Alfredo PALLONE

Proposal for a regulation
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.

2014/01/28
Committee: ECON

2013/0265(COD)

Alfredo PALLONE

Proposal for a regulation
Article 1 – paragraph 3 – point a

(a) ~~transactions with~~ commercial cards,

2014/01/28
Committee: ECON

2013/0265(COD)

Alfredo PALLONE

Proposal for a regulation
Article 1 – paragraph 3 – point c

(c) ~~transactions with~~ cards issued by three party payment card schemes.

2014/01/28
Committee: ECON

2013/0265(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2014/01/28
Committee: ECON

2013/0265(COD)

Alfredo PALLONE

Proposal for a regulation
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 ~~cardhold~~payer 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;

2014/01/28
Committee: ECON

2013/0265(COD)

Alfredo PALLONE

Proposal for a regulation
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'.

2014/01/28
Committee: ECON

2013/0265(COD)

Alfredo PALLONE

Proposal for a regulation
Article 4

Article 4 Interchange fees for all consumer debit or credit card transactions 1. With effect from two years after the entry into force of this Regulation, payment service providers shall not offer or request a per transaction interchange fee or other agreed remuneration with an equivalent object or effect of more than 0,2 % of the value of the transaction for any debit card based transactions. 2. With effect from two years after the entry into force of this Regulation, payment service providers shall not offer or request a per transaction interchange fee or other agreed remuneration with an equivalent object or effect of more than 0,3 % of the value of the transaction for any credit card based transactions.deleted

2014/01/28
Committee: ECON

2013/0265(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2014/01/28
Committee: ECON

2013/0265(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2014/01/28
Committee: ECON

2013/0265(COD)

Alfredo PALLONE

Proposal for a regulation
Article 17 – paragraph 1

This Regulation shall enter into force ~~on the twentieth day~~six months following that of its publication in the Official Journal of the European Union.

2014/01/28
Committee: ECON

2013/0253(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a regulation
Article 2 – paragraph 1 – introductory part

This Regulation shall apply to the following ~~entities~~:

2013/10/22
Committee: ECON

2013/0253(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a regulation
Article 2 – paragraph 1 – point a

(a) ~~credit institutions established in participating Member States~~entities for which the ECB has the direct responsibility for supervision, in accordance to Art. 6 of the SSM Regulation;

2013/10/22
Committee: ECON

2013/0253(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a regulation
Article 2 – paragraph 1 – point b

(b) parent undertakings established in one of the participating Member States, including financial holding companies and mixed financial holding companies when subject to consolidated supervision carried out by the ECB in accordance with Article 4(1)(i) of Council Regulation (EU)No[ ] conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions;deleted

2013/10/22
Committee: ECON

2013/0253(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a regulation
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.

2013/10/22
Committee: ECON

2013/0253(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a regulation
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.

2013/10/22
Committee: ECON

2013/0253(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a regulation
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 [ ].

2013/10/22
Committee: ECON

2013/0253(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a regulation
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.

2013/10/22
Committee: ECON

2013/0253(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a regulation
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.

2013/10/22
Committee: ECON

2013/0253(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a regulation
Part 3 – title 5 – chapter 2 – title

The Single ~~Bank~~ Resolution F~~und~~inancing Mechanism

2013/10/22
Committee: ECON

2013/0253(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a regulation
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.

2013/10/22
Committee: ECON

2013/0253(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a regulation
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 ~~authorised~~subject to this Regulation as referred to in Art. 2 in the participating Member States which are guaranteed under Directive 94/19/EC.

2013/10/22
Committee: ECON

2013/0253(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a regulation
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 ~~authorised~~subject to this Regulation as referred to in Article 2 in the territories of the participating Member States.

2013/10/22
Committee: ECON

2013/0253(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a regulation
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 ~~authorised~~subject 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.

2013/10/22
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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 Union~~a Member State.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 3 – paragraph 2

2. For the purposes of paragraph 1, the competent authorities shall have regard to the services: (1) most commonly used by consumers in relation to their payment account; (2) which generate the highest cost for consumers per service; (3) which generate the highest overall cost for consumers; (4) which generate the highest profit for payment service providers per service; (5) which generate the highest overall profit for payment service providers. The EBA shall develop guidelines pursuant to Article 16 of Regulation (EU) No 1093/2010 to assist the competent authorities.deleted

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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~~.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 4 – paragraph 7

7. ~~The Commission shall be empowered to adopt implementing acts pursuant to Article 26 to~~Member 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.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 5 – paragraph 4

4. ~~The Commission shall be empowered to adopt implementing acts pursuant to Article 26 to~~Member 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.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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~~.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 9 – paragraph -1 a (new)

-1a. The rules concerning the switching only apply to the switching of payment accounts within a Member State.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 10 – paragraph 3 – introductory part

3. Within ~~one business day~~a 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:

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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 mandates~~available direct debit mandates and credit transfers with execution date from the date specified in the authorisation;

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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;

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 10 – paragraph 3 – point c

(c) transmit to the receiving payment service provider ~~any additional~~relevant information deemed necessary by the receiving payment service provider to perform the switch;

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 10 – paragraph 3 – point d

(d) where the transferring payment service provider does not provide a system for automated redirection of the ~~standing orders~~incoming credit transfer and direct debits to the account held by the consumer with the receiving payment service provider, ~~cancel standing ord~~stop incoming credit transfers and stop accepting direct debits onfrom the date specified in the authorisation;

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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; .

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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;

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 10 – paragraph 4 – point a

(a) set up within seven ~~calendar~~business days the standing orders for credit transfers ~~reques~~mandated 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;

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 10 – paragraph 4 – point b

(b) a~~ccept direct debits from the date specified in the authorisation~~fter 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;

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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;

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 10 – paragraph 4 – point d

(d) where the consumer gave specific consent pursuant to paragraph 2, inform payees using a direct debit to collect funds from the consumer's account of the details of the consumer's account with the receiving payment service provider and the date from which direct debits shall be collected from that account. If the receiving payment service provider does not have all the information it needs to inform the payee, it shall ask the consumer or the transferring payment service provider to provide the missing information;deleted

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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 ~~calendar~~business days of receiving the request;

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 10 – paragraph 6 – point b

(b) where the transferring payment service provider does not provide a system for automated redirection of the ~~standing ord~~incoming credit transfers and direct debits to the account held by the consumer with the receiving payment service provider, ~~cancel any standing ord~~stop incoming credit transfers and stop accepting direct debits on the payment account on from the date requested by the receiving payment service provider;

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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).

