Procedure completed
2008/2148(INI) Lamfalussy follow up - Future structure of supervision
Lead committee dossier: ECON/6/61838
Legal Basis RoP 042
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON | VAN DEN BURG Ieke (PSE), DĂIANU Daniel (ALDE) |
Legal Basis RoP 042
Subjects
Activites
-
2008/10/09
Text adopted by Parliament, single reading
-
T6-0476/2008
summary
The European Parliament adopted by 565 votes to 74 with 18 abstentions, a resolution containing recommendations to the Commission on the Lamfalussy follow-up: future structure of supervision. The resolution was drawn up under Rule 39 of Parliament's Rules of Procedure, whereby the EP can use its right formally to request that the Commission draw up legislation on a particular subject (Article 192 of the Treaty). The own-initiative report had been tabled for consideration in plenary by Ieke van den BURG (PES, NL) and Daniel DAIANU (ALDE, RO) on behalf of the Committee on Economic and Monetary Affairs. Financial supervision has not kept pace with market integration and the global evolution of financial markets. MEPs consider that existing regulation and supervision systems should be updated in order to tackle systemic risks better, provide financial stability, attain the objectives of the European Union and contribute to improved global financial governance. Concerned about the current financial crisis, the report formally calls on the Commission to come up with significant proposals to improve the supervisory architecture for financial services in Europe. Detailed recommendations on the content of the proposals are as follows: Recommendation 1 - Basic prerequisites for effective regulatory and supervisory arrangements 1) Improve the EU financial services regulatory framework: the resolution suggests revising capital requirements rules by strengthening risk management, liquidity and exposure provisions in a consistent and, where appropriate, counter-cyclical manner for entities operating on financial markets. Capital requirements should be defined for complex financial products and derivatives. 2) Measures to improve transparency: MEPs call for measures to foster transparency, clarity and the provision of data on complex financial products and the securitisation process. They request an appropriate accounting treatment of material securitisation vehicles. They consider that credit rating agencies should use consistent and appropriate rating terminology that clarifies how such products differ among themselves especially in terms of volatility, complexity and vulnerability to market stress. They also call for an appropriate accounting treatment of material securitisation vehicles, so that companies and financial institutions cannot artificially keep material special purpose vehicles off their balance sheets. MEPs state that the rules on valuation and pricing standards for complex financial products should be appropriate, in particular in the context of international accounting standard IAS 39. 3) Governance measures: governance must also be improved. On securitisation, originators are required to assess and monitor risk and ensure transparency of the debt or mortgage backed securities in order to allow investors to perform adequate due diligence. In addition, financial institutions must disclose their remuneration policy (in particular the remuneration and compensation packages of directors). All transactions involving management should be clearly identified in the financial statements and prudential supervisors should include in their assessment of risk management the influence of remuneration, bonus schemes and taxation to ensure that they contain balanced incentives and do not encourage extreme risk taking. MEPs also call for liability regimes to provide for appropriate fines and other penalties for failure to comply with financial services legislation. Lastly, as regards credit rating agencies, MEPs call for measures addressing e.g. conflicts of interests, quality assurance systems and oversight in a manner consistent with the considered recommendations so as to enhance credit rating processes. Recommendation 2 - Financial stability and systemic risk measures The resolution calls for the creation of databases, forward-looking scenarios, policies on macro prudential supervision and financial stability, as well as an early-warning system and ensure that the European Central Bank (ECB), the European System of Central Banks (ESCB) and the Banking Supervisory Committee of the ESCB (BSC) take an active role in their initiation, elaboration and operation. MEPs request EU crisis prevention, management and resolution arrangements at EU level, including: i) monitoring and assessing systemic financial risks at EU level; ii) setting up an EU early-warning system and early-intervention mechanism for dealing with weak and failing entities, when an EU cross-border financial group is concerned or when the EU financial stability is threatened; iii) facilitating the cross-border transfer of funds within a group in extreme situations and ensure cross-border crisis management and clarify State aid rules in cases of cross-border crisis; iv) (ii) enhancing crisis resolution arrangements by improving the EU rules on winding up and setting up arrangements of burden sharing among relevant Member States in cases of insolvency within cross-border financial groups. The resolution calls for an urgent revision of EU rules on deposit guarantees so as to avoid arbitrage between guarantee levels in Member States that may further increase volatility and undermine financial stability instead of increasing security and depositors' confidence. The level of refund should be significantly increased and the availability of refunds to retail clients in case of failing financial institution should be ensured within a reasonable timeframe including in cases of cross-border situations. Recommendation 3 - Supervisory framework The resolution recommends: 1) the adoption, by the end of 2008, of a regulation which will require the setting up of colleges of supervisors for the largest cross-border financial groups or holdings operating in the EU. The colleges will be composed of representatives of the national supervisory authorities dealing with prudential supervision. The regulation should contain clear principles for the national supervisors that have to be represented in the mandatory colleges, taking into account the group's market size in a Member State, the volume of cross-border operations, the volume and value of assets to reflect the importance of the group activities, ensuring that all Member States in which the parent undertaking, subsidiaries and significant branches are operating will be represented, and also taking into account the need to involve third-country supervisors where reasonable and practicable. The colleges will normally be chaired by the consolidating supervisor from the Member State where the central administration or the main EU office of the cross-border financial groups or holdings is established. The colleges will decide, where appropriate, on the basis of a qualified majority voting (QMV) system based on principles and objectives that will ensure consistency, fair and appropriate treatment and a level playing field. 