{"change_dates":[],"dossier":{"amendments":[{"authors":"Giovanni Collino","changes":{},"committee":["BUDG"],"date":"2010-04-14T00:00:00","id":"PE440.190-5","location":[["Draft legislative resolution","Paragraph 1 a (new)"]],"meps":[97195],"meta":{"created":"2019-07-03T05:13:47"},"new":["1a. Considers that the reference amount","indicated in the legislative proposal is","compatible with the ceiling for","subheading 1a of multiannual financial","framework 2007-2013, but the margin","remaining in Heading 1a for 2011-2013 is","very limited; stresses that the funding of","new activities must not jeopardise the","financing of other priorities under","subheading 1a; stresses its intention of","using in the context of the mid-term","review all the necessary means provided","by the Interinstitutional Agreement of 17","May 2006 between the European","Parliament, the Council and the","Commission on budgetary discipline and","sound financial management (IIA),","including the revision of the Financial","Framework in order to ensure the","financing of this new agency without","jeopardising the financing of its other","priorities under this subheading and","ensuring that a sufficient margin will","remain in subheading 1a;"],"orig_lang":"en","peid":"PE440.190v01-00","reference":"2009/0142(COD)","seq":"5","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.190+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Jutta Haug","changes":{},"committee":["BUDG"],"date":"2010-04-14T00:00:00","id":"PE440.190-6","location":[["Proposal for a regulation","Recital 41"]],"meps":[1914],"meta":{"created":"2019-07-03T05:13:47"},"new":["(41) In order to guarantee its full autonomy","and independence, the Authority should be","granted an autonomous budget with","revenues mainly from obligatory","contributions from national supervisory","authorities and from the General Budget of","the European Union. The Community","budgetary procedure should be applicable","as far as the Community contribution is","concerned. The auditing of accounts should","be undertaken by the Court of Auditors.","The overall budget is subject to the","discharge procedure."],"old":["(41) In order to guarantee its full autonomy","","","and independence, the Authority should be","granted an autonomous budget with","revenues mainly from obligatory","contributions from national supervisory","authorities and from the General Budget of","the European Union. The Community","budgetary procedure should be applicable","as far as the Community contribution is","concerned. The auditing of accounts should","be undertaken by the Court of Auditors."],"orig_lang":"en","peid":"PE440.190v01-00","reference":"2009/0142(COD)","seq":"6","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.190+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Jutta Haug","changes":{},"committee":["BUDG"],"date":"2010-04-14T00:00:00","id":"PE440.190-7","location":[[" Proposal for a regulation","Article 50 - paragraph 9"]],"meps":[1914],"meta":{"created":"2019-07-03T05:13:47"},"new":["9. The European Parliament, following a","recommendation from the Council acting","by qualified majority, shall, before 15 May","of the year N + 2, grant a discharge to the","Authority for the implementation of the","budget consisting of revenues from the","General Budget of the European Union","and national supervisory authorities for","the financial year N."],"old":["9. The European Parliament, following a","recommendation from the Council acting","by qualified majority, shall, before 15 May","of the year N + 2, grant a discharge to the","Authority for the implementation of the","budget for the financial year N."],"orig_lang":"en","peid":"PE440.190v01-00","reference":"2009/0142(COD)","seq":"7","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.190+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-412","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 1"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:06"},"new":["1. Where a competent authority has not","applied or has applied the legally binding","Acts and legislation referred to in Article","1(2) in a way which appears to be a","breach of European Union law, in","particular by failing to ensure that a","financial institution satisfies the","requirements laid down in that legislation,","the Authority shall have the powers set out","in paragraphs 2, 3 and 6 of this Article."],"old":["1. Where a competent authority has not","correctly applied the legislation referred to","in Article 1(2), in particular by failing to","ensure that a financial institution satisfies","the requirements laid down in that","legislation, the Authority shall have the","powers set out in paragraphs 2, 3 and 6 of","this Article."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"412","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-413","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 1"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:06"},"new":["Breach of European Union law","Where a competent authority has not","correctly applied the legislation referred to","in Article 1(2) in a way which appears to","be a breach of European Union law, in","particular by failing to ensure that a","financial institution satisfies the","requirements laid down in that legislation,","the Authority shall have the powers set out","in paragraphs 2, 3 and 6 of this Article."],"old":["Consistent application of Community","rules","1. Where a competent authority has not","correctly applied the legislation referred to","in Article 1(2), in particular by failing to","ensure that a financial institution satisfies","the requirements laid down in that","legislation, the Authority shall have the","powers set out in paragraphs 2, 3 and 6 of","this Article."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"413","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Gianni Pittella, Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-414","justification":" In order to ensure a consistent application of the technical standards, the Authority should be\n empowered to investigate on any potential breach of their application.","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 1"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:06"},"new":["1. Where a competent authority has not","correctly applied the legislation referred to","in Article 1(2), including the technical","standards adopted in accordance with","Article 7, in particular by failing to ensure","that a financial institution satisfies the","requirements laid down in that legislation,","the Authority shall have the powers set out","in paragraphs 2, 3 and 6 of this Article."],"old":["1. Where a competent authority has not","correctly applied the legislation referred to","in Article 1(2), in particular by failing to","ensure that a financial institution satisfies","the requirements laid down in that","legislation, the Authority shall have the","powers set out in paragraphs 2, 3 and 6 of","this Article."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"414","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-415","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:06"},"new":["2. Upon request from one or more","competent authorities, from the","Commission the European Parliament,","the Council, the Banking Stakeholder","Group or on its own initiative and after","having informed the competent authority","concerned, the Authority may investigate","the alleged breach or non-application of","European Union law."],"old":["2. Upon request from one or more","competent authorities, from the","Commission or on its own initiative and","after having informed the competent","authority concerned, the Authority may","investigate the alleged incorrect","application of Community law."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"415","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Othmar Karas","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-416","justification":"The market players can easily check how the EU regulation had been implemented in the\nMember States so the Banking Stakeholder Group should have the right to put a request\nregarding the application of law. To preserve the institutional balance, it should be possible\nto launch investigations also upon the request of the European Parliament or the Council.","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[4246],"meta":{"created":"2019-07-03T05:21:06"},"new":["2. Upon request from one or more","competent authorities, from the","Commission, from the European","Parliament, the Council, or the Banking","Stakeholder Group or on its own initiative","and after having informed the competent","authority concerned, the Authority may","investigate the alleged incorrect application","of EU law."],"old":["2. Upon request from one or more","competent authorities, from the","Commission or on its own initiative and","after having informed the competent","authority concerned, the Authority may","investigate the alleged incorrect application","of Community law."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"416","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-417","justification":" Correcting an error in the initial text.","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:07"},"new":["2. Upon request from one or more","competent authorities, from the","Commission, from the European","Parliament, the Council or the Banking","Stakeholder Group, or on its own initiative","and after having informed the competent","authority concerned, the Authority may","investigate the alleged incorrect application","of Union law."],"old":["2. Upon request from one or more","competent authorities, from the","Commission or on its own initiative and","after having informed the competent","authority concerned, the Authority may","investigate the alleged incorrect application","of Community law."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"417","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Thomas Mann","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-418","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[1922],"meta":{"created":"2019-07-03T05:21:07"},"new":["2. Upon request from one or more","competent authorities, from the","Commission, from the European","Parliament, the Council or on its own","initiative and after having informed the","competent authority concerned, the","Authority may investigate the alleged","incorrect application of Union law."],"old":["2. Upon request from one or more","competent authorities, from the","Commission or on its own initiative and","after having informed the competent","authority concerned, the Authority may","investigate the alleged incorrect application","of Community law."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"418","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-419","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 4 \u2013 subparagraph 1"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:07"},"new":["4. Where the competent authority has not","complied with Community law within","twenty working days from receipt of the","Authority's recommendation, the","Commission may, after having been","informed by the Authority or on its own","initiative, issue a formal opinion requiring","the competent authority to take the action","necessary to comply with European Union","law. The Commission's formal opinion","shall take into account the Authority's","recommendation."],"old":["4. Where the competent authority has not","complied with Community law within one","month from receipt of the Authority's","recommendation, the Commission may,","after having been informed by the","Authority or on its own initiative, take a","decision requiring the competent authority","to take the action necessary to comply with","Community law.",""],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"419","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Alfredo Pallone, Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-420","justification":"In order to ensure a level playing field and contribute to provide legal certainty to the\nimplementation of the supervisory single EU rulebook, the Authority should be put in the\nposition of fixing any potential breaches of European Union law. The proposed amendments\nwould moreover avoid any unnecessary intervention of the Commission since they leave\nuntouched the procedure set out in the paragraphs 1, 2 and 3 which let national authorities\nunwind the infringement by complying with the EBA\u2019s recommendation within one month.","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 4 \u2013 subparagraph 1"]],"meps":[97197,96787],"meta":{"created":"2019-07-03T05:21:07"},"new":["4. Where the competent authority has not","complied with European Union law within","ten working days from receipt of the","Authority's recommendation, the Authority","shall take a decision setting the correct","application of the legislation put under","investigation by the Authority."],"old":["4. Where the competent authority has not","complied with Community law within one","month from receipt of the Authority's","recommendation, the Commission may,","after having been informed by the","Authority or on its own initiative, take a","decision requiring the competent","authority to take the action necessary to","comply with Community law."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"420","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Gianni Pittella, Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-421","justification":" In order to ensure a level playing field and contribute to provide legal certainty to the\n implementation of the supervisory single EU rulebook, the Authority should be put in the\n position of fixing any potential breaches of European Union law.The proposed amendments\n would moreover avoid any unnecessary intervention of the Commission since they leave\n untouched the procedure set out in the paragraphs 1, 2 and 3 which let national authorities\n unwind the infringement by complying with the EBA\u2019s recommendation within one month.","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 4 \u2013 subparagraph 1"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:07"},"new":["4. Where the competent authority has not","complied with Community law within ten","working days from receipt of the","Authority's recommendation, the Authority","shall take a decision setting the correct","application of the legislation put under","investigation by the Authority."],"old":["4. Where the competent authority has not","complied with Community law within one","month from receipt of the Authority's","","recommendation, the Commission may,","after having been informed by the","Authority or on its own initiative, take a","decision requiring the competent","authority to take the action necessary to","comply with Community law."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"421","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Marta Andreasen","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-422","justification":" The Supervisory Authority should communicate directly with the competent national authority\n in its area of competence.","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 4 \u2013 subparagraph 1"]],"meps":[96954],"meta":{"created":"2019-07-03T05:21:07"},"new":["4. Where the competent authority has not","complied with Community law within one","month from receipt of the Authority's","recommendation, the Authority may take a","decision requiring the competent authority","to take the action necessary to comply with","Community law."],"old":["4. Where the competent authority has not","complied with Community law within one","month from receipt of the Authority's","recommendation, the Commission may,","after having been informed by the","Authority or on its own initiative, take a","decision requiring the competent authority","to take the action necessary to comply with","Community law."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"422","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Gianni Pittella, Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-423","justification":"In order to ensure a level playing field and contribute to provide legal certainty to the\nimplementation of the supervisory single EU rulebook, the Authority should be put in the\nposition of fixing any potential breaches of European Union law.The proposed amendments\nwould moreover avoid any unnecessary intervention of the Commission since they leave\nuntouched the procedure set out in the paragraphs 1, 2 and 3 which let national authorities\nunwind the infringement by complying with the EBA\u2019s recommendation within one month.","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 4 \u2013 subparagraph 2"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:08"},"new":["The Authority shall take such a decision no","later than one month from the adoption of","the recommendation."],"old":["The Commission shall take such a decision","no later than three months from the","adoption of the recommendation. The","Commission may extend this period by","one month."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"423","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-424","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 4 \u2013 subparagraph 2"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:08"},"new":["The Commission shall issue such a formal","opinion no later than one month from the","adoption of the recommendation. The","Commission may extend this period by one","month."],"old":["The Commission shall take such a decision","no later than three months from the","adoption of the recommendation. The","Commission may extend this period by one","month."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"424","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Gianni Pittella, Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-425","justification":" In order to ensure a level playing field and contribute to provide legal certainty to the\n implementation of the supervisory single EU rulebook, the Authority should be put in the\n position of fixing any potential breaches of European Union law.The proposed amendments\n would moreover avoid any unnecessary intervention of the Commission since they leave\n untouched the procedure set out in the paragraphs 1, 2 and 3 which let national authorities\n unwind the infringement by complying with the EBA\u2019s recommendation within one month.","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 4 \u2013 subparagraph 3"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:08"},"new":["The Authority shall ensure that the right to","be heard of the addressees of the decision","is respected."],"old":["The Commission shall ensure that the right","to be heard of the addressees of the","decision is respected."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"425","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Gianni Pittella, Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-426","justification":" In order to ensure a level playing field and contribute to provide legal certainty to the\n implementation of the supervisory single EU rulebook, the Authority should be put in the\n position of fixing any potential breaches of European Union law.The proposed amendments\n would moreover avoid any unnecessary intervention of the Commission since they leave\n untouched the procedure set out in the paragraphs 1, 2 and 3 which let national authorities\n unwind the infringement by complying with the EBA\u2019s recommendation within one month.","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 4 \u2013 subparagraph 4"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:08"},"new":["The competent authorities shall provide the","Authority with all necessary information."],"old":["The Authority and the competent","authorities shall provide the Commission","with all necessary information."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"426","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Thomas Mann","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-427","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 4 \u2013 subparagraph 4"]],"meps":[1922],"meta":{"created":"2019-07-03T05:21:08"},"new":["The competent authorities shall provide the","Authority with all necessary information in","order to prevent moral hazard problems."],"old":["The Authority and the competent","authorities shall provide the Commission","with all necessary information."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"427","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Gianni Pittella, Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-428","justification":"In order to ensure a level playing field and contribute to provide legal certainty to the\nimplementation of the supervisory single EU rulebook, the Authority should be put in the\nposition of fixing any potential breaches of European Union law.","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 5"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:08"},"new":["5. The competent authority shall, within","ten working days of receipt of the decision","referred to in paragraph 4, inform the","Commission and the Authority of the steps","it has taken or intends to take to implement","the Authority's decision."],"old":["5. The competent authority shall, within","ten working days of receipt of the decision","referred to in paragraph 4, inform the","Commission and the Authority of the steps","it has taken or intends to take to implement","the Commission's decision."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"428","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-429","justification":" I do not believe it is appropriate for the ESAs to adopt directly binding decisions on\n individual financial institutions. Given that the national competent authority is responsible for\n day to day supervision of financial institutions, it is legally preferable for the ESA to compel\n the national authority to amend market practices following a ruling in a dispute over the\n application of European Union law.","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 6"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:08"},"new":["deleted"],"old":["6. Without prejudice to the powers of the","Commission under Article 226 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 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.","The decision of the Authority shall be in","conformity with the decision adopted by","the Commission pursuant to paragraph 4."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"429","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Sari Essayah","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-430","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 6"]],"meps":[96682],"meta":{"created":"2019-07-03T05:21:08"},"new":["deleted"],"old":["6. Without prejudice to the powers of the","Commission under Article 226 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 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.","The decision of the Authority shall be in","conformity with the decision adopted by","the Commission pursuant to paragraph 4."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"430","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Diogo Feio","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-431","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 6 \u2013 subparagraph 1"]],"meps":[96977],"meta":{"created":"2019-07-03T05:21:08"},"new":["6. Without prejudice to the powers of the","Commission under Article 226 of the","Treaty, where the decision referred to in","paragraph 4 of this Article within the period","of time specified therein has not been not","complied with, where such non-","compliance significantly affects the","financial system of Member States other","than that of the relevant competent","authority, and where it is necessary to","remedy in a timely manner the non","compliance by that 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 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."],"old":["6. Without prejudice to the powers of the","Commission under Article 226 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 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."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"431","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Alfredo Pallone, Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-432","justification":"The power to adopt individual decisions directly applicable to the financial institutions in\ncase of breach of the European Union law, jointly with EBA\u2019s own capacity to investigate the\nalleged breach or non application of the European Union law, will ensure the correct\napplication of the EU laws and technical standards across the EU jurisdictions promoting the\nlevel playing field.","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 6 \u2013 subparagraph 1"]],"meps":[97197,96787],"meta":{"created":"2019-07-03T05:21:08"},"new":["6. Without prejudice to the powers of the","Commission under Article 258 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 shall,","pursuant to the legislation referred to in","Article 1(2), 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."],"old":["6. Without prejudice to the powers of the","Commission under Article 226 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 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."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"432","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Gianni Pittella, Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-433","justification":" The power to adopt individual decisions directly applicable to the financial institutions in\n case of breach of the European Union law, jointly with EBA\u2019s own capacity to investigate the\n alleged breach or non application of the European Union law, will ensure the correct\n application of the EU laws and technical standards across the EU jurisdictions promoting the\n level playing field. For the sake of the level playing field in the EU single market, the scope of\n the individual decisions directly applicable to the financial institutions in case of breach of\n the European Union law should not be restricted.","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 6 \u2013 subparagraph 1"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:08"},"new":["6. Without prejudice to the powers of the","Commission under Article 258 of the","Treaty, where a competent authority does","not comply with the decision referred to in","paragraph 4 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 shall,","pursuant to the legislation referred to in","Article 1(2), 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."],"old":["6. Without prejudice to the powers of the","Commission under Article 226 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 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."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"433","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-434","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 6 \u2013 subparagraph 1"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:09"},"new":["6. Without prejudice to the powers of the","Commission under Article 258 of the","Treaty on the Functioning of the","European Union, 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 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 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 European Union","law including the cessation of any practice."],"old":["6. Without prejudice to the powers of the","Commission under Article 226 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 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."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"434","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-435","justification":"The caveat \"where the relevant requirements of the legislation referred to in Article 1 (2) are\ndirectly applicable\" must be maintained in the text for legal reasons.","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 6 \u2013 subparagraph 1"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:09"},"new":["6. Without prejudice to the powers of the","Commission under Article 258 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 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."],"old":["6. Without prejudice to the powers of the","Commission under Article 226 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 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."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"435","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Gianni Pittella, Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-436","justification":" The power to adopt individual decisions directly applicable to the financial institutions in\n case of breach of the European Union law, jointly with EBA\u2019s own capacity to investigate the\n alleged breach or non application of the European Union law, will ensure the correct\n application of the EU laws and technical standards across the EU jurisdictions promoting the\n level playing field. For the sake of the level playing field in the EU single market, the scope of\n the individual decisions directly applicable to the financial institutions in case of breach of\n the European Union law should not be restricted.","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 6 \u2013 subparagraph 2"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:09"},"new":["The decision of the Authority shall be in","conformity with the decision adopted","pursuant to paragraph 4."],"old":["The decision of the Authority shall be in","conformity with the decision adopted by","the Commission pursuant to paragraph 4."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"436","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-437","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 6 \u2013 subparagraph 2 a (new)"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:09"},"new":["Any legal or judiciary expenses entailed","by the procedure described above should","be borne by the Commission, on behalf of","the Authority."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"437","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Gianni Pittella, Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-438","justification":"To ensure a level playing field, in cases where the Authority adopt an individual decision\naddressed to a financial institution, such decision should also apply to all other market\nparticipants, domestic and cross-border, that operate in the Member State concerned. The\ncomply-or-explain principle should apply to actions taken by the competent authority to\nfollow up on the Authority\u2019s decisions and not simply be \u201ccompatible\u201d with those decisions.","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 7 \u2013 subparagraph 1 a (new)"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:09"},"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."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"438","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Alfredo Pallone, Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-439","justification":"To ensure a level playing field, in cases where the Authority adopt an individual decision\naddressed to a financial institution, such decision should also apply to all other market\nparticipants, domestic and cross-border, that operate in the Member State concerned. The\ncomply-or-explain principle should apply to actions taken by the competent authority to\nfollow up on the Authority\u2019s decisions and not simply be \u201ccompatible\u201d with those decisions.","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 7 \u2013 subparagraph 1 a (new)"]],"meps":[97197,96787],"meta":{"created":"2019-07-03T05:21:09"},"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."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"439","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-440","justification":" To ensure a level playing field in cases where the Authority adopts an individual decision\n addressed to a financial institution in relation to the consistent application of rules, such a\n decision should also apply to all other market participants, domestic and cross-border, that\n operate in the Member State concerned.","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 7 \u2013 subparagraph 1 a (new)"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:09"},"new":["Decisions adopted under paragraph 6","shall apply to all relevant financial","institutions which are active in the non-","compliant jurisdiction."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"440","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Gianni Pittella, Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-441","justification":" To ensure a level playing field, in cases where the Authority adopt an individual decision\n addressed to a financial institution, such decision should also apply to all other market\n participants, domestic and cross-border, that operate in the Member State concerned. The\n comply-or-explain principle should apply to actions taken by the competent authority to\n\nfollow up on the Authority\u2019s decisions and not simply be \u201ccompatible\u201d with those decisions.","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 7 \u2013 subparagraph 2"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:09"},"new":["When taking action in relation to issues","which are subject to a decision pursuant to","paragraph 4 or 6 competent authorities","shall comply with such decision."],"old":["Any action by the competent authorities in","relation to facts which are subject to a","decision pursuant to paragraph 4 or 6 shall","be compatible with those decisions."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"441","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Alfredo Pallone, Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-442","justification":"To ensure a level playing field, in cases where the Authority adopt an individual decision\naddressed to a financial institution, such decision should also apply to all other market\nparticipants, domestic and cross-border, that operate in the Member State concerned.The\ncomply-or-explain principle should apply to actions taken by the competent authority to\nfollow up on the Authority\u2019s decisions and not simply be \u201ccompatible\u201d with those decisions.","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 7 \u2013 subparagraph 2"]],"meps":[97197,96787],"meta":{"created":"2019-07-03T05:21:09"},"new":["When taking action in relation to issues","which are subject to a decision pursuant to","paragraph 4 or 6 competent authorities","shall comply with such decision."],"old":["Any action by the competent authorities in","relation to facts which are subject to a","decision pursuant to paragraph 4 or 6 shall","be compatible with those decisions."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"442","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-443","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 7 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:10"},"new":["7a. In its annual report, the Authority","shall set out which national authorities","and financial institutions have not","complied with the decisions referred to in","paragraphs 4 and 6."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"443","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-444","justification":" There may be instances where the Authority feels it is inappropriate to disclose which\n authorities and institutions have not complied with its decisions. In any case, this should be\n left to the Authority's discretion.","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 7 a (new)"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:10"},"new":["7a. In its annual report, the Authority","may set out which national authorities","and financial institutions have not","complied with the decisions referred to in","paragraphs 4 and 6."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"444","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Sari Essayah","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-445","location":[[" Proposal for a regulation","Article 10"]],"meps":[96682],"meta":{"created":"2019-07-03T05:21:10"},"new":["Deletion"],"old":["Action in emergency situations","1.In the case of adverse developments","which may seriously jeopardise the","orderly functioning and integrity of","financial markets or the stability of the","whole or part of the financial system in","the Community, the Commission, upon its","own initiative or following a request by","the Authority, the Council, or the ESRB,","may adopt a decision addressed to the","Authority, determining the existence of an","emergency situation for the purposes of","this regulation","2. Where the Commission has adopted a","decision pursuant to paragraph 1, the","","Authority may adopt individual decisions","requiring competent authorities to take","the necessary action in accordance with","the legislation referred to in Article 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 by","ensuring that financial institutions and","competent authorities satisfy the","requirements laid down in that legislation.","3. Without prejudice to the powers of the","Commission under Article 226 of the","Treaty, where a competent authority does","not comply with the decision of the","Authority referred to in paragraph 2","within the period laid down therein, the","Authority may, where the relevant","requirements laid down in 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 that legislation,","including the cessation of any practice.","4. Decisions adopted under paragraph 3","shall prevail over any previous decision","adopted by the competent authorities on","the same matter.","Any action by the competent authorities in","relation to facts which are subject to a","decision pursuant to paragraph 2 or 3","shall be compatible with those decisions."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"445","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-446","justification":" I do not believe it is appropriate for the European Commission to declare an emergency\n situation. Given the implications to Member States, it should be the Council to decide on a\n state of emergency taking into account the ESRB which should be in charge of systemic risk.","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 1"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:10"},"new":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of the of financial","markets or the stability of the whole or part","of the financial system in the European","Union, the Authority shall actively","facilitate and, where deemed necessary,","coordinate any actions undertaken by the","relevant national competent supervisory","authorities."],"old":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","the Commission, upon its own initiative or","following a request by the Authority, the","Council, or the ESRB, may adopt a","decision addressed to the Authority,","determining the existence of an","emergency situation for the purposes of","this regulation."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"446","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Carl Haglund","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-447","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 1"]],"meps":[96683],"meta":{"created":"2019-07-03T05:21:10"},"new":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the European","Union, the Council, in consultation with","the ESRB and, where appropriate, the","European Supervisory Authorities, may","adopt a decision addressed to the","Authority, determining the existence of an","emergency situation for the purposes of","this regulation, following a request by the","Authority or the ESRB. The decision shall","be reviewed by the Council at appropriate","intervals and it shall declare the","discontinuation of the emergency","situation as soon as appropriate."],"old":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","the Commission, upon its own initiative or","following a request by the Authority, the","Council, or the ESRB, may adopt a","decision addressed to the Authority,","","determining the existence of an emergency","situation for the purposes of this regulation."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"447","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Diogo Feio","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-448","justification":"The Council is the best placed to judge an emergency, particularly as it is then delegating its\npowers to the ESAs. The Council's actions in the recent crisis demonstrate that this can be\ndone efficiently and quickly where necessary.","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 1"]],"meps":[96977],"meta":{"created":"2019-07-03T05:21:10"},"new":["1 In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","the Council, following appropriate","consultations with the Commission, the","ESRB, and where appropriate, the","European Supervisory Authorities, may","adopt a decision addressed to the","Authority, determining the existence of an","emergency situation for the purposes of","this regulation."],"old":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","the Commission, upon its own initiative or","following a request by the Authority, the","Council, or the ESRB, may adopt a","decision addressed to the Authority,","determining the existence of an emergency","situation for the purposes of this regulation."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"448","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-449","justification":" The Council is the best placed to judge an emergency, particularly as it is then delegating its\n powers to the ESAs. The Council's actions in the recent crisis demonstrate that this can be\n done efficiently and quickly where necessary.","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 1"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:10"},"new":["4. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","the Council, upon its own initiative or","following a request by the Authority or the","ESRB, may adopt a decision addressed to","the Authority, determining the existence of","an emergency situation for the purposes of","this regulation."],"old":["1. 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An integrated\nEuropean market for financial services requires coordinated actions by competent national\nauthorities to address emergency situations. The Authority has a role to play to facilitate\ncooperation and information exchange between the relevant competent national authorities\nand foster efficient coordination of national actions. Article 10 should clearly provide for\nsuch tasks to the Authority.","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 1"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:10"},"new":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","the ESRB, upon its own initiative or","following a request by the Authority, the","Council, the European Parliament, or the","Commission, may issue a warning","declaring the existence of an emergency","situation. This warning will enable the","Authority without further requirements to","adopt the individual decisions referred to","in paragraph 3."],"old":["1. 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In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the European","Union, the ESRB upon its own initiative or","following a request by the Authority, the","European Parliament or a Member State","may issue a warning declaring the","existence of an emergency situation for the","purposes of this regulation."],"old":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","the Commission, upon its own initiative or","following a request by the Authority, the","Council, or the ESRB, may adopt a","decision addressed to the Authority,","determining the existence of an emergency","situation for the purposes of this regulation."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"451","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Marta Andreasen","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-452","justification":" ESRB must be able to make a decision quickly in the case of emergency and communicate\n directly to the Supervisory Authority.","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 1"]],"meps":[96954],"meta":{"created":"2019-07-03T05:21:10"},"new":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","the ESRB, may adopt a decision addressed","to the Authority, determining the existence","of an emergency situation in order for the","Authority to act without further","requirements or delay."],"old":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","the Commission, upon its own initiative or","following a request by the Authority, the","Council, or the ESRB, may adopt a","decision addressed to the Authority,","determining the existence of an emergency","situation for the purposes of this regulation."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"452","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Marta Andreasen","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-453","justification":"ESRB should be free to act promptly in the case of an emergency.","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 1"]],"meps":[96954],"meta":{"created":"2019-07-03T05:21:10"},"new":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","the ESRB, may adopt a decision addressed","to the Authority, determining the existence","of an emergency situation for the purposes","of this regulation."],"old":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","the Commission, upon its own initiative or","following a request by the Authority, the","Council, or the ESRB, may adopt a","decision addressed to the Authority,","determining the existence of an emergency","","","situation for the purposes of this regulation."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"453","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-454","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 1"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:10"},"new":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","the Commission or the Chair of the","Authority, upon its own initiative or","following a request by the Council, the","ESRB, the European Parliament or the","Stakeholder group may adopt a decision","determining the existence of an emergency","situation for the purposes of this regulation."],"old":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","the Commission, upon its own initiative or","following a request by the Authority, the","Council, or the ESRB, may adopt a","decision addressed to the Authority,","determining the existence of an emergency","situation for the purposes of this regulation."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"454","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-455","justification":" The ESRB is the most appropriate body to declare an emergency. However, since the\n assessment of whether an emergency exists or not requires a large degree of discretion, under\n Treaty law it is necessary that the Commission be the legal entity to take the final decision,\n and that it is given a degree of discretion over if that decision is made. Under Treaty law it is\n also necessary that the Authority be empowered via a decision from the Commission in order\n to gain the additional powers granted to it in the remainder of Article 10.","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 1"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:10"},"new":["1 In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Union, the","Commission, following a recommendation","from the ESRB, may adopt a decision","addressed to the Authority, determining the","existence of an emergency situation for the","purposes of this regulation."],"old":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","","the Commission, upon its own initiative or","following a request by the Authority, the","Council, or the ESRB, may adopt a","decision addressed to the Authority,","determining the existence of an emergency","situation for the purposes of this regulation."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"455","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Carl Haglund","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-456","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 1 \u2013 subparagraph 1 a (new)"]],"meps":[96683],"meta":{"created":"2019-07-03T05:21:10"},"new":["In case of developments of this kind, the","Authority shall act as a facilitator and,","where deemed necessary, as a coordinator","of any actions by the relevant national","competent supervisory authorities."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"456","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-457","justification":"I do not believe it is appropriate for the European Commission to declare an emergency\nsituation. Given the implications to Member States, it should be the Council to decide on a\nstate of emergency taking into account the ESRB which should be in charge of systemic risk.","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 1 \u2013 subparagraph 1 a (new)"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:10"},"new":["In order to be able to perform this","facilitating and coordinating role, the","Authority shall be fully informed of any","relevant developments, and shall be","invited to participate as an observer in any","relevant gathering by the relevant","national competent supervisory","authorities."],"old":[""],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"457","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-458","justification":"I do not believe it is appropriate for the European Commission to declare an emergency\nsituation. Given the implications to Member States, it should be the Council to decide on a\nstate of emergency taking into account the ESRB which should be in charge of systemic risk.","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 1 a (new)"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:10"},"new":["1a. The Council, in consultation with the","Commission and the ESRB and, where","appropriate, the European Supervisory","Authorities, may adopt a decision","addressed to the Authority, determining","the existence of an emergency situation","for the purposes of this Regulation,","following a request by the Authority, the","Commission or the ESRB. The Council","shall review this decision at appropriate","intervals and at least once a month and","declare the discontinuation of the","emergency situation, as soon as","appropriate."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"458","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-459","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 1 a (new)"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:10"},"new":["1a. As soon as it issues a warning the","Council shall notify it simultaneously to","the European Parliament, the ESRB, the","Commission and the European","Supervisory Authority."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"459","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Diogo Feio","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-460","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 1 a (new)"]],"meps":[96977],"meta":{"created":"2019-07-03T05:21:10"},"new":["1a. As soon as it issues a warning the","Council shall notify it simultaneously to","the European Parliament, the ESRB, the","Commission and the European","Supervisory Authority."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"460","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-461","justification":"It is necessary for the ESRB and Commission to explain why they thought it necessary to\ndeclare an emergency to the Parliament in order to bring democratic oversight into the\nprocess.","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 1 a (new)"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:11"},"new":["1a. The conclusion drawn by the ESRB","shall be subject to an exchange of views","ex-post between the ESRB Chairman, the","European Parliament and the competent","Commissioner and shall be effective as","soon as possible."],"old":[""],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"461","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-462","justification":"I do not believe it is appropriate for the European Commission decide on this.","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 2"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:11"},"new":["2. 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Where the Commission has adopted a","decision pursuant to paragraph 1, the","Authority may adopt individual decisions","requiring competent authorities to take","the necessary action in accordance with","the legislation referred to in Article 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 by","ensuring that financial institutions and","competent authorities satisfy the","requirements laid down in that legislation.",""],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"464","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Gianni Pittella, Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-465","justification":"The creation of the EU single market of financial services imposes coordinated action to face\npotential emergency situations, since the crisis in one Member State could rapidly spread\n\n across the borders. Therefore, it is necessary to clarify that the possibility for the Authority to\n make decisions directly applicable to competent national authorities falls within the\n Authority\u2019s role as facilitator and coordinator of national actions.","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 2"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:11"},"new":["2. Where the ESRB takes the view that co-","ordinated action by national authorities is","necessary to respond to adverse","developments which may jeopardise the","orderly functioning and integrity of","financial markets or the stability of the","whole or part of the financial system, the","Authority shall adopt individual decisions","requiring competent authorities to take","the necessary action in accordance with","the legislation referred to in Article 1(2) to","address any such developments by","ensuring that financial institutions and","competent authorities satisfy the","requirements laid down in that legislation."],"old":["2. Where the Commission has adopted a","decision pursuant to paragraph 1, the","Authority may adopt individual decisions","requiring competent authorities to take","the necessary action in accordance with","the legislation referred to in Article 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 by","ensuring that financial institutions and","competent authorities satisfy the","requirements laid down in that legislation."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"465","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Alfredo Pallone, Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-466","justification":" The creation of the EU single market of financial services imposes coordinated action to face\n potential emergency situations, since the crisis in one Member State could rapidly spread\n across the borders. Therefore, it is necessary to clarify that the possibility for the Authority to\n make decisions directly applicable to competent national authorities falls within the\n Authority\u2019s role as facilitator and coordinator of national actions.","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 2"]],"meps":[97197,96787],"meta":{"created":"2019-07-03T05:21:11"},"new":["2. 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Where the Commission has adopted a","decision pursuant to paragraph 1, the","Authority may adopt individual decisions","requiring competent authorities to take","the necessary action in accordance with","the legislation referred to in Article 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 by","ensuring that financial institutions and","competent authorities satisfy the","requirements laid down in that legislation."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"466","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-467","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 2"]],"meps":[96997,96763,1992,96730,97137,1873,97203],"meta":{"created":"2019-07-03T05:21:11"},"new":["2. 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Where the Commission has adopted a","decision pursuant to paragraph 1, the","Authority may adopt individual decisions","requiring competent authorities to take the","necessary action in accordance with the","legislation referred to in Article 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 by","ensuring that financial institutions and","competent authorities satisfy the","requirements laid down in that legislation."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"467","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Thomas Mann","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-468","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 2"]],"meps":[1922],"meta":{"created":"2019-07-03T05:21:11"},"new":["2. Where the existence of an emergency","situation is declared pursuant to paragraph","1, and where coordinated action by","national authorities with special regard to","the respective impact on the member","states' budget is necessary to respond to","adverse developments which may","jeopardise the orderly functioning and","integrity of financial markets or the","stability of the whole or part of the","financial system in the European Union,","the Authority may adopt individual","decisions requiring competent authorities","to take the necessary action in accordance","with the legislation referred to in Article","1(2) to address any such developments by","ensuring that financial institutions and","competent authorities satisfy the","requirements laid down in that legislation."],"old":["2. Where the Commission has adopted a","decision pursuant to paragraph 1, the","Authority may adopt individual decisions","requiring competent authorities to take the","necessary action in accordance with the","legislation referred to in Article 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 by","ensuring that financial institutions and","competent authorities satisfy the","","requirements laid down in that legislation."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"468","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-469","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 2"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:11"},"new":["2. Where the existence of an emergency","situation is declared pursuant to paragraph","1, the Authority may adopt decisions","addressed to the competent authorities of","Member States requiring them to take the","necessary action in accordance with the","legislation referred to in Article 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 by","ensuring that financial institutions and","competent authorities satisfy the","requirements laid down in that legislation."],"old":["2. Where the Commission has adopted a","decision pursuant to paragraph 1, the","Authority may adopt individual decisions","requiring competent authorities to take the","necessary action in accordance with the","legislation referred to in Article 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 by","ensuring that financial institutions and","competent authorities satisfy the","requirements laid down in that legislation."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"469","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Diogo Feio","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-470","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 2"]],"meps":[96977],"meta":{"created":"2019-07-03T05:21:11"},"new":["2. Where the existence of an emergency","situation is declared pursuant to paragraph","1, the Authority may adopt decisions","addressed to the competent authorities of","Member States requiring them to take the","necessary action in accordance with the","legislation referred to in Article 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 by","ensuring that financial institutions and","competent authorities satisfy the","requirements laid down in that legislation."],"old":["2. Where the Commission has adopted a","decision pursuant to paragraph 1, the","Authority may adopt individual decisions","requiring competent authorities to take the","necessary action in accordance with the","legislation referred to in Article 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 by","ensuring that financial institutions and","competent authorities satisfy the","requirements laid down in that legislation."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"470","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Diogo Feio","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-471","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 2 a (new)"]],"meps":[96977],"meta":{"created":"2019-07-03T05:21:11"},"new":["2a. In the case of adverse developments","which may seriously jeopardise the","orderly functioning and integrity of","financial markets or the stability of the","whole or part of the financial system in","the European Union, the Authority shall","actively facilitate and, where deemed","necessary, coordinate any actions","undertaken by the relevant national","competent supervisory authorities."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"471","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-472","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 2 a (new)"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:12"},"new":["2a. In the case of adverse developments","which may seriously jeopardise the","orderly functioning and integrity of","financial markets or the stability of the","whole or part of the financial system in","the European Union, the Authority shall","actively facilitate and, where deemed","necessary, coordinate any actions","undertaken by the relevant national","competent supervisory authorities."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"472","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Diogo Feio","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-473","justification":" The state of 'emergency' must be continually reviewed by the Council in consultation, where\n relevant, with the ESRB and the ESAs. When it is appropriate, the state of emergency must be\n repealed.","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 2 b (new)"]],"meps":[96977],"meta":{"created":"2019-07-03T05:21:12"},"new":["2b. The Council shall review the decision","pursuant to paragraph 1 at appropriate","intervals and at least once a month and","declare the discontinuation of the","emergency situation, as soon as","appropriate."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"473","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-474","justification":"The state of 'emergency' must be continually reviewed by the Council in consultation, where\nrelevant, with the ESRB and the ESAs. When it is appropriate, the state of emergency must be\nrepealed.","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 2 b (new)"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:12"},"new":["2b. The Council shall review the decision","pursuant to paragraph 1 at appropriate","intervals and at least once a month and","declare the discontinuation of the","emergency situation, as soon as","appropriate."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"474","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-475","justification":" It is not appropriate for ESAs to adopt decisions directly binding on individual institutions.\n Given that the national competent authority is responsible for day to day supervision of\n financial institutions, it is legally preferable for the ESA to compel the national authority to\n amend market practices following a ruling in an emergency.","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 3"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:12"},"new":["Deleted"],"old":["3. Without prejudice to the powers of the","Commission under Article 226 of the","Treaty, where a competent authority does","not comply with the decision of the","Authority referred to in paragraph 2","within the period laid down therein, the","Authority may, where the relevant","requirements laid down in 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 that legislation,","including the cessation of any practice."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"475","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-476","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 3"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:12"},"new":["Deleted"],"old":["3. Without prejudice to the powers of the","Commission under Article 226 of the","Treaty, where a competent authority does","not comply with the decision of the","Authority referred to in paragraph 2","within the period laid down therein, the","Authority may, where the relevant","requirements laid down in 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 that legislation,","including the cessation of any practice."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"476","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Diogo Feio","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-477","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 3"]],"meps":[96977],"meta":{"created":"2019-07-03T05:21:12"},"new":["3. Without prejudice to the powers of the","Commission under Article 226 of the","Treaty, where a competent authority does","not comply with the decision of the","Authority referred to in paragraph 2 within","the period laid down therein, where such","non-compliance significantly affects the","financial system of Member States other","than that of the relevant competent","authority, the Authority may, where the","relevant requirements laid down in 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","that legislation, including the cessation of","any practice."],"old":["3. Without prejudice to the powers of the","Commission under Article 226 of the","Treaty, where a competent authority does","not comply with the decision of the","Authority referred to in paragraph 2 within","the period laid down therein, the Authority","may, where the relevant requirements laid","down in 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 that legislation,","including the cessation of any practice."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"477","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Gianni Pittella, Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-478","justification":" For the sake of the stability of the EU single market, the scope of the individual decisions\n directly applicable to the financial institutions in case of emergency situations should not be\n restricted.","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 3"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:12"},"new":["3. Without prejudice to the powers of the","Commission under Article 258 of the","Treaty, where a competent authority does","not comply with the decision of the","Authority referred to in paragraph 2 within","the period laid down therein, the Authority","shall, pursuant to the legislation referred","to in Article 1(2), adopt an individual","decision addressed to a financial institution","requiring the necessary action to comply","with its obligations under that legislation,","including the cessation of any practice."],"old":["3. Without prejudice to the powers of the","Commission under Article 226 of the","Treaty, where a competent authority does","not comply with the decision of the","Authority referred to in paragraph 2 within","the period laid down therein, the Authority","may, where the relevant requirements laid","down in 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 that legislation,","including the cessation of any practice."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"478","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-479","justification":" To strengthen the power of the Authority in coordance with the Giegold Report.","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 3 \u2013 subparagraph 1 a (new)"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:12"},"new":["Where the addressee of the decision","refuses to comply with Union law or a","specific decision taken by the Authority,","the Authority may issue proceedings in","the national courts, including applications","for interim relief."],"old":["."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"479","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-171","location":[["Proposal for a regulation","Title"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:11"},"new":["Proposal for a REGULATION OF THE","EUROPEAN PARLIAMENT AND OF","THE COUNCIL establishing a European","Supervisory Authority on Banking"],"old":["Proposal for a REGULATION OF THE","EUROPEAN PARLIAMENT AND OF","THE COUNCIL establishing a European","Banking Authority"],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"171","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-172","location":[["Proposal for a regulation","Recital 1"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:11"},"new":["(1) The financial crisis in 2007/2008","exposed important shortcomings in","financial supervision, both in particular","cases and in relation to the financial system","as a whole. Nationally-based supervisory","models have lagged behind the financial","globalisation and the integrated and","interconnected reality of European","financial markets, in which many financial","firms operate across borders. The crisis","exposed shortcomings in the area of","cooperation, coordination, consistent","application of EU law and trust between","national supervisors."],"old":["(1) The financial crisis in 2007/2008","exposed important shortcomings in","financial supervision, both in particular","cases and in relation to the financial system","as a whole. Nationally-based supervisory","models have lagged behind the integrated","and interconnected reality of European","financial markets, in which many financial","firms operate across borders. The crisis","exposed shortcomings in the area of","cooperation, coordination, consistent","application of Community law and trust","between national supervisors."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"172","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-480","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 4"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:12"},"new":["Deleted"],"old":["4. Decisions adopted under paragraph 3","shall prevail over any previous decision","adopted by the competent authorities on","the same matter.","Any action by the competent authorities in","relation to facts which are subject to a","decision pursuant to paragraph 2 or 3","shall be compatible with those decisions."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"480","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-173","location":[[" Proposal for a regulation","Recital 1 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:11"},"new":["(1a) Already long before the financial","crisis the European Parliament had been","calling regularly for the reinforcement of","a true level playing-field for all actors at","the European level while pointing out","important failures in Europe\u2019s","supervision of ever more integrated","financial markets (in its resolutions of 13","April 2000 on the Commission","communication on implementing the","framework for financial markets: Action","Plan1, of 25 November 2002 on prudential","supervision rules in the European Union2,","of 11 July 2007 on financial services","policy (2005\u20132010) \u2013 White Paper3, of 23","September 2008 with recommendations to","the Commission on hedge funds and","private equity4, of 9 October 2008 with","recommendations to the Commission on","Lamfalussy follow-up: future structure of","supervision5, of 22 April 2009 on the","amended proposal for a directive of the","European Parliament and of the Council","on the taking-up and pursuit of the","business of Insurance and Reinsurance","(Solvency II)6 and of 23 April 2009 on the","proposal for a regulation of the European","parliament and of the Council on Credit","Rating Agencies7).","___________","1","OJ C 40, 7.2.2001, p. 453.","2","OJ C 25 E, 29.1.2004, p. 394.","3","OJ C 175 E, 10.7.2008, p. xx.","4","OJ C 8 E, 14.1.2010, p. 26.","5","OJ C 9 E, 15.1.2010, p. 48.","6","Texts adopted, P6_TA(2009)0251.","7","Texts adopted, P6_TA(2009)0279."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"173","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Gianni Pittella, Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-481","justification":"The comply-or-explain principle would provide an incentive for competent national\nauthorities to comply with the decisions of the Authorities aimed at addressing potential\nemergency situations.","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 4 \u2013 subparagraph 2"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:12"},"new":["Any action by the competent authorities in","relation to facts which are subject to a","decision pursuant to paragraph 2 or 3 shall","be compliant with those decisions. Non-","compliance shall be duly justified in","writing by the competent authorities to the","ESRB and the Authority."],"old":["Any action by the competent authorities in","relation to facts which are subject to a","decision pursuant to paragraph 2 or 3 shall","be compatible with those decisions."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"481","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-174","location":[["Proposal for a regulation","Recital 3 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:11"},"new":["(3a) On the 2nd of April, 2009, the G-20","leaders in the Leaders\u2019 statement \u2018The","Global Plan for Recovery and Reform\u2019","declared that \u201cWe will take action to build","a stronger, more globally consistent,","supervisory and regulatory framework for","the future financial sector, which will","support sustainable global growth and","serve the needs of business and citizens\u201d."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"174","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Alfredo Pallone, Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-482","justification":" The comply-or-explain principle would provide an incentive for competent national\n authorities to comply with the decisions of the Authorities aimed at addressing potential\n emergency situations.","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 4 \u2013 subparagraph 2"]],"meps":[97197,96787],"meta":{"created":"2019-07-03T05:21:12"},"new":["Any action by the competent authorities in","relation to facts which are subject to a","decision pursuant to paragraph 2 or 3 shall","be compliant with those decisions. Non-","compliance shall be duly justified in","writing by the competent authorities to the","ESRB and the Authority."],"old":["Any action by the competent authorities in","relation to facts which are subject to a","decision pursuant to paragraph 2 or 3 shall","be compatible with those decisions."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"482","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-175","location":[["Proposal for a regulation","Recital 5"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:12"},"new":["(5) The financial and economic crisis has","created real and serious risks to the","stability of the financial system and of the","internal market. Restoring and maintaining","a stable and reliable financial system, at","global and European levels, is an absolute","prerequisite to preserving trust and","coherence in the internal market, hence to","preserve and improve the conditions for the","establishment of a fully integrated and","functioning internal market in the field of","financial services. Moreover, deeper and","more integrated financial markets offer","better opportunities for financing and risk","diversification, and thus help to improve","the capacity of the economies to absorb","shocks."],"old":["(5) The financial and economic crisis has","created real and serious risks to the","stability of the internal market. Restoring","and maintaining a stable and reliable","financial system is an absolute prerequisite","to preserving trust and coherence in the","internal market, hence to preserve and","improve the conditions for the","establishment of a fully integrated and","functioning internal market in the field of","financial services. Moreover, deeper and","more integrated financial markets offer","better opportunities for financing and risk","diversification, and thus help to improve","the capacity of the economies to absorb","shocks."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"175","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-176","location":[[" Proposal for a regulation","Recital 7"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:12"},"new":["(7) The European System of Financial","Supervision (ESFS) should be an","integrated network of national and","European supervisory authorities, leaving","ordinary day-to-day supervision of","financial institutions at the competent","authorities of Member States, and","according a central role in the supervision","of cross-border groups to colleges of","supervisors. Greater harmonisation and","consistent and coherent application of","European rules and standards for","financial institutions and markets across","the European should also be achieved. A","European Supervisory Authority on","Banking should be established, along with","a European Supervisory Authority on","Insurance and Occupational Pensions","and a European Supervisory Authority on","Securities and Markets (the European","Supervisory Authorities) as well as a Joint","Committee among them. The European","Systemic Risk Board, as European","Authority in macro supervision, completes","the ESFS. The Authority shall evolve","according to the best practices recognised","at European and international level. One","such approach could be the establishment","of a new level of direct supervision by the","Authority. To avoid international","distortions and to strengthen the","European System of Financial","Supervision, the introduction of direct","supervision should be carefully evaluated","and considered in order to add value to","the supervision of large financial","institutions, many of which are global in","nature and operate in the EU. This","applies above all to those large financial","institutions with wholesale banking or","other activities that could pose systemic","risk to the internal market, and those","systemic financial institutions defined and","identified at an international level. This","issue shall be further studied in the first","revision of the present Regulation, as set","out in Article 66, which should take place","not later than three years from its entry","into force."],"old":["(7) The European System of Financial","Supervisors should be a network of","national and Community supervisory","authorities, leaving day-to-day supervision","of financial institutions at the national","level, and according a central role in the","supervision of cross-border groups to","colleges of supervisors. Greater","harmonisation and the coherent application","of rules for financial institutions and","markets across the Community should also","be achieved. A European Banking","Authority should be established, along with","a European Insurance and Occupational","Pensions Authority and a European","Securities and Markets Authority (the","European Supervisory Authorities).","",""],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"176","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-483","justification":" The ESRB is the most appropriate body to declare an end to the emergency. The Parliament\n and the Council should be able to request an end to the declaration of a crisis period.\n However, since the assessment of whether an emergency has ended or not requires a large\n\ndegree of discretion, under Treaty law it is necessary that the the Commission be the legal\nentity to revoke its decision, and that it is given a degree of discretion over if that decision is\nmade.","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 4 a (new)"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:12"},"new":["4a. The Commission may revoke its","decision pursuant to paragraph 1 on a","recommendation from the European","Systemic Risk Board, or at the request of","the European Parliament or the Council."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"483","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-484","justification":"To give the Authority, the Council, the European Parliament, or the Commission the right to\nrequest the review of the decision of declaring an emergency situation.","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 4 a (new)"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:12"},"new":["4a. The ESRB shall review the decision","referred to in paragraph 1 upon its own","initiative or following a request by the","Authority, the Council, the European","Parliament, or the Commission."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"484","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-177","justification":" Better explanation of the text.","location":[["Proposal for a regulation","Recital 7"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:12"},"new":["(7) The European System of Financial","Supervision should be a network of","national and European Union supervisory","authorities, leaving day-to-day supervision","of financial institutions that have not EU","dimension to at the national level. Colleges","of Supervisors shall exert supervision of","institutions operating as cross borders","that have not EU dimension. The","Authority shall gradually take over","supervision of institutions with European","Union dimension. Greater harmonisation","and the coherent application of rules for","financial institutions and markets across","the Community should also be achieved. A","European Banking Authority should be","established, along with a European","Supervisory Authority (Insurance and","Occupational Pensions) and a European","Supervisory Authority (Securities and","Markets) as well as a European","Supervisory Authority (Joint Committee).","The European Systemic Risk Board shall","form part of a European System of","Financial Supervision."],"old":["(7) The European System of Financial","Supervisors should be a network of","national and Community supervisory","authorities, leaving day-to-day supervision","of financial institutions at the national","level, and according a central role in the","supervision of cross-border groups to","colleges of supervisors. Greater","harmonisation and the coherent application","of rules for financial institutions and","markets across the Community should also","be achieved. A European Banking","Authority should be established, along with","a European Insurance and Occupational","Pensions Authority and a European","Securities and Markets Authority (the","European Supervisory Authorities).",""],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"177","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Corien Wortmann-Kool","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-485","justification":" The emergency situation as declared in Article 10 should be monitored closely. In addition,\n the ESRB should be able to declare the discontinuation of the emergency situation.","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 4 a (new)"]],"meps":[28167],"meta":{"created":"2019-07-03T05:21:13"},"new":["4a. Where the ESRB has adopted a","decision pursuant to paragraph 1, the","ESRB shall review this decision at regular","intervals and on request of the Authority,","the Parliament, the Council or the","Commission and declare the","discontinuation of the emergency","situation when appropriate."