Procedure completed
2009/0161(COD) Financial supervision: powers of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority
Lead committee dossier: ECON/7/01474
Legal Basis TFEU 050, TFEU 053-p1, TFEU 062, TFEU 114-p1
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON | SÁNCHEZ PRESEDO Antolín (S&D) | |
| Opinion | JURI | KARIM Sajjad (ECR) | |
| Opinion | LIBE |
Legal Basis TFEU 050, TFEU 053-p1, TFEU 062, TFEU 114-p1
Subjects
Activites
- 2010/12/15 Final act published in Official Journal
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2010/11/24
Final act signed
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2010/11/24
End of procedure in Parliament
- #3045
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2010/11/17
Council Meeting
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2010/11/17
Act adopted by Council after Parliament's 1st reading
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2010/09/22
Decision by Parliament, 1st reading/single reading
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T7-0336/2010
summary
The European Parliament adopted a resolution under the consultation procedure amending the proposal for a directive of the European Parliament and of the Council amending Directives 1998/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority. The amendments are the result of a compromise agreement between Parliament and Council. The main points are as follows:Objectives: the objectives of the directive should include the sustainability of the financial system, the protection of the real economy and the safeguard of public finances.Technical standards: the text recalls that the Regulations establishing the ESFS provide that, in the areas specifically set out in the relevant legislation, the ESA may develop draft technical standards, to be submitted to the Commission for adoption in accordance with Articles 290 and 291 of the Treaty on the Functioning of the European Union (TFEU) by means of delegated or implementing acts. This Directive identifies a first set of such areas and should be without prejudice to inclusion of other areas in the future. The relevant legislation should define those areas where the ESA are empowered to develop draft technical standards and how they should be adopted. The relevant legislation should lay down the elements, conditions and specifications as detailed in Article 290 TFEU in the case of delegated acts. The identification of areas for technical standards should strike an appropriate balance between building a single set of harmonised rules and avoiding unduly complicated regulation and enforcement. The only areas selected should be those in which consistent technical rules will contribute significantly and effectively to the achievement of the objectives of the relevant legislation, while ensuring that policy decisions are taken by the European Parliament, the Council and the Commission in accordance with their usual procedures.Members state that matters subject to technical standards should be genuinely technical, where their development requires the expertise of supervisory experts. The technical standards adopted as delegated acts should further develop, specify and determine the conditions for consistent harmonisation of the rules included in basic instruments adopted by the European Parliament and the Council, supplementing or amending certain non-essential elements of the legislative act. On the other hand, technical standards adopted as implementing acts should set conditions for the uniform application of legally binding EU acts. Technical standards should not involve policy choices. The compromise text notes that the European Council endorsed the four-level 'Lamfalussy' approach to make the regulatory process for Union financial legislation more efficient and transparent. The Commission is empowered to adopt level-2 measures in many areas, and a large number of level-2 Commission regulations and directives are in force. In cases where the technical standards are designed to further develop, specify or determine the conditions of application of such level-2 measures, they should be adopted only once the relevant level-2 measures has been adopted and should respect the content of that level-2 measure.Binding technical standards contribute to a single rulebook for financial services legislation as endorsed by the European Council in its conclusions of June 2009. To the extent that certain requirements in Union legislative acts are not fully harmonised, and in accordance with the precautionary principle on supervision, binding technical standards developing, specifying or determining the conditions of application for those requirements should not prevent Member States from requiring additional information or imposing more stringent requirements. Technical standards should therefore allow Member States to do so in specific areas, when those legislative acts provide for such discretion.Settlement of disagreements: the regulations establishing the ESA require that the cases where the mechanism to settle disagreements between competent national authorities may be applied are to be specified in the sectoral legislation. This Directive identifies a first set of such cases and should be without prejudice to adding further cases in the future. This Directive should not prevent the ESA from acting in accordance with other powers or fulfilling tasks specified in their establishing regulations, including non-binding mediation and contributing to the consistent, efficient and effective application of legal acts of the Union. Moreover, in those areas where some form of non-binding mediation is already established in the relevant legal act, or where there are time limits for joint decisions to be taken by one or more competent national authorities, amendments are needed to ensure clarity and minimum disruption to the process for reaching a joint decision, but also that where necessary, the ESA should be able to resolve disagreements. The binding procedure for the settlement of disagreements is designed to solve situations where competent supervisors cannot resolve, among themselves, procedural or substantive issues relating to compliance with legal acts of the Union.This Directive therefore identifies situations where a procedural or a substantive issue of compliance with Union law may need to be resolved and the supervisors may not be able to resolve the matter on their own. In such a situation, one of the supervisors involved should be able to raise the issue with the competent European Supervisory Authority. That European Supervisory Authority should act in accordance with the procedure set out in its establishing regulation and in this Directive. It should be able to require the competent authorities concerned to take specific action or to refrain from action in order to settle the matter and to ensure compliance with Union law, with binding effects on the competent authorities concerned. In cases where the relevant legal act of the Union confers discretion on Member States, decisions taken by a European Supervisory Authority should not replace the exercise of discretion by the competent authorities in compliance with Union law.Comitology: in order to give full effect to the new framework provided for in the TFEU, it is necessary to adapt and replace the implementing powers designed under Article 202 of the Treaty establishing the European Community (EC Treaty) with the appropriate provisions in accordance with Articles 290 and 291 TFEU. That review should be finalised within three years from the entry into force of the Treaty of Lisbon and the remaining powers conferred under Article 202 EC Treaty should cease to apply on that date. The alignment of comitology procedures to the TFEU should be effected on a case-by-case basis. In order to take account of the technical developments in the financial markets and to specify the requirements laid down in the directives amended by this Directive, the Commission is empowered to adopt delegated acts in accordance with Article 290 TFEU.The European Parliament and the Council have three months from the date of notification to object to a delegated act. At the initiative of the European Parliament or the Council, it should be possible to prolong that period by three months in regard to significant areas of concern. It should also be possible for the European Parliament and the Council to inform the other institutions of their intention not to raise objections. Such early approval of delegated acts is particularly appropriate when deadlines need to be met, for example where there are timetables in the basic act for the Commission to adopt delegated acts.Confidentiality: confidential information transmitted to or exchanged between competent authorities and the European Securities and Markets Authority or the European Systemic Risk Board should be covered by the obligation of professional secrecy, to which the persons employed or formerly employed by the competent authorities receiving the information are subject.Report: the Commission should, by 1 January 2014, report to the European Parliament and to the Council on the submission by the ESA of the draft technical standards provided for in this Directive and present any appropriate proposals.
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T7-0336/2010
summary
- #3030
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2010/09/07
Council Meeting
- #3027
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2010/07/13
Council Meeting
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3027
summary
The Council adopted a political guideline with a view to continuing negotiations with the European Parliament on a package of measures which are intended to reform the European framework for supervision of the financial system, in the wake of the global financial crisis.The proposals, presented by the Commission in the autumn of 2009, are:draft Regulations on Community macro prudential oversight of the financial system and establishing a European Systemic Risk Board (ESRB), and entrusting the European Central Bank (ECB) with specific tasks concerning the functioning of that Board;draft Regulations establishing a European Banking Authority (EBA) a European Insurance and Occupational Pensions Authority (EIOPA) and a European Securities and Markets Authority (ESMA);a draft Directive intended to amend existing legislation in respect of the powers of these three new authorities.Most of these texts are subject to the ordinary legislative procedure (formerly co decision) between the Parliament and the Council. The negotiations with Parliament are intended to allow them to be adopted at first reading, so that the European Systemic Risk Board and the three new supervisory authorities can be operational from 1 January 2011.There is now a large degree of convergence between the two institutions, thanks to the negotiations which have already taken place, but it has not proven possible to find an overall agreement in time to enable Parliament to hold its first reading on 8 July, as originally intended. Parliament has therefore decided to postpone the vote to a subsequent plenary session.On the basis of the general approaches already defined, the Council has agreed on the compromise proposals submitted by the Presidency with a view to facilitating continuing negotiations. It has thus strengthened the negotiating mandate given to the Presidency, while allowing it the necessary degree of flexibility.
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3027
summary
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2010/07/07
Results of vote in Parliament
- Results of vote in Parliament
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T7-0269/2010
summary
The European Parliament adopted amendments, at first reading under the ordinary legislative procedure (formerly known as the codecision procedure), to the proposal for a directive of the European Parliament and of the Council amending Directives 1998/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC, and 2009/65/EC in respect of the powers of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority The vote on the legislative resolution was postponed to a future plenary session. The main amendments to the Commission’s proposal were as follows: Objectives: the objectives of the directive should include the viability of the financial system, the protection of the real economy and the safeguard of public finances. Technical standards: the text recalls that the Regulations establishing the ESFS provide that, in the areas specifically set out in the relevant legislation, the ESA may develop draft technical standards, to be submitted to the Commission for adoption in accordance with Articles 290 and 291 of the TFEU by means of delegated or implementing acts. This Directive identifies a first set of such areas and should be without prejudice to inclusion of other areas in the future. The relevant legislation should define those areas where the ESA are empowered to develop draft technical standards and how they should be adopted. While the relevant legislation should lay down the elements, conditions and specifications as detailed in Article 290 TFEU in the case of delegated acts, the rules and general principles concerning mechanisms for control of implementing acts should be based on Decision 1999/468/EC (comitology) until the Regulation provided for in Article 291 TFEU is adopted. The identification of areas for technical standards should strike an appropriate balance between building a single set of harmonised rules and avoiding unduly complicated regulation and enforcement. The only areas selected should be those in which consistent technical rules will contribute significantly and effectively to the achievement of the objectives of the relevant legislation, while ensuring that policy decisions are taken by the European Parliament, the Council and the Commission in accordance with their usual procedures. Members state that matters subject to technical standards should be genuinely technical, where their development requires the expertise of supervisory experts. The technical standards adopted as delegated acts should further develop, specify and determine the conditions for consistent harmonisation of the rules included in basic instruments adopted by the European Parliament and the Council, supplementing or amending certain non-essential elements of the legislative act. On the other hand, technical standards adopted as implementing acts should set conditions for the uniform application of legally binding EU acts. Technical standards should not give rise to policy choices. Best practice : Parliament stresses that the ESA should not at this stage develop draft technical standards on the existing requirements that the persons who effectively direct the business of investment firms, credit institutions, UCITS and their management companies be of sufficiently good repute and sufficiently experienced as to ensure their sound and prudent management. However, given the importance of these requirements, the ESA should give priority to identify the best practices in guidelines and to ensure the convergence of supervisory and prudential practices towards these best practices. They should do the same with respect to prudential requirements relative to the head office of these institutions. Precautionary principle : to the extent that certain requirements in EU legislative acts are not fully harmonised, and in accordance with the precautionary principle on supervision, binding technical standards developing, specifying or determining the conditions of application for those requirements should not prevent Member States from requiring additional information or imposing more stringent requirements. Technical standards should therefore allow Member States to do so in specific areas, when these legislative acts provide for such prudential discretion. Settlement of disagreements: Members recall that the binding procedure for the settlement of disagreements is designed to solve situations where competent supervisors cannot resolve among themselves procedural or substantive issues relating to compliance with Union law. This Directive should therefore identify situations where a procedural or a substantive issue of compliance with Union law may need to be resolved and the supervisors may not be able to resolve the matter on their own. In such a situation, one of the supervisors involved should be able to raise the issue with the competent European Supervisory Authority. That ESA should act in accordance with the procedure set out in its establishing Regulation and in this Directive. It should be able to require the competent authorities concerned to take specific action or to refrain from action in order to settle the matter and to ensure compliance with Union law, with binding effects on the competent authorities concerned. In cases where the relevant Union legislation confers discretion on Member States, decisions taken by the ESA should not replace the exercise of discretion by the competent authorities in compliance with Union law. Comitology: Members consider that the alignment of comitology procedures to the TFEU and, in particular, Articles 290 and 291, should be effected case by case and be fully completed within three years. In order to take account of the technical developments in the financial markets and to specify the requirements laid down in the amended directives, the Commission should be empowered to adopt delegated acts in accordance with Article 290 TFEU. Confidentiality: confidential information transmitted to or exchanged between competent authorities and the European Securities and Markets Authority or the European Systemic Risk Board should be covered by the obligation of professional secrecy, to which the persons employed or formerly employed by the competent authorities receiving the information are subject.
- 2010/07/06 Debate in Parliament
- 2010/05/18 Committee report tabled for plenary, 1st reading/single reading
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2010/05/10
Vote in committee, 1st reading/single reading
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2009/11/12
Committee referral announced in Parliament, 1st reading/single reading
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2009/10/26
Legislative proposal published
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COM(2009)0576
summary
PURPOSE: to complement the package of proposals on financial supervision presented by the Commission on 23 September 2009, with a view to strengthening financial supervision in Europe.PROPOSED ACT: Directive of the European Parliament and of the Council.BACKGROUND: experience of the financial crisis has exposed important failures in financial supervision, both in particular cases and in relation to the financial system as a whole. On the basis of recommendations of a group of high-level experts, chaired by Mr Jacques de Larosière, the Commission set out proposals for a new European financial supervisory architecture in its Communication to the Spring European Council of March 2009 (COM(2009)0114). The Commission presented its ideas in more detail in its Communication of May 2009 (COM(2009)0252) in which it proposed: establishing a European System of Financial Supervisors (ESFS), consisting of a network of national financial supervisors working in tandem with new European Supervisory Authorities (ESAs), created by transforming the existing European supervisory committees into a European Banking Authority (EBA), a European Insurance and Occupational Pensions Authority (EIOPA), and a European Securities and Markets Authority (ESMA), andestablishing a European Systemic Risk Board (ESRB), to monitor and assess potential threats to financial stability that arise from macro-economic developments and from developments within the financial system as a whole. To this end, the ESRB would provide an early warning of system-wide risks that may be building up and, where necessary, issue recommendations for action to deal with these risks.On 23 September 2009, the Commission adopted:a proposal for a Regulation establishing a European Banking Authority, a proposal for a Regulation establishing a European Insurance and Occupational Pensions Authority, and a proposal for a Regulation establishing a European Securities and Markets Authority.The May 2009 Communication also concluded that in order for the ESFS to work effectively, changes to the financial services legislation would be necessary, in particular to provide an appropriate scope to the more general powers provided for in the individual regulations establishing the Authorities, ensuring a more harmonised set of financial rules through the possibility to develop draft technical standards and facilitate the sharing, where necessary, of micro-prudential information.IMPACT ASSESSMENT: the May Commission Communication on Financial Supervision in Europe was accompanied by an impact assessment analysing the main policy options for establishing the ESFS and ESRB. A second impact assessment accompanies these proposals, examining the options in more detail. The second impact assessment analysed the options for the appropriate powers for the Authority to work towards achieving a single set of harmonised rules and concluded that this capacity would be rightly limited to those areas to be defined in forthcoming sectoral legislation, and identified such potential areas. Additionally, in developing the draft technical standards themselves, the Authorities should undertake appropriate analysis of potential related costs and benefits and consult stakeholders before submitting them to the Commission.CONTENT: having proposed a battery of legislative measures designed to beef up financial supervision in Europe, in particular by the creation of a European System of Financial Supervisors and three new European supervisory authorities, the Commission is proposing that certain changes are made to existing legislation on financial services to allow the new authorities to work effectively. The areas in which amendments are proposed fall broadly into the following categories:definition of the appropriate scope of technical standards as an additional tool for supervisory convergence and with a view of developing a single rule book;the possibility for the authority to settle disagreements in a balanced way to those areas where common decision making processes already exist in sectoral legislation; andgeneral amendments which are common to most sectoral legislation and necessary for the directives to operate in the context of new authorities for example, renaming the level 3 committees to the new authorities and ensuring the appropriate gateways for the exchange of information are present. It is also proposed that the ESAs will be given the duty to establish, publish and regularly update registers and lists of financial actors in the Community and other important issues, which is currently the duty of each national competent authority.This amending directive is proposed with a view to amending sectoral directives concerning: capital requirements; financial conglomerates; institutions for occupational retirement provisions; market abuse; markets in financial instruments; prospectuses; settlement finality, transparency, anti-money laundering and undertakings for collective investments in transferable securities (UCITS).Moreover, where appropriate, the Commission will make further proposals for amendments to the Solvency II Directive, which is currently being finalised, after publication of the Directive.In addition to the areas identified in this proposed Directive, the Commission is considering further whether additional empowerments for technical standards should be made in some areas – in particular, securities. These further amendments would concern, in particular, Directives 2003/6/EC, 2003/71/EC and 2004/39/EC and could form a second Omnibus Directive, along with proposals for amendments to the Solvency II Directive.BUDGETARY IMPLICATIONS: the proposal has no implication for the Community budget.
- DG {'url': 'http://ec.europa.eu/dgs/internal_market/', 'title': 'Internal Market and Services'}, BARNIER Michel
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COM(2009)0576
summary
Documents
- Legislative proposal published: COM(2009)0576
- Committee report tabled for plenary, 1st reading/single reading: A7-0163/2010
- Debate in Parliament: Debate in Parliament
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading/single reading: T7-0269/2010
- Debate in Council: 3027
- Decision by Parliament, 1st reading/single reading: T7-0336/2010
- : Directive 2010/78
- : OJ L 331 15.12.2010, p. 0120
- : Corrigendum to final act 32010L0078R(01)
- : OJ L 170 30.06.2011, p. 0043
- : OJ L 054 22.02.2014, p. 0023
| Amendments | Dossier |
| 526 |
2009/0161(COD)
2010/03/08
JURI
411 amendments...
Amendment 100 #
Proposal for a directive – amending act Article 5 – point 8 Directive 2003/71/EC Article 22 – paragraph 4 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 101 #
Proposal for a directive – amending act Article 5 – point 8 Directive 2003/71/EC Article 22 – paragraph 4 – subparagraph 2 The Commission may adopt the
Amendment 102 #
Proposal for a directive – amending act Article 5 – point 8 a (new) Directive 2003/71/EC Chapter VII – title (8a) The title of Chapter VII is replaced by the following: "DELEGATED POWERS AND IMPLEMENTING MEASURES"
Amendment 103 #
Proposal for a directive – amending act Article 5 – point 8 b (new) Directive 2003/71/EC Article 24 – title Amendment 104 #
Proposal for a directive – amending act Article 5 – point 8 c (new) Directive 2003/71/EC Article 24 – paragraph 2 a (8c) Article 24(2a) is replaced by the following: "2a. The power to adopt the delegated acts referred to in Article 1(3a), Article Article 2(4), Article 4(3), Article 5(5), Article 5(5a), Article 7(1), Article 7(3), Article 8(4), Article 11(3), Article 13(7), Article 14(8), Article 15(7) and Article 20(3) shall be conferred on the Commission for an indeterminate period of time."
Amendment 105 #
Proposal for a directive – amending act Article 5 – point 8 d (new) Directive 2003/71/EC Article 24 – paragraph 2a a (new) (8d) In Article 24, the following paragraph is inserted after paragraph 2a: "2aa. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council."
