2014/0020(COD) Structural measures improving the resilience of EU credit institutions
Lead committee dossier:
Progress: Procedure lapsed or withdrawn
Lead committee dossier:
Legal Basis:
TFEU 114
Legal Basis:
TFEU 114Subjects
Events
2018/07/03
EC - Proposal withdrawn by Commission
2016/02/04
FR_ASSEMBLY - Contribution
Documents
2015/11/03
FR_SENATE - Contribution
Documents
2015/06/19
CSL - Debate in Council
Documents
2015/06/19
CSL - Council Meeting
2015/05/26
EP - Vote in committee, 1st reading
2014/12/22
EP - Committee draft report
Documents
2014/11/19
ECB - European Central Bank: opinion, guideline, report
Details
Opinion of the European Central Bank (ECB) on a proposal for a regulation of the European Parliament and of the Council on structural measures improving the resilience of EU credit institutions.
The European Central Bank received a request from the European Parliament for an opinion on this proposal. Whilst welcoming the proposal, the ECB made a series of comments on the following issues:
Scope of application of the proposed rules :
The ECB stressed that in the case of a concentration of credit institutions (for example, a merger) which would immediately create a single credit institution falling within the scope of the proposed regulation, the combined figures for the credit institutions which formed the single entity, during the period of two years prior to the concentration, should be considered when the competent authority assesses whether the thresholds for the new single entity are met.
Apart from such cases, national competent authorities should review on a regular basis, and in any case at least annually, whether the threshold criteria are met.
Moreover, the Commission should assess the appropriateness of the threshold criteria in its review of the proposed regulation, e.g. to verify whether all relevant credit institutions are covered.
Prohibited trading activities, in particular proprietary trading:
The ECB generally supported that the proposed regulation prohibits proprietary trading by certain credit institutions. It also welcomed that the proposed regulation prohibits relevant credit institutions from owning or investing in hedge funds.
The ECB generally supported the definition of proprietary trading as put forward in the proposed regulation but suggested some amendments that aim to clarify the prohibited activities. In particular, the ECB suggested clarifying that there will be a prohibition on transactions relating to proprietary trading that are undertaken in reaction to and in order to exploit market valuations and with the aim of making profit, irrespective of whether a profit is in fact realised either in the short or in the longer term.
The ECB stressed that some carve-outs are implied by the Commission proposal which seem to indicate that the nature of the exempted trading activities should be further assessed in the upcoming review of the proposed regulation in order to determine the extent of the possible threat that they may pose to individual credit institutions or the global financial system.
Decision on whether or not to request separation of trading activities, in particular the treatment of market-making activities :
Although supporting the proposed regulation's approach to separation, the ECB considered it would be useful to supplement these helpful provisions by introducing more clarity to the assessment of whether a core credit institution's trading activities pose a threat to financial stability and thus require separation.
As regards increasing transparency, the ECB considered that the supervisory decision needs to be made by reference to a set of criteria broader than that contained in the proposed regulation. To this end, the metrics could usefully be complemented by additional qualitative information such as: (a) a cartography of trading activities, including methods for assessing the need to build up inventories in order to meet anticipated client demand; (b) the compliance framework implementing the proposed regulation; and (c) the compensation schemes for traders.
The metrics could be complemented by additional quantitative data such as inventory turnover, value-at-risk variations, ‘day 1 profit and loss’, limits on trading desks and geographic diversification of the trading activities.
The ECB considered it important to sufficiently preserve the market-making activities of banks in order to maintain or increase asset and market liquidity, moderate price volatility and increase security markets' resilience to shocks. This is essential for financial stability, the implementation and smooth transmission of monetary policy, and the financing of the economy. Therefore, any regulatory treatment should avoid negative consequences for market-making activities that are not justified by significant risks. With this in mind, the ECB suggested a more accurate definition of market making.
Lastly, the ECB noted that it should be noted that separation does not in itself solve the too-big-to-fail issue.
Derogation clause :
The proposed regulation provides that the Commission, at the request of a Member State, can authorise a derogation from the separation requirements for credit institutions that are covered by national legislation having an ‘equivalent effect’ to the provisions of the proposed regulation. The ECB stated that the derogation is not compatible with the aim of creating a level playing field and may create a precedent for future derogations in other types of Union legislation.
Cooperation between the competent authority and the resolution authority :
Enhancing the resolvability of banks while preserving critical financial services in the economy as a whole is also a key aim of the supervisory process to which the measures in the proposed regulation should seek to give effect. Therefore, competent authorities and resolution authorities will have to work in close cooperation in both of these processes.
Sanctioning powers :
As the ECB is considered a competent authority for the exclusive purpose of carrying out the tasks conferred on it, the ECB should also have the power to exercise appropriate sanctioning powers.
It suggested aligning the level of pecuniary sanctions in the proposed regulation with Directive 2013/36/EU of the European Parliament and of the Council. Lastly, as regards the power to suspend an authorisation, the ECB suggested removing this sanction from the proposed regulation in order to avoid legal difficulties.
Documents
2014/10/20
EP - Committee referral announced in Parliament, 1st reading
2014/10/01
RO_CHAMBER - Contribution
Documents
2014/07/11
EDPS - Document attached to the procedure
Details
OPINION OF THE EUROPEAN DATA PROTECTION SUPERVISOR (EDPS).
The proposal on structural measures improving the resilience of EU credit institutions and on the proposal on the reporting and transparency of securities financing transactions form part of the wide-ranging overhaul of financial regulation and supervision which the EU has undertaken since the onset of the financial crisis.
Each proposal involves the processing of personal data including the publication of details about individuals who have been subject to sanctions for breaches of the proposed rules.
The EDPS regrets that he was not consulted prior to the adoption of the proposals. He recognises the legitimate public policy goal behind these proposals, and welcomes the fact that some data protection safeguards are envisaged.
However, the EDPS recommends a fuller integration of respect for the rights to privacy and the protection of personal data by means of the following changes:
the inclusion of a general provision for all processing of personal data; an appropriate maximum term in the proposal on transparency of securities financing transactions (SFTs) for personal information to be retained by counterparties to an SFT; regarding the provisions derogating from the obligation for confidentiality and professional secrecy in the proposal on transparency of SFTs: (i) clarification on whether or not personal data are within the scope of this derogation, and if so, the inclusion of a statement that those data may only be processed for compatible purposes and in accordance with applicable data protection rules; (ii) clarification whether personal data transfers to third countries are envisaged; clarifying that the power to issue a public warning about identified individuals should not be exercised automatically but rather only on a case by case basis and where appropriate and proportionate; regarding the provisions for publication of sanctions : (i) the inclusion of a requirement in both regulations to consider separately each case and its particular circumstances on the basis of necessity and proportionality prior to any decision to publish the identity of the person subject to a sanction; and (ii) specifying a maximum retention period for personal data published as part of information on sanction decisions on competent authorities' websites.
Documents
2014/07/09
ESC - Economic and Social Committee: opinion, report
Documents
2014/06/26
CofR - Committee of the Regions: opinion
Documents
2014/06/26
CZ_SENATE - Contribution
Documents
2014/05/16
CZ_CHAMBER - Contribution
Documents
2014/04/09
PT_PARLIAMENT - Contribution
Documents
2014/02/25
EP - Committee referral announced in Parliament, 1st reading
2014/01/29
EC - Document attached to the procedure
Documents
2014/01/29
EC - Document attached to the procedure
Documents
2014/01/29
EC - Legislative proposal published
Details
PURPOSE: to strengthen financial stability in the Union through structural reforms of large banks.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: the Union’s financial system includes over 8,000 banks of different sizes, corporate structures and business models, a few of which exist in the form of large banking groups carrying out an all-encompassing set of activities. The financial crisis has demonstrated the interconnected nature of Union banks and the resulting risk to the financial system.
Since the start of the financial crisis, the Union and its Member States have engaged in a fundamental overhaul of bank regulation and supervision including the setup of the first steps towards a banking union. Given the need to ensure that all banks can be resolved, there was a need to assess whether more measures are needed to further reduce the probability and impact of failure of the largest and most complex banks.
A High-Level Expert Group ("HLEG") chaired by Erkki Liikanen, Governor of the Bank of Finland, was mandated for this purpose. The HLEG recommended the mandatory separation of proprietary trading and other high-risk trading activities into a separate legal entity within the banking group for the largest and most complex banks.
On 3 July 2013, the European Parliament adopted, by a large majority, a resolution on reforming the structure of the EU banking sector in which it welcomes structural reform measures at Union level to tackle concerns on banks that are too big to fail.
This proposal represents a critical part of the Union response to tackling the problem of ‘too big to fail’ banks. It is accompanied by a proposed regulation to tackle another conduit for financial contagion – namely, interconnectedness among market participants including systemic banks through opaque trading links in securities financing transactions.
IMPACT ASSESSMENT: on the overall costs and benefits of this proposal, the impact assessment carried out has been subject to qualitative analysis and quantitative modelling. While taking due account of the clear benefits derived from the diversity of banking models in Europe, the proposal intends to ensure that the delicate balance between the prevention of systemic risks and the financing of sustainable economic growth is maintained.
CONTENT: the proposed Regulation aims at enhancing financial stability in the Union by means of structural reform of large banks , thus complementing financial regulatory reforms already undertaken at Union level. It will apply to European banks that are identified as being of global systemic importance and exceed certain thresholds. The main points are as follows:
Prohibition of proprietary trading : the proposal provides that a credit institution and entities within the same group must not engage in proprietary trading in financial instruments and commodities. The proposal states that desks’, units’, divisions’ or individual traders’ activities specifically dedicated to taking positions for making a profit for own account, without any connection to client activity or hedging the entity’s risk, would be prohibited.
To prevent banks from circumventing the prohibition by e.g. owning or investing in hedge funds, the proposal states that banks subject to the proprietary trading prohibition are also prohibited from investing in or holding shares in hedge funds (or certificates/derivatives linked to these), or entities that engage in proprietary trading or sponsor hedge funds.
The prohibition on proprietary trading becomes effective on 1 January 2017.
Potential separation of certain trading activities : the proposed Regulation also requires the competent authority to undertake a systematic review of certain other activities where there is the greatest risk that proprietary trading could be performed in contravention of the prohibition.
The competent authority is granted the power to require the separation of the high-risk activities (market-making, investment in/sponsoring of securitization and trading of certain derivatives) if these give rise to risks for the stability of the financial system. This aims to avoid the risk that banks will circumvent the proprietary trading ban by engaging in hidden proprietary trading activities and that the non-prohibited trading activities becomes too significant or highly leveraged.
The actual separation of trading activities will be preceded by an obligation for relevant banks to submit a "separation plan" to competent authorities. If the bank demonstrates to the satisfaction of the competent authority that these activities do not endanger the Union financial stability, the competent authority may decide not to require separation.
The provisions on separation of trading activities from credit institutions will become effective on 1 July 2018.
In order to ensure the effective and consistent supervision and the development of the single rule book in banking, the proposal envisages an important role for the European Banking Authority ("EBA"). The latter will be consulted by competent authorities when taking certain decisions as set out in this proposal and will prepare draft regulatory and implementing technical standards, and submit reports to the Commission.
BUDGETARY IMPLICATIONS: the proposal involves the hiring of two new temporary agents at EBA from January 2016. The new tasks will be carried out with the human resources available within the annual budgetary allocation procedure, and in line with the financial programming for agencies. Estimated impact on expenditure amounts to EUR 760 000 for the period 2016-2020.
DELEGATED ACTS: the proposal contains provisions empowering the Commission to adopt delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union.