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"485","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-178","location":[[" Proposal for a regulation","Recital 7"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:12"},"new":["(7) The European System of Financial","Supervisors should be a network of","national and Community supervisory","authorities, leaving day-to-day supervision","of financial institutions at the national","level. Colleges of Supervisors should","coordinate supervision of cross-border","institutions. Greater harmonisation and the","coherent application of rules for financial","institutions and markets across the","Community should also be achieved. A","European Banking Authority should be","established, along with a European","Insurance and Occupational Pensions","Authority and a European Securities and","Markets Authority (the European","Supervisory Authorities)."],"old":["(7) The European System of Financial","Supervisors should be a network of","national and Community supervisory","authorities, leaving day-to-day supervision","of financial institutions at the national","level, and according a central role in the","supervision of cross-border groups to","colleges of supervisors. Greater","harmonisation and the coherent application","of rules for financial institutions and","markets across the Community should also","be achieved. A European Banking","Authority should be established, along with","a European Insurance and Occupational","Pensions Authority and a European","Securities and Markets Authority (the","European Supervisory Authorities)."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"178","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Marianne Thyssen","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-486","justification":" It is proposed that the initiative to determine the existence of an emergency situation should\n lie with the ESAs as well.","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 4 a (new)"]],"meps":[1832],"meta":{"created":"2019-07-03T05:21:13"},"new":["4a. The Commission shall review this","decision with regular intervals, and at the","request of the ESA, the ESRB or the","Council."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"486","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-179","location":[["Proposal for a regulation","Recital 9"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:12"},"new":["(9) The Authority should promote","financial sustainability and a strong","European financial market with a view to","improving the functioning and","competitiveness of the internal market on","the basis of financial inclusion and a level","playing field, preventing and correcting","systemic and cross border risks and","including a high, effective and consistent","European level of regulation and","supervision taking account of the varying","interests of all Member States; to prevent","regulatory arbitrage and guarantee a level","playing field; to protect depositors and","investors and other stakeholders as well as","public finances; to ensure the integrity,","efficiency, transparency and orderly","functioning of financial markets and its","sustainable interaction with real economy,","to reduce the procyclicality of finance and","safeguard the stability of the financial","system, to foster a smooth implementation","of monetary policy in the markets and","ensuring the traceability of credit, to","achieve the goals of the UEM and to","strengthen international supervisory","coordination, for the benefit of the","economy at large, including financial","institutions and other stakeholders,","consumers and employees. Its tasks also","include promoting supervisory integration","and convergence towards best practices","and providing advice to the EU","institutions in the areas of banking,","payments, e-money regulation and","supervision, and related corporate","governance, auditing and financial","reporting issues. In order to be able to","fulfil its objectives, it is necessary and","appropriate that the Authority should be a","European body having legal personality","and it should have legal, administrative and","financial autonomy."],"old":["(9) The European Banking Authority","(\u201cthe Authority\u201d) should act with a view to","improving the functioning of the internal","market, including in particular by","ensuring a high, effective and consistent","level of regulation and supervision taking","account of the varying interests of all","Member States, to protect depositors and","investors, to ensure the integrity, efficiency","and orderly functioning of financial","markets, to safeguard the stability of the","financial system, and to strengthen","international supervisory coordination, for","the benefit of the economy at large,","including financial institutions and other","stakeholders, consumers and employees. In","order to be able to fulfil its objectives, it is","necessary and appropriate that the","Authority should be a Community body","having legal personality and it should have","legal, administrative and financial","autonomy.",""],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"179","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-487","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 4 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:13"},"new":["4a. In its annual report, the Authority","shall set out the individual decisions","addressed to national authorities and","financial institutions under paragraphs 3","and 4."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"487","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-180","justification":"Take account the need of enhancing competition and innovation as stated in the Skinner\nReport.","location":[[" Proposal for a regulation","Recital 9"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:12"},"new":["(9) The European Banking Authority (\u201cthe","Authority\u201d) should act with a view to","improving the functioning of the internal","market, including in particular by ensuring","a high, effective and consistent level of","regulation and supervision taking account","of the varying interests of all Member","States to prevent regulatory arbitrage and","guarantee a level playing field, to protect","depositors and investors, to ensure the","integrity, efficiency and orderly","functioning of financial markets, to","safeguard the stability of the financial","system, and to strengthen international","supervisory coordination, for the benefit of","the economy at large, while taking account","of the need to enhance competition and","innovation within the internal market and","to ensure global competitiveness,","including financial institutions and other","stakeholders, consumers and employees.","Its tasks also include promoting","supervisory convergence and providing","advice to the EU institutions in the areas","of banking, payments, e-money regulation","and supervision, and related corporate","governance, auditing and financial","reporting issues. In order to be able to","fulfil its objectives, it is necessary and","appropriate that the Authority should be a","Community body having legal personality","and it should have legal, administrative and","financial autonomy."],"old":["(9) The European Banking Authority (\u201cthe","Authority\u201d) should act with a view to","improving the functioning of the internal","market, including in particular by ensuring","a high, effective and consistent level of","regulation and supervision taking account","of the varying interests of all Member","States, to protect depositors and investors,","to ensure the integrity, efficiency and","orderly functioning of financial markets, to","safeguard the stability of the financial","system, and to strengthen international","supervisory coordination, for the benefit of","the economy at large, including financial","institutions and other stakeholders,","consumers and employees. In order to be","able to fulfil its objectives, it is necessary","and appropriate that the Authority should","be a Community body having legal","personality and it should have legal,","administrative and financial autonomy.",""],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"180","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Marianne Thyssen","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-488","justification":"There are cases in which measures have to be taken at a very short notice, and where it would\nbe difficult to wait for a full ESRB decision procedure. Therefore it would be useful to allow\nthe ESAs to take emergency decisions, under the conditions that these will be notified\nimmediately to the ESRB, will not be valid for more than two weeks, or after the emergency\nsituation status been confirmed by the ESRB.","location":[["Proposal for a regulation","Article 10 a (new)"]],"meps":[1832],"meta":{"created":"2019-07-03T05:21:13"},"new":["10a. When the emergency of a situation","requires immediate action and no decision","of the ESRB can be awaited, the","Authority may adopt decisions which are","generally and directly applicable to","financial market participants. These","emergency measures will be notified","immediately to the ESRB. If the ESRB","does not confirm the emergency situation","within a period of 15 days, the measures","will expire."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"488","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-181","location":[["Proposal for a regulation","Recital 9"]],"meps":[96787],"meta":{"created":"2019-07-03T05:21:12"},"new":["(9) The European Banking Authority (\u201cthe","Authority\u201d) should act with a view to","improving the functioning of the internal","market, including in particular by ensuring","a high, effective and consistent level of","regulation and supervision taking account","of the varying interests of all Member","States and of the different nature of","banks, to protect depositors and investors,","to ensure the integrity, efficiency and","orderly functioning of financial markets, to","safeguard the stability of the financial","system, and to strengthen international","supervisory coordination, for the benefit of","the economy at large, including financial","institutions and other stakeholders,","consumers and employees. In order to be","able to fulfil its objectives, it is necessary","and appropriate that the Authority should","be a Community body having legal","personality and it should have legal,","administrative and financial autonomy."],"old":["(9) The European Banking Authority (\u201cthe","Authority\u201d) should act with a view to","improving the functioning of the internal","market, including in particular by ensuring","a high, effective and consistent level of","regulation and supervision taking account","of the varying interests of all Member","States, to protect depositors and investors,","to ensure the integrity, efficiency and","orderly functioning of financial markets, to","safeguard the stability of the financial","system, and to strengthen international","supervisory coordination, for the benefit of","the economy at large, including financial","institutions and other stakeholders,","consumers and employees. In order to be","able to fulfil its objectives, it is necessary","and appropriate that the Authority should","be a Community body having legal","personality and it should have legal,","administrative and financial autonomy."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"181","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-182","location":[[" Proposal for a regulation","Recital 9 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:12"},"new":["(9a) A strong banking supervision at EU","Level must cover all internationally","recognised core supervisory principles.","The first principle of the \u201cList of Core","Principles for Effective Banking","Supervision\u201d adopted by the Basle","Committee on Banking Supervision states","that a precondition for Effective Banking","Supervision is that supervisors need","\u201cpowers to address compliance with laws","as well as safety and soundness","concerns\u201d. Therefore, it is necessary to","identify and to define clearly the main","concerns on safety and soundness of the","banking system at EU level, that is,","systemic risk (as a global risk) and cross","border risk (as a European risk)."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"182","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-489","justification":" Where sectoral legislation already assigns ultimate responsibility to a group supervisor it is\n important to clarify that this takes precedence over the power of the ESA. If this were not the\n case there would be scope for confusion between the precedence of the sectoral legislation\n and the power of the ESA, which ultimately derives its power from the sectoral legislation.","location":[["Proposal for a regulation","Article 11 \u2013 paragraph 1"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:13"},"new":["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 the ultimate responsibility","to the group supervisor, the Authority, on","its own initiative or at the request of one or","more of the national supervisory authorities","concerned, may take the lead in assisting","the authorities in reaching an agreement in","accordance with the procedure set out in","paragraph 2."],"old":["1. Without prejudice to the powers laid","down in Article 9, where a competent","authority disagrees on the procedure or","content of an action or inaction by another","competent authority in areas where the","legislation referred to in Article 1(2)","requires cooperation, coordination or joint","decision making by competent authorities","","from more than one Member State, the","Authority, at the request of one or more of","the competent authorities concerned, may","assist the authorities in reaching an","agreement in accordance with the","procedure set out in paragraph 2."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"489","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-183","location":[[" Proposal for a regulation","Recital 9 b (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:12"},"new":["(9b) The Regulation takes in the","definition of systemic risk elaborated","jointly by the International Monetary","Fund, the Bank for International","Settlements and the Financial Stability","Board and adopted the 28 of October of","2009 within the Report to G 20 Finance","Ministers and Governors responding to","the request made by the G20 Leaders in","April 2009. The Report defines systemic","risk as \u201ca risk of disruption to financial","services that is (i) caused by an","impairment of all or parts of the financial","system and (ii) has the potential to have","serious negative consequences for the real","economy. Fundamental to the definition","is the notion of negative externalities from","a disruption or failure in a financial","institution, market or instrument. All","types of financial intermediaries, markets","and infrastructure can potentially be","systematically important to some degree\u201d."],"old":[""],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"183","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-184","location":[["Proposal for a regulation","Recital 9 c (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:12"},"new":["(9c) The definition of cross border risk","includes all risks caused by economic","unbalances or financial failures in all or","parts of the European Union that have the","potential to have significant negative","consequences for the transactions","between economic operators of two or","more Member States, for the functioning","of the internal market or for the public","finances of the EU or any of its Member","States. All types of economic and","financial risks can potentially be cross","border relevant to some degree."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"184","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Thomas Mann","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-490","location":[[" Proposal for a regulation","Article 11 \u2013 paragraph 1"]],"meps":[1922],"meta":{"created":"2019-07-03T05:21:13"},"new":["1. Without prejudice to the powers laid","down in Article 9, where a competent","authority disagrees on the procedure or","content of an action or inaction by another","competent authority in areas where the","legislation referred to in Article 1(2)","requires cooperation, coordination or joint","decision making by competent authorities","from more than one Member State, the","Authority, on its own initiative or at the","request of one or more of the competent","authorities concerned, shall take the lead","in assisting the authorities in reaching an","agreement with respect to national","interests and in accordance with the","procedure set out in paragraphs 2 to 4."],"old":["1. Without prejudice to the powers laid","down in Article 9, where a competent","authority disagrees on the procedure or","content of an action or inaction by another","competent authority in areas where the","legislation referred to in Article 1(2)","requires cooperation, coordination or joint","decision making by competent authorities","from more than one Member State, the","Authority, at the request of one or more of","the competent authorities concerned, may","assist the authorities in reaching an","agreement in accordance with the","procedure set out in paragraph 2."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"490","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-185","location":[[" Proposal for a regulation","Recital 12 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:12"},"new":["(12a) Given the horizontal nature of","Directive 2005/60/EC, this Regulation","does not prejudice the existing","institutional framework of Member States","with regard to anti-money laundering and","combating of financing of terrorism.","When taking action in the context of","Directive 2005/60/EC, the Authority shall","take into account the existing framework","and cooperate, as appropriate, with other","relevant bodies."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"185","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-491","location":[["Proposal for a regulation","Article 11 \u2013 paragraph 1"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:13"},"new":["1. Without prejudice to the powers laid","down in Article 9, where a competent","authority disagrees on the procedure or","content of an action or inaction by another","competent authority in areas where the","legislation referred to in Article 1(2)","requires cooperation, coordination or joint","decision making by competent authorities","from more than one Member State, the","Authority, at the request of one or more of","the competent authorities concerned, may","take the lead in assisting the authorities in","reaching an agreement in accordance with","the procedure set out in paragraph 2."],"old":["1. Without prejudice to the powers laid","down in Article 9, where a competent","authority disagrees on the procedure or","content of an action or inaction by another","competent authority in areas where the","legislation referred to in Article 1(2)","requires cooperation, coordination or joint","decision making by competent authorities","from more than one Member State, the","Authority, at the request of one or more of","the competent authorities concerned, may","assist the authorities in reaching an","agreement in accordance with the","procedure set out in paragraph 2."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"491","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Corien Wortmann-Kool","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-186","justification":"The role of the Authority in the area of deposit guarantees needs to be reconsidered when a\nEuropean Deposit Guarantee fund will be established.","location":[[" Proposal for a regulation","Recital 13"]],"meps":[28167],"meta":{"created":"2019-07-03T05:21:12"},"new":["(13) It is desirable that the Authority","promote a consistent approach in the area","of deposit guarantees to ensure a level","playing field and the equitable treatment of","depositors across the Community. As","deposit guarantee schemes are subject to","oversight in their Member States rather","than regulatory supervision, it is","appropriate that the Authority should be","able to exercise its powers under this","Regulation in relation to the deposit","guarantee scheme itself and its operator.","The role of the Authority will be reviewed","once a European Deposit Guarantee fund","will be established."],"old":["(13) It is desirable that the Authority","promote a consistent approach in the area","of deposit guarantees to ensure a level","playing field and the equitable treatment of","depositors across the Community. As","deposit guarantee schemes are subject to","oversight in their Member States rather","than regulatory supervision, it is","appropriate that the Authority should be","able to exercise its powers under this","Regulation in relation to the deposit","guarantee scheme itself and its operator."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"186","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-187","location":[["Proposal for a regulation","Recital 13 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:12"},"new":["(13a) In order to achieve the objectives of","the Authority and to ensure a consistent","and effective supervision at European","level, the authorities in the Member","States, insofar competent authorities and","members of the Authority, should be","granted with a number of powers to adopt","preventing and correcting supervisory","measures while facilitating joint,","coordinated and integrated action. These","powers shall be exercised in a","proportionate way, and include the","capacity to demand and receive adequate","information; impose reporting and","disclosure requirements; carry out on site","inspections; adopt prudential measures","(including those affecting conflicts of","interest, good governance, liquidity,","provisions, dividends and remuneration","policies); split or segregate retail banking","activities from trading and other non","utility activities in case of relevant risk","assessed following common criteria;","restrict or forbid temporarily certain","products or types of transactions that may","cause directly or indirectly excessive","volatility in the markets or cause","perturbations; order financial institutions","to operate through a subsidiary in","justified cases according to common","criteria; impose dissuasive fines;","disqualify managers and Directors;","remove executives or the Board of","Directors; intervene temporally in","financial institutions; withdraw the","benefits of limited liability to significant","shareholders of financial institutions","when they are passive in defending the","corporate interest in critical cases; extend","financial liability to those involved in","severe infringements; custody, when","appropriate, declarations to ensure","integrity and liability; request contingency","plans; cancel licenses and withdraw","passports; and agree on protocols to","articulate a common and effective","response."],"old":[""],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"187","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"S\u0142awomir Witold Nitras, Jan Koz\u0142owski, Enik\u0131 Gy\u0131ri","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-492","location":[["Proposal for a regulation","Article 11 \u2013 paragraph 1"]],"meps":[101954,96830],"meta":{"created":"2019-07-03T05:21:13"},"new":["1 Without prejudice to the powers laid","down in Article 9, where a competent","authority disagrees on the procedure or","content of an action or inaction by another","competent authority in cases specified in","the legislation referred to in Article 1(2),","the Authority, at the request of one or more","of the competent authorities concerned,","may assist the authorities in reaching an","agreement in accordance with the","procedure set out in paragraph 2."],"old":["1. Without prejudice to the powers laid","down in Article 9, where a competent","authority disagrees on the procedure or","content of an action or inaction by another","competent authority in areas where the","legislation referred to in Article 1(2)","requires cooperation, coordination or","joint decision making by competent","authorities from more than one Member","State, the Authority, at the request of one","","or more of the competent authorities","concerned, may assist the authorities in","reaching an agreement in accordance with","the procedure set out in paragraph 2."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"492","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-188","location":[[" Proposal for a regulation","Recital 13 b (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:12"},"new":["(13b) The Single Rule Book is essential to","ensure consistent harmonisation and","uniform application of legislation,","regulation and standards in financial","services. The Regulatory and Supervisory","Standards developing the Single Rule","Book must avoid regulatory arbitrage","while ensuring a level playing field and","an adequate protection of depositors,","investors and consumers across Europe.","The Single Rule Book shall detail","definitions, specify common elements for","reporting and disclosure requirements,","and provide the necessary elements in","order to ensure effective cooperation","processes, including supervisory risk","assessment and information sharing as","requested by European legislation. In the","development of the present Regulation,","the Single Rule Book shall define","appropriate regulatory and supervisory","standards to deal with the early warnings","and recommendations of the ESRB and to","deal with the cross border risks identified","by the Authority or the European","institutions concerning either all or a","significant part of the European Union.","Furthermore, the Single Rule Book shall","define appropriate regulatory and","supervisory standards regarding","reporting, disclosure and prudential","requirements for relevant high leveraged","companies and investment vehicles","operating throughout the EU in order to","prevent systemic and correct cross border","risks."],"old":[""],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"188","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" S\u0142awomir Witold Nitras, Jan Koz\u0142owski, Enik\u0131 Gy\u0131ri","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-493","justification":" Taking into account the importance and possible future disputes, it is recommended to\n explicitly indicate in the sectoral legislation the exact scope of the \u201cbinding mediation\n procedure\u201d. It is one of the most important tools granted to EBA, which can be used to\n intervene into very core responsibilities of the supervisors. For this reasons there shall be no\n uncertainties in this field. It would be also wise to disuse this problem further while\n negotiating the future directives amending the sectoral legislation. The given draft Regulation\n shall only indicate the powers of the EBA to provide \u201cbinding mediation\u201d as well as the\n procedure. The scope of \u201cbinding mediation\u201d shall be however indicated on case by case\n basis in the sartorial legislation.","location":[[" Proposal for a regulation","Article 11 \u2013 paragraph 1"]],"meps":[101954,96830],"meta":{"created":"2019-07-03T05:21:13"},"new":["Without prejudice to the powers laid down","in Article 9, where a competent authority","disagrees on the procedure or content of an","action or inaction by another competent","authority in areas indicated in the","legislation referred to in Article 1(2), the","Authority, at the request of one or more of","the competent authorities concerned, may","assist the authorities in reaching an","agreement in accordance with the","procedure set out in paragraph 2."],"old":["1. Without prejudice to the powers laid","down in Article 9, where a competent","authority disagrees on the procedure or","content of an action or inaction by another","competent authority in areas where the","legislation referred to in Article 1(2)","requires cooperation, coordination or","joint decision making by competent","authorities from more than one Member","State, the Authority, at the request of one","or more of the competent authorities","concerned, may assist the authorities in","reaching an agreement in accordance with","the procedure set out in paragraph 2."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"493","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-189","justification":" The Commission should not be given the power to amend technical standards. These are\n technical by nature and therefore should only be developed by technical experts within the\n ESA. Should the standards be inappropriate due to legal or single market reasons the\n Commission may reject them in full or in part.","location":[["Proposal for a regulation","Recital 14"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:13"},"new":["(14) The Commission should endorse those","draft technical standards in accordance","with Community law in order to give them","binding legal effect. It can choose to reject","them in part or in whole if, for example,","the draft technical standards were","incompatible with European Union law,","do not respect the principle of","proportionality or run counter to the","fundamental principles of the internal","market for financial services as reflected","in the acquis of European Union","financial services legislation. To ensure a","smooth and expeditious adoption process","for those standards, the Commission","should be subject to a time limit when","deciding when to endorse, partially","endorse or reject them. The process for","the development of technical standards in","this regulation is without prejudice to the","Commission\u2019s powers to adopt delegated","acts in accordance with Article 290 of the","Treaty. The matters concerned by the","technical standards do not involve policy","decisions, and their content is framed by","the Union acts adopted at Level 1.","Development of the draft standards by the","Authority ensures that they fully benefit","from the specialised expertise of national","supervisory authorities."],"old":["(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","","would be subject to amendment if, for","example, the draft technical standards","were incompatible with Community 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 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."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"189","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Gianni Pittella, Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-494","justification":"To ensure efficient and effective supervision and legal certainty, and promote trust within the\nsupervisory community, the decisions of the Authority to settle disagreements should be\nbinding on its addressee(s). The EU legal framework does not allow granting discretionary\npowers to the Authority. The power of the Authority to settle disagreements over supervisory\nmatters can therefore not be \u201cin compliance with\u201d Community law. Rather, that settlement\npower should aim at ensuring compliance with EU law.","location":[["Proposal for a regulation","Article 11 \u2013 paragraph 3"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:13"},"new":["3. If, at the end of the conciliation phase,","the competent authorities concerned have","failed to reach an agreement, the Authority","may take a decision requiring them to take","specific action or to refrain from action in","order to settle the matter, with binding","effects for the competent authorities","concerned, in order to ensure compliance","with European Union law."],"old":["3. If, at the end of the conciliation phase,","the competent authorities concerned have","failed to reach an agreement, the Authority","may take a decision requiring them to take","specific action or to refrain from action in","order to settle the matter, in compliance","with Community law."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"494","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-190","location":[[" Proposal for a regulation","Recital 14"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:13"},"new":["(14) As a body with highly specialised","expertise, it is efficient and appropriate to","entrust the Authority, in level 2","Lamfalussy regulations (in areas defined","by European law or at request of the","Commission) and in level 3 Lamfalussy","supervisory measures (following its own","initiative), with the elaboration of draft","technical standards, which do not involve","policy choices and must respect the","principle of proportionality. The draft","technical standards to be adopted by the","Commission as Regulatory Standards","could be subject to amendment by the","Commission. In the case of Supervisory","Standards, the Commission shall endorse","those draft technical standards when they","are in accordance with European law in","order to give them binding legal effect.","The Commission is empowered to adopt","Regulatory Standards in financial","services as Delegated Acts in accordance","with the Article 290 of the Treaty on the","Functioning of the European Union. The","Supervisory Standards should be","endorsed as Implementing Acts in","accordance with a procedure following","the Article 291 of the Treaty on the","Functioning of the European Union. To","ensure a smooth and expedited adoption","process for those standards, the","Commission could be subject to a time","limit for both its resolution on adoption or","for its decision on the endorsement."],"old":["(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","would be subject to amendment if, for","example, the draft technical standards","were incompatible with Community 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 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."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"190","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-495","location":[["Proposal for a regulation","Article 11 \u2013 paragraph 3"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:14"},"new":["3. If, at the end of the conciliation phase,","the competent authorities concerned have","failed to reach an agreement, the Authority","may take a decision requiring them to take","specific action or to refrain from action in","order to settle the matter, in order to","ensure compliance with Community law."],"old":["3. If, at the end of the conciliation phase,","the competent authorities concerned have","failed to reach an agreement, the Authority","may take a decision requiring them to take","specific action or to refrain from action in","order to settle the matter, in compliance","with Community law."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"495","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Sharon Bowles, Marian Harkin","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-191","justification":" The European Banking Authority must take account of the different business models that exist\n in the financial services sector. Technical standards should not differ for the same type of\n financial institution across Member States, but they must provide for a degree of flexibility in\n order to acknowledge the existence of democratically controlled cooperatives, whose business\n models are highly risk averse, and who play an important role in combating social exclusion\n within local communities.","location":[["Proposal for a regulation","Recital 14"]],"meps":[33570,28116],"meta":{"created":"2019-07-03T05:21:13"},"new":["(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. When drafting the technical","standards the authority shall adhere to the","principle of proportionality by taking into","consideration the different structures and","risk profiles of financial institutions. In","particular, the authorities shall seek to","ensure that an unnecessary burden is not","placed on democratically controlled","cooperatives, which play an important","role in respect of combating social","exclusion at the level of local","communities. 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 would be subject to","amendment if, for example, the draft","technical standards were incompatible with","Community 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","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."],"old":["(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 would be subject to","amendment if, for example, the draft","technical standards were incompatible with","Community 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","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."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"191","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-496","location":[[" Proposal for a regulation","Article 11 \u2013 paragraph 3 a (new)"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:14"},"new":["3a. Decisions adopted under paragraph 3","shall prevail over any previous decision","adopted by the national supervisory","authorities on the same matter."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"496","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Sari Essayah","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-192","location":[["Proposal for a regulation","Recital 14"]],"meps":[96682],"meta":{"created":"2019-07-03T05:21:13"},"new":["(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. These standards should thus not","be in conflict with the legislation of any","Member State since such legislation","suggests existence of a policy choice. 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 or rejected by the","Commission according to clear and","transparent principles. They would be","rejected if, for example, the draft technical","standards were incompatible with","Community 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","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."],"old":["(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 would be subject to","amendment if, for example, the draft","technical standards were incompatible with","Community 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","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."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"192","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-497","location":[[" Proposal for a regulation","Article 11 \u2013 paragraph 3 b (new)"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:14"},"new":["3b. In its report the Authority may set out","the disagreement between competent","authorities, the agreements reached and","the decision taken to settle such","disagreements."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"497","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-193","justification":"The Commission should be encouraged to only use the power of amendment to Article 7\ntechnical standards as a last resort. If this is not the case the authority of the ESAs as drafters\ncould be undermined and introduce legal uncertainty for financial institutions.","location":[[" Proposal for a regulation","Recital 14"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:13"},"new":["(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 should not, as a","general rule, be subject to amendment by","the Commission unless exceptional","circumstances so require if, for example,","the draft technical standards were","incompatible with 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 European Union financial","services legislation. The Commission","should not change the content of","technical standards prepared by the","Authority without prior coordination with","the Authority. 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."],"old":["(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 would be subject to","amendment if, for example, the draft","technical standards were incompatible with","Community 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","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."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"193","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-498","justification":"\nI do not believe it is appropriate that ESAs adopt decisions directly binding on individual\ninstitutions. Given that the national competent authority is responsible for day to day\nsupervision of financial institutions, it is legally preferable for the ESA to compel the national\nauthority to amend market practices following a ruling in an Article 11 mediation process.","location":[[" Proposal for a regulation","Article 11 \u2013 paragraph 4"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:14"},"new":["Deleted"],"old":["4. Without prejudice to the powers of the","Commission under Article 226 of the","Treaty, where a competent authority does","not comply with the decision of the","Authority, and thereby fails to ensure that","","a financial institution complies with","requirements directly applicable to it by","virtue of the legislation referred to in","Article 1(2), the Authority may 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."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"498","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Alfredo Pallone, Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-194","justification":" The Commission should not have the power to amend the technical standards proposed by the\n Authority to ensure the Authority\u2019s independence and respect its expertise. The Commission\n should only have a right of scrutiny over the draft technical standards, whereby it can\n endorse or reject them, following clear and transparent principles.","location":[["Proposal for a regulation","Recital 14"]],"meps":[97197,96787],"meta":{"created":"2019-07-03T05:21:13"},"new":["(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 should not be","subject to amendment by the Commission.","The Commission should reject the draft","technical standards only if they were","incompatible with 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 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."],"old":["(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 would be subject to","amendment if, for example, the draft","technical standards were incompatible with","Community 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","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."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"194","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-499","location":[["Proposal for a regulation","Article 11 \u2013 paragraph 4"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:14"},"new":["Deleted"],"old":["4. Without prejudice to the powers of the","Commission under Article 226 of the","Treaty, where a competent authority does","not comply with the decision of the","Authority, and thereby fails to ensure that","a financial institution complies with","requirements directly applicable to it by","virtue of the legislation referred to in","Article 1(2), the Authority may 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."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"499","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-195","justification":"The Commission should not have the power to amend the technical standards proposed by the\nAuthority to ensure the Authority\u2019s independence and respect its expertise. The Commission\nshould only have a right of scrutiny over the draft technical standards, whereby it can\nendorse or reject them, following clear and transparent principles.","location":[[" Proposal for a regulation","Recital 14"]],"meps":[96888],"meta":{"created":"2019-07-03T05:21:13"},"new":["(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 should not be","subject to amendment by the Commission.","The Commission should reject the draft","technical standards only if they were","incompatible with 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 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."],"old":["(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 would be subject to","amendment if, for example, the draft","technical standards were incompatible with","Community 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","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."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"195","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-500","location":[[" Proposal for a regulation","Article 11 \u2013 paragraph 4 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:14"},"new":["4a. In its annual report, the Authority","shall set out the disagreement between","competent authorities, the agreements","reached and the decision taken to settle","such disagreements."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"500","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-196","location":[["Proposal for a regulation","Recital 15"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:13"},"new":["deleted"],"old":["(15) The process for the development of","technical standards in this regulation is","without prejudice to the Commission\u2019s","powers to adopt on its own initiative","implementing measures under comitology","procedures at level 2 of the Lamfalussy","structure as laid out in the relevant","Community legislation. The matters","concerned by the technical standards do","not involve policy decisions, and their","content is framed by the Community acts","adopted at Level 1. Development of the","draft standards by the Authority ensures","that they fully benefit from the specialised","expertise of national supervisory","authorities."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"196","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-501","location":[[" Proposal for a regulation","Article 12 \u2013 paragraph 2"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:14"},"new":["2. The Authority shall participate as an","observer in colleges of supervisors as it","deems appropriate for the European","interest. For the purpose of that","participation, it shall be considered a","'competent authority' within the meaning of","the relevant legislation and, at its request,","shall receive all relevant information","shared with any member of the college."],"old":["2. The Authority shall participate as an","observer in colleges of supervisors as it","deems appropriate. For the purpose of that","participation, it shall be considered a","'competent authority' within the meaning of","the relevant legislation and, at its request,","shall receive all relevant information","shared with any member of the college."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"501","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-197","justification":" It is important not to introduce greater legal uncertainty for the drafting of Article 7\n standards by curtailing the use of these standards to where it is most appropriate: technical\n areas rather than where policy decisions are involved.","location":[[" Proposal for a regulation","Recital 15"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:13"},"new":["(15) The process for the development of","technical standards in this regulation is","without prejudice to the Commission\u2019s","powers to adopt on its own initiative","implementing measures under comitology","procedures at level 2 of the Lamfalussy","structure as laid out in the relevant","European Union legislation. The matters","concerned by the technical standards","should not involve policy decisions, and","their content should be precisely framed by","the European Union acts adopted at Level","1. Technical standards should be","proportionate and take into account the","differences in size and complexity of","financial institutions. Where Level 2","measures are foreseen or already exist,","such technical standards should respect","these Level 2 measures and only","determine the conditions of application of","those measures. Development of the draft","standards by the Authority ensures that","they fully benefit from the specialised","expertise of national supervisory","authorities."],"old":["(15) The process for the development of","technical standards in this regulation is","without prejudice to the Commission\u2019s","powers to adopt on its own initiative","implementing measures under comitology","procedures at level 2 of the Lamfalussy","structure as laid out in the relevant","Community legislation. The matters","concerned by the technical standards do","not involve policy decisions, and their","content is framed by the Community acts","adopted at Level 1. Development of the","draft standards by the Authority ensures","that they fully benefit from the specialised","expertise of national supervisory","authorities."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"197","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Sharon Bowles","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-502","location":[["Proposal for a regulation","Article 12 \u2013 paragraph 3"]],"meps":[33570],"meta":{"created":"2019-07-03T05:21:14"},"new":["3. The Authority shall assist the","supervisors operating in colleges of","supervisors, determine and collect as","appropriate all relevant information from","competent authorities, in order to facilitate","the work of those colleges. The Authority","shall take full account of the existing","arrangements between national competent","authorities and third country supervisors,","taking into account the core Crisis","Management Groups of international","colleges which have full access to","information. The Authority should be a","member of the Crisis Management","Groups.","Deleted."],"old":["3. The Authority shall, in cooperation with","the supervisors operating in colleges of","supervisors, determine and collect as","appropriate all relevant information from","competent authorities, in order to facilitate","the work of those colleges.","It shall establish and manage a central","system to make such information","accessible to the competent authorities in","colleges of supervisors."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"502","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Othmar Karas","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-198","justification":"For the internal market of financial services, as well as the coherent and effective supervision\nof financial institutions with EU-dimension, the development of appropriate harmonized\ntechnical standards by the Authority is unbearable. At the same time it is necessary to\nacknowledge the key role local financial institutions play on local markets, in particular for\nSME and consumers. While technical standards should apply to all institutions, they must\ntake into account the special situation of local financial institutions adequately. The\nassessment of the impact of standards on the entire financial market shall be ensured.","location":[["Proposal for a regulation","Recital 15"]],"meps":[4246],"meta":{"created":"2019-07-03T05:21:13"},"new":["(15) The process for the development of","technical standards in this regulation is","without prejudice to the Commission\u2019s","powers to adopt on its own initiative","implementing measures under comitology","procedures at level 2 of the Lamfalussy","structure as laid out in the relevant","Community legislation. The matters","concerned by the technical standards do","not involve policy decisions, and their","content is framed by the Community acts","adopted at Level 1. While technical","standards developed hereunder shall take","into account institutions that act merely","locally and without EU-dimension, the","overall impact of technical standards on","the entire industry shall be assessed in","each case. Development of the draft","standards by the Authority ensures that","they fully benefit from the specialised","expertise of national supervisory","authorities."],"old":["(15) The process for the development of","technical standards in this regulation is","without prejudice to the Commission\u2019s","powers to adopt on its own initiative","implementing measures under comitology","procedures at level 2 of the Lamfalussy","structure as laid out in the relevant","Community legislation. The matters","concerned by the technical standards do","not involve policy decisions, and their","content is framed by the Community acts","adopted at Level 1. Development of the","draft standards by the Authority ensures","that they fully benefit from the specialised","expertise of national supervisory","authorities."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"198","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-199","location":[[" Proposal for a regulation","Recital 16"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:13"},"new":["(16) In areas not covered by Regulatory or","Supervisory standards, the Authority","should have the power to issue non-binding","guidelines and recommendations on the","application of EU legislation to promote","best practices. In order to ensure","transparency and strengthen compliance by","national supervisory authorities and","financial institutions with those guidelines","and recommendations, national authorities","should be obliged to state their reasons","where they do not comply with those","guidelines and recommendations and the","financial institutions should be obligated","to report if they comply with these","guidelines and recommendations when","reporting."],"old":["(16) In areas not covered by technical","standards, the Authority should have the","power to issue non-binding guidelines and","recommendations on the application of","Community legislation. In order to ensure","transparency and strengthen compliance by","national supervisory authorities with those","guidelines and recommendations, national","authorities should be obliged to state their","reasons where they do not comply with","those guidelines and recommendations."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"199","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-503","justification":" It is not appropriate for ESAs to manage colleges of supervisors and act as information\n repositories. These are tasks which should remain with the home country supervisor. The EU\n is host to many financial institutions not based in an EU Member State, so the Article should\n be amended to take into account existing arrangements in order not to destabilise global\n college arrangements.","location":[["Proposal for a regulation","Article 12 \u2013 paragraph 3"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:14"},"new":["3. The Authority shall assist the","supervisors operating in colleges of","supervisors, determine and collect as","appropriate all relevant information from","competent authorities, in order to facilitate","the work of those colleges.","The Authority shall take full account of","the existing agreements between national","competent authorities and third country","supervisors."],"old":["3. The Authority shall, in cooperation with","the supervisors operating in colleges of","supervisors, determine and collect as","appropriate all relevant information from","competent authorities, in order to facilitate","the work of those colleges.","It shall establish and manage a central","","","system to make such information","accessible to the competent authorities in","colleges of supervisors."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"503","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-200","location":[[" Proposal for a regulation","Recital 16"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:13"},"new":["(16) In areas not covered by technical","standards, the Authority should have the","power to issue non-binding guidelines and","recommendations on the application of","Community legislation. In order to ensure","transparency and strengthen compliance by","national supervisory authorities with those","guidelines and recommendations, national","authorities should be obliged to state their","reasons where they do not comply with","those guidelines and recommendations. In","areas not covered by technical standards,","the Authority should promulgate best","practice."],"old":["(16) In areas not covered by technical","standards, the Authority should have the","power to issue non-binding guidelines and","recommendations on the application of","Community legislation. In order to ensure","transparency and strengthen compliance by","national supervisory authorities with those","guidelines and recommendations, national","authorities should be obliged to state their","reasons where they do not comply with","","those guidelines and recommendations."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"200","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-201","justification":"It is appropriate to limit the use of the Article 9 mechanism to application of standards that\nconstitute a breach of law and not the general use of incorrect transposition of European\nUnion law. This is to minimise legal uncertainty for market participants who need to be sure\nof the use of the Article 9 process to deliver a level playing field across the EU.","location":[["Proposal for a regulation","Recital 17"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:14"},"new":["(17) Ensuring the correct and full","application of European Union law is a","core prerequisite for the integrity,","efficiency and orderly functioning of","financial markets, the stability of the","financial system, and for neutral conditions","of competition for financial institutions in","the Community. A mechanism should","therefore be established whereby the","Authority addresses instances of non-","application or incorrect application,","which constitute a breach of European","Union law. This mechanism should apply","in areas where European Union legislation","defines clear and unconditional obligations.","It should in general not be used for cases","concerning only the incorrect","transposition of European Union law."],"old":["(17) Ensuring the correct and full","application of Community law is a core","prerequisite for the integrity, efficiency and","orderly functioning of financial markets,","the stability of the financial system, and for","neutral conditions of competition for","financial institutions in the Community. A","mechanism should therefore be established","whereby the Authority addresses instances","of incorrect or insufficient application of","Community law. This mechanism should","apply in areas where Community","legislation defines clear and unconditional","obligations."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"201","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-202","location":[[" Proposal for a regulation","Recital 17"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:14"},"new":["(17) Ensuring the correct and full","application of European law is a core","prerequisite for the integrity, transparency,","efficiency and orderly functioning of","financial markets, the stability of the","financial system, and for neutral conditions","of competition for financial institutions in","the EU. A mechanism should therefore be","established whereby the Authority","addresses instances of incorrect or","insufficient application of European law.","This mechanism should apply in areas","where European legislation defines clear","and unconditional obligations"],"old":["(17) Ensuring the correct and full","application of Community law is a core","prerequisite for the integrity, efficiency and","orderly functioning of financial markets,","the stability of the financial system, and for","neutral conditions of competition for","financial institutions in the Community. A","mechanism should therefore be established","whereby the Authority addresses instances","of incorrect or insufficient application of","Community law. This mechanism should","apply in areas where Community","legislation defines clear and unconditional","obligations"],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"202","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Corien Wortmann-Kool","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-504","justification":" The Authority should be able to solve a (ongoing) dispute between two supervisors following\n the procedure set up on Article 11.","location":[[" Proposal for a regulation","Article 12 \u2013 paragraph 3 a (new)"]],"meps":[28167],"meta":{"created":"2019-07-03T05:21:14"},"new":["3a. A legally binding mediation role","should allow the new Authorities to solve","disputes between national competent","authorities following the procedure set up","on Article 11."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"504","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-203","location":[[" Proposal for a regulation","Recital 19"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:14"},"new":["(19) Where the national authority does not","comply with the recommendation, the","Commission should be empowered to","address a formal opinion to the national","supervisory authority concerned in order to","ensure compliance with European Union","law, creating direct legal effects which can","be invoked before national courts and","authorities and enforced under Article 258","of the Treaty."],"old":["(19) Where the national authority does not","comply with the recommendation, the","Commission should be empowered to","address a Decision to the national","supervisory authority concerned in order to","ensure compliance with Community law,","creating direct legal effects which can be","invoked before national courts and","authorities and enforced under Article 226","of the Treaty."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"203","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-204","justification":"It is not appropriate for the ESAs to adopt directly binding decisions on individual institutions\nas this would introduce increased legal uncertainty to market operators who have to be\nabsolutely clear about the legal rights of their national competent authority and the European\nauthority. Given that the national competent authority is responsible for day to day\nsupervision of financial institutions, it is legally preferable for the ESA to compel the national\nauthority to amend market practices in breach of European Union law. It is appropriate to\nlimit the use of the Article 9 mechanism to application of standards that constitute.","location":[["Proposal for a regulation","Recital 20"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:14"},"new":["deleted"],"old":["(20) To overcome exceptional situations","of persistent inaction by the competent","authority concerned, the Authority should","be empowered, as a last resort, to adopt","decisions addressed to individual","financial institutions. This power should","be limited to exceptional circumstances in","which a competent authority does not","comply with the decisions addressed to it","and in which Community law is directly","applicable to financial institutions by","virtue of existing or future EU","Regulations."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"204","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Burkhard Balz, Leonardo Domenici, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-505","location":[["Proposal for a regulation","Article 12 a (new)"]],"meps":[96997,96888,1992,96730,97137,1873,97203,96763],"meta":{"created":"2019-07-03T05:21:14"},"new":["Article 12a","Supervision of financial institutions with","an EU dimension","1. National authorities shall exert","prudential supervision of financial","institutions with an EU dimension by","acting as the agent of and following the","instructions given by the Authority, in","order to guarantee that the same","supervisory rules are applied across the","European Union.","2. The Authority shall submit its draft","supervisory rules to the Commission and,","simultaneously, to the European","Parliament and the Council. The","Commission shall endorse the draft","supervisory rules following the procedure","set out in Article 7 or 8.","3. A decision taken by the Board of","Supervisors in accordance with the","procedure set out in Article 29(1) shall","identify the significant financial","institutions with EU dimension. The","criteria for identifying such financial","institutions shall take into account the","criteria established by the FSB, the IMF","and the BIS.","4. The Authority, in collaboration with the","European Systemic Risk Board, shall","develop an information template for","significant institutions in order to ensure","a sound management of their systemic","risk.","5. To ensure the co-responsibility of","financial institutions with EU dimension,","to protect European depositors\u2019 interests","and to reduce the cost to tax payers of a","systemic financial crisis, a European","Financial Protection Fund (Fund) shall","be established. The Fund will also play a","role in helping the EU institutions facing","difficulties when those are likely to","threaten the financial stability of the","European single financial market. The","Fund shall be financed through","contributions from those institutions. The","contribution of each financial institution","will be calculated according to criteria","rewarding good management. Those","contributions replace those made to","national funds of a similar nature.","6. When the accumulated resources from","the contributions made by banks are not","sufficient to solve the crisis, the Fund","shall have the capacity to increase its","resources through debt issuance. Member","States may, in exceptional circumstances,","facilitate the issuance of debt by the Fund","through guarantees, and in exchange of a","fee reflecting appropriately the risk","assumed. Those guarantees shall be","shared by Member States in accordance","with the criteria laid down in","paragraph 7.","7. Where, under extreme, exceptional","circumstances and in the context of a","systemic crisis, there is a failure of one or","several institutions, and the resources","available are insufficient, the affected","Member States will deal with this burden","according to principles established in the","current Memorandum of Understanding","(MoU), properly amended. Burden-","sharing arrangements could include one","of the following criteria, or a combination","thereof: the deposits of the institution; the","assets (either in terms of accounting","values, market values or risk-weighted","values) of the institution; the revenue","flows of the institution; and the share of","payment system flows of the institution.","8. The membership in the Fund shall","replace the membership in the existing","national Deposit Guarantee Schemes for","the EU institutions participating in it. The","Fund shall be managed by a Board","appointed by the European Supervisory","Authority (Banking) for a period of five","years. The members of the Board shall be","elected from staff of the national","authorities. The Fund shall also create a","Consultative Board comprising the","financial institutions participating in the","Fund."],"old":["","","",""],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"505","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Sari Essayah","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-205","location":[[" Proposal for a regulation","Recital 21"]],"meps":[96682],"meta":{"created":"2019-07-03T05:21:14"},"new":["deleted"],"old":["(21) Serious threats to the orderly","functioning and integrity of financial","markets or the stability of the financial","system in the Community require a swift","and concerted response at Community","level. The Authority should therefore be","able to require national supervisory","authorities to take specific actions to","remedy an emergency situation. As the","determination of an emergency situation","involves a significant degree of discretion,","this power should be conferred on the","Commission. To ensure an effective","response to the emergency situation, in","the event of inaction by the competent","national supervisory authorities, the","Authority should be empowered to adopt,","as a last resort, decisions directly","addressed to financial institutions in areas","of Community law directly applicable to","them aimed at mitigating the effects of the","crisis and restoring confidence in the","markets."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"205","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Gunnar H\u00f6kmark","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-506","justification":" The governance arrangements of an EU fund have not been sufficiently considered which\n could lead to unintended consequences. The question of whether or not an EU fund should be\n established should be treated within the Commission\u00b4s work on cross border crisis\n intervention.","location":[["Proposal for a regulation","Article 12 a (new)"]],"meps":[28124],"meta":{"created":"2019-07-03T05:21:14"},"new":["Supervision of financial institutions with","an EU dimension","1. National authorities shall exert","prudential supervision of financial","institutions with an EU dimension by","acting as the agent of and following the","instructions given by the Authority, in","order to guarantee that the same","supervisory rules are applied across the","European Union.","2. The Authority shall submit its draft","supervisory rules to the Commission and,","simultaneously, to the European","Parliament and the Council. The","Commission shall endorse the draft","supervisory rules following the procedure","set out in Article 7 or 8.","3. A decision taken by the Board of","Supervisors in accordance with the","procedure set out in Article 29(1) shall","identify the significant financial","institutions with EU dimension. The","criteria for identifying such financial","institutions shall take into account the","criteria established by the FSB, the IMF","and the BIS.","4. The Authority, in collaboration with the","European Systemic Risk Board, shall","develop an information template for","significant institutions in order to ensure","a sound management of their systemic","risk.","5. In order to protect the interests of","depositors and to safeguard the stability of","the financial markets the Authority shall","ensure that financial institutions with an","EU dimension can fulfil their","commitments in the member states they","are operating in. Therefore the Authority","shall secure that national deposit schemes","and funds are established and designed in","a way that institutions with a European","dimension can meet the commitments they","face in the member states they are","operating in. The Authority has a","responsibility to overlook that member","states and their national Authorities by","these means are protecting the single","financial markets against systemic risks."],"old":[""],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"506","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Carl Haglund","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-206","justification":"It is not beneficial to entrust the EBA with the power to impose decisions directly on national\ncompetent authorities and individual banks. Where the emergency concerns the market in a\nmore general sense, it should be possible for the EBA to issue measures directly applicable to\nnational authorities. This should nevertheless build upon a Council mandate.","location":[[" Proposal for a regulation","Recital 21"]],"meps":[96683],"meta":{"created":"2019-07-03T05:21:14"},"new":["(21) Serious threats to the orderly","functioning and integrity of financial","markets or the stability of the financial","system in the European Union require a","swift and concerted response at European","Union level. The Council should, in","consultation with the ESRB and, where","appropriate, the European Supervisory","Authorities, have the power to determine","the existence of an emergency situation.","Where the emergency situation concerns","the market in general the Authority should","be able to require national supervisory","authorities to take specific actions to","remedy an emergency situation. To ensure","an effective response to the emergency","situation, in the event of inaction by the","competent national supervisory authorities,","the Authority should be empowered to","adopt, as a last resort and on the basis of a","clear mandate by the Council, decisions","directly addressed to financial market","aimed at mitigating the effects of the crisis","and restoring confidence in the markets."],"old":["(21) Serious threats to the orderly","functioning and integrity of financial","markets or the stability of the financial","system in the Community require a swift","","and concerted response at Community","level. The Authority should therefore be","able to require national supervisory","authorities to take specific actions to","remedy an emergency situation. As the","determination of an emergency situation","involves a significant degree of discretion,","this power should be conferred on the","Commission. To ensure an effective","response to the emergency situation, in the","event of inaction by the competent national","supervisory authorities, the Authority","should be empowered to adopt, as a last","resort, decisions directly addressed to","financial institutions in areas of","Community law directly applicable to","them aimed at mitigating the effects of the","crisis and restoring confidence in the","markets."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"206","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Diogo Feio","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-207","location":[["Proposal for a regulation","Recital 21"]],"meps":[96977],"meta":{"created":"2019-07-03T05:21:14"},"new":["(21) Serious threats to the orderly","functioning and integrity of financial","markets or the stability of the financial","system in the European Union require a","swift and concerted response at European","Union level. The Authority should","therefore be able to require national","supervisory authorities to take specific","actions to remedy an emergency situation.","Bearing mind the sensitivity of the issue,","the power to determine the existence of an","emergency situation involves a significant","degree of discretion, this power should be","conferred on the Council, following","appropriate consultation with the","Commission, the ESRB and, where","appropriate, the European Supervisory","Authorities."],"old":["(21) Serious threats to the orderly","functioning and integrity of financial","markets or the stability of the financial","system in the Community require a swift","and concerted response at Community","level. The Authority should therefore be","able to require national supervisory","","","authorities to take specific actions to","remedy an emergency situation. As the","determination of an emergency situation","involves a significant degree of discretion,","this power should be conferred on the","Commission. To ensure an effective","response to the emergency situation, in","the event of inaction by the competent","national supervisory authorities, the","Authority should be empowered to adopt,","as a last resort, decisions directly","addressed to financial institutions in areas","of Community law directly applicable to","them aimed at mitigating the effects of the","crisis and restoring confidence in the","markets."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"207","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-507","location":[["Proposal for a regulation","Article 12 a (new)"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:15"},"new":["Article 12a","Supervision of financial institutions with","EU dimension","National authorities shall exert prudential","supervision of financial institutions with","an EU dimension","The Authority, in collaboration with the","European Systemic Risk Board and the","competent authorities, will develop an","information template for significant","institutions in order to ensure a sound","management of their systemic risk.","To help protect European depositors, the","Authority will facilitate better","coordination between deposit guarantee","schemes operating across the European","Union"],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"507","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-208","justification":"It is preferable that the ability to call an emergency does not lie with the European\nCommission given the implications for Member States and the systemic risk role of the ESRB,\nnor is it appropriate for the ESAs to adopt binding decisions on individual institutions.","location":[[" Proposal for a regulation","Recital 21"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:14"},"new":["(21) Serious threats to the orderly","functioning and integrity of financial","markets or the stability of the financial","system in the European Union require a","swift and concerted response at","Community level. The Authority should","therefore be able to require national","supervisory authorities to take specific","actions to remedy an emergency situation.","The power to determine the existence of","an emergency situation should be","conferred on the Council, following","consultation with the Commission, the","ESRB and, where appropriate, the","European Supervisory Authorities."],"old":["(21) Serious threats to the orderly","functioning and integrity of financial","markets or the stability of the financial","system in the Community require a swift","and concerted response at Community","level. The Authority should therefore be","able to require national supervisory","authorities to take specific actions to","remedy an emergency situation. As the","determination of an emergency situation","involves a significant degree of discretion,","this power should be conferred on the","Commission. To ensure an effective","response to the emergency situation, in","the event of inaction by the competent","national supervisory authorities, the","Authority should be empowered to adopt,","as a last resort, decisions directly","","addressed to financial institutions in areas","of Community law directly applicable to","them aimed at mitigating the effects of the","crisis and restoring confidence in the","markets."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"208","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-209","location":[["Proposal for a regulation","Recital 21"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:14"},"new":["(21) Serious threats to the orderly","functioning and integrity of financial","markets or the stability of the financial","system in the Union require a swift and","concerted response at Union level. The","Authority should therefore be able to","require national supervisory authorities to","take specific actions to remedy an","emergency situation. As the determination","of an emergency situation involves a","significant degree of discretion, this power","should be conferred on the Council. To","ensure an effective response to the","emergency situation, in the event of","inaction by the competent national","supervisory authorities, the Authority","should be empowered to adopt, as a last","resort, decisions directly addressed to","financial institutions in areas of Union law","directly applicable to them aimed at","mitigating the effects of the crisis and","restoring confidence in the markets."],"old":["(21) Serious threats to the orderly","functioning and integrity of financial","markets or the stability of the financial","system in the Community require a swift","and concerted response at Community","level. The Authority should therefore be","able to require national supervisory","authorities to take specific actions to","remedy an emergency situation. As the","determination of an emergency situation","involves a significant degree of discretion,","this power should be conferred on the","Commission. To ensure an effective","response to the emergency situation, in the","event of inaction by the competent national","supervisory authorities, the Authority","should be empowered to adopt, as a last","resort, decisions directly addressed to","financial institutions in areas of","Community law directly applicable to them","aimed at mitigating the effects of the crisis","and restoring confidence in the markets."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"209","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo, Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-508","location":[["Proposal for a regulation","Article 12 a (new)"]],"meps":[28295,2081],"meta":{"created":"2019-07-03T05:21:15"},"new":["Article 12 a","Evolution of the Authority","The Authority shall evolve according to","the best practices recognised at European","and international level. One such","approach could be the establishment of a","new level of direct supervision by the","Authority. To avoid international","distortions and to strengthen the","European System of Financial","Supervision, the introduction of direct","supervision should be carefully evaluated","and considered in order to add value to","the supervision of large financial","institutions, many of which are global in","nature and operate in the EU. This","applies above all to those large financial","institutions with wholesale banking or","other activities that could pose systemic","risk to the internal market, and those","systemic financial institutions defined and","identified at an international level. This","issue shall be further studied in the first","revision of the present Regulation, as set","out in Article 66, which should take place","not later than three years from its entry","into force."],"old":[""],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"508","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-509","justification":"There is need for an analysis and evaluation of the new European supervision, in particular\nconcerning the cross border financial institutions that could pose systemic risk to the internal\nmarket. The analysis should take place no later than three years.","location":[[" Proposal for a regulation","Article 12 a (new)"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:15"},"new":["Article 12 a","The Authority shall evolve according to","the best practices recognised at European","and international level. One such","approach could be the establishment of a","new level of direct supervision by the","Authority. To avoid international","distortions and to strengthen the","European System of Financial","Supervision, the introduction of direct","supervision should be carefully evaluated","and considered in order to add value to","the supervision of large cross border","banks and other financial institutions that","operate in the EU. This applies above all","to cross border banks that could pose","systemic risk to the internal market, and","to other systemic financial institutions","defined and identified at an international","level. This issue shall be further studied in","the first revision of the present","Regulation, as set out in Article 66, which","should take place not later than three","years from its entry into force."],"old":[""],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"509","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-210","location":[[" Proposal for a regulation","Recital 21"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:14"},"new":["(21) Serious threats to the orderly","functioning and integrity of financial","markets or the stability of the financial","system in the Union require a swift and","concerted response at Union level. The","Authority should therefore be able to","require national supervisory authorities to","take specific actions to remedy an","emergency situation. The European","Systemic Risk Board should establish","when there is an emergency situation; the","Commission or the Council can also adopt","a decision determining the existence of","such a situation or other justified","circumstances which demand the same","reinforced institutional response. To","ensure an effective response to the","emergency situation in the event of","inaction by the competent national","supervisory authorities, the Authority","should be empowered to adopt, as a last","resort, decisions directly addressed to","financial institutions in areas of Union law","directly applicable to them aimed at","mitigating the effects of the crisis and","restoring confidence in the markets."],"old":["(21) Serious threats to the orderly","functioning and integrity of financial","markets or the stability of the financial","system in the Community require a swift","and concerted response at Community","level. The Authority should therefore be","able to require national supervisory","authorities to take specific actions to","remedy an emergency situation. As the","determination of an emergency situation","involves a significant degree of discretion,","this power should be conferred on the","Commission. To ensure an effective","response to the emergency situation, in the","event of inaction by the competent national","supervisory authorities, the Authority","should be empowered to adopt, as a last","resort, decisions directly addressed to","financial institutions in areas of","Community law directly applicable to them","aimed at mitigating the effects of the crisis","and restoring confidence in the markets."