Procedure completed
2011/0006(COD) European Supervisory Authorities: powers of the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority
Lead committee dossier: ECON/7/05195
Legal Basis TFEU 050, TFEU 053-p1, TFEU 062, TFEU 114-p1
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON | BALZ Burkhard (PPE) | SKINNER Peter (S&D), GOULARD Sylvie (ALDE), GIEGOLD Sven (Verts/ALE), FOX Ashley (ECR), MATIAS Marisa (GUE/NGL) |
| Opinion | JURI | STOYANOV Dimitar (NI) |
Legal Basis TFEU 050, TFEU 053-p1, TFEU 062, TFEU 114-p1
Subjects
Activites
- 2014/05/22 Final act published in Official Journal
-
2014/04/16
Final act signed
-
2014/04/16
End of procedure in Parliament
- #3308
-
2014/04/14
Council Meeting
-
2014/04/14
Act adopted by Council after Parliament's 1st reading
-
2014/03/11
Results of vote in Parliament
- Results of vote in Parliament
- Debate in Parliament
-
T7-0189/2014
summary
The European Parliament adopted by 560 votes to 113 with 4 abstentions, a legislative resolution on the proposal for a Directive of the European Parliament and of the Council amending Directives 2003/71/EC and 2009/138/EC in respect of the powers of the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority. Parliament adopted its position in first reading following the ordinary legislative procedure. The amendments adopted in plenary are the result of a compromise between Parliament and Council. Framework for financial supervision: the amended text stressed that financial stability is a prerequisite if the real economy is to provide jobs, credit and growth. It recalled the number of resolutions adopted by the European Parliament before and during the financial crisis calling for a move towards more integrated European supervision (particularly in its resolutions of 13 April 2000, 21 November 2002, 11 July 2007, 23 September 2008 and 9 October 2008 with recommendations to the Commission on Lamfalussy follow-up: Future Structure of Supervision. Amendment of Union legislation: in order to ensure the proper functioning of the European System of Financial Supervision ('ESFS'), Parliament stressed the need to amend Union legislation regarding the field of operation of the three European supervisory authorities -the European Insurance and Occupational Pensions Authority (EIOPA), the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) (collectively referred to as the European Supervisory Authorities (ESAs), aiming at more effective implementation of micro-level supervision. Draft technical standards: the regulations establishing the ESFS provide that the ESAs may develop draft technical standards in the areas specifically set out in the relevant legislation, to be submitted to the Commission for adoption by means of delegated or implementing acts. Directive 2010/78/EU in respect of the powers of the European Supervisory Authorities has identified a first set of such areas. It is proposed that this Directive should identify a further set of areas, in particular for: · Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading; · Directive 2009/138/EC, on the taking-up and pursuit of the business of insurance and reinsurance (SOLVENCY II); and · Regulation (EC) No 1060/2009 on credit ratings agencies. Regulation (EU) No 1094/2010 establishing the European Supervisory Authority (European Insurance and Occupational Pensions Authority) ('EIOPA'), and Regulation (EU) No 1095/2010 establishing the European Supervisory Authority (European Securities and Markets Authority) ('ESMA'). Regulatory technical standards (adopted as delegated acts under Article 290 of the TFEU) and implementing technical standards (adopted as implementing acts under Article 291 of the TFEU) should: · contribute to a single rulebook for financial services legislation as endorsed by the European Council in its conclusions of June 2009; · provide for transitional measures subject to adequate deadlines, if the costs of immediate implementation would be excessive compared to the benefits involved. Before submitting regulatory or implementing technical standards to the Commission, the ESAs should, where appropriate, conduct open public consultations relating to them and analyse the potential related costs and benefits. In the interests of an early finalisation of measures required to implement the framework rules under Directive 2009/138/EC (Solvency II), the Commission will be allowed, for a transitional period, to adopt some of the regulatory technical standards provided for in this Directive, in accordance with the procedure for the adoption of delegated acts. Settlement of disagreements in the framework of the Directive on Solvency II: Directive 2009/138/EC provides for joint decisions in a certain number of areas, such as regards the approval of applications to use an internal model at group and subsidiary levels. In all of these areas, Members propose amendment clearly stating that in the event of disagreement, EIOPA may resolve the disagreement. The EIOPA should not replace the exercise of discretion by the supervisory authorities in compliance with Union law. However, it should be possible for disagreements to be resolved and cooperation to be strengthened before a final decision is taken by the national supervisory authority or issued to an institution. EIOPA should resolve disagreements by mediating between the conflicting views of the supervisory authorities. Better knowledge of the assets held by insurance and reinsurance undertakings: these undertakings should be required only to provide such information to their national supervisory authorities that is relevant for the purposes of supervision. After assessing the nature, scale and complexity of the risks inherent in the business of the undertaking, national supervisory authorities should have the power to allow limitations on the frequency and the scope of information to be reported or to exempt from reporting on an item-by-item basis only where that undertaking does not exceed specific thresholds. The smallest undertakings will be eligible for limitations and exemption and those undertakings will not represent more than 20 % of a Member State's life and non-life insurance or of its reinsurance market. Allowing for the consistent calculation of technical provisions by insurance and reinsurance undertakings: to this end, a central body should be able to derive, publish, and update certain technical information relating to the risk-free interest rate term structure on a regular basis, taking account of observations in the financial market. Members consider that the manner in which the risk-free interest rate term structure is derived should be transparent and avoid artificial volatility of technical provisions and eligible own funds and provide an incentive for good risk management. Under market conditions similar to those at the date of entry into force of the Directive, the starting point for the extrapolation of risk-free interest rates, in particular for the euro, should be at a maturity of 20 years. The risk-free interest rate term structure should be determined on the basis of a holistic and consistent approach to the setting of all assumptions and parameters on which the curve is based ensuring consistency over time and avoiding artificial volatility of technical provisions and eligible own funds in excess of the capital requirements. The starting point for the extrapolation of risk-free interest rates in euro should be 20 years. In order to avoid changes of asset spreads from impacting on the amount of own funds of these undertakings, they should be allowed to adjust the relevant risk-free interest rate term structure for the calculation of the best estimate in line with the spread movements of their assets. The application of such a matching adjustment should be subject to supervisory approval and strict requirements on the assets and liabilities should ensure that the insurance and reinsurance undertakings can hold their assets to maturity. In order to prevent pro-cyclical investment behaviour, insurance and reinsurance undertakings should also be allowed to make a volatility adjustment. Undertakings should publicly disclose the impact of the volatility adjustment on their financial position to ensure adequate transparency. In view of the importance of discounting for the calculation of technical provisions, Directive 2009/138/EC should ensure uniform conditions for the choice of discount rates by insurance and reinsurance undertakings. Conformity with Solvency Capital Requirement (SCR): in order to mitigate undue potential pro-cyclical effects, the period for restoring compliance with the SCR should be extended in exceptional adverse situations, including in the case of steep falls in financial markets, persistent low interest rate environments and high-impact catastrophic events, affecting a significant share of the market EIOPA should be responsible for declaring the existence of exceptional adverse situations and the Commission should be empowered to adopt measures by means of delegated and implementing acts specifying the criteria and the relevant procedures. Transparency: in order to ensure the transparent application of the volatility adjustment, the matching adjustment and the transitional measures on risk-free interest rates and on technical provisions provided for pursuant to this Directive, insurance and reinsurance undertakings should publicly disclose the impact of not applying these measures on their financial positions. In order to ensure that interested stakeholders are properly informed about the structure of insurance and reinsurance groups, information on their legal structure and the governance and organisational structure must be made available to the public. Conditions to be applied to third countries: to encourage international convergence toward risk-based solvency regimes, Members specify the conditions in relation to the treatment of third country regimes in order for these third countries to be recognised temporarily equivalent. Where the Commission determines that a third country's prudential regime for group supervision is temporarily equivalent, additional supervisory reporting should be allowed for in order to ensure the protection of policy holders and beneficiaries within the Union. Health insurance: the calculation of the Solvency Capital Requirement (SCR) for health insurance should reflect national equalisation systems and should also account for changes in the national health legislation, as these are a fundamental part of the insurance system within those national health markets. Review: in order to ensure that the Union's objective of long-term sustainable growth and of primarily protecting policy holders and also ensuring financial stability, continue to be met, the Commission should review the appropriateness of the methods, assumptions and standard parameters used when calculating the standard formula for the SCR within five years of the application of Directive 2009/138/EC.