2) the adoption, by the end of 2008, of a regulation which will strengthen and clarify the status and accountability of the Lamfalussy Level 3 Committees (CESR for securities, CEIOPS for pensions and insurance, and CEBS for banking) giving them legal status commensurate with their duties. This regulation shall coordinate and streamline the action of the different sector supervisory authorities, reinforce their tasks and ensure appropriate staffing and resources. In addition to the advisory tasks, the Lamfalussy Level 3 Committees will be given the task to ensure and actively promote supervisory convergence and a level playing field in the implementation and enforcement of EU legislation. The Lamfalussy Level 3 Committees can take decisions on the basis of a fair and appropriate qualified majority voting system that takes into account the relative size of the financial sector and the GDP of each Member State, as well as the systemic importance of the financial sector for the Member State. Parliament, the Council and the Commission should approve the Committees' annual work plans and reports. 3) the presentation, by the end of 2008, of a proposal which will require arrangements for financial stability oversight at EU level. Those arrangements should ensure the efficient collection and analysis of micro and macro prudential information for the early identification of potential risks to financial stability, integrated with global work on financial stability. Those arrangements should enable EU supervisors and central banks to react promptly and develop a rapid reaction force for crisis situations with a systemic impact for the European Union.
- Results of vote in Parliament
-
T6-0476/2008
summary
-
2008/10/09
Commission response to text adopted in plenary
- SP(2008)6975/3
- DG Internal Market and Services, MCCREEVY Charlie
-
2008/10/08
Debate in Parliament
- 2008/09/18 Committee report tabled for plenary, single reading
- 2008/09/18 Committee report tabled for plenary, single reading
-
2008/09/10
Vote in committee, 1st reading/single reading
-
2008/06/19
Committee referral announced in Parliament, 1st reading/single reading
- 2008/06/13 Committee draft report
Documents
- Committee draft report: PE407.901
- Committee report tabled for plenary, single reading: A6-0359/2008
- Committee report tabled for plenary, single reading: A6-0359/2008
- Decision by Parliament, 1st reading/single reading: T6-0476/2008
- Results of vote in Parliament: Results of vote in Parliament
- Commission response to text adopted in plenary: SP(2008)6975/3
| Amendments | Dossier |
| 328 |
2008/2148(INI)
2008/07/14
ECON
328 amendments...
Amendment 1 #
Motion for a resolution Recital A A. whereas the condition set out in Rule 39(2), that no proposal should be in preparation, is duly fulfilled, apart from the review of Directives 2006/48/EC and 2006/49/EC and expected proposal on Credit Rating Agencies,
Amendment 10 #
Motion for a resolution Recital B d (new) Bd. whereas statutes, competences, enforcement and sanctioning powers of supervisors continue to differ importantly; and whereas prudential fragmentation imposes costs on the financial system,
Amendment 100 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point e Amendment 101 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point e (e)
Amendment 102 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point e (e)
Amendment 103 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point f Amendment 104 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point f (f)
Amendment 105 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point f (f) require disclosure, as appropriate for the needs of market participants, of off- balance-sheet items, structured investment vehicles (SIVs) and any liquidity assistance facility, and
Amendment 106 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point f (f)
Amendment 107 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – title Amendment 108 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point a Amendment 109 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point a (a) Securitisation:
Amendment 11 #
Motion for a resolution Recital B e (new) Be. whereas existing tools of the Member States are no longer adequate to contain the impact of financial crisis in ways that minimize collective costs and avoid moral hazard,
Amendment 110 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point a (a) Securitisation:
Amendment 111 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point a (a) Securitisation: Foster transparency, clarity, and the provision of data (quarterly) on complex financial products and the securitisation process, taking account of the industry initiatives under way.
Amendment 112 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point b Amendment 113 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point b (b) Complex Financial Products (CFS):
Amendment 114 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point b (b) Complex Financial Products (CFS): Require investors to develop methodologies to evaluate and monitor risk of CFS. C
Amendment 115 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point c – introductory part Amendment 116 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point c – point i Amendment 117 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point c – point i Amendment 118 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point c – point i (i)
Amendment 119 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point c – point i (i)
Amendment 12 #
Motion for a resolution Recital C C. whereas the current financial crisis, which was triggered by US subprime mortgages, has spread worldwide due to the increasingly integrated and contagious nature of markets,
Amendment 120 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point c - point ii Amendment 121 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point c – point ii Amendment 122 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point c– point ii (ii)
Amendment 123 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point c – point ii (ii)
Amendment 124 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point d Amendment 125 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point d (d) Unregulated markets:
Amendment 126 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point d (d) Unregulated markets: Re
Amendment 127 #
Motion for a resolution Annex – recommendation 1 – point 1.2 – point d (d) Unregulated markets:
Amendment 128 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – title Amendment 129 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point a Amendment 13 #
Motion for a resolution Recital C C. whereas the current financial crisis, which was triggered by US subprime mortgages, has spread worldwide due to the increasingly integrated
Amendment 130 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point a (a) Securitisation:
Amendment 131 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point a (a) Securitisation: Require originators to assess and monitor risk and
Amendment 132 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point a (a) Securitisation: Require originators to assess and monitor risk and retain a significant portion of the debt or mortgage backed securities or other assets originated by them on their books.