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 10 – paragraph 8

~~8. Member States shall ensure that the provisions contained in paragraphs 1 to 7 also apply when the switching service is initiated by a payment service provider located in another Member State.~~deleted

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 10 – paragraph 9

~~9. In the case indicated in paragraph 8, the deadlines indicated in paragraphs 3, 4 and 6 shall be doubled. The present provision shall be subject to review pursuant to Article 27.~~deleted

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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 Union~~n 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.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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;

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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:

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 16 – paragraph 1 – point b

(b) services enabling ~~money~~cash to be placed on a payment account;

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 16 – paragraph 1 – point c

(c) services enabling cash withdrawals ~~within the Union~~ from a payment account;

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 16 – paragraph 1 – point d – point 2

(2) payment transactions through a ~~paymen~~debit card, including online payments;

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 18 – paragraph 2 – introductory part

2. The payment service provider may unilaterally terminate a framework contract ~~where at least one of~~for compelling reasons to be determined by Member States, and which shall include the following conditions ~~is met~~:

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 18 – paragraph 2 – point a

(a) the consumer deliberately abused the account services including for criminal activities;

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 18 – paragraph 2 – point d a (new)

(da) the consumer rudely harasses or endangers other customers or employees of the bank;

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
Article 18 – paragraph 2 – point d b (new)

(db) the consumer infringes other provisions of the contract.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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.

2013/09/10
Committee: ECON

2013/0139(COD)

Alfredo PALLONE, Fabrizio BERTOT

Proposal for a directive
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.

2013/09/10
Committee: ECON

2013/0045(CNS)

Othmar KARAS, Alfredo PALLONE, Sirpa PIETIKÄINEN

Proposal for a directive
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.

2013/04/30
Committee: ECON

2013/0045(CNS)

Othmar KARAS, Alfredo PALLONE, Sirpa PIETIKÄINEN

Proposal for a directive
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.

2013/04/30
Committee: ECON

2013/0045(CNS)

Othmar KARAS, Alfredo PALLONE, Sirpa PIETIKÄINEN

Proposal for a directive
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.

2013/04/30
Committee: ECON

2013/0045(CNS)

Othmar KARAS, Alfredo PALLONE

Proposal for a directive
Recital 16

(16) The minimum tax rates should be set at a level sufficiently high for the harmonisation objective of a common FTT to be achieved. At the same time, they have to be low enough so that delocalisation risks are minimised.deleted

2013/04/30
Committee: ECON

2013/0045(CNS)

Alfredo PALLONE

Proposal for a directive
Article 2 – paragraph 1 – point 2 – point b

(b) the transfer 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);deleted

2013/04/30
Committee: ECON

2013/0045(CNS)

Alfredo PALLONE

Proposal for a directive
Article 2 – paragraph 1 – point 2 – point e

~~(e) a repurchase agreement, a reverse repurchase agreement, a securities lending and borrowing agreement;~~deleted

2013/04/30
Committee: ECON

2013/0045(CNS)

Alfredo PALLONE

Proposal for a directive
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;

2013/04/30
Committee: ECON

2013/0045(CNS)

Alfredo PALLONE

Proposal for a directive
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);

2013/04/30
Committee: ECON

2013/0045(CNS)

Alfredo PALLONE

Proposal for a directive
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)

2013/04/30
Committee: ECON

2013/0045(CNS)

Alfredo PALLONE

Proposal for a directive
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.

2013/04/30
Committee: ECON

2013/0045(CNS)

Alfredo PALLONE

Proposal for a directive
Article 3 – paragraph 4 – point g c (new)

(g c) transactions in the context of market making activities;

2013/04/30
Committee: ECON

2013/0045(CNS)

Othmar KARAS, Alfredo PALLONE

Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2 – introductory part

Those rates shall ~~not be lower than~~be:

2013/04/30
Committee: ECON

2013/0045(CNS)

Othmar KARAS, Alfredo PALLONE, Sirpa PIETIKÄINEN

Proposal for a directive
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.

2013/04/30
Committee: ECON

2013/0000(INI)

Sirpa PIETIKÄINEN, Alfredo PALLONE

Motion for a resolution
Paragraph 13

13. Calls on Member States to a~~gree~~dopt and implement ~~a compulsory~~the directive on a Common Consolidated Corporate Tax Base (CCCTB), as adopted by the European Parliament;

2013/03/01
Committee: ECON

2013/0000(INI)

Sirpa PIETIKÄINEN, Alfredo PALLONE

Motion for a resolution
Paragraph 14

14. ~~Calls on Member States to revoke~~Is 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;

2013/03/01
Committee: ECON

2012/2151(INI)

Mario MAURO, Alfredo PALLONE

Motion for a resolution
Recital CB

CB. whereas it must be kept in mind that the introduction in a hasty or not credible way of instruments for common issuance of debt may lead to uncontrollable consequences and the loss of long-term trust in the euro area's capacity to act decisively;deleted

2012/09/26
Committee: ECON

2012/2151(INI)

Mario MAURO, Alfredo PALLONE, Diogo FEIO

Motion for a resolution
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.

2012/10/02
Committee: ECON

2012/2151(INI)

Mario MAURO, Alfredo PALLONE, Diogo FEIO

Motion for a resolution
Annex – part 1 – point 1.2 – paragraph 6 a (new)

Specify that a clear calendar for finalising the banking union should be drawn.

2012/10/02
Committee: ECON

2012/2151(INI)

Mario MAURO, Alfredo PALLONE, Diogo FEIO

Motion for a resolution
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.