-
2012/03/28
Committee report tabled for plenary, 1st reading/single reading
-
A7-0077/2012
summary
The Committee on Economic and Monetary Affairs adopted the report by Burkhard BALZ (EPP, DE) on the proposal for a Directive of the European Parliament and of the Council amending Directives 2003/71/EC and 2009/138/EC in respect of the powers of the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority. The committee recommended that the European Parliament position adopted in first reading following the ordinary legislative procedure should amend the Commission proposal as follows: Framework for financial supervision: the report stresses that financial stability is a prerequisite if the real economy is to provide jobs, credit and growth. It recalls the number of resolutions adopted by the European Parliament before and during the financial crisis calling for a move towards more integrated European supervision (particularly in its resolutions of 13 April 2000, 21 November 2002, 11 July 2007, 23 September 2008 and 9 October 2008 with recommendations to the Commission on Lamfalussy follow-up: Future Structure of Supervision. Amendment of Union legislation: in the follow-up to the de Larosière Report, on 24 November 2010, the European Parliament and the Council adopted three Regulations establishing the European Insurance and Occupational Pensions Authority (EIOPA), the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) (collectively referred to as the European Supervisory Authorities (ESAs), which are part of the European System of Financial Supervision (ESFS). In order for the ESFS to work effectively, Members stress the need for changes to Union legislation in the field of operation of the three ESAs aiming at the more effective implementation of micro-level supervision. Draft technical standards: the regulations establishing the ESFS provide that the ESAs may develop draft technical standards in the areas specifically set out in the relevant legislation, to be submitted to the Commission for adoption by means of delegated or implementing acts. Directive 2010/78/EU in respect of the powers of the European Supervisory Authorities has identified a first set of such areas. It is proposed that this Directive should identify a further set of areas, in particular for: · Directive 2002/92/EC on insurance mediation · Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading; · Directive 2009/138/EC, on the taking-up and pursuit of the business of insurance and reinsurance (SOLVENCY II); and · Regulation (EC) No 1060/2009 on credit ratings agencies. Regulatory technical standards (adopted as delegated acts under Article 290 of the TFEU) and implementing technical standards (adopted as implementing acts under Article 291 of the TFEU) should: · contribute to a single rulebook for financial services legislation as endorsed by the European Council in its conclusions of June 2009. Before submitting regulatory or implementing technical standards to the Commission, the ESAs should, where appropriate, conduct open public consultations relating to them and analyse the potential related costs and benefits; · provide for transitional measures subject to adequate deadlines, if the costs of immediate implementation would be excessive compared to the benefits involved. In the interests of an early finalisation of measures required to implement the framework rules under Directive 2009/138/EC (Solvency II), the Commission will be allowed, for a transitional period, to adopt some of the regulatory technical standards provided for in this Directive, in accordance with the procedure for the adoption of delegated acts. Settlement of disagreements in the framework of the Directive on Solvency II: Directive 2009/138/EC provides for joint decisions in a certain number of areas, such as regards the approval of applications to use an internal model at group and subsidiary levels. In all of these areas, Members propose amendment clearly stating that in the event of disagreement, EIOPA may resolve the disagreement. The EIOPA should not replace the exercise of discretion by the supervisory authorities in compliance with Union law. However, it should be possible for disagreements to be resolved and cooperation to be strengthened before a final decision is taken by the national supervisory authority or issued to an institution. EIOPA should resolve disagreements by mediating between the conflicting views of the supervisory authorities. Better knowledge of the assets held by insurance and reinsurance undertakings: an amendment states that supervisory authorities should be able to require insurance and reinsurance undertakings to submit a full list of assets on an item-by-item basis when such information is necessary for them to effectively undertake their supervisory role. Allowing for the consistent calculation of technical provisions by insurance and reinsurance undertakings: to this end, a central body should be able to derive, publish, and update certain technical information relating to the risk-free interest rate term structure on a regular basis, taking account of observations in the financial market. Members consider that the manner in which the risk-free interest rate term structure is derived should be transparent in such a manner that insurance and reinsurance undertakings are able to use this term-structure in their risk management policies. The risk-free interest rate term structure should be determined on the basis of a holistic and consistent approach to the setting of all assumptions and parameters on which the curve is based ensuring consistency over time and avoiding artificial volatility of technical provisions and eligible own funds in excess of the capital requirements. The starting point for the extrapolation of risk-free interest rates in euro should be 20 years. Conditions to be applied to third countries: to encourage international convergence toward risk-based solvency regimes, Members specify the conditions in relation to the treatment of third country regimes in order for these third countries to be recognised temporarily equivalent. Third countries must also have group supervision systems similar to that of the Union. Health insurance: the calculation of the Solvency Capital Requirement (SCR) for health insurance should reflect national equalisation systems and should also account for changes in the national health legislation, as these are a fundamental part of the insurance system within those national health markets. Coherent application: in order to achieve coherent application and to assure macro-prudential oversight across the Union, Members propose that the European Systemic Risk Board develop principles tailored for the Union economy and be responsible to monitor the application of the counter-cyclical buffer. Treatment for government bonds: the report notes that the sovereign debt crisis has demonstrated that a zero-risk treatment for government bonds no longer corresponds with economic reality. Accordingly, the Commission should submit a report proposing options to adapt the calculation of own funds requirements for such exposures accordingly as soon as possible, while taking into account potentially destabilising effects of tabling such proposals during periods of market stress. Transitional periods: in order to allow for a smooth transition under Directive 2009/138/EC to a new regime, the committee wishes to provide for phasing in and specific transitional periods. Occupational pension bodies: in accordance with the principle of subsidiarity the Directive should not, lay down any solvency requirements for occupational pension bodies. Delegated acts: due to the extensive nature of the delegated acts and the regulatory technical standards provided for in this Directive, the European Parliament and the Council should have three months from the date of notification to object to a delegated act or a regulatory technical standard. At the initiative of the European Parliament or the Council, it should be possible to prolong that period by a further three months. Review: by 1 January 2015 and every year thereafter, the Commission shall submit to the European Parliament and to the Council a report specifying whether the ESAs have submitted the draft regulatory and implementing technical standards provided for in Directives 2002/92/EC, 2003/71/EC and 2009/138/EC.
-
A7-0077/2012
summary
-
2012/03/21
Vote in committee, 1st reading/single reading
-
2011/02/03
Committee referral announced in Parliament, 1st reading/single reading
-
2011/01/19
Legislative proposal published
-
COM(2011)0008
summary
PURPOSE: to improve the functioning of the internal market by means of ensuring a high, effective and consistent level of prudential regulation and supervision, protecting policy holders and beneficiaries and thereby businesses and consumers, protecting the integrity, efficiency and orderly functioning of financial markets, maintaining the stability of the financial system, and strengthening international supervisory coordination.BACKGROUND: experience of the financial crisis has exposed important failures in financial supervision. President Barroso therefore requested a group of high level experts, chaired by Jacques de Larosière, to make proposals to strengthen European supervisory arrangements.Building on its recommendations, the Commission set out proposals for a new European financial supervisory architecture in its Communication to the Spring European Council of March 2009. The Commission presented its ideas in more detail in its Communication of May 2009 which 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): 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. The 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 microprudential 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 accompanied the legislative proposals, examining the options in more detail. The second impact assessment analysed the options for the appropriate powers for the authorities 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.LEGAL BASIS: given that changes need to be introduced into existing Directives to ensure the development of a single rule book, an amending Directive is the most appropriate instrument. This amending Directive should have the same legal basis as the Directives it amends, i.e. Articles 50, 53, 62, and 114 of the Treaty on the Functioning of the European Union (TFEU).CONTENT: along with the Regulations establishing the EBA, EIOPA and ESMA and in order for the ESFS to work effectively, changes to the sectoral legislation are necessary. 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;to appropriately integrate the possibility for the authorities to settle disagreements in a balanced way to those areas where common decision making processes already exist in sectoral legislation;general 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; andadditional amendments to the Solvency II Directive.This amending directive is proposed to amend the following legislation: i) Directive 2003/71/EC: Prospectus Directive and ii) Directive 2009/138/EC (the Solvency II Directive).The changes to be made to the Solvency II Directive aim to:to adjust existing level 2 empowerments to the Lisbon Treaty: existing level 2 empowerments should be transformed into empowerments for delegated acts. Appropriate control procedures should be foreseen;provide for transitional requirements in relation to valuation, governance, supervisory reporting and public disclosure, the determination and classification of own funds, the standard formula for the calculation of the Solvency Capital Requirement and the choice of methods and assumptions for the calculation of technical provisions, including the determination of the relevant risk-free interest rate term structure. It is also necessary to enable level 2 measures to specify transitional arrangements in relation to the treatment of third country regimes. The transitional requirements should not result in more favourable treatment for insurance and reinsurance undertakings, or lower protection for policy holders. They should encourage undertakings to move towards compliance with the particular requirements of the new regime as soon as possible;amend level 2 empowerments: in order to allow for greater convergence on procedures for supervisory approvals already provided for in Solvency II (specific parameters, model change policies, special purpose vehicles and the setting and removal of capital add-ons), the Commission should be empowered to adopt measures by means of delegated acts specifying procedure in these areas; include the European Cooperative Society (SCE) in the list of permissible forms of insurance and reinsurance undertakings;introduce an amendment to reflect the adaptation to the Euro amount of the MCR floor for captive reinsurance undertakings;Extend by two months the implementation date in order to better align the start of the various new reporting, calculation and other obligations of the Solvency II regime with the date (31 December) which marks the end of the financial year of the majority of insurance undertakings.BUDGETARY IMPACT: the proposal has no implication for the European Union’s budget.
- DG {'url': 'http://ec.europa.eu/dgs/internal_market/', 'title': 'Internal Market and Services'}, BARNIER Michel
-
COM(2011)0008
summary
Documents
- Legislative proposal published: COM(2011)0008
- Committee report tabled for plenary, 1st reading/single reading: A7-0077/2012
- Results of vote in Parliament: Results of vote in Parliament
- Debate in Parliament: Debate in Parliament
- Decision by Parliament, 1st reading/single reading: T7-0189/2014
- : Directive 2014/51
- : OJ L 153 22.05.2014, p. 0001
| Amendments | Dossier |
| 190 |
2011/0006(COD)
2011/05/30
JURI
6 amendments...