Documents
Documents
- Contribution: COM(2014)0043
- Contribution: COM(2014)0043
- Debate in Council: 3399
- Committee draft report: PE546.551
- European Central Bank: opinion, guideline, report: CON/2014/0083
- European Central Bank: opinion, guideline, report: OJ C 137 25.04.2015, p. 0002
- Contribution: COM(2014)0043
- Document attached to the procedure: OJ C 328 20.09.2014, p. 0003
- Document attached to the procedure: N8-0034/2014
- Economic and Social Committee: opinion, report: CES1791/2014
- Committee of the Regions: opinion: CDR1321/2014
- Contribution: COM(2014)0043
- Contribution: COM(2014)0043
- Contribution: COM(2014)0043
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2014)0030
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2014)0031
- Legislative proposal published: EUR-Lex
- Legislative proposal published: COM(2014)0043
- Document attached to the procedure: EUR-Lex SWD(2014)0030
- Document attached to the procedure: EUR-Lex SWD(2014)0031
- Committee of the Regions: opinion: CDR1321/2014
- Economic and Social Committee: opinion, report: CES1791/2014
- Document attached to the procedure: OJ C 328 20.09.2014, p. 0003 N8-0034/2014
- European Central Bank: opinion, guideline, report: CON/2014/0083 OJ C 137 25.04.2015, p. 0002
- Committee draft report: PE546.551
- Contribution: COM(2014)0043
- Contribution: COM(2014)0043
- Contribution: COM(2014)0043
- Contribution: COM(2014)0043
- Contribution: COM(2014)0043
- Contribution: COM(2014)0043
| Amendments | Dossier |
| 744 |
2014/0020(COD)
2015/02/03
ECON
535 amendments...
Amendment 300 #
Proposal for a regulation Article 6 – title Prohibition of certain trading and related activities
Amendment 301 #
Proposal for a regulation Article 6 – title Prohibition of
Amendment 302 #
Proposal for a regulation Article 6 – title Prohibition of certain
Amendment 303 #
Proposal for a regulation Article 6 – paragraph 1 – introductory part 1.
Amendment 304 #
Proposal for a regulation Article 6 – paragraph 1 – introductory part 1. Entities referred to in Article 3 shall not unless via a separate trading entity which satisfies the conditions set in Articles 13, 14 and whose process of creation satisfies Article 18:
Amendment 305 #
Proposal for a regulation Article 6 – paragraph 1 – point a (a) engage in proprietary trading, as defined under Article 5, paragraph 4, unless a dedicated subsidiary has been established to that effect;
Amendment 306 #
Proposal for a regulation Article 6 – paragraph 1 – point b – introductory part (b) with its own capital or borrowed money and for the
Amendment 307 #
Proposal for a regulation Article 6 – paragraph 1 – point b – introductory part (b) with its own capital or borrowed money
Amendment 308 #
Proposal for a regulation Article 6 – paragraph 1 – point b – introductory part (b) with its own capital or borrowed money and for the
Amendment 309 #
Proposal for a regulation Article 6 – paragraph 1 – point b – point i (i) acquire or retain units or shares of AIFs
Amendment 310 #
Proposal for a regulation Article 6 – paragraph 1 – point b – point i (i) extend credit or guarantees to or acquire or retain units or shares of AIFs as defined by Article 4(1)(a) of Directive 2011/61/EU;
Amendment 311 #
Proposal for a regulation Article 6 – paragraph 1 – point b – point i (i) acquire or retain units or shares of AIFs
Amendment 312 #
Proposal for a regulation Article 6 – paragraph 1 – point b – point i (i) acquire or retain units or shares of substantially leveraged AIFs as defined by Article 4(1)(a) of Directive 2011/61/EU;
Amendment 313 #
Proposal for a regulation Article 6 – paragraph 1 – point b – point ii (ii) invest in derivatives, certificates,
Amendment 314 #
Proposal for a regulation Article 6 – paragraph 1 – point b – point ii (ii) invest in derivatives, certificates, indices or any other financial instrument the performance of which is linked to shares or units of AIFs that are leveraged on a substantial basis as defined in Article 111 of delegated Commission Regulation no. 231/2013/EU;
Amendment 315 #
Proposal for a regulation Article 6 – paragraph 1 – point b – point ii (ii) invest in derivatives, certificates, indices or any other financial instrument the performance of which is linked to shares or units of AIFs established in the Union or foreign AIFs, which are leveraged above the threshold defined in Article 111 Delegated Regulation (EU) No 231/2013;
Amendment 316 #
Proposal for a regulation Article 6 – paragraph 1 – point b – point ii (ii) invest in derivatives, certificates, indices or any other financial instrument the performance of which is linked to shares or units of substantially leveraged AIFs;
Amendment 317 #
Proposal for a regulation Article 6 – paragraph 1 – point b – point iii (iii) hold any units or shares in an entity that engages in proprietary trading or acquires units or shares in AIFs
Amendment 318 #
Proposal for a regulation Article 6 – paragraph 1 – point b – point iii (iii) extend credit or guarantees to or hold any units or shares in an entity that engages in proprietary trading or acquires units or shares in AIFs.
Amendment 319 #
Proposal for a regulation Article 6 – paragraph 1 – point b – point iii (iii) hold
Amendment 320 #
Proposal for a regulation Article 6 – paragraph 1 – point b – point iii (iii) hold any units or shares in an entity that engages in proprietary trading or acquires units or shares in AIFs established in the Union or foreign AIFs, which are leveraged above the threshold defined in Article 111 Delegated Regulation (EU) No 231/2013.
Amendment 321 #
Proposal for a regulation Article 6 – paragraph 1 – point b – point iii (iii) hold any units or shares in an entity that engages in proprietary trading or acquires units or shares in substantially leveraged AIFs.
Amendment 322 #
Proposal for a regulation Article 6 – paragraph 1 – point b – point iii a (new) (iii a) engage in lending or issuing of guarantees to AIFs;
Amendment 323 #
Proposal for a regulation Article 6 – paragraph 1 – point b – point iii a (new) (iii a) engage in lending to, grant guarantees to, or hold any financial instrument other than those listed in point (ii) of this paragraph issued by an AIF.
Amendment 324 #
Proposal for a regulation Article 6 – paragraph 1 – point b – point iii b (new) (iii b) engage in excessive speculation.
Amendment 325 #
Proposal for a regulation Article 6 – paragraph 1 a (new) 1 a. Notwithstanding paragraph 1(b)(i), entities referred to in Article 3 may: - provide seed capital to substantially leveraged AIFs up to 3% over a period of one year extendable twice from the date of their commitment; or - retain at least one share of contractual funds.
Amendment 326 #
Proposal for a regulation Article 6 – paragraph 2 Amendment 327 #
Proposal for a regulation Article 6 – paragraph 2 Amendment 328 #
Proposal for a regulation Article 6 – paragraph 2 – point a Amendment 329 #
Proposal for a regulation Article 6 – paragraph 2 – point a Amendment 330 #
Proposal for a regulation Article 6 – paragraph 2 – point a Amendment 331 #
Proposal for a regulation Article 6 – paragraph 2 – point b – introductory part (b) a situation where an entity referred to in Article 3 engages in proprietary trading through a separate legal entity or meets all of the following conditions:
Amendment 332 #
Proposal for a regulation Article 6 – paragraph 2 – point b – point ii (ii) it exclusively holds, purchases, sells or otherwise acquires or disposes of cash or cash equivalent assets, without engaging in short-selling. Cash equivalent assets must be highly liquid investments held in the base currency of the own capital, be readily convertible to a known amount of cash, be subject to an insignificant risk of a change in value, have maturity which does not exceed 397 days
Amendment 333 #
Proposal for a regulation Article 6 – paragraph 2 – point ba (new) (ba) activities for the purpose of management of liquidity, interest rate, currency and credit risk of a network of institutions belonging to the same IPS in the meaning of Art. 113 (7) Regulation (EU) No. 575/2013.
Amendment 334 #
Proposal for a regulation Article 6 – paragraph 2 – point (ba) (new) (ba) the management of liquidity, interest rate, currency and credit risk in a group or network according to Art. 113 (6), (7) Regulation (EU) No.575/2013 [CRR] or Art. 16(1) of regulation XXX [LCR delegated act].
Amendment 335 #
Proposal for a regulation Article 6 – paragraph 2 a (new) 2 a. The prohibition in point (b) of paragraph 1 shall not apply for activities such as seed funding, asset bridging and co-investing.
Amendment 336 #
Proposal for a regulation Article 6 – paragraph 2 a (new) 2 a. The prohibition in point (b) of paragraph 1 shall not apply if the amount of those activities is below 3% of the core credit institution's own funds, calculated on a consolidated basis. The amount of those activities above 3% of the core credit institution's own funds, calculated on a consolidated basis, shall be phased out during a period of five years after this Regulation enters into force.
Amendment 337 #
Proposal for a regulation Article 6 – paragraph 3 Amendment 338 #
Proposal for a regulation Article 6 – paragraph 3 Amendment 339 #
Proposal for a regulation Article 6 – paragraph 3 3. The restrictions laid down in
Amendment 340 #
Proposal for a regulation Article 6 – paragraph 3 3. The restrictions laid down in point (b) of paragraph 1 shall not apply with regard to
Amendment 341 #
Proposal for a regulation Article 6 – paragraph 3 3. The restrictions laid down in
Amendment 342 #
Proposal for a regulation Article 6 – paragraph 3 3. The restrictions laid down in point (b) of paragraph 1 shall not apply with regard to closed-ended
Amendment 343 #
Proposal for a regulation Article 6 – paragraph 3 3. The restrictions laid down in point (b) of paragraph 1 shall not apply with regard to closed-ended
Amendment 344 #
Proposal for a regulation Article 6 – paragraph 3 3. The restrictions laid down in point (b) of paragraph 1 shall not apply with regard to closed-ended
Amendment 345 #
Proposal for a regulation Article 6 – paragraph 3 3. The restrictions laid down in point (b) of paragraph 1 shall not apply with regard to
Amendment 346 #
Proposal for a regulation Article 6 – paragraph 3 3. The restrictions laid down in point (b) of paragraph 1 shall not apply with regard to
Amendment 347 #
Proposal for a regulation Article 6 – paragraph 3 3. The restrictions laid down in point (b) of paragraph 1 shall not apply with regard to closed-ended and unleveraged AIFs as defined in Directive 2011/61/EU
Amendment 348 #
Proposal for a regulation Article 6 – paragraph 3 a (new) 3 a. Each entity referred to in this Article shall include in its annual report an explanation of how it complies with the requirements in paragraph 1.
Amendment 349 #
Proposal for a regulation Article 6 – paragraph 3 a (new) 3 a. The prohibition in point (b) of paragraph 1 shall not apply if the amount of those activities is below 2% of the core credit institution´s own funds, calculated on a consolidated basis. The amount of those activities above 2% of the core credit institution´s own funds, calculated on a consolidated basis, shall be phased out during a period of five years after this Regulation enters into force.
Amendment 350 #
Proposal for a regulation Article 6 – paragraph 3 a (new) 3 a. The separation laid down in paragraph 1 shall not apply to lending activity to funds referred to in paragraph 3.