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"210","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Sari Essayah","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-510","location":[["Proposal for a regulation","Article 13 \u2013 paragraph 1"]],"meps":[96682],"meta":{"created":"2019-07-03T05:21:15"},"new":["1. Member States shall allow competent","authorities to delegate tasks and","responsibilities to other competent","authorities, by bilateral agreement, subject","to the conditions set out in this Article.","Member States may set out specific","arrangements that have to be complied","with before their competent authorities","enter into such agreements and limit the","scope of delegation to what is necessary","for effective supervision of cross-border","financial institutions and groups."],"old":["1. Competent authorities may, by bilateral","agreement, delegate tasks and","responsibilities to other competent","authorities supervisory."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"510","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-211","justification":"The ESRB is the most appropriate body to declare an emergency. However, since the\nassessment of whether an emergency exists or not requires a large degree of discretion, under\nTreaty law it is necessary that the Commission be the legal entity to take the final decision.","location":[["Proposal for a regulation","Recital 21"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:14"},"new":["(21) Serious threats to the orderly","functioning and integrity of financial","markets or the stability of the financial","system in the Community require a swift","and concerted response at Community","level. The Authority should therefore be","able to require national supervisory","authorities to take specific actions to","remedy an emergency situation. The","European Systemic Risk Board should","establish when there is an emergency","situation. The Commission should declare","an emergency on a recommendation from","the European Systemic Risk Board. To","ensure an effective response to the","emergency situation, in the event of","inaction by the competent national","supervisory authorities, the Authority","should be empowered to adopt, as a last","resort, decisions directly addressed to","financial institutions in areas of","Community law directly applicable to them","aimed at mitigating the effects of the crisis","and restoring confidence in the markets."],"old":["(21) Serious threats to the orderly","functioning and integrity of financial","markets or the stability of the financial","system in the Community require a swift","and concerted response at Community","level. The Authority should therefore be","able to require national supervisory","authorities to take specific actions to","remedy an emergency situation. As the","determination of an emergency situation","involves a significant degree of discretion,","this power should be conferred on the","Commission. To ensure an effective","response to the emergency situation, in the","event of inaction by the competent national","supervisory authorities, the Authority","should be empowered to adopt, as a last","resort, decisions directly addressed to","financial institutions in areas of","Community law directly applicable to them","aimed at mitigating the effects of the crisis","and restoring confidence in the markets."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"211","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-212","justification":"\n The creation of the EU single market of financial services imposes coordinated action to face\n potential emergency situations, since the crisis in one Member State could rapidly spread\n across the borders. It is therefore necessary to provide ESRB with the power to identify the\n existence of an emergency situation.\n\n The ESRB is very well placed to identify potential emergency situations since it is a technical\n body established to monitor and assess potential threats to financial stability.","location":[[" Proposal for a regulation","Recital 21"]],"meps":[96888],"meta":{"created":"2019-07-03T05:21:14"},"new":["(21) Serious threats to the orderly","functioning and integrity of financial","markets or the stability of the financial","system in the Community require a swift","and concerted response at Community","level. The Authority should therefore be","able to require national supervisory","authorities to take specific actions to","remedy an emergency situation. The","European Systemic Risk Board should","establish when there is an emergency","situation. To ensure an effective response","to the emergency situation, in the event of","inaction by the competent national","supervisory authorities, the Authority","should be empowered to adopt, as a last","resort, decisions directly addressed to","financial institutions in areas of","Community law directly applicable to them","aimed at mitigating the effects of the crisis","and restoring confidence in the markets."],"old":["(21) Serious threats to the orderly","functioning and integrity of financial","markets or the stability of the financial","system in the Community require a swift","and concerted response at Community","level. The Authority should therefore be","able to require national supervisory","authorities to take specific actions to","remedy an emergency situation. As the","determination of an emergency situation","involves a significant degree of discretion,","this power should be conferred on the","Commission. To ensure an effective","response to the emergency situation, in the","event of inaction by the competent national","supervisory authorities, the Authority","should be empowered to adopt, as a last","resort, decisions directly addressed to","financial institutions in areas of","Community law directly applicable to them","aimed at mitigating the effects of the crisis","and restoring confidence in the markets."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"212","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-511","location":[[" Proposal for a regulation","Article 13 \u2013 paragraph 1"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:15"},"new":["1. Competent authorities may, by","agreements among them, delegate tasks","and responsibilities to other competent","authorities."],"old":["1. Competent authorities may, by bilateral","agreement, delegate tasks and","responsibilities to other competent","authorities supervisory."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"511","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-512","location":[[" Proposal for a regulation","Article 13 \u2013 paragraph 2"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:15"},"new":["2. The Authority shall facilitate the","delegation of tasks and responsibilities","between competent authorities by","identifying those tasks and responsibilities","that can be delegated or jointly exercised,","by promoting best practices and by","preparing appropriate multilateral","frameworks."],"old":["2. The Authority shall facilitate the","delegation of tasks and responsibilities","between competent authorities by","identifying those tasks and responsibilities","that can be delegated or jointly exercised","and by promoting best practices."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"512","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-213","location":[["Proposal for a regulation","Recital 21 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:14"},"new":["(21a) Having regarded the Declaration on","Strengthening the financial system of the","summit of G-20 Leader\u2019s held in London,","2nd April 2009 calling to \u201cset guidelines","for, and support the establishment,","functioning of, and participation in,","supervisory colleges, including through","ongoing identification of the most","systemically important cross-border","firms\u201d."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"213","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Diogo Feio","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-214","location":[["Proposal for a regulation","Recital 22"]],"meps":[96977],"meta":{"created":"2019-07-03T05:21:14"},"new":["(22) In order to ensure efficient and","effective supervision and a balanced","consideration of the positions of the","competent authorities in different Member","States, the Authority should be able to","settle disagreements cross-border","situations between those competent","authorities with binding effect, including","within colleges of supervisors. A","conciliation phase should be provided for,","during which the competent authorities","may reach an agreement. The Authority\u2019s","competence should also cover","disagreements on the procedure or content","of an action or inaction by a competent","authority of a Member State."],"old":["(22) In order to ensure efficient and","effective supervision and a balanced","consideration of the positions of the","competent authorities in different Member","States, the Authority should be able to","settle disagreements between those","competent authorities with binding effect,","including within colleges of supervisors. A","conciliation phase should be provided for,","during which the competent authorities","may reach an agreement. The Authority\u2019s","competence should cover disagreements on","procedural obligations in the cooperation","process as well as on the interpretation","and application of Community law in","supervisory decisions. Existing","conciliation mechanisms provided for in","","sectoral legislation have to be respected.","In the event of inaction by the national","supervisory authorities concerned, the","Authority should be empowered to adopt,","as a last resort, decisions directly","addressed to financial institutions in areas","of Community law directly applicable to","them."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"214","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-513","location":[[" Proposal for a regulation","Article 13 \u2013 paragraph 2"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:15"},"new":["2. The Authority shall stimulate and","facilitate the delegation of tasks and","responsibilities between competent","authorities by identifying those tasks and","responsibilities that can be delegated or","jointly exercised and by promoting best","practices."],"old":["2. The Authority shall facilitate the","delegation of tasks and responsibilities","between competent authorities by","","identifying those tasks and responsibilities","that can be delegated or jointly exercised","and by promoting best practices."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"513","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-215","justification":"It is not appropriate for ESAs to adopt directly binding decisions on individual financial\ninstitutions. Given that the national competent authority is responsible for day to day\nsupervision of financial institutions, it is legally preferable for the ESA to compel the national\nauthority to amend market practices following a ruling in an Article 11 mediation process.","location":[[" Proposal for a regulation","Recital 22"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:14"},"new":["(22) In order to ensure efficient and","effective supervision and a balanced","consideration of the positions of the","competent authorities in different Member","States, the Authority should be able to","settle disagreements between those","competent authorities with binding effect,","including within colleges of supervisors. A","conciliation phase should be provided for,","during which the competent authorities","may reach an agreement. The Authority\u2019s","competence should cover disagreements on","procedural obligations in the cooperation","process as well as on the interpretation and","application of Community law in","supervisory decisions. Existing conciliation","mechanisms provided for in sectoral","legislation have to be respected."],"old":["(22) In order to ensure efficient and","effective supervision and a balanced","consideration of the positions of the","competent authorities in different Member","States, the Authority should be able to","settle disagreements between those","competent authorities with binding effect,","including within colleges of supervisors. A","conciliation phase should be provided for,","during which the competent authorities","may reach an agreement. The Authority\u2019s","competence should cover disagreements on","procedural obligations in the cooperation","process as well as on the interpretation and","application of Community law in","supervisory decisions. Existing conciliation","mechanisms provided for in sectoral","legislation have to be respected. In the","event of inaction by the national","supervisory authorities concerned, the","Authority should be empowered to adopt,","as a last resort, decisions directly","addressed to financial institutions in areas","of Community law directly applicable to","them."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"215","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-514","justification":"The delegation of tasks and responsibilities can be a useful tool to enhance home-host\ncooperation by acknowledging supervisory expertise. Delegation can reduce the duplication\nof supervisory tasks and streamline the supervisory process as well as reduce the burden on\nfinancial institutions. Delegation can further support building trust amongst supervisors and\ndeveloping a common supervisory culture. The provision in Directive 2006/48/EC (Article\n131) should be reinforced by a clear legal basis for the delegation of responsibilities. The\nnational authority to which a responsibility was delegated, the delegate, shall be able to\ndecide on a certain matter in its own name. Decisions by the delegate should be recognised by\nthe delegating authority and the other competent authority as determinative within the scope\nof the delegation. Further EU legislation may be necessary to specify the principles for\ndelegation of responsibilities.","location":[["Proposal for a regulation","Article 13 \u2013 paragraph 2 a (new)"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:15"},"new":["2a. The delegation of responsibilities shall","result in the reallocation of the","competencies laid down in the legislation","referred to in Article 1(2). The law of the","delegate authority shall govern the","procedure, enforcement and","administrative and judicial review relating","to the delegated responsibilities."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"514","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-216","location":[["Proposal for a regulation","Recital 22"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:15"},"new":["(22) In order to ensure efficient and","effective supervision and a balanced","consideration of the positions of the","competent authorities in different Member","States, the Authority should be able to","settle disagreements between those","competent authorities with binding effect,","including within colleges of supervisors. A","conciliation phase should be provided for,","during which the competent authorities","may reach an agreement. The Authority\u2019s","competence should cover disagreements on","procedural obligations in the cooperation","process as well as on the interpretation and","application of Community law in","supervisory decisions. Existing conciliation","mechanisms provided for in sectoral","legislation have to be respected. In the","event of inaction by the national","supervisory authorities concerned, the","Authority should be empowered to adopt,","as a last resort, decisions directly addressed","to financial institutions in areas of","Community law directly applicable to","them. In cases where the relevant EU","legislation confers discretion on Member","States, decisions taken by the Authority","cannot replace the exercise in compliance","with European Union law of that","discretion."],"old":["(22) In order to ensure efficient and","effective supervision and a balanced","consideration of the positions of the","competent authorities in different Member","States, the Authority should be able to","settle disagreements between those","competent authorities with binding effect,","including within colleges of supervisors. A","conciliation phase should be provided for,","during which the competent authorities","may reach an agreement. The Authority\u2019s","competence should cover disagreements on","procedural obligations in the cooperation","process as well as on the interpretation and","application of Community law in","supervisory decisions. Existing conciliation","mechanisms provided for in sectoral","legislation have to be respected. In the","event of inaction by the national","supervisory authorities concerned, the","Authority should be empowered to adopt,","as a last resort, decisions directly addressed","to financial institutions in areas of","Community law directly applicable to","them."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"216","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" S\u0142awomir Witold Nitras, Danuta Jaz\u0142owiecka, Enik\u0131 Gy\u0131ri, Jan Koz\u0142owski","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-217","justification":" The proposed amendment is the consequence of the amendment proposed to art. 11 \u00a7 1\n concerning the scope of \u201cbinding mediation\u201d. The given draft Regulation shall only indicate\n the powers of the EBA to provide \u201cbinding mediation\u201d as well as the procedure. The scope of\n \u201cbinding mediation\u201d shall be however indicated on case by case basis in the sectorial\n\n\nlegislation.","location":[[" Proposal for a regulation","Recital 22"]],"meps":[96781,96830,101954],"meta":{"created":"2019-07-03T05:21:15"},"new":["(22) In order to ensure efficient and","effective supervision and a balanced","consideration of the positions of the","competent authorities in different Member","States, the Authority should be able to","settle disagreements between those","competent authorities with binding effect,","including within colleges of supervisors. A","conciliation phase should be provided for,","during which the competent authorities","may reach an agreement. The Authority\u2019s","competence in that respect should be","specified in the sectoral legislation","referred to in Article 1(2). Existing","conciliation mechanisms provided for in","sectoral legislation have to be respected. In","the event of inaction by the national","supervisory authorities concerned, the","Authority should be empowered to adopt,","as a last resort, decisions directly addressed","to financial institutions in areas of","Community law directly applicable to","them."],"old":["(22) In order to ensure efficient and","effective supervision and a balanced","consideration of the positions of the","competent authorities in different Member","States, the Authority should be able to","settle disagreements between those","competent authorities with binding effect,","including within colleges of supervisors. A","conciliation phase should be provided for,","during which the competent authorities","may reach an agreement. The Authority\u2019s","competence should cover disagreements","on procedural obligations in the","cooperation process as well as on the","interpretation and application of","Community law in supervisory decisions.","Existing conciliation mechanisms provided","for in sectoral legislation have to be","respected. In the event of inaction by the","national supervisory authorities concerned,","the Authority should be empowered to","adopt, as a last resort, decisions directly","addressed to financial institutions in areas","of Community law directly applicable to","them."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"217","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-515","location":[[" Proposal for a regulation","Article 13 \u2013 paragraph 3 \u2013 subparagraph 3"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:15"},"new":["The Authority shall publish any delegation","agreement as concluded by the competent","authorities by appropriate means, in order","to ensure that all parties concerned are","informed appropriately. These agreements","shall mention the respective responsibility","of the competent authorities involved."],"old":["The Authority shall publish any delegation","agreement as concluded by the competent","authorities by appropriate means, in order","to ensure that all parties concerned are","informed appropriately."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"515","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-218","location":[["Proposal for a regulation","Recital 22"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:15"},"new":["(22) In order to ensure efficient and","effective supervision and a balanced","consideration of the positions of the","competent authorities in different Member","States, the Authority should be able to","settle disagreements between those","competent authorities with binding effect,","including within colleges of supervisors. A","conciliation phase should be provided for,","during which the competent authorities","may reach an agreement. The Authority\u2019s","competence should cover disagreements on","procedural obligations in the cooperation","process as well as on the interpretation and","application of European law in","supervisory decisions; compliance with","binding decisions adopted does not","prevent the exercise of additional","prudential discretion by the competent","authority in conformity with international","principles on cross-border supervision.","Existing conciliation mechanisms provided","for in sectoral legislation have to be","respected. In the event of inaction by the","national supervisory authorities concerned,","the Authority should be empowered to","adopt, as a last resort, decisions directly","addressed to financial institutions in areas","of European law directly applicable to","them."],"old":["(22) In order to ensure efficient and","effective supervision and a balanced","consideration of the positions of the","competent authorities in different Member","States, the Authority should be able to","settle disagreements between those","competent authorities with binding effect,","including within colleges of supervisors. A","conciliation phase should be provided for,","during which the competent authorities","may reach an agreement. The Authority\u2019s","competence should cover disagreements on","procedural obligations in the cooperation","process as well as on the interpretation and","application of Community law in","supervisory decisions. Existing conciliation","mechanisms provided for in sectoral","legislation have to be respected. In the","event of inaction by the national","supervisory authorities concerned, the","Authority should be empowered to adopt,","as a last resort, decisions directly addressed","to financial institutions in areas of","Community law directly applicable to","them."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"218","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-516","justification":" To take into account the delegation by the Authority in the supervision of financial institutions\n with EU dimension.","location":[[" Proposal for a regulation","Article 13 a (new)"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:15"},"new":["Article 13 a","The Authority shall delegate on the","authorities in the Member States the tasks","and responsibilities to supervise the","prudential supervision of financial","institutions with EU dimension as","referred to in article 12a."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"516","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-219","justification":" In the cases of potential disagreement among national supervisors, the intervention of EBA is\n necessary in order to provide legal certainty to financial institutions.","location":[[" Proposal for a regulation","Recital 22"]],"meps":[96888],"meta":{"created":"2019-07-03T05:21:15"},"new":["(22) In order to ensure efficient and","effective supervision and a balanced","consideration of the positions of the","competent authorities in different Member","States, the Authority should be able to","settle disagreements between those","competent authorities with binding effect,","including within colleges of supervisors. A","conciliation phase should be provided for,","during which the competent authorities","may reach an agreement. The Authority\u2019s","competence should cover disagreements on","procedural obligations in the cooperation","process as well as on the interpretation and","application of European Union law in","supervisory decisions. Existing conciliation","mechanisms provided for in sectoral","legislation have to be respected. In the","event of inaction by the national","supervisory authorities concerned, the","Authority should be empowered to adopt,","as a last resort, decisions directly addressed","to financial institutions in areas of","European Union law directly applicable to","them. This also applies to disagreements","within a college of supervisors."],"old":["(22) In order to ensure efficient and","effective supervision and a balanced","consideration of the positions of the","competent authorities in different Member","States, the Authority should be able to","settle disagreements between those","competent authorities with binding effect,","including within colleges of supervisors. A","conciliation phase should be provided for,","during which the competent authorities","may reach an agreement. The Authority\u2019s","competence should cover disagreements on","procedural obligations in the cooperation","process as well as on the interpretation and","application of Community law in","supervisory decisions. Existing conciliation","mechanisms provided for in sectoral","legislation have to be respected. In the","event of inaction by the national","supervisory authorities concerned, the","Authority should be empowered to adopt,","as a last resort, decisions directly addressed","to financial institutions in areas of","Community law directly applicable to","them."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"219","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-220","location":[["Proposal for a regulation","Recital 22 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:15"},"new":["(22a) The crisis has exposed major fault","lines in existing approaches to supervision","of cross-border financial institutions,","particularly the biggest and most complex","institutions the bankruptcy of which is","capable of producing systemic damages.","Those fault lines arise from the different","areas of activity of the financial","institutions and from the supervisory","bodies on the other. The former act in a","market without borders, the latter check","on a daily basis whether their","jurisdictions end at national borders. In","order to address such misalignments it is","necessary to foster more supervisory","convergence and integration within the","European Union and at international","level."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"220","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-517","location":[["Proposal for a regulation","Article 14 \u2013 paragraph 1 \u2013 introductory part"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:15"},"new":["1. The Authority shall play an active role in","building a common European supervisory","culture and consistent supervisory","practices, and ensuring uniform procedures","and consistent approaches throughout the","European Union and shall carry out, at a","minimum, the following activities:"],"old":["1. The Authority shall play an active role in","building a common European supervisory","culture and consistent supervisory","practices, and ensuring uniform procedures","and consistent approaches throughout the","Community and shall carry out, at a","minimum, the following activities:"],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"517","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Markus Ferber","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-221","justification":" The crisis has exposed shortcomings in the supervision of cross-border financial institutions.\n A European framework is therefore required to improve the coordination between national\n supervisors.","location":[["Proposal for a regulation","Recital 22 a (new)"]],"meps":[1917],"meta":{"created":"2019-07-03T05:21:15"},"new":["(22a) The crisis has exposed shortcomings","in the existing regulations for the","supervision of cross-border financial","institutions. There are therefore good","arguments in favour of strengthening the","EU framework for improved cooperation","and coordination between the responsible","national supervisors in relation to the","supervision of cross-border institutions."],"orig_lang":"de","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"221","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Thomas H\u00e4ndel, J\u00fcrgen Klute","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-518","justification":"The supervisory authorities at national level can benefit a lot from involving relevant\nstakeholders like employee and consumers in their work. Employees working in the sectors\ncan provide important knowledge of companies\u2019 actual business practices \u2013 remuneration\nstructures, incentive systems, skills, working conditions \u2013 and the impact of these practices on\nthe risk profile of the company.","location":[["Proposal for a regulation","Article 14 \u2013 paragraph 1 \u2013 point b a (new)"]],"meps":[96851,96769],"meta":{"created":"2019-07-03T05:21:16"},"new":["(ba) encourage the emergence of best","practices, including an effective and","constructive dialogue between national","authorities and relevant stakeholders","including consumers and unions","representing employees in the sector as","constituents of a common supervisory","culture."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"518","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-222","location":[[" Proposal for a regulation","Recital 22 b (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:15"},"new":["(22b) According to the Turner Review,","published in March 2009, \u201cexisting single","market rules can create unacceptable","risks to depositors and taxpayers\u201d and","\u201cthe current arrangements, combining","branch passporting rights, home country","supervision, and purely national deposit","insurance, are not sound basis for the","future regulation and supervision of","European cross-border retail banks\u201d."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"222","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Thomas H\u00e4ndel, J\u00fcrgen Klute","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-519","justification":" The supervisory authorities at national level can benefit a lot from involving relevant\n stakeholders like employee and consumers in their work. Employees working in the sectors\n can provide important knowledge of companies\u2019 actual business practices \u2013 remuneration\n structures, incentive systems, skills, working conditions \u2013 and the impact of these practices on\n the risk profile of the company.","location":[[" Proposal for a regulation","Article 14 \u2013 paragraph 1 \u2013 point b b (new)"]],"meps":[96851,96769],"meta":{"created":"2019-07-03T05:21:16"},"new":["(bb) ensure that authorities take account","of information from employees on","companies\u2019 business practices as regards","remuneration structures, incentives, skills","and working conditions."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"519","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-223","location":[[" Proposal for a regulation","Recital 22 c (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:15"},"new":["(22c) As the Turner review also states,","\u201csounder arrangements require either","increased national powers, implying a less","open single market, or a greater degree of","European integration. A mix of both","seems appropriate: the extent to which","more national powers are required will","depend on how effective \u2018more Europe\u2019","options can be\u201d."],"old":[""],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"223","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-224","location":[["Proposal for a regulation","Recital 22 d (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:15"},"new":["(22d) The European solution calls for the","creation of a new European Union","institutional structure, an independent","Authority with legal powers, a standard","setter and overseer in the area of cross","border supervision, the reinforcement of","the colleges of supervisors in the","supervision of cross-border institutions","and for a coherent and increased","empowerment of supervisory powers at","both national and EU level."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"224","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-520","justification":" ESA should provide advice to European and international standard setters where\n harmonisation of international standards is necessary, but should not itself become directly\n\nengaged in developing new standards where that task is already assigned to a European or\ninternational body.","location":[[" Proposal for a regulation","Article 14 \u2013 paragraph 1 \u2013 point c"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:16"},"new":["(c) contribute advice to the appropriate","European and international bodies to help","facilitate the development of high quality","and uniform supervisory standards,","including reporting and accounting","standards;"],"old":["(c) contribute to developing high quality","and uniform supervisory standards,","including reporting standards;"],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"520","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-225","location":[["Proposal for a regulation","Recital 22 e (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:15"},"new":["(22 e) The Authority should have the","power to develop supervisory standards to","foster the uniform application of the","Single Rule Book. The Authority should","also have a key role as sectoral","coordinator and consultative body for the","Colleges of Supervisors with a view to","streamlining the functioning of the","information-exchange process, to foster","convergence and consistency across","colleges in the application of EU law. The","Authority should act as leader coordinator","in supervising banking institutions","operating in the European Union. The","Authority should also have a legally","binding mediation role to solve conflicts","between competent supervisors."],"old":[""],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"225","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Sharon Bowles, Marian Harkin","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-521","justification":"The European Banking Authority must take account of the different business models that exist\nin the financial services sector. Technical standards should not differ for the same type of\nfinancial institution across Member States, but they must provide for a degree of flexibility in\norder to acknowledge the existence of democratically controlled cooperatives, whose business\nmodels are highly risk averse, and who play an important role in combating social exclusion\nwithin local communities.","location":[["Proposal for a regulation","Article 14 \u2013 paragraph 1 \u2013 point c"]],"meps":[33570,28116],"meta":{"created":"2019-07-03T05:21:16"},"new":["(c) contribute to developing high quality","and uniform supervisory standards,","including reporting standards and taking","into account the principle of","proportionality;"],"old":["(c) contribute to developing high quality","and uniform supervisory standards,","including reporting standards;"],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"521","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-226","location":[[" Proposal for a regulation","Recital 22 f (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:15"},"new":["(22f) Colleges of supervisors should play","an important role in the efficient, effective","and consistent supervision of cross-border","financial institutions in EU. There is little","usefulness in working towards the","convergence of basic financial","regulations if the supervision practices","remain fragmented. As the de Larosi\u00e8re","Report points out, \u201ccompetition","distortions and regulatory arbitrage","stemming from different supervisory","practices must be avoided, because they","have the potential of undermining","financial stability \u2013 inter alia by","encouraging a shift of financial activity to","countries with lax supervision. The","supervisory system has to be perceived as","fair and balanced\u201d."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"226","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-522","location":[["Proposal for a regulation","Article 14 \u2013 paragraph 1 \u2013 point c"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:16"},"new":["(c) contribute to developing high quality","and uniform supervisory standards,","including global accounting and reporting","standards;"],"old":["(c) contribute to developing high quality","and uniform supervisory standards,","including reporting standards;"],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"522","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Thomas H\u00e4ndel, J\u00fcrgen Klute","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-523","justification":" The supervisory authorities at national level can benefit a lot from involving relevant\n stakeholders like employee and consumers in their work. Employees working in the sectors\n can provide important knowledge of companies\u2019 actual business practices \u2013 remuneration\n structures, incentive systems, skills, working conditions \u2013 and the impact of these practices on\n the risk profile of the company.","location":[[" Proposal for a regulation","Article 14 \u2013 paragraph 1 \u2013 point c"]],"meps":[96851,96769],"meta":{"created":"2019-07-03T05:21:16"},"new":["(c) contribute to developing high quality","uniform supervisory standards, including","reporting and accounting standards;"],"old":["(c) contribute to developing high quality","and uniform supervisory standards,","including reporting standards;"],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"523","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-227","location":[["Proposal for a regulation","Recital 23 a (new)"]],"meps":[96787],"meta":{"created":"2019-07-03T05:21:15"},"new":["(23a) A European Financial Protection","Fund (Fund) should be established to","protect depositors and institutions facing","difficulties when those could menace","financial stability of the European single","financial market. The Fund should be","financed through contributions from","cross-border financial institutions,","through debt issued by the Fund or, in","exceptional circumstances, through","contributions made by the affected","Member States in accordance with criteria","previously agreed upon (revised","Memorandum of Understanding). The","contributions to the Fund should replace","those made to the national Deposit","Guarantee Schemes."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"227","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-524","location":[[" Proposal for a regulation","Article 14 \u2013 paragraph 1 \u2013 point d"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:16"},"new":["(d) review the application of the relevant","standards adopted or endorsed by the","Commission, guidelines and","recommendations issued by the Authority","and propose amendments where","appropriate;"],"old":["(d) review the application of the relevant","technical standards adopted by the","Commission, guidelines and","recommendations issued by the Authority","and propose amendments where","appropriate;"],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"524","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Corien Wortmann-Kool","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-228","location":[["Proposal for a regulation","Recital 23 a (new)"]],"meps":[28167],"meta":{"created":"2019-07-03T05:21:15"},"new":["(23a) A European deposit guarantee fund","should be established to protect","depositors. Contributions to this fund","should gradually replace those made by","the national Deposit Guarantee Schemes."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"228","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Wolf Klinz","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-229","justification":" Burden-sharing arrangements have to be made in order to address the inherent problems of\n cross-border institutions. A European Resolution Fund could be used to stabilize institutions\n in case of extreme market stress. This fund should however be clearly separated from any\n Deposit Guarantee Fund in order to protect investors\u2019 savings.","location":[[" Proposal for a regulation","Recital 23 a (new)"]],"meps":[28244],"meta":{"created":"2019-07-03T05:21:15"},"new":["(23a) Considers that the issue of burden-","sharing has to be addressed in order to","truly achieve a new European supervisory","system. To this end a European","Resolution Fund will be necessary in the","future in order to safeguard the stability","of the financial market in times of severe","market distress. Urges the Commission","and the Member States to step up their","efforts on the matter."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"229","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-525","location":[["Proposal for a regulation","Article 15 \u2013 paragraph 1"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:16"},"new":["1. The Authority shall periodically","organise and conduct peer review analyses","of some or all of the activities of competent","authorities, to further enhance consistency","in supervisory outcomes. To this end, the","Authority shall develop methods to allow","for objective assessment and comparison","between the authorities reviewed."],"old":["1. The Authority shall periodically conduct","peer review analyses of some or all of the","activities of competent authorities, to","further enhance consistency in supervisory","outcomes. To this end, the Authority shall","develop methods to allow for objective","assessment and comparison between the","authorities reviewed."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"525","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-526","location":[["Proposal for a regulation","Article 15 \u2013 paragraph 2 \u2013 point a"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:16"},"new":["(a) the adequacy of resources and","governance arrangements of the competent","authority, with particular regard to the","effective application of the standards and","legislation referred to in Article 1(2) and to","the capacity to respond to market","developments"],"old":["(a) the adequacy of institutional","arrangements, resourcing and staff","expertise of the competent authority, with","particular regard to the effective","application of the legislation referred to in","Article 1(2) and to the capacity to respond","to market developments;"],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"526","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Jean-Paul Gauz\u00e8s","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-230","location":[[" Proposal for a regulation","Recital 23 a (new)"]],"meps":[28193],"meta":{"created":"2019-07-03T05:21:15"},"new":["(23a) A report to be submitted as soon as","possible to the European Parliament and","to the Council by the Commission should","analyse the measures necessary for a new","EU framework for Crisis Management in","the Banking Sector. In particular, it","should examine the feasibility to set a","European Financial Protection Fund or","harmonised national funds to protect","depositors and institutions facing","difficulties when those could menace","financial stability of the European single","financial market."],"old":[""],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"230","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-527","location":[[" Proposal for a regulation","Article 15 \u2013 paragraph 2 \u2013 point b"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:16"},"new":["(b) the degree of convergence reached in","the application of European union law and","in supervisory practice, including","regulatory and supervisory standards,","guidelines and recommendations adopted","under Articles 7 and 8, and the extent to","which the supervisory practice achieves the","objectives set out in European Union law;"],"old":["(b) the degree of convergence reached in","the application of Community law and in","supervisory practice, including technical","standards, guidelines and recommendations","adopted under Articles 7 and 8, and the","extent to which the supervisory practice","achieves the objectives set out in","Community law;"],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"527","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-231","location":[["Proposal for a regulation","Recital 23 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:16"},"new":["(23a) A report to be submitted to the","European Parliament and to the Council","by the Commission should analyse, under","a procyclical perspective, the","internalisation of cost in the financial","system. All related issues such as set-offs","and counterclaims; dynamic provisions;","the determination of contributions to","schemes; the scope of products and","depositors covered; the effectiveness of","cross-border deposit-guarantee schemes","and the link between deposit guarantee","schemes and alternative means for","reimbursing depositors, such as","emergency payout mechanisms and a","European Financial Protection Fund,","should also be analysed. For the purpose","of that report, Member States should","collect the relevant data and submit them","to the Commission on request."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"231","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-528","location":[[" Proposal for a regulation","Article 15 \u2013 paragraph 3"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:16"},"new":["3. On the basis of the peer review the","Authority may issue recommendations or","adopt other appropriated measures to the","competent authorities concerned."],"old":["3. On the basis of the peer review the","Authority may issue recommendations to","the competent authorities concerned."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"528","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-529","justification":"The ESA should look to not only make specific recommendations, but also issue more general\nguidelines for encouraging harmonised practices. However, this should remain voluntary\ngiving the legal obstacles to forcing harmonisation beyond that already foreseen in Article 7.","location":[[" Proposal for a regulation","Article 15 \u2013 paragraph 3"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:16"},"new":["3. On the basis of the peer review the","Authority may issue guidelines and","recommendations to the national","supervisory authorities concerned."],"old":["3. On the basis of the peer review the","Authority may issue recommendations to","","the competent authorities concerned."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"529","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Gunnar H\u00f6kmark","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-232","justification":" National deposit-schemes have to be sufficiently capitalized in order to protect customers and\n institutions also for cross-border commitments.","location":[[" Proposal for a regulation","Recital 23 a (new)"]],"meps":[28124],"meta":{"created":"2019-07-03T05:21:16"},"new":["(23a) By securing that national deposit","schemes and funds are established and","designed in a sufficient way, the Authority","shall be responsible to ensure that all","institutions with an European dimension","will contribute to the stability of the single","financial market."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"232","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Corien Wortmann-Kool","changes":{},"committee":["ECON"],"date":"2010-04-15T00:00:00","id":"PE440.017-530","justification":"In order to promote transparency, the outcome of peer reviews and the best practices that can\nbe identified from these peer reviews should be made publicly available.","location":[["Proposal for a regulation","Article 15 \u2013 paragraph 3 a (new)"]],"meps":[28167],"meta":{"created":"2019-07-03T05:21:16"},"new":["3a. The Authority shall make the outcome","of peer reviews and the best practices that","can be identified from these peer reviews","publicly available."],"orig_lang":"en","peid":"PE440.017v02-00","reference":"2009/0142(COD)","seq":"530","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-440.017+02+DOC+PDF+V0//EN&language=EN"},{"authors":" Sari Essayah","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-233","location":[[" Proposal for a regulation","Recital 24"]],"meps":[96682],"meta":{"created":"2019-07-03T05:21:16"},"new":["(24) The delegation of tasks and","responsibilities can be a useful instrument","in the functioning of the network of","supervisors in order to reduce the","duplication of supervisory tasks, foster","cooperation and thereby streamline the","supervisory process as well as reduce the","burden imposed on financial institutions.","The Regulation should therefore provide a","clear legal basis for such delegation. A","Member State may restrict the powers of","the national supervisory authority to","delegate its tasks. Delegation of tasks","means that tasks are carried out by another","supervisory authority instead of the","responsible authority, while the","responsibility for supervisory decisions","remains with the delegating authority. By","delegation of responsibilities one national","supervisory authority, the delegatee, shall","be able to decide upon a certain","supervisory matter in its name in lieu of","another national supervisory authority.","Delegations should be governed by the","principle of allocating supervisory","competence to a supervisor which is well","placed to take action in the subject matter.","A reallocation of responsibilities can be","appropriate for example for reasons of","economies of scale or scope, of coherence","in group supervision, and of optimal use of","technical expertise among national","supervisory authorities. Relevant","Community legislation may further specify","the principles for reallocation of","responsibilities upon agreement. The","Authority should facilitate delegation","agreements between national supervisory","authorities by all appropriate means. It","should be informed in advance of intended","delegation agreements to be able to express","an opinion where appropriate. It should","centralise the publication of such","agreements to ensure timely, transparent","and easily accessible information about","agreements for all parties concerned."],"old":["(24) The delegation of tasks and","responsibilities can be a useful instrument","in the functioning of the network of","supervisors in order to reduce the","duplication of supervisory tasks, foster","cooperation and thereby streamline the","supervisory process as well as reduce the","burden imposed on financial institutions.","The Regulation should therefore provide a","clear legal basis for such delegation.","Delegation of tasks means that tasks are","carried out by another supervisory","authority instead of the responsible","authority, while the responsibility for","supervisory decisions remains with the","","delegating authority. By delegation of","responsibilities one national supervisory","authority, the delegatee, shall be able to","decide upon a certain supervisory matter in","its name in lieu of another national","supervisory authority. Delegations should","be governed by the principle of allocating","supervisory competence to a supervisor","which is well placed to take action in the","subject matter. A reallocation of","responsibilities can be appropriate for","example for reasons of economies of scale","or scope, of coherence in group","supervision, and of optimal use of technical","expertise among national supervisory","authorities. Relevant Community","legislation may further specify the","principles for reallocation of","responsibilities upon agreement. The","Authority should facilitate delegation","agreements between national supervisory","authorities by all appropriate means. It","should be informed in advance of intended","delegation agreements to be able to express","an opinion where appropriate. It should","centralise the publication of such","agreements to ensure timely, transparent","and easily accessible information about","agreements for all parties concerned."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"233","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-234","location":[["Proposal for a regulation","Recital 24"]],"meps":[96787],"meta":{"created":"2019-07-03T05:21:16"},"new":["(24) The delegation of tasks and","responsibilities can be a useful instrument","in the functioning of the network of","supervisors in order to reduce the","duplication of supervisory tasks, foster","cooperation and thereby streamline the","supervisory process as well as reduce the","burden imposed on financial institutions,","particularly for those financial","institutions that do not have a European","dimension. The Regulation should","therefore provide a clear legal basis for","such delegation. Delegation of tasks means","that tasks are carried out by another","supervisory authority instead of the","responsible authority, while the","responsibility for supervisory decisions","remains with the delegating authority. By","delegation of responsibilities one national","supervisory authority, the delegatee, shall","be able to decide upon a certain","supervisory matter in its name in lieu of","another national supervisory authority.","Delegations should be governed by the","principle of allocating supervisory","competence to a supervisor which is well","placed to take action in the subject matter.","A reallocation of responsibilities can be","appropriate for example for reasons of","economies of scale or scope, of coherence","in group supervision, and of optimal use of","technical expertise among national","supervisory authorities. Relevant EU","legislation may further specify the","principles for reallocation of","responsibilities upon agreement. The","Authority should facilitate and monitor","delegation agreements between national","supervisory authorities by all appropriate","means. It should be informed in advance of","intended delegation agreements to be able","to express an opinion where appropriate. It","should centralise the publication of such","agreements to ensure timely, transparent","and easily accessible information about","agreements for all parties concerned. It","should identify and disseminate best","practices regarding delegation and","delegation agreements."],"old":["(24) The delegation of tasks and","responsibilities can be a useful instrument","in the functioning of the network of","supervisors in order to reduce the","","duplication of supervisory tasks, foster","cooperation and thereby streamline the","supervisory process as well as reduce the","burden imposed on financial institutions.","The Regulation should therefore provide a","clear legal basis for such delegation.","Delegation of tasks means that tasks are","carried out by another supervisory","authority instead of the responsible","authority, while the responsibility for","supervisory decisions remains with the","delegating authority. By delegation of","responsibilities one national supervisory","authority, the delegatee, shall be able to","decide upon a certain supervisory matter in","its name in lieu of another national","supervisory authority. Delegations should","be governed by the principle of allocating","supervisory competence to a supervisor","which is well placed to take action in the","subject matter. A reallocation of","responsibilities can be appropriate for","example for reasons of economies of scale","or scope, of coherence in group","supervision, and of optimal use of technical","expertise among national supervisory","authorities. Relevant Community","legislation may further specify the","principles for reallocation of","responsibilities upon agreement. The","Authority should facilitate delegation","agreements between national supervisory","authorities by all appropriate means. It","should be informed in advance of intended","delegation agreements to be able to express","an opinion where appropriate. It should","centralise the publication of such","agreements to ensure timely, transparent","and easily accessible information about","agreements for all parties concerned."],"orig_lang":"it","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"234","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-235","justification":" The authority shall delegate supervision on institutions with EU dimension to the national\n supervisors.","location":[["Proposal for a regulation","Recital 24"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:16"},"new":["(24) The delegation of tasks and","responsibilities can be a useful instrument","in the functioning of the network of","supervisors in order to reduce the","duplication of supervisory tasks, foster","cooperation and thereby streamline the","supervisory process as well as reduce the","burden imposed on financial institutions.","The Regulation should therefore provide a","clear legal basis for such delegation.","Delegation of tasks means that tasks are","carried out by another supervisory","authority instead of the responsible","authority, while the responsibility for","supervisory decisions remains with the","delegating authority. By delegation of","responsibilities one national supervisory","authority, the delegatee, shall be able to","decide upon a certain supervisory matter in","its name in lieu of the Authority or in lieu","of another national supervisory authority.","Delegations should be governed by the","principle of allocating supervisory","competence to a supervisor which is well","placed to take action in the subject matter.","A reallocation of responsibilities can be","appropriate for example for reasons of","economies of scale or scope, of coherence","in group supervision, and of optimal use of","technical expertise among national","supervisory authorities. Relevant","Community legislation may further specify","the principles for reallocation of","responsibilities upon agreement. The","Authority should facilitate delegation","agreements between national supervisory","authorities by all appropriate means. It","should be informed in advance of intended","delegation agreements to be able to express","an opinion where appropriate. It should","centralise the publication of such","agreements to ensure timely, transparent","and easily accessible information about","agreements for all parties concerned."],"old":["(24) The delegation of tasks and","responsibilities can be a useful instrument","in the functioning of the network of","supervisors in order to reduce the","duplication of supervisory tasks, foster","cooperation and thereby streamline the","supervisory process as well as reduce the","burden imposed on financial institutions.","The Regulation should therefore provide a","clear legal basis for such delegation.","Delegation of tasks means that tasks are","carried out by another supervisory","authority instead of the responsible","authority, while the responsibility for","supervisory decisions remains with the","delegating authority. By delegation of","responsibilities one national supervisory","authority, the delegatee, shall be able to","decide upon a certain supervisory matter in","its name in lieu of another national","supervisory authority. Delegations should","be governed by the principle of allocating","supervisory competence to a supervisor","which is well placed to take action in the","subject matter. A reallocation of","responsibilities can be appropriate for","example for reasons of economies of scale","or scope, of coherence in group","supervision, and of optimal use of technical","expertise among national supervisory","authorities. Relevant Community","legislation may further specify the","principles for reallocation of","responsibilities upon agreement. The","Authority should facilitate delegation","agreements between national supervisory","authorities by all appropriate means. It","","should be informed in advance of intended","delegation agreements to be able to express","an opinion where appropriate. It should","centralise the publication of such","agreements to ensure timely, transparent","and easily accessible information about","agreements for all parties concerned."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"235","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-236","location":[[" Proposal for a regulation","Recital 27"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:16"},"new":["(27) The Authority should actively","promote a coordinated Union supervisory","response, in particular to ensure the","orderly functioning and integrity of","financial markets or the stability of the","financial system in the Union. In addition","to its powers for action in emergency","situations, it should therefore be entrusted","with a general coordination function within","the ESFS. The smooth flow of all relevant","information between competent authorities","should be a particular focus of the","Authority\u2019s actions."],"old":["(27) The Authority should actively","promote a coordinated Community","supervisory response, in particular where","adverse developments could potentially","jeopardise the orderly functioning and","integrity of financial markets or the","stability of the financial system in the","Community. In addition to its powers for","action in emergency situations, it should","therefore be entrusted with a general","coordination function within the European","System of Financial Supervisors. The","smooth flow of all relevant information","between competent authorities should be a","particular focus of the Authority\u2019s actions."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"236","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-237","justification":"The use of economic analysis will allow the ESA to make more informed decisions on the\nimpact of its actions on the wider market, and the impact of wider market events on its\nactions. This is in line with best practice at member state level.","location":[["Proposal for a regulation","Recital 28"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:16"},"new":["(28) In order to safeguard financial","stability it is necessary to identify, at an","early stage, trends, potential risks and","vulnerabilities stemming from the micro-","prudential level, across borders and across","sectors. The Authority should monitor and","assess such developments in the area of its","competence and, where necessary, inform","the European Parliament, the Council, the","Commission, the other European","Supervisory Authorities and the European","Systemic Risk Board on a regular and, as","necessary, ad hoc basis. The Authority","should also initiate and coordinate","Community-wide stress tests to assess the","resilience of financial institutions to","adverse market developments, ensuring an","as consistent as possible methodology is","applied at the national level to such tests.","In order to inform the discharge of its","functions, the Authority should undertake","economic analysis of markets and the","impact of potential market developments","on them."],"old":["(28) In order to safeguard financial","stability it is necessary to identify, at an","early stage, trends, potential risks and","vulnerabilities stemming from the micro-","prudential level, across borders and across","sectors. The Authority should monitor and","assess such developments in the area of its","competence and, where necessary, inform","the European Parliament, the Council, the","Commission, the other European","Supervisory Authorities and the European","Systemic Risk Board on a regular and, as","necessary, ad hoc basis. The Authority","should also coordinate Community-wide","stress tests to assess the resilience of","financial institutions to adverse market","developments, ensuring an as consistent as","possible methodology is applied at the","national level to such tests."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"237","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-238","justification":" The Authority should undertake economic analysis in order to inform the discharge of its\n functions as stated in the Skinner report.","location":[[" Proposal for a regulation","Recital 28"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:16"},"new":["(28) In order to safeguard financial","stability it is necessary to identify, at an","early stage, trends, potential risks and","vulnerabilities stemming from the micro-","prudential level, across borders and across","sectors. The Authority should monitor and","assess such developments in the area of its","competence and, where necessary, inform","the European Parliament, the Council, the","Commission, the other European","Supervisory Authorities and the European","Systemic Risk Board on a regular and, as","necessary, ad hoc basis. The Authority","should also coordinate Community-wide","stress tests to assess the resilience of","financial institutions to adverse market","developments, ensuring an as consistent as","possible methodology is applied at the","national level to such tests. In order to","inform the discharge of its functions, the","Authority should undertake economic","analysis of markets and the impact of","potential market developments on them."],"old":["(28) In order to safeguard financial","stability it is necessary to identify, at an","early stage, trends, potential risks and","vulnerabilities stemming from the micro-","prudential level, across borders and across","sectors. The Authority should monitor and","assess such developments in the area of its","competence and, where necessary, inform","the European Parliament, the Council, the","Commission, the other European","Supervisory Authorities and the European","Systemic Risk Board on a regular and, as","necessary, ad hoc basis. The Authority","should also coordinate Community-wide","stress tests to assess the resilience of","financial institutions to adverse market","developments, ensuring an as consistent as","possible methodology is applied at the","national level to such tests."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"238","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-239","location":[["Proposal for a regulation","Recital 29"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:17"},"new":["(29) Given the globalisation of financial","services and the increased importance of","international standards, the Authority","should represent the European Union in","the dialogue and cooperation with","supervisors outside the Union. National","competent authorities may continue to","contribute to such fora as pertain to","national issues and issues relevant for","their own functions and competences","under EU law."],"old":["(29) Given the globalisation of financial","services and the increased importance of","international standards, the Authority","should foster the dialogue and cooperation","with supervisors outside the Community. It","shall fully respect the existing roles and","competences of the European Institutions","in relations with authorities outside the","Community and in international forums."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"239","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-240","location":[["Proposal for a regulation","Recital 29"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:17"},"new":["(29) Given the globalisation of financial","services and the increased importance of","international standards, the Authority","should foster the dialogue and cooperation","with supervisors outside the Union. It shall","fully respect the existing roles and","competences of the Member States and","European Institutions in relations with","authorities outside the Community and in","international forums."],"old":["(29) Given the globalisation of financial","services and the increased importance of","international standards, the Authority","should foster the dialogue and cooperation","with supervisors outside the Community. It","shall fully respect the existing roles and","competences of the European Institutions","in relations with authorities outside the","Community and in international forums."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"240","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-241","justification":" A merger is, by definition, institution specific and market and commercially sensitive, and\n should remain primarily a matter for national and EU competition authorities. The ability of\n ESAs to advise on mergers should be limited to cases where the CRD requires consultation\n between competent authorities.","location":[[" Proposal for a regulation","Recital 30"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:17"},"new":["(30) The Authority should serve as an","independent advisory body to the European","Parliament, the Council, and the","Commission in the area of its competence.","It should be able to provide its opinion on","the prudential assessment of mergers and","acquisitions under Directive 2006/48/EC,","amended by 2007/44/EC in those cases in","which that Directive requires consultation","between competent authorities from two","or more Member States."],"old":["(30) The Authority should serve as an","independent advisory body to the European","Parliament, the Council, and the","Commission in the area of its competence.","It should be able to provide its opinion on","the prudential assessment of mergers and","acquisitions under Directive 2006/48/EC,","amended by 2007/44/EC."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"241","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-531","location":[["Proposal for a regulation","Article 16 \u2013 paragraph 2 \u2013 introductory part"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:18"},"new":["The Authority shall promote a","coordinated, consolidated and integrated","European Union response, inter alia by:"],"old":["The Authority shall promote a coordinated","Community response, inter alia by:"],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"531","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Sharon Bowles","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-242","location":[[" Proposal for a regulation","Recital 30 a (new)"]],"meps":[33570],"meta":{"created":"2019-07-03T05:21:17"},"new":["(30a) In respect of supervisors operating","in colleges of supervisors, the Authority","will determine and collect as appropriate","all relevant information from competent","authorities. Furthermore, it will take full","account of the existing arrangements","between national competent authorities","and third country supervisors, taking into","accounting the core Crisis Management","Groups of international colleges which","have full access to information. The","authority should be a member of the","Crisis Management Groups."],"old":[""],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"242","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-243","justification":"The power to request information from individual institutions should only be used by ESAs in\ncurtailed emergency situations to avoid it being abused in favour of building trust between\nnational competent authorities and ESAs. Addressed financial institutions should also have\nthe ability to express a view on the merits of an individual request.","location":[["Proposal for a regulation","Recital 31"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:17"},"new":["(31) In order to effectively carry out its","duties, the Authority should have the right","to request all necessary information. To","avoid duplication of reporting obligations","for financial institutions, that information","should normally be provided by the","national supervisory authorities who are","closest to financial markets and","institutions. However, as a last resort in","objective verifiable situations of market","dislocation, the Authority should have the","power to request information directly from","financial institutions and other parties","where a national competent authority does","not or cannot provide such information in a","timely fashion. The relevant financial","institution should have the right to","express a view on the merits of a direct","information request from the Authority."],"old":["(31) In order to effectively carry out its","duties, the Authority should have the right","to request all necessary information. To","avoid duplication of reporting obligations","for financial institutions, that information","should normally be provided by the","national supervisory authorities who are","closest to financial markets and","institutions. However, the Authority should","have the power to request information","directly from financial institutions and","other parties where a national competent","authority does not or cannot provide such","information in a timely fashion. Member","States\u2019 authorities should be obliged to","assist the Authority in enforcing such","direct requests."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"243","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-244","justification":" Better explanation of the text.","location":[[" Proposal for a regulation","Recital 32"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:17"},"new":["(32) Close cooperation between the","Authority and the European Systemic Risk","Board is essential to give full effectiveness","to the functioning of the European","Systemic Risk Board and the follow-up to","its warnings and recommendations. The","Authority and the European Systemic","Risk Board should share any relevant","information with the European Systemic","Risk Board. Data related to individual","undertakings should be provided only upon","reasoned request. Upon receipt of warnings","or recommendations addressed by the","European Systemic Risk Board to the","Authority or a national supervisory","authority, the Authority should ensure","follow-up as appropriate."],"old":["(32) Close cooperation between the","Authority and the European Systemic Risk","Board is essential to give full effectiveness","to the functioning of the European","Systemic Risk Board and the follow-up to","its warnings and recommendations. The","Authority should share any relevant","information with the European Systemic","Risk Board. Data related to individual","undertakings should be provided only upon","reasoned request. Upon receipt of warnings","or recommendations addressed by the","European Systemic Risk Board to the","Authority or a national supervisory","authority, the Authority should ensure","follow-up."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"244","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-532","location":[["Proposal for a regulation","Article 16 \u2013 paragraph 2 \u2013 point 3 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:18"},"new":["(3a) taking all appropriate measures in","situations of financial instability and","crisis with a view to achieve a common","response, as fast and automatically as","possible, by relevant national competent","supervisory authorities;"],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"532","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-245","location":[[" Proposal for a regulation","Recital 33"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:17"},"new":["(33) Where appropriate, the Authority","should consult interested parties on","technical standards, guidelines and","recommendations and provide them with a","reasonable opportunity to comment on","proposed measures. For reasons of","efficiency, a Banking Stakeholder Group","should be established for that purpose,","representing Community credit and","investment institutions (including as","appropriate institutional investors and other","financial institutions which themselves use","financial services), their employees, and","consumers and other retail users of banking","services, including SMEs. The Banking","Stakeholder Group shall be composed at","least of 15 representatives from","consumers and users, of 5 independent","top-ranking academics and of 10","representatives from the sector and its","employees. The Banking Stakeholder","Group should actively work as an interface","with other user groups in the financial","services area established by the","Commission or Community legislation."],"old":["(33) Where appropriate, the Authority","should consult interested parties on","technical standards, guidelines and","recommendations and provide them with a","reasonable opportunity to comment on","proposed measures. For reasons of","","efficiency, a Banking Stakeholder Group","should be established for that purpose,","representing in balanced proportions","Community credit and investment","institutions (including as appropriate","institutional investors and other financial","institutions which themselves use financial","services), their employees, and consumers","and other retail users of banking services,","including SMEs. The Banking Stakeholder","Group should actively work as an interface","with other user groups in the financial","services area established by the","Commission or Community legislation."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"245","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-533","justification":"\n In many instances EBA will set technical standards to implement capital and other rules (see\n Omnibus Directive). To ensure that all regulators work from the same set of facts and that\n coordination in a crisis would be much more seamless, EBA should become the central\n recipient of regulatory reporting thereby also avoiding current duplication due to reporting at\n member states level.","location":[["Proposal for a regulation","Article 16 \u2013 paragraph 2 \u2013 point 4 a (new)"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:18"},"new":["(4a) acting as the central recipient of","regulatory reporting for institutions active","in more than one Member Sates. Upon","receipt of the reporting, the Authority will","share the information with the competent","national authorities."],"old":[""],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"533","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-269","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 1"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:16"},"new":["1. This Regulation establishes a European","Supervisory Authority on Banking (\"the","Authority\")."],"old":["1. This Regulation establishes a European","Banking Authority (\"the Authority\")."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"269","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-246","justification":" Representation by different stakeholders should be appropriate to the tasks it faces, rather\n than balanced.","location":[["Proposal for a regulation","Recital 33"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:17"},"new":["(33) The Authority should consult","interested parties on technical standards,","guidelines and recommendations and","provide them with a reasonable opportunity","to comment on proposed measures. Before","adopting draft technical standards,","guidelines and recommendations the","Authority should carry out an impact","assessment with a view to ensuring that","the best practices for high-quality","regulation are met. To provide effective","external assistance, a Banking Stakeholder","Group should be established for that","purpose, representing in appropriate","proportions Community credit and","investment institutions (including as","appropriate institutional investors and other","financial institutions which themselves use","financial services), trade unions,","academics, and consumers and other retail","users of banking services, including SMEs.","The Banking Stakeholder Group should","actively work as an interface with other","user groups in the financial services area","established by the Commission or EU","legislation."],"old":["(33) Where appropriate, the Authority","should consult interested parties on","technical standards, guidelines and","recommendations and provide them with a","reasonable opportunity to comment on","proposed measures. 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The Banking Stakeholder","Group should actively work as an interface","with other user groups in the financial","services area established by the","Commission or Community legislation."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"246","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Thomas Mann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-534","location":[[" Proposal for a regulation","Article 16 \u2013 paragraph 2 \u2013 point 4 a (new)"]],"meps":[1922],"meta":{"created":"2019-07-03T05:21:18"},"new":["(4a) For institutions active in more than","one Member Sates, the Authority will","become the central recipient of regulatory","reporting. Upon receipt of the reporting,","the Authority will share the information","with the competent national authorities."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"534","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-662","location":[["Proposal for a regulation","Article 27"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:20"},"new":["When carrying out the tasks conferred","upon it by this Regulation, the Chairperson","and the voting members of the Board of","Supervisors shall act independently and","objectively in the sole interest of the","European Union as a whole interest and","shall neither seek nor take instructions","from European Union institutions or","bodies, from a Government of a Member","State or from any other public or private","body."],"old":["When carrying out the tasks conferred","upon it by this Regulation, the Chairperson","and the voting members of the Board of","Supervisors shall act independently and","objectively in the Community interest and","shall neither seek nor take instructions","from Community institutions or bodies,","from a Government of a Member State or","from any other public or private body."