2012/10/02
Committee: ECON

2012/2040(INI)

Jean-Paul GAUZÈS, Alfredo PALLONE

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2040(INI)

Jean-Paul GAUZÈS, Alfredo PALLONE

Motion for a resolution
Paragraph 7

7. Notes that the separation of payment infrastructures from payment schemes cwould not necessarily increase competition a~~s smaller players w~~nd that any technical constraints for market access should ~~not~~ be blocoked ~~out due to technical constraints~~at separately;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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,

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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",

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
Recital A

A. whereas Parliament requested that the Commission submit a report on the ~~pos~~feasibility of introducing ~~euro~~stability 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;~~

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
Paragraph 3

3. Is deeply concerned, however, that ~~despite Member States‘ reform and consolidation efforts euro area sovereign bond markets are in distr~~the 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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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);

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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 pact~~Reiterates 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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
Paragraph 8

8. Urges Member States to s~~eriously consider~~tudy 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~~;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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, requiring~~a 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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE, Marianne THYSSEN

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
Annex - Phase 1 - Title

Phase 1 - ~~Immediate measures to exit the~~Short term measure in view of the present sovereign debt crisis

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
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

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
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 liabil~~through a roll-in phase of five years; such transference should be phased and start wityh th~~rough a roll-in phase of five years~~e transfer of only 10% of the debt above the Maastricht threshold of 60% of the GDP; subsequent transfers should be gradual;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
Annex - Phase 1 - Point 1 - Paragraph 1 - Subparagraph 2

- limit participation to Member States without an adjustment programme; ~~provide for a phas~~Countries with adjustment program can joing i~~n of Member States that hav~~mmediately but their debts can only be transferred, following a phase-in plan after the successfully complet~~ed an~~ion of the adjustment programme;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
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.

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
Annex - Phase 1 - Point 2 - Subtitle 2

2.Option 2: Introducing eurobills to protect Member States from illiquidity runs

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1 c (new)

- total eurobill issuance can not exceed 10% of country GDP;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
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;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 4

- provide for ~~dismissible participation by a decision of the national parliament~~transparent and predictable exit procedures for Member States. Staying should be incentivised and therefore exit should be costly;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
Annex - Phase 2 - Title

Phase 2 ~~Blue bond proposal: yearly allocated debt ≤ 60 % of GDP to be issued in common without a Treaty change~~Long term solutions in order to complete the EMU

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
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.

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
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.

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
Annex - Phase 2 - Paragraph 1 c (new)

Option 1 Common issuance of national debt involving a Treaty change

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
Annex - Phase 2 - Paragraph 2

The Commission ~~puts forward proposals for the~~shall 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:

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
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 issuance~~to a part of less than 60 % of GDP, possibly even at an upper level that is lower than 60%;

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
Annex - Phase 3 - Title

~~Phase 3 Common issuance of national debt involving a Treaty change~~deleted

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
Annex - Phase 3 - Paragraph 1

On the basis of the work of the committee, the Commission puts forward, if appropriate, proposals for a Treaty change (and where necessary, Member States’ constitutional changes) and the setting up of a system for the common issuance of bonds according to the following principles:deleted

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
Annex - Phase 3 - Paragraph 1 - Subparagraph 1

~~- limit participation to Member States which comply with the conditions as set out in phase 2;~~deleted

2012/07/12
Committee: ECON

2012/2028(INI)

Diogo FEIO, Mario MAURO, Alfredo PALLONE

Motion for a resolution
Annex - Phase 3 - Paragraph 1 - Subparagraph 2

- establish a European debt agency for the issuance of bonds~~, or confer this task to the ESM~~;

2012/07/12
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
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.

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
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 activities~~advising 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.

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
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 und~~the products which concern them resp~~onsibility of another insurance undertaking or intermediar~~ectively;

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
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).

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
Article 17 – paragraph 1 – point g

(g) if the amount of the commission is based on the achievement of agreed targets or thresholds relating to the business placed by the intermediary with an insurer, the targets or thresholds as well as the amounts payable on the achievement of them.deleted

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
Article 17 – paragraph 2 – point a

(a) provide the customer with the amount or, where the precise amount is not capable of being given, the basis of calculation of the fee or commission or the combination of both, if the customer so requests.deleted

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
Article 17 – paragraph 2 – point b

~~(b) inform the customer of his right to request the information referred to in point (a).~~deleted

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
Article 17 – paragraph 3

3. The insurance undertaking or insurance intermediary shall also inform the customer about the nature and the basis of the calculation of any variable remuneration received by any employee of theirs for distributing and managing the insurance product in question.deleted

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
Article 17 – paragraph 4

4. If any payments are made by the customer under the insurance contract after its conclusion, the insurance undertaking or intermediary shall also make the disclosures in accordance with this Article for each such payment.deleted

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
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.

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
Chapter 7 – title

~~ADDITIONAL CUSTO~~CONSUMER PROTECTION REQUIREMENTS IN RELATION TO INSURANCE INVESTMENT PRODUCTS

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
Article 22 – paragraph 1 – introductory part

This Chapter ~~applies additional requirements to insurance mediation, when carried on in relation to~~replaces Articles 15 to 18 of Chapter VI for the sale of insurance investment products by:

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
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;

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
Article 24 – paragraph 3 – point b

(b) ~~insurance products and proposed investment strategies. This should include appropriate guidance~~whether advice is provided independently on the basis of a fair analysis in the market or on the basis onf an~~d warnings of the risks associ~~ analysis of the products offered by an insurance undertaking. The information shall indicated wihether the in~~vestments in those products or in respect of particular investment strategies; and~~surance intermediary or insurance undertaking will provide the customer with the on- going assessment of the suitability of the insurance product recommended to the customer;

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
Article 24 – paragraph 3 – point c

(c) ~~costs and associated charge~~insurance 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.

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
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 shall~~ly, the appropriate information referred to in paragraph 3 shall include the following which shall be provided before the insurance advice:

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
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 undertaking~~who represents the customer; and

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
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 of~~whether a fee is payable by the customer for the ~~ser~~advice ~~to customers.~~;

2013/02/14
Committee: ECON

2012/0175(COD)

Alfredo PALLONE

Proposal for a directive
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.

2013/02/14
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
Article 2 – paragraph 1

This Regulation shall apply to the manufacturing and selling of ~~investment product~~PRIPs.