Amendment 351 #
Proposal for a regulation Article 6 – paragraph 4 4. The management body of each entity referred to in Article 3
Amendment 352 #
Proposal for a regulation Article 6 – paragraph 4 4. The management body of each entity referred to in Article 3 shall ensure that the requirements set out in paragraph 1 are
Amendment 353 #
Proposal for a regulation Article 6 – paragraph 5 5. The requirements in paragraphs 1 to 4 shall apply as of [OP please introduce exact date, 1
Amendment 354 #
Proposal for a regulation Article 6 – paragraph 6 Amendment 355 #
Proposal for a regulation Article 7 Amendment 356 #
Proposal for a regulation Article 7 – paragraph 1 Without prejudice to the remuneration rules laid down in Directive 2013/36/EU, the remuneration policy of the entities referred to in Article 3 shall be designed and implemented in such a way that it does not, directly or indirectly, encourage or reward the carrying out by any staff member of activities prohibited in Article 6(1). Social partners shall, where applicable, be consulted in this process, with respect for their rights to conclude and enforce collective agreements.
Amendment 357 #
Proposal for a regulation Article 7 a (new) Article 7 a Competent authorities shall have the power to ban specific financial products that threaten the orderly functioning and integrity of financial markets or the stability of whole or part of the Union financial system. Before taking their decision, competent authorities shall consult EBA. EBA may decide to temporarily prohibit or restrict certain financial activities in accordance with Article 9 of Regulation No 1093/2010.
Amendment 358 #
Proposal for a regulation Chapter 3 – title Separation of certain trading activities and other measures
Amendment 359 #
Proposal for a regulation Chapter 3 – title Separation of
Amendment 361 #
Proposal for a regulation Chapter 3 – title Separation of
Amendment 362 #
Proposal for a regulation Chapter 3 – title Amendment 363 #
Proposal for a regulation Chapter 3 – title Amendment 364 #
Proposal for a regulation Chapter 3 – title Amendment 366 #
Proposal for a regulation Article 8 – paragraph 1 – introductory part 1. For the purposes of this Chapter, trading activities shall include
Amendment 367 #
Proposal for a regulation Article 8 – paragraph 1 – introductory part 1. For the purposes of this Chapter, trading activities
Amendment 368 #
Proposal for a regulation Article 8 – paragraph 1 – introductory part 1. For the purposes of this Chapter,
Amendment 369 #
Proposal for a regulation Article 8 – paragraph 1 – introductory part 1.
Amendment 370 #
Proposal for a regulation Article 8 – paragraph 1 – introductory part 1. For the purposes of this Chapter, trading activities shall not include
Amendment 371 #
Proposal for a regulation Article 8 – paragraph 1 – point a Amendment 372 #
Proposal for a regulation Article 8 – paragraph 1 – point a (a) taking
Amendment 373 #
Proposal for a regulation Article 8 – paragraph 1 – point a a (new) (a a) the management of liquidity, interest rate, currency and credit risk in a group or network according to Art. 113 (6), (7) Regulation (EU) No.575/2013 [CRR] or Art. 16(1) of Commission Delegated Regulation (EU) 2015/61.
Amendment 374 #
Proposal for a regulation Article 8 – paragraph 1 – point b Amendment 375 #
Proposal for a regulation Article 8 – paragraph 1 – point b a (new) (b a) providing guarantees
Amendment 376 #
Proposal for a regulation Article 8 – paragraph 1 – point c Amendment 377 #
Proposal for a regulation Article 8 – paragraph 1 – point d Amendment 378 #
Proposal for a regulation Article 8 – paragraph 1 – point e Amendment 379 #
Proposal for a regulation Article 8 – paragraph 1 – point f Amendment 380 #
Proposal for a regulation Article 8 – paragraph 1 – point g Amendment 381 #
Proposal for a regulation Article 8 – paragraph 1 – point h Amendment 382 #
Proposal for a regulation Article 8 – paragraph 1 – point i Amendment 383 #
Proposal for a regulation Article 8 – paragraph 1 – point i a (new) (i a) activities for the purpose of management of liquidity, interest rate, currency and credit risk of a network of institutions belonging to the same IPS in the meaning of Art. 113 (7) Regulation (EU) No. 575/2013 (CRR).
Amendment 384 #
Proposal for a regulation Article 8 – paragraph 1 – point i a (new) (i a) advising clients on financial instruments referred to in Article 12 and providing such instruments originated by third parties as an agent.
Amendment 385 #
Proposal for a regulation Article 8 – paragraph 1 – point i a (new) (ia) depository bank services
Amendment 386 #
Proposal for a regulation Article 8 – paragraph 1 – point i a (new) (i a) at clients' request offering advice on and marketing third-party financial instruments without acting as a principal.
Amendment 387 #
Proposal for a regulation Article 8 – paragraph 1 – point (i a) (new) (i a) Asset management services such as portfolio management and investment advice.
Amendment 388 #
Proposal for a regulation Article 8 – paragraph 1 – point i a (new) (i a) assets purchased by the institutions in order to fulfil the requirements of the LCR according to the Commission Delegated Regulation 2015/61 of 10 October 2014 to supplement Regulation (EU) No 575/2013 of the European Parliament and the Council with regard to liquidity coverage requirement for Credit Institutions.
Amendment 389 #
Proposal for a regulation Article 8 – paragraph 1 – point i b (new) (i b) assets purchased by the institutions in order to fulfil the requirements of the Liquidity Coverage Ratio as outlined in Regulation 575/2013/EU and Delegated Regulation 2015/61;
Amendment 390 #
Proposal for a regulation Article 8 – paragraph 1 – point i a (new) (i a) purchasing or holding one or more collective investment undertakings or holding capital instruments or voting rights in an entity that manages one or more collective investment undertakings provided that the investment policy of the collective investment undertaking does not exceed a leverage above the threshold of Article 111 Delegated Regulation (EU) No 231/2013.
Amendment 391 #
Proposal for a regulation Article 8 – paragraph 1 – point i a (new) (i a) the selling of interest rate derivatives, foreign exchange derivatives, credit derivatives, emission allowances derivatives and commodity derivatives eligible for central counterparty clearing, and emission allowances, to non-financial clients and to financial entities referred to in the second and third indents of point (19) of Article 5, to insurance undertakings, or to institutions providing occupational retirement benefits, where the sole purpose of the sale is to hedge interest rate risk, foreign exchange risk, credit risk, commodity risk or emissions allowance risk.
Amendment 392 #
Proposal for a regulation Article 8 – paragraph 1 – point i a (new) (i a) the selling of interest rate derivatives, foreign exchange derivatives, credit derivatives, emission allowances derivatives and commodity derivatives eligible for central counterparty clearing, and emission allowances, to non-financial clients and to financial entities referred to in the second and third indents of point (19) of Article 5, to insurance undertakings, or to institutions providing occupational retirement benefits where the sole purpose of the sale is to hedge interest rate risk, foreign exchange risk, credit risk, commodity risk or emissions allowance risk.
Amendment 393 #
Proposal for a regulation Article 8 – paragraph 1 – point i b (new) (i b) activities for the purpose of prudently managing capital, liquidity, funding and the balance sheet;
Amendment 394 #
Proposal for a regulation Article 8 – paragraph 1 – subparagraph 1 (new) (j) purchasing or holding one or more Collective Investment Undertakings (CIUs) or holding capital instruments or voting rights in an entity that manages one or more CIUs provided that the designated exposure is in line with Art. 51 paragraph 3 of the UCITS Directive 2009/65/EC;
Amendment 395 #
Proposal for a regulation Article 8 – paragraph 1 – point i c (new) (i c) market making activities which do not pose a threat to the financial stability of the core credit institution or to the whole or any part of the Union financial system.
Amendment 396 #
Proposal for a regulation Article 8 – paragraph 1 a (new) 1a. All activities not listed in paragraph 1 shall be considered trading activities. These trading activities are prohibited for core credit institutions, except for the cases referred to in Article 11(1), second subparagraph.
Amendment 397 #
Proposal for a regulation Article 8 – paragraph 1 a (new) 1 a. In addition to the activities permitted under paragraph 1, core credit institutions may carry out certain trading activities as detailed below provided they can demonstrate to the competent authority that they are solely used for the purpose of prudently managing capital, liquidity and funding. (a) the use of interest rate derivatives, foreign exchange derivatives and credit derivatives eligible for central counterparty clearing to hedge its overall balance sheet risk where the hedging activity is designed to reduce, and demonstrably reduces or significantly mitigates, specific, identifiable risks of individual or aggregated positions of the core credit institution; (b) purchasing and disposing of high quality liquid assets that at least meet the standards set out in Article 416 of the Regulation (EU) No 575/2013 for the purpose of managing the cash and liquidity position of the CCI; (c) lending to and borrowing in the interbank markets for the purpose of managing the cash and liquidity position of the CCI subject to the conditions in Article 15 paragraph 1; (d) issuance and repurchase of securities for the purpose of meeting the capital management needs of the CCIs core activities. This may include securitisation not considered to pose a threat to the financial stability of the CCI or to parts of or the whole of the Union financial system.
Amendment 398 #
Proposal for a regulation Article 8 – paragraph 1 a (new) 1 a. The requirements of this Chapter shall apply to all credit institutions subject to the direct supervision of the ECB and to every entity referred to in point b of Article 3(1) that has, or within a period of three consecutive years - but not retroactively covering any period before this Regulation entered into force - has had total trading activities amounting to at least EUR 30 billion or 10 per cent of its total assets.
Amendment 399 #
Proposal for a regulation Article 8 – paragraph 1 a (new) 1 a. The requirements of this Chapter shall apply to all entities referred to in Article 3 paragraph (b) that for a period of three consecutive years have total trading activities amounting to at least EUR 70 billion or 10 per cent of the entity's total assets.
Amendment 400 #
Proposal for a regulation Article 8 – paragraph 1 b (new) 1 b. Without prejudice to the remuneration rules laid down in Directive 2013/36/EU, the remuneration policy applicable to staff of the core credit institution engaged in hedging activities shall: (a) aim at preventing any residual or hidden proprietary trading activities, whether disguised as risk management or otherwise; (b) reflect the legitimate hedging objectives of the core credit institution as a whole and ensure that remuneration awarded is not directly determined by reference to the profits generated by such activities but takes account of the overall effectiveness of the activities in reducing or mitigating risk. The management body shall ensure that the remuneration policy of the core credit institution is in line with the provisions set out in the first subparagraph, acting on the advice of the risk committee, where such a committee is established in accordance with Article 76(3) of Directive 2013/36/EU.
Amendment 401 #
Proposal for a regulation Article 8 – paragraph 2 Amendment 402 #
Proposal for a regulation Article 8 – paragraph 2 Amendment 403 #
Proposal for a regulation Article 8 – paragraph 2 Amendment 404 #
Proposal for a regulation Article 8 – paragraph 2 Amendment 405 #
Proposal for a regulation Article 8 – paragraph 2 Amendment 406 #
Proposal for a regulation Article 8 – paragraph 3 Amendment 407 #
Proposal for a regulation Article 8 – paragraph 3 Amendment 408 #
Proposal for a regulation Article 8 – paragraph 3 a (new) 3 a. The Commission shall by, [OP insert the correct date 6 months from publication of this Regulation] adopt delegated acts in accordance with Article 35 to specify which type of securitisation is not considered to pose a threat to the financial stability of the core credit institution or to the Union financial system as a whole with regard to each of the following aspects: (i) the structural features, such as the embedded maturity transformation and simplicity of the structure; (ii) the quality of the underlying assets and related collateral characteristics; (iii) the listing and transparency features of the securitisation and its underlying assets; (iv) the robustness and quality of the underwriting processes.
Amendment 409 #
Proposal for a regulation Article 8 – paragraph 3 b (new) 3 b. The Commission shall, by [OP insert the correct date 6 months from publication of this Regulation] adopt delegated acts in accordance with Article 35 to specify the criteria for determining that the hedging activity referred to in paragraph 1 a (new) is designed to reduce, and demonstrably reduces or significantly mitigates, specific, identifiable risks of individual or aggregated positions of the core credit institution.