Amendment 133 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point a (a) Securitisation:
Amendment 134 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point b Amendment 135 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point b (b) Remuneration schemes:
Amendment 136 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point b (b) Remuneration schemes:
Amendment 137 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point b (b) Remuneration schemes: Require financial institutions to disclose their remuneration policy, remuneration of individual directors, and remuneration packages for individuals other than directors and that all elements in compensation packages are expensed. Ensure that all transactions involving management can be clearly identified in the financial statements. Require prudential supervisors to include in their assessment of risk management the influence of remuneration
Amendment 138 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point c Amendment 139 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point c (c) Corporate liability regime:
Amendment 14 #
Motion for a resolution Recital C C. whereas the current financial crisis, which was triggered by US subprime mortgages, has spread worldwide due to the increasingly integrated and contagious nature of markets, indicating that existing financial market regulation and supervision
Amendment 140 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point c (c) Corporate liability regime:
Amendment 141 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point c (c) Corporate liability regime: Re
Amendment 142 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point d Amendment 143 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point d (d) Credit rating agencies: Measures addressing e.g. conflicts of interests, quality assurance systems and oversight
Amendment 144 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point d (d) Credit rating agencies:
Amendment 145 #
Motion for a resolution Annex – recommendation 1 – point 1.3 – point d (d) Credit rating agencies: Measures addressing e.g. conflicts of interests, quality assurance systems and oversight in a manner
Amendment 146 #
Motion for a resolution Annex – recommendation 2 – introductory part The European Parliament considers that the proposals, legislative act(s) and recommendations to be adopted should aim to regulate:
Amendment 147 #
Motion for a resolution Annex – recommendation 2 – point a Amendment 148 #
Motion for a resolution Annex – recommendation 2 – point a (a) Financial stability and systemic risks:
Amendment 149 #
Motion for a resolution Annex – recommendation 2 – point a (a) Financial stability and systemic risks: Require the ECB to develop
Amendment 15 #
Motion for a resolution Recital C C. whereas the current financial crisis, which was triggered by US subprime mortgages and products derived from the latter, has spread worldwide due to the increasingly integrated and contagious nature of markets, demanding the intervention of public authorities and indicating that existing financial market regulation and supervision could not cope with it and a significant reform is therefore welcome,
Amendment 150 #
Motion for a resolution Annex – recommendation 2 – point b Amendment 151 #
Motion for a resolution Annex – recommendation 2 – point b Amendment 152 #
Motion for a resolution Annex – recommendation 2 – point b Amendment 153 #
Motion for a resolution Annex – recommendation 2 – point c – point i – introductory part (i) enhancing as necessary crisis prevention and management arrangements at EU level including:
Amendment 154 #
Motion for a resolution Annex – recommendation 2 – point (c) – point (i) – indent 1 -
Amendment 155 #
Motion for a resolution Annex – recommendation 2 – point c – point i – indent 2 - set up an EU early-warning system and early-intervention mechanism for dealing with
Amendment 156 #
Motion for a resolution Annex – recommendation 2 – point c – point i – indent 2 -
Amendment 157 #
Motion for a resolution Annex – recommendation 2 – point c – point i – indent 2 - set up an EU early-intervention mechanism for dealing with weak and failing banks if the EU financial stability is threatened. Such a mechanism should be well-defined, clear
Amendment 158 #
Motion for a resolution Annex – recommendation 2 – point c– point i– indent 2 -
Amendment 159 #
Motion for a resolution Annex – recommendation 2 – point c – point i – indent 2 - set up an EU early-intervention mechanism for dealing with weak and failing banks if the EU financial stability is threatened. Such a mechanism should be well-defined, clear
Amendment 16 #
Motion for a resolution Recital C C. whereas the current financial crisis, which was triggered by US subprime mortgages, has spread worldwide due to the increasingly integrated and contagious nature of markets, reinforcing the indication
Amendment 160 #
Motion for a resolution Annex – recommendation 2 – point c – point i – indent 3 -
Amendment 161 #
Motion for a resolution Annex – recommendation 2 – point c– point i– indent 3 - facilitate the cross-border transfer of funds within a group in extreme situations by taking into account the interests of the creditors of the group’s individual entities;
Amendment 162 #