Amendment 2 #
Proposal for a directive – amending act Article 2 – point 5 – point b Directive 2009/138/EC Article 37 – paragraph 7 Amendment 3 #
Proposal for a directive – amending act Article 2 – point 30 – point a Directive 2009/138/EC Article 138 – paragraph 4 – subparagraph 1 In the event of an exceptional fall in financial markets, as determined by
Amendment 4 #
Proposal for a directive – amending act Article 2 – point 30 – point b Directive 2009/138/EC Article 138 – paragraph 4 – subparagraph 4 Amendment 5 #
Proposal for a directive – amending act Article 2 – point 30 – point b Directive 2009/138/EC Article 138 – paragraph 4 – subparagraph 5 Amendment 6 #
Proposal for a directive – amending act Article 2 – point 31 Directive 2009/138/EC Article 143 – paragraph 1 1. The Commission shall adopt delegated acts, in accordance with Article 301a and subject to the conditions of Articles 301b and 301c, specifying the
Amendment 7 #
Proposal for a directive – amending act Article 2 – point 70 Directive 2009/138/EC Article 308a – paragraph 1 1. Where the Commission has adopted a delegated act in accordance with Article 308b(1), Article 35(5) shall not apply for a maximum period of
source: PE-466.982
2011/09/23
ECON
184 amendments...
Amendment 289 #
Proposal for a directive Recital -1 (new) (-1) The financial crisis in 2007 and 2008 exposed important shortcomings in financial supervision, both in particular cases and in relation to the financial system as a whole. Nationally based supervisory models have lagged behind financial globalisation and the integrated and interconnected reality of European financial markets, in which many financial institutions operate across borders. The crisis exposed shortcomings in the areas of cooperation, coordination, consistent application of Union law and trust between national competent authorities.
Amendment 290 #
Proposal for a directive Recital -1 a (new) (-1a) In a number of resolutions adopted before and during the financial crisis, Parliament called for a move towards more integrated European supervision, in order to ensure a truly level playing field for all actors at Union level, and for it to reflect the increasing integration of financial markets in the Union (in its resolutions of 13 April 2000 on ‘the Commission communication on implementing the framework for financial markets: Action Plan’, of 21 November 2002 on prudential supervision rules in the European Union, of 11 July 2007 on ‘financial services policy (2005-2010) – White Paper’, of 23 September 2008 with recommendations to the Commission on hedge funds and private equity, and of 9 October 2008 with recommendations to the Commission on ‘Lamfalussy follow- up: Future Structure of Supervision’, and in its positions of 22 April 2009 on the amended proposal for a directive of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) and of 23 April 2009 on the proposal for a regulation of the European Parliament and of the Council on Credit Rating Agencies).
Amendment 291 #
Proposal for a directive Recital -1 b (new) (-1b) In November 2008 the Commission instructed a High-Level Group chaired by Jacques de Larosière to make recommendations on how to strengthen European supervisory arrangements with a view to better protecting EU citizens and rebuilding trust in the financial system. In its final report presented on 25 February 2009 (the ‘de Larosière Report’), the High-Level Group recommended that the supervisory framework be strengthened to reduce the risk and severity of future financial crises. It recommended far-reaching reforms to the supervisory structure of the financial sector within the Union. The de Larosière Report also recommended that a European System of Financial Supervisors (ESFS) be created, comprising three European Supervisory Authorities (ESA) – one for each of the banking, the securities and the insurance and occupational pensions sectors – and a European Systemic Risk Council.
Amendment 292 #
Proposal for a directive Recital -1 c (new) (-1c) Financial stability is a prerequisite if the real economy is to provide jobs, credit and growth. The financial crisis has revealed serious shortcomings in financial supervision, which has failed to anticipate adverse macro-prudential developments and to prevent the accumulation of excessive risks within the financial system.
Amendment 293 #
Proposal for a directive Recital 1 a (new) (1a) In its conclusions following its meeting of 18 and 19 June 2009, the European Council recommended that a European System of Financial Supervisors, comprising three new ESAs, be established. The system should be aimed at upgrading the quality and consistency of national supervision, strengthening the oversight of cross- border groups, establishing a single European rulebook applicable to all financial institutions in the internal market. It emphasised that the ESA should also enjoy supervisory powers in respect of credit rating agencies, and invited the Commission to prepare concrete proposals as to how the ESFS could play a strong role in crisis situations.
Amendment 294 #
Proposal for a directive Recital 2 (2) In order for the European System of Financial Supervisors (ESFS) to work effectively, changes to Union legislation in the field of operation of the three Authorities are necessary. Such changes concern the definition of the scope of certain powers of the ESAs, the integration of certain powers in existing processes established in relevant Union legislation
Amendment 295 #
Proposal for a directive Recital 2 (2) In order for the European System of Financial Supervisors (ESFS) – which makes it possible, inter alia, to create the right conditions for long-term investment – to work effectively, changes to Union legislation in the field of operation of the three Authorities are necessary. Such changes concern the definition of the scope of certain powers of the ESAs, the integration of certain powers in existing processes established in relevant Union legislation and amendments to ensure a smooth and effective functioning of the ESA in the context of the ESFS. If the powers enjoyed by the ESAs were to change, the budget allocated to them should be modified accordingly.
Amendment 296 #
Proposal for a directive Recital 3 (3) The establishment of three ESAs should be accompanied by the development of a single rule book to ensure consistent harmonisation and uniform application and thus contribute to a more effective functioning of the internal market. The regulations establishing the ESFS provide that the ESAs may develop draft technical standards in the areas specifically set out in the relevant legislation, 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. Whereas Directive
Amendment 297 #
Proposal for a directive Recital 3 (3) The establishment of three ESAs should be accompanied by the development of a single rule book to ensure consistent harmonisation and uniform application and thus contribute to
Amendment 298 #
Proposal for a directive Recital 3 (3) The establishment of three ESAs should be accompanied by the development of a single rule book to ensure consistent harmonisation and uniform application and thus contribute to
Amendment 299 #
Proposal for a directive Recital 3 a (new) (3a) Preparation of, and consultation in relation to, implementing measures under Solvency II is at an advanced stage and therefore, in the interest of early conclusion, those implementing measures should be completed. Subsequent adjustments should follow under the procedures for delegated acts and regulatory technical standards as provided herein.
Amendment 300 #
Proposal for a directive Recital 10 a (new) (10a) Due to the extensive nature of the implementing acts, the European Parliament and the Council should have three months from the date of notification to object to a delegated act or a regulatory technical standard. At the initiative of the European Parliament or the Council, it should be possible to prolong that period by a further three months.
Amendment 301 #
Proposal for a directive Recital 15 (15) The new supervisory architecture established by the ESFS will require national supervisory authorities to cooperate closely with the ESAs. Amendments to the relevant legislation should ensure that there are no legal obstacles to the information sharing obligations included in the regulations proposed by the Commission establishing the ESAs and that the provision of data does not give rise to unnecessary red tape.
Amendment 302 #
Proposal for a directive Recital 15 a (new) (15a) A full list of an undertaking’s assets is essential for supervisors to properly assess financial risks. This is particularly important under Directive 2009/138/EC, as undertakings have the freedom to make investment choices under the prudent person principle. Member States should therefore be able to require insurance and reinsurance undertakings to submit to the supervisory authorities a full list of assets on an item by item basis when such information is necessary for the competent authorities to effectively undertake their supervisory role.
Amendment 303 #
Proposal for a directive Recital 17 (17) In order to allow for the consistent calculation of technical provisions by insurance and reinsurance undertakings under Directive 2009/138/EC, it is necessary for a central body to derive, publish, and update certain technical information related to the risk-free interest rate term structure
Amendment 304 #
Proposal for a directive Recital 17 a (new) (17a) When developing the new prudential regime, undesirable impacts on the treatment of insurance business with long term guarantees have to be avoided. Market interruptions and interferences with existing products have to be limited to an unavoidable extent. In this respect special attention has to be given in order to avoid artificial volatility of technical provisions and eligible own funds in excess of the capital requirements. This should be achieved in particular by an early starting point of extrapolation of the relevant risk-free interest rate term structure. While adopting delegated acts and implementing acts, the Commission should also ensure that the continuity and further development of insurance activities with long term guarantees is not impaired.
Amendment 305 #
Proposal for a directive Recital 18 (18) In order to ensure that certain technical inputs to the Solvency Capital Requirement (SCR) using the standard formula are provided on a harmonised basis,
Amendment 306 #
Proposal for a directive Recital 22 (22) The development of international convergence toward risk-based solvency regimes should be encouraged. In order to acknowledge that some third countries may need more time to adapt and implement a solvency regime that would fully satisfy the criteria for being recognised as equivalent, it is necessary to
Amendment 307 #
Proposal for a directive Recital 22 (22) The development of international convergence toward risk-based solvency regimes should be encouraged. In order to acknowledge that some third countries may need more time to adapt and implement a solvency regime that would fully satisfy the criteria for being recognised as equivalent, it is necessary to enable Commission measures adopted by means of delegated act to specify transitional arrangements in relation to the treatment of such third country regimes, particularly where a public commitment to converge to a regime equivalent to Directive
Amendment 308 #
Proposal for a directive Recital 24 a (new) (24a) The calculation of the Solvency Capital Requirement for health insurance should reflect national equalisation systems and should also account for changes in the national health legislation, as they are a fundamental part of the insurance system within these national health markets.
Amendment 309 #
Proposal for a directive Recital 28 a (new) Amendment 310 #
Proposal for a directive Recital 28 b (new) (28b) It is appropriate to ensure that Solvency Capital Requirements take account of the macro-financial environment in which insurance and reinsurance undertakings operate. Such undertakings should therefore be required to hold a counter-cyclical capital buffer which would be built up when asset value appreciation in financial markets is judged to be associated with a build-up of system-wide risk, and drawn down during stressed periods. The counter-cyclical capital buffer should therefore vary over time in a way that reflects potentially unstable trends or bubbles in financial markets, and could be zero. This would help to reduce the probability of breaches of the Solvency Capital Requirement without recourse to temporary ex-post adjustments to the input parameters to market consistent valuation.