Amendment 410 #
Proposal for a regulation Article 8 a (new) Article 8 a Trading activities 1. All trading activities not prohibited by Article 6 and not permitted for a core credit institution in Article 8 paragraph 1 to 5 shall be transferred to an economically, legally and operationally separate institution ("trading entity"). 2. Trading entities shall not belong to the same group as core credit institutions. All contracts and other transactions entered into between core credit institutions and trading entities shall be done at arm's length. 3. Core credit institutions shall not hold capital instruments or voting rights in trading entities and vice versa. Notwithstanding the first subparagraph, the competent authority may decide to allow core credit institutions that meet the requirements set out in Article 49(3)(a) or (b) of Regulation (EU) No 575/2013 to hold capital instruments or voting rights in a trading entity where the competent authority considers that holding such capital instruments or voting rights is indispensable for the functioning of the group and that the core credit institution has taken sufficient measures in order to appropriately mitigate the relevant risks. A core credit institution, which is neither a central nor a regional credit institution, shall not, in any case, be allowed to directly hold capital instruments or voting rights in any trading entity. Prior to adopting a decision in accordance with this paragraph, the competent authority shall consult EBA. The competent authority shall notify its decision to EBA. EBA shall publish a list of those institutions to which this paragraph has been applied. 4. In accordance with the applicable national law, the name or the designation of trading entities and core credit institutions shall be such that the public can easily identify which entity is a trading entity and which entity is a core credit institution. 5. After separation, trading entities shall comply with the obligations laid down in Parts Two, Three and Four and Parts Six, Seven and Eight of Regulation (EU) No 575/2013 and in Title VII of Directive 2013/36/EU. 6. Notwithstanding the criteria laid out in Article 3, trading entities shall in any case comply with the provisions of Article 6 of this Regulation.
Amendment 412 #
Proposal for a regulation Article 9 – paragraph 1 – introductory part 1. The competent authority shall assess trading activities including in particular: market making, investments in and acting as a sponsor for securitisation, and trading in derivatives of the
Amendment 413 #
Proposal for a regulation Article 9 – paragraph 1 – introductory part 1. The competent authority shall assess trading activities
Amendment 414 #
Proposal for a regulation Article 9 – paragraph 1 – introductory part 1. The competent authority shall assess all trading activities
Amendment 415 #
Proposal for a regulation Article 9 – paragraph 1 – introductory part 1. The competent authority shall assess the risks associated with trading activities including in particular: market making, investments in and acting as a sponsor for securitisation, and trading in derivatives other than those derivatives permitted under Articles 11 and 12 of the following entities:
Amendment 416 #
Proposal for a regulation Article 9 – paragraph 1 – point a Amendment 417 #
Proposal for a regulation Article 9 – paragraph 1 – point a a (new) (a a) Paragraph 1(a) shall not apply to a core credit institution which does not engage in the regulated activity of dealing in investments as principal and holding trading assets, with the exceptions of risk mitigating activities for the purpose of prudently managing its capital, liquidity and funding and of providing limited risk management services to customers.
Amendment 418 #
Proposal for a regulation Article 9 – paragraph 1 – point b Amendment 419 #
Proposal for a regulation Article 9 – paragraph 1 – point b a (new) (b a) An assessment under paragraph 1(b) shall not affect any core credit institution within the group which is legally separated from group entities that engage in the regulated activity of dealing in investments as a principal or hold trading assets and which: - is able to make decisions independently of other group entities; - has a management body that is independent of other group entities; - is subject to capital and liquidity requirements in its own right; and - may not enter into contracts or transactions with other group entities other than on terms similar to those referred to in Article 13(7). Where all core credit institutions within the group meet those conditions, paragraph 1(b) shall not apply.
Amendment 420 #
Proposal for a regulation Article 9 – paragraph 1 – point c Amendment 421 #
Proposal for a regulation Article 9 – paragraph 1 – point c (c) EU branches of credit institutions established in third countries, unless they are subject to a legal framework deemed equivalent in accordance with Article 27(1) and with reciprocity with the EU legislation.
Amendment 422 #
Proposal for a regulation Article 9 – paragraph 1 – subparagraph 1 (new) Paragraph 1(a) shall not apply to a core credit institution which does not engage in the regulated activity of dealing in investments as principal and holding trading assets, with the exceptions of risk mitigating activities for the purpose of prudently managing its capital, liquidity and funding and of providing limited risk management services to customers or institutions belonging to the same IPS according to Regulation EU No 575/2013.
Amendment 423 #
Proposal for a regulation Article 9 – paragraph 1 a (new) 1 a. When performing the assessment referred to in paragraph 1, the competent authority shall use the definition of prudent of management of risk, capital and liquidity as laid down in this Regulation.
Amendment 424 #
Proposal for a regulation Article 9 – paragraph 1 a (new) Amendment 425 #
Proposal for a regulation Article 9 – paragraph 1 a (new) 1 a. Notwithstanding paragraph 1, the competent authority may decide not to review the activities of any credit institution for the purposes of this Chapter, provided that: (a) the core credit institution shall be statutorily prevented from engaging in the regulated activity of dealing in investments as principal and holding trading assets, with limited exceptions to allow the core credit institution to undertake risk-mitigating activities for the purpose of prudently managing its capital, liquidity and funding and to provide limited risk management services to customers; or (b) if the core credit institution belongs to a group, it shall be legally separated from group entities that engage in the regulated activity of dealing in investments as principal or hold trading assets and meets the following conditions: (i) it is able to make decisions independently of other group entities; (ii) it has a management body that is independent of other group entities and independent of the credit institution itself; (iii)it is subject to capital and liquidity requirements in its own right; (iv) it may not enter into contracts or transactions with other group entities other than on terms similar to those referred to in Article 13(7). Separation or restrictions under national legislation must be achieved on a timetable comparable to separation under this Regulation.
Amendment 426 #
Proposal for a regulation Article 9 – paragraph 1 a (new) 1a. The competent authority shall not implement separation if the credit institution's ratio of assets in trading instruments to total assets is less than 20%.
Amendment 427 #
Proposal for a regulation Article 9 – paragraph 1 a (new) 1 a. Even when trading activities are separated from the rest of the group, as a result of national measures referred to in Article 1, as a result of the decision laid down in Article 10 or as a choice of the institution, the competent authority shall assess these trading activities with a view, where necessary, to implement intra- group large exposure limits referred to in Article 14 or further requirements such as additional capital surcharges and risk limits.
Amendment 428 #
Proposal for a regulation Article 9 – paragraph 1 b (new) Amendment 429 #
Proposal for a regulation Article 9 – paragraph 1 b (new) 1 b. An assessment under paragraph 1(b) shall not affect any core credit institution within the group which - is legally separated from and neither holds capital instruments or voting rights in, nor is a subsidiary of, any group entity that engages in the regulated activity of dealing in investments as a principal or holds trading assets ("trading entity"); - is able to make decisions independently of other group entities; - has a management body that is independent of other group entities; - is subject to capital and liquidity requirements in its own right; and - may not enter into contracts or transactions with other group entities other than on terms similar to those referred to in Article 13(7).
Amendment 430 #
Proposal for a regulation Article 9 – paragraph 1 ba (new) 1 ba. Where paragraph 1b applies, the EU parent of each core credit institution shall ensure to the extent necessary that the core credit institution can carry on its activities in the event of the insolvency of any trading entity within the group.
Amendment 431 #
Proposal for a regulation Article 9 – paragraph 1 bb (new) Amendment 432 #
Proposal for a regulation Article 9 – paragraph 1 c (new) 1 c. Paragraphs 1a and 1b shall not apply: - to institutions and groups which have been deemed unresolvable following the assessment by the resolution authority provided for in Articles 15 and 16 of Directive 59/2014/EU [BRRD] - to institutions and groups which have not begun the process of complying with the conditions of those paragraphs before the assessment has begun.
Amendment 434 #
Proposal for a regulation Article 9 – paragraph 2 – introductory part 2. When performing the assessment referred to in paragraph 1, the competent authority shall use
Amendment 435 #
Proposal for a regulation Article 9 – paragraph 2 – point a (a) the
Amendment 436 #
Proposal for a regulation Article 9 – paragraph 2 – point a (a) the relative
Amendment 437 #
Proposal for a regulation Article 9 – paragraph 2 – point a (a) the relative size of trading assets, as measured by risk exposure of the trading
Amendment 438 #
Proposal for a regulation Article 9 – paragraph 2 – point a (a) the relative size of trading assets, as measured by risk weighted trading assets divided by t
Amendment 439 #
Proposal for a regulation Article 9 – paragraph 2 – point a a (new) (a a) trading related risk exposures divided by total eligible liabilities for bail- in requirements as defined in Article 45 of Directive 59/2014/EU
Amendment 440 #
Proposal for a regulation Article 9 – paragraph 2 – point b (b) t
Amendment 441 #
Proposal for a regulation Article 9 – paragraph 2 – point b (b) the leverage
Amendment 442 #
Proposal for a regulation Article 9 – paragraph 2 – point c (c) the relative importance of counterparty credit risk
Amendment 443 #
Proposal for a regulation Article 9 – paragraph 2 – point c (c)
Amendment 444 #
Proposal for a regulation Article 9 – paragraph 2 – point c (c) the relative importance of counterparty credit risk to financial entities, as measured by the fair value of derivatives with financial entities divided by total
Amendment 445 #
Proposal for a regulation Article 9 – paragraph 2 – point c (c) the relative importance of counterparty credit risk to financial entities, as measured by the fair value of derivatives with financial entities as counterparty divided by total
Amendment 446 #
Proposal for a regulation Article 9 – paragraph 2 – point c (c) the relative importance of counterparty credit risk
Amendment 447 #
Proposal for a regulation Article 9 – paragraph 2 – point d Amendment 448 #
Proposal for a regulation Article 9 – paragraph 2 – point d Amendment 449 #
Proposal for a regulation Article 9 – paragraph 2 – point d Amendment 450 #
Proposal for a regulation Article 9 – paragraph 2 – point d (d) the relative complexity of trading derivatives, as measured by level
Amendment 451 #
Proposal for a regulation Article 9 – paragraph 2 – point e Amendment 452 #
Proposal for a regulation Article 9 – paragraph 2 – point e Amendment 453 #
Proposal for a regulation Article 9 – paragraph 2 – point e Amendment 454 #
Proposal for a regulation Article 9 – paragraph 2 – point f Amendment 455 #
Proposal for a regulation Article 9 – paragraph 2 – point f (f) the relative importance of market risk,
Amendment 456 #
Proposal for a regulation Article 9 – paragraph 2 – point f (f) the relative importance of market risk, as measured by
Amendment 457 #
Proposal for a regulation Article 9 – paragraph 2 – point g Amendment 458 #
Proposal for a regulation Article 9 – paragraph 2 – point h Amendment 459 #
Proposal for a regulation Article 9 – paragraph 2 – point h Amendment 460 #
Proposal for a regulation Article 9 – paragraph 2 – point h Amendment 461 #
Proposal for a regulation Article 9 – paragraph 2 – point h Amendment 462 #
Proposal for a regulation Article 9 – paragraph 2 – point h a (new) Amendment 463 #
Proposal for a regulation Article 9 – paragraph 2 – point h a (new) (h a) the cartography of trading activities, including methods for assessing the need to build up inventories in order to meet anticipated client demand;
Amendment 464 #
Proposal for a regulation Article 9 – paragraph 2 – point h a (new) (h a) trading related risk exposures divided by eligible liabilities for bail-in requirements as defined in Article 45 of Directive 59/2014/EU [BRRD]
Amendment 465 #
Proposal for a regulation Article 9 – paragraph 2 – point h a (new) (h a) the exposure to derivatives as measured by notional outstanding divided by total assets;
Amendment 466 #
Proposal for a regulation Article 9 – paragraph 2 – point h b (new) (h b) the exposure to derivatives as measured by the sum of derivatives assets and derivatives liabilities divided by total assets;
Amendment 467 #
Proposal for a regulation Article 9 – paragraph 2 – point h b (new) (h b) the compliance framework implementing this regulation;
Amendment 468 #
Proposal for a regulation Article 9 – paragraph 2 – point h b (new) (h b) the compliance framework implementing this regulation;
Amendment 469 #
Proposal for a regulation Article 9 – paragraph 2 – point h c (new) (h c) the compensation schemes for traders;
Amendment 470 #
Proposal for a regulation Article 9 – paragraph 2 – point h d (new) (h d) the remuneration schemes;
Amendment 471 #
Proposal for a regulation Article 9 – paragraph 2 – point h c (new) (h c) the non-bank loan to total asset ratio.
