)
Proposal for a directive
Article 20 – paragraph 3
Article 20 – paragraph 3
3. When implementing this Chapter, Member States shall take into account the specific situation of vulnerable persons such as minors, unaccompanied minors, disabled people, elderly people, pregnant women, single parents with minor children, victims of trafficking, persons with mental health problems and persons who have been subjected to torture, rape or cruel, inhuman or degrading treatment, such as genital mutilation, forced sterilisation, rape, forced abortion or other serious forms of psychological, physical or sexual violence.
Amendment 74 #
2009/0164(COD)
Proposal for a directive
Article 21 – paragraph 2 – point b a (new)
Article 21 – paragraph 2 – point b a (new)
(ba) there are in any event well-founded reasons for considering that he or she has committed serious acts deemed incompatible with entry and residence in the host Member State.
Amendment 98 #
2009/0164(COD)
Proposal for a directive
Article 30 – paragraph 2
Article 30 – paragraph 2
2. Member States shall provide, under the same eligibility conditions as nationals of the Member State that has granted the status, adequate health care, including mental health care when needed, to beneficiaries of international protection who have special needs, such as pregnant women, disabled people, persons who have undergone torture, rape or cruel, inhuman or degrading treatment such as genital mutilation, forced sterilisation, rape, forced abortion or other serious forms of psychological, physical or sexual violence or minors who have been victims of any form of abuse, neglect, exploitation, torture, cruel, inhuman and degrading treatment or who have suffered from armed conflict.
Amendment 100 #
2009/0164(COD)
Proposal for a directive
Article 30, paragraph 2 a (new)
Article 30, paragraph 2 a (new)
2a. Member States shall guarantee access to all healthcare benefits, including, where necessary, those relating to cross- border treatment.
Amendment 101 #
2009/0164(COD)
Proposal for a directive
Article 31, paragraph 6 a (new)
Article 31, paragraph 6 a (new)
6a. Member States shall, in any event, guarantee specific healthcare, in particular psychological care, for unaccompanied minors.
Amendment 371 #
2009/0161(COD)
Proposal for a directive – amending act
Recital 4
Recital 4
(4) The European Council, in its conclusions of 19 June 2009, recommended that a European System of Financial Supervisors, comprising three new European Supervisory Authorities, be established. The system should be aimed at upgrading the quality and consistency of national supervision, strengthening oversight of cross border groups and, establishing a European single rule book applicable to all financial institutions in the Internal Market and ensuring adequate harmonisation of criteria and methodology to be applicable by the national supervisors to assess the risk of credit institutions. It emphasised that the European Supervisory Authorities should also have supervisory powers for credit rating agencies and invited the Commission to prepare concrete proposals on how the European System of Financial Supervisors could play a strong role in crisis situations.
Amendment 450 #
2009/0161(COD)
Proposal for a directive – amending act
Article 9 – point 22
Article 9 – point 22
Directive 2006/48/EC
Article 124 – paragraph 6 – first subparagraph
Article 124 – paragraph 6 – first subparagraph
6. In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the conditions of application of this Article and a common risk assessment procedure and methodology. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.
Amendment 454 #
2009/0161(COD)
Proposal for a directive – amending act
Article 9 – point 22 c (new)
Article 9 – point 22 c (new)
Directive 2006/48/EC
Article 129 – paragraph 1 – subparagraph 1 a (new)
Article 129 – paragraph 1 – subparagraph 1 a (new)
(22c) In Article 129(1), the following subparagraph is inserted after the first subparagraph: "Where any competent authority concerned has referred a matter referred to in points (a), (b) and (c) of the first subparagraph to the European Banking Authority in accordance with Article 11 of Regulation [EBA], that competent authority shall await the decision of the European Banking Authority, and shall take its decision in conformity with the decision of the European Banking Authority."
Amendment 458 #
2009/0161(COD)
Proposal for a directive – amending act
Article 9 – point 22 d (new)
Article 9 – point 22 d (new)
Directive 2006/48/EC
Article 129 – paragraph 1 – subparagraph 1 b (new)
Article 129 – paragraph 1 – subparagraph 1 b (new)
(22d) In Article 129(1), the following subparagraph is added after subparagraph 1 a: "To ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards and guidelines to determine the conditions of the coordination and cooperation process with regard to the application of Articles 22, 123 and 124."