Amendment 106 #
Proposal for a directive – amending act Article 5 – point 8 e (new) Directive 2003/71/EC Article 24 – paragraph 2a b (new) (8e) In Article 24, the following paragraph is inserted after paragraph 2aa: "2ab. The power to adopt delegated acts shall be conferred on the Commission subject to the conditions laid down in Articles 24a and 24b."
Amendment 107 #
Proposal for a directive – amending act Article 5 – point 8 f (new) Directive 2003/71/EC Article 24 – paragraph 3 (8f) Article 24(3) is deleted.
Amendment 108 #
Proposal for a directive – amending act Article 5 – point 8 g (new) Directive 2003/71/EC Article 24 a (new) Amendment 109 #
Proposal for a directive – amending act Article 5 – point 8 h (new) Directive 2003/71/EC Article 24 b (new) (8h) The following article is inserted after Article 24a: "Article 24b 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 shall 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 enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force."
Amendment 110 #
Proposal for a directive – amending act Article 6 – point -1 (new) Directive 2004/39/EC Article 2 – paragraph 3 (-1)Article 2(3) is replaced by the following: "3. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, in respect of exemptions (c) (i), and (k) define the criteria for determining when an activity is to be considered as ancillary to the main business on a group level as well as for determining when an activity is provided in an incidental manner. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 111 #
Proposal for a directive – amending act Article 6 – point -1 b (new) Directive 2004/39/EC Article 4 – paragraph 2 (-1b) Article 4(2) is replaced by the following: "2. In order to take account of developments on financial markets, and to ensure consistent harmonisation and the uniform application of this Directive, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, clarify the definitions laid down in paragraph 1 of this Article. The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 112 #
Proposal for a directive – amending act Article 6 – point 2 Directive 2004/39/EC Article 7 – paragraph 4 – subparagraph 1 4.
Amendment 113 #
Proposal for a directive – amending act Article 6 – point 2 Directive 2004/39/EC Article 7 – paragraph 4 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 114 #
Proposal for a directive – amending act Article 6 – point 2 Directive 2004/39/EC Article 7 – paragraph 4 – subparagraph 1 b (new) The delegation shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation of powers referred to in the first subparagraph.
Amendment 115 #
Proposal for a directive – amending act Article 6 – point 2 Directive 2004/39/EC Article 7 – paragraph 4 – subparagraph 2 The Commission may adopt the
Amendment 116 #
Proposal for a directive – amending act Article 6 – point 3 Directive 2004/39/EC Article 10a – paragraph 8 – subparagraph 1 8.
Amendment 117 #
Proposal for a directive – amending act Article 6 – point 3 Directive 2004/39/EC Article 10a – paragraph 8 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 118 #
Proposal for a directive – amending act Article 6 – point 3 Directive 2004/39/EC Article 10a – paragraph 8 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 119 #
Proposal for a directive – amending act Article 6 – point 3 Directive 2004/39/EC Article 10a – paragraph 8 – subparagraph 2 The Commission may adopt the
Amendment 120 #
Proposal for a directive – amending act Article 6 – point 3 a (new) Directive 2004/39/EC Article 10b – paragraph 1 – subparagraph 2 (3a) In Article 10b(1), the second subparagraph is replaced by the following: "In order to take account of [...] developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, adopt [...] measures which adjust the criteria set out in the first subparagraph of this paragraph. The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 121 #
Proposal for a directive – amending act Article 6 – point 3 b (new) Directive 2004/39/EC Article 13 – paragraph 10 (3b) Article 13(10) is replaced by the following: "10. In order to take account of developments on financial markets, and to ensure consistent harmonisation and the uniform application of this Directive, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, adopt [...] measures which specify the concrete organisational requirements to be imposed on investment firms performing different investment services and/or activities and ancillary services or combinations thereof. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 122 #
Proposal for a directive – amending act Article 6 – point 3 c (new) Directive 2004/39/EC Article 15 – paragraph 3 – subparagraph 2 (3c) In Article 15(3), the second subparagraph is replaced by the following: "In the circumstances referred to in the first subparagraph, the Commission may decide, by means of delegated acts in accordance with Articles 64, 64a and 64b, at any time and in addition to the initiation of negotiations, that the competent authorities of the Member States must limit or suspend their decisions regarding requests pending or future requests for authorisation and the acquisition of holdings by direct or indirect parent undertakings governed by the law of the third country in question. Such limitations or suspensions may not be applied to the setting-up of subsidiaries by investment firms duly authorised in the Community or by their subsidiaries, or to the acquisition of holdings in Community investment firms by such firms or subsidiaries. The duration of such measures may not exceed three months."
Amendment 123 #
Proposal for a directive – amending act Article 6 – point 3 d (new) Directive 2004/39/EC Article 15 – paragraph 3 – subparagraph 3 (3d) In Article 15(3), the third subparagraph is replaced by the following: "Before the end of the three-month period referred to in the second subparagraph and in the light of the results of the negotiations, the Commission may decide, by means of delegated acts in accordance with Articles 64, 64a and 64b, to extend these measures."
Amendment 124 #
Proposal for a directive – amending act Article 6 – point 3 e (new) Directive 2004/39/EC Article 18 – paragraph 3 – subparagraph 1 – introductory part (3r) In Article 18(3), the introductory part of the first subparagraph is replaced by the following: "3. In order to take account of developments on financial markets, and to ensure consistent harmonisation and the uniform application of paragraphs 1 and 2, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b adopt [...] measures which:"
Amendment 125 #
Proposal for a directive – amending act Article 6 – point 3 f (new) Directive 2004/39/EC Article 18 – paragraph 3 – subparagraph 2 (3f) In Article 18(3), the second subparagraph is replaced by the following: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 126 #
Proposal for a directive – amending act Article 6 – point 3 g (new) Directive 2004/39/EC Article 19 – paragraph 10 –subparagraph 1 – introductory part (3g) In Article 19(10), the introductory part of the first subparagraph is replaced by the following: "10. In order to ensure the necessary protection of investors and consistent harmonisation and the uniform application of paragraphs 1 to 8, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, ensure that investment firms comply with the principles set out therein when providing investment or ancillary services to their clients. Those implementing measures shall take into account:"
Amendment 127 #
Proposal for a directive – amending act Article 6 – point 3 h (new) Directive 2004/39/EC Article 19 – paragraph 10 –subparagraph 2 (3h) In Article 19(10), the second subparagraph is replaced by the following: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 128 #
Proposal for a directive – amending act Article 6 – point 3 i (new) Directive 2004/39/EC Article 21 – paragraph 6 –subparagraph 1 – introductory part (3i) In Article 21(6), the introductory part of the first subparagraph is replaced by the following: "6. In order to ensure the protection necessary for investors, the fair and orderly functioning of markets, and to ensure consistent harmonisation and the uniform application of paragraphs 1, 3 and 4, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, adopt measures concerning:"
Amendment 129 #
Proposal for a directive – amending act Article 6 – point 3 j (new) Directive 2004/39/EC Article 21 – paragraph 6 –subparagraph 2 (3j) In Article 21(6), the second subparagraph is replaced by the following: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 130 #
Proposal for a directive – amending act Article 6 – point 3 k (new) Directive 2004/39/EC Article 22 – paragraph 3 –subparagraph 1 – introductory part (3k) In Article 22(3), the introductory part of the first subparagraph is replaced by the following: "3. In order to ensure that measures for the protection of investors and fair and orderly functioning of markets take account of technical developments in financial markets, and to ensure consistent harmonisation and the uniform application of paragraphs 1 and 2, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, define:"
Amendment 131 #
Proposal for a directive – amending act Article 6 – point 3 l (new) Directive 2004/39/EC Article 22 – paragraph 3 –subparagraph 2 Amendment 132 #
Proposal for a directive – amending act Article 6 – point 3 m (new) Directive 2004/39/EC Article 24 – paragraph 5 –subparagraph 1 – introductory part (3m) In Article 24(5), the introductory part of the first subparagraph is replaced by the following: "5. In order to ensure consistent harmonisation and the uniform application of paragraphs 2, 3 and 4 in the light of changing market practice and to facilitate the effective operation of the single market, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, define:"
Amendment 133 #
Proposal for a directive – amending act Article 6 – point 3 n (new) Directive 2004/39/EC Article 24 – paragraph 5 –subparagraph 2 (3n) In Article 24(5), the second subparagraph is replaced by the following: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 134 #
Proposal for a directive – amending act Article 6 – point 3 o (new) Directive 2004/39/EC Article 25 – paragraph 7 (3o) Article 25(7) is replaced by the following: "7. In order to ensure that measures for the protection of market integrity are modified to take account of technical developments in financial markets, and to ensure consistent harmonisation and the uniform application of paragraphs 1 to 5, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, define the methods and arrangements for reporting financial transactions, the form and content of these reports and the criteria for defining a relevant market in accordance with paragraph 3. The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 135 #
Proposal for a directive – amending act Article 6 – point 3 p (new) Directive 2004/39/EC Article 27 – paragraph 7 –subparagraph 1 – introductory part (3p) In Article 27(7), the introductory part of the first subparagraph is replaced by the following: "7. In order to ensure consistent harmonisation and the uniform application of paragraphs 1 to 6, in a manner which supports the efficient valuation of shares and maximises the possibility of investment firms of obtaining the best deal for their clients, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b adopt [...] measures which:"
Amendment 136 #
Proposal for a directive – amending act Article 6 – point 3 q (new) Directive 2004/39/EC Article 27 – paragraph 7 –subparagraph 2 (3q) In Article 27(7), the second subparagraph is replaced by the following: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 137 #
Proposal for a directive – amending act Article 6 – point 3 r (new) Directive 2004/39/EC Article 28 – paragraph 3 –subparagraph 1 – introductory part (3r) In Article 28(3), the introductory part of the first subparagraph is replaced by the following: "3. In order to ensure the transparent and orderly functioning of markets and consistent harmonisation and the uniform application of paragraph 1, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b adopt [...] measures which:"
Amendment 138 #
Proposal for a directive – amending act Article 6 – point 3 s (new) Directive 2004/39/EC Article 28 – paragraph 3 –subparagraph 2 (3s) In Article 28(3), the second subparagraph is replaced by the following: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 139 #
Proposal for a directive – amending act Article 6 – point 3 t (new) Directive 2004/39/EC Article 29 – paragraph 3 –subparagraph 1 – introductory part (3t) In Article 29(3), the introductory part of the first subparagraph is replaced by the following: "3. In order to ensure consistent harmonisation and the uniform application of paragraphs 1 and 2, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, adopt [...] measures as regards:"
Amendment 140 #
Proposal for a directive – amending act Article 6 – point 3 u (new) Directive 2004/39/EC Article 29 – paragraph 3 –subparagraph 3 (3u) In Article 29(3), the third subparagraph is replaced by the following: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 141 #
Proposal for a directive – amending act Article 6 – point 3 v(new) Directive 2004/39/EC Article 30 – paragraph 3 – subparagraph 1 – introductory part (3v) In Article 30(3), the introductory part of the first subparagraph is replaced by the following: "3. In order to ensure consistent harmonisation and the uniform application of paragraphs 1 and 2, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, adopt [...] measures as regards:"
Amendment 142 #
Proposal for a directive – amending act Article 6 – point 3 x (new) Directive 2004/39/EC Article 30 – paragraph 3 – subparagraph 3 (3x) In Article 30(3), the third subparagraph is replaced by the following: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 143 #
Proposal for a directive – amending act Article 6 – point 4 Directive 2004/39/EC Article 31 – paragraph 7 – subparagraph 1 "7. In order to e
Amendment 144 #
Proposal for a directive – amending act Article 6 – point 4 Directive 2004/39/EC Article 31 – paragraph 7 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 145 #
Proposal for a directive – amending act Article 6 – point 4 Directive 2004/39/EC Article 31 – paragraph 7 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 146 #
Proposal for a directive – amending act Article 6 – point 4 Directive 2004/39/EC Article 31 – paragraph 7 – subparagraph 2 The Commission may adopt the
Amendment 147 #
Proposal for a directive – amending act Article 6 – point 5 Directive 2004/39/EC Article 32 – paragraph 10 – subparagraph 1 "10. In order to e
Amendment 148 #
Proposal for a directive – amending act Article 6 – point 5 Directive 2004/39/EC Article 32 – paragraph 10 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 149 #
Proposal for a directive – amending act Article 6 – point 5 Directive 2004/39/EC Article 32 – paragraph 10 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 150 #
Proposal for a directive – amending act Article 6 – point 5 Directive 2004/39/EC Article 32 – paragraph 10 – subparagraph 2 The Commission may adopt the
Amendment 151 #
Proposal for a directive – amending act Article 6 – point 5 a (new) Directive 2004/39/EC Article 40 – paragraph 6 –subparagraph 1 – introductory part (5a) In Article 40(6), the introductory part of the first subparagraph is replaced by the following: "6. In order to ensure consistent harmonisation and the uniform application of paragraphs 1 to 5, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b:"
Amendment 152 #
Proposal for a directive – amending act Article 6 – point 5 b (new) Directive 2004/39/EC Article 40 – paragraph 6 –subparagraph 2 (5b) In Article 40(6), the second subparagraph is replaced by the following: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 153 #
Proposal for a directive – amending act Article 6 – point 5 c (new) Directive 2004/39/EC Article 44 – paragraph 3 –subparagraph 1 – introductory part (5c) In Article 44(3), the introductory part of the first subparagraph is replaced by the following: "3. In order to ensure consistent harmonisation and the uniform application of paragraphs 1 and 2, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, adopt measures as regards:"
Amendment 154 #
Proposal for a directive – amending act Article 6 – point 5 d (new) Directive 2004/39/EC Article 44 – paragraph 3 –subparagraph 2 (5d) In Article 44(3), the second subparagraph is replaced by the following: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 155 #
Proposal for a directive – amending act Article 6 – point 5 e (new) Directive 2004/39/EC Article 45 – paragraph 3 – subparagraph 1 – introductory part (5e) In Article 45(3), the introductory part of the first subparagraph is replaced by the following: "3. In order to provide for the efficient and orderly functioning of financial markets, and to ensure consistent harmonisation and the uniform application of paragraphs 1 and 2, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, adopt measures in respect of:"
Amendment 156 #
Proposal for a directive – amending act Article 6 – point 5 f (new) Directive 2004/39/EC Article 45 – paragraph 3 –subparagraph 2 (5f) In Article 45(3), the second subparagraph is replaced by the following: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 157 #
Proposal for a directive – amending act Article 6 – point 8 a (new) Directive 2004/39/EC Article 56 – paragraph 5 (8a) Article 56(5) is replaced by the following: "5. In order to ensure consistent harmonisation and the uniform application of paragraphs 1 and 2 the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, define standards for the obligations for the competent authorities to cooperate and establish the criteria under which the operations of a regulated market in a host Member State could be considered as of substantial importance for the functioning of the securities markets and the protection of the investors in that host Member State."
Amendment 158 #
Proposal for a directive – amending act Article 6 – point 8 b (new) Directive 2004/39/EC Article 56 – paragraph 5 – subparagraph 1 a (new) (8b) In Article 56(5), the following subparagraph is added: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 159 #
Proposal for a directive – amending act Article 6 – point 9 Directive 2004/39/EC Article 56 – paragraph 6 – subparagraph 1 "6.
Amendment 160 #
Proposal for a directive – amending act Article 6 – point 9 Directive 2004/39/EC Article 56 – paragraph 6 – subparagraph 1 "6. In order to ensure uniform application of paragraphs 1 and 2, the European Securities and Markets Authority
Amendment 161 #
Proposal for a directive – amending act Article 6 – point 9 Directive 2004/39/EC Article 56 – paragraph 6 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 162 #
Proposal for a directive – amending act Article 6 – point 9 Directive 2004/39/EC Article 56 – paragraph 6 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 163 #
Proposal for a directive – amending act Article 6 – point 9 Directive 2004/39/EC Article 56 – paragraph 6 – subparagraph 2 The Commission may adopt the
Amendment 164 #
Proposal for a directive – amending act Article 6 – point 9 Directive 2004/39/EC Article 56 – paragraph 6 – subparagraph 2 The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure
Amendment 165 #
Proposal for a directive – amending act Article 6 – point 10 Directive 2004/39/EC Article 57 – paragraph 2 – subparagraph 1 "2.
Amendment 166 #
Proposal for a directive – amending act Article 6 – point 10 Directive 2004/39/EC Article 57 – paragraph 2 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 167 #
Proposal for a directive – amending act Article 6 – point 10 Directive 2004/39/EC Article 57 – paragraph 2 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 168 #
Proposal for a directive – amending act Article 6 – point 10 Directive 2004/39/EC Article 57 – paragraph 2 – subparagraph 2 The Commission may adopt the
Amendment 169 #
Proposal for a directive – amending act Article 6 – point 11 Directive 2004/39/EC Article 58 – paragraph 4 – subparagraph 1 4.
Amendment 170 #
Proposal for a directive – amending act Article 6 – point 11 Directive 2004/39/EC Article 58 – paragraph 4 – subparagraph 1 a (new) The Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 171 #
Proposal for a directive – amending act Article 6 – point 11 Directive 2004/39/EC Article 58 – paragraph 4 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 172 #
Proposal for a directive – amending act Article 6 – point 11 Directive 2004/39/EC Article 58 – paragraph 4 – subparagraph 2 The Commission may adopt the
Amendment 173 #
Proposal for a directive – amending act Article 6 – point 12 Directive 2004/39/EC Article 60 – paragraph 4 – subparagraph 1 4.
Amendment 174 #
Proposal for a directive – amending act Article 6 – point 12 Directive 2004/39/EC Article 60 – paragraph 4 – subparagraph 1 a (new) The Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 175 #
Proposal for a directive – amending act Article 6 – point 12 Directive 2004/39/EC Article 60 – paragraph 4 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council object to such an extension before the expiry of the delegation.
Amendment 176 #
Proposal for a directive – amending act Article 6 – point 12 Directive 2004/39/EC Article 60 – paragraph 4 – subparagraph 2 The Commission may adopt the
Amendment 177 #
Proposal for a directive – amending act Article 6 – point 14 a (new) – introductory part and point a (new) Directive 2004/39/EC Article 64 – paragraph 2 (14a) Article 64 is amended as follows: (a) Paragraph 2 is replaced by the following: "2. The power to adopt the delegated acts referred to in Articles 2, 4, 10b(1), 13(10), 15, 18, 19, 21, 22, 24, 25, 27, 28, 29, 30, 40, 44, 45 and 56(2) shall be conferred on the Commission for an indeterminate period of time."
Amendment 178 #
Proposal for a directive – amending act Article 6 – point 14 a (new) – point b (new) Directive 2004/39/EC Article 64 – paragraphs 2 a and 2 b (new) (b) The following paragraphs are inserted after paragraph 2: "2a. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 2b. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 64a and 64b."