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"662","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-247","justification":"The Authority should carry out an impact study before adopting draft technical standards as\nstated in the Skinner Report.","location":[[" Proposal for a regulation","Recital 33"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:17"},"new":["(33) The Authority should consult","interested parties on technical standards,","guidelines and recommendations and","provide them with a reasonable opportunity","to comment on proposed measures. Before","adopting draft technical standards,","guidelines and recommendations the","Authority should carry out an impact","study. For reasons of efficiency, a Banking","Stakeholder Group should be established","for that purpose, representing in balanced","proportions Community credit and","investment institutions (including as","appropriate institutional investors and other","financial institutions which themselves use","financial services), trade unions,","academics and consumers and other retail","users of banking services, including SMEs.","The Banking Stakeholder Group should","actively work as an interface with other","user groups in the financial services area","established by the Commission or by EU","legislation."],"old":["(33) Where appropriate, the Authority","should consult interested parties on","technical standards, guidelines and","recommendations and provide them with a","reasonable opportunity to comment on","proposed measures. For reasons of","efficiency, a Banking Stakeholder Group","should be established for that purpose,","representing in balanced proportions","Community credit and investment","institutions (including as appropriate","institutional investors and other financial","institutions which themselves use financial","services), their employees, and consumers","and other retail users of banking services,","including SMEs. The Banking Stakeholder","Group should actively work as an interface","","","with other user groups in the financial","services area established by the","Commission or Community legislation."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"247","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-535","location":[[" Proposal for a regulation","Article 16 \u2013 paragraph 2 \u2013 point 4 a (new)"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:18"},"new":["(4a) facilitating the coordination of","actions undertaken by relevant national","competent supervisory authorities."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"535","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Sharon Bowles, Marian Harkin","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-270","justification":"The scope within which the Authority can act must be clarified. This regulation cannot amend\nthe scope of existing sectoral regulations.","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 2"]],"meps":[33570,28116],"meta":{"created":"2019-07-03T05:21:16"},"new":["2. The Authority shall act within the scope","of Directive 2006/48/EC, Directive","2006/49/EC, Directive 2002/87/EC,","Directive 2005/60/EC, Directive","2002/65/EC and Directive 94/19/EC,","including all directives, regulations, and","decisions based on these acts, and of any","further Community act which confers tasks","on the Authority. The Authority shall only","act within the scope of these acts to the","extent that they are applicable to credit","and financial institutions."],"old":["2. The Authority shall act within the scope","of Directive 2006/48/EC, Directive","2006/49/EC, Directive 2002/87/EC,","Directive 2005/60/EC, Directive","2002/65/EC and Directive 94/19/EC,","including all directives, regulations, and","decisions based on these acts, and of any","further Community act which confers tasks","on the Authority."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"270","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-663","location":[["Proposal for a regulation","Article 27 \u2013 paragraph 1 a (new)"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:20"},"new":["Member States, the EU institutions and","any other public or private body shall not","seek to influence the members of the","Board of Supervisors in the performance","of their European Banking Authority","tasks."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"663","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Thijs Berman","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-248","justification":" Trade unions and consumer organizations are organized representatives of employees and\n consumers. Because of their in-depth knowledge of cross-sectoral activities they are best\n placed to protect the interests of employees and consumers in the Stakeholders Group.","location":[["Proposal for a regulation","Recital 33"]],"meps":[28174],"meta":{"created":"2019-07-03T05:21:17"},"new":["(33) Where appropriate, the Authority","should consult interested parties on","technical standards, guidelines and","recommendations and provide them with a","reasonable opportunity to comment on","proposed measures. 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The Banking Stakeholder","Group should actively work as an interface","with other user groups in the financial","services area established by the","Commission or Community legislation."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"248","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-536","justification":"To correct the naming of the authorities.","location":[["Proposal for a regulation","Article 17 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:18"},"new":["1. 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The Authority shall act within the scope","of this Regulation as well as Directive","2006/48/EC, Directive 2006/49/EC,","Directive 2002/87/EC, Directive","2005/60/EC, Directive 2002/65/EC and","Directive 94/19/EC, including all","directives, regulations, and decisions based","on these acts, and of any further EU act","which confers tasks on the Authority."],"old":["2. The Authority shall act within the scope","of Directive 2006/48/EC, Directive","2006/49/EC, Directive 2002/87/EC,","Directive 2005/60/EC, Directive","2002/65/EC and Directive 94/19/EC,","including all directives, regulations, and","decisions based on these acts, and of any","further Community act which confers tasks","on the Authority."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"271","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-249","location":[[" Proposal for a regulation","Recital 33"]],"meps":[96787],"meta":{"created":"2019-07-03T05:21:17"},"new":["(33) Where appropriate, the Authority","should consult interested parties on","technical standards, guidelines and","recommendations and provide them with a","reasonable opportunity to comment on","proposed measures. 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The Banking Stakeholder","Group should actively work as an interface","with other user groups in the financial","services area established by the","Commission or Community legislation."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"249","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-665","location":[[" Proposal for a regulation","Article 28 \u2013 paragraph 3"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:20"},"new":["3. The Board of Supervisors shall appoint","the Chairperson and the vice-Chair."],"old":["3. The Board of Supervisors shall appoint","the Chairperson."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"665","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Othmar Karas","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-272","justification":" The Directives setting the scope of activities of the European Banking Authority constitute\n under the terminology of the Art. 290 Lisbon Treaty \u201clegislative acts\u201d. In order not to\n impinge on legal certainty of the EBA there should not be any further definitions of the\n\n\nactivities of EBA in this regulation like \u201cpower to act in certain fields, especially such as\ncorporate governance and auditing\u201d.","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 2"]],"meps":[4246],"meta":{"created":"2019-07-03T05:21:16"},"new":["2. The Authority shall act within the scope","of Directive 2006/48/EC, Directive","2006/49/EC, Directive 2002/87/EC,","Directive 2005/60/EC, Directive","2002/65/EC and Directive 94/19/EC,","including all directives, regulations, and","decisions based on these acts, and of any","further EU legislative act which confers","tasks on the Authority."],"old":["2. The Authority shall act within the scope","of Directive 2006/48/EC, Directive","2006/49/EC, Directive 2002/87/EC,","Directive 2005/60/EC, Directive","2002/65/EC and Directive 94/19/EC,","including all directives, regulations, and","decisions based on these acts, and of any","further Community act which confers tasks","on the Authority."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"272","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Othmar Karas","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-250","justification":"The Banking Stakeholder Group shall predominantly be composed of representatives of the\nbanking industry. This group shall be diverse and comprise representatives of both local and\ncross-border institutions, as well as various business models.","location":[["Proposal for a regulation","Recital 33"]],"meps":[4246],"meta":{"created":"2019-07-03T05:21:17"},"new":["(33) Where appropriate, the Authority","should consult interested parties on","technical standards, guidelines and","recommendations and provide them with a","reasonable opportunity to comment on","proposed measures. For reasons of","efficiency, a Banking Stakeholder Group","should be established for that purpose,","representing in due proportions","Community credit and investment","institutions of different Member States,","sizes and banking sectors (including as","appropriate institutional investors and other","financial institutions which themselves use","financial services), their employees, and","consumers and other retail users of banking","services, including SMEs. 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The Banking Stakeholder","Group should actively work as an interface","with other user groups in the financial","services area established by the","Commission or Community legislation."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"250","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-537","justification":" The use of economic analysis will allow the ESA to make more informed decisions on the\n impact of its actions on the wider market, and the impact of wider market events on its\n actions. 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The report shall","be made public."],"old":[""],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"666","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Thomas Mann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-273","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 2 \u2013 subparagraph 1a (new)"]],"meps":[1922],"meta":{"created":"2019-07-03T05:21:17"},"new":["The Authority shall also act in the field of","activities of credit institutions, financial","conglomerates, (alternative) investment","firms, payment institutions and e-money","institutions, including matters of","corporate governance, auditing and","financial reporting, provided that such","actions by the Authority are necessary to","ensure the effective and consistent","application of the legislation referred to in","this paragraph."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"273","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Thomas H\u00e4ndel, J\u00fcrgen Klute","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-251","justification":" The stakeholder group should have the opportunity to be consulted on comment any work of\n Authority that they find relevant. The individual stakeholders in the group should decided\n themselves whether they would like to be consulted or not.","location":[[" Proposal for a regulation","Recital 33"]],"meps":[96851,96769],"meta":{"created":"2019-07-03T05:21:18"},"new":["(33) The Authority shall allow interested","parties on to be consulted on all work","undertaken by the Authority and provide","them with a reasonable opportunity to","comment on proposed measures. For","reasons of efficiency, a Banking","Stakeholder Group should be established","for that purpose, representing in balanced","proportions Community credit and","investment institutions (including as","appropriate institutional investors and other","financial institutions which themselves use","financial services), their employees, and","consumers and other retail users of banking","services, including SMEs. The Banking","Stakeholder Group should actively work as","an interface with other user groups in the","financial services area established by the","Commission or Community legislation."],"old":["(33) Where appropriate, the Authority","should consult interested parties on","technical standards, guidelines and","recommendations and provide them with a","reasonable opportunity to comment on","proposed measures. For reasons of","efficiency, a Banking Stakeholder Group","should be established for that purpose,","representing in balanced proportions","Community credit and investment","institutions (including as appropriate","institutional investors and other financial","institutions which themselves use financial","services), their employees, and consumers","and other retail users of banking services,","including SMEs. The Banking Stakeholder","Group should actively work as an interface","with other user groups in the financial","services area established by the","Commission or Community legislation."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"251","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Sari Essayah","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-667","location":[["Proposal for a regulation","Article 29 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[96682],"meta":{"created":"2019-07-03T05:21:20"},"new":["deleted"],"old":["1. The Board of Supervisors shall act on","the basis of qualified majority of its","members, as defined in Article 205 of the","Treaty, for acts specified in Articles 7, 8","and all measures and decisions adopted","under Chapter VI."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"667","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-274","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 2 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:17"},"new":["2a. The Authority shall also act in the","field of activities of credit institutions,","financial conglomerates, investment","firms, payment institutions and e-money","institutions, including matters of","corporate governance, auditing and","financial reporting, provided that such","actions by the Authority are necessary to","effectively ensure the consistent","harmonisation of the legislation referred","to in paragraph 2 and its uniform","application as well of that of subsequent","legally binding acts."],"old":[""],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"274","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-538","location":[[" Proposal for a regulation","Article 17 \u2013 paragraph 1 \u2013 subparagraph 2 \u2013 introductory part"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:19"},"new":["The Authority shall include in its analysis","an economic analysis of the markets for","credit institutions, and the impact of","potential market developments on them.","In particular, the Authority shall, in","cooperation with the ESRB, initiate and","coordinate Community-wide assessments","of the resilience of financial institutions to","adverse market developments. To that end,","it shall develop the following, for","application by the competent authorities:"],"old":["In particular, the Authority shall, in","cooperation with the ESRB, initiate and","coordinate Community-wide assessments","of the resilience of financial institutions to","adverse market developments. To that end,","it shall develop the following, for","application by the competent authorities:"],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"538","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-252","location":[["Proposal for a regulation","Recital 33 a (new)"]],"meps":[96997,96763,1992,96730,97137,1873,97203],"meta":{"created":"2019-07-03T05:21:18"},"new":["(33a) Non-profit organisations in","comparison to well funded and well","connected industry representatives, are","marginalised in the debate on the future","of financial services and in the","corresponding decision making process.","This disadvantage has to be compensated","by adequate funding of their","representatives in the Banking","Stakeholder group."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"252","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Othmar Karas","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-668","justification":" Decisions by the Board of Supervisors should reflect the European perspective and not be\n based on national considerations. Only decisions with regard to financing should be based on\n QMV due to the national contributions to the financing of the system.","location":[["Proposal for a regulation","Article 29 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[4246],"meta":{"created":"2019-07-03T05:21:20"},"new":["deleted"],"old":["1. The Board of Supervisors shall act on","the basis of qualified majority of its","members, as defined in Article 205 of the","Treaty, for acts specified in Articles 7, 8","and all measures and decisions adopted","under Chapter VI."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"668","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-275","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 3"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:17"},"new":["3. The provisions of this Regulation are","without prejudice to the powers of the","Commission, in particular under","Article 258 of the Treaty on the","Functioning of the European Union to","ensure compliance with EU law."],"old":["3. The provisions of this Regulation are","without prejudice to the powers of the","Commission, in particular under","Article 226 of the Treaty to ensure","compliance with Community law."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"275","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Thomas H\u00e4ndel, J\u00fcrgen Klute","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-539","justification":"The amendment is in line with EU initiatives to prevent mis-selling in the field of lending as\nwell as achieve investor\u2019s protection in the field of investing (Key Information Document for\nUCITS funds, pre-sales information and sales process in Packaged Retail Investment\nProducts. Product characteristics and distribution processes are relevant both from the point\nof view of systemic risk prevention and customer protection. It is important to have a clear\ncommitment to include them explicitly in the scope of art 17, assumed to fall under the\ngeneral heading of \u201cadverse market developments\u201d.","location":[["Proposal for a regulation","Article 17 \u2013 paragraph 1 \u2013 subparagraph 2 \u2013 introductory part"]],"meps":[96851,96769],"meta":{"created":"2019-07-03T05:21:19"},"new":["In particular, the Authority shall, in","cooperation with the ESRB, initiate and","coordinate Community-wide assessments","of the resilience of financial institutions to","adverse market developments, and of","threats arising from financial products\u2019","characteristics and distribution processes.","To that end, it shall develop the following,","for application by the competent","authorities:"],"old":["In particular, the Authority shall, in","cooperation with the ESRB, initiate and","coordinate Community-wide assessments","of the resilience of financial institutions to","adverse market developments. To that end,","it shall develop the following, for","application by the competent authorities:"],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"539","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-253","justification":" As a consequence to the amendments tabled to article 23 to limit the safeguard clause.","location":[["Proposal for a regulation","Recital 34"]],"meps":[1985],"meta":{"created":"2019-07-03T05:21:18"},"new":["(34) Member States have a core","responsibility in preserving financial","stability in crisis management, in particular","with regard to stabilising and resolving","individual ailing financial institutions.","Measures by the Authority in emergency","situations affecting the stability of a","financial institution should not impinge on","the fiscal responsibilities of Member","States. A mechanism should be established","whereby Member States may invoke this","safeguard."],"old":["(34) Member States have a core","responsibility in preserving financial","stability in crisis management, in particular","with regard to stabilising and resolving","individual ailing financial institutions.","Measures by the Authority in emergency","or settlement situations affecting the","stability of a financial institution should","not impinge on the fiscal responsibilities of","Member States. A mechanism should be","established whereby Member States may","invoke this safeguard and ultimately bring","the matter before the Council for a","decision. It is appropriate to confer on the","Council a role in this matter given the","particular responsibilities of the Member","","States in this respect."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"253","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-669","justification":" The Board of Supervisors consists of esteemed experts in their fields and the decision-making\n should thus always be made on the basis of the principle where the voice of each member is of\n the same value. Requiring qualified majority is not necessary in order for the EBA to fulfil its\n objectives, simple majority on equal terms ensures the equal treatment of all of the experts\n opinions.","location":[[" Proposal for a regulation","Article 29 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:20"},"new":["deleted"],"old":["1. The Board of Supervisors shall act on","the basis of qualified majority of its","members, as defined in Article 205 of the","Treaty, for acts specified in Articles 7, 8","and all measures and decisions adopted","under Chapter VI."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"669","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-254","location":[[" Proposal for a regulation","Recital 34"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:18"},"new":["(34) Member States have a core","responsibility in preserving financial","stability in crisis management, in particular","with regard to stabilising and resolving","individual ailing financial institutions.","They shall act closely coordinated within","the framework and the principles of the","EMU. Measures by the Authority in","emergency or settlement situations","affecting the stability of a financial","institution should not impinge on the fiscal","responsibilities of Member States. A","mechanism should be established whereby","Member States may invoke this safeguard","and ultimately bring the matter before the","Council for a decision. It is appropriate to","confer on the Council a role in this matter","given the particular responsibilities of the","Member States in this respect."],"old":["(34) Member States have a core","responsibility in preserving financial","stability in crisis management, in particular","with regard to stabilising and resolving","individual ailing financial institutions.","Measures by the Authority in emergency or","settlement situations affecting the stability","of a financial institution should not","impinge on the fiscal responsibilities of","Member States. A mechanism should be","established whereby Member States may","invoke this safeguard and ultimately bring","the matter before the Council for a","decision. It is appropriate to confer on the","Council a role in this matter given the","particular responsibilities of the Member","States in this respect."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"254","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-276","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 4"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:17"},"new":["4. The Authority shall promote financial","sustainability and a strong European","financial market with the objective of","contributing to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) strengthening international supervisory","coordination. For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"old":["4. 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For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"276","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Carl Haglund","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-670","justification":"The Board of Supervisors consists of esteemed experts in their fields and the decision-making\nshould thus always be made on the basis of the principle where the voice of each member is of\nthe same value. Requiring qualified majority is not necessary in order for the EBA to fulfil its\nobjectives, simple majority on equal terms ensures the equal treatment of all of the experts\nopinions.","location":[[" Proposal for a regulation","Article 29 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[96683],"meta":{"created":"2019-07-03T05:21:20"},"new":["deleted"],"old":["1. The Board of Supervisors shall act on","the basis of qualified majority of its","members, as defined in Article 205 of the","Treaty, for acts specified in Articles 7, 8","and all measures and decisions adopted","","under Chapter VI."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"670","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Thomas H\u00e4ndel, J\u00fcrgen Klute","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-540","justification":" The amendment is in line with EU initiatives to prevent mis-selling in the field of lending as\n well as achieve investor\u2019s protection in the field of investing (Key Information Document for\n UCITS funds, pre-sales information and sales process in Packaged Retail Investment\n Products. Product characteristics and distribution processes are relevant both from the point\n of view of systemic risk prevention and customer protection. It is important to have a clear\n commitment to include them explicitly in the scope of art 17, assumed to fall under the\n general heading of \u201cadverse market developments\u201d.","location":[["Proposal for a regulation","Article 17 \u2013 paragraph 1 \u2013 subparagraph 2 \u2013 point a a (new)"]],"meps":[96851,96769],"meta":{"created":"2019-07-03T05:21:19"},"new":["(aa) common methodologies for assessing","the effect of product characteristics and","distribution processes on an institution\u2019s","financial position and on customer","protection;"],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"540","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Alfredo Pallone, Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-255","justification":"The Commission\u2019s proposal lacks guidance as to when a decision would impinge on national\nfiscal responsibilities. Legal certainty underlying the concept of \u201cfiscal responsibility\u201d must\nbe provided to ensure a level playing field for the national authorities and financial market\nparticipants across the EU. Clear guidance on when an impingement on the fiscal\nresponsibility may be claimed must be commonly defined and agreed upon.","location":[["Proposal for a regulation","Recital 34 a (new)"]],"meps":[97197,96787],"meta":{"created":"2019-07-03T05:21:18"},"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."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"255","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-541","justification":" Important to establish that the JC plays the key role in intra-ESA coordination.","location":[[" Proposal for a regulation","Article 17 \u2013 paragraph 3"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:19"},"new":["3. The Authority shall ensure an adequate","coverage of cross-sectoral developments,","risks and vulnerabilities by closely","cooperating with the European Supervisory","Authority (Insurance and Occupational","Pensions) and the European Supervisory","Authority (Securities and Markets)","through the European Supervisory","Authority (Joint Consultative Committee)."],"old":["3. The Authority shall ensure an adequate","coverage of cross-sectoral developments,","risks and vulnerabilities by closely","cooperating with the European Insurance","and Occupational Pensions Authority and","the European Securities and Markets","Authority."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"541","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-277","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 4"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:17"},"new":["4. 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For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"277","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"S\u0142awomir Witold Nitras, Jan Koz\u0142owski, Enik\u0131 Gy\u0131ri","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-671","justification":"The principle of \u201csimple majority voting\u201d shall be the only rule concerning the voting\nmodalities within the Board of Supervisors. It will ensure the efficient work of the EBA. It will\nalso reflect the equal position of the national supervisors. It shall be remembered that the\nEBA is planed to be an expert body. Qualified majority voting (QMV) might cause that the\nEBA will be perceived as a politically influenced body. As a result it may lower the public\ntrust toward it, and a repute in case of such authority shall be considered as an important\nvalue. Finally, the professional knowledge of the Members of the Board of Supervisors is not\nnecessary linked with the size of the Member State.","location":[["Proposal for a regulation","Article 29 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[101954,96830],"meta":{"created":"2019-07-03T05:21:20"},"new":["1. The Board of Supervisors shall act on","the basis of simple majority of its","members."],"old":["1. The Board of Supervisors shall act on","the basis of qualified majority of its","members, as defined in Article 205 of the","Treaty, for acts specified in Articles 7, 8","and all measures and decisions adopted","under Chapter VI."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"671","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-542","justification":"To include the Joint Committee.","location":[["Proposal for a regulation","Article 17 \u2013 paragraph 3"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:19"},"new":["3. The Authority shall ensure an adequate","coverage of cross-sectoral developments,","risks and vulnerabilities by closely","cooperating with the European Insurance","and Occupational Pensions Authority and","the European Securities and Markets","Authority and the European Supervisory","Authority (Joint Committee)."],"old":["3. The Authority shall ensure an adequate","coverage of cross-sectoral developments,","risks and vulnerabilities by closely","cooperating with the European Insurance","and Occupational Pensions Authority and","the European Securities and Markets","Authority."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"542","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-256","justification":" The Commission\u2019 proposal lacks guidance as to when a decision would impinge on national\n fiscal responsibilities. Legal certainty underlying the concept of \u201cfiscal responsibility\u201d must\n be provided to ensure a level playing field for the national authorities and financial market\n participants across the EU. Clear guidance on when an impingement on the fiscal\n responsibility may be claimed must be commonly defined and agreed upon.\n\n In the future, in their justification and impact assessment, Member States shall demonstrate\n that their respective case falls within the scope of the guidance.","location":[["Proposal for a regulation","Recital 34 a (new)"]],"meps":[96888],"meta":{"created":"2019-07-03T05:21:18"},"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."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"256","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Astrid Lulling","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-672","location":[[" Proposal for a regulation","Article 29 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[1186],"meta":{"created":"2019-07-03T05:21:21"},"new":["Decisions of the Board of Supervisors","shall be taken by simple majority of its","members, according to the principle","where each member has one vote."],"old":["1. The Board of Supervisors shall act on","the basis of qualified majority of its","members, as defined in Article 205 of the","Treaty, for acts specified in Articles 7, 8","and all measures and decisions adopted","under Chapter VI."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"672","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-543","location":[["Proposal for a regulation","Article 17 \u2013 paragraph 3"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:19"},"new":["3. The Authority shall ensure an adequate","coverage of cross-sectoral developments,","risks and vulnerabilities by closely","cooperating with the European Insurance","and Occupational Pensions Authority and","the European Securities and Markets","Authority and actively participating within","the JCESA."],"old":["3. The Authority shall ensure an adequate","coverage of cross-sectoral developments,","risks and vulnerabilities by closely","cooperating with the European Insurance","and Occupational Pensions Authority and","the European Securities and Markets","Authority."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"543","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-257","justification":" Better explanation of the text.","location":[[" Proposal for a regulation","Recital 34 a (new)"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:18"},"new":["(34a) Without prejudice to the particular","responsibilities of the Member States in","crisis situations should a Member State","choose to invoke the safeguard the","European Parliament should be informed","at the same time as the Authority, the","Council and the Commission.","Furthermore the Member State should","explain its reasons for invoking the","safeguard. The Authority should, in","cooperation with the Commission, set out","the next steps to be taken."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"257","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-278","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 4"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:17"},"new":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ia) preventing regulatory","arbitrage and undue competition between","Member States in rigidity of supervision","and enforcement of regulation,","(ii) protecting depositors and investors,","(iii) ensuring the integrity, efficiency and","orderly functioning of financial markets,","(iv) safeguarding the stability of the","financial system, and (v) strengthening","international supervisory coordination. For","this purpose, the Authority shall contribute","to ensuring the consistent, efficient and","effective application of the Community law","referred to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"old":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) strengthening international supervisory","coordination. For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"278","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Anni Podimata","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-673","location":[[" Proposal for a regulation","Article 29 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[39317],"meta":{"created":"2019-07-03T05:21:21"},"new":["1. The Board of Supervisors shall act on","the basis of simple majority of its","members, according to the principle","where each member has one vote. For acts","specified in Articles 7, 8 and all measures","and decisions adopted under Chapter VI","and by way of derogation from the first","subparagraph, the Board of Supervisors","shall take decisions on the basis of a","qualified majority of its members, as","defined in Article 16(4) of the Treaty on","European Union."],"old":["1. The Board of Supervisors shall act on","the basis of qualified majority of its","members, as defined in Article 205 of the","Treaty, for acts specified in Articles 7, 8","and all measures and decisions adopted","under Chapter VI."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"673","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-544","location":[[" Proposal for a regulation","Article 18 \u2013 paragraph -1 a (new)"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:19"},"new":["Without prejudice to the rights of national","supervisory authorities, the Authority may","participate in all international fora","concerning the regulation and","supervision of the institutions falling","under the legislation referred to in Article","1(2)."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"544","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-258","justification":"To stress the importance of Parliament in the selection of the Chairperson of the Authority.","location":[["Proposal for a regulation","Recital 38"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:18"},"new":["(38) A full time Chairperson, selected by","the European Parliament following an","open competition managed by the","Commission and the subsequent drawing","up of a short list by the Commission,","should represent the Authority. The","management of the Authority should be","entrusted to an Executive Director, who","should have the right to participate in","meetings of the Board of Supervisors and","the Management Board without the right to","vote."],"old":["(38) A full time Chairperson, selected by","the Board of Supervisors through an open","competition, should represent the","Authority. The management of the","Authority should be entrusted to an","Executive Director, who should have the","right to participate in meetings of the","Board of Supervisors and the Management","Board without the right to vote."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"258","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-279","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 4"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:17"},"new":["4. 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For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"279","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-674","justification":"\nGiven their huge impact, decisions taken by the Authority under Articles 7 to 11 should be\nsubject to majority requirements that mirror the relative weight of countries within the EU:\n\n\u2013 For Articles 7 and 8, the legislative character of the measures necessitates the requirement\nfor qualified majority voting.\n\n\u2013 For Article 9, the Authority assumes the power to declare an infringement of EU law, which\nis in general assigned to the European Commission in a more cumbersome procedure. Given\nthese additional powers, it should be necessary that a qualified majority of the Board of\nSupervisors agrees to such a declaration.\n\n\u2013 For Article 10, the possibility of severe consequences for national budgetary responsibilities\nnecessitates the need for decision-making by national supervisory authorities proportionally\nto their relative weight the Member States they represent within the EU.\n\n\u2013 For Article 11(3), the binding nature of the decision on a previously unsettled disagreement\nagain takes the character of infringing upon national sovereignty, and so is again best agreed\nin a procedure that requires qualified majority voting.","location":[["Proposal for a regulation","Article 29 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:21"},"new":["1. The Board of Supervisors shall act on","the basis of qualified majority of its","members, as defined in Article 16(4) of the","EU Treaty and in Article 3 of the Protocol","No 36 on transitional provisions annexed","to the Treaty of European Union and to","the Treaty on the Functioning of the","European Union, for acts specified in","Articles 7 to 11 and all measures and","decisions adopted under Chapter VI."],"old":["1. The Board of Supervisors shall act on","the basis of qualified majority of its","members, as defined in Article 205 of the","Treaty, for acts specified in Articles 7, 8","and all measures and decisions adopted","under Chapter VI."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"674","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-545","location":[[" Proposal for a regulation","Article 18 \u2013 paragraph -1 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:19"},"new":["The Authority shall represent the","European Union in all international fora","concerning regulation and supervision of","the institutions falling under the","legislation referred to in Article 1(2).","National competent authorities may","continue to contribute to such fora as","pertain to national issues and issues","relevant for their own functions and","competences under EU law."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"545","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-259","location":[["Proposal for a regulation","Recital 38"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:18"},"new":["(38) A full time Chairperson, selected by","the European Parliament following an","open competition managed by the","Commission and the subsequent drawing","up of a short list for the Commission,","should represent the Authority. 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The management of the","Authority should be entrusted to an","Executive Director, who should have the","right to participate in meetings of the","Board of Supervisors and the Management","Board without the right to vote.",""],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"259","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-280","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 4"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:17"},"new":["4. 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The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) strengthening international supervisory","coordination. For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission.",""],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"280","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-675","justification":" Adaptation to the Treaty of Lisbon.","location":[[" Proposal for a regulation","Article 29 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:21"},"new":["1. 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The Board of Supervisors shall act on","the basis of qualified majority of its","members, as defined in Article 205 of the","Treaty, for acts specified in Articles 7, 8","and all measures and decisions adopted","under Chapter VI."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"675","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Sharon Bowles","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-260","location":[[" Proposal for a regulation","Recital 38"]],"meps":[33570],"meta":{"created":"2019-07-03T05:21:18"},"new":["(38) A full time Chairperson, appointed by","the European Parliament following an","open selection procedure managed by the","Board of Supervisors, should represent the","Authority. 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The management of the","Authority should be entrusted to an","Executive Director, who should have the","right to participate in meetings of the","Board of Supervisors and the Management","Board without the right to vote."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"260","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-546","justification":"The stronger role given to the Authority in the representation of the European Union in\ninternational fora should be without prejudice to the right for Member States and their\nsupervisory authorities to continue to enter into bilateral or multilateral agreements with\nthird countries.","location":[["Proposal for a regulation","Article 18 \u2013 paragraph 1"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:19"},"new":["The Authority may develop contacts with","supervisory authorities from third","countries. It may enter into administrative","arrangements with international","organisations and the administrations of","third countries. These arrangements will","not prevent Member States and their","competent authorities from concluding","bilateral or multilateral arrangements","with third countries."],"old":["Without prejudice to the competences of","the Community Institutions, the Authority","may develop contacts with supervisory","authorities from third countries. It may","enter into administrative arrangements with","international organisations and the","administrations of third countries."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"546","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-261","justification":"It is important to ensure that those with the greatest expertise in supervision at a national\nlevel \u2013 the national supervisors \u2013 should be tasked with selecting the most qualified individual\nto act as chairperson. This also removes any politicisation that could come about from the\nshortlist being drawn up one of the European institutions.","location":[[" Proposal for a regulation","Recital 38"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:18"},"new":["(38) A full time Chairperson, selected by","the European Parliament from a short list","drawn up by the Board of Supervisors","should represent the Authority. The","management of the Authority should be","entrusted to an Executive Director, who","should have the right to participate in","meetings of the Board of Supervisors and","the Management Board without the right to","vote."],"old":["(38) A full time Chairperson, selected by","the Board of Supervisors through an open","competition, should represent the","Authority. 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For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"281","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-547","location":[["Proposal for a regulation","Article 18 \u2013 paragraph 1"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:19"},"new":["Without prejudice to the competences of","the European Union Institutions and","Member States, the Authority may develop","contacts and enter into administrative","arrangements with supervisory authorities,","international organisations and the","administrations of third countries."],"old":["Without prejudice to the competences of","the Community Institutions, the Authority","may develop contacts with supervisory","authorities from third countries. It may","enter into administrative arrangements","with international organisations and the","administrations of third countries."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"547","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-262","justification":" It is important to properly define and expand upon the role of the joint committee envisioned\n in the Commission proposals. The JC should facilitate information sharing between the ESAs\n and allow for shared learning between the ESAs. It should also have a full time secretariat to\n assist in its tasks, which can include supervision of financial conglomerates, and to provide a\n micro-economic reflection of the macro-economic focus of the ECB staff within the ESRB\n secretariat.","location":[["Proposal for a regulation","Recital 39"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:19"},"new":["(39) In order to ensure cross-sectoral","consistency in the activities of the","European Supervisory Authorities, those","authorities should coordinate closely","through the European Supervisory","Authorities (Joint Consultative","Committee) (\u201cthe Joint Consultative","Committee\u201d) and reach common positions","where appropriate. The Joint Consultative","Committee should coordinate the","functions of the three European","Supervisory Authorities in relation to","financial conglomerates. Where relevant,","acts also falling within the area of","competence of the European Supervisory","Authority (Insurance and Occupational","Pensions) or the European Supervisory","Authority (Securities and Markets) should","be adopted in parallel by the European","Supervisory Authorities concerned. The","Joint Consultative Committee will be","chaired on a yearly revolving basis by the","Chairpersons of the three European","Supervisory Authorities. The Chairperson","of the Joint Consultative Committee","should be a Vice-Chair of the European","Systemic Risk Board. The Joint","Consultative Committee will have a","permanent secretariat, staffed on","secondment from the three European","Supervisory Authorities, to allow for","informal information sharing and the","development of a common cultural","approach across the three European","Supervisory Authorities."],"old":["(39) In order to ensure cross-sectoral","consistency in the activities of the","European Supervisory Authorities, those","authorities should coordinate closely in a","Joint Committee of European Supervisory","Authorities and reach common positions","where appropriate. The Joint Committee of","European Supervisory Authorities should","assume all of the functions of the Joint","Committee on Financial Conglomerates.","Where relevant, acts also falling within the","area of competence of the European","Insurance and Occupational Pensions","Authority or the European Securities and","Markets Authority should be adopted in","parallel by the European Supervisory","Authorities concerned.",""],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"262","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Anni Podimata","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-676","location":[[" Proposal for a regulation","Article 29 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[39317],"meta":{"created":"2019-07-03T05:21:21"},"new":["deleted"],"old":["All other decisions of the Board of","Supervisors shall be taken by simple","majority of members."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"676","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-282","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 4"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:17"},"new":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) fostering a smooth implementation of","monetary policy in the markets and","ensuring the traceability of credit as well","as the control on banking deposits and","institutional funds, strengthening","international supervisory coordination. For","this purpose, the Authority shall contribute","to ensuring the consistent, efficient and","effective application of the Community law","referred to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"old":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) strengthening international supervisory","coordination. For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"282","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-263","justification":"To strengthen the role of the Joint Committee in the coordination of the authorities as stated\nin the Skinner Report.","location":[[" Proposal for a regulation","Recital 39"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:19"},"new":["(39) In order to ensure cross-sectoral","consistency in the activities of the","European Supervisory Authorities, those","authorities should coordinate closely","through the European Supervisory","Authorities (Joint Committee) (\u201cthe Joint","Committee\u201d) and reach common positions","where appropriate. The Joint Committee","should coordinate the functions of the","three European Supervisory Authorities","in relation to financial conglomerates.","Where relevant, acts also falling within the","area of competence of the European","Supervisory Authority (European","Insurance and Occupational Pensions) or","the European Supervisory Authority","(Securities and Markets) should be adopted","in parallel by the European Supervisory","Authorities concerned. The Joint","Committee will be chaired on a yearly","revolving basis by the Chairpersons of the","three European Supervisory Authorities.","The Chairperson of the Joint Committee","should be a Vice-Chair of the European","Systemic Risk Board. The Joint","Committee will have a permanent","secretariat, staffed on secondment from","the three European Supervisory","Authorities, to allow for informal","information sharing and the development","of a common cultural approach across the","three European Supervisory Authorities."],"old":["(39) In order to ensure cross-sectoral","consistency in the activities of the","European Supervisory Authorities, those","authorities should coordinate closely in a","Joint Committee of European Supervisory","Authorities and reach common positions","where appropriate. The Joint Committee of","European Supervisory Authorities should","assume all of the functions of the Joint","Committee on Financial Conglomerates.","Where relevant, acts also falling within the","area of competence of the European","Insurance and Occupational Pensions","Authority or the European Securities and","Markets Authority should be adopted in","parallel by the European Supervisory","Authorities concerned.","",""],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"263","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-283","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 4"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:17"},"new":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) strengthening international supervisory","coordination whilst taking account of the","need to enhance competition and","innovation within the internal market and","to ensure global competitiveness. For this","purpose, the Authority shall contribute to","ensuring the consistent, efficient and","effective application of the Community law","referred to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"old":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) strengthening international supervisory","coordination. For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"283","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Othmar Karas","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-548","justification":" The terminology should be aligned with the one in the Art. 290 Lisbon Treaty. The external\n competences of the new European Authority should be exercised with the gnereal EU external\n powers.","location":[[" Proposal for a regulation","Article 18 \u2013 paragraph 1"]],"meps":[4246],"meta":{"created":"2019-07-03T05:21:20"},"new":["Without prejudice to the competences of","the EU Institutions, the Authority may","develop contacts with supervisory","authorities from third countries. It may","enter into administrative arrangements with","international organisations and the","administrations of third countries."],"old":["Without prejudice to the competences of","the Community Institutions, the Authority","may develop contacts with supervisory","authorities from third countries. It may","enter into administrative arrangements with","international organisations and the","administrations of third countries."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"548","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"S\u0142awomir Witold Nitras, Jan Koz\u0142owski, Enik\u0131 Gy\u0131ri","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-677","justification":"The principle of \u201csimple majority voting\u201d shall be the only rule concerning the voting\nmodalities within the Board of Supervisors. It will ensure the efficient work of the EBA. It will\nalso reflect the equal position of the national supervisors. It shall be remembered that the\nEBA is planed to be an expert body. Qualified majority voting (QMV) might cause that the\nEBA will be perceived as a politically influenced body. As a result it may lower the public\ntrust toward it, and a repute in case of such authority shall be considered as an important\nvalue. Finally, the professional knowledge of the Members of the Board of Supervisors is not\nnecessary linked with the size of the Member State.","location":[["Proposal for a regulation","Article 29 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[101954,96830],"meta":{"created":"2019-07-03T05:21:21"},"new":["deleted"],"old":["All other decisions of the Board of","Supervisors shall be taken by simple","majority of members."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"677","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Marianne Thyssen","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-264","justification":" Under the Commission proposals, the ESAs\u2019 budget would be part of the Commission budget.\n To enhance the independence of the ESAs it would be better to identify a separate and specific\n budget line for the ESAs in the overall EU Budget. Therefore it is proposed, also to enable the\n authorities to achieve their ambitions, to provide for an independent budget line as has been\n done for the Data Protection Supervisor (see: Regulation No 45/2001 of 18 December 2000\n on the protection of individuals with regard to the processing of personal data by the\n Community institutions and bodies and on the free movement of such data).","location":[["Proposal for a regulation","Recital 41"]],"meps":[1832],"meta":{"created":"2019-07-03T05:21:19"},"new":["(41) In order to guarantee its full autonomy","and independence, the Authority should be","granted an autonomous budget with","revenues mainly from obligatory","contributions from national supervisory","authorities and from the General Budget of","the European Union through a separate","budget heading within it. The European","Union budgetary procedure should be","applicable as far as the European Union","contribution is concerned. The auditing of","accounts should be undertaken by the","Court of Auditors."],"old":["(41) In order to guarantee its full autonomy","and independence, the Authority should be","granted an autonomous budget with","revenues mainly from obligatory","contributions from national supervisory","authorities and from the General Budget of","the European Union. The Community","budgetary procedure should be applicable","as far as the Community contribution is","concerned. The auditing of accounts should","be undertaken by the Court of Auditors."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"264","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-265","location":[[" Proposal for a regulation","Recital 41"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:19"},"new":["(41) In order to guarantee its full autonomy","and independence, the Authority should be","granted an autonomous budget with","revenues mainly from obligatory","contributions from national supervisory","authorities and from any direct fees paid","by financial institutions. The Community","budgetary procedure should be applicable","as far as the Community contribution is","concerned. The auditing of accounts should","be undertaken by the Court of Auditors."],"old":["(41) In order to guarantee its full autonomy","and independence, the Authority should be","granted an autonomous budget with","revenues mainly from obligatory","contributions from national supervisory","authorities and from the General Budget","of the European Union. The Community","budgetary procedure should be applicable","as far as the Community contribution is","concerned. The auditing of accounts should","be undertaken by the Court of Auditors."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"265","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-549","location":[[" Proposal for a regulation","Article 18 \u2013 paragraph 2 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:20"},"new":["In its annual report, the Authority shall","set out the administrative arrangements","and equivalent decisions agreed upon","with international organisations or","administration in third countries."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"549","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-284","justification":"To take into account the need to enhance competition as stated in the Skinner report.","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 4"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:17"},"new":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system,","(v) strengthening international supervisory","coordination, whilst taking account of the","need to enhance competition and","innovation within the internal market and","to ensure global competitiveness. For this","purpose, the Authority shall contribute to","ensuring the consistent, efficient and","effective application of the Community law","referred to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"old":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) strengthening international supervisory","coordination. For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","","opinions to the European Parliament, the","Council, and the Commission."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"284","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Astrid Lulling","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-678","justification":"This amendment aims at bringing in line the draft report on the EBA with the draft reports on\n\n the EIOPA and the ESMA by maintaining the Commission compromise that all decisions\n should be taken on a \u201cone member, one vote\u201d basis except for the decisions regarding\n technical standards, guidelines, recommendations and budgetary matters of the EBA which\n would be taken by QMV. As the draft reports on the EIOPA and the ESMA, the amendment\n takes into account the reference to the new Lisbon Treaty. Furthermore it inverses the order\n of alineas 1 and 2 to bring further legal coherence by stating first the general rule and then\n only the exceptions.","location":[["Proposal for a regulation","Article 29 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[1186],"meta":{"created":"2019-07-03T05:21:21"},"new":["The Board of Supervisors shall act on the","basis of qualified majority of its members,","as defined in Article 16 of the Treaty on","the European Union, for acts specified in","Articles 7, 8 and all measures and","decisions adopted under Chapter VI."],"old":["All other decisions of the Board of","Supervisors shall be taken by simple","majority of members."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"678","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Carl Haglund","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-266","location":[[" Proposal for a regulation","Recital 44"]],"meps":[96683],"meta":{"created":"2019-07-03T05:21:19"},"new":["(44) It is essential that commercially","sensitive and other confidential","information are protected. The","confidentiality of information made","available to the Authority and exchanged","in the network should be subject to","rigorous and effective confidentiality","rules."],"old":["(44) It is essential that business secrets and","other confidential information are","protected. The confidentiality of","information exchanged in the network","","should likewise be safeguarded."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"266","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-550","location":[["Proposal for a regulation","Article 18 \u2013 paragraph 2 b (new)"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:20"},"new":["In its Report, the Authority may set out","the administrative arrangements and","equivalence decisions agreed with","international organisations or","administrations or third countries."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"550","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-285","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 4"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:17"},"new":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) strengthening international supervisory","coordination, (vi) developing common","methodologies for assessing the effect of","product characteristics and distribution","process on the financial position of","institutions and on customer protection,","with the aim to contributing to a level","playing field. For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"old":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) strengthening international supervisory","coordination. For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"285","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Diogo Feio","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-679","location":[[" Proposal for a regulation","Article 29 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[96977],"meta":{"created":"2019-07-03T05:21:21"},"new":["For all other decisions, the Board of","Supervisors shall decide by simple","majority and each member shall have one","vote."],"old":["All other decisions of the Board of","Supervisors shall be taken by simple","majority of members."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"679","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-286","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 4"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:18"},"new":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and (vi)","achieving the goals of the UEM and","strengthening international supervisory","coordination. For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"old":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) strengthening international supervisory","coordination. For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"286","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-551","justification":" A merger is, by definition, institution specific and market and commercially sensitive, and\n should remain primarily a matter for national and EU competition authorities. The ability of\n ESAs to advise on mergers should be limited to cases where the legislation requires\n consultation between competent authorities.","location":[["Proposal for a regulation","Article 19 \u2013 paragraph 2"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:20"},"new":["2. With regard to prudential assessments of","mergers and acquisitions falling within the","scope under the terms of Directive","2007/44/EC and which according to that","Directive require consultation between","competent authorities from two or more","Member States, the Authority may, on","application of one of the competent","authorities concerned, issue and publish an","opinion on a prudential assessment except","in relation to the criteria in Article","19a(1)(e) of Directive 2006/48/EC. The","opinion shall be issued promptly and in","any event before the end of the assessment","period according to Directive 2007/44/EC.","Article 20 shall apply to the areas about","which the Authority may issue an opinion."],"old":["2. With regard to prudential assessments of","mergers and acquisitions falling under the","terms of Directive 2007/44/EC, the","Authority may, on its own initiative or on","application of any competent authorities,","issue and publish an opinion on a","prudential assessment to be carried out by","any authority of a Member State. Article","20 shall apply."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"551","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-267","justification":"Given the market sensitivity of firm specific data, it is essential that the ESAs are required to\nestablish secure mechanisms to gather, store, and transmit it. There is clearly a need for\nimproved information exchange to enhance understanding of systemic risk. However, it is\nimportant not to undermine market sentiment by potential disclosure of sensitive and\nconfidential data that could upset the orderly functioning of financial markets.","location":[["Proposal for a regulation","Recital 44"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:19"},"new":["(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 be subject to stringent and effective","confidentiality rules."],"old":["(44) It is essential that business secrets and","other confidential information are","protected. The confidentiality of","information exchanged in the network","should likewise be safeguarded."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"267","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-680","justification":" The Board of Supervisors consists of esteemed experts in their fields and the decision-making\n should thus always be made on the basis of the principle where the voice of each member is of\n the same value. Requiring qualified majority is not necessary in order for the EBA to fulfil its\n objectives, simple majority on equal terms ensures the equal treatment of all of the experts\n\nopinions.","location":[[" Proposal for a regulation","Article 66 \u2013 paragraph 1 - subparagraph 2"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:21"},"new":["1. Decisions of the Board of Supervisors","shall be taken by simple majority of its","members, according to the principle","where each member has one vote."],"old":["All other decisions of the Board of","Supervisors shall be taken by simple","majority of members."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"680","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ramon Tremosa i Balcells","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-287","justification":"The importance of credit bubbles in the actual crisis makes compulsory to have an explicit\nreference of its prevention as one of the EBA's objectives.","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 4"]],"meps":[97203],"meta":{"created":"2019-07-03T05:21:18"},"new":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) strengthening international supervisory","coordination. For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission, and vi)","preventing the generation of future credit","bubbles from the financial institutions in","the EU."],"old":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) strengthening international supervisory","coordination. For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"287","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Thomas Mann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-552","location":[[" Proposal for a regulation","Article 19 \u2013 paragraph 2"]],"meps":[1922],"meta":{"created":"2019-07-03T05:21:20"},"new":["2. With regard to prudential assessments of","mergers and acquisitions falling under the","terms of Directive 2007/44/EC, the","Authority shall become the central","recipient of regulatory reporting. The","Authority shall moderate the procedure","and lead the national authorities involved","in the procedure to ensure an efficient","process. It may, on its own initiative or on","application of any competent authorities,","issue and publish an opinion on a","prudential assessment to be carried out by","any authority of a Member State. Article","20 shall apply."],"old":["2. With regard to prudential assessments of","mergers and acquisitions falling under the","terms of Directive 2007/44/EC, the","Authority may, on its own initiative or on","application of any competent authorities,","issue and publish an opinion on a","prudential assessment to be carried out by","any authority of a Member State. Article","20 shall apply."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"552","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Alfredo Pallone, Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.457-268","justification":" The Authority must be required to observe clear rules to protect confidentiality when\n gathering, storing and transmitting firm-specific information.","location":[["Proposal for a regulation","Recital 44"]],"meps":[97197,96787],"meta":{"created":"2019-07-03T05:21:19"},"new":["(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 be subject to stringent and effective","confidentiality rules."],"old":["(44) It is essential that business secrets and","other confidential information are","protected. The confidentiality of","information exchanged in the network","","should likewise be safeguarded."],"orig_lang":"en","peid":"PE439.457v01-00","reference":"2009/0142(COD)","seq":"268","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.457+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Carl Haglund","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-681","justification":"The Board of Supervisors consists of esteemed experts in their fields and the decision-making\nshould thus always be made on the basis of the principle where the voice of each member is of\nthe same value. Requiring qualified majority is not necessary in order for the EBA to fulfil its\nobjectives, simple majority on equal terms ensures the equal treatment of all of the experts\nopinions.","location":[["Proposal for a regulation","Article 66 \u2013 paragraph 1 - subparagraph 2"]],"meps":[96683],"meta":{"created":"2019-07-03T05:21:21"},"new":["Decisions of the Board of Supervisors shall","be taken by simple majority of its members","according to the principle where each","member has one vote."],"old":["All other decisions of the Board of","Supervisors shall be taken by simple","majority of members."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"681","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-288","justification":" It is important that any action taken by the ESA is done so with regards to the wider global\n competitive picture, including preventing regulatory arbitrage. The ESA should also\n undertake economic analysis in order to make more informed decisions on the impact of its\n actions on the wider market, and the impact of wider market events on its actions. This is in\n line with best practice at member state level.","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 4"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:18"},"new":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) strengthening international supervisory","coordination, and (vi) preventing","regulatory arbitrage and contributing to a","level playing field. 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For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"288","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-553","location":[[" Proposal for a regulation","Article 19 \u2013 paragraph 2"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:20"},"new":["2. With regard to prudential assessments of","mergers and acquisitions falling under the","terms of Directive 2007/44/EC, the","Authority may, on its own initiative or on","application of any competent authorities,","monitor the assessments and provide","guidance with a view to streamline and","provide a level playing field, and issue and","publish an opinion on a prudential","assessment to be carried out by any","authority of a Member State. Article 20","shall apply."],"old":["2. With regard to prudential assessments of","mergers and acquisitions falling under the","terms of Directive 2007/44/EC, the","Authority may, on its own initiative or on","application of any competent authorities,","","issue and publish an opinion on a","prudential assessment to be carried out by","any authority of a Member State. Article","20 shall apply."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"553","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Sari Essayah","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-682","location":[["Proposal for a regulation","Article 29 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[96682],"meta":{"created":"2019-07-03T05:21:21"},"new":["1. Decisions of the Board of Supervisors","shall be taken by simple majority of its","members, according to the principle","where each member has one vote."],"old":["All other decisions of the Board of","Supervisors shall be taken by simple","majority of members."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"682","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-289","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 4"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:18"},"new":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) strengthening international supervisory","coordination (vi) prevent regulatory","arbitrage and contribute to a global level","playing field. For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"old":["4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) strengthening international supervisory","coordination. For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","","","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"289","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-554","justification":"Currently, cross-border bank acquisitions and increases of holdings typically involve\naffiliates in several EU (EEA) countries which triggers almost similar information\nrequirements. Such duplication and multiple discussions on the documents that are required\nto make the filing complete, turn out to be extremely cumbersome. To foster integration and to\nenhance coordination of change \u2013of control procedures (DIR 2007/44/EC), thereby avoiding\nmultiple change-of-control procedures, EBA should coordinate the process with the national\nauthorities concerned (\u201cone stop model\u201d).","location":[["Proposal for a regulation","Article 19 \u2013 paragraph 2 a (new)"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:20"},"new":["2a. On the basis of Joint Guidelines, the","Authority may conduct the change of","control procedure under Directive","2007/44/EC. Upon receipt of the","notification, the Authority will coordinate","with the relevant national authorities."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"554","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Othmar Karas","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-683","justification":" Decisions by the Board of Supervisors should reflect the European perspective and not be\n based on national considerations. Only decisions with regard to financing should be based on\n QMV due to the national contributions to the financing of the system.","location":[[" Proposal for a regulation","Article 29 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[4246],"meta":{"created":"2019-07-03T05:21:21"},"new":["1. All decisions of the Board of","Supervisors shall be taken by simple","majority of members."],"old":["All other decisions of the Board of","Supervisors shall be taken by simple","majority of members."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"683","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-290","location":[["Proposal for a regulation","Article 1 \u2013 paragraph 4"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:18"},"new":["4. 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For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law referred","to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"290","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Thomas Mann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-555","location":[[" Proposal for a regulation","Article 19 \u2013 paragraph 2 a (new)"]],"meps":[1922],"meta":{"created":"2019-07-03T05:21:20"},"new":["2a. On the basis of Joint Guidelines, the","Authority may conduct the change of","control procedure under Directive","2007/44/EC. Upon receipt of the","notification, the Authority will coordinate","with the relevant national authorities."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"555","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-556","justification":" The Authority requests are to build upon existing channels to collect information. Where\n appropriate, common reporting formats and existing statistics should be used.","location":[[" Proposal for a regulation","Article 20 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:20"},"new":["1. At the request of the Authority,","competent authorities of the Member States","shall provide the Authority with all the","necessary information to carry out the","duties assigned to it by this Regulation."],"old":["1. At the request of the Authority,","competent authorities and other public","authorities of the Member States shall","provide the Authority with all the","necessary information to carry out the","duties assigned to it by this Regulation."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"556","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Othmar Karas","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-684","justification":" Decisions by the Board of Supervisors should reflect the European perspective and not be\n based on national considerations. Only decisions with regard to financing should be based on\n QMV due to the national contributions to the financing of the system.","location":[[" Proposal for a regulation","Article 29 \u2013 paragraph 1 \u2013 subparagraph 2 a (new)"]],"meps":[4246],"meta":{"created":"2019-07-03T05:21:21"},"new":["In exception to para (1) the Board of","Supervisors shall adopt decisions under","chapter VI on the basis of qualified","majority of its members, as defined in","Article 16 of the EU Treaty and in Article","3 of the protocol on transitional","provisions annexed to the treaty on the","Functioning of the European Union."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"684","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Thomas H\u00e4ndel, J\u00fcrgen Klute","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-291","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 4"]],"meps":[96851,96769],"meta":{"created":"2019-07-03T05:21:18"},"new":["4. 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The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective and","consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and","(v) strengthening international supervisory","coordination. 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This provision would complement other\n provisions of the Regulations that focus on the independence of amongst others the ESA's\n Chairperson.","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 6 a (new)"]],"meps":[1832],"meta":{"created":"2019-07-03T05:21:19"},"new":["6a. 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The Authority shall form part of a","European System of Financial","Supervision the main objective of which is","to ensure that the rules applicable to the","financial sector are adequately","implemented, in order to preserve","financial stability and thereby to ensure","confidence in the financial system as a","whole and sufficient protection for the","customers of financial services.","2. The European System of Financial","Supervision shall comprise the following:","(a) the European Systemic Risk Board;","(b) the European Supervisory Authority","(Securities and Markets) established by","Regulation (EU) No .../... [ESMA];","(c) the European Supervisory Authority","(Insurance and Occupational Pensions)","established by Regulation (EU)","No \u2026/\u2026[EIOPA];","(d) the Authority;","(e) the European Supervisory Authority","(Joint Committee) provided for in","Article 40;","(f) the authorities in the Member States","referred to in Article 1(2) of Regulations","(EC) No .../... [ESMA], Regulation (EC)","No \u2026/2009 [EIOPA] and Regulation","(EC) No \u2026/\u2026 [EBA;","(g) the Commission, for the purposes of","carrying out the tasks referred to in","Articles 7 and 9.","3. The Authority shall cooperate regularly","and closely, ensure cross-sectoral","consistency of work and arrive at joint","positions in the area of supervision of","financial conglomerates and on other","cross-sectoral issues with the European","Systemic Risk Board as well as with the","European Supervisory Authority","(Insurance and Occupational Pensions)","and the European Supervisory Authority","(Securities and Markets) through the","European Supervisory Authorities (Joint","Committee) referred to in Article 40.","4. In accordance with the principle of","sincere cooperation in accordance with","Article 4(3) of the EU Treaty, the parties","of the ESFS shall cooperate with trust","and full mutual respect, in particular in","ensuring that appropriate and reliable","information flows between them.","5. Only those supervisory authorities","included in the European System of","Financial Supervisors shall be entitled to","supervise financial institutions operating","in the European Union."],"old":["","",""],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"300","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Carl Haglund","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-563","location":[[" Proposal for a regulation","Article 20 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[96683],"meta":{"created":"2019-07-03T05:21:21"},"new":["The Authority may also request","information to be provided at recurring","intervals. Primarily, the requests are to","build upon existing channels to collect","information. Where appropriate, common","reporting formats are to be used."],"old":["The Authority may also request","information to be provided at recurring","intervals."