Amendment 243 #
2009/0143(COD)
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 appropriate, conduct open public consultations on technical standards and analyse the potential related costs and benefits. The Authority shall conduct an assessment of the impact of technical standards.
Amendment 346 #
2009/0143(COD)
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Without prejudice to the powers laid down in Article 9, where a national supervisory authority disagrees on the procedure or content of an action or inaction by another national supervisory authority in areas where the legislation referred to in Article 1(2) requires cooperation, coordination or joint decision making by national supervisory authorities from more than one Member State, and does not assign ultimate responsibility to the group supervisor, the Authority, at the request of one or more of the national supervisory authorities concerned, may assist the authorities in reaching an agreement in accordance with the procedure set out in paragraph 2.
Amendment 405 #
2009/0143(COD)
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1
Article 20 – paragraph 2 – subparagraph 1
Amendment 194 #
2009/0142(COD)
Proposal for a regulation
Recital 14
Recital 14
(14) There is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure, also through a single rulebook, a level playing field and an adequate protection of depositors, investors and consumers across Europe. As a body with highly specialised expertise, it is efficient and appropriate to entrust the Authority, in areas defined by Community law, with the elaboration of draft technical standards, which do not involve policy choices. The Commission should endorse those draft technical standards in accordance with Community law in order to give them binding legal effect. The draft technical standards have to be adopted by the Commission. They wshould not be subject to amendment if, for example,by the Commission. The Commission should reject the draft technical standards only if they were incompatible with CommunityEuropean Union Law, would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of CommunityEuropean Union financial services legislation. To ensure a smooth and expedited adoption process for those standards, the Commission should be subject to a time limit for its decision on the endorsement.
Amendment 255 #
2009/0142(COD)
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34a) Within three years from the entry into force of that Regulation, clear and sound guidance on when the safeguard clause may and may not be triggered by Member States shall be laid down at EU level by the Commission on the basis of the experience acquired. The use of the safeguard clause shall then be assessed against that guidance.
Amendment 268 #
2009/0142(COD)
Proposal for a regulation
Recital 44
Recital 44
(44) It is essential that business secrets and other confidential information are protected. The confidentiality of information made available to the Authority and exchanged in the network should likewise be safeguardedbe subject to stringent and effective confidentiality rules.
Amendment 375 #
2009/0142(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4
Article 7 – paragraph 1 – subparagraph 4
Where the Commission doeintends not to endorse the standards or endorses them in part or with amendments, it shall inform the Authority of its reasons, it shall send the draft standards back to the Authority explaining in writing the reasons why they are in conflict with the European Union public interest, would not respect the principle of proportionality or hamper the integration of the European single market.
Amendment 384 #
2009/0142(COD)
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4 a (new)
Article 7 – paragraph 1 – subparagraph 4 a (new)
Within a period of 6 weeks, the Authority shall amend the draft standards duly taking into account the Commission’s concerns.
Amendment 411 #
2009/0142(COD)
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
Where the competent authority does not apply those guidelines or recommendations it shall inform the Authority of its reasonsstate its reasons to the Authority which shall make them public.
Amendment 420 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 1
Article 9 – paragraph 4 – subparagraph 1
4. Where the competent authority has not complied with Community law within one monthEuropean Union law within ten working days from receipt of the Authority's recommendation, the Commission may, after having been informed by the Authority or on its own initiative,Authority shall take a decision requirsetting the competent authority to take the action necessary to comply with Community lawrrect application of the legislation put under investigation by the Authority.
Amendment 432 #
2009/0142(COD)
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, 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 ofshall, pursuant to 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 Community law including the cessation of any practice.
Amendment 439 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 1 a (new)
Article 9 – paragraph 7 – subparagraph 1 a (new)
Decisions adopted under paragraph 6 are applicable, if the case be, to all relevant financial institutions which are active in the non-complying jurisdiction.