Amendment 179 #
Proposal for a directive – amending act Article 6 – point 14 a (new) – point c (new) Directive 2004/39/EC Article 64 – paragraph 2a (c) Paragraph 2a is replaced by the following: "2a. None of the delegated acts enacted may change the essential provisions of this Directive."
Amendment 180 #
Proposal for a directive – amending act Article 6 – point 14 a (new) – point d (new) Directive 2004/39/EC Article 64 – paragraph 4 (d) Paragraph 4 is deleted.
Amendment 181 #
Proposal for a directive – amending act Article 6 – point 14 b (new) Directive 2004/39/EC Article 64 a (new) (14b) The following Article is inserted: "Article 64a Revocation of the delegation 1. The delegation of powers referred to in Articles 2, 4, 10b(1), 13(10), 15, 18, 19, 21, 22, 24, 25, 27, 28, 29, 30, 40, 44, 45 and 56(2) may be revoked by the European Parliament or by the Council. 2. The institution which has commenced an internal procedure with a view to deciding whether to revoke the delegation of powers shall endeavour to inform the other institution and the Commission. 3. The revocation decision shall put an end to the delegation of the powers specified in that decision. It shall take effect immediately or at such later date as may be 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."
Amendment 182 #
Proposal for a directive – amending act Article 6 – point 14 c (new) Directive 2004/39/EC Article 64 b (new) (14c) The following Article is inserted: "Article 64b 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 shall 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 enter into force at the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force."
Amendment 183 #
Proposal for a directive – amending act Article 7 – point -1 (new) Directive 2004/109/EC Article 2 – paragraph 3 – subparagraph 1 (-1) In Article 2(3), the first subparagraph of Article 2(3) is replaced by the following: "3. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and the uniform application of paragraph 1, the Commission shall, in accordance with the procedures referred to in Article 27(2) and (2a), adopt delegated acts and implementing measures concerning the definitions set out in paragraph 1."
Amendment 184 #
Proposal for a directive – amending act Article 7 – point -1 a (new) Directive 2004/109/EC Article 2 – paragraph 3 – subparagraph 3 (-1a) In Article 2(3), the third subparagraph is replaced by the following: "The measures referred to in points (a) and (b) of the second subparagraph shall be laid down by means of delegated acts in accordance with Articles 27, 27a and 27b."
Amendment 185 #
Proposal for a directive – amending act Article 7 – point -1 b (new) Directive 2004/109/EC Article 2 – paragraph 3 – subparagraph 3 a (new) (-1b) In Article 2(3), the following subparagraph is added: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 186 #
Proposal for a directive – amending act Article 7 – point -1 c (new) Directive 2004/109/EC Article 5 – paragraph 6 – subparagraph 1 (-1c) In Article 5(6), the first subparagraph is replaced by the following: "6. The Commission shall adopt delegated acts and implementing measures, in accordance with the procedures referred to in Article 27(2) and (2a), in order to take account of technical developments on financial markets and to ensure consistent harmonisation and the uniform application of paragraphs 1 to 5 of this Article."
Amendment 187 #
Proposal for a directive – amending act Article 7 – point -1 d (new) Directive 2004/109/EC Article 5 – paragraph 6 – subparagraph 3 (-1d) In Article 5(6), the third subparagraph is replaced by the following: "The measures referred to in point (a) shall be adopted in accordance with the regulatory procedure referred to in Article 27(2). The measures referred to in points (b) and (c) [...]] shall be laid down by means of delegated acts in accordance with Articles 27, 27a and 27b."
Amendment 188 #
Proposal for a directive – amending act Article 7 – point -1 e (new) Directive 2004/109/EC Article 5 – paragraph 6 – subparagraph 4 (-1e) In Article 5(6), the fourth subparagraph is replaced by the following: "Where appropriate, the Commission may also adapt the five-year period referred to in paragraph 1 by means of a delegated act in accordance with Articles 27, 27a and 27b."
Amendment 189 #
Proposal for a directive – amending act Article 7 – point -1 f (new) Directive 2004/109/EC Article 5 – paragraph 6 – subparagraph 4 a (new) (-1f) In Article 5(6), the following subparagraph is added: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 190 #
Proposal for a directive – amending act Article 7 – point -1 g (new) Directive 2004/109/EC Article 9 – paragraph 7 – subparagraph 1 (-1g) In Article 9(7), the first subparagraph is replaced by the following: "7. The Commission shall be empowered to lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures to take account of technical developments on financial markets and to ensure consistent harmonisation and the uniform application of paragraphs 2, 4 and 5."
Amendment 191 #
Proposal for a directive – amending act Article 7 – point -1 h (new) Directive 2004/109/EC Article 9 – paragraph 7 – subparagraph 2 (-1h) In Article 9(7), the second subparagraph is replaced by the following: "The Commission shall also specify the maximum length of the ‘short settlement cycle’ referred to in paragraph 4 of this Article, as well as the appropriate control mechanisms by the competent authority of the home Member State by means of delegated acts in accordance with Articles 27, 27a and 27b."
Amendment 192 #
Proposal for a directive – amending act Article 7 – point -1 i (new) Directive 2004/109/EC Article 9 – paragraph 7 – subparagraph 4 (new) (-1i) In Article 9(7), the following subparagraph is added: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 193 #
Proposal for a directive – amending act Article 7 – point 1 – point -a (new) Directive 2004/109/EC Article 12 – paragraph 8 – subparagraph 1 – introductory part Amendment 194 #
Proposal for a directive – amending act Article 7 – point 1 – point a a (new) Directive 2004/109/EC Article 12 – paragraph 8 – subparagraph 2 a (new) (aa) In paragraph 8, the following subparagraph is added: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 195 #
Proposal for a directive – amending act Article 7 – point 1 - point b Directive 2004/109/EC Article 12 – paragraph 9 – subparagraph 1 9. In order to
Amendment 196 #
Proposal for a directive – amending act Article 7 – point 1 - point b Directive 2004/109/EC Article 12 – paragraph 9 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 197 #
Proposal for a directive – amending act Article 7 – point 1 - point b Directive 2004/109/EC Article 12 – paragraph 9 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council object to such an extension before the expiry of the delegation.
Amendment 198 #
Proposal for a directive – amending act Article 7 – point 1 Directive 2004/109/EC Article 12 – paragraph 9 – subparagraph 2 Amendment 199 #
Proposal for a directive – amending act Article 7 – point 2 Directive 2004/109/EC Article 13 – paragraph 3 – subparagraph 1 3. In order to
Amendment 200 #
Proposal for a directive – amending act Article 7 – point 2 Directive 2004/109/EC Article 13 – paragraph 3 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 201 #
Proposal for a directive – amending act Article 7 – point 2 Directive 2004/109/EC Article 13 – paragraph 3 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council object to such an extension before the expiry of the delegation.
Amendment 202 #
Proposal for a directive – amending act Article 7 – point 2 Directive 2004/109/EC Article 13 – paragraph 3 – subparagraph 2 Amendment 203 #
Proposal for a directive – amending act Article 7 – point 2 – point -a (new) Directive 2004/109/EC Article 13 – paragraph 2 – subparagraph 1 (-a) In paragraph 2, the first subparagraph is replaced by the following: "2. The Commission shall lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures in order to take account of technical developments in financial markets and to ensure consistent harmonisation and the uniform application of paragraph 1. It shall in particular determine:"
Amendment 204 #
Proposal for a directive – amending act Article 7 – point 2 – point -a a (new) Directive 2004/109/EC Article 13 – paragraph 2 –subparagraph 2 (-aa) The second subparagraph of paragraph 2 is deleted.
Amendment 205 #
Proposal for a directive – amending act Article 7 – point 2 a (new) Directive 2004/109/EC Article 14 – paragraph 2 (2a) Article 14(2) is replaced by the following: "2. The Commission shall lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures in order to take account of technical developments in financial markets and to ensure consistent harmonisation and the uniform application of paragraph 1. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 206 #
Proposal for a directive – amending act Article 7 – point 2 a b (new) Directive 2004/109/EC Article 13 – paragraph 2 – subparagraph 2 a (new) (ab) In paragraph 2 the following subparagraph is added: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 207 #
Proposal for a directive – amending act Article 7 – point 2 b (new) Directive 2004/109/EC Article 17 – paragraph 4 Amendment 208 #
Proposal for a directive – amending act Article 7 – point 2 c (new) Directive 2004/109/EC Article 18 – paragraph 5 (2c) Article 18(5) is replaced by the following: "5. The Commission shall lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures in order to take account of technical developments in financial markets, to take account of developments in information and communication technology and to ensure consistent harmonisation and the uniform application of paragraph 1 to 4. It shall, in particular, specify the types of financial institution through which a debt security holder may exercise the financial rights provided for in paragraph 2(c). [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 209 #
Proposal for a directive – amending act Article 7 – point 2 d (new) Directive 2004/109/EC Article 19 – paragraph 4 (2d) Article 19(4) is replaced by the following: "4. The Commission shall lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures in order to ensure consistent harmonisation and the uniform application of paragraphs 1, 2 and 3 [...]. The Commission shall, in particular, specify the procedure in accordance with which an issuer, a holder of shares or other financial instruments, or a person or entity referred to in Article 10, is to file information with the competent authority of the home Member State under paragraphs 1 or 3, respectively, in order to: (a) enable filing by electronic means in the home Member State; (b) coordinate the filing of the annual financial report referred to in Article 4 of this Directive with the filing of the annual information referred to in Article 10 of Directive 2003/71/EC. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 210 #
Proposal for a directive – amending act Article 7 – point 2 e (new) Directive 2004/109/EC Article 21 – paragraph 4 (2e) Article 21(4) is replaced by the following: "4. The Commission shall lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures in order to take account of technical developments in financial markets, to take account of developments in information and communication technology and to ensure the uniform application of paragraphs 1, 2 and 3 [...]. The Commission shall in particular specify: (a) minimum standards for the dissemination of regulated information, as referred to in paragraph 1; (b) minimum standards for the central storage mechanism as referred to in paragraph 2. The Commission may also specify and update a list of media for the dissemination of information to the public. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 211 #
Proposal for a directive – amending act Article 7 – point 2 f (new) Directive 2004/109/EC Article 22 – paragraph 2 (2f) Article 22(2) is replaced by the following: "2. The Commission shall review regularly the results achieved and may, by means of delegated acts in accordance with Articles 27, 27a and 27b, adopt measures to facilitate compliance with Articles 19 and 21."
Amendment 212 #
Proposal for a directive – amending act Article 7 – point 2 g (new) Directive 2004/109/EC Article 23 – paragraph 4 Amendment 213 #
Proposal for a directive – amending act Article 7 – point 2 h (new) Directive 2004/109/EC Article 23 – paragraph 5 (2h) Article 23(5) is replaced by the following: "5. In order to ensure consistent harmonisation and the uniform application of paragraph 2, the Commission may lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures defining the type of information disclosed in a third country that is of importance to the public in the Community. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 214 #
Proposal for a directive – amending act Article 7 – point 2 i (new) Directive 2004/109/EC Article 23 – paragraph 7 (2i) Article 23(7) is replaced by the following: "7. In order to take account of technical developments in financial markets and to ensure consistent harmonisation and the uniform application of paragraph 6, the Commission shall, in accordance with Articles 27, 27a and 27b, adopt implementing measures stating that, by reason of its domestic law, regulations, or administrative provisions, a third country ensures the equivalence of the independence requirements provided for under this Directive and delegated acts adopted under this Directive. The Commission shall also lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures aimed at establishing general equivalence criteria for the purpose of the first subparagraph. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 215 #
Proposal for a directive – amending act Article 7 – point 3 a (new) Directive 2004/109/EC Chapter VI – title (3a) The title of Chapter VI is replaced by the following: "DELEGATED ACTS AND IMPLEMENTING MEASURES"
Amendment 216 #
Proposal for a directive – amending act Article 7 – point 3 b (new) Directive 2004/109/EC Article 27 – paragraph 2a (3b) Article 27(2a) is replaced by the following: "2a. The power to adopt the delegated acts referred to in Articles 2(3), 5(6), 9(7), 12(8) 13(2) 14(2), 17(4) 18(5), 19(4) 21(4), 23(4), 23(5) and 23(7) shall be conferred on the Commission for an indeterminate period of time."
Amendment 217 #
Proposal for a directive – amending act Article 7 – point 3 c (new) Directive 2004/109/EC Article 27 – paragraph 2a a (new) (3c) In Article 27, the following paragraph 2a a is inserted: "2aa. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council"
Amendment 218 #
Proposal for a directive – amending act Article 7 – point 3 d (new) Directive 2004/109/EC Article 27 – paragraph 2 a b (new) (3d) In Article 27, the following paragraph 2ab is inserted: "2ab. The power to adopt delegated acts shall be conferred on the Commission subject to the conditions laid down in Articles 27a and 27b."
Amendment 219 #
Proposal for a directive – amending act Article 7 – point 3 e (new) Directive 2004/109/EC Article 27 a (new) (3e) The following Article is inserted: "Article 27a Revocation of the delegation 1. The delegation of power referred to in Articles 2(3), 5(6), 9(7), 12(8) 13(2) 14(2), 17(4) 18(5), 19(4) 21(4), 23(4), 23(5) and 23(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. 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."
Amendment 220 #
Proposal for a directive – amending act Article 7 – point 3 f (new) Directive 2004/109/EC Article 27 b (new) (3f) The following Article is inserted: "Article 27b 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 shall 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 enter into force at the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force."
Amendment 221 #
Proposal for a directive – amending act Article 8 – point 1 Directive 2005/60/EC Article 31 – paragraph 4 – subparagraph 1 4. In order to
Amendment 222 #
Proposal for a directive – amending act Article 8 – point 1 Directive 2005/60/EC Article 31 – paragraph 4 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 223 #
Proposal for a directive – amending act Article 8 – point 1 Directive 2005/60/EC Article 31 – paragraph 4 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 224 #
Proposal for a directive – amending act Article 8 – point 1 Directive 2005/60/EC Article 31 – paragraph 4 – subparagraph 2 The Commission may adopt the
Amendment 225 #
Proposal for a directive – amending act Article 8 – point 2 Directive 2005/60/EC Article 34 – paragraph 4 – subparagraph 1 4. In order to
Amendment 226 #
Proposal for a directive – amending act Article 8 – point 2 Directive 2005/60/EC Article 34 – paragraph 4 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 227 #
Proposal for a directive – amending act Article 8 – point 2 Directive 2005/60/EC Article 34 – paragraph 4 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council object to such an extension before the expiry of the delegation.
Amendment 228 #
Proposal for a directive – amending act Article 8 – point 2 Directive 2005/60/EC Article 34 – paragraph 4 – subparagraph 2 The Commission may adopt the
Amendment 229 #
Proposal for a directive – amending act Article 8 – point 2 a (new) Directive 2005/60/EC Chapter VI – title (2a) The title of Chapter VI is replaced by the following: "DELEGATED ACTS"
Amendment 230 #
Proposal for a directive – amending act Article 8 – point 2 b (new) Directive 2005/60/EC Article 40 – paragraph 1 – subparagraph 1 (2b) In Article 40(1), the first subparagraph is replaced by the following: "1. In order to take account of technical developments in the fight against money laundering or terrorist financing and to ensure consistent harmonisation and uniform implementation of this Directive, the Commission shall, [...] adopt the following [...] measures:"
Amendment 231 #
Proposal for a directive – amending act Article 8 – point 2 c (new) Directive 2005/60/EC Article 40 – paragraph 1 – subparagraph 2 Amendment 232 #
Proposal for a directive – amending act Article 8 – point 2 d (new) Directive 2005/60/EC Article 40 – paragraph 1 – subparagraph 2 a (new) (2d) In Article 40(1), the following subparagraph is added: "The draft delegated acts shall be drawn up by the ESA within the framework of the Joint Committee of the European Supervisory Authorities.";
Amendment 233 #
Proposal for a directive – amending act Article 8 – point 2 e (new) Directive 2005/60/EC Article 40 – paragraph 3 – subparagraph 2 (2e) In Article 40(3), the second subparagraph is replaced by the following: "The measures [...] shall be adopted by means of delegated acts in accordance with Articles 41, 41a and 41b.";
Amendment 234 #
Proposal for a directive – amending act Article 8 – point 2 f (new) Directive 2005/60/EC Article 40 – paragraph 3 – subparagraph 2 a (new) (2f) In Article 40(3), the following subparagraph is added: "The draft delegated acts shall be drawn up by the ESA within the framework of the Joint Committee of the European Supervisory Authorities.";
Amendment 235 #
Proposal for a directive – amending act Article 8 – point 2 g (new) Directive 2005/60/EC Article 40 – paragraph 4 (2g) Article 40(4) is replaced by the following: "Where the Commission finds that a third country does not meet the conditions laid down in Article 11(1) or (2), Article 28(3), (4) or (5), or in the measures established in accordance with paragraph 1(b) of this Article or in Article 16(1)(b), or that the legislation of that third country does not permit application of the measures required under the first subparagraph of Article 31(1), it shall adopt a decision so stating by means of delegated acts in accordance with Articles 41, 41a and 41b.";
Amendment 236 #
Proposal for a directive – amending act Article 8 – point 2 h (new) Directive 2005/60/EC Article 40 – paragraph 4 – subparagraph 1 a (new) Amendment 237 #
Proposal for a directive – amending act Article 8 – point 2 i (new) Directive 2005/60/EC Article 41 – paragraph 2 a (2i) Article 41(2a) is replaced by the following: "2a. The power to adopt delegated acts referred to in Article 40 shall be conferred on the Commission for an indeterminate period of time.";
Amendment 238 #
Proposal for a directive – amending act Article 8 – point 2 j (new) Directive 2005/60/EC Article 41 – paragraphs 2 b and 2 c (new) (2j) In Article 41, the following paragraphs 2b and 2c are inserted: "2b. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 2c. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 41a and 41b.";
Amendment 239 #
Proposal for a directive – amending act Article 8 – point 2 k (new) Directive 2005/60/EC Article 41 – paragraph 3 (2k) The third paragraph of Article 41 is deleted;
Amendment 240 #
Proposal for a directive – amending act Article 8 – point 2 l (new) Directive 2005/60/EC Article 41 a (new) (2l) The following article is inserted: "Article 41a Revocation of the delegation 1. The delegation of powers referred to in Article 40 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 stating the delegated powers which could be subject to revocation. 3. The revocation decision 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.";
Amendment 241 #
Proposal for a directive – amending act Article 8 – point 2 m (new) Directive 2005/60/EC Article 41 b (new) (2m) The following article is inserted: "Article 41b 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 shall 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 enter into force at the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force.".
Amendment 242 #
Proposal for a directive – amending act Article 9 – point 1 Directive 2006/48/EC Article 6 – paragraph 2- subparagraph 1 "
Amendment 243 #
Proposal for a directive – amending act Article 9 – point 1 Directive 2006/48/EC Article 6 – paragraph 2 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 244 #
Proposal for a directive – amending act Article 9 – point 1 Directive 2006/48/EC Article 6 –paragraph 2 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 245 #
Proposal for a directive – amending act Article 9 – point 1 Directive 2006/48/EC Article 6 – paragraph 2 – subparagraph 2 The Commission may adopt the
Amendment 246 #
Proposal for a directive – amending act Article 9 – point 3 Directive 2006/48/EC Article 19 – paragraph 9 – subparagraph 1 "9.