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"563","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-691","location":[["Proposal for a regulation","Article 30 \u2013 paragraph 3 \u2013 subparagraph 2"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:22"},"new":["It shall meet at least preceding every","Board of Supervisors meeting and as","often as it deems necessary."],"old":["It shall meet at least bi-annually in","ordinary session."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"691","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-301","location":[[" Proposal for a regulation","Article 1 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:19"},"new":["Article 1a","The European System of Financial","Supervision","1. The Authority shall form part of a","European System of Financial","Supervision, hereinafter referred to as","'ESFS', which shall function as an","integrated network of supervisors that","brings together all the authorities in the","Member States and in the European","Union with competences in the field of","financial supervision as referred in the","present and related EU regulations. The","main objective of which is to ensure a","strong and consistent European","supervision for financial institutions","which will bring confidence into the","financial system, support sustainable","European growth and serve the needs of","business and citizens.","2. The ESFS shall comprise the","following:","(a) the European Systemic Risk Board;","(b) the European Supervisory Authority","(Securities and Markets) established by","Regulation (EU) No .../... [ESMA];","(c) the European Supervisory Authority","(Insurance and Occupational Pensions)","established by Regulation (EU)","No \u2026/\u2026[EIOPA];","(d) the Authority;","(e) the Joint Committee of European","Supervisory Authorities (JCESA)","provided for in Article 40;","(f) the authorities in the Member States","referred to in Article 1(2) of Regulations","(EC) No .../... [ESMA], Regulation (EC)","No \u2026/2009 [EIOPA] and Regulation","(EC) No \u2026/\u2026 [EBA;","(g) the Commission, for the purposes of","carrying out the tasks referred to in","Articles 7 and 9.","3. All the parties of the ESFS Supervision","shall cooperate closely among them with","trust and full mutual respect, pursuant to","the principle of sincere cooperation in","accordance with Article 4(3) of the","EU Treaty.","4. All financial institutions are subject to","legally binding Acts under European law","and to the supervision of the competent","authorities part of the ESFS.","5. The ESFS does not prevent competent","authorities from the exercise of national","supervisory powers in conformity with","European legally binding acts and","according to the international prudential","principles on banking supervision.","6. Only those supervisory authorities","included in the European System of","Financial Supervisor shall be entitled to","supervise financial institutions in the","European Union."],"old":["","",""],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"301","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-564","location":[[" Proposal for a regulation","Article 20 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:21"},"new":["The Authority may also request","information to be provided at recurring","intervals. These requests shall, where","possible, use common reporting formats."],"old":["The Authority may also request","information to be provided at recurring","intervals."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"564","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-692","location":[[" Proposal for a regulation","Article 31"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:22"},"new":["The members of the Management Board","shall act independently and objectively in","the sole interest of the European Union as","a whole, without seeking or taking any","instructions from European Union","institutions or bodies, from any","government of a Member State or from any","other public or private body."],"old":["The members of the Management Board","shall act independently and objectively in","the Community interest, without seeking or","taking any instructions from Community","institutions or bodies, from any","government of a Member State or from any","other public or private body."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"692","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-302","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 1"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:19"},"new":["(1) 'financial institutions' means any","undertaking whose main business is to","take deposits, grant credits, provide","insurance services or other financial","services to its clients or members or","engage in financial investment or trading","activities on its own account, and any","other undertaking or entity operating in","the European Union, whose business is of","a similar nature, even if they have no","direct dealings with the public at large;"],"old":["(1) 'financial institutions' means 'credit","institutions' as defined in Directive","2006/48/EC, 'investment firms' as defined","in Directive 2006/49/EC, and 'financial","conglomerates' as defined in Directive","2002/87/EC;"],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"302","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-565","justification":"The Authoritys requests are to build upon existing channels to collect information. Where\nappropriate, common reporting formats and existing statistics should bes used.","location":[[" Proposal for a regulation","Article 20 \u2013 paragraph 1 \u2013 subparagraph 2 a (new)"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:21"},"new":["Before requesting information in","accordance with this Article, the","Authority shall first take account of the","existing statistics produced, disseminated","and developed by the European Statistical","System and the European System of","Central Banks."],"old":[""],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"565","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-693","location":[[" Proposal for a regulation","Article 31 \u2013 paragraph 1 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:22"},"new":["Neither Member States, European Union","institutions or bodies, nor any other","public or private body shall seek to","influence the members of the","Management Board."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"693","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Diogo Feio","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-303","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 1"]],"meps":[96977],"meta":{"created":"2019-07-03T05:21:19"},"new":["(1) 'financial institutions' means","undertakings and entities subject to any of","the legislative acts mentioned in","Article 1(2). However, with regard to","Directive 2005/60/EC, \u2018financial","institutions\u2019 means only credit and","financial institutions as defined in that","Directive;"],"old":["(1) 'financial institutions' means 'credit","institutions' as defined in Directive","2006/48/EC, 'investment firms' as defined","in Directive 2006/49/EC, and 'financial","conglomerates' as defined in Directive","2002/87/EC;",""],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"303","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-304","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 1"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:19"},"new":["(1) 'financial institutions' means 'credit","institutions' as defined in Directive","2006/48/EC, 'investment firms' as defined","in Directive 2006/49/EC, 'financial","conglomerates' as defined in Directive","2002/87/EC and in general all kinds of","undertakings and entities subject to any of","the legislative acts mentioned in","Article 1(2);"],"old":["(1) 'financial institutions' means 'credit","institutions' as defined in Directive","2006/48/EC, 'investment firms' as defined","in Directive 2006/49/EC, and 'financial","conglomerates' as defined in Directive","2002/87/EC;"],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"304","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-694","location":[[" Proposal for a regulation","Article 31 \u2013 paragraph 1 b (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:22"},"new":["In accordance with the Staff Regulations","referred to in Article 54, the members of","the Management Board shall, after","leaving the service, continue to be bound","by the duty to behave with integrity and","discretion as regards the acceptance of","certain appointments or benefits."],"old":[""],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"694","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Carl Haglund","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-566","location":[["Proposal for a regulation","Article 20 \u2013 paragraph 1 \u2013 subparagraph 2 a (new)"]],"meps":[96683],"meta":{"created":"2019-07-03T05:21:21"},"new":["Before requesting information in","accordance with this Article, the","Authority shall first take account of the","existing statistics produced, disseminated","and developed by the European Statistical","System and the European System of","Central Banks."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"566","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-695","location":[["Proposal for a regulation","Article 32 \u2013 paragraph 6"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:22"},"new":["deleted"],"old":["6. The Management Board shall, after","consulting the Board of Supervisors,","adopt the annual report on the activities","of the Authority on the basis of the draft","report referred to in Article 38(7) and","shall transmit that report to the European","Parliament, the Council, the Commission,","the Court of Auditors, the European","Economic and Social Committee by 15","June. The report shall be made public."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"695","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Jean-Pierre Audy","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-305","justification":" This amendment concerns the European Investment Bank, a public development bank which is\n not subject to supervision by a national authority. In 2007, following a political debate on the\n EIB's 2006 annual report, the European Parliament called for this institution to be subject to\n the same prudential rules as credit institutions, and also to genuinely independent regulatory\n supervision.","location":[["Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 1"]],"meps":[33775],"meta":{"created":"2019-07-03T05:21:19"},"new":["(1) 'financial institutions' means 'credit","institutions' as defined in Directive","2006/48/EC, 'investment firms' as defined","in Directive 2006/49/EC, and 'financial","conglomerates' as defined in Directive","2002/87/EC as well as public banks,","including development banks;"],"old":["(1) 'financial institutions' means 'credit","institutions' as defined in Directive","2006/48/EC, 'investment firms' as defined","in Directive 2006/49/EC, and 'financial","conglomerates' as defined in Directive","2002/87/EC;"],"orig_lang":"fr","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"305","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Sari Essayah","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-567","location":[["Proposal for a regulation","Article 20 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[96682],"meta":{"created":"2019-07-03T05:21:21"},"new":["deleted"],"old":["2. Where information is not available or is","not made available in a timely fashion by","the competent 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 competent authorities of such","","requests."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"567","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-306","location":[[" Proposal for a regulation","Article 2 \u2013 paragraph 1 \u2013 point 2"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:19"},"new":["(2) 'competent authorities' means","competent authorities for credit and","financial institutions as defined in","Directives 2006/48/EC, 2006/49/EC,","2007/64/EC, 2009/110/EC, 2002/65/EC,","2005/60/EC, and, where deposit guarantee","schemes are concerned, public bodies","which administer deposit guarantee","schemes or, when administered by a","private company, the public authority","supervising the scheme, pursuant to","Directive 94/19/EC."],"old":["(2) 'competent authorities' means","competent authorities as defined in","Directives 2006/48/EC and 2006/49/EC","and, where deposit guarantee schemes are","concerned, bodies which administer","deposit-guarantee schemes pursuant to","Directive 94/19/EC."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"306","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-696","location":[["Proposal for a regulation","Article 32 \u2013 paragraph 8"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:22"},"new":["deleted"],"old":["8. The Management Board shall appoint","and remove the members of the Board of","Appeal in accordance with Article 44(3)","and 44(5)."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"696","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-568","justification":" The power of ESAs to request information directly from individual institutions should only be\n used in the last resort and therefore the original proposal should be amended to curtail it so\n that it is only possible in defined emergency situations. There is clearly a need for improved\n information exchange to enhance understanding of systemic risk. However, it is important not\n to undermine market sentiment by potential disclosure of sensitive and confidential data that\n could upset the orderly functioning of financial markets.","location":[[" Proposal for a regulation","Article 20 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:21"},"new":["2. Where, to the extent that there might be","a sustained and severe risk to market","dislocation, supported by objectively","verifiable data, and which might","reasonably concern a specific institution,","information is not available or is not made","available in a timely fashion by the","competent authorities and other public","authorities of the Member States, the","Authority may address a reasoned request","directly to relevant financial institutions","and other parties. 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The Management Board shall appoint","and remove the members of the Board of","Appeal in accordance with Article 44(3)","and 44(5)."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"697","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Carl Haglund","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-569","location":[["Proposal for a regulation","Article 20 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[96683],"meta":{"created":"2019-07-03T05:21:21"},"new":["2. 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The supervisory process involves discretionary decision-making,\nwhich under the current legal framework cannot be delegated to EU authorities. Identifying\nand naming some institutions as \u201csystemically relevant\u201d or \u201cfinancial institutions with EU\ndimension\u201d, is not appropriate as there is no criteria for such distinctions.","location":[[" Proposal for a regulation","Article 6 \u2013 paragraph 1 \u2013 point b"]],"meps":[4246],"meta":{"created":"2019-07-03T05:21:20"},"new":["(b) contribute to a consistent application of","EU legislative acts, in particular by","contributing to a common supervisory","culture, ensuring consistent, efficient and","effective application of the legislation","referred to in Article 1(2), preventing","regulatory arbitrage, mediating and settling","disagreements between competent","authorities, promoting a coherent","functioning of colleges of supervisors and","taking actions in emergency situations;"],"old":["(b) contribute to a consistent application of","Community legislation, in particular by","contributing to a common supervisory","culture, ensuring consistent, efficient and","effective application of the legislation","referred to in Article 1(2), preventing","regulatory arbitrage, mediating and settling","disagreements between competent","authorities, promoting a coherent","functioning of colleges of supervisors and","taking actions in emergency situations;"],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"320","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-710","location":[[" Proposal for a regulation","Article 36 \u2013 paragraph 2"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:23"},"new":["2. 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The proposed discretionary ability of the European Commission to amend ESA\n technical standards in the Community interest blurs the distinction between \u201ctechnical\u201d and\n \u201cpolicy\u201d in this area. Therefore, the ability should be curtailed in order to be only used as a\n last resort and to bring the text in line with the Council\u2019s general approach.","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:23"},"new":["1. The Authority may develop technical","standards in the areas specifically set out in","the legislation referred to in Article 1(2).","Technical standards shall not include","policy choices and shall be limited to","determining the conditions of application","of that legislation. The Authority shall","submit its draft standards to the","Commission for endorsement."],"old":["1. 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Technical standards should not differ for the same type of\n financial institution across Member States, but they must provide for a degree of flexibility in\n order to acknowledge the existence of democratically controlled cooperatives, whose business\n models are highly risk averse, and who play an important role in combating social exclusion\n within local communities.","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[33570,28116],"meta":{"created":"2019-07-03T05:21:23"},"new":["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. 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The aim of the proposed addition is to strengthen that principle. By putting such clause\ninto the EBA\u2019s decision, the Authority shall every time consider and analyze, whether its\njudgment does not intervene into member state\u2019s fiscal responsibility.","location":[["Proposal for a regulation","Article 23 \u2013 paragraph 1"]],"meps":[101954,96830],"meta":{"created":"2019-07-03T05:21:24"},"new":["1. The Authority shall ensure that no","decision adopted under Articles 10 or 11","impinges in any way on the fiscal","responsibilities of Member States. The","respective decision by the Authority shall","state that fiscal responsibilities are not","affected."],"old":["1. 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Public\n consultations and cost/benefit analyses need to be systematic in the elaboration of technical\n standards, guidelines and recommendations to ensure transparency and increase efficiency.","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:23"},"new":["Before submitting them to the","Commission, the Authority shall conduct","open public consultations on technical","standards and analyse the potential related","costs and benefits."],"old":["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."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"366","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Marta Andreasen","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-621","justification":"The actions of the Authority should not compromise the fiscal independence of member states.","location":[["Proposal for a regulation","Article 23 \u2013 paragraph 1"]],"meps":[96954],"meta":{"created":"2019-07-03T05:21:24"},"new":["1. 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Art. 11 should not be covered since mediation would apply only\n in normal times, for on-going supervision.","location":[[" Proposal for a regulation","Article 23 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[1985],"meta":{"created":"2019-07-03T05:21:24"},"new":["deleted"],"old":["2. 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The proposed discretionary ability of the European Commission to amend ESA\ntechnical standards in the Community interest blurs the distinction between \u201ctechnical\u201d and\n\u201cpolicy\u201d in this area. 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For that reason the influence of the\n European Commission on the final version of binding technical standards shall be strictly\n limited. The Commission shall have the right to decide whether to endorse the standards or\n not. However if the Commission decide to not endorse the standards is shall propose the\n reasoned modifications and send it back to the EBA. The Authority, after considering the\n proposed amendments may alter and resubmit the draft standard to Commission who shall\n decide whether to endorse it or not. It will enable dialog between the EBA and the\n Commission, provide for more efficiency and safeguard the independence of the EBA.","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 3"]],"meps":[101954,96830,96781],"meta":{"created":"2019-07-03T05:21:24"},"new":["Within three months of receipt of the draft","standards, the Commission shall decide","whether to endorse the draft standards. 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Should the standards be inappropriate due to legal or single market reasons the\n Commission may reject them in full or in part.","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 3"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:24"},"new":["Within three months of receipt of the draft","standards, the Commission shall decide","whether to endorse, partially endorse or","reject the draft standards. The","Commission may extend that period by one","month. The Commission shall inform the","European Parliament and the Council of","its decision, stating the reasons."],"old":["Within three months of receipt of the draft","standards, the Commission shall decide","whether to endorse the draft standards. The","Commission may extend that period by one","month. 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The Commission may endorse the","draft standards only in part or with","amendments where the Community","interest so requires."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"370","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Marta Andreasen","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-627","justification":" The member states are competent to judge their own fiscal responsibilities.","location":[[" Proposal for a regulation","Article 23 \u2013 paragraph 2 \u2013 subparagraph 2"]],"meps":[96954],"meta":{"created":"2019-07-03T05:21:25"},"new":["In its notification, the Member State may","justify how the decision impinges on its","fiscal responsibilities."],"old":["In its notification, the Member State shall","justify why and clearly demonstrate how","the decision impinges on its fiscal","responsibilities."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"627","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-763","location":[["Proposal for a regulation","Article 47 \u2013 paragraph 1 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:27"},"new":["1a. Member States and the European","Union institutions, as well as any natural","or legal person, may lodge a direct appeal","before the Court of Justice against","decisions of the Authority, in accordance","with Article 263 of the Treaty on the","Functioning of the European Union."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"763","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-628","justification":"If art. 23 is to be kept to some Member States sensitivity, it should apply only to decision\ntaken only in emergency situations, i.e. art. 10, where Member States are likely to intervene,\npossibly with public money. Art. 11 should not be covered since mediation would apply only\nin normal times, for on-going supervision.","location":[["Proposal for a regulation","Article 23 \u2013 paragraph 2 \u2013 subparagraph 3"]],"meps":[1985],"meta":{"created":"2019-07-03T05:21:25"},"new":["deleted"],"old":["In that case, the decision of the Authority","shall be suspended."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"628","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-371","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 3"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:24"},"new":["Within three months of receipt of the draft","technical standards, the Commission shall","endorse the draft supervisory standards if","they comply with European legislation.","Within the same period, the Commission","may adopt the draft technical standards","with amendments where they were drawn","up as regulatory standards. In both cases,","the Commission may extend that period","by one month."],"old":["Within three months of receipt of the draft","standards, the Commission shall decide","whether to endorse the draft standards. The","Commission may extend that period by","one month. The Commission may endorse","the draft standards only in part or with","amendments where the Community","interest so requires."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"371","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"S\u0142awomir Witold Nitras, Jan Koz\u0142owski, Enik\u0131 Gy\u0131ri","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-764","justification":"As the EBA will be a Community authority it shall be to the broadest possible extend\nfinanced from the EU budget. It will also safeguard its independence. For this reasons the\nfinancing by national supervisors shall not apply.","location":[["Proposal for a regulation","Article 48 \u2013 paragraph 1 \u2013 point a"]],"meps":[101954,96830],"meta":{"created":"2019-07-03T05:21:27"},"new":["deleted"],"old":["(a) obligatory contributions from the","national public authorities competent for","the supervision of financial institutions;"],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"764","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-629","justification":"If art. 23 is to be kept to some Member States sensitivity, it should apply only to decision\ntaken only in emergency situations, i.e. art. 10, where Member States are likely to intervene,\npossibly with public money. Art. 11 should not be covered since mediation would apply only\nin normal times, for on-going supervision.","location":[["Proposal for a regulation","Article 23 \u2013 paragraph 2 \u2013 subparagraph 4"]],"meps":[1985],"meta":{"created":"2019-07-03T05:21:25"},"new":["deleted"],"old":["Within a period of one month from the","notification by the Member State, the","Authority shall inform the Member State","as to whether it maintains its decision or","whether it amends or revokes it."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"629","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-372","justification":" Article 7 binding standards should not extend to areas covered by supervisory judgement.\n There are insufficient justifications for not conducting open consultations on technical\n standards. The proposed discretionary ability of the European Commission to amend ESA\n technical standards in the Community interest blurs the distinction between \u201ctechnical\u201d and\n \u201cpolicy\u201d in this area. Therefore, the ability should be curtailed in order to be only used as a\n last resort and to bring the text in line with the Council\u2019s general approach.","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 3"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:24"},"new":["Within three months of receipt of the draft","standards, the Commission shall decide","whether to endorse the draft standards. The","Commission may extend that period by one","month. In exceptional circumstances, the","Commission may endorse the draft","standards only in part or with amendments","where the European Union interest so","requires."],"old":["Within three months of receipt of the draft","","standards, the Commission shall decide","whether to endorse the draft standards. The","Commission may extend that period by one","month. The Commission may endorse the","draft standards only in part or with","amendments where the Community","interest so requires."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"372","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Sari Essayah","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-765","location":[[" Proposal for a regulation","Article 48 \u2013 paragraph 1 \u2013 point a"]],"meps":[96682],"meta":{"created":"2019-07-03T05:21:27"},"new":["deleted"],"old":["(a) obligatory contributions from the","national public authorities competent for","the supervision of financial institutions;"],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"765","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-630","justification":" If art. 23 is to be kept to some Member States sensitivity, it should apply only to decision\n taken only in emergency situations, i.e. art. 10, where Member States are likely to intervene,\n possibly with public money. Art. 11 should not be covered since mediation would apply only\n in normal times, for on-going supervision.","location":[[" Proposal for a regulation","Article 23 \u2013 paragraph 2 \u2013 subparagraph 5"]],"meps":[1985],"meta":{"created":"2019-07-03T05:21:25"},"new":["deleted"],"old":["Where the Authority maintains its","decision, the Council, acting by qualified","majority as defined in Article 205 of the","Treaty, shall, within two months, decide","whether the Authority's decision is","maintained or revoked."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"630","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Anni Podimata","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-373","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 3 a (new)"]],"meps":[39317],"meta":{"created":"2019-07-03T05:21:24"},"new":["The Commission may not change the","content of the technical standards","prepared by the Authority without prior","coordination with the Authority, as set out","in this Article."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"373","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Gianni Pittella, Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-374","justification":"The Commission should not have the power to amend the technical standards adopted by the\nEBA, in order to respect the Authority\u2019s independence. The Commission should implement a\ntechnical standard through a scrutiny right validation procedure. Therefore, it could oppose a\ndraft technical standard only if it believes that the EBA\u2019s decision stands in conflict with\ncommunity public interests, would not respect the principle of proportionality or hamper the\nintegration of the European single market; the endorsement procedure should simply be\nstopped and the impediment should be explained in writing in order to enable EBA to develop\na second proposal.","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 4"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:24"},"new":["Where the Commission intends not to","endorse the standards, 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."],"old":["Where the Commission does not endorse","","the standards or endorses them in part or","with amendments, it shall inform the","Authority of its reasons."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"374","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Robert Goebbels","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-766","justification":" The proposed amendment defines the contributions to be made by national banking\n supervisory authorities to the budget of EBA. The proposed rule is based on current practice.","location":[[" Proposal for a regulation","Article 48 \u2013 paragraph 1 \u2013 point a"]],"meps":[4429],"meta":{"created":"2019-07-03T05:21:27"},"new":["(a) obligatory contributions from the","national public authorities competent for","the supervision of financial institutions","which shall be made in accordance with","the weighting of votes set out in Article","3(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. For the purposes of this","Article, Article 3(3) of the Protocol (No","36) on transitional provisions shall","continue to apply beyond the deadline of","31 October 2014 therein established;"],"old":["(a) obligatory contributions from the","national public authorities competent for","the supervision of financial institutions;"],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"766","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-631","justification":"The member who calls on the Council invoquing the safeguard clause should not take part in\nthe final decision.","location":[[" Proposal for a regulation","Article 23 \u2013 paragraph 2 \u2013 subparagraph 5"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:25"},"new":["Where the Authority maintains its decision,","the Council shall take a decision whether","the Authority's decision is maintained or","revoked on the basis of a qualified","majority of its member not taking into","account the vote of the member of the","Council representing the Member State","concerned no later than two months after","the Authority has informed the Member","State as set out in the fourth","subparagraph. A qualified majority shall","be defined as at least 55% of the members","of the Council excluding the Member","State concerned, comprising at least","fourteen of them representing Member","States comprising at least 65% of the","population of the Union excluding the","population of the Member State","concerned."],"old":["Where the Authority maintains its decision,","the Council, acting by qualified majority","as defined in Article 205 of the Treaty,","shall, within two months, decide whether","the Authority's decision is maintained or","revoked.",""],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"631","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Alfredo Pallone, Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-375","justification":"The Commission should not have the power to amend the technical standards adopted by the\nEBA, in order to respect the Authority\u2019s independence.\n\n The Commission should implement a technical standard through a scrutiny right validation\n procedure. Therefore, it could oppose a draft technical standard only if it believes that the\n EBA\u2019s decision stands in conflict with community public interests, would not respect the\n principle of proportionality or hamper the integration of the European single market.","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 4"]],"meps":[97197,96787],"meta":{"created":"2019-07-03T05:21:24"},"new":["Where the Commission intends not to","endorse the standards, 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."],"old":["Where the Commission does not endorse","the standards or endorses them in part or","with amendments, it shall inform the","Authority of its reasons."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"375","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"S\u0142awomir Witold Nitras, Jan Koz\u0142owski, Enik\u0131 Gy\u0131ri","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-767","justification":"As the EBA will be a Community authority it shall be to the broadest possible extend\nfinanced from the EU budget. It will also safeguard its independence. For this reasons the\nfinancing by national supervisors shall not apply.","location":[["Proposal for a regulation","Article 48 \u2013 paragraph 1 \u2013 point b"]],"meps":[101954,96830],"meta":{"created":"2019-07-03T05:21:27"},"new":["(b) a funding from the Community,","entered in the General Budget of the","European Union (Commission Section);"],"old":["(b) a subsidy from the Community, entered","in the General Budget of the European","Union (Commission Section);"],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"767","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-376","justification":" Article 7 binding standards should not extend to areas covered by supervisory judgement.\n There are insufficient justifications for not conducting open consultations on technical\n standards. The proposed discretionary ability of the European Commission to amend ESA\n technical standards in the Community interest blurs the distinction between \u201ctechnical\u201d and\n \u201cpolicy\u201d in this area. Therefore, the ability should be curtailed in order to be only used as a\n last resort and to bring the text in line with the Council\u2019s general approach.","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 4"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:24"},"new":["Where the Commission intends, as a last","resort, not to endorse the standards or to","endorse them in part or with amendments,","it shall send the draft standards back to","the Authority, proposing reasoned","amendments. Within a period of 6 weeks,","the Authority may amend the draft","standards on the basis of the","Commission\u2019s proposed amendments and","resubmit them in the form of a formal","opinion to the Commission."],"old":["Where the Commission does not endorse","the standards or endorses them in part or","with amendments, it shall inform the","Authority of its reasons."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"376","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-632","location":[["Proposal for a regulation","Article 23 \u2013 paragraph 2 \u2013 subparagraph 5"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:25"},"new":["Where the Authority maintains its decision,","the Council shall take a decision by a","majority of the votes cast, at one of its","meetings at the latest two months after the","Authority has informed the Member State","as set out in the previous subparagraph,","as to whether the Authority's decision is","maintained."],"old":["Where the Authority maintains its decision,","the Council, acting by qualified majority","as defined in Article 205 of the Treaty,","shall, within two months, decide whether","the Authority's decision is maintained or","revoked."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"632","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Marianne Thyssen","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-768","justification":"Under the Commission proposals, the ESAs\u2019 budget would be part of the Commission budget.\nTo enhance the independence of the ESAs it would be better to identify a separate and specific\nbudget line for the ESAs in the overall EU Budget. Therefore it is proposed, also to enable the\nauthorities to achieve their ambitions, to provide for an independent budget line as has been\ndone for the Data Protection Supervisor (see: Regulation No 45/2001 of 18 December 2000\non the protection of individuals with regard to the processing of personal data by the\n\n Community institutions and bodies and on the free movement of such data).","location":[["Proposal for a regulation","Article 48 \u2013 paragraph 1 \u2013 point b"]],"meps":[1832],"meta":{"created":"2019-07-03T05:21:27"},"new":["(b) a subsidy from the European Union,","shown in a separate budget heading in","Section [XII] of the general budget of the","European Union;"],"old":["(b) a subsidy from the Community, entered","in the General Budget of the European","Union (Commission Section);"],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"768","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"S\u0142awomir Witold Nitras, Jan Koz\u0142owski, Enik\u0131 Gy\u0131ri, Danuta Jaz\u0142owiecka","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-633","justification":" The main aim of this amendment is to eliminate the uncertainty in all that cases where the\n Council would not take any decision within the given period of two months. The lack of\n activity in respect of such important topic as fiscal responsibility of Member State can not\n result with any negative consequences for Member Sate. For that reason it is proposed to\n consider the challenged decision of the Authority as terminated after the passage of two\n months period, when the Council was supposed to issue its decision.","location":[["Proposal for a regulation","Article 23 \u2013 paragraph 2 \u2013 subparagraph 5"]],"meps":[101954,96830,96781],"meta":{"created":"2019-07-03T05:21:25"},"new":["Where the Authority maintains its decision,","the Council, acting by qualified majority as","defined in Article 205 of the Treaty, shall,","within two months, decide whether the","Authority's decision is maintained."],"old":["Where the Authority maintains its decision,","the Council, acting by qualified majority as","defined in Article 205 of the Treaty, shall,","","within two months, decide whether the","Authority's decision is maintained or","revoked."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"633","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"S\u0142awomir Witold Nitras, Jan Koz\u0142owski, Enik\u0131 Gy\u0131ri, Danuta Jaz\u0142owiecka","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-377","justification":"The EBA shall be independent to the most possible extend. For that reason the influence of the\nEuropean Commission on the final version of binding technical standards shall be strictly\nlimited. The Commission shall have the right to decide whether to endorse the standards or\nnot. However if the Commission decide to not endorse the standards is shall propose the\nreasoned modifications and send it back to the EBA. The Authority, after considering the\nproposed amendments may alter and resubmit the draft standard to Commission who shall\ndecide whether to endorse it or not. It will enable dialog between the EBA and the\nCommission, provide for more efficiency and safeguard the independence of the EBA.","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 4"]],"meps":[101954,96830,96781],"meta":{"created":"2019-07-03T05:21:24"},"new":["Where the Commission does not endorse","the standards it shall propose reasoned","modifications and send the draft","standards back to the Authority. The","Authority may amend the draft standards","on the basis of the Commission\u2019s","proposed modifications and resubmit the","draft standards to the Commission for","endorsement."],"old":["Where the Commission does not endorse","the standards or endorses them in part or","with amendments, it shall inform the","Authority of its reasons."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"377","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-378","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 4"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:24"},"new":["In any case, the Commission shall inform","the Authority, the European Parliament","and the Council of its decision, stating the","reasons."],"old":["Where the Commission does not endorse","the standards or endorses them in part or","with amendments, it shall inform the","Authority of its reasons."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"378","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Alfredo Pallone, Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-769","justification":" Direct contributions from financial institutions should be conducted only by entities directly\n supervised by the Authority.","location":[[" Proposal for a regulation","Article 48 \u2013 paragraph 1 \u2013 point c"]],"meps":[97197,96787],"meta":{"created":"2019-07-03T05:21:27"},"new":["(c) any fees paid to the Authority in the","cases referred to in Article 6(3)."],"old":["(c) any fees paid to the Authority in the","cases specified in the relevant instruments","of Community law."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"769","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-634","location":[[" Proposal for a regulation","Article 23 \u2013 paragraph 2 \u2013 subparagraph 5"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:25"},"new":["Where the Authority maintains its decision,","the Council, acting by qualified majority as","defined in Article 205 of the Treaty, shall,","within two months, decide whether the","Authority's decision is maintained."],"old":["Where the Authority maintains its decision,","the Council, acting by qualified majority as","defined in Article 205 of the Treaty, shall,","within two months, decide whether the","Authority's decision is maintained or","revoked."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"634","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Marianne Thyssen","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-770","justification":"It is proposed that for the first year of operation of the ESAs ending 31 December 2011, their\nbudgets will be approved by the Members of the respective L3 Committees, following\nconsultation with the Commission and then transmitted to the Council and Parliament for\nendorsement. This is fundamentally important to ensure the operational independence of the\nESAs so that they start operating on a firm financial footing. This independence is balanced\nby accountability to the EU political institutions.","location":[[" Proposal for a regulation","Article 49 \u2013 paragraph 1"]],"meps":[1832],"meta":{"created":"2019-07-03T05:21:27"},"new":["1. With the exception of the first year of","operation of the Authority ending 31","December 2011 (see Article 49 6bis","below), by 15 February each year, the","Executive Director shall draw up a draft","statement of estimates of revenue and","expenditure for the following financial","year, and shall forward this preliminary","draft budget to the Management Board and","the Board of Supervisors, together with","the establishment plan. Each year, the","Management Board shall, on the basis of","the preliminary draft drawn up by the","Executive Director and approved of the","Management Board, produce a statement","of estimates of revenue and expenditure of","the Authority for the following financial","year. That statement of estimates, including","a draft establishment plan, shall be","transmitted by the Board of Supervisors to","the Commission by 31 March. Prior to","adoption of the statement of estimates, the","draft prepared by the Executive Director","shall be approved by the Management","Board."],"old":["1. By 15 February each year, the Executive","Director shall draw up a draft statement of","estimates of revenue and expenditure for","the following financial year, and shall","forward this preliminary draft budget to the","Management Board, together with the","establishment plan. Each year, the","Management Board shall, on the basis of","the preliminary draft drawn up by the","Executive Director, produce a statement of","estimates of revenue and expenditure of the","Authority for the following financial year.","That statement of estimates, including a","draft establishment plan, shall be","transmitted by the Management Board to","","the Commission by 31 March. Prior to","adoption of the statement of estimates, the","draft prepared by the Executive Director","shall be approved by the Board of","Supervisors."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"770","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-379","justification":" Article 7 binding standards should not extend to areas covered by supervisory judgement.\n There are insufficient justifications for not conducting open consultations on technical\n standards. The proposed discretionary ability of the European Commission to amend ESA\n technical standards in the Community interest blurs the distinction between \u201ctechnical\u201d and\n \u201cpolicy\u201d in this area. Therefore, the ability should be curtailed in order to be only used as a\n last resort and to bring the text in line with the Council\u2019s general approach.","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 4 a (new)"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:24"},"new":["If on the expiry of the time limit, the","Authority has not submitted amended","standards, or has submitted standards that","are not amended in a way consistent with","the Commission\u2019s proposed amendments,","the Commission may, as a last resort,","adopt the standards with the amendments","it considers relevant or reject the","standards."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"379","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Marianne Thyssen","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-771","justification":"It is proposed that for the first year of operation of the ESAs ending 31 December 2011, their\nbudgets will be approved by the Members of the respective L3 Committees, following\n\n consultation with the Commission and then transmitted to the Council and Parliament for\n endorsement. This is fundamentally important to ensure the operational independence of the\n ESAs so that they start operating on a firm financial footing. This independence is balanced\n by accountability to the EU political institutions.","location":[["Proposal for a regulation","Article 49 \u2013 paragraph 6 a (new)"]],"meps":[1832],"meta":{"created":"2019-07-03T05:21:27"},"new":["6a. For the first year of operation of the","Authority ending 31 December 2011, the","budget will be approved by the Members","of the Level 3 Committee, following","consultation with the Commission and","then transmitted to the Council and","Parliament for endorsement."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"771","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Danuta Jaz\u0142owiecka","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-380","justification":"The EBA shall be independent to the most possible extend. For that reason the influence of the\nEuropean Commission on the final version of binding technical standards shall be strictly\nlimited. The Commission shall have the right to decide whether to endorse the standards or\nnot. However if the Commission decide to not endorse the standards is shall propose the\nreasoned modifications and send it back to the EBA. The Authority, after considering the\nproposed amendments may alter and resubmit the draft standard to Commission who shall\ndecide whether to endorse it or not. It will enable dialog between the EBA and the\nCommission, provide for more efficiency and safeguard the independence of the EBA.","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 4 a (new)"]],"meps":[96781],"meta":{"created":"2019-07-03T05:21:24"},"new":["Within one month of receipt of the","amended standards, the Commission shall","endorse submitted standards with the","amendments suggested by the Authority","or reject the standards and inform the","European Parliament and the Council of","its decision stating the reasons."],"old":["",""],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"380","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-635","justification":"If art. 23 is to be kept to some Member States sensitivity, it should apply only to decision\ntaken only in emergency situations, i.e. art. 10, where Member States are likely to intervene,\npossibly with public money. Art. 11 should not be covered since mediation would apply only\nin normal times, for on-going supervision.","location":[[" Proposal for a regulation","Article 23 \u2013 paragraph 2 \u2013 subparagraph 6"]],"meps":[1985],"meta":{"created":"2019-07-03T05:21:26"},"new":["deleted"],"old":["Where the Council decides to maintain","the Authority's decision, or where it does","not take a decision within two months, the","suspension of that decision shall be","","immediately terminated."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"635","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Wolf Klinz","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-772","justification":" A transition mechanism is necessary in order to facilitate functionality in a short time period.","location":[[" Proposal for a regulation","Article 49 \u2013 paragraph 6 a (new)"]],"meps":[28244],"meta":{"created":"2019-07-03T05:21:27"},"new":["6a. 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The lack of\nactivity in respect of such important topic as fiscal responsibility of Member State can not\nresult with any negative consequences for Member Sate. For that reason it is proposed to\nconsider the challenged decision of the Authority as terminated after the passage of two\nmonths period, when the Council was supposed to issue its decision.","location":[["Proposal for a regulation","Article 23 \u2013 paragraph 2 \u2013 subparagraph 6"]],"meps":[101954,96830,96781],"meta":{"created":"2019-07-03T05:21:26"},"new":["Where the Council decides to maintain the","Authority's decision the suspension of that","decision shall be immediately terminated."],"old":["Where the Council decides to maintain the","Authority's decision, or where it does not","take a decision within two months, the","suspension of that decision shall be","immediately terminated."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"636","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"S\u0142awomir Witold Nitras, Jan Koz\u0142owski","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-381","justification":"The EBA shall be independent to the most possible extend. For that reason the influence of the\nEuropean Commission on the final version of binding technical standards shall be strictly\nlimited. The Commission shall have the right to decide whether to endorse the standards or\nnot. However if the Commission decide to not endorse the standards is shall propose the\nreasoned modifications and send it back to the EBA. The Authority, after considering the\nproposed amendments may alter and resubmit the draft standard to Commission who shall\ndecide whether to endorse it or not. It will enable dialog between the EBA and the\nCommission, provide for more efficiency and safeguard the independence of the EBA.","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 4 a (new)"]],"meps":[101954],"meta":{"created":"2019-07-03T05:21:24"},"new":["Within one month of receipt of the","amended standards, the Commission shall","endorse submitted standards with the","amendments suggested by the Authority","or reject the standards."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"381","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Marianne Thyssen","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-773","justification":"The Chairperson should not be subject to the EU staff regulation. The terms and conditions\nof employment for the Chairperson should be determined by the Board of Supervisors as it is\nalready the case for the President and members of the executive board of the European\nCentral Bank. Bearing in mind the fact that the Chairs will be part of the ESRB and its\nSteering Committee, a consistent approach with that of ECB is appropriate.","location":[[" Proposal for a regulation","Article 54 \u2013 paragraph 1"]],"meps":[1832],"meta":{"created":"2019-07-03T05:21:27"},"new":["1. The Staff Regulations, the Conditions of","employment of other servants and the rules","adopted jointly by the European","Community institutions for the purpose of","applying these shall apply to the staff of","the Authority, excluding its Chairperson."],"old":["1. The Staff Regulations, the Conditions of","employment of other servants and the rules","adopted jointly by the European","Community institutions for the purpose of","applying these shall apply to the staff of","the Authority, including its Executive","Director."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"773","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-382","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 4 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:24"},"new":["The Commission shall adopt the","Regulatory Standards as Delegated Acts","in accordance with Articles 7a to 7d of","this Regulation and endorse the","Supervisory Standards as Implementing","Acts following a procedure pursuant","Article 291 of the TFEU."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"382","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-774","justification":"During the course of its actions it may be that the ESA causes damages to individual financial\ninstitutions in order to ensure the greater good. Such damage would be justifiable in the\ncontext of ensuring systemic stabilty and as such the ESA should not be held liable for such\ndamage.","location":[["Proposal for a regulation","Article 55 \u2013 paragraph 1"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:27"},"new":["1. In the case of non-contractual liability,","the Authority shall, in accordance with the","general principles common to the laws of","the Member States, make good any","unjustifiable damage caused by it or by its","staff in the performance of their duties. The","Court of Justice shall have jurisdiction in","any dispute over the remedying of such","damage."],"old":["1. In the case of non-contractual liability,","the Authority shall, in accordance with the","general principles common to the laws of","the Member States, make good any damage","caused by it or by its staff in the","performance of their duties. The Court of","Justice shall have jurisdiction in any","dispute over the remedying of such","damage."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"774","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-637","location":[[" Proposal for a regulation","Article 23 \u2013 paragraph 2 \u2013 subparagraph 6"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:26"},"new":["Where the Council decides to revoke the","Authority's decision, or where it does not","take a decision within two months, the","suspension of that decision shall be","immediately revoked."],"old":["Where the Council decides to maintain the","Authority's decision, or where it does not","take a decision within two months, the","suspension of that decision shall be","immediately terminated."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"637","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Gianni Pittella, Leonardo Domenici","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-383","justification":" The Commission should not have the power to amend the technical standards adopted by the\n EBA, in order to respect the Authority\u2019s independence. The Commission should implement a\n technical standard through a scrutiny right validation procedure. Therefore, it could oppose a\n draft technical standard only if it believes that the EBA\u2019s decision stands in conflict with\n community public interests, would not respect the principle of proportionality or hamper the\n integration of the European single market; the endorsement procedure should simply be\n stopped and the impediment should be explained in writing in order to enable EBA to develop\n a second proposal.","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 4 a (new)"]],"meps":[4436,96888],"meta":{"created":"2019-07-03T05:21:24"},"new":["Within a period of 6 weeks, the Authority","shall amend the draft standards duly","taking into account the Commission\u2019s","concerns."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"383","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-775","location":[[" Proposal for a regulation","Article 55 \u2013 paragraph 1"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:27"},"new":["1. In the case of non-contractual","liability, the Authority shall, in accordance","with the general principles common to the","laws of the Member States, make good any","unjustifiable damage caused by it or by its","staff in the performance of their duties. The","Court of Justice shall have jurisdiction in","any dispute over the remedying of such","damage."],"old":["1. In the case of non-contractual liability,","the Authority shall, in accordance with the","general principles common to the laws of","the Member States, make good any damage","caused by it or by its staff in the","performance of their duties. The Court of","Justice shall have jurisdiction in any","dispute over the remedying of such","damage."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"775","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Alfredo Pallone, Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-384","justification":"The Commission should not have the power to amend the technical standards adopted by the\nEBA, in order to respect the Authority\u2019s independence.\n\nThe Commission should implement a technical standard through a scrutiny right validation\nprocedure. Therefore, it could oppose a draft technical standard only if it believes that the\nEBA\u2019s decision stands in conflict with community public interests, would not respect the\nprinciple of proportionality or hamper the integration of the European single market.","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 4 a (new)"]],"meps":[97197,96787],"meta":{"created":"2019-07-03T05:21:25"},"new":["Within a period of 6 weeks, the Authority","shall amend the draft standards duly","taking into account the Commission\u2019s","concerns."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"384","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-776","location":[[" Proposal for a regulation","Article 56 \u2013 paragraph 1"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:28"},"new":["1. Members of the Board of Supervisors","and the Management Board, the Executive","Director, and members of the staff of the","Authority including officials seconded by","Member States on a temporary basis and","all other persons carrying out tasks for","the Authority on a contractual basis shall","be subject to the requirements of","professional secrecy pursuant to Article","339 of the Treaty on the Functioning of","the European Union and the relevant","provisions in the relevant European Union","legislation, even after their duties have","ceased."],"old":["1. Members of the Board of Supervisors","and the Management Board, the Executive","Director, and members of the staff of the","Authority including officials seconded by","Member States on a temporary basis shall","be subject to the requirements of","professional secrecy pursuant to Article","287 of the Treaty and the relevant","provisions in the relevant community","legislation, even after their duties have","ceased."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"776","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" S\u0142awomir Witold Nitras, Jan Koz\u0142owski, Enik\u0131 Gy\u0131ri, Danuta Jaz\u0142owiecka","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-638","justification":" The main aim of this amendment is to eliminate the uncertainty in all that cases where the\n Council would not take any decision within the given period of two months. The lack of\n activity in respect of such important topic as fiscal responsibility of Member State can not\n result with any negative consequences for Member Sate. For that reason it is proposed to\n consider the challenged decision of the Authority as terminated after the passage of two\n months period, when the Council was supposed to issue its decision.","location":[[" Proposal for a regulation","Article 23 \u2013 paragraph 2 \u2013 subparagraph 6 a (new)"]],"meps":[101954,96830,96781],"meta":{"created":"2019-07-03T05:21:26"},"new":["Where the Council does not take a","decision within two months, the decision","shall be terminated ."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"638","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-777","location":[["Proposal for a regulation","Article 56 \u2013 paragraph 1 \u2013 subparagraph 1 a (new)"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:28"},"new":["They shall not enter a job with financial","institutions previously supervised by the","European System of Financial","Supervision in the first 18 months after","they left their position."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"777","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-385","justification":"Article 7 binding standards should not extend to areas covered by supervisory judgement.\nThere are insufficient justifications for not conducting open consultations on technical\n\n standards. The proposed discretionary ability of the European Commission to amend ESA\n technical standards in the Community interest blurs the distinction between \u201ctechnical\u201d and\n \u201cpolicy\u201d in this area. Therefore, the ability should be curtailed in order to be only used as a\n last resort and to bring the text in line with the Council\u2019s general approach.","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 4 b (new)"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:25"},"new":["The Commission may not change the","content of the technical standards","prepared by the Authority without prior","coordination with the Authority, as set out","in this article."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"385","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Alfredo Pallone, Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-639","justification":"The vague concept of Member States\u2019 fiscal responsibility could generate considerable\ninterpretative debates.\n\nBy setting stricter time limits we discourage any potential distorted use of the safeguard\nclause.\n\nTime limits are particularly relevant for the procedure to determine the existence of potential\nimpacts on Member States\u2019 fiscal responsibility in emergency situations.\n\nFinally, the proposed amendments are aimed at making the draft Regulation consistent with\nthe Treaty of Lisbon which entered in force on 1st December 2009.","location":[["Proposal for a regulation","Article 23 \u2013 paragraph 3 \u2013 subparagraph 1"]],"meps":[97197,96787],"meta":{"created":"2019-07-03T05:21:26"},"new":["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 two working days","after notification of the Authority's","decision to the competent authority that the","decision will not be implemented by the","competent authority."],"old":["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 three working days","after notification of the Authority's","decision to the competent authority that the","decision will not be implemented by the","competent authority."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"639","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-778","location":[["Proposal for a regulation","Article 59 \u2013 paragraph 2"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:28"},"new":["2. The Board of Supervisors shall decide","on the internal language arrangements for","the Authority."],"old":["2. The Management Board shall decide on","the internal language arrangements for the","Authority."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"778","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-386","justification":" This will enable all level 2 measures to be adopted by the ESAs, removing the need for any\n level 2 measures that do not include the ESAs.","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 2"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:25"},"new":["2. The standards shall be adopted by the","Commission by means of Directives,","Regulations or Decisions and published in","the Official Journal of the European Union."],"old":["2. The standards shall be adopted by the","Commission by means of Regulations or","Decisions and published in the Official","Journal of the European Union."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"386","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Sharon Bowles","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-779","location":[["Proposal for a regulation","Article 61 \u2013 paragraph 1 a (new)"]],"meps":[33570],"meta":{"created":"2019-07-03T05:21:28"},"new":["Participation in the work of the Authority","shall also be open to third countries","applying legislation which has been","recognized as equivalent by the European","Union in the areas of competence of the","Authority, as referred to in Article 1 (2)","and where such participation strengthens","consistency in supervisory outcomes of","direct interest to the Authority and these","third countries. Their participation shall","be subject to the conclusion of","administrative arrangements as set out in","Article 18."],"old":[""],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"779","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Othmar Karas","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-387","justification":"The technical standards in the EU should not result in overburdening the industry with\nregulatory requirements. This is particularly important for the smaller banks. The common\nrulebook should envisage a proportionality approach. It should be clarified that the\nCommission will adopt the technical standards by virtue of its Treaty competences to adopt\ndelegated acts (Art. 290 Lisbon Treaty). A strong transparency during the process of\nendorsement of the technical standards is needed.","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 2"]],"meps":[4246],"meta":{"created":"2019-07-03T05:21:25"},"new":["2. The Commission shall adopt delegated","acts in accordance with Articles 7a to 7d,","designed to establish the technical","standards referred to in paragraph 1.","Technical standards shall be devised by","taking into account proportionality as an","overarching principle. Those acts shall be","in the form of regulations and decisions","and should be published in the Official","Journal of the European Union."],"old":["2. The standards shall be adopted by the","Commission by means of Regulations or","Decisions and published in the Official","Journal of the European Union."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"387","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-640","location":[["Proposal for a regulation","Article 23 \u2013 paragraph 3 \u2013 subparagraph 2"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:26"},"new":["In its notification, the Member State shall","justify why and clearly demonstrate how","the decision impinges on its fiscal","responsibilities. In that case, the decision","of the Authority shall be suspended."],"old":["In its notification, the Member State shall","justify why and clearly demonstrate how","the decision impinges on its fiscal","responsibilities.",""],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"640","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Markus Ferber","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-388","justification":"The European rulebook should not result in overburdening the industry with regulatory\nrequirements. This is particularly important for the smaller banks. A common rulebook\nshould envisage a \"same risk - same rules\" approach rather than \"one size fits all\".","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 2"]],"meps":[1917],"meta":{"created":"2019-07-03T05:21:25"},"new":["2. The Commission shall adopt delegated","acts in accordance with Articles 7a to 7d,","designed to establish the technical","standards referred to in paragraph 1.","Technical standards shall be devised by","taking into account proportionality as an","overarching principle. Those acts shall be","in the form of regulations and decisions","and published in the Official Journal of the","European Union."],"old":["2. The standards shall be adopted by the","Commission by means of Regulations or","Decisions and published in the Official","Journal of the European Union."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"388","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-780","location":[[" Proposal for a regulation","Article 61 \u2013 paragraph 1 a (new)"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:28"},"new":["This participation should materialise in","an effective bilateral and multilateral","exchange of information between","competent authorities and the Authority,","with full respect of the applicable","confidentiality and data protection","provisions provided for in the relevant","Community legislation."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"780","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-389","justification":" Technical standards should be considered delegated acts as stated in Art. 29 TFU.","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 2"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:25"},"new":["2. The Commission shall adopt technical","standards in accordance with Articles 7a","to 7d. Those acts shall be adopted by the","Commission in the form of regulations or","decisions."],"old":["2. The standards shall be adopted by the","Commission by means of Regulations or","Decisions and published in the Official","Journal of the European Union."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"389","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-781","justification":"CEBS should have a role in helping the success of the transition period given its experience in\nadministrative issues directly related to the EBA.","location":[[" Proposal for a regulation","Article 62 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:28"},"new":["1. The Commission, in close cooperation","with the Committee of European Banking","Supervisors established by Commission","Decision 2009/78/EC (Level 3","Committee), shall be responsible for the","administrative establishment and initial","administrative operation of the Authority","until the Authority has the operational","capacity to implement its own budget."],"old":["1. The Commission shall be responsible for","the administrative establishment and initial","administrative operation of the Authority","until the Authority has the operational","capacity to implement its own budget.",""],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"781","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Alfredo Pallone, Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-641","justification":" The vague concept of Member States\u2019 fiscal responsibility could generate considerable\n interpretative debates.\n\n By setting stricter time limits we discourage any potential distorted use of the safeguard\n clause.\n\n Time limits are particularly relevant for the procedure to determine the existence of potential\n impacts on Member States\u2019 fiscal responsibility in emergency situations.\n\n Finally, the proposed amendments are aimed at making the draft Regulation consistent with\n the Treaty of Lisbon which entered in force on 1st December 2009.","location":[[" Proposal for a regulation","Article 23 \u2013 paragraph 3 \u2013 subparagraph 3"]],"meps":[97197,96787],"meta":{"created":"2019-07-03T05:21:26"},"new":["The Council 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 16(4) of the Treaty 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."],"old":["The Council, acting by qualified majority","as defined in Article 205 of the Treaty,","shall, within ten working days, decide","whether the Authority's decision is","maintained or revoked."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"641","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-390","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 2"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:25"},"new":["2. Having completed the due procedure","the standards shall be published in the","Official Journal of the European Union","with the title EU Delegated Standards or","EU Implementing Standards respectively."],"old":["2. The standards shall be adopted by the","Commission by means of Regulations or","Decisions and published in the Official","Journal of the European Union."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"390","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Marianne Thyssen","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-782","justification":"It is proposed to clarify the provisions on the preparatory actions that can be taken before the\nestablishment of the ESAs. For reasons of efficiency, it is imperative that after the entry into\nforce of the Regulation, the 3L3 Committees can take all useful steps to prepare the\nestablishment of the ESAs, subject to ratification by the relevant ESA bodies of this\npreparatory work. This modus operandi will contribute to shorten as much as possible the\nperiod during which the ESAs may not be fully operational due the non-nomination of their\nrespective Chairperson and Executive Director.","location":[["Proposal for a regulation","Article 62 \u2013 paragraph 1 a (new)"]],"meps":[1832],"meta":{"created":"2019-07-03T05:21:28"},"new":["1a. During the period after the entry into","force of this Regulation, and before the","establishment of the Authority, the Level 3","Committee shall act in close co-operation","with the Commission to prepare for the","replacement of the Level 3 Committee by","the Authority. The Level 3 Committees","may take all useful preparatory actions,","subject to final decision by the relevant","bodies of the Authority. This includes","determining the selection procedure for","the Chairperson and Executive director of","the Authority and members of the","management board and organising the","selection of these persons."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"782","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-642","justification":"The exorbitant nature of this clause calls for limiting its force to a \u201ccomply or explain\u201d\nmechanism, notably with regards to the independence of the ESAs.","location":[["Proposal for a regulation","Article 23 \u2013 paragraph 3 \u2013 subparagraph 3"]],"meps":[1985],"meta":{"created":"2019-07-03T05:21:26"},"new":["The Authority shall revoke its decision or","duly explain why it maintains it."],"old":["The Council, acting by qualified majority","as defined in Article 205 of the Treaty,","shall, within ten working days, decide","whether the Authority's decision is","maintained or revoked."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"642","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-391","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 2 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:25"},"new":["2a. The Single Rule Book shall be","updated regularly and shall be adapted to","new European legislation."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"391","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Marianne Thyssen","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-783","justification":" It is proposed to clarify the provisions on the preparatory actions that can be taken before the\n establishment of the ESAs. For reasons of efficiency, it is imperative that after the entry into\n force of the Regulation, the 3L3 Committees can take all useful steps to prepare the\n establishment of the ESAs, subject to ratification by the relevant ESA bodies of this\n preparatory work. This modus operandi will contribute to shorten as much as possible the\n period during which the ESAs may not be fully operational due the non-nomination of their\n respective Chairperson and Executive Director.","location":[[" Proposal for a regulation","Article 62 \u2013 paragraph 1 b (new)"]],"meps":[1832],"meta":{"created":"2019-07-03T05:21:28"},"new":["1b. 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At the","latest on the date of establishment of the","Authority, all assets and liabilities and all","pending operations of the Committee of","European Banking Supervisors will be","automatically transferred to the Authority.","The Committee of European Banking","Supervisors shall establish a statement","showing its closing asset and liability","situation as of the date of that transfer,","This statement shall be audited and","approved by its members and by the","Commission."],"old":[""],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"784","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-643","justification":"In coherence with the amendement 22 of Art. 23 paragraph 2 subparagraph 5.","location":[["Proposal for a regulation","Article 23 \u2013 paragraph 3 \u2013 subparagraph 3"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:26"},"new":["The Council, acting by qualified majority","as defined in paragraph 2 subparagraph 5,","shall, within ten working days, decide","whether the Authority's decision is","maintained or revoked."],"old":["The Council, acting by qualified majority","as defined in Article 205 of the Treaty,","shall, within ten working days, decide","whether the Authority's decision is","maintained or revoked."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"643","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-392","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 2 b (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:26"},"new":["2b. In its annual report the Authority","shall set out which national authorities","have not complied with the regulatory and","supervisory standards."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"392","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Marianne Thyssen","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-785","justification":"It is proposed to provide for specific transitional provisions related to the existing staff of the\nLevel 3 Committees.","location":[["Proposal for a regulation","Article 63 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[1832],"meta":{"created":"2019-07-03T05:21:28"},"new":["2. In order to allow the smooth transition","of the existing staff to the Authority all","members of staff under contracts referred","to in paragraph 1, including secondment","contracts, shall be offered the possibility of","concluding employment temporary agent","contracts with equivalent or comparable","economic and legal conditions, in","accordance with the relevant legal","framework."],"old":["2. All members of staff under contracts","referred to in paragraph 1 shall be offered","the possibility of concluding temporary","agent contracts under Article 2(a) of the","Conditions of Employment of Other","Servants at the various grades as set out","in the Authority\u2019s establishment plan."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"785","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" S\u0142awomir Witold Nitras, Jan Koz\u0142owski, , Enik\u0131 Gy\u0131ri, Danuta Jaz\u0142owiecka","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-644","justification":" The nature of the decisions taken under art. 10(2) is very special, as they will be issued in the\n \u201ccrisis situation\u201d. For that reason, taking into account the circumstances and the\n professional character of EBA\u2019s decision, it is justified to introduce stricter rule for\n revocation of such decision. It shall be also remembered that it will be possible to issue such\n decisions only after \u201cthe existence of an emergency situation\u201d was stated.","location":[[" Proposal for a regulation","Article 23 \u2013 paragraph 3 \u2013 subparagraph 3"]],"meps":[101954,96830,96781],"meta":{"created":"2019-07-03T05:21:26"},"new":["The Council, acting by qualified majority","as defined in Article 205 of the Treaty,","shall, within ten working days, decide","whether the Authority's decision is","revoked."],"old":["The Council, acting by qualified majority","as defined in Article 205 of the Treaty,","shall, within ten working days, decide","whether the Authority's decision is","maintained or revoked."