Amendment 472 #
Proposal for a regulation Article 9 – paragraph 2 – point h c (new) Amendment 473 #
Proposal for a regulation Article 9 – paragraph 2 – point h d (new) (h d) additional quantitative data such as inventory turnover, value-at-risk variations, 'day 1 profit and loss', limits on trading desks and geographic diversification of the trading activities.
Amendment 474 #
Proposal for a regulation Article 9 – paragraph 2 – point h d (new) (h d) the ratio of corporate and investment banking revenues to total revenues
Amendment 475 #
Proposal for a regulation Article 9 – paragraph 2 – point h e (new) (h e) the ratio of derivatives assets to total assets, where derivatives assets are derivatives with positive replacement values not identified as hedging or embedded derivatives.
Amendment 476 #
Proposal for a regulation Article 9 – paragraph 2 – point h e (new) (h e) the risk management policy;
Amendment 477 #
Proposal for a regulation Article 9 – paragraph 2 – point h f (new) (h f) the risk disclosure management;
Amendment 478 #
Proposal for a regulation Article 9 – paragraph 2 – point h g (new) (h g) the policy to fight aggressive tax planning and tax havens;
Amendment 479 #
Proposal for a regulation Article 9 – paragraph 2 – subparagraph 1 (new) This assessment by the competent authority shall be carried out at a detailed level up to the desk where deemed relevant, and cover all trading activities, including market making.
Amendment 480 #
Proposal for a regulation Article 9 – paragraph 2 a (new) 2 a. The competent authority may require all quantitative and qualitative information it deems relevant for the assessment of trading activities under paragraph 1.
Amendment 481 #
Proposal for a regulation Article 9 – paragraph 2 a (new) 2 a. The competent authority may require all quantitative and qualitative information it deems relevant for the assessment of trading activities under paragraph 1.
Amendment 482 #
Proposal for a regulation Article 9 – paragraph 3 3. The competent authority shall have finalised its assessment by [OP – please introduce 1
Amendment 483 #
Proposal for a regulation Article 9 – paragraph 3 3. The competent authority shall have finalised its assessment by [OP – please introduce 18 months from the day of publication of the Regulation], and shall carry out assessments when appropriate and at least every 5 years, taking into account article 19 on a regular basis, at least yearly, thereafter.
Amendment 484 #
Proposal for a regulation Article 9 – paragraph 4 Amendment 485 #
Proposal for a regulation Article 9 – paragraph 4 Amendment 486 #
Proposal for a regulation Article 9 – paragraph 4 – subparagraph 1 EBA shall develop draft regulatory technical standards to specify how the metrics referred to in paragraph 2 shall be measured and, where appropriate, specify the details of the metrics
Amendment 488 #
Proposal for a regulation Article 10 – title Power of competent authority to require that a core credit institution does not carry out certain activities and to impose other measures
Amendment 489 #
Proposal for a regulation Article 10 – title Power of competent authority to require that a core credit institution does not carry out certain activities
Amendment 490 #
Proposal for a regulation Article 10 – paragraph 1 1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the
Amendment 491 #
Proposal for a regulation Article 10 – paragraph 1 1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and
Amendment 492 #
Proposal for a regulation Article 10 – paragraph 1 1. Where the competent authority concludes that
Amendment 493 #
Proposal for a regulation Article 10 – paragraph 1 1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and conditions linked to the metrics referred to in points (a) to (h) of Article 9(2) and specified in the delegated act referred to in paragraph 5 are met, and it therefore deems that there is a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system as a whole, taking into account the objectives referred to in Article 1, it shall, no later than two months after the finalisation of that assessment, start the procedure leading to a decision as referred to in the second subparagraph of paragraph 3.
Amendment 494 #
Proposal for a regulation Article 10 – paragraph 1 1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and conditions linked to the metrics referred to in points (a) to (h) of Article 9(2) and specified in the delegated act referred to in paragraph 5 are met, and it therefore deems that there is a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system
Amendment 495 #
Proposal for a regulation Article 10 – paragraph 1 1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and conditions linked to the metrics referred to in points (a) to (h) of Article 9(2) and specified in the delegated act referred to in paragraph 5 are met, and it therefore deems that there is a threat to the resolvability or the financial stability of the core credit institution or to the Member State or the Union financial system as a whole, taking into account the objectives referred to in Article 1, it shall, no later than two months after the finalisation of that assessment, start the procedure leading to a decision as referred to in the second subparagraph of paragraph 3.
Amendment 496 #
Proposal for a regulation Article 10 – paragraph 1 1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and conditions linked to the metrics referred to in points (a) to (h) of Article 9(2) and specified in the delegated act referred to in paragraph 5 are met, and it
Amendment 497 #
Proposal for a regulation Article 10 – paragraph 1 1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and conditions linked to the metrics referred to in points (a) to (h) of Article 9(2) and specified in the delegated act referred to in paragraph 5 are met, and it therefore deems that there
Amendment 498 #
Proposal for a regulation Article 10 – paragraph 1 1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and conditions linked to the metrics referred to in points (a) to (hd) of Article 9(2) and specified in the delegated act referred to in paragraph 5 are met, and it
Amendment 499 #
Proposal for a regulation Article 10 – paragraph 1 1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and conditions linked to the metrics referred to in points (a) to (h b) of Article 9(2) and specified in the delegated act referred to in paragraph 5 are met, and it therefore deems
Amendment 500 #
Proposal for a regulation Article 10 – paragraph 1 1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and conditions linked to the metrics referred to in points (a) to (h) of Article 9(2) and specified in the delegated act referred to in paragraph 5 are met, and it therefore deems that there is a threat to the
Amendment 501 #
Proposal for a regulation Article 10 – paragraph 1 1. Where the competent authority concludes that, following the assessment referred to in Article 9(1),
Amendment 502 #
Proposal for a regulation Article 10 – paragraph 1 1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the
Amendment 503 #
Proposal for a regulation Article 10 – paragraph 1 a (new) 1 a. There should be a clear hierarchy of supervisory measures of the competent authority in such a way that a requirement to separate certain activities will come into effect when all other possible measures have been exhausted.
Amendment 504 #
Proposal for a regulation Article 10 – paragraph 2 Amendment 505 #
Proposal for a regulation Article 10 – paragraph 2 Amendment 506 #
Proposal for a regulation Article 10 – paragraph 2 Amendment 507 #
Proposal for a regulation Article 10 – paragraph 2 Amendment 508 #
Proposal for a regulation Article 10 – paragraph 2 2. Where the limits and conditions referred to in paragraph 1 are not met, the competent authority may still start the
Amendment 509 #
Proposal for a regulation Article 10 – paragraph 2 2. Where the limits and conditions referred to in paragraph 1 are not met, the competent authority may still start the procedure leading to a decision as referred to in the third subparagraph of paragraph 3 where it concludes, following the assessment referred to in Article 9(1), that any trading activity, with the exception of trading in derivatives other than those permitted under Article 11 and 12, carried out by the core credit institution, poses a threat to the financial stability of the core credit institution or to the Union financial system
Amendment 510 #
Proposal for a regulation Article 10 – paragraph 2 2. Where the limits and conditions referred to in paragraph 1 are not met, the competent authority may still start the procedure leading to a decision as referred to in the third subparagraph of paragraph 3 where it concludes, following the assessment referred to in Article 9(1), that any trading activity, with the exception of trading in derivatives other than those permitted under Article 11 and 12, carried out by the core credit institution, poses a threat to the financial stability of the core credit institution or to the whole or to part of the Union financial system as a whole taking into account the objectives referred to in Article 1.'
Amendment 511 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 1 Amendment 512 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 1 The competent authority shall notify its conclusions referred to in paragraph
Amendment 513 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 1 a (new) Notwithstanding a decision by the competent authority to require a credit institution to not carry out trading activities listed in its conclusions, in due course and with due respect to market conditions, the competent authority may require capital ratios or liquidity requirements significantly larger than under CRR/CRD IV.
Amendment 514 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 2 Amendment 515 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 2 Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the reasons leading to the conclusions are not justified, the competent authority shall adopt a decision addressing the core credit institution and requiring it
Amendment 516 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 2 Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the
Amendment 517 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 2 Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the reasons leading to the conclusions are not justified, the competent authority shall adopt a decision addressing the core credit institution and requiring it
Amendment 518 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 2 Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the complete satisfaction of the competent authority, that the reasons leading to the conclusions are not justified, the competent authority shall adopt a decision addressing the core credit institution and requiring it not to carry out the trading activities specified in those conclusions. The competent authority shall state the reasons for its decision and publicly disclose it.
Amendment 519 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 2 Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the re
Amendment 520 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 2 Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the re
Amendment 521 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 2 Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the
Amendment 522 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 2 Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the reasons leading to the conclusions are not justified, the competent authority shall adopt a decision addressing the core credit institution and requiring it
Amendment 523 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 2 Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the reasons leading to the conclusions are not justified, the competent authority shall adopt a decision addressing the core credit institution and requiring it
Amendment 524 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 2 Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the reasons leading to the conclusions are not justified, the competent authority shall adopt a decision addressing the core credit institution and requiring it not to carry out the trading activities specified in those conclusions. Other measures by the competent authority may include enhanced supervision, higher capital or liquidity requirements. The competent authority shall state the reasons for its decision and publicly disclose it.
Amendment 525 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 2 Amendment 526 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 2 Unless the core credit institution demonstrates, within the time limit referred to in the first subparagraph, to the satisfaction of the competent authority, that the reasons leading to the conclusions are not justified, the competent authority shall adopt a decision addressing the core credit institution
Amendment 527 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 2 a (new) The liquidity transfer pricing mechanism must ensure the full and fair remuneration of deposits eligible under the Deposit Guarantee Scheme in accordance with Directive 2014/49/EU used to fund trading activities. The mechanism shall ensure the fair allocation of specific liquidity costs to trading activities as far as is possible at an individual transaction level. The mechanism shall ensure the full and fair remuneration of deposits eligible under the Deposit Guarantee Scheme in accordance with Directive 2014/49/EU based on the prevailing market rates for wholesale funding and terms of funding transactions between third party entities.
Amendment 528 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 2 b (new) The mechanism shall be developed and administered by an area of the credit institution independent of the trading function. The competent authority shall review and monitor the operation of the liquidity transfer mechanism to ensure all liquidity costs, benefits and risks are properly captured.