Amendment 247 #
Proposal for a directive – amending act Article 9 – point 3 Directive 2006/48/EC Article 19 – paragraph 9 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 248 #
Proposal for a directive – amending act Article 9 – point 3 Directive 2006/48/EC Article 19 – paragraph 9 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 249 #
Proposal for a directive – amending act Article 9 – point 3 Directive 2006/48/EC Article 19 – paragraph 9 – subparagraph 2 The Commission may adopt the
Amendment 250 #
Proposal for a directive – amending act Article 9 – point 4 Directive 2006/48/EC Article 26 – paragraph 5 – subparagraph 1 "5. In order to
Amendment 251 #
Proposal for a directive – amending act Article 9 – point 4 Directive 2006/48/EC Article 26 – paragraph 5 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 252 #
Proposal for a directive – amending act Article 9 – point 4 Directive 2006/48/EC Article 26 – paragraph 5 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 253 #
Proposal for a directive – amending act Article 9 – point 4 Directive 2006/48/EC Article 26 – paragraph 5 – subparagraph 2 The Commission may adopt the
Amendment 254 #
Proposal for a directive – amending act Article 9 – point 5 Directive 2006/48/EC Article 28 – paragraph 4 – subparagraph 1 "4. In order to
Amendment 255 #
Proposal for a directive – amending act Article 9 – point 5 Directive 2006/48/EC Article 28 – paragraph 4 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 256 #
Proposal for a directive – amending act Article 9 – point 5 Directive 2006/48/EC Article 28 – paragraph 4 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 257 #
Proposal for a directive – amending act Article 9 – point 5 Directive 2006/48/EC Article 28 – paragraph 4 – subparagraph 2 The Commission may adopt the
Amendment 258 #
Proposal for a directive – amending act Article 9 – point 7 Directive 2006/48/EC Article 42 – paragraph 2 – subparagraph 1 "
Amendment 259 #
Proposal for a directive – amending act Article 9 – point 7 Directive 2006/48/EC Article 42 – paragraph 2 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 260 #
Proposal for a directive – amending act Article 9 – point 7 Directive 2006/48/EC Article 42 – paragraph 2 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 261 #
Proposal for a directive – amending act Article 9 – point 7 Directive 2006/48/EC Article 42 – paragraph 2 – subparagraph 2 The Commission may adopt the
Amendment 262 #
Proposal for a directive – amending act Article 9 – point 8 Directive 2006/48/EC Article 42 a(1) – subparagraph 4 a "If, at the end of the initial two
Amendment 263 #
Proposal for a directive – amending act Article 9 – point 13 – point b Directive 2006/48/EC Article 63a – paragraph 6 – subparagraph 1 "6. In order to ensure
Amendment 264 #
Proposal for a directive – amending act Article 9 – point 13 – point b Directive 2006/48/EC Article 63a – paragraph 6 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 265 #
Proposal for a directive – amending act Article 9 – point 13 – point b Directive 2006/48/EC Article 63a – paragraph 6 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 266 #
Proposal for a directive – amending act Article 9 – point 13 Directive 2006/48/EC Article 63a – paragraph 6 – subparagraph 2 The Commission may adopt the
Amendment 267 #
Proposal for a directive – amending act Article 9 – point 14 Directive 2006/48/EC Article 74 – paragraph 2 – subparagraph 2 – sub-subparagraph 1 "For the communication of these calculations by credit institutions, competent authorities shall apply, from 31 December 2012, uniform formats, frequencies, language and dates of reporting.
Amendment 268 #
Proposal for a directive – amending act Article 9 – point 14 Directive 2006/48/EC Article 74 – paragraph 2 – subparagraph 2 – sub-subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 269 #
Proposal for a directive – amending act Article 9 – point 14 Directive 2006/48/EC Article 74 – paragraph 2 – subparagraph 2 – sub-subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 270 #
Proposal for a directive – amending act Article 9 – point 14 Directive 2006/48/EC Article 74 – paragraph 2 – subparagraph 2 – sub-subparagraph 2 The Commission may adopt the
Amendment 271 #
Proposal for a directive – amending act Article 9 – point 15 Directive 2006/48/EC Article 81 – paragraph 2 – subparagraph 2 "
Amendment 272 #
Proposal for a directive – amending act Article 9 – point 15 Directive 2006/48/EC Article 81 – paragraph 2 – subparagraph 2 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 273 #
Proposal for a directive – amending act Article 9 – point 15 Directive 2006/48/EC Article 81 – paragraph 2 – subparagraph 2 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 274 #
Proposal for a directive – amending act Article 9 – point 15 Directive 2006/48/EC Article 81 – paragraph 2 – subparagraph 3 The Commission may adopt the
Amendment 275 #
Proposal for a directive – amending act Article 9 – point 16 Directive 2006/48/EC Article 84 – paragraph 2 – subparagraph 3 "
Amendment 276 #
Proposal for a directive – amending act Article 9 – point 16 Directive 2006/48/EC Article 84 – paragraph 2 – subparagraph 3 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 277 #
Proposal for a directive – amending act Article 9 – point 16 Directive 2006/48/EC Article 84 – paragraph 2 – subparagraph 3 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 278 #
Proposal for a directive – amending act Article 9 – point 16 Directive 2006/48/EC Article 84 – paragraph 2 – subparagraph 4 The Commission may adopt the
Amendment 279 #
Proposal for a directive – amending act Article 9 – point 17 Directive 2006/48/EC Article 97 – paragraph 2 – subparagraph 2 "
Amendment 28 #
Proposal for a directive – amending act Recital 6 (6) In order for the European System of Financial Supervisors to work effectively, changes to
Amendment 280 #
Proposal for a directive – amending act Article 9 – point 17 Directive 2006/48/EC Article 97 – paragraph 2 – subparagraph 2 a (new) The European Parliament or the Council may revoke the delegation of powers referred to the first subparagraph.
Amendment 281 #
Proposal for a directive – amending act Article 9 – point 17 Directive 2006/48/EC Article 97 – paragraph 2 – subparagraph 2 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 282 #
Proposal for a directive – amending act Article 9 – point 17 Directive 2006/48/EC Article 97 – paragraph 2 – subparagraph 3 The Commission may adopt the
Amendment 283 #
Proposal for a directive – amending act Article 9 – point 18 Directive 2006/48/EC Article 105 – paragraph 1 – subparagraph 2 "
Amendment 284 #
Proposal for a directive – amending act Article 9 – point 18 Directive 2006/48/EC Article 105 – paragraph 1 – subparagraph 2 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 285 #
Proposal for a directive – amending act Article 9 – point 18 Directive 2006/48/EC Article 105 – paragraph 1 – subparagraph 2 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 286 #
Proposal for a directive – amending act Article 9 – point 18 Directive 2006/48/EC Article 105 – paragraph 1 – subparagraph 3 The Commission may adopt the
Amendment 287 #
Proposal for a directive – amending act Article 9 – point 19 Directive 2006/48/EC Article 106 – paragraph 2 – subparagraph 2 "
Amendment 288 #
Proposal for a directive – amending act Article 9 – point 19 Directive 2006/48/EC Article 106 – paragraph 2 – subparagraph 2 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 289 #
Proposal for a directive – amending act Article 9 – point 19 Directive 2006/48/EC Article 106 – paragraph 2 – subparagraph 2 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 29 #
Proposal for a directive – amending act Recital 7 a (new) (7a) The regulations establishing the ESFS provide that, in the areas specifically set out in the relevant legislation, the ESA may develop draft technical standards, to be submitted to the Commission for adoption in accordance with Articles 290 and 291 of the Treaty on the Functioning of the European Union by means of delegated or implementing acts.
Amendment 290 #
Proposal for a directive – amending act Article 9 – point 19 Directive 2006/48/EC Article 106 – paragraph 2 – subparagraph 3 The Commission may adopt those
Amendment 291 #
Proposal for a directive – amending act Article 9 – point 20 Directive 2006/48/EC Article 110 – paragraph 2 – subparagraph 1 "2. Member States shall provide that reporting shall be carried out at least twice a year. The competent authorities shall apply, from 31 December 2012, uniform formats, frequencies, language and dates of reporting.
Amendment 292 #
Proposal for a directive – amending act Article 9 – point 20 Directive 2006/48/EC Article 110 – paragraph 2 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 293 #
Proposal for a directive – amending act Article 9 – point 20 Directive 2006/48/EC Article 110 – paragraph 2 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 294 #
Proposal for a directive – amending act Article 9 – point 20 Directive 2006/48/EC Article 110 – paragraph 2 – subparagraph 2 The Commission may adopt the
Amendment 295 #
Proposal for a directive – amending act Article 9 – point 21 Directive 2006/48/EC Article 122a – paragraph 10 – subparagraph 2 Amendment 296 #
Proposal for a directive – amending act Article 9 – point 21 Directive 2006/48/EC Article 122a – paragraph 10 – subparagraph 2 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 297 #
Proposal for a directive – amending act Article 9 – point 21 Directive 2006/48/EC Article 122a – paragraph 10 – subparagraph 2 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 298 #
Proposal for a directive – amending act Article 9 – point 21 Directive 2006/48/EC Article 122a – paragraph 10 – subparagraph 3 The Commission may adopt the
Amendment 299 #
Proposal for a directive – amending act Article 9 – point 22 Directive 2006/48/EC Article 124 – paragraph 6 – subparagraph 1 "6.
Amendment 30 #
Proposal for a directive – amending act Recital 7 b (new) (7b) The relevant legislation should define those areas in which the ESA are empowered to develop draft technical standards and how they should be adopted. While in the case of delegated acts the relevant legislation must lay down the elements, conditions and specifications as detailed in Article 290 of the Treaty on the Functioning of the European Union, in the case of implementing acts the rules and general principles concerning mechanisms for control must be defined in advance in accordance with Article 291 of the Treaty on the Functioning of the European Union.
Amendment 300 #
Proposal for a directive – amending act Article 9 – point 22 Directive 2006/48/EC Article 124 – paragraph 6 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 301 #
Proposal for a directive – amending act Article 9 – point 22 Directive 2006/48/EC Article 124 – paragraph 6 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 302 #
Proposal for a directive – amending act Article 9 – point 22 Directive 2006/48/EC Article 124 – paragraph 6 – subparagraph 2 The Commission may adopt the
Amendment 303 #
Proposal for a directive – amending act Article 9 – point 23 Directive 2006/48/EC Article 129 – paragraph 2 – subparagraph 5 – sub-subparagraph 2 If, at the end of the six month period, any of the competent authorit
Amendment 304 #
Proposal for a directive – amending act Article 9 – point 24 – points a to c Directive 2006/48/EC Article 129 – paragraph 3 – subparagraphs 3 to 5 (a) In the third sub-paragraph, "Committee of European Banking Supervisors" is replaced by "European Banking Authority". (b) The fourth subparagraph is replaced by the following:
Amendment 305 #
Proposal for a directive – amending act Article 9 – point 24 – point e Directive 2006/48/EC Article 129 – paragraph 3 – subparagraph 10 – sub-subparagraph 1 "
Amendment 306 #
Proposal for a directive – amending act Article 9 – point 24 – point e Directive 2006/48/EC Article 129 – paragraph 3 – subparagraph 10 – sub-subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 307 #
Proposal for a directive – amending act Article 9 – point 24 Directive 2006/48/EC Article 129 – paragraph 3 – subparagraph 10 – sub-subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 308 #
Proposal for a directive – amending act Article 9 – point 24 Directive 2006/48/EC Article 129 – paragraph 3 – subparagraph 10 – sub-subparagraph 2 The Commission may adopt those
Amendment 309 #
Proposal for a directive – amending act Article 9 – point 27 – point a Directive 2006/48/EC Article 131a – paragraph 2 – subparagraph 2 – sub-subparagraph 1 "
Amendment 31 #
Proposal for a directive – amending act Recital 9 (9) Matters subject to technical standards should be genuinely technical, where their development requires the expertise of supervisory experts. The technical standards
Amendment 310 #
Proposal for a directive – amending act Article 9 – point 27 – point a Directive 2006/48/EC Article 131a – paragraph 2 – subparagraph 2 – sub-subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 311 #
Proposal for a directive – amending act Article 9 – point 27 – point a Directive 2006/48/EC Article 131a – paragraph 2 – subparagraph 2 – sub-subparagraph 1b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 312 #
Proposal for a directive – amending act Article 9 – point 27 – point a Directive 2006/48/EC Article 131a – paragraph 2 – subparagraph 2 – sub-subparagraph 2 The Commission may adopt the
Amendment 313 #
Proposal for a directive – amending act Article 9 – point 29 Directive 2006/48/EC Article 144 – paragraph 3 – subparagraph 1 "
Amendment 314 #
Proposal for a directive – amending act Article 9 – point 29 Directive 2006/48/EC Article 144 – paragraph 3 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 315 #
Proposal for a directive – amending act Article 9 – point 29 Directive 2006/48/EC Article 144 – paragraph 3 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 316 #
Proposal for a directive – amending act Article 9 – point 29 Directive 2006/48/EC Article 144 – paragraph 3 – subparagraph 2 The Commission may adopt the
Amendment 317 #
Proposal for a directive – amending act Article 9 – point 29 a (new) Directive 2006/48/EC Title VI – title (29a) The title of Title VI is replaced by the following. "DELEGATED ACTS AND POWERS OF EXECUTION"
Amendment 318 #
Proposal for a directive – amending act Article 9 – point 29 b (new) Directive 2006/48/EC Article 150 – paragraph 1 – introductory wording (29b) The first subparagraph ofArticle 150(1) is replaced by the following: "1. Without prejudice, as regards own funds, to the proposal that the Commission is to submit pursuant to Article 62, the technical adjustments [...] shall be adopted by means of delegated acts in accordance with [...] Articles 151, 151a, and 151 b:";
Amendment 319 #
Proposal for a directive – amending act Article 9 – point 29 c (new) Directive 2006/48/EC Article 150 – paragraph 1 – subparagraph 1 a (29c) In Article 150(1), the following subparagraph is added: "The draft delegated acts shall be drawn up by the European Banking Authority.";
Amendment 32 #
Proposal for a directive – amending act Recital 9 9. Matters subject to technical standards should be genuinely technical, where their development requires the expertise of supervisory experts. The technical standards
Amendment 320 #
Proposal for a directive – amending act Article 9 – point 30 – point b Directive 2006/48/EC Article 150 – paragraph 3 – subparagraph 1 – introductory wording "3. The
Amendment 321 #
Proposal for a directive – amending act Article 9 – point 30 – point b Directive 2006/48/EC Article 150 – paragraph 3 – subparagraph 2 Amendment 322 #
Proposal for a directive – amending act Article 9 – point 30 – point b Directive 2006/48/EC Article 150 – paragraph 3 – subparagraph 2 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 323 #
Proposal for a directive – amending act Article 9 – point 30 – point b Directive 2006/48/EC Article 150 – paragraph 3 – subparagraph 2 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 324 #
Proposal for a directive – amending act Article 9 – point 30 Directive 2006/48/EC Article 150 – paragraph 3 – subparagraph 3 The Commission may adopt the
Amendment 325 #
Proposal for a directive – amending act Article 9 – point 30 b (new) Directive 2006/48/EC Article 150 – paragraph 2 – subparagraph 1 (30b) The introductory wording contained in the first subparagraph of Article 150(2) is replaced by the following: "The Commission may adopt the following [...] measures:"
Amendment 326 #
Proposal for a directive – amending act Article 9 – point 30 c (new) Directive 2006/48/EC Article 150 – paragraph 2 – subparagraph 2 (30c) The second subparagraph of Article 150(2) is replaced by the following: "These measures shall be adopted by means of delegated acts in accordance with [...] Articles 151, 151a, 151b.";
Amendment 327 #
Proposal for a directive – amending act Article 9 – point 30 d (new) Directive 2006/48/EC Article 150 – paragraph 2 – subparagraph 2 a (new) (30) In Article 150(2), the following subparagraph is added: "The draft delegated acts shall be drawn up by the European Banking Authority.";
Amendment 328 #
Proposal for a directive – amending act Article 9 – point 30 e (new) Directive 2006/48/EC Article 151 – paragraph 2 (30e) Article 151(2) is replaced by the following: "2. The power to adopt delegated acts referred to in Article 150 shall be conferred on the Commission for an indeterminate period of time.";
Amendment 329 #
Proposal for a directive – amending act Article 9 – point 30 f (new) Directive 2006/48/EC Article 151 – paragraph 2 a (30f) Article 151(2a) is replaced by the following: "2a. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.";
Amendment 33 #
Proposal for a directive – amending act Recital 9 a (new) (9a) In the case of delegated acts it is appropriate, for the sake of consistency, to introduce the procedure for adoption of technical standards provided for in Article 7 of Regulations (EC) No. …/…[EBA], No. …/… [ESMA], and No. …/… [EIOPA]. Where the technical standards are designed to determine the conditions of application of a level 2 measure, they should be adopted after adoption of the relevant level 2 measure.
Amendment 330 #
Proposal for a directive – amending act Article 9 – point 30 g (new) Directive 2006/48/EC Article 151 – paragraph 2 b (new) (30g) In Article 151, the following paragraph is inserted: "2b. The power to adopt delegated acts shall be conferred on the Commission subject to the conditions laid down in Articles 151a and 151b.";
Amendment 331 #
Proposal for a directive – amending act Article 9 – point 30 h (new) Directive 2006/48/EC Article 151 – paragraph 3 (30h) Article 151(3) is deleted;
Amendment 332 #
Proposal for a directive – amending act Article 9 – point 30 i (new) Directive 2006/48/EC Article 151 a (new) Amendment 333 #
Proposal for a directive – amending act Article 9 – point 30 j (new) Directive 2006/48/EC Article 151 b (new) Amendment 334 #
Proposal for a directive – amending act Article 10 Directive 2006/49/EC Article 18 – paragraph 5 – subparagraph 1 "5.
Amendment 335 #
Proposal for a directive – amending act Article 10 Directive 2006/49/EC Article 18 – paragraph 5 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 336 #
Proposal for a directive – amending act Article 10 Directive 2006/49/EC Article 18 – paragraph 5 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 337 #
Proposal for a directive – amending act Article 10 Directive 2006/49/EC Article 18 – paragraph 5 – subparagraph 2 The Commission may adopt the
Amendment 338 #
Proposal for a directive – amending act Article 10 – point 1 a (new) Directive 2006/49/EC Section 2 – title (before Article 41) (1a) The title of Section 2 is replaced by the following: "Delegated acts and Powers of execution"
Amendment 339 #
Proposal for a directive – amending act Article 10 – point 1 b (new) Directive 2006/49/EC Article 41 – paragraph 2 Amendment 34 #
Proposal for a directive – amending act Recital 9 b (new) (9b) In accordance with the precautionary principle on supervision, binding technical standards should not prevent Member States' competent authorities from requiring additional information or imposing additional or more stringent requirements than those specified in the relevant legislative acts which they develop, when they allow for such prudential discretion.