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"644","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Sharon Bowles","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-393","justification":" This is appropriate under the new 'comitology' procedures. There should be no obligation on\n the Parliament to provide written reasons for revocation.","location":[["Proposal for a regulation","Article 7 a (new)"]],"meps":[33570],"meta":{"created":"2019-07-03T05:21:26"},"new":["Article 7a","1. The delegation of power referred to in","Article 7 may be revoked by the European","Parliament or by the Council.","2. The institution which has commenced","an internal procedure for deciding","whether to revoke the delegation of power","shall endeavour to inform the other","institution and the Commission stating the","delegated powers which could be subject","to revocation.","3. The decision of revocation shall put an","end to the delegation of the powers","specified in that decision. It shall take","effect immediately or at a later date","specified therein. It shall not affect the","validity of the delegated acts already in","force. It shall be published in the Official","Journal of the European Union."],"old":[""],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"393","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Marianne Thyssen","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-786","justification":" It is proposed to provide for specific transitional provisions related to the existing staff of the\n Level 3 Committees.","location":[[" Proposal for a regulation","Article 63 \u2013 paragraph 2 \u2013 subparagraph 2"]],"meps":[1832],"meta":{"created":"2019-07-03T05:21:29"},"new":["An internal selection limited to staff who","have contracts with the Level 3 Committee","or its Secretariat shall be carried out after","the entry into force of this Regulation by","the authority authorised to conclude","contracts in order to check the ability,","efficiency and integrity of those to be","engaged. The internal selection procedure","should take full account of the skills and","experience demonstrated by the individual","in the performance of his/ her role prior","to the transition."],"old":["An internal selection limited to staff who","have contracts with the Committee of","European Banking Supervisors or its","Secretariat shall be carried out after the","entry into force of this Regulation by the","authority authorised to conclude contracts","in order to check the ability, efficiency and","integrity of those to be engaged."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"786","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-394","location":[[" Proposal for a regulation","Article 7 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:26"},"new":["Article 7a","Exercise of the delegation","1. The powers to adopt regulatory","standards referred to in Article 7 shall be","conferred on the Commission for an","indeterminate period of time, unless","otherwise specified by sectoral legislation.","2. As soon as it adopts a delegated act, the","Commission shall notify it simultaneously","to the European Parliament and to the","Council.","3. 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It shall be published in the Official","Journal of the European Union."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"395","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-646","justification":"The exorbitant nature of this clause calls for limiting its force to a \u201ccomply or explain\u201d\nmechanism, notably with regards to the independence of the ESAs.","location":[["Proposal for a regulation","Article 23 \u2013 paragraph 3 \u2013 subparagraph 4"]],"meps":[1985],"meta":{"created":"2019-07-03T05:21:26"},"new":["deleted"],"old":["Where the Council does not take a","decision within ten working days, the","Authority's decision shall be deemed to be","maintained."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"646","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-789","location":[[" Proposal for a regulation","Article 66 \u2013 paragraph 1 \u2013 subparagraph 1 a (new)"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:29"},"new":["That report shall include an assessment of","the functioning of the Stakeholders Group","and its possible strengthening towards","making the issuing of these advices","mandatory."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"789","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Alfredo Pallone, Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-647","justification":"The vague concept of Member States\u2019 fiscal responsibility could generate considerable\ninterpretative debates.\n\nBy setting stricter time limits we discourage any potential distorted use of the safeguard\nclause.\n\nTime limits are particularly relevant for the procedure to determine the existence of potential\nimpacts on Member States\u2019 fiscal responsibility in emergency situations.\n\n\n Finally, the proposed amendments are aimed at making the draft Regulation consistent with\n the Treaty of Lisbon which entered in force on 1st December 2009.","location":[["Proposal for a regulation","Article 23 \u2013 paragraph 3 \u2013 subparagraph 4"]],"meps":[97197,96787],"meta":{"created":"2019-07-03T05:21:26"},"new":["Where the Council does not take a decision","within five working days, the Authority's","decision shall be deemed to be maintained."],"old":["Where the Council does not take a decision","within ten working days, the Authority's","decision shall be deemed to be maintained."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"647","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Sharon Bowles","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-396","justification":" This is appropriate under the new 'comitology' procedures. 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The","Commission shall also consider the views","of other stakeholder groups."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"790","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-648","location":[[" Proposal for a regulation","Article 23 \u2013 paragraph 3 \u2013 subparagraph 4"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:26"},"new":["Where the Council does not take a decision","within ten working days, the Authority's","decision shall be deemed to be revoked."],"old":["Where the Council does not take a decision","within ten working days, the Authority's","decision shall be deemed to be maintained."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"648","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-791","justification":"In order to give the ESAs power to directly supervise at an EU level it is necessary to change\nall the relevant sectoral legislation or change the Treaty in order to avoid Treaty restrictions\non discretionary powers for authorities. The Commission should consider this option when\nmaking proposals on how to develop the ESAs.","location":[["Proposal for a regulation","Article 66 \u2013 paragraph 1 - subparagraph 1 b (new)"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:29"},"new":["The report shall, inter alia, review the","performance of the Authorities as pertains","to Article 6, the application of the","safeguard clause under Article 23 and the","functioning of the ESFS as pertains to","Article 39. 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Before taking the decisions provided for","in this Regulation, the Authority shall","inform the addressee of its intention to","adopt the decision, setting a time limit","within which the addressee may express its","views on the matter, taking full account of","the urgency, complexity and potential","consequences of the matter."],"old":["1. Before taking the decisions provided for","in Article 9(6), Article 10(2) and(3) and","Article 11(3) and (4), the Authority shall","inform the addressee of its intention to","adopt the decision, setting a time limit","within which the addressee may express its","views on the matter, taking full account of","the urgency of the matter."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"650","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Pervenche Ber\u00e8s","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-399","justification":"It appears essential to ensure that guidelines or recommendations are not substituted to\nstandards where legislation has provided for standards: it is a matter of legal certainty.\nMoreover, according to the overarching objective of establishing a robust single rulebook,\nthe incentive and legislative mandate for ESAs to propose standards should be very strong.","location":[[" Proposal for a regulation","Article 8 \u2013 paragraph 1"]],"meps":[1985],"meta":{"created":"2019-07-03T05:21:26"},"new":["The Authority shall, with a view to","establishing consistent, efficient and","effective supervisory practices within the","ESFS, and to ensuring the common,","uniform and consistent application of","Community legislation, issue guidelines","and recommendations addressed to","competent authorities or financial","institutions. 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Before taking the decisions provided for","in this Regulation, the Authority shall","inform the addressee of its intention to","adopt the decision, setting a time limit","within which the addressee may express its","views on the matter, taking full account of","the urgency, complexity and potential","consequences of the matter."],"old":["1. Before taking the decisions provided for","in Article 9(6), Article 10(2) and(3) and","Article 11(3) and (4), the Authority shall","inform the addressee of its intention to","adopt the decision, setting a time limit","within which the addressee may express its","views on the matter, taking full account of","the urgency of the matter."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"651","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Thomas Mann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-400","location":[["Proposal for a regulation","Article 8 \u2013 paragraph 1"]],"meps":[1922],"meta":{"created":"2019-07-03T05:21:26"},"new":["The Authority shall, with a view to","establishing consistent, efficient and","effective supervisory practices within the","ESFS, in order to prevent a possible \"race","to the bottom\" of national authorities","concerning deliberately relaxing","supervisory standards to increase the","competitiveness of their financial centres,","and to ensuring the common, uniform and","consistent application of Community","legislation, issue guidelines and","recommendations addressed to competent","authorities or financial institutions."],"old":["The Authority shall, with a view to","establishing consistent, efficient and","effective supervisory practices within the","ESFS, and to ensuring the common,","uniform and consistent application of","Community legislation, issue guidelines","and recommendations addressed to","competent authorities or financial","institutions."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"400","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-795","location":[["Proposal for a regulation","Article 66 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:29"},"new":["That report shall also evaluate the progress","that has been made in the achievement of","the Authority's objectives and the","evolution towards regulatory and","supervisory convergence and integration","in the fields of crisis management and","resolution in the European Union.","Equally, the report shall evaluate how the","system is dealing with the costs derived","from its ordinary functioning and how","can their full internalisation be achieved","taking into account a cyclical perspective.","The evaluation shall be based on extensive","consultation, including with the Banking","Stakeholder Group."],"old":["That report shall also evaluate progress","achieved towards regulatory and","supervisory convergence in the fields of","crisis management and resolution in the","Community. The evaluation shall be based","on extensive consultation, including with","the Banking Stakeholder Group."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"795","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-401","location":[["Proposal for a regulation","Article 8 \u2013 paragraph 1"]],"meps":[96787],"meta":{"created":"2019-07-03T05:21:26"},"new":["The Authority shall, with a view to","establishing consistent, efficient and","effective supervisory practices within the","ESFS, and to ensuring the common,","uniform and consistent application of","Community legislation, issue guidelines","and recommendations addressed to","competent authorities or financial","institutions taking into account the","different nature of banks."],"old":["The Authority shall, with a view to","establishing consistent, efficient and","effective supervisory practices within the","ESFS, and to ensuring the common,","uniform and consistent application of","","Community legislation, issue guidelines","and recommendations addressed to","competent authorities or financial","institutions."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"401","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-796","location":[[" Proposal for a regulation","Article 66 \u2013 paragraph 1 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:29"},"new":["1a. The Commission shall draft its report","taking into account the proposals made by","the Banking Stakeholder, the Board of","Supervisors, and the Joint Committee.","Those proposals shall be annexed to the","report published by the Commission. The","Commission shall also consider the views","of other stakeholders groups."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"796","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Olle Schmidt","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-652","justification":" It is not appropriate to divulge the identity of individual institutions where such disclosure\n could conflict with legitimate business interest or jeopardise financial markets.","location":[[" Proposal for a regulation","Article 24 \u2013 paragraph 5"]],"meps":[4274],"meta":{"created":"2019-07-03T05:21:27"},"new":["5. The decisions which the Authority takes","pursuant to Articles 9, 10 and 11 shall be","made public and shall state the identity of","the competent authority or financial","institution concerned and the main content","of the decision, unless such publication is","in conflict with the legitimate interest of","financial institutions in the protection of","their business secrets or could seriously","jeopardise the orderly functioning and","integrity of financial markets or the","stability of the whole or part of the","financial system of the European Union.","Or. eenen"],"old":["5. The decisions which the Authority takes","pursuant to Articles 9, 10 and 11 shall be","made public and shall state the identity of","the competent authority or financial","institution concerned and the main content","of the decision, having regard to the","legitimate interest of financial institutions","in the protection of their business secrets.",""],"peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"652","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Markus Ferber","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-402","justification":" As in the case of technical standards, proportionality is set as an overarching principle to\n guide the design of guidelines and recommendations. Open public consultations should be\n mandatory not only when drafting technical standards but also when drafting guidelines and\n recommendations.","location":[[" Proposal for a regulation","Article 8 \u2013 paragraph 1 a (new)"]],"meps":[1917],"meta":{"created":"2019-07-03T05:21:26"},"new":["The Authority shall conduct open public","consultations regarding the guidelines","and recommendations and analyse the","potentially related costs and benefits. The","Authority shall also request an opinion or","advice of the Banking Stakeholder Group","as referred to in Article 22. Guidelines","and recommendations shall be devised by","taking into account proportionality as an","overarching principle."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"402","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-797","justification":"Clarifying the structure of the text.","location":[[" Proposal for a regulation","Article 66 \u2013 paragraph 1 a (new)"]],"meps":[1992,96997,97137,96730,97203,1873,96763],"meta":{"created":"2019-07-03T05:21:29"},"new":["1a. 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It shall","contain proposals on how to further","develop the role of the Authority and the","ESFS, with a view to creating an","integrated European supervisory","architecture"],"old":[""],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"797","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-403","location":[["Proposal for a regulation","Article 8 \u2013 paragraph 1 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:26"},"new":["The Authority shall conduct open public","consultations with all stakeholders and","analyse the potential related costs and","benefits, unless such consultations and","analyses are disproportionate in relation","to the scope and impact of the guidelines","and recommendations concerned or in","relation to the particular urgency of the","matter. The Authority shall also request","an opinion or advice of the Banking","Stakeholder Group referred to in Article","22."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"403","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Sari Essayah","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-653","location":[[" Proposal for a regulation","Article 24 \u2013 paragraph 5"]],"meps":[96682],"meta":{"created":"2019-07-03T05:21:27"},"new":["5. The decisions which the Authority takes","pursuant to Articles 9, 10 and 11 shall be","made public and shall state the identity of","the competent authority or financial","institution concerned and the main content","of the decision, unless the publication","would be in conflict with having regard to","the legitimate interest of financial","institutions in the protection of their","business secrets or may seriously","jeopardise the stability of the whole or","part of the financial system in the","community."],"old":["5. 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The","Authority may also request an opinion or","advice of the Banking Stakeholder Group"],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"404","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.990-798","location":[["Proposal for a regulation","Article 66 \u2013 paragraph 2 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:29"},"new":["2a. The European Parliament and the","Council shall examine this Regulation on","the basis of the report referred to in","paragraph 1 and shall determine whether","the missions and organisation of the","Authority need to be reviewed."],"orig_lang":"en","peid":"PE439.990v01-00","reference":"2009/0142(COD)","seq":"798","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.990+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-405","location":[[" Proposal for a regulation","Article 8 \u2013 paragraph 1 b (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:26"},"new":["The guidelines and recommendations","shall be published on the website of the","Authority."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"405","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-654","location":[["Proposal for a regulation","Article 25 \u2013 paragraph 1 \u2013 point a"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:27"},"new":["(a) the Chairperson, with a casting vote;"],"old":["(a) the Chairperson, who shall be non-","voting;"],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"654","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-406","location":[[" Proposal for a regulation","Article 8 \u2013 paragraph 2"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:26"},"new":["The competent authorities and financial","institutions shall make every effort to","comply with those guidelines and","recommendations."],"old":["The competent authorities shall make every","effort to comply with those guidelines and","recommendations."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"406","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-655","location":[["Proposal for a regulation","Article 25 \u2013 paragraph 1 \u2013 point a a (new)"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:27"},"new":["(aa) the vice-Chair, with a casting vote if","replacing the Chairperson;"],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"655","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-407","location":[[" Proposal for a regulation","Article 8 \u2013 paragraph 2 a (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:27"},"new":["Within two months of the issuance of a","guideline or recommendation, each","competent authority shall decide whether","intends to comply with that guideline or","recommendation. In the event that","competent authority does not apply those","guidelines or recommendations it shall","inform the Authority of its reasons. The","Authority may decide, on a case by case","basis, to publish such reasons provided by","a competent authority."],"old":[""],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"407","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-656","justification":" It is important to account for the presence of more than one national authority in certain\n member states with responsibility for a sector. Where this exists it is necessary to establish a\n process allowing for the head of the most appropriate national supervisor to vote.","location":[[" Proposal for a regulation","Article 25 \u2013 paragraph 1 \u2013 point b"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:27"},"new":["(b) the Head of the national public","authority competent for the supervision of","credit institutions in each Member State.","Where there is more than one competent","authority in the territory for which the","Member State is responsible for the","application of EU law, the Heads of those","organisations shall be joint","representatives on the Board of","Supervisors and shall decide between","themselves how to exercise their","representation, including any votes under","Article 29, which shall be shared;"],"old":["(b) the Head of the national public","authority competent for the supervision of","credit institutions in each Member State;"],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"656","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-408","location":[["Proposal for a regulation","Article 8 \u2013 paragraph 2 a (new)"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:27"},"new":["In its Report the Authority shall inform","the Parliament, the Council and the","Commission about the guidelines and","recommendations that are issued. The","Authority may inform which national","authority did not comply with them and","outline how the Authority intends to","ensure that competent authorities in the","future will follow its recommendations","and guidelines."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"408","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-657","location":[[" Proposal for a regulation","Article 25 \u2013 paragraph 1 \u2013 point b"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:27"},"new":["(b) the Head of the national public","authority competent for the supervision of","credit institutions in each Member State.","Where there is more than one competent","authority in the territory for which the","Member State is responsible for the","application of EU law, the Heads of those","organisations shall be joint","representatives on the Board of","Supervisors and shall decide between","themselves how to exercise their","representation, including any votes under","Article 29, which shall be shared;"],"old":["(b) the Head of the national public","authority competent for the supervision of","credit institutions in each Member State;",""],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"657","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Vicky Ford","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-658","justification":"Including external experts on the board which mediates under Article 11 is useful. Their\nnumber should be limited to 2 so that they cannot overrule the contingent from the Board of\nSupervisors.","location":[["Proposal for a regulation","Article 26 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[96949],"meta":{"created":"2019-07-03T05:21:27"},"new":["2. For the purposes of Article 11, the Board","of Supervisors shall convoke a panel to","facilitate the settlement of the","disagreement, consisting of the","Chairperson, two members of the Board of","Supervisors and two people drawn from","an expert list that the Chairperson shall","maintain. No member of the panel from","the Board of Supervisors shall be drawn","from a national supervisory authority","party to the disagreement, nor shall they","have any interest in the conflict. The","Panel shall reach a decision by simple","majority."],"old":["2. For the purposes of Article 11, the Board","of Supervisors shall convoke a panel to","facilitate the settlement of the","disagreement, consisting of the","Chairperson and two of its members, who","are not representatives of the competent","authorities which are parties to the","disagreement."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"658","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-409","location":[["Proposal for a regulation","Article 8 \u2013 paragraph 2 b (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:27"},"new":["After the issuance, all financial entities","shall report yearly, in a clear and detailed","way, if they comply with that guideline or","recommendation."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"409","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Peter Skinner","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-659","justification":" It is necessary to expand the size of the panel to allow for greater plurality of opinion during\n decision-making.","location":[[" Proposal for a regulation","Article 26 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[2081],"meta":{"created":"2019-07-03T05:21:27"},"new":["2. For the purposes of Article 11, the Board","of Supervisors shall convoke an","independent panel to facilitate the","impartial settlement of the disagreement,","consisting of the Chairperson and four","members of the Board of Supervisors. The","Chairperson shall select the members of","the panel drawn from the Board of","Supervisors. No member of the panel","from the Board of Supervisors shall be","drawn from a national supervisory","authority party to the disagreement, nor","shall they have any interest in the conflict."],"old":["2. For the purposes of Article 11, the Board","of Supervisors shall convoke a panel to","facilitate the settlement of the","disagreement, consisting of the","Chairperson and two of its members, who","are not representatives of the competent","authorities which are parties to the","disagreement."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"659","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Antol\u00edn S\u00e1nchez Presedo","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-410","location":[[" Proposal for a regulation","Article 8 \u2013 paragraph 2 c (new)"]],"meps":[28295],"meta":{"created":"2019-07-03T05:21:27"},"new":["In its annual report the Authority shall","state which national authority has not","complied with its issued guidelines and","recommendations and outlining how the","Authority intends to ensure that they","follow its recommendations and","guidelines in the future; it shall also","include the same information for the","main larger financial entities ."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"410","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Udo Bullmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-660","location":[[" Proposal for a regulation","Article 26 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[4267],"meta":{"created":"2019-07-03T05:21:27"},"new":["2. For the purposes of Article 11, the","Chairperson shall convoke a panel to","facilitate the settlement of the","disagreement, consisting of the","Chairperson and two of its members, who","are not representatives of the competent","authorities which are parties to the","disagreement."],"old":["2. For the purposes of Article 11, the","Board of Supervisors shall convoke a","panel to facilitate the settlement of the","disagreement, consisting of the","Chairperson and two of its members, who","are not representatives of the competent","authorities which are parties to the","disagreement."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"660","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Alfredo Pallone, Herbert Dorfmann","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.966-411","justification":" In order to strengthen the application of the technical standards, it is worth to reinforce the\n \u201ccomply or explain\u201d principle.","location":[[" Proposal for a regulation","Article 8 \u2013 paragraph 3"]],"meps":[97197,96787],"meta":{"created":"2019-07-03T05:21:27"},"new":["Where the competent authority does not","apply those guidelines or recommendations","it shall state its reasons to the Authority","which shall make them public."],"old":["Where the competent authority does not","apply those guidelines or recommendations","it shall inform the Authority of its reasons."],"orig_lang":"en","peid":"PE439.966v01-00","reference":"2009/0142(COD)","seq":"411","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.966+01+DOC+PDF+V0//EN&language=EN"},{"authors":"S\u0142awomir Witold Nitras, Jan Koz\u0142owski, Enik\u0131 Gy\u0131ri","changes":{},"committee":["ECON"],"date":"2010-03-26T00:00:00","id":"PE439.986-661","location":[["Proposal for a regulation","Article 26 \u2013 paragraph 2 a (new)"]],"meps":[101954,96830],"meta":{"created":"2019-07-03T05:21:27"},"new":["2a. The composition of the panel shall be","balanced and reflect the European Union","as a whole. Mandates shall be overlapping","and an appropriate rotating arrangement","shall apply."],"orig_lang":"en","peid":"PE439.986v01-00","reference":"2009/0142(COD)","seq":"661","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.986+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Klaus-Heiner Lehne","changes":{},"committee":["JURI"],"date":"2010-03-04T00:00:00","id":"PE439.332-11","location":[["Proposal for a regulation","Recital 6"]],"meps":[2224],"meta":{"created":"2019-07-03T05:50:41"},"new":["(6) The Union has reached the limits of","what can be done with the present status of","the Committees of European Supervisors.","The Union cannot remain in a situation","where there is no mechanism to ensure that","national supervisors arrive at the best","possible supervisory decisions for cross-","border institutions; where there is","insufficient cooperation and information","exchange between national supervisory","authorities; where joint action by national","authorities requires complicated","arrangements to take account of the","patchwork of regulatory and supervisory","requirements; where national solutions are","most often the only feasible option in","responding to European problems, where","different interpretations of the same legal","text exist. The European System of","Supervisors should be designed to","overcome these deficiencies and provide a","system that is in line with the objective of a","stable and single Union financial market","for financial services, linking national","supervisors into a strong Union network."],"old":["(6) The Community has reached the limits","of what can be done with the present status","of the Committees of European","Supervisors, which remain advisory bodies","to the Commission. The Community","cannot remain in a situation where there is","no mechanism to ensure that national","supervisors arrive at the best possible","supervisory decisions for cross-border","institutions; where there is insufficient","cooperation and information exchange","between national supervisory authorities;","where joint action by national authorities","requires complicated arrangements to take","account of the patchwork of regulatory and","supervisory requirements; where national","solutions are most often the only feasible","option in responding to European","problems, where different interpretations of","the same legal text exist. The European","System of Supervisors should be designed","to overcome these deficiencies and provide","a system that is in line with the objective of","a stable and single Community financial","market for financial services, linking","national supervisors into a strong","Community network."],"orig_lang":"n","peid":"PE439.332v01-00","reference":"2009/0142(COD)","seq":"11","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.332+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Klaus-Heiner Lehne","changes":{},"committee":["JURI"],"date":"2010-03-04T00:00:00","id":"PE439.332-12","location":[["Proposal for a regulation","Recital 14"]],"meps":[2224],"meta":{"created":"2019-07-03T05:50:41"},"new":["(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 Union 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 Union law in order to give","them binding legal effect. The Commission","should be empowered, in accordance with","Article 290 of the Treaty on the","Functioning of the European Union to","adopt the technical standards by means of","delegated acts. The delegation should be","made in the basic legislative act and","should be able to be revoked by the","European Parliament or the Council. The","period for delegation should be extended","on the request of the Commission, unless","the European Parliament or the Council","object. The standards should be adopted","by the Commission by means of","regulations or decisions as delegated acts","in accordance with Article 290 of the","Treaty on the Functioning of the","European Union. The word \"delegated\"","should be inserted in the title of these acts.","The standards adopted pursuant to the","procedure of Article 7 of this Regulation","should enter into force only if no","objection has been expressed by the","Parliament or the Council within a period","of three months."],"old":["(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 would be subject to","amendment if, for example, the draft","technical standards were incompatible","with Community 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 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."],"orig_lang":"n","peid":"PE439.332v01-00","reference":"2009/0142(COD)","seq":"12","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.332+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Klaus-Heiner Lehne","changes":{},"committee":["JURI"],"date":"2010-03-04T00:00:00","id":"PE439.332-13","location":[["Proposal for a regulation","Recital 15"]],"meps":[2224],"meta":{"created":"2019-07-03T05:50:41"},"new":["deleted"],"old":["(15) The process for the development of","technical standards in this regulation is","without prejudice to the Commission's","powers to adopt on its own initiative","implementing measures under comitology","procedures at level 2 of the Lamfalussy","structure as laid out in the relevant","Community legislation. The matters","concerned by the technical standards do","not involve policy decisions, and their","content is framed by the Community acts","adopted at Level 1. Development of the","draft standards by the Authority ensures","that they fully benefit from the specialised","expertise of national supervisory","authorities."],"orig_lang":"n","peid":"PE439.332v01-00","reference":"2009/0142(COD)","seq":"13","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.332+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Klaus-Heiner Lehne","changes":{},"committee":["JURI"],"date":"2010-03-04T00:00:00","id":"PE439.332-14","location":[["Proposal for a regulation","Recital 20"]],"meps":[2224],"meta":{"created":"2019-07-03T05:50:41"},"new":["(20) To overcome exceptional situations of","persistent inaction by the competent","authority concerned, the Authority should","be empowered, as a last resort, to adopt","decisions addressed to individual financial","institutions that have an impact on the","internal market. This power should be","limited to exceptional circumstances in","which a competent authority does not","comply with the decisions addressed to it","and in which Union law is directly","applicable to financial institutions by virtue","of existing or future EU Regulations.","Should the Court of Justice rule that a","decision of the Authority is in breach of","Union law, the Authority should be liable","for the damages."],"old":["(20) To overcome exceptional situations of","persistent inaction by the competent","authority concerned, the Authority should","be empowered, as a last resort, to adopt","decisions addressed to individual financial","institutions. This power should be limited","to exceptional circumstances in which a","competent authority does not comply with","the decisions addressed to it and in which","Community law is directly applicable to","financial institutions by virtue of existing","or future EU Regulations.",""],"orig_lang":"n","peid":"PE439.332v01-00","reference":"2009/0142(COD)","seq":"14","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.332+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Toine Manders","changes":{},"committee":["JURI"],"date":"2010-03-04T00:00:00","id":"PE439.332-15","justification":" To prevent situations like the financial crisis and the crisis in Greece arising in future, it is\n important for the Authority to be able to take preventive decisions at any time.","location":[[" Proposal for a regulation","Recital 20"]],"meta":{"created":"2019-07-03T05:50:41"},"new":["(20) To overcome exceptional situations of","persistent inaction by the competent","authority concerned, the Authority should","be empowered to adopt preventive","decisions addressed to individual financial","institutions. This power should be limited","to exceptional circumstances in which a","competent authority does not comply with","the decisions addressed to it and in which","Community law is directly applicable to","financial institutions by virtue of existing","or future EU Regulations."],"old":["(20) To overcome exceptional situations of","persistent inaction by the competent","authority concerned, the Authority should","be empowered, as a last resort, to adopt","decisions addressed to individual financial","institutions. This power should be limited","to exceptional circumstances in which a","competent authority does not comply with","the decisions addressed to it and in which","Community law is directly applicable to","financial institutions by virtue of existing","or future EU Regulations."],"orig_lang":"l","peid":"PE439.332v01-00","reference":"2009/0142(COD)","seq":"15","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.332+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Sajjad Karim","changes":{},"committee":["JURI"],"date":"2010-03-04T00:00:00","id":"PE439.332-16","location":[[" Proposal for a regulation","Recital 20"]],"meps":[28481],"meta":{"created":"2019-07-03T05:50:41"},"new":["(20) To overcome exceptional situations of","persistent inaction by the competent","authority concerned, the Authority should","be empowered, as a last resort and only in","urgent situations, to adopt decisions","addressed to individual financial","institutions. This power should be limited","to exceptional circumstances in which a","competent authority does not comply with","the decisions addressed to it and in which","Union law is directly applicable to","financial institutions by virtue of existing","or future EU Regulations."],"old":["(20) To overcome exceptional situations of","","persistent inaction by the competent","authority concerned, the Authority should","be empowered, as a last resort, to adopt","decisions addressed to individual financial","institutions. This power should be limited","to exceptional circumstances in which a","competent authority does not comply with","the decisions addressed to it and in which","Community law is directly applicable to","financial institutions by virtue of existing","or future EU Regulations."],"orig_lang":"n","peid":"PE439.332v01-00","reference":"2009/0142(COD)","seq":"16","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.332+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Fran\u00e7oise Castex","changes":{},"committee":["JURI"],"date":"2010-03-04T00:00:00","id":"PE439.332-17","location":[["Proposal for a regulation","Recital 34"]],"meps":[28148],"meta":{"created":"2019-07-03T05:50:41"},"new":["(34) Member States have a core","responsibility in preserving financial","stability in crisis situations, in particular","with regard to stabilising and resolving","individual ailing financial institutions.","Measures by the Authority in emergency or","settlement situations affecting the stability","of a financial institution should not","impinge on the fiscal responsibilities of","Member States. A mechanism should be","established whereby Member States may","request that the decision of the Authority","be reconsidered."],"old":["(34) Member States have a core","responsibility in preserving financial","stability in crisis management, in","particular with regard to stabilising and","resolving individual ailing financial","institutions. Measures by the Authority in","emergency or settlement situations","affecting the stability of a financial","institution should not impinge on the fiscal","responsibilities of Member States. A","mechanism should be established whereby","Member States may invoke this safeguard","and ultimately bring the matter before the","Council for a decision. It is appropriate to","confer on the Council a role in this matter","given the particular responsibilities of the","Member States in this respect."],"orig_lang":"n","peid":"PE439.332v01-00","reference":"2009/0142(COD)","seq":"17","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.332+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Klaus-Heiner Lehne","changes":{},"committee":["JURI"],"date":"2010-03-04T00:00:00","id":"PE439.332-18","location":[[" Proposal for a regulation","Recital 41"]],"meps":[2224],"meta":{"created":"2019-07-03T05:50:42"},"new":["(41) In order to guarantee its full autonomy","and independence, the Authority should be","granted an autonomous budget with","revenues from the General Budget of the","European Union. The Union budgetary","procedure should be applicable. The","auditing of accounts should be undertaken","by the Court of Auditors."],"old":["(41) In order to guarantee its full autonomy","and independence, the Authority should be","granted an autonomous budget with","revenues mainly from obligatory","contributions from national supervisory","authorities and from the General Budget","of the European Union. The Community","budgetary procedure should be applicable","as far as the Community contribution is","concerned. The auditing of accounts","should be undertaken by the Court of","Auditors."],"orig_lang":"n","peid":"PE439.332v01-00","reference":"2009/0142(COD)","seq":"18","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.332+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Klaus-Heiner Lehne","changes":{},"committee":["JURI"],"date":"2010-03-04T00:00:00","id":"PE439.332-19","location":[[" Proposal for a regulation","Article 7 \u2013 title"]],"meps":[2224],"meta":{"created":"2019-07-03T05:50:42"},"new":["Technical standards \u2013 delegated acts"],"old":["Technical standards"],"orig_lang":"n","peid":"PE439.332v01-00","reference":"2009/0142(COD)","seq":"19","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.332+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Klaus-Heiner Lehne","changes":{},"committee":["JURI"],"date":"2010-03-04T00:00:00","id":"PE439.332-20","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 2"]],"meps":[2224],"meta":{"created":"2019-07-03T05:50:42"},"new":["2. The standards shall be adopted by the","Commission by means of regulations or","decisions as delegated acts in accordance","with Article 290 of the Treaty on the","Functioning of the European Union.","The word \u201cdelegated\u201d shall be inserted in","the title of those acts.","The standards adopted pursuant to this","Article shall enter into force only if no","objection has been expressed by the","European Parliament or the Council","within a period of three months."],"old":["2. The standards shall be adopted by the","","Commission by means of Regulations or","Decisions and published in the Official","Journal of the European Union."],"orig_lang":"n","peid":"PE439.332v01-00","reference":"2009/0142(COD)","seq":"20","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.332+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Klaus-Heiner Lehne","changes":{},"committee":["JURI"],"date":"2010-03-04T00:00:00","id":"PE439.332-21","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 2 \u2013 introductory part"]],"meps":[2224],"meta":{"created":"2019-07-03T05:50:42"},"new":["2. Upon request from one or more","competent authorities, from the","Commission, the European Parliament or","the Council or on its own initiative and","after having informed the competent","authority concerned, the Authority may","investigate the alleged incorrect application","of Union law."],"old":["2. Upon request from one or more","competent authorities, from the","Commission or on its own initiative and","after having informed the competent","authority concerned, the Authority may","investigate the alleged incorrect application","of Community law."],"orig_lang":"n","peid":"PE439.332v01-00","reference":"2009/0142(COD)","seq":"21","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.332+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Klaus-Heiner Lehne","changes":{},"committee":["JURI"],"date":"2010-03-04T00:00:00","id":"PE439.332-22","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 6 \u2013 introductory part"]],"meps":[2224],"meta":{"created":"2019-07-03T05:50:42"},"new":["6. Without prejudice to the powers of the","Commission under Article 226 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 internal market or ensure the orderly","functioning and integrity of the financial","system in the internal market, the","Authority may, where the relevant","requirements of 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 Union law","including the cessation of any practice.","Before adopting an individual decision,","the Authority shall inform the","Commission thereof."],"old":["6. Without prejudice to the powers of the","Commission under Article 226 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 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."],"orig_lang":"n","peid":"PE439.332v01-00","reference":"2009/0142(COD)","seq":"22","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.332+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Sajjad Karim","changes":{},"committee":["JURI"],"date":"2010-03-04T00:00:00","id":"PE439.332-23","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 6 \u2013 introductory part"]],"meps":[28481],"meta":{"created":"2019-07-03T05:50:42"},"new":["6. Without prejudice to the powers of the","Commission under Article 226 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 urgent and necessary to remedy in a","timely manner the non compliance by the","competent authority in order to ensure","financial stability, the orderly functioning","and integrity of the financial system in the","internal market, the Authority may, where","the relevant requirements of 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","Union law including the cessation of any","practice."],"old":["6. Without prejudice to the powers of the","Commission under Article 226 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 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."],"orig_lang":"n","peid":"PE439.332v01-00","reference":"2009/0142(COD)","seq":"23","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.332+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Toine Manders","changes":{},"committee":["JURI"],"date":"2010-03-04T00:00:00","id":"PE439.332-24","justification":"To prevent situations like the financial crisis and the crisis in Greece arising in future, it is\nimportant for the Authority to be able to take preventive decisions at any time..","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 6 \u2013 introductory part"]],"meta":{"created":"2019-07-03T05:50:42"},"new":["6. 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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."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"91","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-92","location":[["Proposal for a regulation","Recital 15"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:07"},"new":["deleted"],"old":["(15) The process for the development of","technical standards in this regulation is","without prejudice to the Commission's","powers to adopt on its own initiative","implementing measures under comitology","procedures at level 2 of the Lamfalussy","structure as laid out in the relevant","Community legislation. The matters","concerned by the technical standards do","not involve policy decisions, and their","content is framed by the Community acts","adopted at Level 1. Development of the","draft standards by the Authority ensures","that they fully benefit from the specialised","expertise of national supervisory","authorities."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"92","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-93","location":[["Proposal for a regulation","Recital 16"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:07"},"new":["(16) In areas not covered by Regulatory or","Supervisory standards, the Authority","should have the power to issue non-binding","guidelines and recommendations on the","application of EU legislation to promote","best practices. In order to ensure full","transparency and strengthen compliance by","national supervisory authorities and","financial institutions with those guidelines","and recommendations, national authorities","should be obliged to state their reasons","where they do not comply with those","guidelines and recommendations and the","financial institutions should be obligated","to report if they comply with these","guidelines and recommendations when","reporting."],"old":["(16) In areas not covered by technical","standards, the Authority should have the","power to issue non-binding guidelines and","recommendations on the application of","Community legislation. In order to ensure","transparency and strengthen compliance by","national supervisory authorities with those","guidelines and recommendations, national","authorities should be obliged to state their","reasons where they do not comply with","those guidelines and recommendations.",""],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"93","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-94","location":[[" Proposal for a regulation","Recital 17"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:07"},"new":["(17) Ensuring the correct and full","application of European law is a core","prerequisite for the integrity, transparency,","efficiency and orderly functioning of","financial markets, the stability of the","financial system, and for neutral conditions","of competition for financial institutions in","the Community. A mechanism should","therefore be established whereby the","Authority addresses instances of incorrect","or insufficient application of Community","law. This mechanism should apply in areas","where Community legislation defines clear","and unconditional obligations."],"old":["(17) Ensuring the correct and full","application of Community law is a core","prerequisite for the integrity, efficiency and","orderly functioning of financial markets,","the stability of the financial system, and for","neutral conditions of competition for","financial institutions in the Community. A","mechanism should therefore be established","whereby the Authority addresses instances","of incorrect or insufficient application of","Community law. This mechanism should","apply in areas where Community","legislation defines clear and unconditional","obligations"],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"94","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-95","location":[[" Proposal for a regulation","Recital 22"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:07"},"new":["(22) In order to ensure efficient and","effective supervision and a balanced","consideration of the positions of the","competent authorities in different Member","States, the Authority should be able to","settle disagreements between those","competent authorities with binding effect,","including within colleges of supervisors. A","conciliation phase should be provided for,","during which the competent authorities","may reach an agreement. The Authority's","competence should cover disagreements on","procedural obligations in the cooperation","process as well as on the interpretation and","application of Community law in","supervisory decisions; compliance with","binding decisions adopted does not","prevent the exercise of additional","prudential discretion by the competent","authority in conformity with international","principles on cross-border supervision.","Existing conciliation mechanisms provided","for in sectoral legislation have to be","respected. In the event of inaction by the","national supervisory authorities concerned,","the Authority should be empowered to","adopt, as a last resort, decisions directly","addressed to financial institutions in areas","of Community law directly applicable to","them."],"old":["(22) In order to ensure efficient and","effective supervision and a balanced","","consideration of the positions of the","competent authorities in different Member","States, the Authority should be able to","settle disagreements between those","competent authorities with binding effect,","including within colleges of supervisors. A","conciliation phase should be provided for,","during which the competent authorities","may reach an agreement. The Authority's","competence should cover disagreements on","procedural obligations in the cooperation","process as well as on the interpretation and","application of Community law in","supervisory decisions. Existing conciliation","mechanisms provided for in sectoral","legislation have to be respected. In the","event of inaction by the national","supervisory authorities concerned, the","Authority should be empowered to adopt,","as a last resort, decisions directly addressed","to financial institutions in areas of","Community law directly applicable to","them."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"95","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-96","location":[["Proposal for a regulation","Recital 22 a (new)"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:07"},"new":["(22a) The crisis has exposed major fault","lines in existing approaches to supervision","of cross-border financial institutions,","particularly the biggest and most complex","institutions the bankruptcy of which is","capable of producing systemic damages.","Those fault lines arise from the different","areas of activity of the financial","institutions and from the supervisory","bodies on the other. The former act in a","market without borders, the latter check","on a daily basis although their","jurisdictions end at national borders. In","order to address such misalignments it is","necessary to foster more supervisory","convergence and integration within the","European Union and at international","level."],"old":[""],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"96","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-97","location":[[" Proposal for a regulation","Recital 22 b (new)"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:07"},"new":["(22b)According to the Turner Review,","published in March 2009, \u201cexisting single","market rules can create unacceptable","risks to depositors and taxpayers\u201d and","\"the current arrangements, combining","branch passporting rights, home country","supervision, and purely national deposit","insurance, are not sound basis for the","future regulation and supervision of","European cross-border retail banks\"."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"97","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-98","location":[[" Proposal for a regulation","Recital 22 c (new)"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:07"},"new":["(22c) As the Turner review also states,","\"sounder arrangements require either","increased national powers, implying a less","open single market, or a greater degree of","European integration. A mix of both","seems appropriate: the extent to which","more national powers are required will","depend on how effective 'more Europe'","options can be\"."],"old":[""],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"98","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-99","location":[["Proposal for a regulation","Recital 22 d (new)"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:07"},"new":["(22d) The European solution calls for the","creation of a new European Union","institutional structure, an independent","Authority with legal powers, a standard","setter and overseer in the area of cross","border supervision, the reinforcement of","the colleges of supervisors in the","supervision of cross-border institutions","and for a coherent and increased","empowerment of supervisory powers at","both national and EU level."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"99","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-100","location":[["Proposal for a regulation","Recital 22 e (new)"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:07"},"new":["(22e) The Authority should have the","power to develop supervisory standards to","foster the uniform application of the","Single Rule Book. The Authority should","also have a key role as sectoral","coordinator and consultive body for the","Colleges of Supervisors with a view to","streamlining the functioning of the","information-exchange process, to foster","convergence and consistency across","colleges in the application of EU law. The","Authority should act as leader coordinator","in supervising banking institutions","operating in the European Union. The","Authority should also have a legally","binding mediation role to solve conflicts","between competent supervisors."],"old":[""],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"100","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-101","location":[[" Proposal for a regulation","Recital 22 f (new)"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:07"},"new":["(22f) Colleges of supervisors should play","an important role in the efficient, effective","and consistent supervision of cross-border","financial institutions in EU. There is little","usefulness in working towards the","convergence of basic financial","regulations if the supervision practices","remain fragmented. As the de Larosi\u00e8re","Report points out, \"competition","distortions and regulatory arbitrage","stemming from different supervisory","practices must be avoided, because they","have the potential of undermining","financial stability \u2013 inter alia by","encouraging a shift of financial activity to","countries with lax supervision. The","supervisory system has to be perceived as","fair and balanced\"."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"101","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"\u00cd\u00f1igo M\u00e9ndez de Vigo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-102","location":[["Proposal for a regulation","Recital 24"]],"meps":[1873],"meta":{"created":"2019-07-03T05:54:07"},"new":["(24) The delegation of tasks and","responsibilities can be a useful instrument","in the functioning of the network of","supervisors in order to reduce the","duplication of supervisory tasks, foster","cooperation and thereby streamline the","supervisory process as well as reduce the","burden imposed on financial institutions.","The Regulation should therefore provide a","clear legal basis for such delegation.","Delegation of tasks means that tasks are","carried out by another supervisory","authority instead of the responsible","authority, while the responsibility for","supervisory decisions remains with the","delegating authority. By delegation of","responsibilities one national supervisory","authority, the delegatee, shall be able to","decide upon a certain supervisory matter in","its name in lieu of the Authority or in lieu","of another national supervisory authority.","Delegations should be governed by the","principle of allocating supervisory","competence to a supervisor which is well","placed to take action in the subject matter.","A reallocation of responsibilities can be","appropriate for example for reasons of","economies of scale or scope, of coherence","in group supervision, and of optimal use of","technical expertise among national","supervisory authorities. Relevant EU","legislation may further specify the","principles for reallocation of","responsibilities upon agreement. The","Authority should facilitate and monitor","delegation agreements between national","supervisory authorities by all appropriate","means. It should be informed in advance of","intended delegation agreements to be able","to express an opinion where appropriate. It","should centralise the publication of such","agreements to ensure timely, transparent","and easily accessible information about","agreements for all parties concerned. It","should identify and promulgate best","practices regarding delegation and","delegation agreements."],"old":["(24) The delegation of tasks and","responsibilities can be a useful instrument","in the functioning of the network of","supervisors in order to reduce the","duplication of supervisory tasks, foster","cooperation and thereby streamline the","supervisory process as well as reduce the","burden imposed on financial institutions.","The Regulation should therefore provide a","clear legal basis for such delegation.","Delegation of tasks means that tasks are","carried out by another supervisory","authority instead of the responsible","authority, while the responsibility for","supervisory decisions remains with the","delegating authority. By delegation of","responsibilities one national supervisory","authority, the delegatee, shall be able to","decide upon a certain supervisory matter in","its name in lieu of another national","supervisory authority. Delegations should","be governed by the principle of allocating","supervisory competence to a supervisor","which is well placed to take action in the","subject matter. A reallocation of","responsibilities can be appropriate for","example for reasons of economies of scale","or scope, of coherence in group","supervision, and of optimal use of technical","expertise among national supervisory","authorities. Relevant Community","legislation may further specify the","principles for reallocation of","responsibilities upon agreement. The","Authority should facilitate delegation","agreements between national supervisory","authorities by all appropriate means. It","should be informed in advance of intended","","delegation agreements to be able to express","an opinion where appropriate. It should","centralise the publication of such","agreements to ensure timely, transparent","and easily accessible information about","agreements for all parties concerned."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"102","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-103","location":[[" Proposal for a regulation","Recital 29"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:07"},"new":["(29) Given the globalisation of financial","services and the increased importance of","international standards, the Authority","should represent the European Union in","the dialogue and cooperation with","supervisors outside the Union. National","competent authorities may continue to","contribute to such fora as pertain to","national issues and issues relevant for","their own functions and competences","under EU law."],"old":["(29) Given the globalisation of financial","services and the increased importance of","international standards, the Authority","should foster the dialogue and cooperation","with supervisors outside the Community. It","shall fully respect the existing roles and","competences of the European Institutions","in relations with authorities outside the","Community and in international forums."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"103","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" \u00cd\u00f1igo M\u00e9ndez de Vigo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-104","location":[[" Proposal for a regulation","Recital 38"]],"meps":[1873],"meta":{"created":"2019-07-03T05:54:08"},"new":["(38) A full-time Chairperson, selected by","the European Parliament following an","open competition managed by the","Commission and the subsequent drawing","up of a short list by the Commission,","should represent the Authority. The","management of the Authority should be","entrusted to an Executive Director, who","should have the right to participate in","meetings of the Board of Supervisors and","the Management Board without the right to","vote."],"old":["(38) A full time Chairperson, selected by","the Board of Supervisors through an open","","competition, should represent the","Authority. The management of the","Authority should be entrusted to an","Executive Director, who should have the","right to participate in meetings of the","Board of Supervisors and the Management","Board without the right to vote."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"104","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"\u00cd\u00f1igo M\u00e9ndez de Vigo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-105","location":[["Proposal for a regulation","Recital 39"]],"meps":[1873],"meta":{"created":"2019-07-03T05:54:08"},"new":["(39) In order to ensure cross-sectoral","consistency in the activities of the","European Supervisory Authorities, those","authorities should coordinate closely","through the European Supervisory","Authorities Joint Committee (\"the Joint","Committee\") and reach common positions","where appropriate. The Joint Committee","should coordinate the functions of the","three European Supervisory Authorities","in relation to financial conglomerates.","Where relevant, acts also falling within the","area of competence of the European","Supervisory Authority ( European","Insurance and Occupational Pensions ) or","the European Supervisory Authority","(Securities and Markets) should be","adopted in parallel by the European","Supervisory Authorities concerned. The","Joint Committee should be chaired on a","yearly revolving basis by the Chairpersons","of the three European Supervisory","Authorities. The Chairperson of the Joint","Committee should be a Vice-Chair of the","European Systemic Risk Board. The Joint","Committee should have a permanent","secretariat, staffed on secondment from","the three European Supervisory","Authorities, to allow for informal","information-sharing and the development","of a common cultural approach across the","three European Supervisory Authorities."],"old":["(39) In order to ensure cross-sectoral","consistency in the activities of the","European Supervisory Authorities, those","authorities should coordinate closely in a","Joint Committee of European Supervisory","Authorities and reach common positions","where appropriate. The Joint Committee of","European Supervisory Authorities should","assume all of the functions of the Joint","Committee on Financial Conglomerates.","Where relevant, acts also falling within the","area of competence of the European","Insurance and Occupational Pensions","Authority or the European Securities and","Markets Authority should be adopted in","parallel by the European Supervisory","Authorities concerned.",""],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"105","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Guy Verhofstadt","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-106","location":[[" Proposal for a regulation","Article 1"]],"meps":[97058],"meta":{"created":"2019-07-03T05:54:08"},"new":["Article 1 Article 1","Establishment and Scope of action","1. The European Financial Supervisory","Authority (EFSA) shall ensure that the","rules applicable to the financial sector are","adequately implemented, in order to","preserve financial stability and thereby to","ensure confidence in the financial system","as a whole and sufficient protection for","the customers of financial services.","2. The European Financial Supervisory","Authority shall comprise the following:","(a) the European Systemic Risk Board","established by Regulation (EU) No .../...","[ESRB];","(b) the European Supervisory Authority","(Securities and Markets) established by","Regulation (EU) No .../... [ESMA];","(c) the European Supervisory Authority","(Insurance and Occupational Pensions)","established by Regulation (EU) No","\u2026/\u2026[EIOPA];","(d) the European Supervisory Authority","(Banking)[EBA];","(e) the Commission, for the purposes of","carrying out the tasks referred to in","Articles 7 and 9;","3. The Authority shall cooperate regularly","and closely with national supervisory","authorities. It shall ensure cross-sectoral","consistency of work and arrive at joint","positions in the area of supervision of","financial conglomerates and on other","cross-sectoral issues.","4. In accordance with the principle of","sincere cooperation in accordance with","Article 4(3) of the EU Treaty, the parties","of the EFSA shall cooperate with trust","and full mutual respect, in particular in","ensuring that appropriate and reliable","information flows between them."],"old":["Establishment and Scope of action","1. This Regulation establishes a European","Banking Authority (\"the Authority\").","2. The Authority shall act within the scope","of Directive 2006/48/EC, Directive","2006/49/EC, Directive 2002/87/EC,","Directive 2005/60/EC, Directive","2002/65/EC and Directive 94/19/EC,","including all directives, regulations, and","decisions based on these acts, and of any","further Community act which confers","tasks on the Authority.","","3. The provisions of this Regulation are","without prejudice to the powers of the","Commission, in particular under Article","226 of the Treaty to ensure compliance","with Community law.","4. The objective of the Authority shall be","to contribute to: (i) improving the","functioning of the internal market,","including in particular a high, effective","and consistent level of regulation and","supervision, (ii) protecting depositors and","investors, (iii) ensuring the integrity,","efficiency and orderly functioning of","financial markets, (iv) safeguarding the","stability of the financial system, and (v)","strengthening international supervisory","coordination. For this purpose, the","Authority shall contribute to ensuring the","consistent, efficient and effective","application of the Community law","referred to in Article 1(2) above, fostering","supervisory convergence and providing","opinions to the European Parliament, the","Council, and the Commission.","5. The Authority shall form part of a","European System of Financial","Supervisors, hereinafter referred to as","'ESFS', which shall function as a network","of supervisors, as further specified in","Article 39.","6. The European Banking Authority shall","co-operate with the European Systemic","Risk Board, hereinafter referred to as","'ESRB' as laid down in Article 21 of this","Regulation."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"106","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-107","location":[[" Proposal for a regulation","Article 1 \u2013 paragraph 2"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:08"},"new":["2. The Authority shall act within the scope","of this Regulation and of Directive","2006/48/EC, Directive 2006/49/EC,","Directive 2002/87/EC, Directive","2005/60/EC, Directive 2002/65/EC and","Directive 94/19/EC, including all","directives, regulations, and decisions based","on these acts, and of any further EU act","which confers tasks on the Authority"],"old":["2. The Authority shall act within the scope","of Directive 2006/48/EC, Directive","2006/49/EC, Directive 2002/87/EC,","Directive 2005/60/EC, Directive","2002/65/EC and Directive 94/19/EC,","including all directives, regulations, and","decisions based on these acts, and of any","further Community act which confers tasks","on the Authority."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"107","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-108","location":[[" Proposal for a regulation","Article 1 a (new)"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:08"},"new":["Article 1a","The European System of Financial","Supervision","1. The Authority shall form part of a","European System of Financial","Supervision, hereinafter referred to as","'ESFS', which shall function as an","integrated network of supervisors that","brings together all the authorities in the","Member States and in the European","Union with competences in the field of","financial supervision as referred in this","Regulation and in related EU regulations.","The main objective of the ESFS shall be","to ensure strong and consistent European","supervision of financial institutions in","such a way as to bring confidence into the","financial system, support sustainable","European growth and serve the needs of","business and citizens.","2. The ESFS shall comprise the","following:","(a) the European Systemic Risk Board","established by Regulation (EU) No .../...","[ESRB];","(b) the European Supervisory Authority","(Securities and Markets) established by","Regulation (EU) No .../... [ESMA];","(c) the European Supervisory Authority","(Insurance and Occupational Pensions)","established by Regulation (EU) No","\u2026/\u2026[EIOPA];","(d) the Authority;","(e) the Joint Committee of European","Supervisory Authorities (JCESA)","provided for in Article 40;","(f) the authorities in the Member States","referred to in Article 1(2) of Regulations","(EU) No .../... [ESMA], Regulation (EU)","No \u2026/2009 [EIOPA] and Regulation","(EU) No \u2026/\u2026 [EBA];","(g) the Commission, for the purposes of","carrying out the tasks referred to in","Articles 7 and 9;","3. All the parties of the ESFS shall","cooperate closely among them with trust","and full mutual respect, pursuant to the","principle of sincere cooperation in","accordance with Article 4(3) of the EU","Treaty.","4. All financial institutions are subject to","legally binding Acts under European law","and to the supervision of the competent","authorities part of the ESFS.","5. The ESFS does not prevent competent","authorities from the exercise of national","supervisory powers in conformity with","European legally binding acts and","according to the international prudential","principles on banking supervision.","6. Only those supervisory authorities","included in the European System of","Financial Supervisor shall be entitled to","supervise financial institutions in the","European Union."],"old":["","",""],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"108","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" \u00cd\u00f1igo M\u00e9ndez de Vigo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-109","location":[[" Proposal for a regulation","Article 1 a (new)"]],"meps":[1873],"meta":{"created":"2019-07-03T05:54:08"},"new":["Article 1a","The European System of Financial","Supervision","1. The Authority shall form part of a","European System of Financial","Supervision, the main objective of which","is to ensure that the rules applicable to the","financial sector are adequately","implemented, in order to preserve","financial stability and thereby to ensure","confidence in the financial system as a","whole and sufficient protection for the","customers of financial services.","2. The European System of Financial","Supervision shall comprise the following:","(a) the European Systemic Risk Board","established by Regulation (EU) No .../...","[ESRB];","(b) the European Supervisory Authority","(Securities and Markets) established by","Regulation (EU) No .../... [ESMA];","(c) the European Supervisory Authority","(Insurance and Occupational Pensions)","established by Regulation (EU) No","\u2026/\u2026[EIOPA];","(d) the Authority;","(e) the European Supervisory Authorities","Joint Committee provided for in Article","40;","(f) the authorities in the Member States","referred to in Article 1(2) of Regulations","(EU) No .../... [ESMA], Regulation (EU)","No \u2026/2009 [EIOPA] and Regulation (EI)","No \u2026/\u2026 [EBA];","(g) the Commission, for the purposes of","carrying out the tasks referred to in","Articles 7 and 9;","3. The Authority shall cooperate regularly","and closely, ensure cross-sectoral","consistency of work and arrive at joint","positions in the area of supervision of","financial conglomerates and on other","cross-sectoral issues with the European","Systemic Risk Board as well as with the","European Supervisory Authority","(Insurance and Occupational Pensions)","and the European Supervisory Authority","(Securities and Markets) through the","European Supervisory Authorities (Joint","Committee) referred to in Article 40.","4. In accordance with the principle of","sincere cooperation in accordance wtih","Article 4(3) of the EU Treaty, the parties","of the ESFS shall cooperate with trust","and full mutual respect, in particular in","ensuring that appropriate and reliable","information flows between them.","5. Only those supervisory authorities","included in the European System of","Financial Supervision shall be entitled to","supervise financial institutions operating","in the European Union."],"old":["","","","",""],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"109","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" \u00cd\u00f1igo M\u00e9ndez de Vigo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-110","location":[[" Proposal for a regulation","Article 6 \u2013 paragraph 1 \u2013 point a"]],"meps":[1873],"meta":{"created":"2019-07-03T05:54:08"},"new":["(a) contribute to a consistent application","of Union law, in particular by contributing","to a common supervisory culture,","ensuring consistent, efficient and effective","application of the legislation referred to in","Article 1(2), preventing regulatory","arbitrage, mediating and settling","disagreements between competent","authorities, ensuring a coherent","functioning of colleges of supervisors and","taking actions, inter alia, in emergency","situations;"],"old":["(a) contribute to the establishment of high","quality common regulatory and","supervisory standards and practices, in","particular by providing opinions to the","Community institutions and by developing","guidelines, recommendations, and draft","technical standards which shall be based","on the legislation referred to in Article","1(2);"],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"110","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-111","location":[[" Proposal for a regulation","Article 6 \u2013 paragraph 1 \u2013 point b"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:08"},"new":["(b) contribute to a consistent application of","standards and legislation, in particular by","contributing to a common supervisory","culture, ensuring consistent, efficient and","effective application of this Regulation","and the legislation referred to in Article","1(2), preventing regulatory arbitrage,","mediating and settling disagreements","between competent authorities, ensuring a","coherent functioning of colleges of","supervisors and taking action, inter alia in","emergency situations;"],"old":["(b) contribute to a consistent application of","Community legislation, in particular by","contributing to a common supervisory","culture, ensuring consistent, efficient and","effective application of the legislation","referred to in Article 1(2), preventing","regulatory arbitrage, mediating and settling","disagreements between competent","authorities, promoting a coherent","functioning of colleges of supervisors and","taking actions in emergency situations;"],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"111","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"\u00cd\u00f1igo M\u00e9ndez de Vigo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-112","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[1873],"meta":{"created":"2019-07-03T05:54:08"},"new":["1. The Authority may develop technical","standards to complete, update and modify","elements that are not essential to the","legislative acts referred to in Article 1(2).","The technical standards shall not involve","strategic decisions and their content shall","be delimited by the legislative acts on","which they are based."],"old":["1. The Authority may develop technical","standards in the areas specifically set out","in the legislation referred to in Article","1(2). The Authority shall submit its draft","standards to the Commission for","endorsement."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"112","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-113","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 1"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:08"},"new":["1. The Authority shall develop technical","standards in the areas specifically set out in","this Regulation and in the legislation","referred to in Article 1(2) or at request of","the Commission. Technical standards","shall not include policy choices and shall","reflect the principle of proportionality.","The Authority shall submit its draft","technical standards to the Commission for","adoption as delegated dcts (regulatory","standards) or endorsement as","implementing acts (supervisory standards)","in accordance with this Regulation and","with the legislation referred to in Article","1(2). The draft standards shall also be","transmitted at the same time to the","European Parliament and the Council."],"old":["1. The Authority may develop technical","standards in the areas specifically set out in","the legislation referred to in Article 1(2).","The Authority shall submit its draft","standards to the Commission for","endorsement."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"113","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-114","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 2"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:08"},"new":["Before submitting them to the","Commission, the Authority shall conduct","open public consultations with all","stakeholders and analyse the potential","related costs and benefits, unless such","consultations and analyses are","disproportionate to the scope and impact","of the technical standards concerned or to","the particular urgency of the matter. The","Authority shall also request an opinion or","advice of the Banking Stakeholder Group","referred to in Article 22."],"old":["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."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"114","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-115","location":[[" Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 3"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:09"},"new":["Within three months of receipt of the draft","technical standards, the Commission shall","endorse the draft supervisory standards if","they comply with Union legislation.","Within the same period, the Commission","may adopt the draft technical standards","with amendments where they were drawn","up as regulatory standards. In both cases,","the Commission may extend that period","by one month."],"old":["Within three months of receipt of the draft","standards, the Commission shall decide","whether to endorse the draft standards. The","Commission may extend that period by","one month. The Commission may endorse","the draft standards only in part or with","amendments where the Community","interest so requires."