Amendment 442 #
2009/0142(COD)
Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 2
Article 9 – paragraph 7 – subparagraph 2
Amendment 466 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Where the Commission has adopted a decision pursuant to paragraph 1ESRB takes the view that co- ordinated action by national authorities is necessary to respond to adverse development which may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system, the Authority mayies shall adopt individual decisions requiring competent authorities to take the necessary actions in accordance with the legislation referred to in Aarticle 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 systemsuch developments by ensuring that financial institutions and competent authorities satisfy the requirements laid down in that legislation.
Amendment 482 #
2009/0142(COD)
Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 2
Article 10 – paragraph 4 – subparagraph 2
Any action by the competent authorities in relation to facts which are subject to a decision pursuant to paragraph 2 or 3 shall be compatibleliant with those decisions. Non- compliance shall be duly justified in writing by the competent authorities to the ESRB and the Authority.
Amendment 639 #
2009/0142(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 1
Article 23 – paragraph 3 – subparagraph 1
3. Where a Member State considers that a decision taken under Article 10(2) impinges on its fiscal responsibilities, it may notify the Authority, the Commission and the Council within threewo working days after notification of the Authority's decision to the competent authority that the decision will not be implemented by the competent authority.
Amendment 641 #
2009/0142(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 3
Article 23 – paragraph 3 – subparagraph 3
The Council, acting by take a decision whether the Authority's decision is maintained or revoked on the basis of a qualified majority of its members, as defined in Article 20516(4) of the Treaty, shall, within ten working days, decide whether the Authority's decision is maintained or revoked on European Union and in Article 3 of the Protocol No 36 on transitional provisions annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, within five working days.
Amendment 647 #
2009/0142(COD)
Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 4
Article 23 – paragraph 3 – subparagraph 4
Where the Council does not take a decision within tenfive working days, the Authority's decision shall be deemed to be maintained.
Amendment 769 #
2009/0142(COD)
Proposal for a regulation
Article 48 – paragraph 1 – point c
Article 48 – paragraph 1 – point c
(c) any fees paid to the Authority in the cases specified in the relevant instruments of Community lawreferred to in Article 6(3).
Amendment 788 #
2009/0142(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 1
Article 66 – paragraph 1 – subparagraph 1
1. Within three years from the date set out in the second paragraph of Article 67 and every three years thereafter, the Commission shall examine this Regulation, and in particular the functioning of Article 23, and publish a general report on the experience acquired as a result of the operation of the Authority and the procedures laid down in this Regulation.
Amendment 794 #
2009/0142(COD)
Proposal for a regulation
Article 66 – paragraph 1 – subparagraph 2
Article 66 – paragraph 1 – subparagraph 2
That report shall also evaluate progress achieved towards regulatory and supervisory convergence in the fields of crisis management and resolution in the Community and shall submit a report to the Parliament and the Council together with any appropriate proposals to amend this Regulation. The evaluation shall be based on extensive consultation, including with the Banking Stakeholder Group.
Amendment 95 #
2009/0140(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) The ESRB should, where appropriate, issue warnings and recommendations of a general nature concerning the Community as a whole, individual Member States or groups of Member States, with a specified timeline for the relevant policy response. Where appropriate, the ESRB should declare the existence of an emergency situation and trigger the intervention of the European Supervisory Authorities.
Amendment 102 #
2009/0140(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) In order to increase their weight and legitimacy, such warnings and recommendations should be transmitted throughdirectly to the addressees, and in copy to the European Parliament, the Council and, where appropriate, the European Banking Authority established by Regulation (EC) No …/… the European Parliament and of the Council, the European Securities and Markets Authority established by Regulation (EC) No …/… of the European Parliament and of the Council, and the European Insurance or the Occupational Pension Authority established by Regulation (EC) No …/…of the European Parliament and of the Council.
Amendment 105 #
2009/0140(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) The ESRB should also monitor compliance with its recommendations, based on reports from addressees, in order to ensure that its warnings and recommendations are effectively followed. Addressees of recommendations should act on them unless inaction can be adequately justified (“act or explain” mechanism). dequately justify any failure in duly complying with the ESRB recommendations (“act or explain” mechanism). The ESRB should be able to have recourse to the European Parliament and to the Council in cases where it is not satisfied with how the addressees have followed up the recommendations.