Amendment 340 #
Proposal for a directive – amending act Article 10 – point 1 c (new) Directive 2006/49/EC Article 42 – paragraph 2 (1c) Article 42(2) is replaced by the following: "2. The power to adopt delegated acts referred to in Article 41 shall be conferred on the Commission for an indeterminate period of time."
Amendment 341 #
Proposal for a directive – amending act Article 10 – point 1 d (new) Directive 2006/49/EC Article 42 – paragraphs 2 a (new) and 2 b (new) (1d) In Article 42, the following 2 paragraphs are added: "2a. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 2b.The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 42a and 42b."
Amendment 342 #
Proposal for a directive – amending act Article 10 – point 1 e (new) Directive 2006/49/EC Article 42 a (new) Amendment 343 #
Proposal for a directive – amending act Article 10 – point 1 f (new) Directive 2006/49/EC Article 42 b (new) (1f) The following article is inserted after Article 42a: "Article 42b 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 shall 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 enter into force at the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force."
Amendment 344 #
Proposal for a directive – amending act Article 11 – point 1 Directive 2009/65/EC Article 5 – paragraph 8 – subparagraph 1 "8.
Amendment 345 #
Proposal for a directive – amending act Article 11 – point 1 Directive 2009/65/EC Article 5 – paragraph 8 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 346 #
Proposal for a directive – amending act Article 11 – point 1 Directive 2009/65/EC Article 5 – paragraph 8 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 347 #
Proposal for a directive – amending act Article 11 – point 1 Directive 2009/65/EC Article 5 – paragraph 8 – subparagraph 2 The Commission may adopt the
Amendment 348 #
Proposal for a directive – amending act Article 11 – point 2 Directive 2009/65/EC Article 7 – paragraph 6 – subparagraph 1 "6.
Amendment 349 #
Proposal for a directive – amending act Article 11 – point 2 Directive 2009/65/EC Article 7 – paragraph 6 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 35 #
Proposal for a directive – amending act Recital 12 a (new) Amendment 350 #
Proposal for a directive – amending act Article 11 – point 2 Directive 2009/65/EC Article 7 – paragraph 6 – subparagraph 1 b (new) Amendment 351 #
Proposal for a directive – amending act Article 11 – point 2 Directive 2009/65/EC Article 7 – paragraph 6 – subparagraph 2 The Commission may adopt the
Amendment 352 #
Proposal for a directive – amending act Article 11 – point 2 a (new) – point a Directive 2009/65/EC Article 12 – paragraph 3 – subparagraph 1 Amendment 353 #
Proposal for a directive – amending act Article 11 – point 2 a (new) – point b Directive 2009/65/EC Article 12 – paragraph 3 – subparagraph 2 (b) The second subparagraph of Article 12(3) is deleted.
Amendment 354 #
Proposal for a directive – amending act Article 11 – point 2 a (new) – point c Directive 2009/65/EC Article 12 – paragraph 3 – subparagraph 2 a (new) (c) The following subparagraph is added: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 355 #
Proposal for a directive – amending act Article 11 – point 3 Directive 2009/65/EC Article 12 – paragraph 4 – subparagraph 1 "4. In order to ensure uniform application of this Article,
Amendment 356 #
Proposal for a directive – amending act Article 11 – point 3 Directive 2009/65/EC Article 12 – paragraph 4 – subparagraph 1 "4. In order to ensure uniform application of this Article, the European Securities and Markets Authority
Amendment 357 #
Proposal for a directive – amending act Article 11 – point 3 Directive 2009/65/EC Article 12 – paragraph 4 – subparagraph 2 The Commission may adopt the
Amendment 358 #
Proposal for a directive – amending act Article 11 – point 3 Directive 2009/65/EC Article 12 – paragraph 4 – subparagraph 2 The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure
Amendment 359 #
Proposal for a directive – amending act Article 11 – point 3 a (new) – point a Directive 2009/65/EC Article 14 – paragraph 2 – subparagraph 1 (3a) Article 14(2) is amended as follows: (a) The first subparagraph is replaced by the following: "2. Without prejudice to Article 116, the Commission shall adopt, by 1 July 2010, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures, with a view to ensuring that the management company complies with the duties set out in paragraph 1, in particular to:"
Amendment 36 #
Proposal for a directive – amending act Recital 15 a (new) (15a) Confidential information transmitted to or exchanged between competent authorities and the European Securities and Markets Authority or the European Systemic Risk Board should be covered by the obligation of professional secrecy, to which the persons employed or formerly employed by the competent authorities receiving the information are subject.
Amendment 360 #
Proposal for a directive – amending act Article 11 – point 3 a (new) – point b Directive 2009/65/EC Article 14 – paragraph 2 – subparagraph 2 (b) The second subparagraph is deleted.
Amendment 361 #
Proposal for a directive – amending act Article 11 – point 3 a (new) – point c Directive 2009/65/EC Article 14 – paragraph 2 – subparagraph 2 a (new) (c) The following subparagraph is added: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 362 #
Proposal for a directive – amending act Article 11 – point 4 Directive 2009/65/EC Article 14 – paragraph 3 – subparagraph 1 "3. In order to ensure uniform application of this Article,
Amendment 363 #
Proposal for a directive – amending act Article 11 – point 4 Directive 2009/65/EC Article 14 – paragraph 3 – subparagraph 1 "3. In order to ensure uniform application of this Article, the European Securities and Markets Authority
Amendment 364 #
Proposal for a directive – amending act Article 11 – point 4 Directive 2009/65/EC Article 14 – paragraph 3 – subparagraph 2 The Commission may adopt the
Amendment 365 #
Proposal for a directive – amending act Article 11 – point 4 Directive 2009/65/EC Article 14 – paragraph 3 – subparagraph 2 The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure
Amendment 366 #
Proposal for a directive – amending act Article 11 – point 5 a (new) – point a Directive 2009/65/EC Article 23 – paragraph 6 – subparagraph 1 (5a) Article 23(6) is amended as follows: (a) The first subparagraph is replaced by the following: "6. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures in relation to the measures to be taken by a depositary in order to fulfil its duties regarding a UCITS managed by a management company established in another Member State, including the particulars that need to be included in the standard agreement to be used by the depositary and the management company in accordance with paragraph 5."
Amendment 367 #
Proposal for a directive – amending act Article 11 – point 5 a (new) – point b Directive 2009/65/EC Article 23 – paragraph 6 – subparagraph 2 (b) The second subparagraph is deleted.
Amendment 368 #
Proposal for a directive – amending act Article 11 – point 5 a (new) – point c Directive 2009/65/EC Article 23 – paragraph 6 – subparagraph 2 a (new) (c) In Article 23(6), the following subparagraph is added: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 369 #
Proposal for a directive – amending act Article 11 – point 6 Directive 2009/65/EC Article 29 – paragraph 5 – subparagraph 1 "5.
Amendment 37 #
Proposal for a directive – amending act Recital 18 Amendment 370 #
Proposal for a directive – amending act Article 11 – point 6 Directive 2009/65/EC Article 29 – paragraph 5 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 371 #
Proposal for a directive – amending act Article 11 – point 6 Directive 2009/65/EC Article 29 – paragraph 5 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 372 #
Proposal for a directive – amending act Article 11 – point 6 Directive 2009/65/EC Article 29 – paragraph 5 – subparagraph 2 The Commission may adopt the
Amendment 373 #
Proposal for a directive – amending act Article 11 – point 6 a (new) – point a Directive 2009/65/EC Article 33 – paragraph 6 – subparagraph 1 (6a) Article 33(6) is amended as follows: (a) The first subparagraph is replaced by the following: "6. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures in relation to the measures to be taken by a depositary in order to fulfil its duties regarding a UCITS managed by a management company established in another Member State, including the particulars that need to be included in the standard agreement to be used by the depositary and the management company in accordance with paragraph 5."
Amendment 374 #
Proposal for a directive – amending act Article 11 – point 6 a (new) – point b Directive 2009/65/EC Article 33 – paragraph 6 – subparagraph 2 (b) The second subparagraph is deleted.
Amendment 375 #
Proposal for a directive – amending act Article 11 – point 6 a (new) – point c Directive 2009/65/EC Article 33 – paragraph 6 – subparagraph 2 a (new) (c) The following subparagraph is added: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 376 #
Proposal for a directive – amending act Article 11 – point 6 b (new) – point a Directive 2009/65/EC Article 43 – paragraph 5 – first subparagraph (6b) Article 43(5) is amended as follows: (a) The first subparagraph is replaced by the following: "5. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures specifying the detailed content, format and method by which to provide the information referred to in paragraphs 1 and 3."
Amendment 377 #
Proposal for a directive – amending act Article 11 – point 6 b (new) – point b Directive 2009/65/EC Article 43 – paragraph 5 – second subparagraph (b) The second subparagraph is deleted.
Amendment 378 #
Proposal for a directive – amending act Article 11 – point 6 b (new) – point c Directive 2009/65/EC Article 43 – paragraph 5 – subparagraph 2 a (new) (c) The following subparagraph is added: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 379 #
Proposal for a directive – amending act Article 11 – point 7 Directive 2009/65/EC Article 43 – paragraph 6 – subparagraph 1 "6. In order to ensure uniform application of this Article,
Amendment 38 #
Proposal for a directive – amending act Article 2 – point 3 Directive 2002/87/EC Chapter III – title Amendment 380 #
Proposal for a directive – amending act Article 11 – point 7 Directive 2009/65/EC Article 43 – paragraph 6 – subparagraph 1 "6. In order to ensure uniform application of this Article, the European Securities and Markets Authority
Amendment 381 #
Proposal for a directive – amending act Article 11 – point 7 Directive 2009/65/EC Article 43 – paragraph 6 – subparagraph 2 The Commission may adopt the
Amendment 382 #
Proposal for a directive – amending act Article 11 – point 7 Directive 2009/65/EC Article 43 – paragraph 6 – subparagraph 2 The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure
Amendment 383 #
Proposal for a directive – amending act Article 11 – point 8 Directive 2009/65/EC Article 50 – paragraph 4 – subparagraph 1 "4.
Amendment 384 #
Proposal for a directive – amending act Article 11 – point 8 Directive 2009/65/EC Article 50 – paragraph 4 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 385 #
Proposal for a directive – amending act Article 11 – point 8 Directive 2009/65/EC Article 50 – paragraph 4 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 386 #
Proposal for a directive – amending act Article 11 – point 8 Directive 2009/65/EC Article 50 – paragraph 4 – subparagraph 2 The Commission may adopt the
Amendment 387 #
Proposal for a directive – amending act Article 11 – point 9 – point -a (new) Directive 2009/65/EC Article 51 – paragraph 4 (new) Amendment 388 #
Proposal for a directive – amending act Article 11 – point 9 Directive 2009/65/EC Article 51 – paragraph 5 – subparagraph 1 "5. In order to ensure uniform application of this Article,
Amendment 389 #
Proposal for a directive – amending act Article 11 – point 9 Directive 2009/65/EC Article 51 – paragraph 5 – subparagraph 2 The Commission may adopt the
Amendment 39 #
Proposal for a directive – amending act Article 2 – point 3 Directive 2002/87/EC Chapter III – title Amendment 390 #
Proposal for a directive – amending act Article 11 – point 9 – point a Directive 2009/65/EC Article 51 – paragraph 5 Amendment 391 #
Proposal for a directive – amending act Article 11 – point 9 a (new) – point a Directive 2009/65/EC Article 60 – paragraph 6 – subparagraph 1 (9a) Article 60(6) is amended as follows: (a) The first subparagraph is replaced by the following: "6. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, [...] measures specifying:"
Amendment 392 #
Proposal for a directive – amending act Article 11 – point 9 a (new) – point b Directive 2009/65/EC Article 60 – paragraph 6 – second subparagraph (b) The second subparagraph is deleted.
Amendment 393 #
Proposal for a directive – amending act Article 11 – point 9 a (new) – point c Directive 2009/65/EC Article 60 – paragraph 6 – subparagraph 2 a (new) (c) The following subparagraph is added: "The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 394 #
Proposal for a directive – amending act Article 11 – point 10 Directive 2009/65/EC Article 60 – paragraph 7 – subparagraph 1 "7. In order to ensure uniform application of this Article,
Amendment 395 #
Proposal for a directive – amending act Article 11 – point 10 Directive 2009/65/EC Article 60 – paragraph 7 – subparagraph 2 The Commission may adopt the
Amendment 396 #
Proposal for a directive – amending act Article 11 – point 10 Directive 2009/65/EC Article 60 – paragraph 7 "7. In order to ensure uniform application of this Article, the European Securities and Markets Authority
Amendment 397 #
Proposal for a directive – amending act Article 11 – point 11 Directive 2009/65/EC Article 61 – paragraph 4 – subparagraph 1 "4. In order to ensure uniform application of this Article,
Amendment 398 #
Proposal for a directive – amending act Article 11 – point 11 Directive 2009/65/EC Article 61 – paragraph 4 – subparagraph 2 The Commission may adopt the
Amendment 399 #
Proposal for a directive – amending act Article 11 – point 11 – point -a (new) Directive 2009/65/EC Article 61 – paragraph 3 (new) (11) Article 61 is amended as follows: (-a) The third paragraph is replaced by the following "3. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures further specifying the following: (a) the particulars that need to be included in the agreement referred to in paragraph 1; and (b) the types of irregularities referred to in paragraph 2 which are deemed to have a negative impact on the feeder UCITS. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 40 #
Proposal for a directive – amending act Article 2 – point 3 a (new) Directive 2002/87/EC Article 20 – paragraph 1 (3a) The first subparagraph of Article 20(1) is replaced by the following: "1. The Commission shall adopt by means of delegated acts the [...] adaptations to be made to this Directive in the following areas: (a) a more precise formulation of the definitions referred to in Article 2 in order to take account of developments in financial markets in the application of this Directive; (b) a more precise formulation of the definitions referred to in Article 2 in order to ensure consistent harmonisation and uniform application of this Directive in the Community; (c) the alignment of terminology and the framing of definitions in the Directive in accordance with subsequent Community acts on regulated entities and related matters; (d) a more precise definition of the calculation methods set out in Annex I in order to take account of developments on financial markets and prudential techniques; (e) coordination of the provisions adopted pursuant to Articles 7 and 8 and Annex II with a view to encouraging consistent harmonisation and uniform application within the Community. The draft delegated acts shall be drawn up by the Joint Committee of the European Supervisory Authorities."
Amendment 400 #
Proposal for a directive – amending act Article 11 – point 11 - point a Directive 2009/65/EC Article 61 – paragraph 4 Amendment 401 #
Proposal for a directive – amending act Article 11 – point 11 a (new) Directive 2009/65/EC Article 62 – paragraph 4 Amendment 402 #
Proposal for a directive – amending act Article 11 – point 12 Directive 2009/65/EC Article 64 – paragraph 5 – subparagraph 1 "5. In order to ensure uniform application of this Article,
Amendment 403 #
Proposal for a directive – amending act Article 11 – point 12 Directive 2009/65/EC Article 64 – paragraph 5 – subparagraph 2 The Commission may adopt the
Amendment 404 #
Proposal for a directive – amending act Article 11 – point 12 – point -a (new) Directive 2009/65/EC Article 64 – paragraph 4 (new) (12) Article 64 is amended as follows: (-a) The forth paragraph is replaced by the following: "4. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures specifying: (a) the format and the manner in which to provide the information referred to in paragraph 1; or (b) in the event that the feeder UCITS transfers all or parts of its assets to the master UCITS in exchange for units, the procedure for valuing and auditing such a contribution in kind and the role of the depositary of the feeder UCITS in that process. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 405 #
Proposal for a directive – amending act Article 11 – point 12 – point a Directive 2009/65/EC Article 64 – paragraph 5 Amendment 406 #
Proposal for a directive – amending act Article 11 – point 13 Directive 2009/65/EC Article 69 – paragraph 5 – subparagraph 1 "5.
Amendment 407 #
Proposal for a directive – amending act Article 11 – point 13 Directive 2009/65/EC Article 69 – paragraph 5 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 408 #
Proposal for a directive – amending act Article 11 – point 13 Directive 2009/65/EC Article 69 – paragraph 5 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 409 #
Proposal for a directive – amending act Article 11 – point 13 Directive 2009/65/EC Article 69 – paragraph 5 – subparagraph 2 The Commission may adopt the
Amendment 41 #
Proposal for a directive – amending act Article 2 – point 4 a (new) Directive 2002/87/EC Article 21 – paragraph 2 (4a) Article 21(2) is replaced by the following: "2. The power to adopt delegated acts as referred to in Article 20(1) shall be conferred on the Commission for an indeterminate period of time."
Amendment 410 #
Proposal for a directive – amending act Article 11 – point 13 a (new) Directive 2009/65/EC Article 75 – paragraph 4 (13a) Article 75(4) is replaced by the following: "4. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures which define the specific conditions which need to be met when providing the prospectus in a durable medium other than paper or by means of a website which does not constitute a durable medium. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 411 #
Proposal for a directive – amending act Article 11 – point 14 Directive 2009/65/EC Article 78 – paragraph 8 – subparagraph 1 "8. In order to ensure uniform application of this Article,
Amendment 412 #
Proposal for a directive – amending act Article 11 – point 14 Directive 2009/65/EC Article 78 – paragraph 8 – subparagraph 2 The Commission may adopt the
Amendment 413 #
Proposal for a directive – amending act Article 11 – point 14 – point -a (new) Directive 2009/65/EC Article 78 – paragraph 7 (new) Amendment 414 #
Proposal for a directive – amending act Article 11 – point 14 – point a Directive 2009/65/EC Article 78 – paragraph 8 Amendment 415 #
Proposal for a directive – amending act Article 11 – point 14 a (new) Directive 2009/65/EC Article 81 – paragraph 2 (14a) Article 81(2) is replaced by the following: "2. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures which define the specific conditions which need to be met when providing key investor information in a durable medium other than on paper or by means of a website which does not constitute a durable medium. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 416 #
Proposal for a directive – amending act Article 11 – point 15 Directive 2009/65/EC Article 84 – paragraph 4 – subparagraph 1 "4.
Amendment 417 #
Proposal for a directive – amending act Article 11 – point 15 Directive 2009/65/EC Article 84 – paragraph 4 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 418 #
Proposal for a directive – amending act Article 11 – point 15 Directive 2009/65/EC Article 84 – paragraph 4 – subparagraph 1 b (new) The delegation shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 419 #
Proposal for a directive – amending act Article 11 – point 15 Directive 2009/65/EC Article 84 – paragraph 4 – subparagraph 2 The Commission may adopt the
Amendment 42 #
Proposal for a directive – amending act Article 2 – point 4 b (new) Directive 2002/87/EC Article 21 – paragraph 2 a (new) (4b) In Article 21, the following paragraph is inserted after paragraph 2: "2a. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council."