Motion for a resolution Annex – recommendation 2 – point c– point i – indent 3 - facilitate the cross-border transfer of funds within a group in extreme situations, having due regard to updates of Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions1;
Amendment 163 #
Motion for a resolution Annex – recommendation 2 – point c – point i – indent 4 Amendment 164 #
Motion for a resolution Annex – recommendation 2 – point c – point i – indent 4 Amendment 165 #
Motion for a resolution Annex – recommendation 2 – point c – point i – indent 4 Amendment 166 #
Motion for a resolution Annex – recommendation 2 – point c – point i – indent 4 -
Amendment 167 #
Motion for a resolution Annex – recommendation 2 – point c – point i – indent 5 -
Amendment 168 #
Motion for a resolution Annex – recommendation 2 – point c – point i – indent 5 -
Amendment 169 #
Motion for a resolution Annex – recommendation 2 – point c – point i – indent 5 -
Amendment 17 #
Motion for a resolution Recital D D. whereas the crisis has led to a credit
Amendment 170 #
Motion for a resolution Annex – recommendation 2 – point c – point i – indent 5 - set clear
Amendment 171 #
Motion for a resolution Annex – recommendation 2 – point c – point ii (ii) enhancing crisis resolution arrangements by improving the EU rules on winding up and
Amendment 172 #
Motion for a resolution Annex – recommendation 2 – point d Amendment 173 #
Motion for a resolution Annex – recommendation 2 – point d Amendment 174 #
Motion for a resolution Annex – recommendation 2 – point d (d)
Amendment 175 #
Motion for a resolution Annex – recommendation 2 – point d (d) A
Amendment 176 #
Motion for a resolution Annex – recommendation 2 – point d (d)
Amendment 177 #
Motion for a resolution Annex – recommendation 2 – point d (d)
Amendment 178 #
Motion for a resolution Annex – recommendation 2 – point e Amendment 179 #
Motion for a resolution Annex – recommendation 2 – point e (e)
Amendment 18 #
Motion for a resolution Recital D D. whereas the crisis has led to a credit crunch entailing a higher price of credit for all market players; whereas
Amendment 180 #
Motion for a resolution Annex – recommendation 2 – point e (e) Similar rules should be
Amendment 181 #
Motion for a resolution Annex – recommendation 2 – point f Amendment 182 #
Motion for a resolution Annex – recommendation 2 – point f Amendment 183 #
Motion for a resolution Annex – recommendation 2 – point f Amendment 184 #
Motion for a resolution Annex – recommendation 2 – point g Amendment 185 #
Motion for a resolution Annex – recommendation 2 – point g Amendment 186 #
Motion for a resolution Annex – recommendation 2 – point g Amendment 187 #
Motion for a resolution Annex – recommendation 2 – point g Amendment 188 #
Motion for a resolution Annex – recommendation 2 – point g Amendment 189 #
Motion for a resolution Annex – recommendation 3 – introductory part The European Parliament considers that the legislative act(s) to be adopted should aim to
Amendment 19 #
Motion for a resolution Recital E Amendment 190 #
Motion for a resolution Annex – recommendation 3 – introductory part The European Parliament considers that the proposals, legislative act(s) and recommendations to be adopted should aim to regulate:
Amendment 191 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – title 3.1. Supervision of
Amendment 192 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point a (a) By Autumn 2008 a regulation shall require
Amendment 193 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point a (a) By Autumn 2008 a
Amendment 194 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point a (a) By Autumn 2008 a regulation shall require colleges of supervisors for the [40 - 50] largest cross-border financial groups or holdings operating in the EU to coordinate the exercise of supervision tasks. The regulation sh
Amendment 195 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point a a (new) (aa) The ordinary supervision of financial groups should be developed in an integrated and holistic way. The competent national supervisory authorities, according to sector regulation, should act under a European perspective, settling in a flexible way the common questions following the principle "joint problem- joint decision" and coordinating its actions within colleges of supervisors.
Amendment 196 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point a b (new) (ab) The regulation should enable the establishment of colleges of supervisors; they should cooperate in macroprudential supervision issues at European level of the financial groups or portfolio managers that operate in the EU.
Amendment 197 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point b (b) The colleges sh
Amendment 198 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point b (b) The colleges should be composed of representatives of the national supervisory authorities dealing with prudential supervision. The regulation should contain clear criteria for the national supervisors that have to be represented in the mandatory colleges, taking into account the group’s market size in a Member State, volume of cross border operations, volume and value of assets to reflect the importance of the group activities. To achieve operational integration, the lead- supervisor must have full process- leadership within the college, i.e. it has to be the central point of contact for the financial group, ensuring appropriate delegation of tasks and responsibilities within the college.