Amendment 131 #
2009/0140(COD)
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. The Steering Committee shall assist in the decision-making process of the ESRB by supporting the preparation of the meetings of the General Board, reviewing the documents to be discussed and monitoring the progress of the ESRB’s ongoing work. Where the General Board is called upon to take decisions on sector- specific matters, the Steering Committee shall work in close collaboration with the competent European authority and its appropriate Stakeholder Group for the purpose of compiling the papers for meetings.
Amendment 134 #
2009/0140(COD)
Proposal for a regulation
Article 4 – paragraph 5 a (new)
Article 4 – paragraph 5 a (new)
5a. The European Supervisory Authorities shall provide expert advice within the ESRB regarding the macroeconomic risk profiles of the various sectors involved in financial services.
Amendment 136 #
2009/0140(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The Chair and Vice-Chair of the ESRB shall be elected for a term of 5 years by and from among the Members of the General Board who are also members of the General Council of the ECB. THe or shey may be re-elected.
Amendment 139 #
2009/0140(COD)
Proposal for a regulation
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
1a. The two Vice-Chairs shall chair the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority.
Amendment 142 #
2009/0140(COD)
Proposal for a regulation
Article 5 – paragraph 3
Article 5 – paragraph 3
3. The senior Vice-Chair shall preside at the General Board and/or the Steering Committee when the Chair cannot participate in a meeting.
Amendment 143 #
2009/0140(COD)
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. If the term of office of the Mmembers of the General Council of the ECB elected as Chair or Vice-Chair ends before the completion of the 5 -year term or if for any reason the Chair or Vice Chair areis unable to discharge this or heir duties, a new Chair or Vice Chair shall be elected in accordance with paragraph 1.
Amendment 162 #
2009/0140(COD)
Proposal for a regulation
Article 11 – paragraph 1 – point b
Article 11 – paragraph 1 – point b
(b) the two Vice-Chairs of the ESRB, who are also the Chairs of the EIOPA and the ESMA;
Amendment 166 #
2009/0140(COD)
Proposal for a regulation
Article 11 – paragraph 1 – point c
Article 11 – paragraph 1 – point c
(c) five other members of the General Board who are also members of the General Council of the ECB. They shall be elected by and from the Mtwo other members of the General Board who are also members of the General Council of the ECB for a period of two years.
Amendment 173 #
2009/0140(COD)
Proposal for a regulation
Article 11 – paragraph 1 – point f
Article 11 – paragraph 1 – point f
Amendment 175 #
2009/0140(COD)
Proposal for a regulation
Article 11 – paragraph 1 – point g
Article 11 – paragraph 1 – point g
Amendment 214 #
2009/0140(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. When significant risks to the achievement of the objective in aArticle 3(1) are identified, the ESRB shall provide warnings and, where appropriate, issue recommendations for remedial action, including, where appropriate, for legislative initiatives.
Amendment 220 #
2009/0140(COD)
Proposal for a regulation
Article 16 – paragraph 3
Article 16 – paragraph 3
3. The warnings or recommendations shall also be transmitted to the addressees in accordance with paragraph 2, to the Council and, where addressed to one or more national supervisory authority, to the European Supervisory Authorities.
Amendment 229 #
2009/0140(COD)
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. Where a recommendation referred to in letterpoint (d) of Article 3(2) is addressed to the Commission, one or more Member States, one or more European Supervisory Authorities, or one or more national supervisory authorities, the addressees shall communicate the actions undertaken in response to the recommendations to the ESRB or explain why they have not acted. The Council and, where relevant, the European Supervisory Authorities shall be informed.
Amendment 232 #
2009/0140(COD)
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. If the ESRB decides that its recommendation has not been followed and that the addressees have failed to explain their inaction appropriately, it shall informor it is not satisfied on how the addressees have followed up the recommendations, and that the addressees have failed to provide adequate justifications, it shall inform the European Parliament, the Council and, where relevant, the European Supervisory Authorities concerned.