Amendment 420 #
Proposal for a directive – amending act Article 11 – point 16 Directive 2009/65/EC Article 95 – paragraph 2 – subparagraph 1 – introductory part "2.
Amendment 421 #
Proposal for a directive – amending act Article 11 – point 16 Directive 2009/65/EC Article 95 – paragraph 2 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 422 #
Proposal for a directive – amending act Article 11 – point 16 Directive 2009/65/EC Article 95 – paragraph 2 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 423 #
Proposal for a directive – amending act Article 11 – point 16 Directive 2009/65/EC Article 95 – paragraph 2 – subparagraph 2 The Commission may adopt the
Amendment 424 #
Proposal for a directive – amending act Article 11 – point 16 – point -a (new) Directive 2009/65/EC Article 95 – paragraph 1 (16) Article 95 is amended as follows: (-a) The first paragraph is replaced by the following: "1. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures specifying: (a) the scope of the information referred to in Article 91(3); (b) the facilitation of access for the competent authorities of the UCITS host Member States to the information or documents referred to in Article 93(1), (2) and (3) in accordance with Article 93(7). [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 425 #
Proposal for a directive – amending act Article 11 – point 16 – point a Directive 2009/65/EC Article 95 – paragraph 2 Amendment 426 #
Proposal for a directive – amending act Article 11 – point 17 Directive 2009/65/EC Article 101 – paragraph 9 – subparagraph 1 9.
Amendment 427 #
Proposal for a directive – amending act Article 11 – point 17 Directive 2009/65/EC Article 101 – paragraph 9 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 428 #
Proposal for a directive – amending act Article 11 – point 17 Directive 2009/65/EC Article 101 – paragraph 9 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 429 #
Proposal for a directive – amending act Article 11 – point 17 Directive 2009/65/EC Article 101 – paragraph 9 – subparagraph 2 The Commission may adopt the
Amendment 43 #
Proposal for a directive – amending act Article 2 – point 4 c (new) Directive 2002/87/EC Article 21 – paragraph 2 b (new) (4c) In Article 21, the following paragraph is inserted after paragraph2a: "2b. The power to adopt delegated acts shall be conferred on the Commission subject to the conditions laid down in Article 21a and 21b."
Amendment 430 #
Proposal for a directive – amending act Article 11 – point 19 Directive 2009/65/EC Article 105 – subparagraph 1 Amendment 431 #
Proposal for a directive – amending act Article 11 – point 19 Directive 2009/65/EC Article 105 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 432 #
Proposal for a directive – amending act Article 11 – point 19 Directive 2009/65/EC Article 105 – subparagraph 1 b (new) Amendment 433 #
Proposal for a directive – amending act Article 11 – point 19 Directive 2009/65/EC Article 105 – subparagraph 2 The Commission may adopt the
Amendment 434 #
Proposal for a directive – amending act Article 11 – point 20 a (new) Directive 2009/65/EC Chapter XIII – title (before Article 111) (20a) The title of chapter XIII is replaced by the following: "DELEGATED ACTS AND POWERS OF EXECUTION"
Amendment 435 #
Proposal for a directive – amending act Article 11 – point 20 b (new) Directive 2009/65/EC Article 111 (20b) Article 111 is replaced by the following: "Article 111 The Commission shall adopt technical amendments to this Directive in the following areas: (a) clarification of the definitions in order to ensure consistent harmonisation and uniform application of this Directive throughout the Community; or (b) alignment of terminology and the framing of definitions in accordance with subsequent acts on UCITS and related matters. Those measures [...] shall be adopted by means of delegated acts in accordance with Articles 112, 112a and 112b. The draft of the delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 436 #
Proposal for a directive – amending act Article 11 – point 20 c (new) Directive 2009/65/EC Article 112 (20c) Article 112 is replaced by the following: "Article 112 1. The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC. 2. The power to adopt delegated acts referred to in Articles 12, 14, 23, 33, 43, 51, 60, 61, 62, 64, 75, 78, 81, 95 and 111 shall be conferred on the Commission for an indeterminate period of time. 2a. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 2b. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 112a and 112b. 3. Where reference is made to this paragraph, Articles 5 and 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof. The period laid down in Article 5(6) of Decision 1999/468/EC shall be set at three months."
Amendment 437 #
Proposal for a directive – amending act Article 11 – point 20 d (new) Directive 2009/65/EC Article 112 a (new) (20d) The following article is inserted after Article 112: "Article 112a Revocation of the delegation 1. The delegation of powers referred to in Articles 12, 14, 23, 33, 43, 51, 60, 61, 62, 64, 75, 78, 81, 95 and 111 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, stating the delegated powers which could be subject to revocation. 3. The revocation decision 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."
Amendment 438 #
Proposal for a directive – amending act Article 11 – point 20 e (new) Directive 2009/65/EC Article 112 b (new) (20e) The following article is inserted after Article 112a: "Article 112b 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 shall 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 enter into force at the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force."
Amendment 44 #
Proposal for a directive – amending act Article 2 – point 5 Directive 2002/87/EC Article 21a – title Technical Standards Technical Standards - delegated acts
Amendment 45 #
Proposal for a directive – amending act Article 2 – point 5 Directive 2002/87/EC Article 21a – paragraph 1 – subparagraph 1 – introductory part 1.
Amendment 46 #
Proposal for a directive – amending act Article 2 – point 5 Directive 2002/87/EC Article 21a – paragraph 1 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 47 #
Proposal for a directive – amending act Article 2 – point 5 Directive 2002/87/EC Article 21a – paragraph 1 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 48 #
Proposal for a directive – amending act Article 2 – point 5 Directive 2002/87/EC Article 21a – paragraph 1 – subparagraph 2 The Commission may adopt the
Amendment 49 #
Proposal for a directive – amending act Article 2 – point 5 a (new) Directive 2002/87/EC Article 21 b (new) Amendment 50 #
Proposal for a directive – amending act Article 2 – point 5 b (new) Directive 2002/87/EC Article 21 c (new) (5b) The following article is inserted after Article 21b: "Article 21c 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 shall 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 enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force."
Amendment 51 #
Proposal for a directive – amending act Article 3 – point -1 (new) Directive 2003/6/EC Article 1 – point 5 (-1) In Article 1, point 5 is replaced by the following: "5. ‘Accepted market practices’ shall mean practices that are reasonably expected in one or more financial markets and are accepted by the competent authority in accordance with standards adopted by the Commission in accordance with the delegated acts procedure [...] laid down in Articles 17, 17a and 17b."
Amendment 52 #
Proposal for a directive – amending act Article 3 – point -1 a (new) Directive 2003/6/EC Article 1 – paragraph 2 (-1a) In Article 1, the second paragraph, is replaced by the following: "In order to take account of developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive in the Community, the Commission shall lay down, by means of delegated acts, measures concerning points 1, 2 and 3 of this Article. Those measures [...] shall be adopted in accordance with the delegated acts procedure [...] referred to in Articles 17, 17a and 17b. The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 53 #
Proposal for a directive – amending act Article 3 – point -1 b (new) Directive 2003/6/EC Article 6 – paragraph 10 – subparagraph 2 (-1b) In Article 6(10), the second subparagraph is replaced by the following: "Those measures [...] shall be adopted in accordance with the delegated acts procedure [...] referred to in Articles 17, 17a and 17b." The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 54 #
Proposal for a directive – amending act Article 3 – point -1 c (new) Directive 2003/6/EC Article 8 (-1c) Article 8 is replaced by the following: "The prohibitions provided for in this Directive shall not apply to trading in own shares in ‘buy-back’ programmes or to the stabilisation of a financial instrument provided such trading is carried out in accordance with delegated acts. Those measures [...] shall be adopted in accordance with the delegated acts procedure [...] referred to in Articles 17, 17a and 17b. The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 55 #
Proposal for a directive – amending act Article 3 – point -1 d (new) Directive 2003/6/EC Article 14 – paragraph 2 (-1d) Article 14(2) is replaced by the following: "2. In accordance with the procedure laid down in Articles 17, 17a and 17b, the Commission shall, for information, draw up a list of the administrative measures and sanctions referred to in paragraph 1. The European Securities and Markets Authority shall produce guidelines to enable the Commission to draw up that list. The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 56 #
Proposal for a directive – amending act Article 3 – point 3 Directive 2003/6/EC Article 16 – paragraph 5 – subparagraph 1 Amendment 57 #
Proposal for a directive – amending act Article 3 – point 3 Directive 2003/6/EC Article 16 – paragraph 5 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 58 #
Proposal for a directive – amending act Article 3 – point 3 Directive 2003/6/EC Article 16 – paragraph 5 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 59 #
Proposal for a directive – amending act Article 3 – point 3 Directive 2003/6/EC Article 16 – paragraph 5 – subparagraph 2 The Commission may adopt the
Amendment 60 #
Proposal for a directive – amending act Article 3 – point 3 a (new) Directive 2003/6/EC Article 17 – paragraph 2 a (3a) Article 17(2a) is replaced by the following: "2a. The power to adopt delegated acts referred to in Article 1, Article 6(10), Article 8, Article 14(2) and Article 16(5) shall be conferred on the Commission for an indeterminate period of time."
Amendment 61 #
Proposal for a directive – amending act Article 3 – point 3 b (new) Directive 2003/6/EC Article 17 – paragraph 2a a (new) (3b) In Article 17, the following paragraph is inserted after paragraph 2a: "2aa. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council."
Amendment 62 #
Proposal for a directive – amending act Article 3 – point 3 c (new) Directive 2003/6/EC Article 17 – paragraph 2 ab (new) (3c) In Article 17, the following paragraph is inserted after paragraph 2aa: "2ab. The power to adopt delegated acts shall be conferred on the Commission subject to the conditions laid down in Articles 17a and 17b."
Amendment 63 #
Proposal for a directive – amending act Article 3 – point 3 d (new) Directive 2003/6/EC Article 17 – paragraph 3 (3d) Article 17(3) is deleted.
Amendment 64 #
Proposal for a directive – amending act Article 3 – point 3 e (new) Directive 2003/6/EC Article 17 a (new) Amendment 65 #
Proposal for a directive – amending act Article 3 – point 3 f (new) Directive 2003/6/EC Article 17 b (new) Amendment 66 #
Proposal for a directive – amending act Article 4 – point 1 Directive 2003/41/EC Article 13 – paragraph 2 – subparagraph 1 2.
Amendment 67 #
Proposal for a directive – amending act Article 4 – point 1 Directive 2003/41/EC Article 13 – paragraph 2 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 68 #
Proposal for a directive – amending act Article 4 – point 1 Directive 2003/41/EC Article 13 – paragraph 2 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 69 #
Proposal for a directive – amending act Article 4 – point 1 Directive 2003/41/EC Article 13 – paragraph 2 – subparagraph 2 The Commission may adopt the
Amendment 70 #
Proposal for a directive – amending act Article 4 – point 2 Directive 2003/41/EC Article 20 – paragraph 11 – subparagraph 1 11.
Amendment 71 #
Proposal for a directive – amending act Article 4 – point 2 Directive 2003/41/EC Article 20 – paragraph 11 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 72 #
Proposal for a directive – amending act Article 4 – point 2 Directive 2003/41/EC Article 20 – paragraph 11 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 73 #
Proposal for a directive – amending act Article 4 – point 2 Directive 2003/41/EC Article 20 – paragraph 11 – subparagraph 2 The Commission may adopt the
Amendment 74 #
Proposal for a directive – amending act Article 5 – point -1 (new) Directive 2003/71/EC Article 1 – paragraph 3 a (new) (-1) In Article 1, the following paragraph is added: "3a. In order to take account of technical developments on financial markets and to ensure coherent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning the adjustment of the limits referred to in points (h) and (j) of Article 1(2). The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 75 #
Proposal for a directive – amending act Article 5 – point -1 a (new) Directive 2003/71/EC Article 2 – paragraph 4 (-1a) Article 2(4) is replaced by the following: "4. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, the definitions referred to in paragraph 1, including adjustment of the figures used for the definition of SMEs, taking into account Community legislation and recommendations as well as economic developments [...]. The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 76 #
Proposal for a directive – amending act Article 5 – point -1 b (new) Directive 2003/71/EC Article 4 – paragraph 3 Amendment 77 #
Proposal for a directive – amending act Article 5 – point -1 c (new) Directive 2003/71/EC Article 5 – paragraph 5 (-1c) Article 5(5) is replaced by the following: "5. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning the format of the prospectus or base prospectus and supplements. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 78 #
Proposal for a directive – amending act Article 5 – point -1 d (new) Directive 2003/71/EC Article 5 – paragraph 5 a (new) (-1d) In Article 5, the following paragraph is added: "5a. In order to achieve the objectives of this Directive, the Commission shall also lay down, by means of delegated acts in accordance with the Articles 24, 24a and 24b, measures to establish: (a) the detailed content and specific form of the key information document referred to in paragraphs 2 and 3; (b) the detailed content and specific form of the key information document with regard to: (i) structured securities and base prospectuses, (ii) shares, and (iii) bonds. Those delegated acts shall be adopted by ...*. The draft delegated acts shall be drawn up by the European Securities and Markets Authority. ____________ * OJ please insert date: 18 months after entry into force of this Directive."
Amendment 79 #
Proposal for a directive – amending act Article 5 – point -1 e (new) Directive 2003/71/EC Article 7 – paragraph 1 (-1e) Article 7(1) is replaced by the following: "1. Detailed delegated acts regarding the specific information which must be included in a prospectus, avoiding duplication of information when a prospectus is composed of separate documents, shall be adopted by the Commission in accordance with Articles 24, 24a and 24b. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 80 #
Proposal for a directive – amending act Article 5 – point -1 f (new) Directive 2003/71/EC Article 7 – paragraph 3 Amendment 81 #
Proposal for a directive – amending act Article 5 – point -1 g (new) Directive 2003/71/EC Article 8 – paragraph 4 (-1g) Article 8(4) is replaced by the following: "4. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning paragraph 2. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 82 #
Proposal for a directive – amending act Article 5 – point 1 Directive 2003/71/EC Article 8 – paragraph 5 – subparagraph 1 and 2 5. In order to ensure uniform application of paragraph 2 and to take account of technical developments on financial markets, the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards to determine the conditions of application of the
Amendment 83 #
Proposal for a directive – amending act Article 5 – point 1 Directive 2003/71/EC Article 8 – paragraph 5 – subparagraph 1 5. In order to ensure uniform application of paragraph 2 and to take account of technical developments on financial markets,
Amendment 84 #
Proposal for a directive – amending act Article 5 – point 1 Directive 2003/71/EC Article 8 – paragraph 5 – subparagraph 2 The Commission may adopt the
Amendment 85 #
Proposal for a directive – amending act Article 5 – point 1 a (new) Directive 2003/71/EC Article 11 – paragraph 3 (-1a) Article 11(3) is replaced by the following: "3. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning the information to be incorporated by reference. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 86 #
Proposal for a directive – amending act Article 5 – point 2 b a (new) Directive 2003/71/EC Article 13 – paragraph 7 Amendment 87 #
Proposal for a directive – amending act Article 5 – point 3 a (new) Directive 2003/71/EC Article 14 – paragraph 8 (3a) Article 14(8) is replaced by the following: "8. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning paragraphs 1, 2, 3 and 4. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 88 #
Proposal for a directive – amending act Article 5 – point 3 b (new) Directive 2003/71/EC Article 15 – paragraph 7 (3b) Article 15(7) is replaced by the following: "7. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning the dissemination of advertisements announcing the intention to offer securities to the public or the admission to trading on a regulated market, in particular before the prospectus has been made available to the public or before the opening of the subscription, and concerning paragraph 4. [...] The draft delegated acts shall be drawn up by the European Securities and Markets Authority."
Amendment 89 #
Proposal for a directive – amending act Article 5 – point 4 Directive 2003/71/EC Article 16 – paragraph 3 – subparagraph 1 "3. In order to
Amendment 90 #
Proposal for a directive – amending act Article 5 – point 4 Directive 2003/71/EC Article 16 – paragraph 3 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 91 #
Proposal for a directive – amending act Article 5 – point 4 Directive 2003/71/EC Article 16 – paragraph 3 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 92 #
Proposal for a directive – amending act Article 5 – point 4 Directive 2003/71/EC Article 16 – paragraph 3 – subparagraph 2 The Commission may adopt the
Amendment 93 #
Proposal for a directive – amending act Article 5 – point 6 Directive 2003/71/EC Article 18 – paragraph 4 – subparagraph 1 4. In order to
Amendment 94 #
Proposal for a directive – amending act Article 5 – point 6 Directive 2003/71/EC Article 18 – paragraph 4 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
Amendment 95 #
Proposal for a directive – amending act Article 5 – point 6 Directive 2003/71/EC Article 18 – paragraph 4 – subparagraph 1 b (new) The delegation of powers referred to in the first subparagraph shall be extended on a request from the Commission for periods of five years, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.
Amendment 96 #
Proposal for a directive – amending act Article 5 – point 6 Directive 2003/71/EC Article 18 – paragraph 4 – subparagraph 2 The Commission may adopt the
Amendment 97 #
Proposal for a directive – amending act Article 5 – point 6 a (new) Directive 2003/71/EC Article 20 – paragraph 3 Amendment 98 #
Proposal for a directive – amending act Article 5 – point 8 Directive 2003/71/EC Article 22 – paragraph 4 – subparagraph 1 4. In order to
Amendment 99 #
Proposal for a directive – amending act Article 5 – point 8 Directive 2003/71/EC Article 22 – paragraph 4 – subparagraph 1 a (new) The European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph.
source: PE-439.333
2010/03/19
ECON
115 amendments...
Amendment 370 #
Proposal for a directive – amending act Recital 4 (4) The European Council, in its conclusions of 19 June 2009, recommended that a European System of Financial Supervisors, comprising three new European Supervisory Authorities, be established. The system should be aimed at upgrading the quality and consistency of national supervision, strengthening oversight of cross border groups
Amendment 371 #
Proposal for a directive – amending act Recital 4 (4) The European Council, in its conclusions of 19 June 2009, recommended that a European System of Financial Supervisors, comprising three new European Supervisory Authorities, be established. The system should be aimed at upgrading the quality and consistency of national supervision, strengthening oversight of cross border groups
Amendment 372 #
Proposal for a directive – amending act Recital 11 (11) The Regulations establishing the ESFS provide for a mechanism to settle disagreements between competent national authorities. Where a competent authority disagrees
Amendment 373 #
Proposal for a directive – amending act Recital 11 (11) The Regulations establishing the
Amendment 374 #
Proposal for a directive – amending act Recital 12 (12)
Amendment 375 #
Proposal for a directive – amending act Recital 12 a (new) (12a) The binding procedure to settle disagreements is aimed at solving situations where a procedural or a substantive issue of compliance with Union law cannot be resolved by the supervisors. In such a situation, one of the supervisors involved should be able to raise the issue to the competent ESA. The ESA should be able to exert its powers specified in the Regulations, but should not be able to replace the discretionary judgments of national supervisors. The ESA should only settle the matter in order to ensure compliance with Union law. Specifically, in relation with decisions on capital add-ons under Directive 2006/48/EC, the EBA should not limit the ability of a national supervisor to set capital levels insofar as such a decision complies with the limits of national supervisors' discretion provided for in Union law.