Amendment 529 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 3 Amendment 530 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 3 For purpose of paragraph 1, where the competent authority decides exceptionally to allow the core credit institution to carry out those trading activities it shall also state the reasons for that decision and publicly disclose it.
Amendment 531 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 3 For purpose of paragraph 1, where the competent authority decides exceptionally to allow the core credit institution to carry out those trading activities it shall also state the reasons for that decision and publicly disclose it.
Amendment 532 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 3 Amendment 533 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 4 Amendment 534 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 4 Amendment 535 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 4 Amendment 536 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 4 Amendment 537 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 4 For purpose of paragraph 2, where the competent authority decides to allow the core credit institution to carry out trading activities the competent authority shall adopt a decision addressed to the core credit institution to that effect. The competent authority may in particular authorise the core credit institution to carry out those market making activities which do not pose a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system.
Amendment 538 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 4 a (new) For the purpose of the conclusions referred to in paragraphs 1 or 2 and any decision referred to in this paragraph, the competent authority shall take account of the activities of any EU branches of credit institutions established in third countries and of the activities of subsidiaries of a credit institution or EU Parent within scope of this Regulation where that subsidiary is legally constituted outside of the EU. The competent authority shall not address the conclusions referred to in paragraphs 1 or 2 and any decision referred to in this paragraph, in whole or in part, to the EU branches of credit institutions established in third countries or to the subsidiaries of a credit institution or EU Parent within scope of this Regulation where that subsidiary is legally constituted outside of the EU.
Amendment 539 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 4 a (new) Unless the competent authority concludes that trading activities pose a threat to the resolvability of the core credit institution or to financial stability, the core credit institution does not need prior permission to carry out trading activities, and in particular market making activities.
Amendment 540 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 5 Amendment 541 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 6 Amendment 542 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 6 The competent authority shall adopt its final decision within two months from having received the written comments referred to in the first subparagraph
Amendment 543 #
Proposal for a regulation Article 10 – paragraph 3 – subparagraph 6 The competent authority shall adopt its final decision within two months from having received the written comments referred to in the first subparagraph or four months after the notification referred to in the first subparagraph, whichever is earlier.
Amendment 544 #
Proposal for a regulation Article 10 – paragraph 4 Amendment 545 #
Proposal for a regulation Article 10 – paragraph 4 4. The decisions referred to in the second subparagraph of paragraph 3 will be subject to review by the competent authority
Amendment 546 #
Proposal for a regulation Article 10 – paragraph 4 a (new) 4 a. Notwithstanding separation decisions, the competent authority may impose additional capital and liquidity requirements that it deems necessary to counter a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system.
Amendment 547 #
Proposal for a regulation Article 10 – paragraph 4 a (new) 4 a. Notwithstanding separation decisions, the competent authority may impose additional capital and liquidity requirements that it deems necessary to counter a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system.
Amendment 548 #
Proposal for a regulation Article 10 – paragraph 4 b (new) 4 b. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the metric referred to in point h c) of Article 9(2) falls below 40 percent or the metric referred to in point h d) of Article 9(2) exceeds 30 percent or the metric referred to in point h e) of Article 9(2) exceeds 15 percent, it shall no later than two months after the finalisation of that assessment adopt a final decision addressing the core credit institution and requiring it not to carry out certain trading activities and publicly disclose it.
Amendment 551 #
Proposal for a regulation Article 10 – paragraph 5 – introductory part 5. The
Amendment 552 #
Proposal for a regulation Article 10 – paragraph 5 – point a Amendment 553 #
Proposal for a regulation Article 10 – paragraph 5 – point a – point a (a) (i) the relevant limit of each of the metrics provided in points (a) to (
Amendment 554 #
Proposal for a regulation Article 10 – paragraph 5 – point a – point ii (ii) the conditions, including how many of the metrics provided in points (a) to (hb) of Article 9(1) need to exceed the relevant limit, and in what combination, in order for the competent authority to start the procedure referred to in Article 10(1).
Amendment 555 #
Proposal for a regulation Article 10 – paragraph 5 – point a – point iii (iii)
Amendment 556 #
Proposal for a regulation Article 10 – paragraph 5 – point b Amendment 557 #
Proposal for a regulation Article 10 – paragraph 5 – point b – introductory part (b) specify which type of securitisation is not considered to pose a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system
Amendment 558 #
Proposal for a regulation Article 10 – paragraph 5 – point b – introductory part (b) specify which type of securitisation is not considered to pose a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system as a whole with regard to each of the following aspects:
Amendment 559 #
Proposal for a regulation Article 10 – paragraph 5 – point b – introductory part (b) specify which type of securitisation is not considered to pose a threat to the
Amendment 560 #
Proposal for a regulation Article 10 – paragraph 5 – point b – introductory part (b) specify which type of securitisation is not considered to pose a threat to the
Amendment 562 #
Proposal for a regulation Article 11 – title Prudent management of own risk, capital, liquidity and funding of a core credit institution
Amendment 563 #
Proposal for a regulation Article 11 – title Pr
Amendment 564 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 1 A core credit institution that has been subject to a decision referred to in Article 10(3) may carry out trading activities to the extent that the purpose is limited to only prudently managing its capital, liquidity and funding and that the trading is carried out on a trading venue as defined in Directive 2014/65/EU.
Amendment 565 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 1 A core credit institution that has been subject to a
Amendment 566 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 1 Amendment 567 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 1 Amendment 568 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 1 a (new) A core credit institution may not purchase or hold direct or indirect shareholdings in non-financial companies. Equity holdings deriving from the payment of a guarantee given by borrowers for loans obtained are, however, permitted.
Amendment 569 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 2 Amendment 570 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 2 As part of the prudent management of its capital, liquidity and funding, a core credit institution may only use
Amendment 571 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 2 As part of the prudent management of its capital, liquidity and funding, a core credit institution may
Amendment 572 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 2 As part of the prudent management of its capital, liquidity and funding, a core credit institution may
Amendment 573 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 2 As part of the prudent management of its capital, liquidity and funding, a core credit institution may only use interest rate derivatives, foreign exchange derivatives and credit derivatives eligible
Amendment 574 #
Proposal for a regulation Article 11 – paragraph 1 – subparagraph 2 As part of the prudent management of its capital, liquidity and funding, a core credit institution may only use interest rate derivatives, foreign exchange derivatives and credit derivatives eligible for central counterparty clearing to hedge its overall balance sheet risk. The core credit institution shall demonstrate to the competent supervisor that the hedging activity is designed to reduce, and demonstrably reduces or significantly mitigates, specific, identifiable risks of individual or aggregated positions of the core credit institution. Market making activities shall be exempted from limitations on the prudent management of own risk.
Amendment 575 #
Proposal for a regulation Article 11 – paragraph 2 Amendment 576 #
Proposal for a regulation Article 11 – paragraph 2 – subparagraph 2 The management body
Amendment 577 #
Proposal for a regulation Article 11 – paragraph 2 – subparagraph 2 The management body shall ensure that the remuneration policy of the core credit institution is in line with the provisions set out in the first subparagraph, acting on the advice of the risk committee, where such a committee is established in accordance with Article 76(3) of Directive 2013/36/EU. In doing this, the management body shall, where applicable, consult the social partners.
Amendment 578 #
Proposal for a regulation Article 11 – paragraph 3 Amendment 579 #
Proposal for a regulation Article 11 – paragraph 3 Amendment 580 #
Proposal for a regulation Article 11 – paragraph 3 Amendment 581 #
Proposal for a regulation Article 11 – paragraph 3 a (new) Amendment 582 #
Proposal for a regulation Article 11 – paragraph 3 b (new) 3 b. The Commission shall, [OP insert the correct date by 6 months of publication of this Regulation] adopt delegated acts in accordance with Article 35 to specify the criteria for determining that the hedging activity referred to in paragraph 1 is designed to reduce, and demonstrably reduces or significantly mitigates, specific, identifiable risks of individual or aggregated positions of the core credit institution.
Amendment 585 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – introductory part Amendment 586 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – introductory part A core credit institution that has been subject to a decision referred to in Article 10(3) may
Amendment 587 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – introductory part A core credit institution that has been subject to a
Amendment 588 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – introductory part A core credit institution that has been subject to a decision referred to in Article 10(3) may sell interest rate derivatives, foreign exchange derivatives, credit derivatives, emission allowances derivatives and commodity derivatives
Amendment 589 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – introductory part A core credit institution that has been subject to a decision referred to in Article 10(3) may sell interest rate derivatives, foreign exchange derivatives, credit derivatives, emission allowances derivatives and commodity derivatives
Amendment 590 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – introductory part Amendment 591 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – introductory part A core credit institution that has been subject to a decision referred to in Article 10(3) may
Amendment 592 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – introductory part A core credit institution that has been subject to a decision referred to in Article 10(3) may sell interest rate derivatives,
Amendment 593 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – introductory part A core credit institution that has been subject to a decision referred to in Article 10(3) may sell interest rate derivatives, foreign exchange derivatives, credit derivatives, equity derivatives, emission allowances derivatives and commodity derivatives eligible for central counterparty clearing and emission allowances to its non-
Amendment 594 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – introductory part Amendment 595 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – point a Amendment 596 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – point a Amendment 597 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – point a (a) the sole purpose of the sale is to hedge interest rate
Amendment 598 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – point b Amendment 599 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – point b Amendment 600 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – point b Amendment 601 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 1 – point b (b) the sales reflect the legitimate hedging objectives of the core credit institution
Amendment 602 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 2 Amendment 603 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 2 Amendment 604 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 2 a (new) Market making activities shall be exempted from the provision of risk management services to customers.
Amendment 605 #
Proposal for a regulation Article 12 – paragraph 2 Amendment 606 #
Proposal for a regulation Article 12 – paragraph 2 Amendment 607 #
Proposal for a regulation Article 12 – paragraph 2 Amendment 608 #
Proposal for a regulation Article 12 a (new) Article 12 a A core credit institution that has been subject to a decision referred to in Article 10(3) may carry out those market making activities which do not pose a threat to the financial stability of the core credit institution or to the whole or any part of the Union financial system.
Amendment 610 #
Proposal for a regulation Article 13 – paragraph 1 1. When a competent authority has made a decision in accordance with Article 10(3) that a core credit institution cannot carry out certain trading activities and if the core credit institution belongs to a group, then th
Amendment 611 #
Proposal for a regulation Article 13 – paragraph 2 2.
Amendment 612 #
Proposal for a regulation Article 13 – paragraph 3 3. The EU parent shall ensure that a group containing core credit institutions and trading entities shall be structured so that on a sub-consolidated basis two distinct sub-groups are created, only one of which contains core credit institutions. The EU parent shall be an undertaking other than an institution as defined in Regulation 2014/575/EU and the parent's only activity shall be to acquire holdings.
Amendment 613 #
Proposal for a regulation Article 13 – paragraph 3 3. The EU parent shall ensure that in a group containing core credit institutions and trading entities
Amendment 614 #
Proposal for a regulation Article 13 – paragraph 4 4. The EU parent of the core credit institution shall ensure
Amendment 615 #
Proposal for a regulation Article 13 – paragraph 4 4. The EU parent of the core credit institution shall ensure
Amendment 616 #
Proposal for a regulation Article 13 – paragraph 5 Amendment 617 #
Proposal for a regulation Article 13 – paragraph 5 – subparagraph 1 The core credit institution and any parent undertaking thereof within the same sub- group shall not hold capital instruments or voting rights in a trading entity
Amendment 618 #
Proposal for a regulation Article 13 – paragraph 5 – subparagraph 2 Amendment 619 #
Proposal for a regulation Article 13 – paragraph 5 – subparagraph 2 Amendment 620 #
Proposal for a regulation Article 13 – paragraph 5 – subparagraph 2 Notwithstanding the first subparagraph, the competent authority may decide to allow core credit institutions that meet the requirements set out in Article 49(3)(a) or (b) of Regulation (EU) No 575/2013 to hold capital instruments or voting rights in a trading entity or an entity managing one or more collective investment undertakings unless they are considerably leveraged, meaning they exceed the marginal value of the global exposure relating to the use of derivatives of Article 51 (3) of Directive 2009/65/EC where the competent authority considers that holding such capital instruments or voting rights is indispensable for the functioning of the group and that the core credit institution has taken sufficient measures in order to appropriately mitigate the relevant risks.