Amendment 199 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point b (b) The colleges should be composed of representatives of the national supervisory authorities
Amendment 2 #
Motion for a resolution Recital A A. whereas the condition set out in Rule 39(2), that no proposal should be in preparation, is duly fulfilled, except in the case of the Commission's published review of Directives 2006/48/EC and 2006/49/EC,
Amendment 20 #
Motion for a resolution Recital E Amendment 200 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point c (c) The college
Amendment 201 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point c (c) The colleges should normally be chaired by the
Amendment 202 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point d (d)
Amendment 203 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point d (d) Require collection, exchange and access to relevant information and consultation processes amongst the members of the college a
Amendment 204 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point d (d)
Amendment 205 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point e– introductory part Amendment 206 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point e – introductory part (e)
Amendment 207 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point e– introductory part (e) The colleges
Amendment 208 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point e– introductory part (e) The colleges will decide and vote on the basis of a qualified majority voting (QMV) system
Amendment 209 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point e – introductory part (e) The colleges will decide and vote on the basis of a qualified majority voting (QMV)
Amendment 21 #
Motion for a resolution Recital E E. whereas
Amendment 210 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point e – points i to iii Amendment 211 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point e– points i to iii Amendment 212 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point e– points i to iii Amendment 213 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point e – points i to iii Amendment 214 #
Motion for a resolution Annex – recommendation 3 – point 3.1 – point e a (new) (ea) Proposals should take account of negotiations on the Solvency II proposal and the review of Directives 2006/48/EC and 2006/49/EC.
Amendment 22 #
Motion for a resolution Recital F F. whereas the
Amendment 220 #
Motion for a resolution Annex – recommendation 3 – point 3.2 − point a (a) By Autumn 2008 a regulation shall require the setting up of a p
Amendment 221 #
Motion for a resolution Annex – recommendation 3 – point 3.2 − point a (a)
Amendment 222 #
Motion for a resolution Annex – recommendation 3 – point 3.2 − point b (b) Ensure that the tasks and competences of the
Amendment 223 #
Motion for a resolution Annex – recommendation 3 – point 3.2 − point b (b) Ensure that the tasks and competences of the
Amendment 224 #
Motion for a resolution Annex – recommendation 3 – point 3.2 − point c (c) Ensure that the
Amendment 225 #
Motion for a resolution Annex – recommendation 3 – point 3.2 − point d (d) The
Amendment 226 #
Motion for a resolution Annex – recommendation 3 – point 3.2 − point e (e) The
Amendment 227 #
Motion for a resolution Annex – recommendation 3 – point 3.2 − point f (f) The
Amendment 228 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – title Amendment 229 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – title 3.3. Configuration of EU supervision:
Amendment 23 #
Motion for a resolution Recital F F. whereas the p
Amendment 230 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – title 3.3. Configuration of EU supervision
Amendment 231 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – point a Amendment 232 #
Motion for a resolution − point a Annex – recommendation 3 – point 3.3− Amendment 233 #
Motion for a resolution − point a Annex – recommendation 3 – point 3.3− (a) By Autumn 2008 a
Amendment 234 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point a (a)
Amendment 235 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point a (a) By Autumn 2008 a regulation shall require t
Amendment 236 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point a (a) By Autumn 2008
Amendment 237 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point a (a) By Autumn 2008 a regulation shall require transforming the existing Lamfalussy Level 3 committees into a configuration of EU supervision and giving the Lamfalussy Level 3 committees the status of European systems of national supervisor
Amendment 238 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point a a (new) (aa) The current Lamfalussy Level 3 committees should keep their functions and should assume the new macroprudential supervision issues, integrating to this effect the ordinary sections of the European Financial Supervision Commission that should have legal personality.
Amendment 239 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – point b Amendment 24 #
Motion for a resolution Recital F F. whereas the possibility to transfer credit risk, without a parallel transfer of capital requirements and other regulatory obligations, through an origination and distribution model has weakened incentives to evaluate and monitor risk and undermined the useful effect of regulation,
Amendment 240 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point b Amendment 241 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point b (b) In addition to the advisory tasks the sections of the supervisory
Amendment 242 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point b (b) In addition to the advisory tasks the
Amendment 243 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point b (b) In addition to the advisory tasks the
Amendment 244 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point b (b) In addition to the advisory tasks the European systems of national supervisor
Amendment 245 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – point c Amendment 246 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point c Amendment 247 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point c Amendment 248 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – point d Amendment 249 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point d (d) The
Amendment 25 #
Motion for a resolution Recital G G. whereas
Amendment 250 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point d (d) The European systems of national supervisor
Amendment 251 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point d (d) The
Amendment 252 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point d (d) The
Amendment 253 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point d (d) The
Amendment 254 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – point e Amendment 255 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point e Amendment 256 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point e (e) It shall be possible to decide on the basis of a QMV system
Amendment 257 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point e (e) It
Amendment 258 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – point f – introductory part Amendment 259 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point f – introductory part (f) The
Amendment 26 #
Motion for a resolution Recital G G. whereas
Amendment 260 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point f – introductory part (f) The
Amendment 261 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – point f – point i Amendment 262 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – point f – point ii Amendment 263 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point f − point ii (ii) issue recommendations on specific macrosupervisory practice issues;
Amendment 264 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – point f – point iii Amendment 265 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point f − point iii (iii) issue guidelines to ensure coherence and streamline the supervisory practices of the colleges;
Amendment 266 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point f − point iii a(new) (iiia) mediate conflicts that may arise between members of a college;
Amendment 267 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – point f – point iv Amendment 268 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point f − point iv (iv) design common reporting standards and data provision requirements for
Amendment 269 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – point f – point v Amendment 27 #
Motion for a resolution Recital G G. whereas a combination of factors (e.g. herding, inadequate risk management by some institutions, irresponsible lending in certain segments of unregulated markets, excessive debt (leverage)
Amendment 270 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point f − point v a (new) (va) establish a panel review process once a year for each of the colleges to ensure that convergence on college processes. This review panel should be set up as a joint group of the supervisory agencies and the ECB, the latter bringing in the macro-prudential perspective which is crucial to ensure close cooperation between supervisors and the central bank and to effectively manage crisis situations.