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
Article 2 – paragraph 2 – point a

(a) life insurance products, w~~hich 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

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
Article 2 – paragraph 2 – point d a (new)

(da) securities whose denomination per unit amounts at least 100,000 Euro;

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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)

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
Article 2 – paragraph 2 – point f a (new)

(fa) officially recognised pension products and social security schemes subject to national or European Union law

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
Article 3 – paragraph 1

1. WThe~~re 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.

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
Article 3 – paragraph 2

2. WThe~~re 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~~.

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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;

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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;

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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;

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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~~;

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
Article 8 – paragraph 2 – point b – point iv

~~(iv) where the investment product offers insurance benefits, details of these insurance benefits;~~deleted

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
Article 8 – paragraph 2 – point b – point vi

~~(vi) performance scenarios, if this is relevant having regard to the nature of the product;~~deleted

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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, including~~the investment product provides insurance benefits and if so, details of these insurance benefits

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
Article 8 – paragraph 2 – point c – point i

(i) any guarantees orand capital protection provided, as well as any limitations to these;

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
Article 8 – paragraph 2 – point c – point ii

(ii) ~~whether the investment product is covered by a compensation or guarantee scheme~~and the name of the guarantor;

2013/02/20
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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;

2013/02/15
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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 profi~~narrative description of the rele van~~d warnings in relation to any specific risks that may not be fully reflected in the summary indicator~~t risks consistently with those provided by the offer documents, if any;

2013/02/15
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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)

2013/02/15
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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;

2013/02/15
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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";

2013/02/15
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
Article 8 – paragraph 2 – point h

~~(h) for pension products, under a section titled ‘What might I get when I retire?’, projections of possible future outcomes.~~deleted

2013/02/15
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
Article 8 – paragraph 3

~~3. The investment product manufacturer may only include other information where it is necessary for the retail investor to take an informed investment decision about a specific investment product.~~deleted

2013/02/15
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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:

2013/02/15
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2013/02/15
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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 inve~~Member 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 Regulation~~with the relevant parts of the offer documentation. Key investor information shall contain a clear warning to that effect.

2013/02/15
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
Article 11 – paragraph 3

3. The distribution of the burden of proof referred to in paragraph 2 shall not be altered in advance through an agreement. Any clause in such agreements in advance shall not be binding on the retail investor.deleted

2013/02/15
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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 ~~shall~~may participate in that procedure, provided that it fulfils the following requirements:

2013/02/15
Committee: ECON

2012/0169(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2013/02/15
Committee: ECON

2012/0164(APP)

Alfredo PALLONE, Andreas SCHWAB

Motion for a resolution
Recital G

G. whereas updating Regulation (EC) No 332/2002 would help ensure a level playing field between euro area and non- euro area Member States and would simplify the procedure for activating the balance of payments facility;deleted

2013/02/20
Committee: ECON

2012/0164(APP)

Alfredo PALLONE, Andreas SCHWAB

Motion for a resolution
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;

2013/02/20
Committee: ECON

2012/0150(COD)

Herbert DORFMANN, Alfredo PALLONE, Mario MAURO

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Herbert DORFMANN, Alfredo PALLONE, Mario MAURO

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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;

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 3 – paragraph 1

1. Each Member States shall designate one ~~or more~~ resolution authorit~~ies~~y that ~~are~~is empowered to apply the resolution tools and exercise the resolution powers.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 3 – paragraph 7

7. Where a Member State designates more than one authority to apply the resolution tools and exercise the resolution powers, it shall allocate functions and responsibilities clearly between these authorities, ensure adequate coordination between them and designate a single authority as a contact authority for the purposes of cooperation and coordination with the relevant authorities of other Member States.deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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:

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2013/01/11
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2013/01/11
Committee: ECON

2012/0150(COD)

Alfredo PALLONE

Proposal for a directive
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.

2013/01/11
Committee: ECON

2012/0150(COD)

Alfredo PALLONE

Proposal for a directive
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~~.

2013/01/11
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2013/01/11
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 18

Article 18 deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 26 – paragraph 2 – point d

(d) to avoid unnecessary destruction of value and to ~~seek to minimise the cost of resolution~~be the least cost alternative for creditors;

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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 more~~such subsidiaries which are institutions orand for the resolution of the group as a whole.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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;

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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).

2012/12/20
Committee: ECON

2012/0150(COD)

Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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~~:

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 37 – paragraph 2 – point a

(a) to recapitalise an institution that meets the conditions for resolution to the extent sufficient to restore its ability to comply with the conditions for authorisation and to carry on the activities for which is authorised under Directive 2006/48/EC or Directive 2004/39/EC;deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 37 – paragraph 3 – subparagraph 2

~~If the condition set out in the first subparagraph is not fulfilled,~~ Member States shall apply any of the resolution tools referred to in points (a), (b) and (c) of Article 31 (2), and the bail-in tool referred to in ~~point (b) of~~ paragraph 2 of this Article, as appropriate.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 38 – paragraph 1

1. Member States shall ensure that the bail- in tool ~~may be~~is applied ~~to all~~only 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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 38 – paragraph 2

~~2. [...]~~deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 38 – paragraph 3

3. Where resolution authorities apply the bail-in tool, they may exclude from the application of the write-down and conversion powers liabilities arising from derivatives that do not fall within the scope of point (d) of paragraph 2, if that exclusion is necessary or appropriate to achieve the objectives specified in points (a) and (b) of Article 26(2).deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 38 – paragraph 4

~~4. The Commission shall be empowered to adopt~~ delegated acts adopted in accordance with Article 103 in order to specify further: (a) specific classes of liabilities covered by point (d) of paragraph 2, and. (b) the circumstances when exclusion is necessary or appropriate to achieve the objectives specified in points (a) and (b) of Article 26(2), having regard to the following factors: (i) the systemic impact of closing out derivative positions in order to apply the debt write-down tool; (ii) the effect on the operation of a Central Counterparty of applying the debt write-down tool to liabilities arising from derivatives that are cleared by the Central Counterparty; and (iii) the effect of applying the debt write- down tool to liabilities arising from derivatives on the risk management of counterparties to those derivatives.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 39 – paragraph 1

1. Member States shall ensure that the institutions maintain, at all times, a ~~sufficient~~n aggregate amount of own funds and eligible liabilities ~~expressed as a~~that is equal or higher than 10 per cent~~age~~ 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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 39 – paragraph 3