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"115","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-116","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 1 \u2013 subparagraph 4"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:09"},"new":["In any case, the Commission shall inform","the Authority, the European Parliament","and the Council of its decision, stating the","reasons therefor."],"old":["Where the Commission does not endorse","the standards or endorses them in part or","with amendments, it shall inform the","Authority of its reasons."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"116","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"\u00cd\u00f1igo M\u00e9ndez de Vigo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-117","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 2"]],"meps":[1873],"meta":{"created":"2019-07-03T05:54:09"},"new":["2. The Commission shall adopt technical","standards in accordance with Articles 7a","to 7d, in the form of regulations or","decisions."],"old":["2. The standards shall be adopted by the","Commission by means of Regulations or","Decisions and published in the Official","Journal of the European Union."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"117","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-118","location":[["Proposal for a regulation","Article 7 \u2013 paragraph 2"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:09"},"new":["2. Once the due procedure has been","completed, the standards shall be published","in the Official Journal of the European","Union bearing the title \"EU Delegated","Standards\" or \"EU Implementing","Standards\" respectively."],"old":["2. The standards shall be adopted by the","Commission by means of Regulations or","Decisions and published in the Official","","Journal of the European Union."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"118","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-119","location":[[" Proposal for a regulation","Article 7 a (new)"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:09"},"new":["Article 7a","Exercise of the delegation","1. The powers to adopt regulatory","standards referred to in Article 7 shall be","conferred on the Commission for an","indeterminate period of time, unless","otherwise specified by sectoral legislation.","2. As soon as it adopts a delegated act, the","Commission shall notify it simultaneously","to the European Parliament and to the","Council.","3. The power to adopt delegated acts is","conferred on the Commission subject to","the conditions laid down in Articles 7b","and 7c."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"119","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-120","location":[[" Proposal for a regulation","Article 7 b (new)"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:09"},"new":["Article 7b","Revocation of the delegation","1. The delegation of powers referred to in","Article 7 may be revoked by the European","Parliament or by the Council.","2. The institution which has commenced","an internal procedure for deciding","whether to revoke the delegation of","powers shall endeavour to inform the","other institution and the Commission","within a reasonable time before the final","decision is taken, indicating the delegated","powers which could be subject to","revocation and the possible reasons for a","revocation.","3. The decision of revocation shall take","effect immediately or at a later date","specified therein. It shall not affect the","validity of the delegated acts already in","force. It shall be published in the Official","Journal of the European Union."],"old":["",""],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"120","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-121","location":[["Proposal for a regulation","Article 7 c (new)"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:09"},"new":["Article 7c","Objections to delegated acts","1. The European Parliament or the","Council may object to a delegated act","within a period of four months from the","date of notification.","At the initiative of the European","Parliament or the Council this period may","be extended by two months.","2. If, on the expiry of that period, neither","the European Parliament nor the Council","has objected to the delegated act, it shall","be published in the Official Journal of the","European Union and shall enter into","force on the date stated therein.","Before the expiry of that period and in","exceptional and duly justified cases, the","European Parliament and the Council","may both inform the Commission that","they do not intend to raise objections to a","delegated act. In such cases, the delegated","act shall be published in the Official","Journal of the European Union and shall","enter into force on the date stated therein."],"old":["",""],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"121","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-122","location":[[" Proposal for a regulation","Article 8 \u2013 subparagraph 2"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:09"},"new":["The competent authorities and financial","institutions shall make every effort to","comply with those guidelines and","recommendations."],"old":["The competent authorities shall make every","effort to comply with those guidelines and","recommendations."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"122","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-123","location":[[" Proposal for a regulation","Article 8 \u2013 subparagraph 2 a (new)"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:09"},"new":["In its annual report the Authority shall","state which national authority has not","complied with its issued guidelines and","recommendations and shall outline how","the Authority intends to ensure that its","recommendations and guidelines are","followed in the future; it shall also","include the same information for the","main larger financial entities ."],"old":[""],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"123","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-124","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 1"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:09"},"new":["1. Where a competent authority has not","applied the legally binding acts and","legislation referred to in Article 1(2) or has","applied them in a way which appears to be","in breach of Union law, in particular by","failing to ensure that a financial institution","satisfies the requirements laid down in that","legislation, the Authority shall have the","powers set out in paragraphs 2, 3 and 6 of","this Article."],"old":["1. Where a competent authority has not","correctly applied the legislation referred to","in Article 1(2), in particular by failing to","ensure that a financial institution satisfies","the requirements laid down in that","legislation, the Authority shall have the","powers set out in paragraphs 2, 3 and 6 of","this Article."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"124","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-125","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:09"},"new":["2. Upon request from one or more","competent authorities from the European","Parliament, the Council, the Commission","or the Banking Stakeholder Group or on","its own initiative and after having informed","the competent authority concerned, the","Authority may investigate the alleged","breach or non-application of Union law."],"old":["2. Upon request from one or more","competent authorities, from the","Commission or on its own initiative and","after having informed the competent","authority concerned, the Authority may","investigate the alleged incorrect","application of Community law."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"125","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" \u00cd\u00f1igo M\u00e9ndez de Vigo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-126","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 2 \u2013 subparagraph 1"]],"meps":[1873],"meta":{"created":"2019-07-03T05:54:09"},"new":["2. Upon request from one or more","competent authorities or from the","European Parliament, the Council, the","Commission or the Banking Stakeholder","Group, or on its own initiative and after","having informed the competent authority","concerned, the Authority may investigate","the alleged incorrect application of Union","law."],"old":["2. Upon request from one or more","competent authorities, from the","Commission or on its own initiative and","after having informed the competent","authority concerned, the Authority may","investigate the alleged incorrect application","of Community law."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"126","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-127","location":[[" Proposal for a regulation","Article 9 \u2013 paragraph 6 \u2013 subparagraph 1"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:09"},"new":["6. Without prejudice to the powers of the","Commission under Article 258 of the","Treaty on the Functioning of the","European Union, 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 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 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 Union law","including the cessation of any practice."],"old":["6. Without prejudice to the powers of the","Commission under Article 226 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 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."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"127","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-128","location":[["Proposal for a regulation","Article 9 \u2013 paragraph 7 a (new)"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:09"},"new":["7a. In its annual report, the Authority","shall set out which national authorities","and financial institutions have not","complied with the decisions referred to in","paragraphs 4 and 6."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"128","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-129","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 1"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:09"},"new":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the European","Union, the ESRB, upon its own initiative","or following a request by the Authority, the","European Parliament or a Member State","may issue a warning declaring the","existence of an emergency situation for the","purposes of this regulation."],"old":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","the Commission, upon its own initiative or","following a request by the Authority, the","Council, or the ESRB, may adopt a","decision addressed to the Authority,","determining the existence of an emergency","situation for the purposes of this regulation."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"129","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ashley Fox","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-130","justification":" The Council is the best placed to judge an emergency, particularly as it is then delegating its\n powers to the ESAs. The Council's actions in the recent crisis demonstrate that this can be\n done efficiently and quickly where necessary.","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 1"]],"meps":[96957],"meta":{"created":"2019-07-03T05:54:09"},"new":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","the Council, upon its own initiative or","following a request by the Authority or the","ESRB, may adopt a decision addressed to","the Authority, determining the existence of","an emergency situation for the purposes of","this regulation."],"old":["1. In the case of adverse developments","which may seriously jeopardise the orderly","functioning and integrity of financial","markets or the stability of the whole or part","of the financial system in the Community,","the Commission, upon its own initiative or","following a request by the Authority, the","Council, or the ESRB, may adopt a","decision addressed to the Authority,","determining the existence of an emergency","situation for the purposes of this regulation."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"130","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ashley Fox","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-131","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 1 a (new)"]],"meps":[96957],"meta":{"created":"2019-07-03T05:54:09"},"new":["1a. As soon as it issues a warning the","Council shall notify it simultaneously to","the European Parliament, the ESRB, the","Commission and the European","Supervisory Authority."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"131","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-132","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 2"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:10"},"new":["2. Where the ESRB has issued a warning","pursuant to paragraph 1, or where the","Commission or the Council, upon its own","initiative or following a request by the","Authority, the European Parliament or a","Member State, adopts a decision","determining the existence of similar or","justified circumstances where co-","ordinated action by national authorities is","necessary in order to respond to adverse","developments which may seriously","jeopardise the orderly functioning and","integrity of financial markets or the","stability of the whole or part of the","financial system in the European Union;","the Authority may, without having to","comply with any further requirements,","adopt individual decisions in accordance","with the legislation referred to in Article","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 by ensuring that financial","institutions and competent authorities","satisfy the requirements laid down in that","legislation."],"old":["2. Where the Commission has adopted a","decision pursuant to paragraph 1, the","Authority may adopt individual decisions","requiring competent authorities to take","the necessary action in accordance with","the legislation referred to in Article 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 by","ensuring that financial institutions and","competent authorities satisfy the","requirements laid down in that legislation."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"132","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ashley Fox","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-133","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 2"]],"meps":[96957],"meta":{"created":"2019-07-03T05:54:10"},"new":["2. Where the existence of an emergency","situation is declared pursuant to paragraph","1, the Authority may adopt decisions","addressed to the competent authorities of","all Member States requiring them to take","the necessary action in accordance with the","legislation referred to in Article 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 by","ensuring that financial institutions and","competent authorities satisfy the","requirements laid down in that legislation."],"old":["2. Where the Commission has adopted a","decision pursuant to paragraph 1, the","Authority may adopt individual decisions","requiring competent authorities to take the","necessary action in accordance with the","legislation referred to in Article 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 by","ensuring that financial institutions and","competent authorities satisfy the","requirements laid down in that legislation."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"133","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ashley Fox","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-134","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 2 a (new)"]],"meps":[96957],"meta":{"created":"2019-07-03T05:54:10"},"new":["2a. In the case of adverse developments","which may seriously jeopardise the","orderly functioning and integrity of","financial markets or the stability of the","whole or part of the financial system in","the European Union, the Authority shall","actively facilitate and, where deemed","necessary, coordinate any actions","undertaken by the relevant national","competent supervisory authorities."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"134","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ashley Fox","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-135","justification":"The state of 'emergency' must be continually reviewed by the Council in consultation, where\nrelevant, with the ESRB and the ESAs. When it is appropriate, the state of emergency must be\nrepealed.","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 2 b (new)"]],"meps":[96957],"meta":{"created":"2019-07-03T05:54:10"},"new":["2b. The Council shall review the decision","referred to in paragraph 1 at appropriate","intervals and at least once a month, and","shall declare the discontinuation of the","emergency situation as soon as","appropriate."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"135","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ashley Fox","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-136","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 3"]],"meps":[96957],"meta":{"created":"2019-07-03T05:54:10"},"new":["deleted"],"old":["3. Without prejudice to the powers of the","Commission under Article 226 of the","Treaty, where a competent authority does","not comply with the decision of the","Authority referred to in paragraph 2","within the period laid down therein, the","Authority may, where the relevant","requirements laid down in 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 that legislation,","including the cessation of any practice."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"136","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ashley Fox","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-137","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 4"]],"meps":[96957],"meta":{"created":"2019-07-03T05:54:10"},"new":["deleted"],"old":["4. Decisions adopted under paragraph 3","shall prevail over any previous decision","adopted by the competent authorities on","the same matter.","Any action by the competent authorities in","relation to facts which are subject to a","decision pursuant to paragraph 2 or 3","shall be compatible with those decisions."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"137","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" \u00cd\u00f1igo M\u00e9ndez de Vigo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-138","location":[[" Proposal for a regulation","Article 10 \u2013 paragraph 4 a (new)"]],"meps":[1873],"meta":{"created":"2019-07-03T05:54:10"},"new":["4a. The ESRB shall review the decision","referred to in paragraph 1 on its own","initiative or following a request by the","Authority, the European Parliament, the","Council or the Commission."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"138","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-139","location":[["Proposal for a regulation","Article 10 \u2013 paragraph 4 a (new)"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:10"},"new":["4a. In its annual report, the Authority","shall set out the individual decisions","addressed to national authorities and","financial institutions under paragraphs 3","and 4."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"139","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ashley Fox","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-140","location":[["Proposal for a regulation","Article 11 \u2013 paragraph 1"]],"meps":[96957],"meta":{"created":"2019-07-03T05:54:10"},"new":["1. Without prejudice to the powers laid","down in Article 9, where a competent","authority disagrees on the procedure or","content of an action or inaction by another","competent authority in areas where the","legislation referred to in Article 1(2)","requires cooperation, coordination or joint","decision making by competent authorities","from more than one Member State, the","Authority, at the request of one or more of","the competent authorities concerned, may","take the lead in assisting the authorities in","reaching an agreement in accordance with","the procedure set out in paragraph 2."],"old":["1. Without prejudice to the powers laid","down in Article 9, where a competent","authority disagrees on the procedure or","content of an action or inaction by another","competent authority in areas where the","legislation referred to in Article 1(2)","requires cooperation, coordination or joint","decision making by competent authorities","from more than one Member State, the","Authority, at the request of one or more of","the competent authorities concerned, may","assist the authorities in reaching an","agreement in accordance with the","procedure set out in paragraph 2."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"140","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ashley Fox","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-141","location":[[" Proposal for a regulation","Article 11 \u2013 paragraph 3"]],"meps":[96957],"meta":{"created":"2019-07-03T05:54:10"},"new":["3. If, at the end of the conciliation phase,","the competent authorities concerned have","failed to reach an agreement, the Authority","may take a decision requiring them to take","specific action or to refrain from action in","order to settle the matter, in order to","ensure compliance with Union law."],"old":["3. If, at the end of the conciliation phase,","the competent authorities concerned have","failed to reach an agreement, the Authority","may take a decision requiring them to take","specific action or to refrain from action in","order to settle the matter, in compliance","with Community law."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"141","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ashley Fox","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-142","location":[[" Proposal for a regulation","Article 11 \u2013 paragraph 3 a (new)"]],"meps":[96957],"meta":{"created":"2019-07-03T05:54:10"},"new":["3a. Decisions adopted under paragraph 3","shall prevail over any previous decision","adopted by the national supervisory","authorities on the same matter."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"142","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ashley Fox","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-143","location":[[" Proposal for a regulation","Article 11 \u2013 paragraph 3 b (new)"]],"meps":[96957],"meta":{"created":"2019-07-03T05:54:10"},"new":["3b. In its report the Authority may set out","the disagreement between competent","authorities, the agreements reached and","the decision taken to settle such","disagreements."],"old":[""],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"143","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ashley Fox","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-144","location":[["Proposal for a regulation","Article 11 \u2013 paragraph 4"]],"meps":[96957],"meta":{"created":"2019-07-03T05:54:10"},"new":["deleted"],"old":["4. Without prejudice to the powers of the","Commission under Article 226 of the","Treaty, where a competent authority does","not comply with the decision of the","Authority, and thereby fails to ensure that","a financial institution complies with","requirements directly applicable to it by","virtue of the legislation referred to in","Article 1(2), the Authority may 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."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"144","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-145","location":[["Proposal for a regulation","Article 11 \u2013 paragraph 4 a (new)"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:10"},"new":["4a. In its annual report, the Authority","shall set out the disagreement between","competent authorities, the agreements","reached and the decision taken to settle","such disagreements."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"145","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" \u00cd\u00f1igo M\u00e9ndez de Vigo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-146","location":[[" Proposal for a regulation","Article 12 a (new)"]],"meps":[1873],"meta":{"created":"2019-07-03T05:54:11"},"new":["Article 12a","Supervision of financial institutions with","an EU dimension","1. National authorities shall exert","prudential supervision of financial","institutions with an EU dimension by","acting as the agent of and following the","instructions given by the Authority, in","order to guarantee that the same","supervisory rules are applied across the","European Union.","2. The Authority shall submit its draft","supervisory rules to the Commission and,","simultaneously, to the European","Parliament and the Council. The","Commission shall endorse the draft","supervisory rules following the procedure","set out in Article 7 or 8.","3. A decision taken by the Board of","Supervisors in accordance with the","procedure set out in Article 29(1) shall","identify the significant financial","institutions with an EU dimension. The","criteria for identifying such financial","institutions shall take into account the","criteria established by the Financial","Stability Board, the International","Monetary Fund and the Bank for","International Settlements.","4. The Authority, in collaboration with the","European Systemic Risk Board, shall","develop an information template for","significant institutions in order to ensure","sound management of their systemic risk.","5. To ensure the co-responsibility of","financial institutions with an EU","dimension, to protect European","depositors\u2019 interests and to reduce the cost","to tax payers of a systemic financial crisis,","a European Financial Protection Fund","(the Fund) shall be established. The Fund","will also play a role in helping the EU","institutions facing difficulties when those","are likely to threaten the financial","stability of the European single financial","market. The Fund shall be financed","through contributions from those","institutions. The contribution of each","financial institution shall be calculated","according to criteria which reward good","management. Those contributions replace","those made to national funds of a similar","nature.","6. When the accumulated resources from","the contributions made by banks are not","sufficient to solve the crisis, the Fund","shall have the capacity to increase its","resources through debt issuance. Member","States may, in exceptional circumstances,","facilitate the issuance of debt by the Fund","through guarantees, and in exchange for","a fee reflecting appropriately the risk","assumed. Those guarantees shall be","shared by Member States in accordance","with the criteria laid down in","paragraph 7.","7. Where, under extreme, exceptional","circumstances and in the context of a","systemic crisis, there is a failure of one or","several institutions, and the resources","available are insufficient, the affected","Member States will deal with this burden","according to principles established in the","current Memorandum of Understanding","(MoU), properly amended. Burden-","sharing arrangements could include one","of the following criteria, or a combination","thereof: the deposits of the institution; the","assets (either in terms of accounting","values, market values or risk-weighted","values) of the institution; the revenue","flows of the institution; and the share of","payment system flows of the institution.","8. The membership in the Fund shall","replace the membership in the existing","national Deposit Guarantee Schemes for","the EU institutions participating in it. The","Fund shall be managed by a Board","appointed by the European Supervisory","Authority (Banking) for a period of five","years. The members of the Board shall be","elected from staff of the national","authorities. The Fund shall also create a","Consultative Board comprising the","financial institutions participating in the","Fund."],"old":["","","",""],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"146","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-147","location":[[" Proposal for a regulation","Article 12 a (new)"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:11"},"new":["Article 12a","Evolution of the Authority","The Authority shall evolve according to","the best practices recognised at European","and international level. One such","approach could be the establishment of a","new level of direct supervision by the","Authority. To avoid international","distortions and to strengthen the","European System of Financial","Supervision, the introduction of direct","supervision should be carefully evaluated","and considered in order to add value to","the supervision of large financial","institutions, many of which are global in","nature and operate in the EU. This","applies above all to those large financial","institutions with wholesale banking or","other activities that could pose a systemic","risk to the internal market, and those","systemic financial institutions defined and","identified at an international level. This","issue shall be further studied in the first","review of this Regulation, as provided for","in Article 66, which shall take place not","later than three years after its entry into","force."],"old":[""],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"147","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"\u00cd\u00f1igo M\u00e9ndez de Vigo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-148","location":[["Proposal for a regulation","Article 13 \u2013 paragraph 3 a (new)"]],"meps":[1873],"meta":{"created":"2019-07-03T05:54:11"},"new":["3a. The Authority shall delegate to the","authorities in the Member States the tasks","and responsibilities of supervising the","prudential supervision of financial","institutions with an EU dimension as","referred to in Article 12a)."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"148","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":"Ram\u00f3n J\u00e1uregui Atondo","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-149","location":[["Proposal for a regulation","Article 18 \u2013 subparagraph 1"]],"meps":[97078],"meta":{"created":"2019-07-03T05:54:11"},"new":["Without prejudice to the competences of","the Union Institutions and Member States,","the Authority may develop contacts and","enter into administrative arrangements","with supervisory authorities, international","organisations and the administrations of","third countries."],"old":["Without prejudice to the competences of","the Community Institutions, the Authority","may develop contacts with supervisory","authorities from third countries. It may","enter into administrative arrangements","with international organisations and the","administrations of third countries."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"149","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ashley Fox","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-150","justification":" If Article 12a is accepted by the Parliament, it should also be included in the provisions of the\n safeguard clause.","location":[[" Proposal for a regulation","Article 23 \u2013 paragraph 1"]],"meps":[96957],"meta":{"created":"2019-07-03T05:54:11"},"new":["1. The Authority shall ensure that no","decision adopted under Articles 10, 11 or","12a impinges in any way on the fiscal","responsibilities of Member States."],"old":["1. The Authority shall ensure that no","decision adopted under Articles 10 or 11","impinges in any way on the fiscal","responsibilities of Member States."],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"150","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"},{"authors":" Ashley Fox","changes":{},"committee":["AFCO"],"date":"2010-03-18T00:00:00","id":"PE439.876-151","justification":" If Article 6.3. is to remain in the text it should be subject to the same safeguards as Articles 10\n and 11. EU supervisory decisions over EU entities could clearly also have a fiscal impact.","location":[[" Proposal for a regulation","Article 23 \u2013 paragraph 1"]],"meps":[96957],"meta":{"created":"2019-07-03T05:54:11"},"new":["1. 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The Commission's report shall","evaluate inter alia: the degree of","convergence in supervisory standard","practices reached by national authorities;","the functioning of the colleges of","supervisors; the supervision mechanism","of cross-border institutions, in particular","those with an EU dimension; the","functioning of Article 23 with regard to","safeguards and regulators; supervisory","convergence in the fields of crisis","management and resolution in the Union","and the question whether prudential","activities and the conduct of business","should be combined or separated. It shall","contain proposals on how to further","develop the role of the Authority and the","ESFS, with a view to creating an","integrated European supervisory","architecture"],"orig_lang":"en","peid":"PE439.876v01-00","reference":"2009/0142(COD)","seq":"165","src":"http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML+COMPARL+PE-439.876+01+DOC+PDF+V0//EN&language=EN"}],"changes":{"2014-11-10T00:19:23":[{"data":[{"body":"EC","commission":[{"Commissioner":"BARNIER Michel","DG":{"title":"Internal Market and Services","url":"http://ec.europa.eu/dgs/internal_market/"}}],"date":"2009-09-23T00:00:00","docs":[{"celexid":"CELEX:52009PC0501:EN","text":["
PURPOSE: to establish a European Banking Authority.
PROPOSED ACT: Regulation of the European Parliament and\n of the Council.
BACKGROUND: experience of the financial crisis has exposed\n important failures in financial supervision, both in particular cases and in\n relation to the financial system as a whole. Building on the recommendations\n presented in February 2009 of a group of high level experts, chaired by Mr\n Jacques de Larosière, the Commission set out proposals for a new European\n financial supervisory architecture in its Communication to the Spring\n European Council of March 2009 (COM(2009)0114).\n The Commission presented its ideas in more detail in its Communication of May\n 2009 (COM(2009)0252)\n which proposed the establishment of :
The European\n Council, in its conclusions of 19 June 2009, recommended that a European\n System of Financial Supervisors, comprising three new European Supervisory\n Authorities, be established. The system should be aimed at upgrading the\n quality and consistency of national supervision, strengthening oversight of\n cross border groups and establishing a European single rule book applicable\n to all financial institutions in the Single Market.
It should be\n noted that this proposal is closely linked to proposals on:
· \n a European Insurance and Occupational Pensions\n Authority (EIOPA),\n
· \n a European Securities and Markets Authority (ESMA),\n
· \n a European Systemic Risk Board (ESRB).
IMPACT ASSESSMENT: the May Commission Communication on Financial Supervision\n in Europe was accompanied by an impact assessment analysing the main policy\n options for establishing the ESFS and ESRB. A second impact assessment\n accompanies these proposals, examining the options in more detail (see SEC(2009)1234.)
CONTENT: in order to take account of sectoral\n specificities, three separate Regulations are needed to establish the\n Authorities for banking, insurance and occupational pensions, and securities.\n The broad thrust of these proposals is, however, identical. The proposal\n discusses the common elements and briefly touches upon the differences\n between the three Regulations.
Objectives\n of the ESAs:these shall be to contribute to: (i) improving the\n functioning of the internal market, including in particular a high, effective\n and consistent level of regulation and supervision, (ii) protecting\n depositors, investors, policyholders and other beneficiaries, (iii) ensuring\n the integrity, efficiency and orderly functioning of financial markets, (iv)\n safeguarding the stability of the financial system, and (v) strengthening\n international supervisory coordination.
The ESAs will be Community bodies with a legal\n personality and a key element of the proposed ESFS. The\n latter shall function as a network of supervisors and comprise the national\n authorities in the Member States, a Joint Committee of European Supervisory\n Authorities, to cover cross-sectoral issues, and the European Commission.\n While the ESAs should enjoy maximum independence to objectively fulfil their\n mission, the Commission has to be involved where institutional reasons and\n the responsibilities under the Treaty so require.
The main decision-making body of each ESA will be its\n Board of Supervisors, consisting of the heads of the relevant national\n supervisors as well as the Chairperson of the respective Authority. The\n Chairperson will preside over meetings of the Board of Supervisors and the\n Management Board. The day-to-day management of each Authority will be in the\n hands of an Executive Director.
Tasks and powers: the ESAs will take on all the tasks of the existing\n European supervisory committees, but also have significantly increased\n responsibilities, defined legal powers and greater authority.
Develop technical standards: a single EU rule book should be established, applicable\n to all financial institutions in the Single Market. To this end, differences\n in the national transposition of Community law stemming from exceptions,\n derogations, additions or ambiguities must be removed, so that one harmonised\n core set of standards can be defined and applied. To contribute to this, the\n Authorities will develop draft technical standards. These standards\n constitute an effective instrument to strengthen Level 3 of the Lamfalussy\n structure, which currently is limited to the adoption of non-binding\n guidelines.
Powers to ensure the consistent application of Community\n rules: a mechanism will be\n put in place to address behaviour by national supervisory authorities who are\n considered to be diverging from the existing Community legislation (including\n technical standards). The proposal describes the steps of the mechanism.
Action in emergency situations: whilst ESAs will have a coordination role\n between national supervisory authorities, in some emergency situations\n coordination may not be sufficient, notably when national supervisors alone\n lack the tools to respond rapidly to an emerging cross-border crisis. The\n ESAs should thereforehave the power to require national supervisors to take\n specific action jointly. The determination of a cross-border emergency\n situation will be left to the Commission. This is subject to the safeguard\n clause.
Settlement of disagreements between national supervisory\n authorities: a mechanism is\n proposed to ensure that relevant national supervisory authorities take due\n account of the interests of other Member States, including within colleges of\n supervisors. This mechanism consists of three possible steps which are set\n out in the text.
Colleges of supervisors: the latter are central to the EU supervisory system and\n play an important role in ensuring a balanced flow of information between\n home and host authorities. The ESAs will contribute to promoting the\n efficient and consistent functioning of colleges of supervisors and may\n participate as observers in colleges of supervisors and receive all relevant\n information shared between the members of the college.
Common supervisory culture: the ESAs shall play an active role in building a common\n European supervisory culture and ensuring uniform procedures and consistent\n supervisory practices throughout the Community. The common supervisory\n culture may increasingly create opportunities for supervisors to delegate\n certain tasks to one another. The ESAs shall periodically conduct peer review\n analysis of national supervisory authorities.
Assessment of market developments: although the proposed ESRB will be\n responsible for macro-prudential analysis of the EU financial sector, the\n ESAs should continue the work of the existing European supervisory committees\n in this area as: (i) the focus of their analysis is different, i.e.,\n micro-prudential analysis provides a bottom-up analysis, rather than\n macro-prudential analysis which is top-down, and (ii) their analysis may\n serve as helpful input into the work carried-out by the ESRB.
International role: through these proposals the Commission is responding to\n the weaknesses identified during the crisis as well as to the G20 call to\n take action to build a stronger, more globally consistent, regulatory and\n supervisory system for financial services. The ESAs could serve as helpful\n contact points for supervisory authorities from third countries. They may enter\n into administrative arrangements with administrations of third countries and\n may also assist in preparing equivalence decisions pertaining to supervisory\n regimes in third countries. They may provide advice to the European\n Parliament, the Council and the Commission or publish opinions, including\n with respect to the prudential assessments of cross-border mergers and\n acquisitions.
Collection of information: at the request of the Authority, supervisory\n authorities and other public authorities of the Member States shall provide\n the Authority with all the necessary information to carry out the duties\n assigned to it by this Regulation. In principle, all information should be\n transferred to the ESAs by the national supervisory authorities.
Relationship with the ESRB: the framework for EU supervision can only work if the\n ESRB and ESFS cooperate closely. In fulfilling its role as macro-prudential\n supervisor, the ESRB would need a timely flow of micro-prudential\n information, while micro-prudential supervision by national authorities would\n benefit from the ESRB’s insights on the macro-prudential environment. The\n Regulations also specify the procedures to be followed by the ESAs to act\n upon recommendations by the ESRB and how the ESAs should use their powers to\n ensure timely follow-up to recommendations addressed to one or more national\n supervisory authorities.
Safeguard:\n in view of the fact that decisions by the ESAs should not impinge on the\n fiscal responsibilities of the Member States, a safeguard clause is introduced\n which ensures that, where a Member State considers that a decision taken\n under provisions concerning emergency decisions or settlement of\n disagreements of these Regulations impinges on its fiscal responsibility, it\n may notify the Authority and the Commission that the national supervisory\n authority does not intend to implement the Authority's decision, clearly\n demonstrating how the decision by the Authority impinges on its fiscal\n responsibilities.
Joint Committee of European Supervisory Authorities: a Joint Committee of European Supervisory\n Authorities will ensure mutual understanding, cooperation and consistent\n supervisory approaches between the three new ESAs.
Board of Appeal: an appeal system will ensure that any person, including\n national supervisory authorities, may in first instance appeal to a Board of\n Appeal against a decision by the ESAs to ensure the coherent application of\n Community rules, action in emergency situations, and the settlement of\n disagreements. The Board of Appeal shall be a joint body of three ESAs, i.e.,\n it will deal with issues related to banking, insurance and securities.
Key differences between the three Regulations: the main differences between the three\n proposed Regulations concern the objectives of the Authorities, the scope of\n action, and the definitions, which are adapted to the specificities of the\n relevant sector and existing Community legislation. Moreover, the European\n Council concluded that the ESAs should also have supervisory powers for\n credit rating agencies. ESMA would be responsible to register credit rating\n agencies. ESMA would also be empowered to take supervisory measures such as\n withdrawing the registration or suspending the use for regulatory purposes of\n credit ratings. Supervisory powers could include the power to request\n information and to conduct investigations or on-site inspections. The\n responsibilities and powers of ESMA with regard to credit rating agencies\n will be defined in an amendment to the Regulation on Credit Rating Agencies.
BUDGETARY IMPLICATIONS: for the transformation of the\n existing European supervisory committees into effective ESAs, enhanced\n resources are needed - both personnel and budgetary. For the EBA, the total\n operational expenditure from the Community budget in commitment and payment\n appropriations for the years 2011-2013 is EUR 21.527 million. In addition,\n Member States (national supervisory authorities or ministries of finance)\n will contribute EUR 32.290 million over the three year period. This gives a\n total of EUR 53.816 million from 2011 to 2013.
\nThe Council\n agreed on a general approach on draft regulations aimed at\n establishing three new authorities for the supervision of financial services\n in the EU, namely:
· \n a European Banking Authority;
· \n a\n European Insurance and Occupational Pensions Authority;
· \n a\n European Securities and Markets Authority.
It asked the\n presidency to start negotiations with the European Parliament with a view to\n adoption of the texts at first reading.
The draft\n regulations are part of a package of proposals to reform the EU framework for\n the supervision of banking, insurance and securities markets in the wake of\n the global financial crisis.
Negotiations\n with the Parliament on the macro-financial aspects of the package are already\n underway. At its meeting on 20 October, the Council reached agreement on a\n draft regulation aimed at establishing a European\n Systemic Risk Board (ESRB) to monitor potential threats to the stability of\n the financial system.
The three\n European supervisory authorities (ESAs) will be part of a European System of\n Financial Supervisors, working in tandem with a network of Member State\n supervisors. Together, they constitute the micro-financial aspects of the\n reform package.
Entry into\n force will only be possible once all of the texts have been adopted; the aim\n is for the new framework to be put into place during the course of 2010.
In June, the\n European Council supported the creation of both the ESRB and the European\n System of Financial Supervisors, calling for:
· \n an upgrading of the quality and consistency of\n national supervision;
· \n a strengthening of the oversight of\n cross-border financial groups through the setting up of supervisory colleges;
· \n the establishment of a single rule book\n applicable to all financial institutions in the EU.
The three ESAs\n are due to replace three existing EU committees of supervisors (CEBS, CEIOPS and\n CESR) and will have legal personality under EU law. They will comprise high-level\n representatives of all national supervisory authorities, under a permanent\n chairmanship. The national authorities will remain responsible for day-to-day\n supervision of individual firms, and a steering committee will be set up to\n ensure cooperation and to coordinate the sharing of information between the\n ESAs and the ESRB.
According to\n the Council's general approach, the ESAs would be responsible for:
· \n ensuring that a single set of harmonised rules\n and consistent supervisory practices is applied by national supervisors;
· \n ensuring a common supervisory culture and\n consistent supervisory practices;
· \n collecting micro-prudential information;
· \n ensuring consistent application of EU rules,\n in cases such as the manifest breach of EU law or ESA standards and disagreement\n between national supervisors or within a college of supervisors.
\nThe Committee\n on Economic and Monetary Affairs adopted the report drawn up by Jose Manuel\n GARCIA-MARGALLO y MARFIL (EPP, ES) on the proposal for a regulation of the\n European Parliament and of the Council establishing a European Banking\n Authority. It recommended that the European Parliament’s position at first\n reading under the ordinary legislative procedure (formerly known as\n the codecision procedure) should be to amend the Commission\n proposal as follows
Name: Members want the body to be called the European Supervisory\n Authority (Banking), rather than European Banking Authority.
Objective: the Authority must protect public values like the stability of\n the financial system, the solvency and liquidity of financial institutions,\n the transparency of markets and financial products and the protection of\n depositors and investors. The Authority should also prevent regulatory\n arbitrage and guarantee a level playing field.
Seat: the Authority shall have its seat in Frankfurt (rather than\n London.)
Tasks and\n powers: the committee added that the Authority\n should be able to assess the accessibility, availability and credit cost for\n households and enterprises, in particular SMEs. The Authority will also be\n able to: act as the competent body to manage crisis of cross-border\n institutions that has the potential to pose a systemic risk, leading and\n executing all early interventions, resolution or insolvency procedures for\n such institutions through its Banking Resolution Unit. It will also (I)\n supervise those financial institutions that are not subject to the\n supervision of competent authorities; (ii) provide a database of registered\n financial institutions in the area of its competence; (iii) develop draft\n regulatory and implementing standards; and (iv) temporarily prohibit or\n restrict certain types of transactions that threaten the orderly functioning\n and integrity of financial markets or the stability of the whole or part of\n the financial system in the Union.
Regulatory\n standards: these must be submitted to the\n Commission for endorsement and at the same time to the European Parliament\n and the Council.
Implementing\n standards: the Authority may develop draft\n standards to implement legally binding Union acts in the areas specifically\n set out in the regulation and in the legislative acts referred to in the\n text, following public consultation. Draft implementing standards will be\n sent to the Commission for endorsement in accordance with Article 291 of the\n Treaty on the Functioning of the European Union and, at the same time, to the\n European Parliament and the Council. The committee also made some amendments\n to the provisions on guidelines and recommendations.
Consistent application of\n Community rules: Members amended these\n provisions to specify that where the competent authority has not complied with\n Union law within 10 working days from receipt of the Authority's\n recommendation, the Authority (rather than the Commission) shall take a\n decision requiring the competent authority to take the action necessary to\n comply with Union law.
Action in\n emergency situations: Members expand the powers\n of the Authority and state that in the case of adverse developments, the\n ESRB, upon its own initiative or following a request by the Authority, the\n Council, the European Parliament or the Commission, may issue a warning\n declaring the existence of an emergency situation in order to enable the\n Authority without further requirements to adopt individual decisions. Where\n the addressee of the decision refuses to comply with Union law or a specific\n decision taken by the Authority, the Authority may issue proceedings in the\n national courts, including applications for interim relief.
College of\n supervisors: the report states that the colleges\n of supervisors should have the power to define supervisory rules to foster\n the coherent application of Union law. The Authority should have full\n participation rights in colleges of supervisors with a view to streamlining\n the functioning of the information-exchange process and to foster convergence\n and consistency across colleges in the application of Union law. The\n Authority should act as leader in supervising cross-border financial\n institutions operating in the Union. It should also have a binding mediation\n role to solve conflicts between national supervisors. Members expanded the\n tasks and powers of the Authority, and in particular, they stipulate that the\n Authority shall (i) collect and share all relevant information; (ii) initiate\n and coordinate Union-wide stress tests to assess the resilience of\n financial institutions, in particular of those identified as potentially\n posing a systemic risk, to adverse market developments; (iii) plan and lead supervisory\n activities in going concern as well as in emergency situations, including\n evaluating the risks to which financial institutions are or might be exposed;\n and (iv) oversee the tasks carried out by the competent authorities.
The Authority,\n in collaboration with the ESRB, shall develop a common set of quantitative\n and qualitative indicators (risk dashboard), which will serve as the basis to\n assign a supervisory rating to cross-border institutions identified as\n potentially posing a systemic risk. It shall exert supervision of\n cross-border institutions that may pose a systemic risk, acting through the\n competent authorities. It will also establish a Banking Resolution Unit\n with a mandate to put in practice the clearly defined governance and modus\n operandi of crisis management from early intervention to resolution and\n insolvency and lead such procedures. All financial institutions\n identified as posing a systemic risk must take part in the European\n Deposit Guarantee Scheme as well as in the European Banking Stability\n Fund which are established in this report. Financial institutions\n operating in a single Member State shall have the option to join the European\n Deposit Guarantee Scheme or the European Banking Stability Fund. The\n contributions made to the European Funds shall replace those made to national\n funds of a similar nature.
The committee\n goes on to insert provisions on identification of cross-border\n institutions that potentially could pose a systemic risk.
Other\n tasks: the committee added that on the basis of\n Joint Guidelines, the Authority may conduct the change of control procedure\n under Directive 2007/44/EC. Upon receipt of the notification, the Authority\n shall coordinate with the relevant competent authorities.
Collection\n of information: where competent authorities are\n not obliged to collect the information requested, the Authority may amend the\n regulatory or implementing standards that refer to reporting requirements.
Safeguards: Members made these provisions more stringent, specifying that\n where a Member State considers that a decision taken under provisions on\n emergency situations or on settlements of disagreements between competent\n authorities, impinges directly and in a significant manner on its fiscal\n responsibilities, it shall notify the Authority, the Commission and the\n European Parliament within ten working days after notification of the\n Authority's decision to the competent authority. The Member State shall\n justify why and provide an impact assessment on how much the decision\n impinges on its fiscal responsibilities.
The report\n also amended provisions on the majority required in Council to maintain or\n revoke the Authority’s decision.
It went on to\n make several changes to the clauses of composition of the Authority,\n and stressed the latter’s independence. The report increased Parliament’s\n powers regarding the appointment of a Chairperson, as well as the\n responsibility of the latter to appear before Parliament and submit relevant\n reports.
Joint\n Committee: the Committee will have its\n headquarters in Frankfurt. Members specify a number of fields for cooperation\n with other ESAs, such as anti-money laundering measures.
They also made\n some amendments to the provisions on the Board of Appeal.
Budget: under the Commission’s proposals, the ESAs’ budget would be part\n of the Commission budget. To enhance the independence of the ESAs the\n committee wants a separate budget line for the ESAs in the overall EU Budget.\n Therefore it is proposed to provide for an independent budget line as has\n been done for the Data Protection Supervisor.
Report: the Commission’s report must evaluate (a) the convergence in\n supervisory standard practices reached by competent authorities; (b) the\n functioning of the colleges of supervisors; (c) the role of the Authority on\n the supervision of systemic institutions; and (d) the application of the\n safeguard clause.
Evaluation: the Commission must also evaluate whether:
The European Parliament adopted amendments, by 611 votes to 38 with 40 abstentions, at first reading under the ordinary legislative procedure (formerly known as the codecision procedure), to the proposal for a regulation of the European Parliament and of the Council establishing a European Banking Authority.
\nThe vote on the legislative resolution was postponed to a future plenary session. The main amendments to the Commission’s proposal were as follows:
\nEstablishment and scope of action: Members stipulate that the Regulation establishes a European Supervisory Authority (European Banking Authority). The objective of the Authority shall be to protect the public interest by contributing to the short, medium and long-term stability and effectiveness of the financial system, for the Union economy, its citizens and businesses. The Authority shall contribute to: (a) preventing regulatory arbitrage and contributing to equal conditions of competition, (b) ensuring the taking of credit and other risks are appropriately regulated and supervised, and(c) contribute to enhance customer protection.
\nIn the exercise of the tasks conferred upon it by this Regulation, the Authority shall (i) pay particular attention to any systemic risk posed by financial institutions, failure of which may impair the operation of the financial system or the real economy (ii) act independently and objectively and in the interest of the Union alone.
\nSeat: the Authority will have its seat in Frankfurt. It may have representations in the most important financial centres of the European Union
\nThe European System of Financial Supervision: a new clause states that the Authority shall form part of a European System of Financial Supervision (ESFS), whose main objective shall be to ensure that the rules applicable to the financial sector are adequately implemented, to preserve financial stability and to ensure confidence in the financial system as a whole and sufficient protection for the customers of financial services.
\nThe ESFS shall comprise: (a) the ESRB; (b) the European Supervisory Authority (Securities and Markets) (ESMA); (c) the European Supervisory Authority (Insurance and Occupational Pensions) (EIOPA); (d) the European Supervisory Authority (Banking); (e) the European Supervisory Authority (Joint Committee) established by Regulations on EBA, ESMA and EIOPA; (f) the authorities in the Member States as specified in the Regulations on EBA and ESMA and EIOPA; (g) the Commission, for the purposes of carrying out the tasks referred to in the Regulation on EBA, ESMA and EIOPA.
\nThe Authorities shall be accountable to the European Parliament.
\nTasks: Parliament has extended the Authority’s tasks and these now include:
\nTasks related to consumer protection and financial activities: in order to foster depositors and investors protection the Authority shall take a leading role in promoting transparency, simplicity and fairness in the market for consumer financial products or services across the single market, including by: (i) collecting, analysing and reporting on consumer trends; (ii) reviewing and coordinating financial literacy and education initiatives; (iii) developing training standards for the industry; (iv) contributing to the development of common disclosure rules, and (v) assess, in particular, the accessibility, availability and credit cost for households and enterprises, in particular SMEs.
\nThe Authority shall monitor new and existing financial activities and may adopt guidelines and recommendations with a view to promote the safety and soundness of markets and convergence of regulatory practice. It may also issue warnings in case a financial activity poses a serious threat to its objectives.
\nIt shall establish, as an integral part of the Authority, a Committee on financial innovation, which gathers all relevant competent national supervisory authorities with a view to achieving a coordinated approach to the regulatory and supervisory treatment of new or innovative financial activities and providing advice to the European Parliament, the Council and the Commission.
\nThe Authority may also temporarily prohibit or restrict certain types of financial activities that threaten the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union in the cases specified and under the conditions laid down in the legislative acts or if so required in the case of an emergency situation. It may also assess the need to prohibit or restrict certain types of financial activities that and, where there is such a need, inform the Commission in order to facilitate the adoption of any prohibition or restriction.
\nRegulatory technical standards: the European Parliament and the Council may delegate powers to the Commission to adopt regulatory technical standards under Article 290 TFEU in order to ensure consistent harmonisation in the areas specifically set out in the legislative acts referred to in the text. Draft regulatory technical standards shall be developed by the Authority and submitted to the Commission for endorsement.
\nThe Authority shall conduct open public consultations on regulatory technical standards and analyse the potential related costs and benefits, unless such consultations and analyses are disproportionate in relation to the scope and impact of the regulatory technical standards concerned or in relation to the particular urgency of the matter before submitting them to the Commission. The Authority shall also request the opinion or advice of the Banking Stakeholder Group. The Commission shall upon receipt of a draft regulatory technical standard from the Authority forward it immediately to the European Parliament and the Council. The Commission shall decide within three months of receipt whether to adopt a draft regulatory technical standard. If the Commission does not intend to adopt the standard it shall inform the European Parliament and Council of this and of the reasons for this.
\nThe Commission may be empowered to adopt implementing technical standards under Article 291 TFEU where uniform conditions for implementing legally binding Union acts are needed in the areas specifically set out in legislative acts. Where the Authority drafts implementing technical standards for submission to the Commission, those standards shall be technical, shall not include policy choices and shall be limited to determining the conditions of application of legally binding Union acts.
\nGuidelines and recommendations: the competent authorities and financial institutions shall make every effort to comply with those guidelines and recommendations. Within two months of the issuance of a guideline or recommendation, each competent authority shall confirm that it intends to comply with that guideline or recommendation. In the event that a competent authority does not intend to comply, it shall inform the Authority, stating reasons. The Authority shall publish those reasons.
\nAction in emergency situations: in the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the EU, the Authority shall actively facilitate and, where deemed necessary, coordinate any actions undertaken by the relevant national competent supervisory authorities.
\nThe Commission may, on its own initiative or at the request of the European Parliament, the Council, the ESRB or the Authority, adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this Regulation. The Commission shall review that decision at monthly intervals and shall declare the discontinuation of the emergency situation as soon as appropriate. If the Commission determines the existence of an emergency situation, it shall duly inform the European Parliament and the Council without delay.
\nColleges of supervisors: the Authority shall contribute to promote and monitor the efficient, effective and consistent functioning of the colleges of supervisors and foster the coherence of the application of Union law among the colleges of supervisors. It shall, at least: (a) collect and share all relevant information in going concern and emergency situations in order to facilitate the work of the colleges of supervisors and establish and manage a central system to make such information accessible to the competent authorities in the colleges of supervisors; (b) initiate and coordinate Union-wide stress tests to assess the resilience of financial institutions to adverse market developments, ensuring an as consistent as possible methodology is applied at the national level to such tests; (c) plan and lead supervisory activities in going concern as well as in emergency situations, including evaluating the risks to which financial institutions are or might be exposed; and (d) oversee the tasks carried out by the competent authorities.
\nA legally binding mediation role should allow the Authority to solve disputes between competent authorities. Where no agreement can be reached within the relevant college of supervisors, the Authority may take supervisory decisions directly applicable to the institution concerned.
\nRisk dashboard: the Authority shall pay special attention to and address risks of disruption in financial services that (i) is caused by an impairment of all or parts of the financial system and (ii) has the potential to have serious negative consequences for internal market and the real economy (systemic risk). All types of financial intermediaries, markets and infrastructure can potentially be systematically important to some degree. In collaboration with the European Systemic Risk Board, it shall develop a common set of quantitative and qualitative indicators (risk dashboard), which will serve as the basis to assign a supervisory rating to cross-border institutions That rating shall be reviewed on a regular basis, to take into account material changes of the risk profile of an institution. The supervisory rating shall be a critical element for the decision to directly supervise or intervene in an ailing institution.
\nBanking Resolution Unit: this unit shall preserve financial stability and minimise the contagion effect of distressed institutions to the rest of the system and the economy at large and limit the cost to taxpayers respecting the principle of proportionality, creditors' hierarchy and guaranteeing equal treatment across borders. Among other actions it could require adjustments in capital or liquidity, adapt the business mix, improve processes, appoint or replace management, recommend guarantees, loans and liquidity assistance, total or partial sales, create a good bank/bad bank or a bridge bank, swap debt into equity (with appropriate haircuts) or take the institution into temporary public ownership.
\nEuropean Deposit Guarantee Schemes: the Authority shall contribute to strengthening the European system of national Deposit Guarantee Schemes (DGS) by acting under the powers conferred to it in this Regulation to ensure the correct application of directive 94/19/EC with the aim of ensuring that national deposit guarantee schemes are adequately funded by contributions from financial institutions including from those financial institutions established and taking deposits within the Union but headquartered outside the Union as provided for in directive 94/19/EC and provide a high level of protection to all depositors in a harmonised framework throughout the Union, which leaves the stabilising safeguard role of mutual guarantee schemes intact, provided they comply with the Union standards.
\nEuropean Banking Stability Fund: the Fund shall be established in order to strengthen the internalisation of the costs of the financial system and to assist in crisis resolution for failing cross border financial institutions. Financial institutions operating in only one Member State shall have the option to join the Fund. The Fund shall adopt appropriate measures to avoid that the availability of aid generates a moral hazard. It shall be financed through direct contributions from all financial institutions identified in the text. It shall be managed by a Board appointed by the Authority for a period of five years.
\nSafeguards: the text now states that where a Member State considers that a decision taken under Article 10(2) (emergency measures) or Article 11 (disagreements between national authorities) impinges directly and in a significant manner on its fiscal responsibilities, it shall notify the Authority, the European Parliament and the Commission within ten working days after notification of the Authority's decision to the competent authority. In its notification, the Member State shall justify why and provide an impact assessment on how much the decision impinges on its fiscal responsibilities. Where the Authority maintains or amends its decision, the Council shall take a decision whether the Authority's decision is maintained or revoked. The decision to maintain the Authority's decision shall be taken by simple majority of members. The decision to revoke the Authority's decision shall be taken by a qualified majority of its members. In neither of these cases the vote of the Members concerned shall be taken into account.
\nBoard of supervisors: Members introduced amendments on provisions regarding the organisation and composition of the board of supervisors. When carrying out the tasks conferred upon it by this Regulation, the Chairperson and the voting members of the Board of Supervisors shall act independently and objectively in the sole interest of the Union as a whole and shall neither seek nor take instructions from Union institutions or bodies, from a Government of a Member State or from any other public or private body.
\nJoint committee: Parliament introduces a joint committee, which shall serve as a forum in which the Authority cooperates regularly and closely and ensure cross-sectoral consistency with the other ESAs, in particular regarding (i) financial conglomerates; (ii) accounting and auditing; (iii) micro-prudential analyses of cross-sectoral developments, risks and vulnerabilities for financial stability; (iv) retail investment products; (v) anti-money laundering measures; and (vi) information exchange with the ESRB and developing the relationship between the ESRB and the European Supervisory Authorities .
\nReview clause: six months after entry into force of the Regulation, the Commission shall submit to the European Parliament and the Council the necessary proposals to strengthen supervision of institutions that may pose a systemic risk and the establishment of a new framework for financial crisis management including funding arrangements.
\nThree years after the date of application of the regulation, and every three years thereafter, the Commission shall 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. That report shall evaluate, inter alia: (a) the convergence in supervisory practices reached by competent authorities; (b) the functioning of the colleges of supervisors; (c) progress achieved towards convergence in the fields of crisis prevention, management and resolution, including European funding mechanisms; (d) whether, in particular in light of the progress achieved with regard to the issues referred to in point (c), the role of the Authority in the supervision of financial institutions posing a potential systemic risk should be strengthened and whether it should exercise enhanced supervisory powers over those institutions; (e) the application of the safeguard clause.
\nThe report shall also examine whether:
\nThe Council\n adopted a political guideline with a view to continuing negotiations with the\n European Parliament on a package of measures which are intended to reform the\n European framework for supervision of the financial system, in the wake of\n the global financial crisis.
The proposals,\n presented by the Commission in the autumn of 2009, are:
Most of these\n texts are subject to the ordinary legislative procedure (formerly co\n decision) between the Parliament and the Council. The negotiations with\n Parliament are intended to allow them to be adopted at first reading, so that\n the European Systemic Risk Board and the three new supervisory authorities can\n be operational from 1 January 2011.
There is now a\n large degree of convergence between the two institutions, thanks to the\n negotiations which have already taken place, but it has not proven possible\n to find an overall agreement in time to enable Parliament to hold its first\n reading on 8 July, as originally intended. Parliament has therefore decided\n to postpone the vote to a subsequent plenary session.
On the basis\n of the general approaches already defined, the Council has agreed on the\n compromise proposals submitted by the Presidency with a view to facilitating\n continuing negotiations. It has thus strengthened the negotiating mandate\n given to the Presidency, while allowing it the necessary degree of\n flexibility.
\nThe European\n Parliament adopted a resolution under the ordinary legislative procedure\n (formerly the co decision procedure).amending the proposal for a regulation\n of the European Parliament and of the Council establishing a European Banking\n Authority. The amendments are the result of a compromise agreement between\n Parliament and Council. The main points are as follows:
Establishment and scope of action:\n Members stipulate that the Regulation establishes\n a European Supervisory Authority\n (European Banking Authority). The objective of the Authority shall\n be to protect the public interest by contributing to the short, medium\n and long-term stability and effectiveness of the financial system, for the\n Union economy, its citizens and businesses. The Authority\n shall contribute to: (a) improving the functioning of the internal\n market, including in particular a sound , effective and consistent\n level of regulation and supervision, (ii) ensuring the integrity,\n transparency , efficiency and orderly functioning of financial markets,\n (iii) strengthening international supervisory coordination, (iv)\n preventing regulatory arbitrage and promoting equal conditions of\n competition, (v) ensuring the taking of credit and other risks are\n appropriately regulated and supervised, and (vi) enhancing customer\n protection.
In the\n exercise of the tasks conferred upon it, the Authority shall (i) pay\n particular attention to any systemic risk posed by financial institutions,\n failure of which may impair the operation of the financial system or the real\n economy (ii) act independently and objectively and in the interest of the\n Union alone.
Seat: the Authority shall have its seat in London.
The\n European System of Financial Supervision: a new\n clause states that the Authority shall form part of a European System of\n Financial Supervision (ESFS), whose main objective shall be to ensure that\n the rules applicable to the financial sector are adequately implemented, to\n preserve financial stability and to ensure confidence in the financial system\n as a whole and sufficient protection for the customers of financial services.
The compromise\n text states that the ESFS shall comprise: (a) the ESRB; (b) the\n European Supervisory Authority (Securities and Markets) (ESMA); (c) the\n European Supervisory Authority (Insurance and Occupational Pensions) (EIOPA); (d) the\n EBA (e) the Joint Committee of the European Supervisory Authorities (f) the\n competent or supervisory authorities in the Member States specified in the\n Regulations on EBA and ESMA and EIOPA.
The ESRB,\n ESMA, EBA and EIOPA shall be accountable to the European Parliament and the\n Council.
Tasks: the text has extended the Authority’s\n tasks and these now include:
Tasks\n related to consumer protection and financial activities: the Authority shall take a leading role in promoting\n transparency, simplicity and fairness in the market for consumer financial\n products or services across the single market, including by: (i) collecting,\n analysing and reporting on consumer trends; (ii) reviewing and coordinating\n financial literacy and education initiatives by the competent authorities;\n (iii) developing training standards for the industry; (iv) contributing to\n the development of common disclosure rules.
The Authority\n shall monitor new and existing financial activities and may adopt\n guidelines and recommendations with a view to promoting the safety and\n soundness of markets and convergence of regulatory practice. It may also\n issue warnings in case a financial activity poses a serious threat to its\n objectives.
It shall\n establish, as an integral part of the Authority, a Committee on\n financial innovation, which gathers all relevant competent national\n supervisory authorities with a view to achieving a coordinated approach to\n the regulatory and supervisory treatment of new or innovative financial\n activities and providing advice to the European Parliament, the Council and\n the Commission.
The Authority\n may also temporarily prohibit or restrict certain types of financial\n activities that threaten the orderly functioning and integrity of\n financial markets or the stability of the whole or part of the financial system\n in the Union in the cases specified and under the conditions laid down in the\n legislative acts or if so required in the case of an emergency situation..
Regulatory technical\n standards: where the European Parliament and the\n Council delegate power to the Commission to adopt regulatory technical\n standards by means of delegated acts under Article 290 TFEU in order to\n ensure consistent harmonisation in the areas specifically set out in the\n legislative the Authority may develop draft regulatory technical\n standards and submit its draft standards to the Commission for endorsement.\n Regulatory technical standards shall be technical, shall not imply strategic\n decisions or policy choices and their content shall be delimited by the acts\n on which they are based.
Where the\n Authority submits a draft regulatory technical standard, the Commission shall\n immediately forward it to the European Parliament and the Council. The\n Commission shall decide within three months of receipt whether to adopt a\n draft regulatory technical standard.
The Authority\n may develop implementing technical standards, by means of implementing\n acts under Article 291 TFEU, in the areas specifically set out in the\n legislative acts These standards shall be technical, not imply strategic\n decisions or policy choices and their content shall be to determine the\n conditions of application of that legislation. The Authority shall submit its\n draft standards to the Commission for endorsement.
Guidelines\n and recommendations: the competent\n authorities and financial institutions shall make every effort to\n comply with those guidelines and recommendations. Within two months\n of the issuance of a guideline or recommendation, each competent\n authority shall confirm whether it complies or intends to comply with that\n guideline or recommendation. In the event that a competent authority\n does not comply or intend to comply, it shall inform the Authority,\n stating its reasons. The Authority shall publish the fact that a\n competent authority does not comply or intend to comply with that guideline\n or recommendation. The Authority may also decide, on a case-by-case basis, to\n publish the reasons provided by the competent authority for not complying\n with that guideline or recommendation. The competent authority shall receive\n advanced notice about such a publication
Action in\n emergency situations: the Council, in\n consultation with the Commission and the ESRB and, where\n appropriate, the European Supervisory Authorities , may adopt a decision\n addressed to the Authority, determining the existence of an emergency\n situation for the purposes of this Regulation, following a request by\n the Authority, the Commission or the ESRB. The Council shall review this\n decision at appropriate intervals and at least once a month. If the decision\n is not renewed after one month, it shall automatically expire. The Council\n may declare the discontinuation of the emergency situation at any time.
Where the ESRB\n or the ESAs deem that an emergency situation may arise, they shall issue a\n confidential recommendation addressed to the Council and provide it with an\n assessment of the situation. The Council shall then assess the convenience of\n convening a meeting. In that process, due care of confidentiality shall be\n guaranteed. If the Council determines the existence of an emergency\n situation, it shall duly inform the European Parliament and the Commission\n without delay.
Where\n the Council has adopted a decision, and in exceptional\n circumstances where co-ordinated action by national authorities is necessary\n to respond to adverse developments which may seriously jeopardise the orderly\n functioning and integrity of financial markets or the stability of the whole\n or part of the financial system in the Union, the Authority may adopt\n individual decisions requiring competent authorities to take the necessary\n action.
Settlement\n of disagreements between competent authorities in cross-border\n situations: the compromise text states that where\n on the basis of objective criteria, disagreement between competent\n authorities from different Member States can be determined, the Authority\n may, on its own initiative, assist the authorities in reaching an\n agreement. If, at the end of the conciliation phase, the competent\n authorities concerned have failed to reach an agreement, the Authority may,\n in accordance with the procedure set out in the text take a decision\n requiring them to take specific action or to refrain from action in order to\n settle the matter, with binding effects for the competent authorities\n concerned, in order to ensure compliance with Union law.\n Decisions adopted by the Authority shall prevail over any previous decision\n adopted by the competent authorities on the same matter.
The Joint\n Committee will settle cross sectoral disagreements that may arise\n between one or more competent authorities.
Colleges of\n supervisors: Parliament expanded on the tasks of\n the colleges, entrusting them with, inter alia, initiating and coordinating\n Union-wide stress tests to assess the resilience of financial institutions to\n adverse market developments, and overseeing the tasks carried out by the\n competent authorities.
A legally\n binding mediation role should allow the\n Authority to solve disputes between competent authorities in accordance with\n the procedure set out in the text.
Systemic\n risk: the Authority shall duly consider systemic\n risk as defined by the ESRB Regulation meaning a risk of disruption in the\n financial system with the potential to have serious negative consequences for\n the internal market and the real economy and address risks of disruption in financial\n services that: is caused by an impairment of all or parts of the financial\n system; and has the potential to have serious negative consequences for the\n internal market and he real economy. The Authority, in collaboration with\n the ESRB, shall develop a common set of quantitative and qualitative\n indicators (risk dashboard) to identify and measure systemic risk. It\n will also develop an adequate stress testing regime to help identifying those\n institutions that may pose systemic risk. These institutions shall be subject\n to strengthened supervision, and where necessary, to the recovery and\n resolution procedures referred to in the text.