Amendment 271 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – point g Amendment 272 #
Motion for a resolution − point g Annex – recommendation 3 – point 3.3− Amendment 273 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point g Amendment 274 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point g Amendment 275 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point g Amendment 276 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point g (g) The
Amendment 277 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point g (g) The regulation should also provide for a presidium for the configuration of EU supervision consisting of f
Amendment 278 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – point h – introductory part Amendment 279 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point h − introductory part Amendment 28 #
Motion for a resolution Recital G G. whereas lack of liquidity control, pro- cyclical behaviour, herding, inadequate risk management, irresponsible lending, excessive debt (leverage), and illiquid and
Amendment 280 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point h − introductory part Amendment 281 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point h − introductory part Amendment 282 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – point h – point i Amendment 283 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point h − point i Amendment 284 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point h − point i Amendment 285 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point h − point i (i) ensure coordination and coherence between the
Amendment 286 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point h − point i (i) coordinate
Amendment 287 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – point h – point ii Amendment 288 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point h − point ii Amendment 289 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point h − point ii Amendment 29 #
Motion for a resolution Recital H H. whereas financial regulation
Amendment 290 #
Motion for a resolution Annex – recommendation 3 – point 3.3 – point h – point iii Amendment 291 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point h − point iii Amendment 292 #
Motion for a resolution Annex – recommendation 3 – point 3.3 − point h − point iii Amendment 293 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – title Amendment 294 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – title Amendment 295 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – title Amendment 296 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – title 3.4. EU financial stability oversight
Amendment 297 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point a Amendment 298 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point a Amendment 299 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point a Amendment 3 #
Motion for a resolution Recital B B. whereas the Commission has not fully taken into account Parliament's earlier requests, including those made in its above-
Amendment 30 #
Motion for a resolution Recital H H. whereas
Amendment 300 #
Motion for a resolution Annex – recommendation 3 – point 3.4 − point a (a)
Amendment 301 #
Motion for a resolution Annex – recommendation 3 – point 3.4 − point a (a)
Amendment 302 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point b Amendment 303 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point b Amendment 304 #
Motion for a resolution Annex – recommendation 3 – point 3.4 − point b Amendment 305 #
Motion for a resolution Annex – recommendation 3 – point 3.4 − point b (b) The oversight
Amendment 306 #
Motion for a resolution Annex – recommendation 3 – point 3.4 − point b (b) The oversight body should be composed of the chairs of the three
Amendment 307 #
Motion for a resolution Annex – recommendation 3 – point 3.4 − point b (b) The oversight body should be composed of the chairs of the three Lamfalussy Level 3 supervisory committees, the chair
Amendment 308 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point c – introductory part Amendment 309 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point c – introductory part Amendment 31 #
Motion for a resolution Recital H H. whereas current financial regulation and innovation, which was designed to diminish and diversify risk at the micro level, has
Amendment 310 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point c – introductory part Amendment 311 #
Motion for a resolution Annex – recommendation 3 – point 3.4 − point c − introductory part (c)
Amendment 312 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point c– points i to iv Amendment 313 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point c – points i to iv Amendment 314 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point c – points i to iv Amendment 315 #
Motion for a resolution Annex – recommendation 3 – point 3.4 − point c − points i to iv (i) establishing a proper system of supervisory data collection and exchange; (ii) analys
Amendment 316 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point c– point v Amendment 317 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point c – point v Amendment 318 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point c – point v Amendment 319 #
Motion for a resolution Annex – recommendation 3 – point 3.4 − point c − point v (v) act as rapid reaction
Amendment 32 #
Motion for a resolution Recital H a (new) Ha. whereas a European view of risk exposures, a European prudential oversight body, and a European structure to allow for rapid exchange of information and a clear assignment of supervisory responsibilities are still lacking,
Amendment 320 #
Motion for a resolution Annex – recommendation 3 – point 3.4 − point c − point v (v)
Amendment 321 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point c– point vi Amendment 322 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point c – point vi Amendment 323 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point c – point vi Amendment 324 #
Motion for a resolution Annex – recommendation 3 – point 3.4 − point c − point vi (vi ) representation of the EU in international bodies of supervisors such as the Financial Stability Forum and
Amendment 325 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point d Amendment 326 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point d Amendment 327 #
Motion for a resolution Annex – recommendation 3 – point 3.4 – point d Amendment 328 #
Motion for a resolution Annex – recommendation 3 – point 3.4 − point d a (new) (da) Beyond the EU financial oversight body a group of wise men should be set up by Autumn 2008 bringing together different stakeholders (supervisors, regulators, industry representatives, etc.) and elaborating a longer term supervisory vision. It should be tasked to develop a blueprint and roadmap for a more radical long-term reform towards full institutional integration. Going beyond the architecture of financial supervision, it should also address aspects like a single rulebook for financial supervision, a deposit guarantee scheme and a common insolvency regime that are commensurate with an integrated financial and supervisory system.