Amendment 311 #
Proposal for a directive Recital 28 c (new) (28c) In order to achieve coherent application and to assure macro- prudential oversight across the Union, it is appropriate that the European Systemic Risk Board (ESRB) develops principles tailored for the Union economy and is responsible to monitor the application of the counter-cyclical buffer.
Amendment 312 #
Proposal for a directive Recital 28 d (new) (28d) The financial crisis highlighted that financial institutions massively underestimated the level of counterparty credit risk associated with over-the- counter (OTC) derivatives. This prompted the G20, in September 2009, to call for more OTC derivatives to be cleared through a Central Counterparty (CCP). Furthermore, they asked to subject those OTC derivatives that could not be cleared centrally to higher capital requirements in order to reflect properly the higher risks associated with them.
Amendment 313 #
Proposal for a directive Recital 31 (31) Since the objectives of this Directive, namely improving the functioning of the internal market by means of ensuring a high, effective and consistent level of prudential regulation and supervision, protecting policy holders and beneficiaries and thereby businesses and consumers, protecting the integrity, efficiency and orderly functioning of financial markets, maintaining the stability of the financial system, and strengthening international supervisory coordination, cannot be sufficiently achieved by the Member States and can, therefore, by reason of scale of the action, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of
Amendment 314 #
Proposal for a directive Article -1 – point 1 (new) Directive 2002/92/EC Article 3 – paragraph 2 – subparagraph 2 a (new) (1) In Article 3(2), the following subparagraph is added: ‘Member States shall communicate the information gathered by the information point on a regular basis to the European Insurance and Occupational Pensions Authority established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council (EIOPA), which shall publish it on its website.’
Amendment 315 #
Proposal for a directive Article 2 – point -1 (new) Directive 2009/138/EC Article 13 – point 32 a (new) (-1) In Article 13, the following point is inserted: ‘(32a) ‘authorised central counterparty’ means a central counterparty offering clearing services for derivative instruments authorised under Regulation (EU) No .../2011 [EMIR];’
Amendment 316 #
Proposal for a directive Article 2 – point 2 – point a Directive 2009/138/EC Article 31 – paragraph 4 4.
Amendment 317 #
Proposal for a directive Article 2 – point 2 – point a Directive 2009/138/EC Article 31 – paragraph 4 a (new) 4a. In order to ensure full compliance with regard to the division between delegated acts and regulatory technical standards, all delegated acts that are to become to regulatory technical standards will do so after a period of three years from the publication of this Directive in the Official Journal of the European Union.
Amendment 318 #
Proposal for a directive Article 2 – point 4 – point -a (new) Directive 2009/138/EC Article 35 – paragraph 2 – point a – point i (-a) In paragraph 2(a), point (i) is replaced by the following: ‘(i) at predefined periods, where the scale and complexity of the risks inherent in the business of an insurance undertaking is sufficiently low and where it can be clearly demonstrated that the burden on the undertaking outweighs the benefits of the information, EIOPA shall limit regular reporting by small and medium- sized enterprises to information that changes significantly in the course of the year provided that a full reporting is done at least once a year.’
Amendment 319 #
Proposal for a directive Article 2 – point 4 – point -a (new) Directive 2009/138/EC Article 35 – paragraph 2 – point a – point i (-a) In paragraph 2(a), point (i) is replaced by the following: ‘(i) at predefined periods, whereby, for periods of less than 12 months, regular supervisory reporting is limited to information that changes significantly in the course of the year or is necessary for the competent authorities to undertake their supervisory role effectively.’
Amendment 320 #
Proposal for a directive Article 2 – point 4 – point -a (new) Directive 2009/138/EC Article 35 – paragraph 2 – point a – point i (-a) In paragraph 2(a), point (i) is replaced by the following: ‘(i) at predefined periods, whereby, for periods of less than 12 months, regular supervisory reporting is limited in the case of small and medium-sized insurance undertakings to information that changes significantly in the course of the year;’
Amendment 321 #
Proposal for a directive Article 2 – point 4 – point -a (new) Directive 2009/138/EC Article 35 – paragraph 2 – point a – point i -a) Paragraph 2(a)(i) is replaced by the following: ‘ i) at predefined periods, on the basis of the timely collection of information with a view to effective supervision;’
Amendment 322 #
Proposal for a directive Article 2 – point 4 – point -aa (new) Directive 2009/138/EC Article 35 – paragraph 2 – point a a (new) (-aa) In paragraph 2, the following point is inserted: ‘(aa) to exempt insurance and reinsurance undertakings from submitting templates specified in the delegated acts in accordance with paragraph 6, where the activities of the reinsurance or reinsurance undertakings are pursued only in the Member State where the undertaking has been authorised;’
Amendment 323 #
Proposal for a directive Article 2 – point 4 – point ab (new) Directive 2009/138/EC Article 35 – paragraph 2 – subparagraph 1 a (new) (ab) In paragraph 2, the following subparagraph is added: ‘Member States shall require insurance and reinsurance companies to supply the supervisory authorities with a full list of assets, detailed one by one.’
Amendment 324 #
Proposal for a directive Article 2 – point 4 – point -ab (new) Directive 2009/138/EC Article 35 – paragraph 2 – subparagraph 1 a (new) (-ab) In paragraph 2, the following subparagraph is added: ‘Member States shall require insurance and reinsurance undertakings to submit to the supervisory authorities, as part of their regular reporting or on an ad hoc basis, only a full list of assets on an item by item basis, when such information is necessary for the competent authorities to undertake their supervisory role effectively.’
Amendment 325 #
Proposal for a directive Article 2 – point 4 – point -ab (new) Directive 2009/138/EC Article 35 – paragraph 2 – subparagraph 1 a (new) (-ab) In paragraph 2, the following subparagraph is added: ‘Only in exceptional circumstances may Member States require insurance and reinsurance undertakings to submit to the supervisory authorities a full list of assets on an item-by-item basis.’
Amendment 326 #
Proposal for a directive Article 2 – point 4 – point -ab (new) Directive 2009/138/EC Article 35 – paragraph 2 – subparagraph 1 a (new) (-ab) In paragraph 2, the following subparagraph is added: ‘When requiring on a regular basis a full list of assets on an item-by-item basis from insurance undertakings, Member States may exempt small insurance undertakings from the regular reporting obligation on an item-by-item basis, where it can be clearly demonstrated that the burden on the undertaking outweighs the benefits of the information.’
Amendment 327 #
Proposal for a directive Article 2 – point 4 – point -ab (new) Directive 2009/138/EC Article 35 – paragraph 2 – subparagraph 1 a (new) (-ab) In paragraph 2, the following subparagraph is added: ‘When Member States require insurance companies to submit a full list of assets item by item, they shall limit the reporting obligations of small and medium-sized undertakings.’
Amendment 328 #
Proposal for a directive Article 2 – point 4 – point -ac (new) Directive 2009/138/EC Article 35 – paragraph 4 – point c a (new) (ac) In paragraph 4, the following indent is added: (ca) ‘it must observe a periodicity that is compatible with effective supervision, preferably quarterly.’
Amendment 329 #
Proposal for a directive Article 2 – point 4 – point a Directive 2009/138/EC Article 35 – paragraph 6 6.
Amendment 330 #
Proposal for a directive Article 2 – point 5 – point -a (new) Directive 2009/138/EC Article 37 – paragraph 5 a (new) (-a) the following paragraph is inserted: ‘5a. Without prejudice to their competence, the supervisory authorities concerned shall do everything within their power to inform in the framework of the colleges of supervisors its decision to set a capital add-on for and insurance or reinsurance undertaking.’
Amendment 331 #
Proposal for a directive Article 2 – point 5 – point - a a (new) Directive 2009/138/EC Article 37 – paragraph 5 b (new) (-aa) the following paragraph is inserted: ‘5b. Where there are diverging views among the college of supervisors concerning the decision of the supervisory authority concerned to impose a capital add-on according to the cases set out in points (a), (b) and (c) of paragraph 1, the group supervisor or any of the other supervisory authorities concerned may consult EIOPA. EIOPA is consulted during one month and all supervisory authorities concerned shall be informed. Where EIOPA has been consulted, the supervisory authority concerned shall duly consider such advice before taking its decision. In accordance with Article 19(2) of Regulation (EU) No 1094/2010, EIOPA shall act as a mediator at that stage.’
Amendment 332 #
Proposal for a directive Article 2 – point 5 – point - a b (new) Directive 2009/138/EC Article 37 – paragraph 5 c (new) (-ab) the following paragraph is inserted: ‘5c. Where, at the end of the period referred to in paragraph 7, if no agreement has been reached within the college, the group supervisor or any of the supervisory authorities concerned has referred the matter to EIOPA in accordance with Article 19 of Regulation (EU) No 1094/2010, the supervisory authority concerned shall defer its decision and await any decision that EIOPA may take in accordance with Article 19(3) of that Regulation, and shall take its decision in conformity with EIOPA’s decision. The period referred to in paragraphs 6 and 7, shall be deemed to be the conciliation period within the meaning of Article 19(2) of that Regulation. EIOPA shall take its decision within two months. The matter shall not be referred to EIOPA after the end of the period referred to in paragraph 6 or after an agreement among supervisory authorities concerned has been reached.’