Amendment 376 #
Proposal for a directive – amending act Article 1 – point 1 Directive 1998/26/EC Article 6 – paragraph 3 3. The Member State referred to in paragraph 2 shall immediately notify the European Systemic Risk Board, other Member States and the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council and shall communicate to the latter all information essential to achieve its tasks.
Amendment 377 #
Proposal for a directive – amending act Article 2 – point 1 a (new) Directive 2002/87/EC Article 9 – paragraph 2 – point c a (new) (1a) In Article 9(2) the following point is added: "(ca) the development of a detailed resolution regime, to be updated regularly and reviewed at least annually, comprising a structured early intervention mechanism, prompt corrective actions and a bankruptcy contingency plan."
Amendment 378 #
Proposal for a directive – amending act Article 2 – point 1 c (new) Directive 2002/87/EC Article -10 (1c) The following article is inserted in Section 3 before Article 10: "Article -10 1. Financial conglomerates shall be subject to supplementary and European supervision by the Joint Committee of the European Supervisory Authorities and the national competent authorities. 2. The Joint Committee of the European Supervisory Authorities shall exercise the European supervision of financial conglomerates, in order to ensure coherent cross-sectoral and cross-border compliance in accordance with European Union legislation. The Joint Committee of the European Supervisory Authorities shall act through a coordinator appointed by the national competent authorities for the supplementary supervision, who shall also act on behalf of the Joint Committee of the European Supervisory Authorities. 3. The coordinators of EU financial conglomerates shall be subject to general and cross-border coordination by the Joint Committee of the European Supervisory Authorities."
Amendment 379 #
Proposal for a directive – amending act Article 2 – point 2 a (new) Directive 2002/87/EC Article 18 – paragraph 1 a (new) (2a) In Article 18 the following paragraph is inserted after paragraph 1: "1a. Where a competent authority decides that a third-country has equivalent supervision contrary to the opinion of another relevant competent authority, the Joint Committee of the European Supervisory Authorities may revoke the decision where the decision of the competent authority responsible was based on false assumptions or the standard of supervision in the third country has decreased since the decision was made."
Amendment 380 #
Proposal for a directive – amending act Article 2 – point 5 b (new) Directive 2002/87/EC Article 21 b (new) (5b) The following Article is inserted after Article 21a: "Article 21b 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 shall 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 enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force. 3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non- objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."
Amendment 381 #
Proposal for a directive – amending act Article 3 – point -1 (new) Directive 2003/6/EC Article 1 – paragraph 1 –subparagraph 2 a (new) (-1) In point 1 of the first paragraph of Article 1, the following subparagraph is added: "In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application regarding the different elements of the definition of inside information, in particular its non- public character, referred to in the first subparagraph of this point. The Commission may adopt the draft technical standards referred to in the fourth subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."
Amendment 382 #
Proposal for a directive – amending act Article 3 – point -1 a (new) Directive 2003/6/EC Article 6 – paragraph 10 a (new) Amendment 383 #
Proposal for a directive – amending act Article 3 – point -1 b (new) Directive 2003/6/EC Article 8 – paragraph 1 a (new) (-1b) In Article 8 the following paragraph is added: "1a. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding: – the price limits and the daily purchase limit calculations relating to buy-backs programme referred to in Article 5 of Commission Regulation (EC) No 2273/2003 of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards exemptions for buy-back programmes and stabilisation of financial instruments1; – the disclosure and reporting of stabilisation of a financial instrument referred to in Article 9 of Regulation (EC) No 2273/2003; and – the ancillary stabilisation of a financial instrument referred to in Article 11 of Regulation (EC) No 2273/2003. The Commission may adopt the draft technical standards referred to in this paragraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]." 1 OJ L 336, 23.12.2003, p.33.
Amendment 384 #
Proposal for a directive – amending act Article 3 – point -1 c (new) Directive 2003/6/EC Article 12 – paragraph 2 Amendment 385 #
Proposal for a directive – amending act Article 3 – point -1 d (new) Directive 2003/6/EC Article 14 – paragraph 4 (-1d) Article 14(4) is replaced by the following: "4. Member States shall provide that the competent authority disclose to the public every measure or sanction that will be imposed for infringement of the provisions adopted in the implementation of this Directive, unless such disclosure would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved. The competent authorities shall report all measures or sanctions to the European Securities and Market Authority at the same time. The European Securities and Market Authority shall attach that information to the respective data records in the relevant European databases of registered market participants.
Amendment 386 #
Proposal for a directive – amending act Article 3 – point 1 a (new) Directive 2003/6/EC Article 16 – paragraph 2 a (new) (1a) In Article 16, the following paragraph is inserted after paragraph 2: "2a. The European Securities and Markets Authority established by Regulation .../... of the European Parliament and the Council may request, on its own initiative, any information required for the purpose referred to in paragraph 1."
Amendment 387 #
Proposal for a directive – amending act Article 3 – point 3 f (new) Directive 2003/6/EC Article 17 b (new) (3f) The following Article is inserted after Article 17a: "Article 17b 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. On the initiative of the European Parliament or the Council this period shall be extended by two months. 2. If, on expiry of that period neither the European Parliament nor the Council has objected to the delegated act, it shall enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force. 3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non- objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."
Amendment 388 #
Proposal for a directive – amending act Article 4 – point 3 c (new) Directive 2003/41/EC Article 15 – paragraph 6 a (new) (3c) In Article 15, the following paragraph is added: "6a. In order to ensure consistent harmonisation and uniform application of this Article, the European Insurance and Occupational Pensions Authority shall develop draft technical standards concerning the calculation of technical provisions. The Authority shall submit those draft technical standards and reports to the Commission by 1 June 2011. The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EIOPA]."
Amendment 389 #
Proposal for a directive – amending act Article 4 – point 1 d (new) Directive 2003/41/EC Article 20 – paragraph 10 a (new) (1d) In Article 20, the following paragraph is added: "10a. In order to ensure consistent harmonisation and uniform application of this Article, the European Insurance and Occupational Pensions Authority shall develop draft technical standards concerning authorisation and notification procedures, methods for calculating technical provisions and information and disclosure procedures. The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EIOPA]."
Amendment 390 #
Proposal for a directive – amending act Article 4 – point 2 Directive 2003/41/EC Article 20 – paragraph 11 – subparagraph 1 11. In order to ensure uniform application of this Directive, the European Insurance and Occupational Pension Authority shall develop draft technical standards listing for each Member State provisions of prudential nature relevant to the field of occupational pension schemes
Amendment 391 #
Proposal for a directive – amending act Article 4 – point 2 Directive 2003/41/EC Article 20 – paragraph 11 – subparagraph 1 11. In order to ensure consistent harmonisation and uniform application of this Directive, the European Insurance and Occupational Pension Authority shall develop draft technical standards regarding the calculation of technical provisions and shall prepare reports listing for each Member State other provisions of prudential nature relevant to the field of occupational pension schemes which are not covered by the reference to national social and labour law in paragraph 1. The Authority shall submit those draft technical standards and reports to the Commission by 1 J
Amendment 392 #
Proposal for a directive – amending act Article 4 – point 2 Directive 2003/41/EC Article 20 – paragraph 11 – subparagraph 1 (new) "11. In order to ensure consistent harmonisation and uniform application of this Directive, the European Insurance and Occupational Pensions Authority shall develop draft technical standards
Amendment 393 #
Proposal for a directive – amending act Article 4 – point 2 b (new) Directive 2003/41/EC Article 21 – paragraph 1 (2b) Article 21(1) is replaced by the following: "Member States, in cooperation with the European Insurance and Occupational Pensions Authority, shall ensure, in an appropriate manner, the consistent harmonisation and uniform application of this Directive through the application of common technical standards concerning authorisation, notification, rules regarding the calculation of technical provisions, information and disclosure procedures, regular exchanges of information and experience and closer cooperation, and by so doing, preventing distortions of competition and creating the conditions required for unproblematic cross-border membership."
Amendment 394 #
Proposal for a directive – amending act Article 4 – point 2 b (new) Directive 2003/41/EC Article 21 – paragraph 1 (2b) Article 21(1) is replaced by the following: "1. Member States, in cooperation with the European Insurance and Occupational Pensions Authority, shall ensure, in an appropriate manner, the consistent harmonisation and uniform application of this Directive through the application of common technical standards concerning authorisation and notification procedures, methods for calculating technical provisions and information and disclosure procedures and regular exchanges of information and experience [...] and closer cooperation, in order, by so doing, to prevent distortions of competition and create the conditions required for unproblematic cross-border membership."
Amendment 395 #
Proposal for a directive – amending act Article 4 – point 2 b (new) Directive 2003/41/EC Article 21 – paragraph 1 (2b) Article 21(1) 1 is replaced by the following: "1. Member States, in close cooperation with the European Insurance and Occupational Pensions Authority, shall ensure, in an appropriate manner, the uniform application of this Directive through regular exchanges of information and experience with a view to developing best practices in this sphere and closer cooperation, and by so doing, preventing distortions of competition and creating the conditions required for unproblematic cross-border membership and the portability of annuity claims."
Amendment 396 #
Proposal for a directive – amending act Article 5 – point -1 c (new) Directive 2003/71/EC Article 4 – paragraph 3 a (new) (-1c) In Article 4 the following paragraph is added: "3a. In order to ensure uniform application of this Directive, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the exemptions from the obligation to publish a prospectus provided a document is available containing information which is regarded by the competent authority as being equivalent to that normally contained in the prospectus. The Commission may adopt the draft technical standards referred to in this paragraph in accordance with the procedure laid down in Article 7 of Regulation …/…. [ESMA].”
Amendment 397 #
Proposal for a directive – amending act Article 5 – point -1 d (new) Directive 2003/71/EC Article 5 – paragraph 5 a (new) (-1d) In Article 5 the following paragraph is added: "5a. In order to ensure uniform application of this Directive, the European Securities and Markets Authority may develop draft technical standards to determine the content and format of the prospectus and its summary as well as: – the conditions of application of the provisions concerning the adaptation to the minimum information given in prospectuses and base prospectuses referred to in Article 23 of Commission Regulation (EC) No 809/2004 of 29 April 2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements1; – the content of the summary referred to paragraph 3; The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation …/…. [ESMA].” 1 OJ L 149, 30.4.2004, p. 1.
Amendment 398 #
Proposal for a directive – amending act Article 5 – point -1 e (new) Directive 2003/71/EC Article 6 – paragraph 2 a (new) (-1e) In Article 6 the following paragraph is added: "2a. In order to ensure uniform application of this Directive, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the responsibility attaching to the prospectus. The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation …/…. [ESMA].”
Amendment 399 #
Proposal for a directive – amending act Article 5 – point 2 a (new) Directive 2003/71/EC Article 14 – paragraph 1 Amendment 400 #
Proposal for a directive – amending act Article 5 – point 4 Directive 2003/71/EC Article 16 – paragraph 3 – first subparagraph 3. In order to ensure uniform application of this Article and to take account of technical developments on financial markets, the European Securities and Markets Authority
Amendment 401 #
Proposal for a directive – amending act Article 5 – point 4 Directive 2003/71/EC Article 16 – paragraph 3 – first subparagraph 3. In order to ensure uniform application of this Article and to take account of technical developments on financial markets, the European Securities and Markets Authority shall determine what constitutes a significant new factor, material mistake or inaccuracy referred to in paragraph 1 and shall develop draft technical standards to determine the conditions of application of the obligation to provide a supplement to the prospectus in case of a significant new factor, material mistake or inaccuracy relating to the information included in the prospectus. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.
Amendment 402 #
Proposal for a directive – amending act Article 5 – point 8 – point a Directive 2003/71/EC Article 22 – paragraph 3 3. Paragraph 1 shall not prevent the competent authorities from exchanging confidential information or from transmitting confidential information to the European Securities and Markets Authority or the European Systemic Risk Board, subject to constraints relating to firm- specific information and effects on third countries as provided for in the [ESMA Regulation] and [ESRB Regulation] respectively. Information exchanged between competent authorities and the European Securities and Markets Authority or the European Systemic Risk Board shall be covered by the obligation of professional secrecy, to which the persons employed or formerly employed by the competent authorities receiving the information are subject.
Amendment 403 #
Proposal for a directive – amending act Article 5 – point 8 i (new) Directive 2003/71/EC Article 24 b (new) Amendment 404 #
Proposal for a directive – amending act Article 6 – point -1 (new) Directive 2004/39/EC Article 2 – paragraph 3 Amendment 405 #
Proposal for a directive – amending act Article 6 – point -1 c (new) Directive 2004/39/EC Article 4 – paragraph 2 a (new) (-1) In Article 4, the following paragraph is inserted after paragraph 2: "2a. In order to take account of developments in financial markets and to ensure the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application regarding the different elements of the definitions laid down in paragraph 1 of this Article as well as the different elements of the definitions laid down in Article 2 of Commission Regulation (EC) No 1287/2006 of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive1 and Article 2 of Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive2. The Authority shall submit those draft technical standards to the Commission by 1 January 2015." 1 OJ L 241, 2.9.2006, p. 1. 1 OJ L 241, 2.9.2006, p. 26.
Amendment 406 #
Proposal for a directive – amending act Article 6 – point 1 Directive 2004/39/EC Article 5 – paragraph 3 3. Member States shall
Amendment 407 #
Proposal for a directive – amending act Article 6 – point 2 Directive 2004/39/EC Article 7 – paragraph 4 –subparagraph 1 4. In order to ensure consistent harmonisation and uniform application of this Article and of Article
Amendment 408 #
Proposal for a directive – amending act Article 6 – point 2 Directive 2004/39/EC Article 7 – paragraph 4 – subparagraph 1 4. In order to ensure uniform application of this Article and of Articles 7, 9(2)-(4), 10(1)-(2), and 12, the European Securities and Markets Authority may develop draft technical standards to
Amendment 409 #
Proposal for a directive – amending act Article 6 – point 2 Directive 2004/39/EC Article 7 – paragraph 4 – subparagraph 1 4. In order to ensure uniform application of this Article and of Articles 7, 9(
Amendment 410 #
Proposal for a directive – amending act Article 6 – point 3 Directive 2004/39/EC Article 10a – paragraph 8 – subparagraph 1 8. In order to ensure consistent harmonisation and uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application relating to the list of information required for the assessment of an acquisition as referred to in paragraph 1, the criteria for opposing acquisitions as referred to in paragraph 4 and the modalities of the consultation process between the relevant competent authorities as referred to in Article 10 (4). The Authority shall submit those draft technical standards to the Commission by 1 January 2014.
Amendment 411 #
Proposal for a directive – amending act Article 6 – point 3 a (new) Directive 2004/39/EC Article 13 – paragraph 10 a (new) (3a) In Article 13, the following paragraph is added: "10a. In order to take account of developments in financial markets and to ensure the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 6 to 8 of this Article and Article 18(1) and (2) of this Directive, and Articles 7 and 8 of Commission Regulation ° 1287//2006/EC as well as Articles 16 to 20 and 51 of Commission Directive 2006/73/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015. The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."
Amendment 412 #
Proposal for a directive – amending act Article 6 – point 3 c (new) Directive 2004/39/EC Article 19 – paragraph 10 – subparagraph 1 – introductory part (3c) In Article 19(10), the introductory wording of the first subparagraph is replaced by the following: "10. In order to ensure the necessary protection of investors and consistent harmonisation and the uniform application of paragraphs 1 to 8, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, ensure that investment firms comply with the principles set out therein when providing investment or ancillary services to their clients. Those delegated acts shall take into account:"
Amendment 413 #
Proposal for a directive – amending act Article 6 – point 3 d (new) Directive 2004/39/EC Article 19 – paragraph 10 a (new) (3d) In Article 19, the following paragraph is inserted after paragraph 10: "10a. In order to take account of developments in financial markets and to ensure the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 4 to 7 of this Article as well as of Articles 35 to 39 of Commission Directive 2006/73/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015. The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."
Amendment 414 #
Proposal for a directive – amending act Article 6 – point 3 e (new) Directive 2004/39/EC Article 21 – paragraph 6 a (new) (3e) In Article 21, the following paragraph is added: "6a. In order to take account of developments in financial markets and to ensure the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 1 to 5 of this Article as well as Articles 44- 46 of Commission Directive 2006/73/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015. The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."
Amendment 415 #
Proposal for a directive – amending act Article 6 – point 3 f (new) Directive 2004/39/EC Article 22 – paragraph 3 a (new) (3f) In Article 22, the following paragraph is added: "3a. In order to take account of developments in financial markets and to ensure the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraph 2 of this Article as well as Article 31 of Commission Regulation 2006/1287/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015. The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."
Amendment 416 #
Proposal for a directive – amending act Article 6 – point 3 g (new) Directive 2004/39/EC Article 23 – paragraph 3 – subparagraph 1 (3g) Article 23(3) first subparagraph is replaced by the following: "Member States that decide to allow investment firms to appoint tied agents shall send a systematically updated list of all tied agents to the European Securities and Market Authority. The European Authority shall establish a public register of all tied agents throughout the Union, which shall kept up to date and published on the internet for consultation free of charge."
Amendment 417 #
Proposal for a directive – amending act Article 6 – point 3 h (new) Directive 2004/39/EC Article 23 – paragraph 3 – subparagraph 5 (3h) Article 23(3), the fifth subparagraph is replaced by the following: "The register shall be updated on a regular basis. It shall be published on the internet and available for consultation. The European Securities and Markets Authority shall establish a list of all appointed tied agents of the investment firms throughout the Union. The European Securities and Markets Authority shall publish that list on its website and shall keep it up to date."
Amendment 418 #
Proposal for a directive – amending act Article 6 – point 3 i (new) Directive 2004/39/EC Article 27 – paragraph 7 a (new) (3i) In Article 27, the following paragraph is added: "7a. In order to take account of developments in financial markets and to ensure the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 1 to 6 of this Article as well as Articles 21- 26 of Commission Regulation 2006/1287/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015. The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."
Amendment 419 #
Proposal for a directive – amending act Article 6 – point 3 j (new) Directive 2004/39/EC Article 28 – paragraph 3 a (new) (3j) In Article 28, the following paragraph is added: "3a. In order to take account of developments in financial markets and to ensure the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 1 to 2 of this Article as well as Articles 27 to30 and 32-34 of Commission Regulation 2006/1287/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015. The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."
Amendment 420 #
Proposal for a directive – amending act Article 6 – point 3 k (new) Directive 2004/39/EC Article 29 – paragraph 3 a (new) (3k) In Article 29, the following paragraph is added: "3a. In order to take account of developments in financial markets and to ensure the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 1 to 2 of this Article as well as Articles 17 to 20, 29 to 30 and 32 to 34 of Commission Regulation 2006/1287/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015. The Commission may adopt the draft technical standards referred to in the fist subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."