3. The minimum aggregate amount pursuant to paragraph 1 shall be determined on the basis of the following criteria: (a) the need to ensure that the institution can be resolved by the application of the resolution tools including, where appropriate, the bail in tool, in a way that meets the resolution objectives; (b) the need to ensure, in appropriate cases, that the institution has sufficient eligible liabilities to ensure that, if the bail in tool were to be applied the Common Equity Tier 1 ratio of the institution could be restored to a level necessary to sustain sufficient market confidence in the institution and enable it to continue to comply with the conditions for authorisation and to carry on the activities for which is authorised under Directive 2006/48/EC or Directive 2006/49/EC; (c) the size, the business model and the risk profile of the institution; (d) the extent to which the Deposit Guarantee Scheme could contribute to the financing of resolution in accordance with Article 99; (e) the extent to which the failure of the institution would have an adverse effect on financial stability, including, due to its interconnectedness with other institutions or with the rest of the financial system through contagion to other institutions.deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 39 – paragraph 7

~~7. The Commission shall, by means of~~ delegated acts in accordance with Article 103, adopt measures to specify the criteria provided for in points (a) to (e) of paragraph 3 with possible references to different categories of institutions and related ranges of percentages.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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:

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 47 – paragraph 1

1. Member States shall require that, within [one month] after the application of the bail-in tool to an institution in accordance with point (a) of Article 37(2), the administrator appointed under Article 46 shall draw up and submit to the resolution authority, the Commission and EBA a business reorganisation plan that satisfies the requirements of paragraphs 2 and 3 of this Article. Where the Union State aid framework is applicable, Member States shall ensure that such plan is compatible with the restructuring plan that the institution is required to submit to the Commission under that framework.deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 47 – paragraph 2

2. A business reorganisation plan shall set out measures aimed at restoring the long term viability of the institution or parts of its business within a reasonable timescale no longer than two years. Those measures shall be based on realistic assumptions as to the economic and financial market conditions under with the institution will operate. The business reorganisation plan shall take account, inter alia, of the current state and future prospects of the financial markets, reflecting best-case and worst- case assumptions. Stress-testing shall consider a ranged of scenarios, including a combination of events of stress and a protracted global recession. Assumptions shall be compared with appropriate sector-wide benchmarks.deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 47 – paragraph 2 – subparagraph 1

A business reorganisation plan shall set out measures aimed at restoring the long term viability of the institution or parts of its business within a reasonable timescale no longer than two years. Those measures shall be based on realistic assumptions as to the economic and financial market conditions under with the institution will operate.deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 47 – paragraph 2 – subparagraph 2

The business reorganisation plan shall take account, inter alia, of the current state and future prospects of the financial markets, reflecting best-case and worst- case assumptions. Stress-testing shall consider a ranged of scenarios, including a combination of events of stress and a protracted global recession. Assumptions shall be compared with appropriate sector-wide benchmarks.deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 47 – paragraph 3

3. A business reorganisation plan shall include the following elements: (a) a detailed diagnosis of the factors and problems that caused the institution to fail or to be likely to fail, and the circumstances that led to its difficulties; (b) a description of the measures aimed at restoring the long-term viability of the institution that are to be adopted; (c) a timetable for the implementation of those measures.deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 47 – paragraph 4

4. Measures aimed at restoring the long- term viability of an institution may include: (a) the reorganisation of the activities of the institution; (b) the withdrawal from loss-making activities; (c) the restructuring of existing activities that can be made competitive; (d) the sale of assets or of business lines.deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 47 – paragraph 5

5. Within one month from the date of submission of the business reorganisation plan, the resolution authority shall assess the likelihood that the plan, if implemented, restores the long term viability of the institution. If the resolution authority is satisfied that the plan would achieve that objective, it shall approve the plan.deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 47 – paragraph 6

6. If the resolution authority is not satisfied that the plan would achieve that objective the resolution authority shall notify the administrator of its concerns and require the administrator to amend the plan in way that addresses those concerns.deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 47 – paragraph 7

7. Within two weeks from the date of receipt of such a notification, the administrator shall submit an amended plan to the resolution authority for approval. The resolution authority shall assess the amended plan, and shall notify the administrator within one week whether it is satisfied that the plan, as amended, addresses the concerns notified or whether further amendment is required.deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 47 – paragraph 8

8. The administrator shall implement the reorganisation plan as agreed by the resolution authority, and shall report every six months to the resolution authority on the progress in the implementation of the plan.deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 47 – paragraph 9

~~9. The administrator shall revise the plan if that is necessary to achieve the aim set out in paragraph 2, and shall submit any such revision to the resolution authority for approval.~~deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 47 – paragraph 10

10. EBA shall develop draft regulatory technical standards to specify further: (a) the elements that should be included in a business reorganisation plan pursuant to paragraph 3; and (b) the contents of the reports pursuant to paragraph 8. EBA shall submit those draft regulatory technical standards to the Commission within twelve 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) No 1093/2010.deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 82 – paragraph 2

The group resolution authorit~~ies~~y shall co~~mmunicate on request~~ordinate 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).

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 94 – paragraph 2 – point b

(b) if a Member State has not availed itself of the option provided for in Article 99(5) to use the funds of the Deposit Guarantee Scheme for the purposes of Article 92, the contribution from each institution shall be pro-rata to the total amount of its liabilities, excluding own funds, with respect to the total liabilities, excluding own funds, of all the institutions authorised in the territory of the Member State.deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.~~

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 94 – paragraph 7 – point d

~~(d) the probability that the institution enters into resolution;~~deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 99 – paragraph 4

4. The contribution from the deposit guarantee scheme for the purpose of paragraph 1 shall be ~~made in cash~~proportionate to the situation and the need to maintain stability of the financial system.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 99 – paragraph 7

7. Where Member States avail themselves of the option provided for under paragraph 5 of this Article, the deposit guarantee schemes shall be considered as financing arrangements for the purpose of Article 91. In that case Member States may abstain from establishing separate funding arrangements.deleted

2012/12/20
Committee: ECON

2012/0150(COD)

Mario MAURO, Alfredo PALLONE

Proposal for a directive
Article 99 – paragraph 8 – subparagraph 1

~~Where a Member State avails itself of the option provided for in paragraph 5,~~ the following priority rule shall apply to the use of available financial means of the deposit guarantee scheme.

2012/12/20
Committee: ECON

2012/0150(COD)

Alfredo PALLONE

Proposal for a directive
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.