Amendment 621 #
Proposal for a regulation Article 13 – paragraph 5 – subparagraph 2 Notwithstanding the first subparagraph, the competent authority may decide to allow core credit institutions that meet the requirements set out in Article 49(3)(a) or (b) of Regulation (EU) No 575/2013 to hold capital instruments or voting rights in a trading entity or an entity managing one single or several collective investment undertakings (CIUs) provided that the designated exposure is in line with Article 51 paragraph 3 of the UCITS Directive 2009/65/EC where the competent authority considers that holding such capital instruments or voting rights is indispensable for the functioning of the group and that the core credit institution has taken sufficient measures in order to appropriately mitigate the relevant risks.
Amendment 622 #
Proposal for a regulation Article 13 – paragraph 5 – subparagraph 2 Notwithstanding the first subparagraph, the competent authority may decide to allow core credit institutions that meet the requirements set out in Article 49(3)(a) or (b) of Regulation (EU) No 575/2013 to hold capital instruments or voting rights in a trading entity or an entity which purchases or holds shares of collective investment undertakings, provided that the investment policy of the collective investment undertaking does not exceed a leverage above the threshold of Article 111 Delegated Regulation (EU) No 231/2013 where the competent authority considers that holding such capital instruments or voting rights is indispensable for the functioning of the group and that the core credit institution
Amendment 623 #
Proposal for a regulation Article 13 – paragraph 5 – subparagraph 3 Amendment 624 #
Proposal for a regulation Article 13 – paragraph 5 – subparagraph 4 Amendment 625 #
Proposal for a regulation Article 13 – paragraph 5 – subparagraph 5 Amendment 626 #
Proposal for a regulation Article 13 – paragraph 5 a (new) 5a. The core credit institution, once separated in accordance with Article 10 of this Regulation, has to comply with the following conditions: a) It shall be prohibited to provide financial assistance or to transfer capital to any trading entity in the group; b) All intra-group transactions shall be prohibited, other than those conducted on an arm’s length basis; c) It shall be prohibited to extend a state of insolvency in relation to one obligation issued, to another entity or to the group (cross default)
Amendment 627 #
Proposal for a regulation Article 13 – paragraph 6 6. The core credit institution and the trading entity shall issue their own debt on an individual or sub-consolidated basis
Amendment 628 #
Proposal for a regulation Article 13 – paragraph 6 6. The core credit institution and the trading entity shall issue their own debt on an individual or sub-consolidated basis
Amendment 629 #
Proposal for a regulation Article 13 – paragraph 6 6. The core credit institution and the trading entity shall issue their own debt on an individual or sub-consolidated basis
Amendment 630 #
Proposal for a regulation Article 13 – paragraph 6 a (new) 6 a. All contracts and other transactions entered into between the EU Parent and the entities from trading sub-group shall be concluded at arm's length.
Amendment 631 #
Proposal for a regulation Article 13 – paragraph 7 7. All contracts and other transactions entered into between the core credit institution and the trading entity or, with the exception of the payment of dividends and other distributions, any of its parents shall be as favourable to the core credit institution as are comparable contracts and transactions with or involving entities not belonging to the same
Amendment 632 #
Proposal for a regulation Article 13 – paragraph 7 a (new) 7 a. The trading entity shall operate as a credit institution or an investment firm as defined in Article 4(1) and 4(2) of Regulation (EU) No 575/2013.
Amendment 633 #
Proposal for a regulation Article 13 – paragraph 8 8.
Amendment 634 #
Proposal for a regulation Article 13 – paragraph 8 8. A majority of the members of the management body of the core credit institution and of the trading entity respectively shall consist of persons who are not members of the management body of the other entity. No member of the management body of either entity shall perform an executive function in both entities
Amendment 635 #
Proposal for a regulation Article 13 – paragraph 8 8.
Amendment 636 #
Proposal for a regulation Article 13 – paragraph 8 a (new) 8a. The entities subject to separation have to comply with the strict requirements of good governance, including: a) separate risk management, b) separate budget management, c) separate remuneration policy and d) separation of human resources.
Amendment 637 #
Proposal for a regulation Article 13 – paragraph 9 9. The management body of the core credit institution, of the trading entity and of their parents as well as the individual members thereof shall have a duty to uphold the objectives of the separation and ensure continuously and affirm annually that the requirements set out in this Chapter are complied with.
Amendment 638 #
Proposal for a regulation Article 13 – paragraph 12 12.
Amendment 639 #
Proposal for a regulation Article 13 – paragraph 13 13.
Amendment 640 #
Proposal for a regulation Article 13 – paragraph 13 a (new) 13 a. The Commission shall be empowered to adopt delegated acts in accordance with Article 35 to specify criteria for assessing the effective operational separation of a CCI from the rest of the group as required in paragraph 1, including the supply of all of the relevant infrastructure independently of CCI, the integration of the critical infrastructure of the group into a separate subsidiary, or the CCI's direct ownership of its entire operational infrastructure;
Amendment 641 #
Proposal for a regulation Article 14 Amendment 642 #
Proposal for a regulation Article 14 – paragraph 1 Amendment 643 #
Proposal for a regulation Article 14 – paragraph 2 2. When measures have been imposed in accordance with this Chapter the core credit institution shall not incur an intra- group exposure that exceeds 25 per cent of the core credit institution's eligible capital to an entity that does not belong to the same sub-group as the core credit institution.
Amendment 644 #
Proposal for a regulation Article 14 – paragraph 2 2. When measures have been imposed in accordance with this Chapter the core
Amendment 645 #
Proposal for a regulation Article 14 – paragraph 2 a (new) 2 a. The Commission shall be empowered to adopt delegated acts in accordance with Article 35 to specify the following additional exposure limits: a) Limits on secured exposures (gross of the value exposure) between the CCI and the rest of the group; b) Limits on guarantees, indemnities, joint liabilities or any similar commitments provided by the CCI to the rest of the group; c) Limits on the total intraday exposures permitted between the CCI and the rest of the group; d) Limits on wholesale funding received by the CCI from the rest of the group;
Amendment 646 #
Proposal for a regulation Article 15 – paragraph 1 Amendment 647 #
Proposal for a regulation Article 15 – paragraph 1 – point a (a) a large exposure that exceeds 2
Amendment 648 #
Proposal for a regulation Article 15 – paragraph 1 – point b (b) large exposures that in total exceed
Amendment 649 #
Proposal for a regulation Article 15 – paragraph 1 – point b (b) large exposures that in total exceed
Amendment 650 #
Proposal for a regulation Article 15 – paragraph 2 Amendment 651 #
Proposal for a regulation Article 16 Amendment 652 #
Proposal for a regulation Article 16 Amendment 653 #
Proposal for a regulation Article 16 Amendment 654 #
Proposal for a regulation Article 17 Amendment 655 #
Proposal for a regulation Article 18 – paragraph 1 – subparagraph 1 When
Amendment 656 #
Proposal for a regulation Article 18 – paragraph 1 – subparagraph 1 Amendment 657 #
Proposal for a regulation Article 18 – paragraph 1 – subparagraph 2 Amendment 658 #
Proposal for a regulation Article 18 – paragraph 1 – subparagraph 2 Similarly, when an entity referred to in Article 9(1) has
Amendment 659 #
Proposal for a regulation Article 18 – paragraph 2 – subparagraph 2 – point a (a) specification of assets and activities that will be separated from the core credit institution in line with Articles 8 and 8 a (new);
Amendment 660 #
Proposal for a regulation Article 18 – paragraph 2 – subparagraph 2 – point b Amendment 661 #
Proposal for a regulation Article 18 – paragraph 2 – subparagraph 2 – point b a (new) (b a) a description of the procedures to be used for informing and consulting with employees and their representatives throughout the separation process;
Amendment 662 #
Proposal for a regulation Article 18 – paragraph 3 3. The competent authority shall assess the plans referred to in paragraph 1 and 2 and, within
Amendment 663 #
Proposal for a regulation Article 18 – paragraph 4 4. Where the competent authority requires changes to the separation plan the core credit institution or, where appropriate its EU parent, shall resubmit the separation plan with the required changes within
Amendment 664 #
Proposal for a regulation Article 18 – paragraph 5 Amendment 665 #
Proposal for a regulation Article 18 – paragraph 6 Amendment 666 #
Proposal for a regulation Article 18 – paragraph 7 Amendment 667 #
Proposal for a regulation Article 18 – paragraph 8 8. The core credit institution or, where appropriate, its EU parent shall demonstrate to the competent authority that it has implemented the
Amendment 668 #
Proposal for a regulation Article 18 – paragraph 9 9. The management body of a credit institution or an EU parent and all members thereof shall ensure that the separation plan has been implemented in accordance with the approval of the competent authority.
Amendment 669 #
Proposal for a regulation Article 18 – paragraph 9 9. The management body of a credit institution or an EU parent shall ensure that the separation plan has been implemented in accordance with the
Amendment 670 #
Proposal for a regulation Article 19 – paragraph 1 Amendment 671 #
Proposal for a regulation Article 19 – paragraph 1 1.
Amendment 672 #
Proposal for a regulation Article 19 – paragraph 1 1. Before taking the decision referred to in Article 10(3), the competent authority shall
Amendment 673 #
Proposal for a regulation Article 19 – paragraph 2 Amendment 674 #
Proposal for a regulation Article 19 – paragraph 2 Amendment 675 #
Proposal for a regulation Article 19 – paragraph 2 2. When carrying out the assessment in accordance with Article 9 and when requiring the core credit institution not to carry out certain activities in accordance
Amendment 676 #
Proposal for a regulation Article 19 – paragraph 2 – subparagraph 1a (new) A finding by the relevant resolution authority that there are no substantive impediments to resolvability shall not in itself be deemed sufficient indication that the conclusions referred to in Article 10(3) are not justified, as primary objectives of this Regulation focus on financial stability at large and not only on resolvability. Likewise, the competent authority shall not take a decision referred to in Article 10(3) for resolvability purposes, since the powers to change banking groups' structure, including by requiring a "holding company" structure are entrusted to the resolution authority in accordance with Article 17(5)(g) of Directive 2014/59/EU.
Amendment 677 #
Proposal for a regulation Article 19 – paragraph 2 – subparagraph 1a (new) A finding by the relevant resolution authority that there are no substantive impediments to resolvability shall not in itself be deemed sufficient indication that the conclusions referred to in Article 10(3) is not justified. If the competent authority takes the decision referred to in Article 10 (3) the resolution plans should be reviewed and where appropriate updated in accordance with Article 10 or 13 of Directive [BRRD].
Amendment 678 #
Proposal for a regulation Article 19 – paragraph 2 – subparagraph 1a (new) A finding by the relevant resolution authority that there are no substantive impediments to resolvability shall not in itself be deemed a sufficient indication that there is no threat to the financial stability of the core credit institution.