Amendment 333 #
Proposal for a directive Article 2 – point 5 – point b Directive 2009/138/EC Article 37 – paragraph 7 – subparagraph 2 The implementing technical standards referred to in the first subparagraph shall be adopted in accordance with Article 15 of Regulation
Amendment 334 #
Proposal for a directive Article 2 – point 5 – point b Directive 2009/138/EC Article 37 – paragraph 7 – subparagraph 3 EIOPA shall develop draft implementing technical standards for submission to the Commission by 3
Amendment 335 #
Proposal for a directive Article 2 – point 5 – point b a (new) Directive 2009/138/EC Article 37 – paragraph 7 a (new) Amendment 336 #
Proposal for a directive Article 2 – point 7 Directive 2009/138/EC Article 50 – paragraph 1 – introductory part 1.
Amendment 337 #
Proposal for a directive Article 2 – point 7 Directive 2009/138/EC Article 50 – paragraph 1 a (new) 1a. EIOPA shall submit those draft regulatory technical standards to the Commission for adoption. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1094/2010.
Amendment 338 #
Proposal for a directive Article 2 – point 7 Directive 2009/138/EC Article 50 – paragraph 2 2. Where necessary to ensure appropriate convergence of the assessment referred to in
Amendment 339 #
Proposal for a directive Article 2 – point 10 Directive 2009/138/EC Article 56 – paragraph 2 Amendment 340 #
Proposal for a directive Article 2 – point 10 Directive 2009/138/EC Article 56 – paragraph 4 a (new) In order to ensure uniform conditions of application of this section, EIOPA shall develop draft implementing technical standards to specify the scope and conditions of external audit for the information referred to in articles 51, 53, 54 and 55. EIOPA shall submit those draft implementing technical standards to the Commission by 1 January 2013. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1094/2010.
Amendment 341 #
Proposal for a directive Article 2 – point 11 a (new) Directive 2009/138/EC Article 65 (11a) Article 65 is replaced by the following: ‘Article 65 Exchange of information between supervisory authorities of Member States Article 64 shall not preclude the exchange of information between supervisory authorities of different Member States or between supervisory authorities and EIOPA. Such information shall be subject to the obligation of professional secrecy laid down in Article 64.’
Amendment 342 #
Proposal for a directive Article 2 – point 12 a (new) Directive 2009/138/EC Article 70 Amendment 343 #
Proposal for a directive Article 2 – point 14 – point -a (new) Directive 2009/138/EC Article 75 – paragraph 1 – subparagraph 2 a (new) (-a) in paragraph 1, the following subparagraph is added: ‘Where for a class of assets or liabilities the valuation referred to in point (a) or (b) could lead to pro-cyclical effects, the values of those assets or liabilities shall include appropriate prudential margins to mitigate pro-cyclical effects.’
Amendment 344 #
Proposal for a directive Article 2 – point 14 – point -a (new) Directive 2009/138/EC Article 75 – paragraph 1 – subparagraph 1 – point b (-a) In paragraph 1, first subparagraph, point (b) shall be replaced by the following: ‘(b) liabilities shall be valued at the amount for which they could be transferred, or settled, between knowledgeable willing parties in an arm’s length transaction. The assessment of technical provisions shall not take account of information concerning assets specific to the insurance or reinsurance undertaking.’;
Amendment 345 #
Proposal for a directive Article 2 – point 14 – point a Directive 2009/138/EC Article 75 – paragraph 2 2.
Amendment 346 #
Proposal for a directive Article 2 – point 14 a (new) Directive 2009/138/EC Article 76 – paragraph 2 (14a) Article 76(2) shall be replaced by the following: ‘2. The value of technical provisions shall correspond to the current amount insurance and reinsurance undertakings would have to pay if they were to transfer their insurance and reinsurance obligations immediately to another insurance or reinsurance undertaking. The value of technical provisions shall not be affected by assets held by the insurance or reinsurance undertaking.’;
Amendment 347 #
Proposal for a directive Article 2 – point 14 a (new) Directive 2009/138/EC Article 77 – paragraph 1 a (new) (14a) In Article 77, the following paragraph is inserted: ‘The Capital requirement for illiquidity premium risk is equal to the maximum between the net value of assets minus liabilities and the shock equivalent to the immediate effect on the net value of asset and liabilities expected in the event of a fall in the value of the illiquidity premium observed in the financial markets. The amount of the fall is determined in accordance with Article 86 (da). Depending on their level of liquidity the liabilities can be discounted with the risk- free interest rate term structures that includes a 100%, 75% or 50% illiquidity premium in accordance with art 86 da).’
Amendment 348 #
Proposal for a directive Article 2 – point 14 b (new) Directive 2009/138/EC Article 77 – paragraph 2 – subparagraph 1 (14b) In Article 77(2), the first subparagraph shall be replaced by the following: ‘2. The best estimate shall correspond to the probability-weighted average of future cash-flows, taking account of the time value of money (expected present value of future cash-flows), using the relevant risk-free interest rate term structure. The relevant risk-free interest rate term structure shall not take account of assets held by the insurance or reinsurance undertaking.’;
Amendment 349 #
Proposal for a directive Article 2 – point 14 a (new) Directive 2009/138/EC Article 77 – paragraph 2 – subparagraph 1a (new) (14a) In Article 77(2) the following subparagraph is inserted after the first subparagraph: ‘Extrapolation of the relevant risk-free interest rate term structure shall start as soon as the relevant financial markets cannot be considered deep, liquid and transparent anymore to guarantee insurance and reinsurance undertakings a reliable replication of their cash-flows.’
Amendment 350 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – title Amendment 351 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 1 Amendment 352 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 1 EIOPA shall publish technical information including the relevant risk-free interest rate term structure.
Amendment 353 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 1 EIOPA shall publish technical information, in
Amendment 354 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 1 EIOPA shall publish technical information including information concerning the relevant risk-free interest rate term structure
Amendment 355 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 1 EIOPA shall publish technical information including information concerning the relevant risk-free interest rate term structure
Amendment 356 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 1 EIOPA shall publish technical information
Amendment 357 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 1 EIOPA shall publish technical information including the relevant risk-free interest rate term structure. Where EIOPA observes an illiquidity premium in the financial markets in periods of stressed liquidity, information relating to the illiquidity premium, including its size and a justification concerning its calculation method shall also be published. EIOPA shall carry out the observation of the illiquidity premium and the derivation of the information on a transparent, objective and reliable basis. Information for all these purposes shall be derived according to methods and assumptions which may include formulae, or determinations made by EIOPA
Amendment 358 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 1 EIOPA shall publish technical information including the relevant risk-free interest rate term structure.
Amendment 359 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 1 EIOPA shall publish technical information including the relevant risk-free interest rate term structure.
Amendment 360 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 1 Amendment 361 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 2 Amendment 362 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 2 The information referred to in the first paragraph shall be published for each relevant currency on at least a quarterly basis
Amendment 363 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 2 The information referred to in the first paragraph shall be published for each relevant currency on at least a quarterly basis
Amendment 364 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 2 The information referred to in the first paragraph shall be published for each relevant currency on at least a
Amendment 365 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 2 The information referred to in the first paragraph shall be published for each relevant currency on at least a quarterly basis
Amendment 366 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 2 The information referred to in the first paragraph shall be published for each relevant currency on at least a quarterly
Amendment 367 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 2 a (new) Where EIOPA observes an illiquidity premium in the financial markets in periods of stressed liquidity, derived from the formula referred to in Article 86 an adapted relevant risk-free interest rate term structure shall be published for each relevant currency in the same frequency as the relevant risk-free interest rate term structure referred to in the first paragraph. Insurance and reinsurance undertakings may use that adapted relevant risk-free interest rate term structure in calculating the best estimate. In that event, insurance and reinsurance undertakings shall publicly disclose the use of this premium and the monetary effect on their financial position.
Amendment 368 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 2 b (new) EIOPA shall carry out the tasks referred to in paragraphs 1 and 2 in a transparent, objective and reliable manner.
Amendment 369 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 2 a (new) Where the relevant risk-free interest rate term structure provides for a matching premium, a calculation methodology shall apply in accordance with the methodologies referred to in Article 86 and the detailed criteria, the calculation methods and assumptions specified in the delegated act referred to in Article 86(i), allowing insurance and reinsurance undertakings to calculate information relating to that premium, including its size. Extrapolation of the relevant risk- free interest rate term structure should start as soon as the relevant financial markets can no longer be considered as deep and liquid.
Amendment 370 #
Proposal for a directive Article 2 – point 15 Directive 2009/138/EC Article 77a – paragraph 2 a (new) Insurance and reinsurance undertakings shall use the relevant risk free interest rate term structure formulae published by EIOPA in accordance with this Article when calculating technical provisions in accordance with this Directive.