The compromise\n text contains provisions on the identification and measurement of systemic\n risk, and on recovery and resolution procedures.
European\n System of Deposit Guarantee Schemes: the\n Authority shall contribute to strengthening the European system of national\n Deposit Guarantee Schemes (DGS) by acting to ensure the correct application\n of Directive 94/19/EC with the aim of ensuring that national deposit\n guarantee schemes are adequately funded by contributions from financial\n institutions including from those financial institutions established and\n taking deposits within the Union but headquartered outside the Union and provide\n a high level of protection to all depositors in a harmonised framework\n throughout the Union, which leaves the stabilising safeguard role of mutual\n guarantee schemes intact, provided they comply with Union legislation.
European\n System of Bank resolution and funding arrangements: the Authority shall contribute to developing methods for the\n resolution of failing financial institutions, in particular those that may\n pose a systemic risk, in ways which avoid contagion and allow them to be\n wound down in an orderly and timely manner, including, where applicable,\n coherent and robust funding mechanisms as appropriate. It will contribute to\n the assessment of the need for a system of coherent, robust and credible\n funding mechanisms, with appropriate financing instruments linked to a set of\n coordinated national crisis management arrangements. It will also \n contribute to the work on the level playing field issues and cumulative\n impacts of any systems of levies and contributions on financial institutions\n that may be introduced to ensure fair burden sharing and incentives to\n contain systemic risk as a part of a coherent and credible resolution\n framework. The review of the Regulation shall in particular examine the\n possible enhancement of the role of the Authority in a framework of crisis\n prevention, management and resolution, and, if necessary, the creation of a\n European Resolution Fund.
Safeguards: the provisions in the text are now closer to the Commission’s\n original proposal. The Authority shall ensure that no decision adopted under\n Articles 10 (Action in emergency situations) or 11 (settlement of\n disagreements) impinges in any way on the fiscal responsibilities of Member\n States. Where a Member State considers that a decision taken\n under the latter article impinges on its fiscal responsibilities, it\n may notify the Authority and the Commission within two weeks after\n notification of the Authority's decision to the competent authority that the\n decision will not be implemented by the competent authority. In its\n notification, the Member State shall clearly and specifically\n explain why and how the decision impinges on its fiscal\n responsibilities. In that case, the decision of the Authority shall be\n suspended. Within a period of one month from the notification by the\n Member State, the Authority shall inform the Member State as to whether it\n maintains its decision or whether it amends or revokes it. If the\n decision is maintained or amended, the Authority shall state that fiscal\n responsibilities are not affected.
The compromise\n text sets out the powers of the Council in the alternatives that the\n Authority maintains or evokes its decision.
It states that\n any abuse of this Article, in particular in relation to a decision by\n the Authority which does not have a significant or material fiscal impact,\n shall be prohibited as incompatible with the internal market.
Board of\n supervisors: Members introduced amendments on\n provisions regarding the organisation and composition of the board of\n supervisors, and the management board. They also expand the issues in which\n the Joint Committee will be concerned and make some changes to provisions on\n the composition and operation of the board of appeal. Parliament will be\n able to veto the appointment of ESA chairpersons.
Review\n clause: three years after the date of application\n of the regulation, and every three years thereafter, the Commission\n shall publish a general report on the experience acquired as a result of the\n operation of the Authority and the procedures laid down in this Regulation.\n That report shall evaluate, inter alia: the convergence in\n supervisory practices reached by competent authorities; the convergence in\n functional independence of the competent authorities and in standards\n equivalent to corporate governance; t he impartiality, objectivity and\n autonomy of the Authority; the functioning of the colleges of supervisors;\n progress achieved towards convergence in the fields of\n crisis prevention , management and resolution,\n including European funding mechanisms, the role of the Authority as regards\n systemic risk; the application of the safeguard clause; and the application\n of the binding mediation role.
The report\n shall also examine whether:
Concerning the\n issue of direct supervision of institutions or infrastructures of\n pan-European reach and taking account of market developments, the Commission\n shall draw up an annual report on the appropriateness of entrusting the\n Authority with further supervisory responsibilities in this area.
\nPURPOSE: to\n establish a European Supervisory Authority (European Banking Authority) with\n a view to enhancing the European framework for supervision of the financial\n system.
LEGISLATIVE\n ACT: Regulation (EU) No 1093/2010 of the European Parliament and of the\n Council establishing a European Supervisory Authority (European Banking\n Authority), amending Decision No 716/2009/EC and repealing Commission\n Decision 2009/78/EC.
CONTENT:\n following an agreement reached with the European Parliament at first reading,\n the Council adopted a regulation aiming to establish a European\n Supervisory Authority (European Banking Authority (EBA)).
The regulation\n is part of a package of legal texts underpinning a reform of the EU framework\n for supervision of the financial system, aimed at eliminating deficiencies\n that were exposed during the financial crisis. The package consists of the\n following regulations establishing:
It adopted\n regulations establishing:
The three\n European supervisory authorities (ESAs) will work in tandem with the\n supervisory authorities of the Member States. They will replace three\n existing committees of supervisors at EU level (Committee of European Banking\n Supervisors (CEBS), Committee of European Insurance and Occupational Pensions\n Supervisors (CEIOPS) and Committee of European Securities Regulators (CESR)\n and will have legal personality under EU law.
The Council\n also adopted:
The main\n elements of the Regulation are as follows:
Institution\n and seat: the Authority shall have its seat in London.\n It shall form part of a European System of Financial Supervision (ESFS).\n The main objective of the ESFS shall be to ensure that the rules applicable\n to the financial sector are adequately implemented to preserve financial\n stability and to ensure confidence in the financial system as a whole and\n sufficient protection for the customers of financial services.
The ESFS shall\n comprise the following: (i) the ESRB; (ii) the European Banking Authority\n (EBA); (iii) the European Supervisory Authority (European Insurance and\n Occupational Pensions Authority); (iv) the European Supervisory Authority\n (European Securities and Markets Authority); (v) the Joint Committee of the\n European Supervisory Authorities (Joint Committee); (vi) the competent or\n supervisory authorities in the Member States referred to in the EBA, ESMA and\n EIOPA Regulations.
The ESRB, EBA,\n EIOPA and the Joint Committee shall be accountable to the European\n Parliament and the Council.
The ESAs will\n comprise high-level representatives of all of the Member States' supervisory\n authorities under permanent chairmanships. National authorities will remain\n responsible for the day-to-day supervision of individual firms, and a joint\n committee will be set up to ensure cooperation and to coordinate the sharing\n of information between the ESAs and the ESRB.
Objectives: the objective of the Authority shall be to protect the public\n interest by contributing to the short, medium and long-term stability and\n effectiveness of the financial system, for the Union economy, its citizens\n and businesses.
The Authority\n shall contribute to: (i) improving the functioning of the internal market,\n including, in particular, a sound, effective and consistent level of\n regulation and supervision; (ii) ensuring the integrity, transparency,\n efficiency and orderly functioning of financial markets; (iii) strengthening\n international supervisory coordination; (iv) preventing regulatory arbitrage\n and promoting equal conditions of competition; (v) ensuring the taking of\n credit and other risks are appropriately regulated and supervised; and (vi)\n enhancing customer protection.
In the\n exercise of the tasks, the Authority shall: (i) pay particular attention to\n any systemic risk posed by financial institutions, the failure of which may\n impair the operation of the financial system or the real economy; (ii) act\n independently and objectively and in the interest of the Union alone.
Tasks: the Authority shall have the following tasks:
In addition,\n the Authority shall contribute to the consistent and coherent functioning\n of colleges of supervisors, the monitoring, assessment and measurement of\n systemic risk, the development and coordination of recovery and resolution\n plans. The ESAs shall provide a high level of protection to depositors and\n investors throughout the Union and developing methods for the resolution of\n failing financial institutions and an assessment of the need for appropriate\n financing instruments.
Powers: the ESAs will be responsible for ensuring that a single set of\n harmonised rules and consistent supervisory practices are applied by\n supervisory authorities of the Member States. They will have the power:
The Authority\n may temporarily prohibit or restrict certain financial activities that\n threaten the orderly functioning and integrity of financial markets or the\n stability of the whole or part of the financial system in the Union in\n certain cases and under certain conditions or, if so required, in the case of\n an emergency situation.
Safeguards: the Authority shall ensure that no decision adopted by the ESAs\n shall impinge in any way on the fiscal responsibilities of Member States.
European\n system of deposit guarantee schemes: the\n Authority shall contribute to strengthening the European system of national\n deposit guarantee schemes by acting under the powers conferred to it in this\n Regulation to ensure the correct application of Directive 94/19/EC with the\n aim of ensuring that national deposit guarantee schemes are adequately funded\n by contributions from financial institutions including from those financial\n institutions established and taking deposits within the Union but\n headquartered outside the Union as provided for in Directive 94/19/EC and\n provide a high level of protection to all depositors in a harmonised\n framework throughout the Union, which leaves the stabilising safeguard role\n of mutual guarantee schemes intact, provided they comply with Union\n legislation.
Review\n clause: by 2 January 2014, and every 3 years\n thereafter, the Commission shall publish a general report on the experience\n acquired as a result of the operation of the Authority and the procedures\n laid down in this Regulation.
ENTRY INTO\n FORCE: 16/12/2010.
The Authority\n shall be established on 01/01/2011.
\nPURPOSE: to establish a European Banking Authority.
PROPOSED ACT: Regulation of the European Parliament and\n of the Council.
BACKGROUND: experience of the financial crisis has exposed\n important failures in financial supervision, both in particular cases and in\n relation to the financial system as a whole. Building on the recommendations\n presented in February 2009 of a group of high level experts, chaired by Mr\n Jacques de Larosière, the Commission set out proposals for a new European\n financial supervisory architecture in its Communication to the Spring\n European Council of March 2009 (COM(2009)0114).\n The Commission presented its ideas in more detail in its Communication of May\n 2009 (COM(2009)0252)\n which proposed the establishment of :
The European\n Council, in its conclusions of 19 June 2009, recommended that a European\n System of Financial Supervisors, comprising three new European Supervisory\n Authorities, be established. The system should be aimed at upgrading the\n quality and consistency of national supervision, strengthening oversight of\n cross border groups and establishing a European single rule book applicable\n to all financial institutions in the Single Market.
It should be\n noted that this proposal is closely linked to proposals on:
· \n a European Insurance and Occupational Pensions\n Authority (EIOPA),\n
· \n a European Securities and Markets Authority (ESMA),\n
· \n a European Systemic Risk Board (ESRB).
IMPACT ASSESSMENT: the May Commission Communication on Financial Supervision\n in Europe was accompanied by an impact assessment analysing the main policy\n options for establishing the ESFS and ESRB. A second impact assessment\n accompanies these proposals, examining the options in more detail (see SEC(2009)1234.)
CONTENT: in order to take account of sectoral\n specificities, three separate Regulations are needed to establish the\n Authorities for banking, insurance and occupational pensions, and securities.\n The broad thrust of these proposals is, however, identical. The proposal\n discusses the common elements and briefly touches upon the differences\n between the three Regulations.
Objectives\n of the ESAs:these shall be to contribute to: (i) improving the\n functioning of the internal market, including in particular a high, effective\n and consistent level of regulation and supervision, (ii) protecting\n depositors, investors, policyholders and other beneficiaries, (iii) ensuring\n the integrity, efficiency and orderly functioning of financial markets, (iv)\n safeguarding the stability of the financial system, and (v) strengthening\n international supervisory coordination.
The ESAs will be Community bodies with a legal\n personality and a key element of the proposed ESFS. The\n latter shall function as a network of supervisors and comprise the national\n authorities in the Member States, a Joint Committee of European Supervisory\n Authorities, to cover cross-sectoral issues, and the European Commission.\n While the ESAs should enjoy maximum independence to objectively fulfil their\n mission, the Commission has to be involved where institutional reasons and\n the responsibilities under the Treaty so require.
The main decision-making body of each ESA will be its\n Board of Supervisors, consisting of the heads of the relevant national\n supervisors as well as the Chairperson of the respective Authority. The\n Chairperson will preside over meetings of the Board of Supervisors and the\n Management Board. The day-to-day management of each Authority will be in the\n hands of an Executive Director.
Tasks and powers: the ESAs will take on all the tasks of the existing\n European supervisory committees, but also have significantly increased\n responsibilities, defined legal powers and greater authority.
Develop technical standards: a single EU rule book should be established, applicable\n to all financial institutions in the Single Market. To this end, differences\n in the national transposition of Community law stemming from exceptions,\n derogations, additions or ambiguities must be removed, so that one harmonised\n core set of standards can be defined and applied. To contribute to this, the\n Authorities will develop draft technical standards. These standards\n constitute an effective instrument to strengthen Level 3 of the Lamfalussy\n structure, which currently is limited to the adoption of non-binding\n guidelines.
Powers to ensure the consistent application of Community\n rules: a mechanism will be\n put in place to address behaviour by national supervisory authorities who are\n considered to be diverging from the existing Community legislation (including\n technical standards). The proposal describes the steps of the mechanism.
Action in emergency situations: whilst ESAs will have a coordination role\n between national supervisory authorities, in some emergency situations\n coordination may not be sufficient, notably when national supervisors alone\n lack the tools to respond rapidly to an emerging cross-border crisis. The\n ESAs should thereforehave the power to require national supervisors to take\n specific action jointly. The determination of a cross-border emergency\n situation will be left to the Commission. This is subject to the safeguard\n clause.
Settlement of disagreements between national supervisory\n authorities: a mechanism is\n proposed to ensure that relevant national supervisory authorities take due\n account of the interests of other Member States, including within colleges of\n supervisors. This mechanism consists of three possible steps which are set\n out in the text.
Colleges of supervisors: the latter are central to the EU supervisory system and\n play an important role in ensuring a balanced flow of information between\n home and host authorities. The ESAs will contribute to promoting the\n efficient and consistent functioning of colleges of supervisors and may\n participate as observers in colleges of supervisors and receive all relevant\n information shared between the members of the college.
Common supervisory culture: the ESAs shall play an active role in building a common\n European supervisory culture and ensuring uniform procedures and consistent\n supervisory practices throughout the Community. The common supervisory\n culture may increasingly create opportunities for supervisors to delegate\n certain tasks to one another. The ESAs shall periodically conduct peer review\n analysis of national supervisory authorities.
Assessment of market developments: although the proposed ESRB will be\n responsible for macro-prudential analysis of the EU financial sector, the\n ESAs should continue the work of the existing European supervisory committees\n in this area as: (i) the focus of their analysis is different, i.e.,\n micro-prudential analysis provides a bottom-up analysis, rather than\n macro-prudential analysis which is top-down, and (ii) their analysis may\n serve as helpful input into the work carried-out by the ESRB.
International role: through these proposals the Commission is responding to\n the weaknesses identified during the crisis as well as to the G20 call to\n take action to build a stronger, more globally consistent, regulatory and\n supervisory system for financial services. The ESAs could serve as helpful\n contact points for supervisory authorities from third countries. They may enter\n into administrative arrangements with administrations of third countries and\n may also assist in preparing equivalence decisions pertaining to supervisory\n regimes in third countries. They may provide advice to the European\n Parliament, the Council and the Commission or publish opinions, including\n with respect to the prudential assessments of cross-border mergers and\n acquisitions.
Collection of information: at the request of the Authority, supervisory\n authorities and other public authorities of the Member States shall provide\n the Authority with all the necessary information to carry out the duties\n assigned to it by this Regulation. In principle, all information should be\n transferred to the ESAs by the national supervisory authorities.
Relationship with the ESRB: the framework for EU supervision can only work if the\n ESRB and ESFS cooperate closely. In fulfilling its role as macro-prudential\n supervisor, the ESRB would need a timely flow of micro-prudential\n information, while micro-prudential supervision by national authorities would\n benefit from the ESRB’s insights on the macro-prudential environment. The\n Regulations also specify the procedures to be followed by the ESAs to act\n upon recommendations by the ESRB and how the ESAs should use their powers to\n ensure timely follow-up to recommendations addressed to one or more national\n supervisory authorities.
Safeguard:\n in view of the fact that decisions by the ESAs should not impinge on the\n fiscal responsibilities of the Member States, a safeguard clause is introduced\n which ensures that, where a Member State considers that a decision taken\n under provisions concerning emergency decisions or settlement of\n disagreements of these Regulations impinges on its fiscal responsibility, it\n may notify the Authority and the Commission that the national supervisory\n authority does not intend to implement the Authority's decision, clearly\n demonstrating how the decision by the Authority impinges on its fiscal\n responsibilities.
Joint Committee of European Supervisory Authorities: a Joint Committee of European Supervisory\n Authorities will ensure mutual understanding, cooperation and consistent\n supervisory approaches between the three new ESAs.
Board of Appeal: an appeal system will ensure that any person, including\n national supervisory authorities, may in first instance appeal to a Board of\n Appeal against a decision by the ESAs to ensure the coherent application of\n Community rules, action in emergency situations, and the settlement of\n disagreements. The Board of Appeal shall be a joint body of three ESAs, i.e.,\n it will deal with issues related to banking, insurance and securities.
Key differences between the three Regulations: the main differences between the three\n proposed Regulations concern the objectives of the Authorities, the scope of\n action, and the definitions, which are adapted to the specificities of the\n relevant sector and existing Community legislation. Moreover, the European\n Council concluded that the ESAs should also have supervisory powers for\n credit rating agencies. ESMA would be responsible to register credit rating\n agencies. ESMA would also be empowered to take supervisory measures such as\n withdrawing the registration or suspending the use for regulatory purposes of\n credit ratings. Supervisory powers could include the power to request\n information and to conduct investigations or on-site inspections. The\n responsibilities and powers of ESMA with regard to credit rating agencies\n will be defined in an amendment to the Regulation on Credit Rating Agencies.
BUDGETARY IMPLICATIONS: for the transformation of the\n existing European supervisory committees into effective ESAs, enhanced\n resources are needed - both personnel and budgetary. For the EBA, the total\n operational expenditure from the Community budget in commitment and payment\n appropriations for the years 2011-2013 is EUR 21.527 million. In addition,\n Member States (national supervisory authorities or ministries of finance)\n will contribute EUR 32.290 million over the three year period. This gives a\n total of EUR 53.816 million from 2011 to 2013.
\nThe Council\n agreed on a general approach on draft regulations aimed at\n establishing three new authorities for the supervision of financial services\n in the EU, namely:
· \n a European Banking Authority;
· \n a\n European Insurance and Occupational Pensions Authority;
· \n a\n European Securities and Markets Authority.
It asked the\n presidency to start negotiations with the European Parliament with a view to\n adoption of the texts at first reading.
The draft\n regulations are part of a package of proposals to reform the EU framework for\n the supervision of banking, insurance and securities markets in the wake of\n the global financial crisis.
Negotiations\n with the Parliament on the macro-financial aspects of the package are already\n underway. At its meeting on 20 October, the Council reached agreement on a\n draft regulation aimed at establishing a European\n Systemic Risk Board (ESRB) to monitor potential threats to the stability of\n the financial system.
The three\n European supervisory authorities (ESAs) will be part of a European System of\n Financial Supervisors, working in tandem with a network of Member State\n supervisors. Together, they constitute the micro-financial aspects of the\n reform package.
Entry into\n force will only be possible once all of the texts have been adopted; the aim\n is for the new framework to be put into place during the course of 2010.
In June, the\n European Council supported the creation of both the ESRB and the European\n System of Financial Supervisors, calling for:
· \n an upgrading of the quality and consistency of\n national supervision;
· \n a strengthening of the oversight of\n cross-border financial groups through the setting up of supervisory colleges;
· \n the establishment of a single rule book\n applicable to all financial institutions in the EU.
The three ESAs\n are due to replace three existing EU committees of supervisors (CEBS, CEIOPS and\n CESR) and will have legal personality under EU law. They will comprise high-level\n representatives of all national supervisory authorities, under a permanent\n chairmanship. The national authorities will remain responsible for day-to-day\n supervision of individual firms, and a steering committee will be set up to\n ensure cooperation and to coordinate the sharing of information between the\n ESAs and the ESRB.
According to\n the Council's general approach, the ESAs would be responsible for:
· \n ensuring that a single set of harmonised rules\n and consistent supervisory practices is applied by national supervisors;
· \n ensuring a common supervisory culture and\n consistent supervisory practices;
· \n collecting micro-prudential information;
· \n ensuring consistent application of EU rules,\n in cases such as the manifest breach of EU law or ESA standards and disagreement\n between national supervisors or within a college of supervisors.
\nThe Committee\n on Economic and Monetary Affairs adopted the report drawn up by Jose Manuel\n GARCIA-MARGALLO y MARFIL (EPP, ES) on the proposal for a regulation of the\n European Parliament and of the Council establishing a European Banking\n Authority. It recommended that the European Parliament’s position at first\n reading under the ordinary legislative procedure (formerly known as\n the codecision procedure) should be to amend the Commission\n proposal as follows
Name: Members want the body to be called the European Supervisory\n Authority (Banking), rather than European Banking Authority.
Objective: the Authority must protect public values like the stability of\n the financial system, the solvency and liquidity of financial institutions,\n the transparency of markets and financial products and the protection of\n depositors and investors. The Authority should also prevent regulatory\n arbitrage and guarantee a level playing field.
Seat: the Authority shall have its seat in Frankfurt (rather than\n London.)
Tasks and\n powers: the committee added that the Authority\n should be able to assess the accessibility, availability and credit cost for\n households and enterprises, in particular SMEs. The Authority will also be\n able to: act as the competent body to manage crisis of cross-border\n institutions that has the potential to pose a systemic risk, leading and\n executing all early interventions, resolution or insolvency procedures for\n such institutions through its Banking Resolution Unit. It will also (I)\n supervise those financial institutions that are not subject to the\n supervision of competent authorities; (ii) provide a database of registered\n financial institutions in the area of its competence; (iii) develop draft\n regulatory and implementing standards; and (iv) temporarily prohibit or\n restrict certain types of transactions that threaten the orderly functioning\n and integrity of financial markets or the stability of the whole or part of\n the financial system in the Union.
Regulatory\n standards: these must be submitted to the\n Commission for endorsement and at the same time to the European Parliament\n and the Council.
Implementing\n standards: the Authority may develop draft\n standards to implement legally binding Union acts in the areas specifically\n set out in the regulation and in the legislative acts referred to in the\n text, following public consultation. Draft implementing standards will be\n sent to the Commission for endorsement in accordance with Article 291 of the\n Treaty on the Functioning of the European Union and, at the same time, to the\n European Parliament and the Council. The committee also made some amendments\n to the provisions on guidelines and recommendations.
Consistent application of\n Community rules: Members amended these\n provisions to specify that where the competent authority has not complied with\n Union law within 10 working days from receipt of the Authority's\n recommendation, the Authority (rather than the Commission) shall take a\n decision requiring the competent authority to take the action necessary to\n comply with Union law.
Action in\n emergency situations: Members expand the powers\n of the Authority and state that in the case of adverse developments, the\n ESRB, upon its own initiative or following a request by the Authority, the\n Council, the European Parliament or the Commission, may issue a warning\n declaring the existence of an emergency situation in order to enable the\n Authority without further requirements to adopt individual decisions. Where\n the addressee of the decision refuses to comply with Union law or a specific\n decision taken by the Authority, the Authority may issue proceedings in the\n national courts, including applications for interim relief.
College of\n supervisors: the report states that the colleges\n of supervisors should have the power to define supervisory rules to foster\n the coherent application of Union law. The Authority should have full\n participation rights in colleges of supervisors with a view to streamlining\n the functioning of the information-exchange process and to foster convergence\n and consistency across colleges in the application of Union law. The\n Authority should act as leader in supervising cross-border financial\n institutions operating in the Union. It should also have a binding mediation\n role to solve conflicts between national supervisors. Members expanded the\n tasks and powers of the Authority, and in particular, they stipulate that the\n Authority shall (i) collect and share all relevant information; (ii) initiate\n and coordinate Union-wide stress tests to assess the resilience of\n financial institutions, in particular of those identified as potentially\n posing a systemic risk, to adverse market developments; (iii) plan and lead supervisory\n activities in going concern as well as in emergency situations, including\n evaluating the risks to which financial institutions are or might be exposed;\n and (iv) oversee the tasks carried out by the competent authorities.
The Authority,\n in collaboration with the ESRB, shall develop a common set of quantitative\n and qualitative indicators (risk dashboard), which will serve as the basis to\n assign a supervisory rating to cross-border institutions identified as\n potentially posing a systemic risk. It shall exert supervision of\n cross-border institutions that may pose a systemic risk, acting through the\n competent authorities. It will also establish a Banking Resolution Unit\n with a mandate to put in practice the clearly defined governance and modus\n operandi of crisis management from early intervention to resolution and\n insolvency and lead such procedures. All financial institutions\n identified as posing a systemic risk must take part in the European\n Deposit Guarantee Scheme as well as in the European Banking Stability\n Fund which are established in this report. Financial institutions\n operating in a single Member State shall have the option to join the European\n Deposit Guarantee Scheme or the European Banking Stability Fund. The\n contributions made to the European Funds shall replace those made to national\n funds of a similar nature.
The committee\n goes on to insert provisions on identification of cross-border\n institutions that potentially could pose a systemic risk.
Other\n tasks: the committee added that on the basis of\n Joint Guidelines, the Authority may conduct the change of control procedure\n under Directive 2007/44/EC. Upon receipt of the notification, the Authority\n shall coordinate with the relevant competent authorities.
Collection\n of information: where competent authorities are\n not obliged to collect the information requested, the Authority may amend the\n regulatory or implementing standards that refer to reporting requirements.
Safeguards: Members made these provisions more stringent, specifying that\n where a Member State considers that a decision taken under provisions on\n emergency situations or on settlements of disagreements between competent\n authorities, impinges directly and in a significant manner on its fiscal\n responsibilities, it shall notify the Authority, the Commission and the\n European Parliament within ten working days after notification of the\n Authority's decision to the competent authority. The Member State shall\n justify why and provide an impact assessment on how much the decision\n impinges on its fiscal responsibilities.
The report\n also amended provisions on the majority required in Council to maintain or\n revoke the Authority’s decision.
It went on to\n make several changes to the clauses of composition of the Authority,\n and stressed the latter’s independence. The report increased Parliament’s\n powers regarding the appointment of a Chairperson, as well as the\n responsibility of the latter to appear before Parliament and submit relevant\n reports.
Joint\n Committee: the Committee will have its\n headquarters in Frankfurt. Members specify a number of fields for cooperation\n with other ESAs, such as anti-money laundering measures.
They also made\n some amendments to the provisions on the Board of Appeal.
Budget: under the Commission’s proposals, the ESAs’ budget would be part\n of the Commission budget. To enhance the independence of the ESAs the\n committee wants a separate budget line for the ESAs in the overall EU Budget.\n Therefore it is proposed to provide for an independent budget line as has\n been done for the Data Protection Supervisor.
Report: the Commission’s report must evaluate (a) the convergence in\n supervisory standard practices reached by competent authorities; (b) the\n functioning of the colleges of supervisors; (c) the role of the Authority on\n the supervision of systemic institutions; and (d) the application of the\n safeguard clause.
Evaluation: the Commission must also evaluate whether:
The European Parliament adopted amendments, by 611 votes to 38 with 40 abstentions, at first reading under the ordinary legislative procedure (formerly known as the codecision procedure), to the proposal for a regulation of the European Parliament and of the Council establishing a European Banking Authority.
\nThe vote on the legislative resolution was postponed to a future plenary session. The main amendments to the Commission’s proposal were as follows:
\nEstablishment and scope of action: Members stipulate that the Regulation establishes a European Supervisory Authority (European Banking Authority). The objective of the Authority shall be to protect the public interest by contributing to the short, medium and long-term stability and effectiveness of the financial system, for the Union economy, its citizens and businesses. The Authority shall contribute to: (a) preventing regulatory arbitrage and contributing to equal conditions of competition, (b) ensuring the taking of credit and other risks are appropriately regulated and supervised, and(c) contribute to enhance customer protection.
\nIn the exercise of the tasks conferred upon it by this Regulation, the Authority shall (i) pay particular attention to any systemic risk posed by financial institutions, failure of which may impair the operation of the financial system or the real economy (ii) act independently and objectively and in the interest of the Union alone.
\nSeat: the Authority will have its seat in Frankfurt. It may have representations in the most important financial centres of the European Union
\nThe European System of Financial Supervision: a new clause states that the Authority shall form part of a European System of Financial Supervision (ESFS), whose main objective shall be to ensure that the rules applicable to the financial sector are adequately implemented, to preserve financial stability and to ensure confidence in the financial system as a whole and sufficient protection for the customers of financial services.
\nThe ESFS shall comprise: (a) the ESRB; (b) the European Supervisory Authority (Securities and Markets) (ESMA); (c) the European Supervisory Authority (Insurance and Occupational Pensions) (EIOPA); (d) the European Supervisory Authority (Banking); (e) the European Supervisory Authority (Joint Committee) established by Regulations on EBA, ESMA and EIOPA; (f) the authorities in the Member States as specified in the Regulations on EBA and ESMA and EIOPA; (g) the Commission, for the purposes of carrying out the tasks referred to in the Regulation on EBA, ESMA and EIOPA.
\nThe Authorities shall be accountable to the European Parliament.
\nTasks: Parliament has extended the Authority’s tasks and these now include:
\nTasks related to consumer protection and financial activities: in order to foster depositors and investors protection the Authority shall take a leading role in promoting transparency, simplicity and fairness in the market for consumer financial products or services across the single market, including by: (i) collecting, analysing and reporting on consumer trends; (ii) reviewing and coordinating financial literacy and education initiatives; (iii) developing training standards for the industry; (iv) contributing to the development of common disclosure rules, and (v) assess, in particular, the accessibility, availability and credit cost for households and enterprises, in particular SMEs.
\nThe Authority shall monitor new and existing financial activities and may adopt guidelines and recommendations with a view to promote the safety and soundness of markets and convergence of regulatory practice. It may also issue warnings in case a financial activity poses a serious threat to its objectives.
\nIt shall establish, as an integral part of the Authority, a Committee on financial innovation, which gathers all relevant competent national supervisory authorities with a view to achieving a coordinated approach to the regulatory and supervisory treatment of new or innovative financial activities and providing advice to the European Parliament, the Council and the Commission.
\nThe Authority may also temporarily prohibit or restrict certain types of financial activities that threaten the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union in the cases specified and under the conditions laid down in the legislative acts or if so required in the case of an emergency situation. It may also assess the need to prohibit or restrict certain types of financial activities that and, where there is such a need, inform the Commission in order to facilitate the adoption of any prohibition or restriction.
\nRegulatory technical standards: the European Parliament and the Council may delegate powers to the Commission to adopt regulatory technical standards under Article 290 TFEU in order to ensure consistent harmonisation in the areas specifically set out in the legislative acts referred to in the text. Draft regulatory technical standards shall be developed by the Authority and submitted to the Commission for endorsement.
\nThe Authority shall conduct open public consultations on regulatory technical standards and analyse the potential related costs and benefits, unless such consultations and analyses are disproportionate in relation to the scope and impact of the regulatory technical standards concerned or in relation to the particular urgency of the matter before submitting them to the Commission. The Authority shall also request the opinion or advice of the Banking Stakeholder Group. The Commission shall upon receipt of a draft regulatory technical standard from the Authority forward it immediately to the European Parliament and the Council. The Commission shall decide within three months of receipt whether to adopt a draft regulatory technical standard. If the Commission does not intend to adopt the standard it shall inform the European Parliament and Council of this and of the reasons for this.
\nThe Commission may be empowered to adopt implementing technical standards under Article 291 TFEU where uniform conditions for implementing legally binding Union acts are needed in the areas specifically set out in legislative acts. Where the Authority drafts implementing technical standards for submission to the Commission, those standards shall be technical, shall not include policy choices and shall be limited to determining the conditions of application of legally binding Union acts.
\nGuidelines and recommendations: the competent authorities and financial institutions shall make every effort to comply with those guidelines and recommendations. Within two months of the issuance of a guideline or recommendation, each competent authority shall confirm that it intends to comply with that guideline or recommendation. In the event that a competent authority does not intend to comply, it shall inform the Authority, stating reasons. The Authority shall publish those reasons.
\nAction in emergency situations: in the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the EU, the Authority shall actively facilitate and, where deemed necessary, coordinate any actions undertaken by the relevant national competent supervisory authorities.
\nThe Commission may, on its own initiative or at the request of the European Parliament, the Council, the ESRB or the Authority, adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this Regulation. The Commission shall review that decision at monthly intervals and shall declare the discontinuation of the emergency situation as soon as appropriate. If the Commission determines the existence of an emergency situation, it shall duly inform the European Parliament and the Council without delay.
\nColleges of supervisors: the Authority shall contribute to promote and monitor the efficient, effective and consistent functioning of the colleges of supervisors and foster the coherence of the application of Union law among the colleges of supervisors. It shall, at least: (a) collect and share all relevant information in going concern and emergency situations in order to facilitate the work of the colleges of supervisors and establish and manage a central system to make such information accessible to the competent authorities in the colleges of supervisors; (b) initiate and coordinate Union-wide stress tests to assess the resilience of financial institutions to adverse market developments, ensuring an as consistent as possible methodology is applied at the national level to such tests; (c) plan and lead supervisory activities in going concern as well as in emergency situations, including evaluating the risks to which financial institutions are or might be exposed; and (d) oversee the tasks carried out by the competent authorities.
\nA legally binding mediation role should allow the Authority to solve disputes between competent authorities. Where no agreement can be reached within the relevant college of supervisors, the Authority may take supervisory decisions directly applicable to the institution concerned.
\nRisk dashboard: the Authority shall pay special attention to and address risks of disruption in financial services that (i) is caused by an impairment of all or parts of the financial system and (ii) has the potential to have serious negative consequences for internal market and the real economy (systemic risk). All types of financial intermediaries, markets and infrastructure can potentially be systematically important to some degree. In collaboration with the European Systemic Risk Board, it shall develop a common set of quantitative and qualitative indicators (risk dashboard), which will serve as the basis to assign a supervisory rating to cross-border institutions That rating shall be reviewed on a regular basis, to take into account material changes of the risk profile of an institution. The supervisory rating shall be a critical element for the decision to directly supervise or intervene in an ailing institution.
\nBanking Resolution Unit: this unit shall preserve financial stability and minimise the contagion effect of distressed institutions to the rest of the system and the economy at large and limit the cost to taxpayers respecting the principle of proportionality, creditors' hierarchy and guaranteeing equal treatment across borders. Among other actions it could require adjustments in capital or liquidity, adapt the business mix, improve processes, appoint or replace management, recommend guarantees, loans and liquidity assistance, total or partial sales, create a good bank/bad bank or a bridge bank, swap debt into equity (with appropriate haircuts) or take the institution into temporary public ownership.
\nEuropean Deposit Guarantee Schemes: the Authority shall contribute to strengthening the European system of national Deposit Guarantee Schemes (DGS) by acting under the powers conferred to it in this Regulation to ensure the correct application of directive 94/19/EC with the aim of ensuring that national deposit guarantee schemes are adequately funded by contributions from financial institutions including from those financial institutions established and taking deposits within the Union but headquartered outside the Union as provided for in directive 94/19/EC and provide a high level of protection to all depositors in a harmonised framework throughout the Union, which leaves the stabilising safeguard role of mutual guarantee schemes intact, provided they comply with the Union standards.
\nEuropean Banking Stability Fund: the Fund shall be established in order to strengthen the internalisation of the costs of the financial system and to assist in crisis resolution for failing cross border financial institutions. Financial institutions operating in only one Member State shall have the option to join the Fund. The Fund shall adopt appropriate measures to avoid that the availability of aid generates a moral hazard. It shall be financed through direct contributions from all financial institutions identified in the text. It shall be managed by a Board appointed by the Authority for a period of five years.
\nSafeguards: the text now states that where a Member State considers that a decision taken under Article 10(2) (emergency measures) or Article 11 (disagreements between national authorities) impinges directly and in a significant manner on its fiscal responsibilities, it shall notify the Authority, the European Parliament and the Commission within ten working days after notification of the Authority's decision to the competent authority. In its notification, the Member State shall justify why and provide an impact assessment on how much the decision impinges on its fiscal responsibilities. Where the Authority maintains or amends its decision, the Council shall take a decision whether the Authority's decision is maintained or revoked. The decision to maintain the Authority's decision shall be taken by simple majority of members. The decision to revoke the Authority's decision shall be taken by a qualified majority of its members. In neither of these cases the vote of the Members concerned shall be taken into account.
\nBoard of supervisors: Members introduced amendments on provisions regarding the organisation and composition of the board of supervisors. When carrying out the tasks conferred upon it by this Regulation, the Chairperson and the voting members of the Board of Supervisors shall act independently and objectively in the sole interest of the Union as a whole and shall neither seek nor take instructions from Union institutions or bodies, from a Government of a Member State or from any other public or private body.
\nJoint committee: Parliament introduces a joint committee, which shall serve as a forum in which the Authority cooperates regularly and closely and ensure cross-sectoral consistency with the other ESAs, in particular regarding (i) financial conglomerates; (ii) accounting and auditing; (iii) micro-prudential analyses of cross-sectoral developments, risks and vulnerabilities for financial stability; (iv) retail investment products; (v) anti-money laundering measures; and (vi) information exchange with the ESRB and developing the relationship between the ESRB and the European Supervisory Authorities .
\nReview clause: six months after entry into force of the Regulation, the Commission shall submit to the European Parliament and the Council the necessary proposals to strengthen supervision of institutions that may pose a systemic risk and the establishment of a new framework for financial crisis management including funding arrangements.
\nThree years after the date of application of the regulation, and every three years thereafter, the Commission shall 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. That report shall evaluate, inter alia: (a) the convergence in supervisory practices reached by competent authorities; (b) the functioning of the colleges of supervisors; (c) progress achieved towards convergence in the fields of crisis prevention, management and resolution, including European funding mechanisms; (d) whether, in particular in light of the progress achieved with regard to the issues referred to in point (c), the role of the Authority in the supervision of financial institutions posing a potential systemic risk should be strengthened and whether it should exercise enhanced supervisory powers over those institutions; (e) the application of the safeguard clause.
\nThe report shall also examine whether:
\nThe Council\n adopted a political guideline with a view to continuing negotiations with the\n European Parliament on a package of measures which are intended to reform the\n European framework for supervision of the financial system, in the wake of\n the global financial crisis.
The proposals,\n presented by the Commission in the autumn of 2009, are:
Most of these\n texts are subject to the ordinary legislative procedure (formerly co\n decision) between the Parliament and the Council. The negotiations with\n Parliament are intended to allow them to be adopted at first reading, so that\n the European Systemic Risk Board and the three new supervisory authorities can\n be operational from 1 January 2011.
There is now a\n large degree of convergence between the two institutions, thanks to the\n negotiations which have already taken place, but it has not proven possible\n to find an overall agreement in time to enable Parliament to hold its first\n reading on 8 July, as originally intended. Parliament has therefore decided\n to postpone the vote to a subsequent plenary session.
On the basis\n of the general approaches already defined, the Council has agreed on the\n compromise proposals submitted by the Presidency with a view to facilitating\n continuing negotiations. It has thus strengthened the negotiating mandate\n given to the Presidency, while allowing it the necessary degree of\n flexibility.
\nThe European\n Parliament adopted a resolution under the ordinary legislative procedure\n (formerly the co decision procedure).amending the proposal for a regulation\n of the European Parliament and of the Council establishing a European Banking\n Authority. The amendments are the result of a compromise agreement between\n Parliament and Council. The main points are as follows:
Establishment and scope of action:\n Members stipulate that the Regulation establishes\n a European Supervisory Authority\n (European Banking Authority). The objective of the Authority shall\n be to protect the public interest by contributing to the short, medium\n and long-term stability and effectiveness of the financial system, for the\n Union economy, its citizens and businesses. The Authority\n shall contribute to: (a) improving the functioning of the internal\n market, including in particular a sound , effective and consistent\n level of regulation and supervision, (ii) ensuring the integrity,\n transparency , efficiency and orderly functioning of financial markets,\n (iii) strengthening international supervisory coordination, (iv)\n preventing regulatory arbitrage and promoting equal conditions of\n competition, (v) ensuring the taking of credit and other risks are\n appropriately regulated and supervised, and (vi) enhancing customer\n protection.
In the\n exercise of the tasks conferred upon it, the Authority shall (i) pay\n particular attention to any systemic risk posed by financial institutions,\n failure of which may impair the operation of the financial system or the real\n economy (ii) act independently and objectively and in the interest of the\n Union alone.
Seat: the Authority shall have its seat in London.
The\n European System of Financial Supervision: a new\n clause states that the Authority shall form part of a European System of\n Financial Supervision (ESFS), whose main objective shall be to ensure that\n the rules applicable to the financial sector are adequately implemented, to\n preserve financial stability and to ensure confidence in the financial system\n as a whole and sufficient protection for the customers of financial services.
The compromise\n text states that the ESFS shall comprise: (a) the ESRB; (b) the\n European Supervisory Authority (Securities and Markets) (ESMA); (c) the\n European Supervisory Authority (Insurance and Occupational Pensions) (EIOPA); (d) the\n EBA (e) the Joint Committee of the European Supervisory Authorities (f) the\n competent or supervisory authorities in the Member States specified in the\n Regulations on EBA and ESMA and EIOPA.
The ESRB,\n ESMA, EBA and EIOPA shall be accountable to the European Parliament and the\n Council.
Tasks: the text has extended the Authority’s\n tasks and these now include:
Tasks\n related to consumer protection and financial activities: the Authority shall take a leading role in promoting\n transparency, simplicity and fairness in the market for consumer financial\n products or services across the single market, including by: (i) collecting,\n analysing and reporting on consumer trends; (ii) reviewing and coordinating\n financial literacy and education initiatives by the competent authorities;\n (iii) developing training standards for the industry; (iv) contributing to\n the development of common disclosure rules.
The Authority\n shall monitor new and existing financial activities and may adopt\n guidelines and recommendations with a view to promoting the safety and\n soundness of markets and convergence of regulatory practice. It may also\n issue warnings in case a financial activity poses a serious threat to its\n objectives.
It shall\n establish, as an integral part of the Authority, a Committee on\n financial innovation, which gathers all relevant competent national\n supervisory authorities with a view to achieving a coordinated approach to\n the regulatory and supervisory treatment of new or innovative financial\n activities and providing advice to the European Parliament, the Council and\n the Commission.
The Authority\n may also temporarily prohibit or restrict certain types of financial\n activities that threaten the orderly functioning and integrity of\n financial markets or the stability of the whole or part of the financial system\n in the Union in the cases specified and under the conditions laid down in the\n legislative acts or if so required in the case of an emergency situation..
Regulatory technical\n standards: where the European Parliament and the\n Council delegate power to the Commission to adopt regulatory technical\n standards by means of delegated acts under Article 290 TFEU in order to\n ensure consistent harmonisation in the areas specifically set out in the\n legislative the Authority may develop draft regulatory technical\n standards and submit its draft standards to the Commission for endorsement.\n Regulatory technical standards shall be technical, shall not imply strategic\n decisions or policy choices and their content shall be delimited by the acts\n on which they are based.
Where the\n Authority submits a draft regulatory technical standard, the Commission shall\n immediately forward it to the European Parliament and the Council. The\n Commission shall decide within three months of receipt whether to adopt a\n draft regulatory technical standard.
The Authority\n may develop implementing technical standards, by means of implementing\n acts under Article 291 TFEU, in the areas specifically set out in the\n legislative acts These standards shall be technical, not imply strategic\n decisions or policy choices and their content shall be to determine the\n conditions of application of that legislation. The Authority shall submit its\n draft standards to the Commission for endorsement.
Guidelines\n and recommendations: the competent\n authorities and financial institutions shall make every effort to\n comply with those guidelines and recommendations. Within two months\n of the issuance of a guideline or recommendation, each competent\n authority shall confirm whether it complies or intends to comply with that\n guideline or recommendation. In the event that a competent authority\n does not comply or intend to comply, it shall inform the Authority,\n stating its reasons. The Authority shall publish the fact that a\n competent authority does not comply or intend to comply with that guideline\n or recommendation. The Authority may also decide, on a case-by-case basis, to\n publish the reasons provided by the competent authority for not complying\n with that guideline or recommendation. The competent authority shall receive\n advanced notice about such a publication
Action in\n emergency situations: the Council, in\n consultation with the Commission and the ESRB and, where\n appropriate, the European Supervisory Authorities , may adopt a decision\n addressed to the Authority, determining the existence of an emergency\n situation for the purposes of this Regulation, following a request by\n the Authority, the Commission or the ESRB. The Council shall review this\n decision at appropriate intervals and at least once a month. If the decision\n is not renewed after one month, it shall automatically expire. The Council\n may declare the discontinuation of the emergency situation at any time.
Where the ESRB\n or the ESAs deem that an emergency situation may arise, they shall issue a\n confidential recommendation addressed to the Council and provide it with an\n assessment of the situation. The Council shall then assess the convenience of\n convening a meeting. In that process, due care of confidentiality shall be\n guaranteed. If the Council determines the existence of an emergency\n situation, it shall duly inform the European Parliament and the Commission\n without delay.
Where\n the Council has adopted a decision, and in exceptional\n circumstances where co-ordinated action by national authorities is necessary\n to respond to adverse developments which may seriously jeopardise the orderly\n functioning and integrity of financial markets or the stability of the whole\n or part of the financial system in the Union, the Authority may adopt\n individual decisions requiring competent authorities to take the necessary\n action.
Settlement\n of disagreements between competent authorities in cross-border\n situations: the compromise text states that where\n on the basis of objective criteria, disagreement between competent\n authorities from different Member States can be determined, the Authority\n may, on its own initiative, assist the authorities in reaching an\n agreement. If, at the end of the conciliation phase, the competent\n authorities concerned have failed to reach an agreement, the Authority may,\n in accordance with the procedure set out in the text take a decision\n requiring them to take specific action or to refrain from action in order to\n settle the matter, with binding effects for the competent authorities\n concerned, in order to ensure compliance with Union law.\n Decisions adopted by the Authority shall prevail over any previous decision\n adopted by the competent authorities on the same matter.
The Joint\n Committee will settle cross sectoral disagreements that may arise\n between one or more competent authorities.
Colleges of\n supervisors: Parliament expanded on the tasks of\n the colleges, entrusting them with, inter alia, initiating and coordinating\n Union-wide stress tests to assess the resilience of financial institutions to\n adverse market developments, and overseeing the tasks carried out by the\n competent authorities.
A legally\n binding mediation role should allow the\n Authority to solve disputes between competent authorities in accordance with\n the procedure set out in the text.
Systemic\n risk: the Authority shall duly consider systemic\n risk as defined by the ESRB Regulation meaning a risk of disruption in the\n financial system with the potential to have serious negative consequences for\n the internal market and the real economy and address risks of disruption in financial\n services that: is caused by an impairment of all or parts of the financial\n system; and has the potential to have serious negative consequences for the\n internal market and he real economy. The Authority, in collaboration with\n the ESRB, shall develop a common set of quantitative and qualitative\n indicators (risk dashboard) to identify and measure systemic risk. It\n will also develop an adequate stress testing regime to help identifying those\n institutions that may pose systemic risk. These institutions shall be subject\n to strengthened supervision, and where necessary, to the recovery and\n resolution procedures referred to in the text.
The compromise\n text contains provisions on the identification and measurement of systemic\n risk, and on recovery and resolution procedures.
European\n System of Deposit Guarantee Schemes: the\n Authority shall contribute to strengthening the European system of national\n Deposit Guarantee Schemes (DGS) by acting to ensure the correct application\n of Directive 94/19/EC with the aim of ensuring that national deposit\n guarantee schemes are adequately funded by contributions from financial\n institutions including from those financial institutions established and\n taking deposits within the Union but headquartered outside the Union and provide\n a high level of protection to all depositors in a harmonised framework\n throughout the Union, which leaves the stabilising safeguard role of mutual\n guarantee schemes intact, provided they comply with Union legislation.
European\n System of Bank resolution and funding arrangements: the Authority shall contribute to developing methods for the\n resolution of failing financial institutions, in particular those that may\n pose a systemic risk, in ways which avoid contagion and allow them to be\n wound down in an orderly and timely manner, including, where applicable,\n coherent and robust funding mechanisms as appropriate. It will contribute to\n the assessment of the need for a system of coherent, robust and credible\n funding mechanisms, with appropriate financing instruments linked to a set of\n coordinated national crisis management arrangements. It will also \n contribute to the work on the level playing field issues and cumulative\n impacts of any systems of levies and contributions on financial institutions\n that may be introduced to ensure fair burden sharing and incentives to\n contain systemic risk as a part of a coherent and credible resolution\n framework. The review of the Regulation shall in particular examine the\n possible enhancement of the role of the Authority in a framework of crisis\n prevention, management and resolution, and, if necessary, the creation of a\n European Resolution Fund.
Safeguards: the provisions in the text are now closer to the Commission’s\n original proposal. The Authority shall ensure that no decision adopted under\n Articles 10 (Action in emergency situations) or 11 (settlement of\n disagreements) impinges in any way on the fiscal responsibilities of Member\n States. Where a Member State considers that a decision taken\n under the latter article impinges on its fiscal responsibilities, it\n may notify the Authority and the Commission within two weeks after\n notification of the Authority's decision to the competent authority that the\n decision will not be implemented by the competent authority. In its\n notification, the Member State shall clearly and specifically\n explain why and how the decision impinges on its fiscal\n responsibilities. In that case, the decision of the Authority shall be\n suspended. Within a period of one month from the notification by the\n Member State, the Authority shall inform the Member State as to whether it\n maintains its decision or whether it amends or revokes it. If the\n decision is maintained or amended, the Authority shall state that fiscal\n responsibilities are not affected.
The compromise\n text sets out the powers of the Council in the alternatives that the\n Authority maintains or evokes its decision.
It states that\n any abuse of this Article, in particular in relation to a decision by\n the Authority which does not have a significant or material fiscal impact,\n shall be prohibited as incompatible with the internal market.
Board of\n supervisors: Members introduced amendments on\n provisions regarding the organisation and composition of the board of\n supervisors, and the management board. They also expand the issues in which\n the Joint Committee will be concerned and make some changes to provisions on\n the composition and operation of the board of appeal. Parliament will be\n able to veto the appointment of ESA chairpersons.
Review\n clause: three years after the date of application\n of the regulation, and every three years thereafter, the Commission\n shall publish a general report on the experience acquired as a result of the\n operation of the Authority and the procedures laid down in this Regulation.\n That report shall evaluate, inter alia: the convergence in\n supervisory practices reached by competent authorities; the convergence in\n functional independence of the competent authorities and in standards\n equivalent to corporate governance; t he impartiality, objectivity and\n autonomy of the Authority; the functioning of the colleges of supervisors;\n progress achieved towards convergence in the fields of\n crisis prevention , management and resolution,\n including European funding mechanisms, the role of the Authority as regards\n systemic risk; the application of the safeguard clause; and the application\n of the binding mediation role.
The report\n shall also examine whether:
Concerning the\n issue of direct supervision of institutions or infrastructures of\n pan-European reach and taking account of market developments, the Commission\n shall draw up an annual report on the appropriateness of entrusting the\n Authority with further supervisory responsibilities in this area.
\nPURPOSE: to\n establish a European Supervisory Authority (European Banking Authority) with\n a view to enhancing the European framework for supervision of the financial\n system.
LEGISLATIVE\n ACT: Regulation (EU) No 1093/2010 of the European Parliament and of the\n Council establishing a European Supervisory Authority (European Banking\n Authority), amending Decision No 716/2009/EC and repealing Commission\n Decision 2009/78/EC.
CONTENT:\n following an agreement reached with the European Parliament at first reading,\n the Council adopted a regulation aiming to establish a European\n Supervisory Authority (European Banking Authority (EBA)).
The regulation\n is part of a package of legal texts underpinning a reform of the EU framework\n for supervision of the financial system, aimed at eliminating deficiencies\n that were exposed during the financial crisis. The package consists of the\n following regulations establishing:
It adopted\n regulations establishing:
The three\n European supervisory authorities (ESAs) will work in tandem with the\n supervisory authorities of the Member States. They will replace three\n existing committees of supervisors at EU level (Committee of European Banking\n Supervisors (CEBS), Committee of European Insurance and Occupational Pensions\n Supervisors (CEIOPS) and Committee of European Securities Regulators (CESR)\n and will have legal personality under EU law.
The Council\n also adopted:
The main\n elements of the Regulation are as follows:
Institution\n and seat: the Authority shall have its seat in London.\n It shall form part of a European System of Financial Supervision (ESFS).\n The main objective of the ESFS shall be to ensure that the rules applicable\n to the financial sector are adequately implemented to preserve financial\n stability and to ensure confidence in the financial system as a whole and\n sufficient protection for the customers of financial services.
The ESFS shall\n comprise the following: (i) the ESRB; (ii) the European Banking Authority\n (EBA); (iii) the European Supervisory Authority (European Insurance and\n Occupational Pensions Authority); (iv) the European Supervisory Authority\n (European Securities and Markets Authority); (v) the Joint Committee of the\n European Supervisory Authorities (Joint Committee); (vi) the competent or\n supervisory authorities in the Member States referred to in the EBA, ESMA and\n EIOPA Regulations.
The ESRB, EBA,\n EIOPA and the Joint Committee shall be accountable to the European\n Parliament and the Council.
The ESAs will\n comprise high-level representatives of all of the Member States' supervisory\n authorities under permanent chairmanships. National authorities will remain\n responsible for the day-to-day supervision of individual firms, and a joint\n committee will be set up to ensure cooperation and to coordinate the sharing\n of information between the ESAs and the ESRB.
Objectives: the objective of the Authority shall be to protect the public\n interest by contributing to the short, medium and long-term stability and\n effectiveness of the financial system, for the Union economy, its citizens\n and businesses.
The Authority\n shall contribute to: (i) improving the functioning of the internal market,\n including, in particular, a sound, effective and consistent level of\n regulation and supervision; (ii) ensuring the integrity, transparency,\n efficiency and orderly functioning of financial markets; (iii) strengthening\n international supervisory coordination; (iv) preventing regulatory arbitrage\n and promoting equal conditions of competition; (v) ensuring the taking of\n credit and other risks are appropriately regulated and supervised; and (vi)\n enhancing customer protection.
In the\n exercise of the tasks, the Authority shall: (i) pay particular attention to\n any systemic risk posed by financial institutions, the failure of which may\n impair the operation of the financial system or the real economy; (ii) act\n independently and objectively and in the interest of the Union alone.
Tasks: the Authority shall have the following tasks:
In addition,\n the Authority shall contribute to the consistent and coherent functioning\n of colleges of supervisors, the monitoring, assessment and measurement of\n systemic risk, the development and coordination of recovery and resolution\n plans. The ESAs shall provide a high level of protection to depositors and\n investors throughout the Union and developing methods for the resolution of\n failing financial institutions and an assessment of the need for appropriate\n financing instruments.
Powers: the ESAs will be responsible for ensuring that a single set of\n harmonised rules and consistent supervisory practices are applied by\n supervisory authorities of the Member States. They will have the power:
The Authority\n may temporarily prohibit or restrict certain financial activities that\n threaten the orderly functioning and integrity of financial markets or the\n stability of the whole or part of the financial system in the Union in\n certain cases and under certain conditions or, if so required, in the case of\n an emergency situation.
Safeguards: the Authority shall ensure that no decision adopted by the ESAs\n shall impinge in any way on the fiscal responsibilities of Member States.
European\n system of deposit guarantee schemes: the\n Authority shall contribute to strengthening the European system of national\n deposit guarantee schemes by acting under the powers conferred to it in this\n Regulation to ensure the correct application of Directive 94/19/EC with the\n aim of ensuring that national deposit guarantee schemes are adequately funded\n by contributions from financial institutions including from those financial\n institutions established and taking deposits within the Union but\n headquartered outside the Union as provided for in Directive 94/19/EC and\n provide a high level of protection to all depositors in a harmonised\n framework throughout the Union, which leaves the stabilising safeguard role\n of mutual guarantee schemes intact, provided they comply with Union\n legislation.
Review\n clause: by 2 January 2014, and every 3 years\n thereafter, the Commission shall publish a general report on the experience\n acquired as a result of the operation of the Authority and the procedures\n laid down in this Regulation.
ENTRY INTO\n FORCE: 16/12/2010.
The Authority\n shall be established on 01/01/2011.
\n