Amendment 33 #
Motion for a resolution Recital H b (new) Hb. whereas banking supervision is ensured through a complex set of tools involving the Committee of European Banking Supervisors (CEBS), bilateral and multilateral "memorandums of understanding" (MoU); whereas these kinds of tools are not sufficient to respond quickly and effectively to a financial crisis, considering that CEBS is an advisory body, with no decision-making powers, that MoUs are non-binding, and that the ECB has no official supervisory mandate,
Amendment 34 #
Motion for a resolution Recital I I. whereas regulatory arbitrage
Amendment 35 #
Motion for a resolution Recital I I. whereas harmful regulatory arbitrage must be prevented,
Amendment 36 #
Motion for a resolution Recital J J. whereas t
Amendment 37 #
Motion for a resolution Recital J J. whereas adequate levels of transparency towards the public, investors and supervisory authorities must be
Amendment 38 #
Motion for a resolution Recital K Amendment 39 #
Motion for a resolution Recital K K. whereas many of the current
Amendment 4 #
Motion for a resolution Recital B B. whereas the Commission has not taken into account all of Parliament's earlier requests, including those made in its above-
Amendment 40 #
Motion for a resolution Recital K K. whereas
Amendment 41 #
Motion for a resolution Recital K K. whereas current compensation schemes can reward excessive risk
Amendment 42 #
Motion for a resolution Recital K K. whereas some of the current compensation schemes reward excessive risk at the expense of prudence,
Amendment 43 #
Motion for a resolution Recital L Amendment 44 #
Motion for a resolution Recital L L. whereas conflicts of interest that may arise from the business model used by some financial institutions, credit rating agencies, and
Amendment 45 #
Motion for a resolution Recital L L. whereas conflicts of interest that may arise from the business model used by financial institutions
Amendment 46 #
Motion for a resolution Recital L L. whereas conflicts of interest can arise from the business model used by some financial institutions
Amendment 47 #
Motion for a resolution Recital M Amendment 48 #
Motion for a resolution Recital M M. whereas failures by credit rating agencies
Amendment 49 #
Motion for a resolution Recital M M. whereas
Amendment 5 #
Motion for a resolution Recital B a (new) Amendment 50 #
Motion for a resolution Recital M M. whereas failures by credit rating agencies and over-reliance on ratings by investor generated substantial negative externalities and market uncertainties; whereas credit rating agencies have
Amendment 51 #
Motion for a resolution Recital M a (new) Ma. whereas self-regulatory solutions, proposed by the credit rating agencies are as yet untested and probably insufficient to meet the pivotal role they play in the financial system,
Amendment 52 #
Motion for a resolution Recital N Amendment 53 #
Motion for a resolution Recital N N. whereas market integration, while generally beneficial, does not necessarily enhance financial stability and should be accompanied by an appropriately integrated approach to supervision,
Amendment 54 #
Motion for a resolution Recital N N. whereas market integration, desirable as it may be in many respects, does not necessarily enhance financial stability,
Amendment 55 #
Motion for a resolution Recital N a (new) Na. whereas the need to strengthen the interaction between micro-supervision and macro-prudential oversight makes it a strong case for enhancing the role of the ECB in supervision, while ensuring political accountability,
Amendment 56 #
Motion for a resolution Recital O O. whereas
Amendment 57 #
Motion for a resolution Recital O O. whereas the EU needs more co
Amendment 58 #
Motion for a resolution Recital P P. whereas a comprehensive reform of current EU regulatory and supervisory arrangements is necessary
Amendment 59 #
Motion for a resolution Recital P P. whereas a comprehensive review and considered reform of current EU regulatory and supervisory arrangements is necessary together with ongoing measures to improve global supervisory cooperation
Amendment 6 #
Motion for a resolution Recital B a (new) Ba. whereas there is a growing number of pan-European banks, whose activities span several countries; whereas financial stability arrangements, notably banking supervision, remain meanwhile nationally anchored,
Amendment 60 #
Motion for a resolution Recital P P. whereas a comprehensive re
Amendment 61 #
Motion for a resolution Recital P P. whereas a comprehensive re
Amendment 62 #
Motion for a resolution Recital P a (new) Pa. whereas the supervisory approach should be adapted to specificities of the business and aspects of it that are already regulated; whereas the objectives of financial market supervision and prudential supervision of particular institutions are different,
Amendment 63 #
Motion for a resolution Recital P a (new) Pa. whereas the middle- to long-term goal should be to establish a European supervisory system that is similar to the European System of Central Banks (ESCB); whereas the Commission should be urged to work on proposals towards this end,
Amendment 64 #
Motion for a resolution Recital P a (new) Pa. whereas supervisory cooperation needs to take into account the third country dimension of supervision of international groups as most, if not all, major financial groups in the EU have third country interests,
Amendment 65 #
Motion for a resolution Recital P b (new) Pb. whereas following the ECOFIN Council conclusions of October 2007, December 2007 and June 2008, a major programme of work is already under way to make targeted improvements to the arrangements for EU supervisory cooperation; whereas extensive programmes of work are also in the EU and worldwide to understand the causes of market turmoil and to respond appropriately and therefore any new legislative proposals for fundamental reform of the EU supervisory configuration and associated issues may be inappropriate, and give rise to new uncertainty and risk,