Amendment 371 #
Proposal for a directive Article 2 – point 16 Directive 2009/138/EC Article 86 – paragraph 1 – point b a (new) (ba) the insurance contracts for which the matching premium is applicable, the eligibility criteria of the type of assets allowed for backing the insurance liabilities and the method of calculation of the matching premium on an expected default basis;
Amendment 372 #
Proposal for a directive Article 2 – point 16 Directive 2009/138/EC Article 86 – paragraph 1 – point d a (new) (da) The detailed methodology to calculate the illiquidity premium and the criteria to determine the percentage of illiquidity premium that can be applied to the liabilities as referred to in Article 77;
Amendment 373 #
Proposal for a directive Article 2 – point 16 Directive 2009/138/EC Article 86 – paragraph 1 – point i (i) the detailed criteria for the elements of technical information, the calculation methods and assumptions
Amendment 374 #
Proposal for a directive Article 2 – point 16 Directive 2009/138/EC Article 86 – paragraph 2 Amendment 375 #
Proposal for a directive Article 2 – point 16 Directive 2009/138/EC Article 86 – paragraph 4 a (new) The insurance contracts for which the matching premium is applicable, the eligibility criteria of the type of assets allowed for backing the insurance liabilities and the method of calculation of the matching premium
Amendment 376 #
Proposal for a directive Article 2 – point 16 a (new) Amendment 377 #
Proposal for a directive Article 2 – point 17 a (new) Directive 2009/138/EC Article 94 – paragraph 3 (17a) In Article 94, paragraph 3 is replaced by the following: ‘3. Any ancillary own-fund items which do not fall under paragraphs 1 and 2 shall be classified in Tier 3. Any basic own- fund items which do not fall under paragraphs 1 and 2 shall be excluded from own funds.’
Amendment 378 #
Proposal for a directive Article 2 – point 19 a (new) Directive 2009/138/EC Article 100 – paragraph 2 (19a) In Article 100, the second paragraph is replaced by the following ‘The Solvency Capital Requirement shall be calculated in accordance with the standard formula in Subsection 2 as well as, where applicable, using an approved internal model, as set out in Subsection 3. Where an approved internal model is used, the applicable Solvency Capital Requirement, shall be equal to the greater of the Solvency Capital Requirement under the internal model and 80 percent of that calculated using the standard formula.’
Amendment 379 #
Proposal for a directive Article 2 – point 19 b (new) Directive 2009/138/EC Article 101 – paragraph 4 –subparagraph 2 (19b) In Article 101(4), the second subparagraph is replaced by the following: ‘Operational risk as referred to in point (f) of the first subparagraph shall include legal risks and model risk, and exclude risks arising from strategic decisions, as well as reputation risks. Model risk shall reflect the potential underestimation of other risks due to errors in model specification and the calibration of model parameters.’
Amendment 380 #
Proposal for a directive Article 2 – point 19 b (new) Directive 2009/138/EC Article 101 – paragraph 4a (new) Amendment 381 #
Proposal for a directive Article 2 – point 19 b (new) Directive 2009/138/EC Article 101 – paragraph 5 a (new) (19b) In Article 101, the following paragraph is added: ‘5a. Member States shall require insurance and reinsurance undertakings to hold eligible own funds in addition to the Solvency Capital Requirement set out in paragraphs 2 to 5 as a countercyclical buffer which can be reduced in periods of stressed financial markets as observed by EIOPA.’
Amendment 382 #
Proposal for a directive Article 2 – point 19 b (new) Directive 2009/138/EC Article 101 – paragraph 7 (new) Amendment 383 #
Proposal for a directive Article 2 – point 19 c (new) Directive 2009/138/EC Article 105 – paragraph 6 – subparagraph 2 a (new) (19c) In Article 105(6), the following subparagraph is inserted after the second subparagraph: ‘Where a derivative contract is cleared through an authorised central counterparty the corresponding counterparty default risk capital requirement shall be lower than if the contract was not cleared in this manner.’
Amendment 384 #
Proposal for a directive Article 2 – point 20 Directive 2009/138/EC Article 109a – paragraph 1 – introductory part 1.
Amendment 385 #
Proposal for a directive Article 2 – point 20 Directive 2009/138/EC Article 109a – paragraph 1 – introductory part 1.
Amendment 386 #
Proposal for a directive Article 2 – point 20 (a)
Amendment 387 #
Proposal for a directive Article 2 – point 20 Directive 2009/138EC Article 109a – paragraph 1 – point a (a)
Amendment 388 #
Proposal for a directive Article 2 – point 20 Directive 2009/138/EC Article 109a – paragraph 1 - point b (b)
Amendment 389 #
Proposal for a directive Article 2 – point 20 Directive 2009/138EC Article 109a – paragraph 1 – point b (b)
Amendment 390 #
Proposal for a directive Article 2 – point 20 Directive 2009/138/EC Article 109a – paragraph 1 – point c Amendment 391 #
Proposal for a directive Article 2 – point 20 Directive 2009/138EC Article 109a – paragraph 1 – point c (c)
Amendment 392 #
Proposal for a directive Article 2 – point 20 Directive 2009/138/EC Article 109a – paragraph 1 – point d Amendment 393 #
Proposal for a directive Article 2 – point 20 Directive 2009/138EC Article 109a – paragraph 1 – point d (d)
Amendment 394 #
Proposal for a directive Article 2 – point 20 Directive 2009/138EC Article 109a – paragraph 1 a (new) 1a. EIOPA shall submit those draft implementing technical standards to the Commission by 12 September 2012.
Amendment 395 #
Proposal for a directive Article 2 – point 20 Directive 2009/138EC Article 109a – paragraph 1 b (new) 1b. Power is conferred on the Commission to adopt the implementing technical standards referred to in the second paragraph in accordance with Article 15 of Regulation (EU) No 1094/2010.
Amendment 396 #
Proposal for a directive Article 2 – point 20 Directive 2009/138/EC Article 109a – paragraph 2 2.
Amendment 397 #
Proposal for a directive Article 2 – point 20 Directive 2009/138EC Article 109a – paragraph 2 2.
Amendment 398 #
Proposal for a directive Article 2 – point 20 Directive 2009/138/EC Article 109a – paragraph 2 2. For the purpose of facilitating the calculation of the health underwriting risk module referred to in Article 105(4), EIOPA shall
Amendment 399 #
Proposal for a directive Article 2 – point 20 (new) Directive 2009/138/EC Article 109a – paragraph 2 a (new) 2a. For the purposes of facilitating the calculation of the market risk module referred to in Article 105(5)(1), EIOPA shall have the following tasks: (a) to publish lists of regional governments and local authorities, exposures to whom are to be treated as exposures to the central government of the jurisdiction in which they are established, provided there is no difference in risk between such exposures due to specific revenue raising powers of the former, and specific institutional arrangements exist, the effect of which is to reduce the risk of default; (b) to specify the adjustments to be made for currencies pegged to the euro in the currency risk sub-module referred to in Article 105(5); and (c) to specify the appropriate equity index referred to in Article 106(2), calculate the symmetric adjustment referred to in Article 106 and publish both sets of information on a monthly basis.
Amendment 400 #
Proposal for a directive Article 2 – point 20 Directive 2009/138/EC Article 109a – paragraph 2b (new) 2b. EIOPA shall develop draft implementing technical standards to specify the conditions for a categorisation in accordance with paragraph 2a(a) and (b). EIOPA shall submit those draft implementing technical standards to the Commission by [date]. Power is conferred on the Commission to adopt those implementing technical standards in accordance with Article 15 of Regulation (EU) No 1094/2010.
Amendment 401 #
Proposal for a directive Article 2 – point 21 Directive 2009/138/EC Article 111 – title Amendment 402 #
Proposal for a directive Article 2 – point 21 Directive 2009/138/EC Article 111 – introductory part 1.
Amendment 403 #
Proposal for a directive Article 2 – point 21 Directive 2009/138/EC Article 111 – paragraph 1 – point f a (new) (fa) the method to be used when assessing the capital requirement for counterparty default risk in the case of exposures to authorised central counterparties as referred to in Article 105. These parameters shall be set to ensure consistency with the treatment of such exposures in the case of credit institutions and investment firms as required under Directive 2012/xx./EU (CRD IV);
Amendment 404 #
Proposal for a directive Article 2 – point 21 Directive 2009/138/EC Article 111 – paragraph 1 – point m Amendment 405 #
Proposal for a directive Article 2 – point 21 Directive 2009/138/EC Article 111 – paragraph 1 – point q Amendment 406 #
Proposal for a directive Article 2 – point 21 Directive 2009/138/EC Article 111 – paragraph 2 2.
Amendment 407 #
Proposal for a directive Article 2 – point 25 a (new) Directive 2009/139/EC Article 129 – paragraph 4 – subparagraph 1 a (new) (25a) In Article 129(4),the following subparagraph is inserted after the first subparagraph: ‘For the purposes of calculating the limits referred to in paragraph 3, undertakings shall not be required to calculate the Solvency Capital Requirement on a quarterly basis.’
Amendment 408 #
Proposal for a directive Article 2 – point 29 Directive 2009/138/EC Article 135 – paragraph 1 – point a (a) the identification, measurement, monitoring, managing and internal reporting of risks arising from investments in relation to the first subparagraph of Article 132(2);
Amendment 409 #
Proposal for a directive Article 2 – point 29 Directive 2009/138/EC Article 135 – paragraph 1 – point b (b) the identification, measurement monitoring, managing and internal reporting of
Amendment 410 #
Proposal for a directive Article 2 – point 30 – point a Directive 2009/138EC Article 138 – paragraph 4 – subparagraph 1 In the event of an exceptional fall in financial markets,
Amendment 411 #
Proposal for a directive Article 2 – point 30 – point b Directive 2009/138EC Article 138 – paragraph 4 – subparagraph 4 Without prejudice to the powers of the EIOPA under Article 18 of Regulation
Amendment 412 #
Proposal for a directive Article 2 – point 30 – point b Directive 2009/138/EC Article 138 – paragraph 4 – subparagraph 4 Without prejudice to the powers of the EIOPA under Article 18 of Regulation
Amendment 413 #
Proposal for a directive Article 2 – point 30 – point b Directive 2009/138EC Article 138 – paragraph 4 – subparagraph 5 EIOPA shall at least once a month review whether the conditions referred to in the fourth subparagraph still apply as of the date of the review and repeal that
Amendment 414 #
Proposal for a directive Article 2 – point 30 – point b Directive 2009/138EC Article 138 – paragraph 4 – subparagraph 5 a (new) The supervisory authorities shall make every effort to comply with EIOPA’s recommendations.