2012/12/20
Committee: ECON

2011/2146(INI)

Alfredo PALLONE

Motion for a resolution
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;

2011/09/19
Committee: ECON

2011/2146(INI)

Alfredo PALLONE

Motion for a resolution
Paragraph 9

9. Calls on the Commission, as part of the promised simplification of state aid rules, to introduce greater ~~flexibilit~~transparency 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;

2011/09/19
Committee: ECON

2011/2146(INI)

Alfredo PALLONE

Motion for a resolution
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 service~~amount of compensation payment;

2011/09/19
Committee: ECON

2011/2010(INI)

Alfredo PALLONE

Motion for a resolution
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;

2011/03/24
Committee: ECON

2011/2010(INI)

Alfredo PALLONE

Motion for a resolution
Paragraph 2

2. Supports the adoption of the ‘home’ country principle – whereby ~~all~~life 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 ;

2011/03/24
Committee: ECON

2011/2010(INI)

Alfredo PALLONE

Motion for a resolution
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 require~~part of their national supervisor and a single own-language process and point of contact for consumers ~~within their national supervisor for all insurance guarante~~for 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;

2011/03/24
Committee: ECON

2011/2010(INI)

Alfredo PALLONE

Motion for a resolution
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 intermediar~~life insurance companies; calls consequently on the Commission to ensure that a European framework for IGS ~~compensates policyhol~~providers ~~for losses in full and without exception for all types of insurance product~~continuity 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;

2011/03/24
Committee: ECON

2011/0298(COD)

Alfredo PALLONE

Proposal for a directive
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;

2012/05/15
Committee: ECON

2011/0298(COD)

Alfredo PALLONE

Proposal for a directive
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.

2012/05/15
Committee: ECON

2011/0298(COD)

Alfredo PALLONE

Proposal for a directive
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.

2012/05/15
Committee: ECON

2011/0298(COD)

Alfredo PALLONE

Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – introductory part

a) the services do not refer~~red~~ 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.

2012/05/15
Committee: ECON

2011/0298(COD)

Alfredo PALLONE

Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point i

(i) shares admitted to trading on a regulated market or on an equivalent third-country market or on a MTF, where these are shares in companies, and excluding shares in non-UCITS collective investment undertakings and shares that embed a derivative;deleted

2012/05/15
Committee: ECON

2011/0298(COD)

Alfredo PALLONE

Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point ii

(ii) bonds or other forms of securitised debt, admitted to trading on a regulated market or on an equivalent third country market or on a MTF, excluding those that embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved;deleted

2012/05/15
Committee: ECON

2011/0298(COD)

Alfredo PALLONE

Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iii

~~(iii) money market instruments, excluding those that embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved;~~deleted

2012/05/15
Committee: ECON

2011/0298(COD)

Alfredo PALLONE

Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv

~~(iv) shares or units in UCITS excluding structured UCITS as referred to in Article 36 paragraph 1 subparagraph 2 of Commission Regulation 583/2010;~~deleted

2012/05/15
Committee: ECON

2011/0298(COD)

Alfredo PALLONE

Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point v

~~(v) other non-complex financial instruments for the purpose of this paragraph .~~deleted

2012/05/15
Committee: ECON

2011/0298(COD)

Alfredo PALLONE

Proposal for a directive
Article 25 – paragraph 7

7. ESMA shall develop by [] at the latest, and update periodically, ~~guideline~~technical standards for the assessment of financial instruments embedding a derivative, incorporating a structure ~~which makes it~~or 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).

2012/05/15
Committee: ECON

2011/0298(COD)

Alfredo PALLONE

Proposal for a directive
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;

2012/05/15
Committee: ECON

2011/0296(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2012/05/14
Committee: ECON

2011/0296(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2012/05/14
Committee: ECON

2011/0296(COD)

Alfredo PALLONE

Proposal for a regulation
Article 17 – paragraph 6 a (new)

6 a. The level of disclosure and the frequency of publication shall be calibrated proportionately to issuance, transaction size and characteristics of national markets.

2012/05/14
Committee: ECON

2011/0296(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2012/05/14
Committee: ECON

2011/0296(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2012/05/14
Committee: ECON

2011/0296(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2012/05/14
Committee: ECON

2011/0295(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2012/05/11
Committee: ECON

2011/0295(COD)

Alfredo PALLONE

Proposal for a regulation
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;

2012/05/11
Committee: ECON

2011/0261(CNS)

Roberta ANGELILLI, Alfredo PALLONE

Proposal for a directive
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.

2012/03/08
Committee: ECON

2011/0261(CNS)

Alfredo PALLONE, Roberta ANGELILLI, Mario MAURO

Proposal for a directive
Article 1 – paragraph 4 – point a a (new)

(aa) government bond transactions

2012/03/08
Committee: ECON

2011/0261(CNS)

Alfredo PALLONE, Roberta ANGELILLI, Mario MAURO

Proposal for a directive
Article 2 – paragraph 1 – point 1 – point b

(b) the transfer 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);deleted

2012/03/08
Committee: ECON

2011/0203(COD)

Alfredo PALLONE

Proposal for a directive
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.

2012/03/07
Committee: ECON

2011/0203(COD)

Herbert DORFMANN, Alfredo PALLONE

Proposal for a directive
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.

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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 .

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
Recital 12

~~(12) This Regulation does not prevent Member States from imposing equivalent requirements on undertakings that do not fall within its scope.~~deleted

2012/03/07
Committee: ECON

2011/0202(COD)

Herbert DORFMANN, Alfredo PALLONE

Proposal for a regulation
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.

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
Recital 57 a (new)

(57a) In harmonising the rules governing insurance and reinsurance undertakings, Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) introduced changes intended to ensure the financial stability and fairness of such undertakings in pursuit of the fundamental goal of market stability. Due account should be taken of the presence in the Member States of insurance undertakings with shares listed on a regulated market and subject to supervision by the competent supervisory authorities of the Member States which carry out insurance activities on the basis of a low financial risk business model involving moderate gearing (a ratio of no more than 5:1), a low propensity to take investment risks and a high percentage of profits generated by the core insurance business. Such insurance undertakings therefore have a lower risk profile than similar undertakings operating on the basis of a wide range of business models, some of which have a financial component. In the European Union, insurance undertakings show a low systemic risk, not least as a result of a generally more conservative investment policy, and the post-2008 financial and market crisis, which drove down the profitability of financial institutions, did not have a major impact on insurance undertakings, which remained in profit, with relatively stable margins. That stability has been reflected in, among other things, the performance over recent years of the shares of insurance undertakings listed on regulated markets in the European Union, which, compared with financial institutions and against the background of a general downward trend in the markets, have managed, to a substantial degree, to withstand the structural decline in equity values. Non-controlling holdings in such insurance undertakings, which operate on the basis of a low financial risk business model, may accordingly be considered to be equivalent to holdings in other industrial undertakings and could therefore also be deemed to come under the specific rules on deductions from common equity items laid down for such undertakings by Member State supervisory authorities.