Amendment 421 #
Proposal for a directive – amending act Article 6 – point 3 l (new) Directive 2004/39/EC Article 30 – paragraph 3 a (new) (3l) In Article 30, the following paragraph is added: "3a. In order to take account of developments in financial markets and to ensure the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 1 to 2 of this Article as well as Articles 27 to 30 and 32 to 34 of Commission Regulation 2006/1287/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015. The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."
Amendment 422 #
Proposal for a directive – amending act Article 6 – point 5 a (new) Directive 2004/39/EC Article 39 – paragraph 1 a (new) (5a) In Article 39, the following paragraph is added: "1a. In order to take account of developments in financial markets and to ensure the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of point (d). The Authority shall submit those draft technical standards to the Commission by 1 January 2015. The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."
Amendment 423 #
Proposal for a directive – amending act Article 6 – point 5 b (new) Directive 2004/39/EC Article 42 – paragraph 7 a (new) (5b) In Article 42, the following paragraph is added: "7a. In order to take account of developments in financial markets and to ensure the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraph 1. The Authority shall submit those draft technical standards to the Commission by 1 January 2015. The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."
Amendment 424 #
Proposal for a directive – amending act Article 6 – point 5 c (new) Directive 2004/39/EC Article 44 – paragraph 3 a (new) (5c) In Article 44, the following paragraph is added: "3a. In order to take account of developments in financial markets and to ensure the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 1 to 2 of this Article as well as Articles 17 to 20, 29 to 30 and 32 to 34 of Commission Regulation 2006/1287/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015. The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."
Amendment 425 #
Proposal for a directive – amending act Article 6 – point 5 d (new) Directive 2004/39/EC Article 45 – paragraph 3 a (new) (5d) In Article 45, the following paragraph is: "3a. In order to take account of developments in financial markets and to ensure the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 1 to 2 of this Article as well as Articles 27- 30 and 32 to 34 of Commission Regulation 2006/1287/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015. The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."
Amendment 426 #
Proposal for a directive – amending act Article 6 – point 7 a (new) Directive 2004/39/EC Article 51 – paragraph 2 a (new) (7a) In Article 51, the following paragraph is inserted after paragraph 2: "2a. Member States shall inform the European Securities and Markets Authority of the administrative measures or sanctions determined in accordance with paragraphs 1 and 2."
Amendment 427 #
Proposal for a directive – amending act Article 6 – point 8 d (new) Directive 2004/39/EC Article 56 – paragraph 5 (8d) Article 56(5) is replaced by the following: "5. In order to ensure consistent harmonisation and the uniform application of paragraphs 1 and 2, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, define the modalities for the cooperation of the competent authorities and establish the criteria under which the operations of a regulated market in a host Member State could be considered as of substantial importance for the functioning of the securities markets and the protection of the investors in that host Member State [...]."
Amendment 428 #
Proposal for a directive – amending act Article 6 – point 9 Directive 2004/39/EC Article 56 – paragraph 6 – first subparagraph 6. In order to ensure uniform application of paragraphs 1 and 2, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application relating to practical issues associated with the obligation for competent authorities to cooperate according to paragraph 1 and to the content of the cooperation agreements according to paragraph 2, including the development of standard forms and templates.
Amendment 429 #
Proposal for a directive – amending act Article 6 – point 10 – point b Directive 2004/39/EC Article 57 – paragraph 2 – first subparagraph 2. In order to ensure uniform application of paragraph 1, the European Securities and Markets Authority may develop draft technical standards to
Amendment 430 #
Proposal for a directive – amending act Article 6 – point 14 c (new) Directive 2004/39/EC Article 64 b (new) (14c) The following Article is inserted after Article 64a: "Article 64b 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 shall 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 enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force. 3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non- objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."
Amendment 431 #
Proposal for a directive – amending act Article 7 – point -1 c (new) Directive 2004/109/EC Article 4 – paragraph 2 – point a a (new) (-1c) In Article 4(2) the following point is inserted after point (a): "(aa) a country-by-country disclosure of annual accounts;"
Amendment 432 #
Proposal for a directive – amending act Article 7 – point 2 n (new) Directive 2004/109/EC Article 25 – paragraph 2 a (new) (2n) In Article 25 the following paragraph is inserted after paragraph 2: "2a. Competent authorities shall provide the European Securities and Markets Authority and other competent authorities with all relevant and necessary information in order to fulfil their duties under this Directive on their own initiative or on request of the European Securities and Markets Authority."
Amendment 433 #
Proposal for a directive – amending act Article 7 – point 3 h (new) Directive 2004/109/EC Article 27 b (new) (3h) The following Article is inserted after Article 27a: "Article 27b 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 shall 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 enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force. 3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non- objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."
Amendment 434 #
Proposal for a directive – amending act Article 8 – point -1 b (new) Directive 2005/60/EC Article 16 – paragraph 2 (-1b) Article 16(2) is replaced by the following: "2. Member States shall inform each other, the ESAs and the Commission of cases where they consider that a third country meets the conditions laid down in paragraph 1(b). The ESAs shall publish the list of equivalent countries on their websites."
Amendment 435 #
Proposal for a directive – amending act Article 8 – point 2 a (new) Directive 2005/60/EC Article 41 – paragraph 2 – subparagraph 1 (2a) In Article 41(2), the first subparagraph is replaced by the following: "2. Where reference is made to this paragraph, Articles 5 and 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof and provided that the [...] measures adopted in accordance with this procedure do not modify the essential provisions of this Directive."
Amendment 436 #
Proposal for a directive – amending act Article 8 – point 2 m (new) Directive 2005/60/EC Article 41 b (new) (2m) The following Article is inserted after Article 41a: "Article 41b 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 shall 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 enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force. 3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non- objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."
Amendment 437 #
Proposal for a directive – amending act Article 9 – point 2 a (new) Directive 2006/48/EC Article 17 – point e a (new) (2a) In Article 17(1), the following point is added: "(ea) has caused a serious and systematic infringement of Union or national law with regard to the EBA and the competent authorities."
Amendment 438 #
Proposal for a directive – amending act Article 9 – point 5 Directive 2006/48/EC Article 28 – paragraph 4 – first subparagraph 4. In order to ensure
Amendment 439 #
Proposal for a directive – amending act Article 9 – point 8 Directive 2006/48/EC Article 42a – paragraph 1 – fourth subparagraph If, at the end of the two month period
Amendment 440 #
Proposal for a directive – amending act Article 9 – point 8 Directive 2006/48/EC Article 42a – paragraph 1 – fourth subparagraph If, at the end of the two month period
Amendment 441 #
Proposal for a directive – amending act Article 9 – point 11 Directive 2006/48/EC Article 46 – paragraph 1 Member States and the European Banking Authority, in accordance with Article 18 of Regulation .../...[EBA], may conclude cooperation agreements, providing for exchanges of information, with the competent authorities of third countries or with authorities or bodies of third countries as defined in Articles 47 and 48(1) only if the
Amendment 442 #
Proposal for a directive – amending act Article 9 – point 11 a (new) Directive 2006/48/EC Article 46 – paragraph 2 (11a) The second paragraph of Article 46 is replace by the following: "Information exchanged under the first subparagraph shall not be disclosed without the express agreement of the competent authorities which have transmitted it and solely for the purposes for which those authorities gave their agreement."
Amendment 443 #
Proposal for a directive – amending act Article 9 – point 13 – point b Directive 2006/48/EC Article 63 a – paragraph 6 6.
Amendment 444 #
Proposal for a directive – amending act Article 9 – point 14 Directive 2006/48/EC Article 74 – paragraph 2 – second subparagraph "For the communication of these
Amendment 445 #
Proposal for a directive – amending act Article 9 – point 15 Directive 2006/48/EC Article 81 – paragraph 2 – subparagraph 1 "In order to ensure consistent harmonisation and uniform application of this Article, the European Banking Authority, in consultation with the European Securities and Market Authority, shall
Amendment 446 #
Proposal for a directive – amending act Article 9 – point 17 Directive 2006/48/EC Article 97 – paragraph 2 – subparagraph 1 "In order to ensure consistent harmonisation and uniform application of this Article, the European Banking Authority, in consultation with the European Securities and Market Authority, shall
Amendment 447 #
Proposal for a directive – amending act Article 9 – point 20 Directive 2006/48/EC Article 110 – paragraph 2 – subparagraph 1 "2. Member States shall provide that reporting shall be carried out at least twice a year. The competent authorities shall apply, from 31 December 2012, uniform formats, frequencies, IT language and dates of reporting.
Amendment 448 #
Proposal for a directive – amending act Article 9 – point 22 Directive 2006/48/EC Article 124 – paragraph 6 Amendment 449 #
Proposal for a directive – amending act Article 9 – point 22 Directive 2006/48/EC Article 124 – paragraph 6 – first subparagraph 6. In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the conditions of application of this Article and a common risk assessment procedure and methodology. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.
Amendment 450 #
Proposal for a directive – amending act Article 9 – point 22 Directive 2006/48/EC Article 124 – paragraph 6 – first subparagraph 6. In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the conditions of application of this Article and a common risk assessment procedure and methodology. The Authority
Amendment 451 #
Proposal for a directive – amending act Article 9 – point 22 c (new) Directive 2006/48/EC Article 129 – paragraph 1 – subparagraph 1 a (new) (22c) In Article 129(1), the following subparagraph is inserted after the first subparagraph: "Where any competent authority concerned has referred a matter referred to in points (a), (b) and (c) of the first subparagraph to the European Banking Authority in accordance with Article 11 of Regulation .../...[EBA], that competent authority shall await the decision of the European Banking Authority, and shall take its decision in conformity with the decision of the European Banking Authority."
Amendment 452 #
Proposal for a directive – amending act Article 9 – point 22 c (new) Directive 2006/48/EC Article 129 – paragraph 1 – subparagraph 1 a (new) (22c) In Article 129(1), the following subparagraph is inserted after the first subparagraph: "Where any competent authority concerned has referred a matter referred to in points (a), (b) and (c) of the first subparagraph to the European Banking Authority in accordance with Article 11 of Regulation .../...[EBA], that competent authority shall await the decision of the European Banking Authority, and shall take its decision in conformity with the decision of the European Banking Authority."
Amendment 453 #
Proposal for a directive – amending act Article 9 – point 22 c (new) Directive 2006/48/EC Article 129 – paragraph 1 – subparagraph 1 a (new) (22c) In Article 129(1), the following subparagraph is inserted after the first subparagraph: "Where any competent authority concerned has referred a matter referred to in points (a), (b) and (c) of the first subparagraph to the European Banking Authority in accordance with Article 11 of Regulation .../...[EBA], that competent authority shall await the decision of the European Banking Authority, and shall take its decision in conformity with the decision of the European Banking Authority."
Amendment 454 #
Proposal for a directive – amending act Article 9 – point 22 c (new) Directive 2006/48/EC Article 129 – paragraph 1 – subparagraph 1 a (new) (22c) In Article 129(1), the following subparagraph is inserted after the first subparagraph: "Where any competent authority concerned has referred a matter referred to in points (a), (b) and (c) of the first subparagraph to the European Banking Authority in accordance with Article 11 of Regulation [EBA], that competent authority shall await the decision of the European Banking Authority, and shall take its decision in conformity with the decision of the European Banking Authority."
Amendment 455 #
Proposal for a directive – amending act Article 9 – point 22 d (new) Directive 2006/48/EC Article 129 – paragraph 1 – subparagraph 1 b (new) Amendment 456 #
Proposal for a directive – amending act Article 9 – point 22 d (new) Directive 2006/48/EC Article 129 – paragraph 1 – subparagraph 1 b (new) (22d) In Article 129(1), the following subparagraph is added after subparagraph 1 a: "To ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards and guidelines to determine the conditions of the coordination and cooperation process with regard to the application of Articles 22, 123 and 124."
Amendment 457 #
Proposal for a directive – amending act Article 9 – point 22 d (new) Directive 2006/48/EC Article 129 – paragraph 1 – subparagraph 1 b (new) (22d) In Article 129(1), the following subparagraph is added after subparagraph 1 a: "To ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards and guidelines to determine the conditions of the coordination and cooperation process with regard to the application of Articles 22, 123 and 124."
Amendment 458 #
Proposal for a directive – amending act Article 9 – point 22 d (new) Directive 2006/48/EC Article 129 – paragraph 1 – subparagraph 1 b (new) (22d) In Article 129(1), the following subparagraph is added after subparagraph 1 a: "To ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards and guidelines to determine the conditions of the coordination and cooperation process with regard to the application of Articles 22, 123 and 124."
Amendment 459 #
Proposal for a directive – amending act Article 9 – point 23 – subparagraph 2 Directive 2006/48/EC Article 129 – paragraph 2 – subparagraph 5 If, at the end of the six month period, any of the competent authorit
Amendment 460 #
Proposal for a directive – amending act Article 9 – point 23 – subparagraph 2 Directive 2006/48/EC Article 129 – paragraph 2 – subparagraph 5 If, at the end of the six month period, any of the competent authorit
Amendment 461 #
Proposal for a directive – amending act Article 9 – point 23 – subparagraph 2 Directive 2006/48/EC Article 129 – paragraph 2 – subparagraph 5 If, at the end of the six month period, any of the competent authorit
Amendment 462 #
Proposal for a directive – amending act Article 9 – point 24 – point b Directive 2006/48/EC Article 129 – paragraph 3 – subparagraph 4 In the absence of such a joint decision between the competent authorities within four months, a decision on the application
Amendment 463 #
Proposal for a directive – amending act Article 9 – point 24 – point b Directive 2006/48/EC Article 129 – paragraph 3 – subparagraph 4 In the absence of such a joint decision between the competent authorities within
Amendment 464 #
Proposal for a directive – amending act Article 9 – point 24 – point b Directive 2006/48/EC Article 129 – paragraph 3 – subparagraph 4 In the absence of such a joint decision
Amendment 465 #
Proposal for a directive – amending act Article 9 – point 24 – point c Directive 2006/48/EC Article 129 – paragraph 3 – subparagraph 5 The decision on the application of Articles 123 and 124 and Article 136(2) shall be taken by the respective competent authorities responsible for supervision of subsidiaries of an EU parent credit institution or an EU parent financial holding company on an individual or sub- consolidated basis after duly considering
Amendment 466 #
Proposal for a directive – amending act Article 9 – point 24 – point c Directive 2006/48/EC Article 129 – paragraph 3 – subparagraph 5 The decision on the application of Articles 123 and 124 and Article 136(2) shall be taken by the respective competent authorities responsible for supervision of subsidiaries of an EU parent credit institution or an EU parent financial
Amendment 467 #
Proposal for a directive – amending act Article 9 – point 24 – point e Directive 2006/48/EC Article 129 – paragraph 3 – subparagraph 10 Amendment 468 #
Proposal for a directive – amending act Article 9 – point 25 – first subparagraph Directive 2006/48/EC Article 130 – paragraph 1 – subparagraph 1 Where a
Amendment 469 #
Proposal for a directive – amending act Article 9 – point 30 – point b Directive 2006/48/EC Article 150 – paragraph 3 – point a Amendment 470 #
Proposal for a directive – amending act Article 9 – point 30 j (new) Directive 2006/48/EC Article 151 b (new) (30j) The following article shall be inserted after Article 151a: "Article 151b 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 shall 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 enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force. 3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non- objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."
Amendment 471 #
Proposal for a directive – amending act Article 10 – point 1 c (new) Directive 2006/49/EC Article 32 – paragraph 1 (1c) Article 32(1) is replaced by the following: "1. Following guidelines prepared by the EBA, the competent authorities shall establish procedures to prevent institutions from deliberately avoiding the additional capital requirements that they would otherwise incur, on exposures exceeding the limit laid down in Article 111(1) of Directive 2006/48/EC once those exposures have been maintained for more than 10 days, by means of temporarily transferring the exposures in question to another company, whether within the same group or not, and/or by undertaking artificial transactions to close out the exposure during the10-day period and create a new exposure. The competent authorities shall notify the EBA, the Council and the Commission of those procedures. Institutions shall maintain systems which ensure that any transfer which has the effect referred to in the first subparagraph is immediately reported to the competent authorities."
Amendment 472 #
Proposal for a directive – amending act Article 10 – point 1 e (new) Directive 2006/49/EC Article 38 – paragraph 1 (1e) Article 38(1) is replaced by the following: "1. The competent authorities of the Member States and the EBA shall cooperate closely in the performance of the duties provided for in this Directive, particularly where investment services are provided on the basis of the freedom to provide services or through the establishment of branches. The competent authorities shall on request supply one another and the EBA with all information likely to facilitate the supervision of the capital adequacy of institutions, in particular the verification of their compliance with the rules laid down in this Directive."
Amendment 473 #
Proposal for a directive – amending act Article 10 – point 1 n (new) Directive 2006/49/EC Article 42 b (new) (1n) The following article is inserted after Article 42a: "Article 42b 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 shall 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 enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force. 3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non- objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."
Amendment 474 #
Proposal for a directive – amending act Article 11 – point 2 Directive 2009/65/EC Article 7 – paragraph 6 - first subparagraph 6. In order to ensure consistent harmonisation and uniform application of this Article, the European Securities and Markets Authority
Amendment 475 #
Proposal for a directive – amending act Article 11 – point 3 Directive 2009/65/EC Article 12 – paragraph 4 4. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the
Amendment 476 #
Proposal for a directive – amending act Article 11 – point 4 Directive 2009/65/EC Article 14 – paragraph 3 3. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the criteria, principles and steps referred to in points (a), (b), and (c) of
Amendment 477 #
Proposal for a directive – amending act Article 11 – point 7 Directive 2009/65/EC Article 43 – paragraph 6 6. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the
Amendment 478 #
Proposal for a directive – amending act Article 11 – point 9 Directive 2009/65/EC Article 51 – paragraph 5 5. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the
Amendment 479 #
Proposal for a directive – amending act Article 11 – point 10 Directive 2009/65/EC Article 60 – paragraph 7 7. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the
Amendment 480 #
Proposal for a directive – amending act Article 11 – point 11 Directive 2009/65/EC Article 61 – paragraph 4 4. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the
Amendment 481 #
Proposal for a directive – amending act Article 11 – point 12 Directive 2009/65/EC Article 64 – paragraph 5 5. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the
Amendment 482 #
Proposal for a directive – amending act Article 11 – point 14 Directive 2009/65/EC Article 78 – paragraph 8 8. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards
Amendment 483 #
Proposal for a directive – amending act Article 11 – point 16 Directive 2009/65/EC Article 95 – paragraph 2 2. In order to ensure uniform application of
Amendment 484 #
Proposal for a directive – amending act Article 11 – point 20 e (new) Directive 2009/65/EC Article 112 b (new) source: PE-439.899
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2015-11-04Show (1) Changes | Timetravel
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2014-11-10Show (5) Changes
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