Amendment 415 #
Proposal for a directive Article 2 – point 30 – point b Directive 2009/138/EC Article 138 – paragraph 4 – subparagraph 5 a (new) Without prejudice to their competences, the supervisory authorities concerned shall do everything within their power to inform in the framework of the colleges of supervisors its decision to refuse the extension of the period referred to in paragraph 4.
Amendment 416 #
Proposal for a directive Article 2 – point 30 – point b Directive 2009/138/EC Article 138 – paragraph 4 – subparagraph 5 b (new) Where there is diverging views among the college of supervisors concerning the refusal by the supervisory authority concerned to extend the period referred to in paragraph 4, the group supervisor or any of the other supervisory authorities may consult EIOPA. EIOPA shall be consulted during one month and all supervisory authorities concerned shall be informed. Where EIOPA has been consulted, the supervisory authority concerned shall duly consider such advice before taking its decision. In accordance with Article 19(2) of Regulation (EU) No 1094/2010, EIOPA shall act as a mediator at that stage.
Amendment 417 #
Proposal for a directive Article 2 – point 30 – point b Directive 2009/138EC Article 138 – paragraph 4 – subparagraph 5 b (new) Within 7 days of the issuance of a recommendation, each supervisory authority concerned shall confirm whether it complies or intends to comply with that recommendation. In the event that a supervisory authority does not comply or does not intend to comply, it shall inform EIOPA, stating its reasons.
Amendment 418 #
Proposal for a directive Article 2 – point 30 – point b Where, at the end of the period referred to in paragraph 6of this Article, if no agreement has been reached within the college, the group supervisor or any of the supervisory authorities concerned has referred the refusal of the supervisory authority concerned to EIOPA in accordance with Article 19 of Regulation (EU) No 1094/2010, the supervisory authority concerned shall defer its decision and await any decision that EIOPA may take in accordance with Article 19(3) of that Regulation, and shall take its decision in conformity with EIOPA’s decision. The period referred to in paragraphs 5 and 6, shall be deemed the conciliation period within the meaning of Article 19(2) of that Regulation. EIOPA shall take its decision within two months. The matter shall not be referred to EIOPA after the end of the period referred to in paragraph or after an agreement among supervisory authorities concerned has been reached.’
Amendment 419 #
Proposal for a directive Article 2 – point 30 – point b Directive 2009/138EC Article 138 – paragraph 4 – subparagraph 5 c (new) EIOPA shall publish the fact that a supervisory authority does not comply or does not intend to comply with that recommendation. EIOPA may also decide, on a case by case basis, to publish the reasons provided by the supervisory authority for not complying with that recommendation. The supervisory authority shall receive advanced notice of such publication.
Amendment 420 #
Proposal for a directive Article 2 – point 32 Directive 2009/138/EC Article 155 – paragraph 3 – subparagraph 1 a In addition, the supervisory authority of the host Member State or the supervisory authority of the host Member State may refer the matter to EIOPA and request its assistance in accordance with Article 19
Amendment 421 #
Proposal for a directive Article 2 – point 33 In addition, the supervisory authority of the host Member State or the supervisory authority of the host Member State may refer the matter to EIOPA and request its assistance in accordance with Article 19
Amendment 422 #
Proposal for a directive Article 2 – point 33 a (new) Directive 2009/138/EC Article 159 (33a) Article 159 is replaced by the following: ‘Article 159 Statistical information on cross-border activities Every insurance undertaking shall inform the competent supervisory authority of its home Member State, separately in respect of transactions carried out under the right of establishment and those carried out under the freedom to provide services, of the amount of the premiums, claims and commissions, without deduction of reinsurance, by Member State and as follows: (a) for non-life insurance, by lines of business as set out in the corresponding delegated act; (b) for life insurance, by each line of business I to IX, as set out in the corresponding delegated act. As regards class 10 in Part A of Annex I, not including carrier’s liability, the undertaking concerned shall also inform that supervisory authority of the frequency and average cost of claims. The supervisory authority of the home Member State shall forward the information referred to in the first and second subparagraphs within a reasonable time and in aggregate form to the supervisory authorities of each of the Member States concerned upon their request.’
Amendment 423 #
Proposal for a directive Article 2 – point 35 – point b Directive 2009/138/EC Article 172 – paragraph 4 Amendment 424 #
Proposal for a directive Article 2 – point 35 – point b Directive 2009/138/EC Article 172 – paragraph 4 4.
Amendment 425 #
Proposal for a directive Article 2 – point 35 – point b Directive 2009/138/EC Article 172 – paragraph 4 4.
Amendment 426 #
Proposal for a directive Article 2 – point 35 – point b Directive 2009/138/EC Article 172 – paragraph 4 4. By way of derogation from paragraph 3 and the second subparagraph of Article 134(1), the same treatment as in Article 172(3) and the second subparagraph of Article 134(1) shall be accorded, for a transitional period, to reinsurance contracts concluded with undertakings having their head office in a third country the solvency
Amendment 427 #
Proposal for a directive Article 2 – point 35 – point b Directive 2009/138/EC Article 172 – paragraph 5 5. The Commission may adopt delegated acts, in accordance with Article 301a and subject to the conditions of Articles 301b and 301c, specifying in relation to paragraph 4 the length of the transitional period which may be shorter than the maximum of 5 years and the conditions which are to be met by the third country.
Amendment 428 #
Proposal for a directive Article 2 – point 35 – point b a (new) Directive 2009/138EC Article 172 – paragraph 6 a (new) (ba) In Article 172, the following paragraph is added: ‘6a. After 3 years of the transitional period being applied, the Commission shall start a review on the third country making progress towards equivalence measured against the following milestones: (a) the solvency regime is risk based (b) that it has an independent system of supervision founded on IAIS principles (c) it operates an insurance market open to (re)insurance companies based in other jurisdictions In line with the conclusions of the review, at the end of the 5 year transitional period, the Commission may extend the transitional period for a further 5 years. After 5 years, where a third country has made progress towards equivalence, the transitional may be extended for a further 5 years.’
Amendment 429 #
Proposal for a directive Article 2 – point 38 Directive 2009/138/EC Article 216 – paragraph 7 7.
Amendment 430 #
Proposal for a directive Article 2 – point 40 Directive 2009/138/EC Article 227 – paragraph 2 – subparagraph 2 Amendment 431 #
Proposal for a directive Article 2 – point 41 Directive 2009/138/EC Article 227 – paragraph 3 Amendment 432 #
Proposal for a directive Article 2 – point 42 Directive 2009/138/EC Article 227 – paragraph 6 Amendment 433 #
Proposal for a directive Article 2 – point 42 6.
Amendment 434 #
Proposal for a directive Article 2 – point 42 a (new) Directive 2009/138EC Article 227 – paragraph 8 a (new) Amendment 435 #
Proposal for a directive Article 2 – point 42 a (new) Directive 2009/138/EC Article 230 – paragraph 2 – subparagraph 1 (42 a) In Article 230(2), the first subparagraph is replaced by the following: ‘2. The Solvency Capital Requirement at group level based on consolidated data (consolidated group Solvency Capital Requirement) shall be calculated on the basis of the standard formula and, where appropriate, an approved internal model, in the manner described in Article 100 and consistent with the general principles contained in Title I, Chapter VI, Section 4, Subsections 1 and 2 and Title I, Chapter VI, Section 4, Subsections 1 and 3, respectively.’
Amendment 436 #
Proposal for a directive Article 2 – point 44 Directive 2009/138/EC Article 234 Amendment 437 #
Proposal for a directive Article 2 – point 54 – point a a (new) Directive 2009/138/EC Article 248 – paragraph 3 Amendment 438 #
Proposal for a directive Article 2 – point 62 – point a Directive 2009/138/EC Article 260 – paragraph 1 – subparagraph 2 Amendment 439 #
Proposal for a directive Article 2 – point 62 – point a Directive 2009/138/EC Article 260 – paragraph 1 – subparagraph 2 The verification shall be carried out by the supervisory authority which would be the group supervisor if the criteria set out in Article 247(2) were to apply (hereinafter the ‘acting group supervisor’), at the request of the parent undertaking or of any of the insurance and reinsurance undertakings authorised in the Union or on its own initiative, unless the Commission had concluded previously in respect of the equivalence of the third country concerned.
Amendment 440 #
Proposal for a directive Article 2 – point 62 – point b Directive 2009/138/EC Article 260 – paragraph 2 Amendment 441 #
Proposal for a directive Article 2 – point 62 – point c Directive 2009/138/EC Article 260 – paragraph 4 Amendment 442 #
Proposal for a directive Article 2 – point 62 – point c Directive 2009/138/EC Article 260 – paragraph 4 Amendment 443 #
Proposal for a directive Article 2 – point 62 – point c Directive 2009/138/EC Article 260 – paragraph 4 4. By way of derogation from Article 261(1), the first paragraph of Article 262(1) and the second paragraph of Article 263, Member States may, for a transitional period, rely on the group supervision exercised by the third-country supervisory authorities
Amendment 444 #
Proposal for a directive Article 2 – point 62 – point c Directive 2009/138/EC Article 260 – paragraph 4 – subparagraph 1 a (new) No later than 3 years after 1 January 2014, and every three years, the Commission shall review in relation to each third country for which the Commission has made a decision in accordance with paragraph 7, the progress on convergence to an equivalent regime that has been made by the third country.