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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 they~~These 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.

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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;

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
Article 24 – paragraph 4

4. EBA shall establish, maintain and publish a list of the forms of capital instrument in each Member State that qualify as Common Equity Tier 1 instruments. EBA shall establish and publish this list by 1 January 2013.deleted

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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.'

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 30 – paragraph 1 – point b a (new)

(b a) unrealised gains or losses on asset items constituting claims on Zone A central governments measured at fair value. EBA shall develop draft regulatory technical standards to specify the conditions according to which letter ba) shall apply. EBA shall submit those draft regulatory technical standards to the Commission by 1 January 2013. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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 profitability~~the items referred to in points (a) and (b), and a risk weight of 100% to items referred to in point (c).

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
Article 36 – paragraph 2 – introductory part

2. Deferred tax assets that do not rely on future profitability ~~comprise~~shall be limited to the following: :

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
Article 36 – paragraph 2 – point c

(c) deferred tax assets arising from temporary differences, wh~~ich,~~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 ~~incur~~reports a loss~~, becomes insolv~~ when the annual financial statements o~~r enters liquida~~f the institution, are ~~replaced, on a mandatory and automatic basis in accordance with the applicable national law, with a claim~~formally 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.

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
Article 46 – paragraph 1

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.deleted

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2012/03/07
Committee: ECON

2011/0202(COD)

Herbert DORFMANN, Alfredo PALLONE

Proposal for a regulation
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:

2012/03/07
Committee: ECON

2011/0202(COD)

Herbert DORFMANN, Alfredo PALLONE

Proposal for a regulation
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;

2012/03/07
Committee: ECON

2011/0202(COD)

Herbert DORFMANN, Alfredo PALLONE

Proposal for a regulation
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);

2012/03/07
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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;

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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- weight~~ed in accordance with Article 116~~s for exposures to institutions.

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 114 – paragraph 2

2. ~~Exposures to institutions of a residual maturity of 3 months or less denominated and fund~~Without 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), assign~~competent 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 i~~ts central government~~nstitutions.

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 114 – paragraph 3

3. ~~No e~~Exposures ~~with a residual maturity of 3 months or less denominated and funded in the national currency of the borrower~~to an unrated institution shall not be assigned a risk weight l~~ess~~ower than ~~20 %~~that applied to exposures to its central government.

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 114 – paragraph 4 – introductory part

4. Exposure to an institution in the form of minimum reserves required by the ECB or by the central bank of a Member State to be held by an institution may be risk- weighted as 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; (b) in the event of the bankruptcy or insolvency of the institution where the reserves are held, the reserves are fully repaid to the institution in a timely manner and are not made available to meet other liabilities of the institution.deleted

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 114 – paragraph 5

5. Exposures to financial institutions authorised and supervised by the competent authorities and subject to prudential requirements equivalent to those applied to institutions shall be treated as exposures to institutions.deleted

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 115 – paragraph 3

3. The interaction between the treatment of short term credit assessment under Article 126 and the general preferential treatment for short term exposures set out in paragraph 2 shall be as follows: (a) If there is no short-term exposure assessment, the general preferential treatment for short-term exposures as specified in paragraph 2 shall apply to all exposures to institutions of up to three months residual maturity; (b) If there is a short-term assessment and such an assessment determines the application of a more favourable or identical risk weight than the use of the general preferential treatment for short- term exposures, as specified in paragraph 2, then the short-term assessment shall be used for that specific exposure only. Other short-term exposures shall follow the general preferential treatment for short- term exposures, as specified in paragraph 2; (c) If there is a short-term assessment and such an assessment determines a less favourable risk weight than the use of the general preferential treatment for short- term exposures, as specified in paragraph 2, then the general preferential treatment for short-term exposures shall not be used and all unrated short-term claims shall be assigned the same risk weight as that applied by the specific short-term assessment.deleted

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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 %.

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 116

~~[...]~~deleted

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 116 b (new)

Article 116 b Interaction with short-term credit assessments 1. If the method specified in Article 116 is applied to exposures to institutions, then the interaction with specific short-term assessments shall be as follows. 2. If there is no short-term exposure assessment, the general preferential treatment for short-term exposures as specified in Article 116 paragraph 3 shall apply to all exposures to institutions of up to three months residual maturity. 3. If there is a short-term assessment and such an assessment determines the application of a more favourable or identical risk weight than the use of the general preferential treatment for short- term exposures, as specified in Article 116 paragraph 3, then the short-term assessment shall be used for that specific exposure only. Other short-term exposures shall follow the general preferential treatment for short-term exposures, as specified in Article 116 paragraph 3. 4. If there is a short-term assessment and such an assessment determines a less favourable risk weight than the use of the general preferential treatment for short- term exposures, as specified in Article 116 paragraph 3, then the general preferential treatment for short-term exposures shall not be used and all unrated short-term claims shall be assigned the same risk weight as that applied by the specific short-term assessment.

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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 %.

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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;

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
Article 121 – paragraph 3 – point b

(b) overall losses stemming from l~~oans~~ending 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.

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
Article 174 – paragraph 1 – subparagraph 1 – point b

~~(b) the obligor is past due more than 90 days on any material credit obligation to the institution, the parent undertaking or any of its subsidiaries.~~deleted

2012/03/08
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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;

2012/03/09
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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;

2012/03/09
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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~~.