Amendment 66 #
Motion for a resolution Paragraph 1 1. Requests the Commission to submit to Parliament, by 30 November 2008, on the basis of Article 44, Article 47(2), Article 55, Article 95, Article 105(6), Article 202, Article 211 or Article 308 of the EC Treaty, a legislative proposal or appropriate other proposals or proposals on an EU supervisory configuration
Amendment 67 #
Motion for a resolution Paragraph 1 1. Requests the Commission to submit to Parliament, by 30 November 2008, on the basis of Article 44, Article 47(2), Article 55, Article 95, Article 105(6), Article 202, Article 211 or Article 308 of the EC Treaty, a legislative proposal or proposals
Amendment 68 #
Motion for a resolution Paragraph 1 1. Requests the Commission to submit to Parliament, by 30 November 2008, on the basis of Article 44, Article 47(2), Article 55, Article 95, Article 105(6), Article 202, Article 211 or Article 308 of the EC Treaty, a legislative proposal or proposals
Amendment 69 #
Motion for a resolution Paragraph 1 1. Requests the Commission to submit to Parliament, by 30 November 2008, on the basis of Article 44, Article 47(2), Article 55, Article 95, Article 105(6), Article 202, Article 211 or Article 308 of the EC Treaty, a legislative proposal or proposals on an EU supervisory configuration, credit rating agencies and other relevant issues
Amendment 7 #
Motion for a resolution Recital B a (new) Ba. whereas any suggestion made by Parliament should be principle based, details such as presented in the annex need to be developed in cooperation with the supervisory authorities, financial markets participants and other relevant bodies,
Amendment 70 #
Motion for a resolution Paragraph 2 a (new) 2a. Requires the Commission to carry out a comprehensive impact assessment of such legislative proposal.
Amendment 71 #
Motion for a resolution Paragraph 3 Amendment 72 #
Motion for a resolution Paragraph 3 Amendment 73 #
Motion for a resolution Paragraph 3 3. Considers that the financial implications of the requested
Amendment 74 #
Motion for a resolution Paragraph 3 3. Considers that, where appropriate, the financial implications of the requested proposal or proposals should be covered by EU budgetary allocations
Amendment 75 #
Motion for a resolution Paragraph 4 4. Instructs its President to forward this resolution and the accompanying
Amendment 76 #
Motion for a resolution Paragraph 4 4. Instructs its President to forward this resolution and the accompanying detailed recommendations to the Commission, the Council, the Euro Group, the ECB and the governments and
Amendment 77 #
Motion for a resolution Annex – recommendation 1 – introductory part The European Parliament considers that the proposals, legislative act(s) or recommendations to be adopted should aim to regulate:
Amendment 78 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – title Amendment 79 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – introductory part Amendment 8 #
Motion for a resolution Recital B b (new) Bb. whereas financial supervision has not kept pace with market integration; whereas the interlocking of many national authorities has created complexity and blurred the lines of responsibility for supervision and crisis management,
Amendment 80 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – introductory part Capital adequacy framework:
Amendment 81 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point a Amendment 82 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point a Amendment 83 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point a (a)
Amendment 84 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point a (a)
Amendment 85 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point a (a)
Amendment 86 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point a (a)
Amendment 87 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point b Amendment 88 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point b (b)
Amendment 89 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point c Amendment 9 #
Motion for a resolution Recital B c (new) Bc. whereas in case of an unfolding financial crisis, no national authority acting as ultimate supervisor of a pan- European bank would have the full means to respond to it, since it would always need to rely on full cooperation from its fellow supervisors, working in different legal settings,
Amendment 90 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point c Amendment 91 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point c (c) en
Amendment 92 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point c (c) ensure that the rules are anti-cyclical and take into account cumulative effects and liquidity risk;
Amendment 93 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point c (c) ensure that the rules are anti-cyclical as far as possible;
Amendment 94 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point d Amendment 95 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point d (d) reform the framework to improve risk
Amendment 96 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point d (d) reform the framework to improve implementation of risk management and
Amendment 97 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point d (d)
Amendment 98 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point e Amendment 99 #
Motion for a resolution Annex – recommendation 1 – point 1.1 – point e source: PE-409.514
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History
(these mark the time of scraping, not the official date of the change)
2012-02-09Show (5) Changes
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