Amendment 134 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 5 d (new)
Article 1 – point 5 d (new)
Directive 2003/71/EC
Article 6 – paragraph 1
Article 6 – paragraph 1
5d. Article 6(1) is replaced by the following: "1. Member States shall ensure that responsibility for the information given in a prospectus relates at least to the issuer or its administrative, management or supervisory bodies, the offeror, the person asking for the admission to trading on a regulated market or the guarantor, as the case may be, identifying one person amongst issuer and offeror who would be responsible for the entire document. The persons responsible shall be clearly identified in the prospectus by their names and functions or, in the case of legal persons, their names and registered offices, as well as declarations by them that, to the best of their knowledge, the information contained in the prospectus is in accordance with the facts and that the prospectus makes no omission likely to affect its import."
Amendment 141 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 7 – point b
Article 1 – point 7 – point b
Directive 2003/71/EC
Article 7 – paragraph 2 – point g
Article 7 – paragraph 2 – point g
(g) a proportionate disclosure regime shall apply to rights issues and convertible bond issues of companies whose shares are admitted to trading on a regulated market.
Amendment 152 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 12 a (new)
Article 1 – point 12 a (new)
Directive 2003/71/EC
Article 13 – paragraph 4
Article 13 – paragraph 4
12a. Article 13(4) is replaced by the following: "If the competent authority finds, on reasonable grounds, that the documents submitted to it are incomplete or that supplementary information is needed, the time limits referred to in paragraphs 2 and 3 shall apply only from the date on which such information is provided by the issuer, the offeror or the person asking for admission to trading on a regulated market. In the case referred to in paragraph 2 the competent authority should notify the issuer, the offeror or the person asking for admission to trading on a regulated market if the documents are incomplete or supplementary information is needed within 10 working days of the submission of the application."
Amendment 158 #
2009/0132(COD)
Proposal for a directive – amending act
Article 1 – point 14
Article 1 – point 14
Directive 2003/71/EC
Article 16 – paragraph 1
Article 16 – paragraph 1
1. Every significant new factor, material mistake or inaccuracy relating to the information included in the prospectus which is capable of affecting the assessment of the securities and which arises or is noted between the time when the prospectus is approved and the final closing of the offer to the publicing period or, as the case may be, the time when trading on a regulated market begins, whichever occurs earlier, shall be mentioned in a supplement to the prospectus. Such a supplement shall be approved in the same way in a maximum of seven working days and published in accordance with at least the same arrangements as were applied when the original prospectus was published. The summary, and any translations thereof, shall also be supplemented, if necessary to take into account the new information included in the supplement.
Amendment 141 #
2009/0099(COD)
Proposal for a directive – amending act
Article 2 – point 3 a (new)
Article 2 – point 3 a (new)
Directive 2006/49/EC
Article 47
Article 47
(3a) Article 47 is replaced by the following: "Until 30 June 2011 or any earlier date specified by the competent authorities on a case-by-case basis, institutions that have received specific risk model recognition prior to 1 January 2007 in accordance with point 1 of Annex V may, for that existing recognition, treat points 4 and 8 of Annex VIII to Directive 93/6/EEC as those points stood prior to 1 January 2007."
Amendment 222 #
2009/0099(COD)
Proposal for a directive – amending act
Annex II – point 3 – point f
Annex II – point 3 – point f
Directive 2006/49/EC
Annex V – point 8 – paragraph 1
Annex V – point 8 – paragraph 1
For the purposes of point 10b(a) and 10b(b), the multiplication factors (m+c and ms) shall be increased by a plus-factor of between 0 and 1 in accordance with Table 1, depending on the number of overshootings for the most recent 250 business days as evidenced by the institution's back-testing of the value-at- risk measure as set out in point 10. Competent authorities shall require the institutions to calculate overshootings consistently on the basis of back-testing at least on hypothetical changes in the portfolio's value. An overshooting is a one- day change in the portfolio's value that exceeds the related one-day value-at-risk measure generated by the institution's model. For the purpose of determining the plus-factor the number of overshootings shall be assessed at least quarterly.