2012/03/09
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2012/03/09
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2012/03/09
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2012/03/09
Committee: ECON

2011/0202(COD)

Herbert DORFMANN, Alfredo PALLONE

Proposal for a regulation
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);

2012/03/09
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2012/03/09
Committee: ECON

2011/0202(COD)

Herbert DORFMANN, Alfredo PALLONE

Proposal for a regulation
Article 413 – paragraph 4 – subparagraph 1 – point b

(b) the ~~provider is~~counterpart 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

2012/03/09
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
Article 473 – paragraph 1 – introductory part

1. ~~Until 31 December 2014, t~~The 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:

2012/03/09
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
Article 473 – paragraph 2

2. By 1 January 2013, the Commission shall review the appropriateness of the derogation set out in paragraph 1 and, if relevant, the appropriateness of extending similar treatment to any other form of covered bond. In the light of that review, the Commission may, if appropriate, adopt delegated acts in accordance with Article 445 to make that derogation permanent or make legislative proposals to extend it to other forms of covered bonds.deleted

2012/03/09
Committee: ECON

2011/0202(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2012/03/09
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
Article 485 – title

~~Retail exposure~~Exposures to small and medium sized enterprises and natural persons

2012/03/09
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
Article 485 – paragraph 2 – introductory part

For these purposes, EBA shall report the following to the Commission: - with regard to Article 118:

2012/03/09
Committee: ECON

2011/0202(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2012/03/09
Committee: ECON

2011/0092(CNS)

Alfredo PALLONE

Proposal for a directive
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.

2011/12/01
Committee: ECON

2011/0092(CNS)

Alfredo PALLONE

Proposal for a directive
Recital 18

(18) In the case of liquefied petroleum gas (LPG) ~~and natural gas used as propellants~~used as motor fuel, advantages in the form of lower minimum levels of general energy consumption taxation or the possibility to exempt th~~ose~~is 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.

2011/12/01
Committee: ECON

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2010/03/23
Committee: ECON

2009/0143(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2010/03/23
Committee: ECON

2009/0143(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1

2. Where information is not available ~~or is not made available in a timely fashion by the national supervisory authorities and other public authorities of the Member States~~, the Authority may address a reasoned request directly to relevant financial institutions and other parties. It shall inform the relevant national supervisory authorities of such requests.

2010/03/23
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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 ~~Community~~European 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 ~~Community~~European 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.

2010/03/26
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2010/03/26
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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 safeguarded~~be subject to stringent and effective confidentiality rules.

2010/03/26
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 4

Where the Commission ~~doe~~intends 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.

2010/03/26
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2010/03/26
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 8 – paragraph 3

Where the competent authority does not apply those guidelines or recommendations it shall ~~inform the Authority of its reasons~~state its reasons to the Authority which shall make them public.

2010/03/26
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 9 – paragraph 4 – subparagraph 1

4. Where the competent authority has not complied with ~~Community law within one month~~European 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 ~~requir~~setting the co~~mpetent authority to take the action necessary to comply with Community law~~rrect application of the legislation put under investigation by the Authority.

2010/04/15
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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 of~~shall, 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.

2010/04/15
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2010/04/15
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 9 – paragraph 7 – subparagraph 2

~~Any action by the competent authorities~~When taking action in relation to ~~fact~~issues which are subject to a decision pursuant to paragraph 4 or 6 competent authorities shall be comp~~atible~~ly with ~~those~~such decisions.

2010/04/15
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 10 – paragraph 2

2. Where the ~~Commission has adopted a decision pursuant to paragraph 1~~ESRB 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 Authorit~~y may~~ies 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 system~~such developments by ensuring that financial institutions and competent authorities satisfy the requirements laid down in that legislation.

2010/04/15
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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 comp~~atible~~liant with those decisions. Non- compliance shall be duly justified in writing by the competent authorities to the ESRB and the Authority.

2010/04/15
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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 t~~hree~~wo working days after notification of the Authority's decision to the competent authority that the decision will not be implemented by the competent authority.

2010/03/26
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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 ~~205~~16(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.

2010/03/26
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 23 – paragraph 3 – subparagraph 4

Where the Council does not take a decision within ~~ten~~five working days, the Authority's decision shall be deemed to be maintained.

2010/03/26
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 48 – paragraph 1 – point c

(c) any fees paid to the Authority in the cases ~~specified in the relevant instruments of Community law~~referred to in Article 6(3).

2010/03/26
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2010/03/26
Committee: ECON

2009/0142(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2010/03/26
Committee: ECON

2009/0140(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2010/03/19
Committee: ECON

2009/0140(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Recital 9

(9) In order to increase their weight and legitimacy, such warnings and recommendations should be transmitted ~~through~~directly 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.

2010/03/19
Committee: ECON

2009/0140(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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 a~~ct 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.

2010/03/19
Committee: ECON

2009/0140(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2010/03/19
Committee: ECON

2009/0140(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2010/03/19
Committee: ECON

2009/0140(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2010/03/19
Committee: ECON

2009/0140(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2010/03/19
Committee: ECON

2009/0140(COD)

Alfredo PALLONE

Proposal for a regulation
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.

2010/03/19
Committee: ECON

2009/0140(COD)

Alfredo PALLONE

Proposal for a regulation
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 are~~is unable to discharge this or heir duties, a new Chair ~~or Vice Chair~~ shall be elected in accordance with paragraph 1.

2010/03/19
Committee: ECON

2009/0140(COD)

Alfredo PALLONE

Proposal for a regulation
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;

2010/03/19
Committee: ECON

2009/0140(COD)

Alfredo PALLONE

Proposal for a regulation
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 M~~two other members of the General Board who are also members of the General Council of the ECB ~~for a period of two years~~.

2010/03/19
Committee: ECON

2009/0140(COD)

Alfredo PALLONE

Proposal for a regulation
Article 11 – paragraph 1 – point f

~~(f) the Chairperson of the European Insurance and Occupational Pensions Authority;~~deleted

2010/03/19
Committee: ECON

2009/0140(COD)

Alfredo PALLONE

Proposal for a regulation
Article 11 – paragraph 1 – point g

~~(g) the Chairperson of the European Securities and Markets Authority;~~deleted

2010/03/19
Committee: ECON

2009/0140(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2010/03/19
Committee: ECON

2009/0140(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
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.

2010/03/19
Committee: ECON

2009/0140(COD)

Alfredo PALLONE, Herbert DORFMANN

Proposal for a regulation
Article 17 – paragraph 1

1. Where a recommendation referred to in ~~letter~~point (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.

2010/03/19
Committee: ECON

Alfredo PALLONE

Proposal for a directive – amending act
Annex II – point 3 – point f

Directive 2006/49/EC
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.

2010/03/31
Committee: ECON

735 Amendments of Alfredo PALLONE