Amendment 445 #
Proposal for a directive Article 2 – point 62 – point d Directive 2009/138 Article 260 – paragraph 5 Amendment 446 #
Proposal for a directive Article 2 – point 62 – point d Directive 2009/138/EC Article 260 – paragraph 5 Amendment 447 #
Proposal for a directive Article 2 – point 62 – point d Directive 2009/138/EC Article 260 – paragraph 5 5.
Amendment 448 #
Proposal for a directive Article 2 – point 62 – point e Directive 2009/138/EC Article 260 – paragraph 6 Amendment 449 #
Proposal for a directive Article 2 – point 62 – point e Directive 2009/138EC Article 260 – paragraph 6 a (new) 6a. After 3 years of the transitional period being applied, the Commission shall start a review on the third country making progress towards equivalence measured against the following milestones: (a) the solvency regime is risk based (b) that it has an independent system of supervision founded on IAIS principles (c) it operates an insurance market open to (re)insurance companies based in other jurisdictions In line with the conclusions of the review, at the end of the 5 year transitional period, the Commission may extend the transitional period for a further 5 years. After 5 years, where a third country has made progress towards equivalence, the transitional may be extended for a further 5 years.
Amendment 450 #
Proposal for a directive Article 2 – point 69 a (new) Directive 2009/138EC Article 308 – paragraph 1 a (new) (69a) In Article 308, the following paragraph is added; ‘1a. From 1st January 2013 Member States shall ensure that supervisory authorities have sufficient powers to process applications for permission to calculate the Solvency Capital Requirement on the basis of an internal model and that they are obliged to consider such applications.’
Amendment 451 #
Proposal for a directive Article 2 – point 70 Directive 2009/138EC Article 308a – paragraph 3 3.
Amendment 452 #
Proposal for a directive Article 2 – point 70 Directive 2009/138/EC Article 308a – paragraph 3 3.
Amendment 453 #
Proposal for a directive Article 2 – point 70 Directive 2009/138/EC Article 308a – paragraph 3 3. W
Amendment 454 #
Proposal for a directive Article 2 – point 70 Directive 2009/138/EC Article 308a – paragraph 3 a (new) 3a. During the transitional period, the Member States may allow insurance and re-insurance undertakings to disclose, or include in supervision reports, only such information that can be provided by their existing systems and structures, even if, in doing so, they are not fully complying with the reporting and disclosure requirements referred to in Articles 35, 51, and 53 to 55;
Amendment 455 #
Proposal for a directive Article 2 – point 70 Directive 2009/138/EC Article 308a – paragraph 3 a (new) 3a. Without prejudice to Article 308b, Member states shall ensure that supervisory authorities have the power to require insurance and reinsurance undertakings to submit the information referred to in Article 35 in relation to the financial year ending on or after 1 July 2013.
Amendment 456 #
Proposal for a directive Article 2 – point 70 Directive 2009/138EC Article 308a – paragraph 5 5.
Amendment 457 #
Proposal for a directive Article 2 – point 70 Directive 2009/138/EC Article 308a – paragraph 5 a (new) 5a. During the transitional period, the Member States may allow groups of insurance and re-insurance undertakings to disclose, or include in supervision reports, only such information that can be provided by their existing systems and structures, even if, in doing so, they are not fully complying with the reporting and disclosure requirements referred to in Articles 254(2) and 256;
Amendment 458 #
Proposal for a directive Article 2 – point 70 Directive 2009/138/EC Article 308a – paragraph 7 7.
Amendment 459 #
Proposal for a directive Article 2 – point 70 Directive 2009/138/EC Article 308 a – paragraph 7 7. W
Amendment 460 #
Proposal for a directive Article 2 – point 70 Directive 2009/138/EC Article 308a – paragraph 7 7.
Amendment 461 #
Proposal for a directive Article 2 – point 70 Directive 2009/138/EC Article 308a – paragraph 9 a (new) 9a. The standard parameters to be used for equities that the undertaking purchased on or before 31 December 2013, when calculating the equity risk sub-module in accordance with the standard formula without the option set out in Article 304 shall be calculated as the weighted averages of: (a) the standard parameter to be used when calculating the equity risk sub- module in accordance with Article 304; and (b) the standard parameter to be used when calculating the equity risk sub- module in accordance with the standard formula without the option set out in Article 304, The weight for the parameter expressed in point (b) shall increase at least linearly at the end of each year from 0 % during the year starting on 1 January 2014 to 100 % as of 10 years after 1 January 2014. The Commission shall adopt delegated acts further specifying the procedure and criteria to be met, including the equities that shall be subject to the transitional measure.
Amendment 462 #
Proposal for a directive Article 2 – point 70 Directive 2009/138/EC Article 308a – paragraph 9 a (new) 9a. The standard parameters to be used for equities that the undertaking purchased on or before 31 December 2013, when calculating the equity risk sub-module in accordance with the standard formula without the option set out in Article 304 shall be calculated as the weighted averages of: (a) the standard parameter to be used when calculating the equity risk sub- module in accordance with Article 304; and (b) the standard parameter to be used when calculating the equity risk sub- module in accordance with the standard formula without the option set out in Article 304, The weight for the parameter expressed in point (b) shall increase at least linearly at the end of each year from 0 % during the year starting on 1 January 2014 to 100 % as of 10 years after 1 January 2014. The Commission shall adopt delegated acts further specifying the procedure and criteria to be met, including the equities that shall be subject to the transitional measure.
Amendment 463 #
Proposal for a directive Article 2 – point 70 Directive 2009/138/EC Article 308a – paragraph 9 a (new) 9a. Where, on the date of entry into force of this Directive, home Member States applied provisions referred to in Article 4 of Directive 2003/41/EC, such home Member States may, until the review of Directive 2003/41/EC is completed, continue to apply the laws, regulations and administrative provisions that had been adopted by them with a view to comply with Articles 1 to 19, 27 to 30, 32 to 35 and 37 to 67 of Directive 2002/83/EC as in force on the last date of application of Directive 2002/83/EC.
Amendment 464 #
Proposal for a directive Article 2 – point 70 Directive 2009/138/EC Article 308a – paragraph 9 b (new) 9b. Where, on the date of entry into force of this Directive, home Member States applied provisions referred to in Article 4 of Directive 2003/41/EC, such home Member States may, until 31 December 2015, continue to apply the laws, regulations and administrative provisions that had been adopted by them with a view to comply with Articles 1 to 19, 27 to 30, 32 to 35 and 37 to 67 of Directive 2002/83/EC as in force on the last date of application of Directive 2002/83/EC.
Amendment 465 #
Proposal for a directive Article 2 – point 71 Directive 2009/138/EC Article 308b Amendment 466 #
Proposal for a directive Article 2 – point 71 Directive 2009/138/EC Article 308b – introductory part Amendment 467 #
Proposal for a directive Article 2 – point 71 Directive 2009/138/EC Article 308b – point g (g)
Amendment 468 #
Proposal for a directive Article 2 – point 71 Directive 2009/138/EC Article 308b – point g (g)
Amendment 469 #
Proposal for a directive Article 2 – point 74 Directive 2009/138/EC Article 311 – paragraph 2 ‘Articles 1, 2, 3, 5 to 9, 11, 12, 14 to 17, 19-22, 24, 25, 33, 57 to 66,69, 69, 70, 73, 143, 145, 147, 149 to 161, 168 to 171, 174 to 177, 179 to 184, 186 to 189, 191, 193 to 209, 267 to 300, 302, 305- to 08 and Annexes I and II, V, VI and VII shall apply from 1 January 201
Amendment 470 #
Proposal for a directive Article 2 – point 74 Directive 2009/138/EC Article 311 – paragraph 2 Articles 1, 2, 3, 5 to 9, 11, 12, 14 to 17, 19- 22, 24, 25, 33, 57 to 66, 69, 70, 73, 143, 145, 147, 149 to 161, 168 to 171, 174 to 177, 179 to 184, 186 to 189, 191, 193 to 209, 267 to 300, 302, 305- to 08 and Annexes I and II, V, VI and VII shall apply from 1 January 201
Amendment 471 #
Proposal for a directive Article 2 – point 74 Directive 2009/138/EC Article 311 – paragraph 2 Articles
Amendment 472 #
Proposal for a directive Article 2 a (new) Article 2a Revision The Commission shall, by 1 January 2015 and every year thereafter, submit to the European Parliament and to the Council a report specifying whether the ESAs have submitted the draft regulatory technical standards and the draft implementing technical standards provided for in this Directive, whether the submission is mandatory or optional, with any appropriate proposals.
source: PE-472.278
|
History
(these mark the time of scraping, not the official date of the change)
2015-11-04Show (3) Changes | Timetravel
| activities/0/docs/0/celexid |
CELEX:52011PC0008:EN
|
| activities/0/docs/0/url |
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2011/0008/COM_COM(2011)0008_EN.pdfNew
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2011/0008/COM_COM(2011)0008_EN.pdf |
| links/European Commission/title |
Old
PreLexNew
EUR-Lex |
2014-11-09Show (5) Changes
| activities |
|
| committees |
|
| links |
|
| other |
|
| procedure |
|