Amendment 679 #
Proposal for a regulation Article 19 – paragraph 3 3. The competent authority shall cooperate with the relevant resolution authority and exchange relevant information that is deemed necessary in carrying out its duties including the list of institutions that fall within the scope of this regulation.
Amendment 680 #
Proposal for a regulation Article 19 – paragraph 3 – subparagraph 1a (new) In particular, the competent authority shall provide the resolution authority with all relevant information resulting from its risk assessment of trading activities so as to facilitate the update of resolution plans by the resolution authority.
Amendment 681 #
Proposal for a regulation Article 19 – paragraph 3 a (new) 3 a. If the competent authority takes the decision referred to in article 10(3) or 10(4b), the resolution plan should be reviewed and where appropriate updated in accordance with Article 10 and 13 of Directive 2014/59/EU.
Amendment 682 #
Proposal for a regulation Article 19 – paragraph 4 Amendment 683 #
Proposal for a regulation Article 19 – paragraph 4 Amendment 684 #
Proposal for a regulation Article 19 – paragraph 4 4. The competent authority shall ensure that measures imposed pursuant to this Chapter, are consistent with the measures imposed pursuant to Article 13(b) of Regulation (EU) No 1024/2013
Amendment 685 #
Proposal for a regulation Article 20 – paragraph 1 – point a (a) take
Amendment 686 #
Proposal for a regulation Article 20 – paragraph 1 – point a (a) take deposits that are eligible under the Deposit Guarantee Scheme in accordance with Directive 94/19/EC
Amendment 687 #
Proposal for a regulation Article 20 – paragraph 1 – point a (a) take deposits that are
Amendment 688 #
Proposal for a regulation Article 20 – paragraph 1 – point a (a) take deposits
Amendment 689 #
Proposal for a regulation Article 20 – paragraph 1 – point a (a) take covered deposits
Amendment 690 #
Proposal for a regulation Article 20 – paragraph 1 – point a a (new) (a a) directly sell structured products meeting the criteria set out in Article 36 paragraph 1 of Regulation (EU) No 583/2010, originated by the trading entity to retail clients as defined in Article 4 paragraph 1 point 11 of Directive 2014/65/EU;
Amendment 691 #
Proposal for a regulation Article 20 – paragraph 1 – point b (b) provide payment services as defined in Article 4(3) of Directive 2007/64/EC associated with the activities referred to in point (a)
Amendment 692 #
Proposal for a regulation Article 20 – paragraph 1 – point b (b) provide payment services as defined in Article 4(3) of Directive 2007/64/EC associated with the activities referred to in point (a) except where the said payment services are
Amendment 701 #
Proposal for a regulation Article 21 – title Amendment 702 #
Proposal for a regulation Article 21 – title Amendment 703 #
Proposal for a regulation Article 21 – title Amendment 705 #
Proposal for a regulation Article 21 – paragraph 1 – introductory part 1.
Amendment 706 #
Proposal for a regulation Article 21 – paragraph 1 – introductory part 1. A
Amendment 707 #
Proposal for a regulation Article 21 – paragraph 1 – introductory part 1.
Amendment 708 #
Proposal for a regulation Article 21 – paragraph 1 – point a Amendment 709 #
Proposal for a regulation Article 21 – paragraph 1 – point a Amendment 710 #
Proposal for a regulation Article 21 – paragraph 1 – point a (a) its structure aims at preventing financial stress or failure and systemic risk referred to in Article 1;
Amendment 711 #
Proposal for a regulation Article 21 – paragraph 1 – point b Amendment 712 #
Proposal for a regulation Article 21 – paragraph 1 – point b Amendment 713 #
Proposal for a regulation Article 21 – paragraph 1 – point b (b) it prevents credit institutions taking eligible deposits from individuals and SMEs from engaging in the regulated activity of dealing in investments as principal and holding trading assets; however, the national legislation may provide for limited exceptions to allow the credit institution taking deposits from individuals and SMEs to undertake risk- mitigating activities for the purpose of prudently managing its capital, liquidity and funding and to provide limited risk management services to customers as long as such activities are permitted in accordance with Article 5a(new);
Amendment 714 #
Proposal for a regulation Article 21 – paragraph 1 – point b (b) its structure prevents credit institutions taking eligible deposits from individuals and SMEs from engaging in the regulated activity of dealing in investments as principal and holding trading assets;
Amendment 715 #
Proposal for a regulation Article 21 – paragraph 1 – point c Amendment 716 #
Proposal for a regulation Article 21 – paragraph 1 – point c Amendment 717 #
Proposal for a regulation Article 21 – paragraph 1 – point c – introductory part (c) if the credit institution taking eligible deposits from individuals and SMEs belongs to a group,
Amendment 718 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 1 Amendment 719 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 1 Amendment 720 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 1 Amendment 721 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 1 Amendment 722 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 2 Amendment 723 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 2 Amendment 724 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 2 Once the Commission has all the information it considers necessary for appraisal of the request for
Amendment 725 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 2 Once the Commission has all the information it considers necessary for a
Amendment 726 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 3 Amendment 727 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 3 Amendment 728 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 3 Within five months of issuing the notification referred to in the second subparagraph, the Commission shall, after having consulted the EBA on the reasons underlying its envisaged decision and on the potential impact of such a decision on the financial stability of the Union and the functioning of the internal market, adopt an implementing decision declaring the national legislation not incompatible with this Chapter and granting the
Amendment 729 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 3 Within five months of issuing the notification referred to in the second subparagraph, the Commission shall, after having consulted the EBA on the reasons underlying its envisaged decision and on the potential impact of such a decision on the financial stability of the Union and the functioning of the internal market, adopt
Amendment 730 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 3 a (new) Where, and as long as, national legislation not declared incompatible with this Chapter applies to a credit institution that has been granted an exemption from the requirements of this Chapter, the national supervisory authority of the Member State in question shall in relation to the entity subject to the exemption continue to exercise its powers as defined in the national legislation not declared incompatible, as in force at the time of the entry into force of this Regulation. In case of an exemption granted to a group entity, the exercise of these powers shall be without prejudice to the powers of the competent authority under this Regulation as regards the EU parent and the other group entities of the same group which were not granted an exemption.
Amendment 731 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 4 Amendment 732 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 4 Amendment 733 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 4 Where
Amendment 734 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 4 Where the
Amendment 735 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 5 Amendment 736 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 5 Amendment 737 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 5 Amendment 738 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 5 Where the
Amendment 739 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 6 Amendment 740 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 6 Amendment 741 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 6 The Commission shall notify its decisions to the EBA. The EBA shall publish a list of the credit institutions that have been granted a
Amendment 742 #
Proposal for a regulation Article 21 – paragraph 2 – subparagraph 6 The Commission shall notify the EBA of its decisions
Amendment 743 #
Proposal for a regulation Article 21 a (new) Amendment 744 #
Proposal for a regulation Chapter 3 a (new) Amendment 745 #
Proposal for a regulation Article 22 – paragraph 1 1. For the purpose of Article 3(b)(ii) and Article 9, the calculation of the thresholds shall be based on the consolidated accounts of the EU parent.
Amendment 746 #
Proposal for a regulation Article 22 – paragraph 1 1.
Amendment 747 #
Proposal for a regulation Article 22 – paragraph 2 Amendment 748 #
Proposal for a regulation Article 22 – paragraph 2 a (new) 2 a. For the purpose of Article 3(b)(iii a), the calculation shall be based on the accumulated activities of all subsidiaries within the Union.
Amendment 749 #
Proposal for a regulation Article 22 – paragraph 3 3. Assets and liabilities of insurance and reinsurance undertakings and other nonfinancial undertakings shall
Amendment 750 #
Proposal for a regulation Article 22 – paragraph 4 – subparagraph 1 By [OP insert the correct date by 12 months of publication of this Regulation], and thereafter annually, the competent authority shall identify credit institutions and groups that are subject to this Regulation in accordance with Article 3 and notify them immediately to the EBA.
Amendment 751 #
Proposal for a regulation Article 22 – paragraph 4 – subparagraph 1 By [OP insert the correct date by 12 months of publication of this Regulation], the competent authority shall annually identify credit institutions and groups that are subject to this Regulation in accordance with Article 3 and notify them immediately to the EBA.
Amendment 752 #
Proposal for a regulation Article 22 – paragraph 4 – subparagraph 1 By [OP insert the correct date by 12 months of publication of this Regulation], the competent authority shall annually identify credit institutions and groups that are subject to this Regulation in accordance with Article 3 and notify them immediately to the EBA.
Amendment 754 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 1 For the purposes of Article 3, trading
Amendment 755 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 1 For the purposes of Article 3, trading activities shall be calculated on a non-risk weighted basis as follows in accordance with the applicable accounting regime.
Amendment 756 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 2 – introductory part Trading
Amendment 757 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 2 – point a (a) Trading Securities Assets (TSA) are total assets
Amendment 758 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 2 – point a (a) Trading Securities Assets (TSA) are total assets
Amendment 759 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 2 – point a (a)
Amendment 760 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 2 – point b (b) Trading Securities Liabilities (TSL) are liabilities taken with the intent of repurchasing in the near term,
Amendment 761 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 2 – point b (b) Trading Securities Liabilities (TSL) are liabilities taken with the intent of repurchasing in the near term,
Amendment 762 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 2 – point b (b)
Amendment 763 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 2 – point c (c)
Amendment 764 #
Proposal for a regulation Article 23 – paragraph 1 – subparagraph 2 – point d Amendment 765 #
Proposal for a regulation Article 23 – paragraph 2 2. Assets and liabilities of insurance and reinsurance undertakings
Amendment 766 #
Proposal for a regulation Article 23 – paragraph 3 – subparagraph 1 a (new) For the purposes of Article 3, the total amount of own funds and eligible liabilities shall be calculated as the sum of the own funds of the institution, in accordance with Regulation (EU) No 575/2013, and the other liabilities qualified as eligible for the minimum requirement of eligible liabilities as defined in Article 45 of Directive 2014/59/EU (BRRD).
Amendment 767 #
Proposal for a regulation Article 23 – paragraph 3 a (new) 3 a. For the purpose of Article 3(1)(b), the calculation of thresholds for entities that have effected a concentration during the previous year shall for the two years prior to the concentration be based on the combined accounts of the merged entities.
Amendment 768 #
Proposal for a regulation Article 24 – paragraph 1 1. Entities referred to in Article 3 shall submit, for the first time [PO to insert a date 9 months after the date of publication of this Regulation] and on a yearly basis thereafter, the relevant information concerning the total amount of their trading activities and the components thereof
Amendment 769 #
Proposal for a regulation Article 24 – paragraph 1 1. Entities referred to in Article 3, including separated trading entities in accordance with Article 8 a (new), shall submit, for the first time [PO to insert a date
Amendment 770 #
Proposal for a regulation Article 25 – paragraph 2 2. The entities subject to this Regulation shall provide the competent authority with all the information necessary
Amendment 771 #
Proposal for a regulation Article 25 – paragraph 2 2. The entities subject to this Regulation shall provide the competent authority with all the information necessary, including the information necessary for the
Amendment 772 #
Proposal for a regulation Article 26 – paragraph 3 Amendment 773 #
Proposal for a regulation Article 26 – paragraph 4 – subparagraph 1 For the purposes of this Regulation, with the exception of Article 21a, the
Amendment 774 #
Proposal for a regulation Article 26 – paragraph 4 – subparagraph 1 Amendment 775 #
Proposal for a regulation Article 26 – paragraph 4 – subparagraph 1 Amendment 776 #
Proposal for a regulation Article 26 – paragraph 4 – subparagraph 1 Amendment 777 #
Proposal for a regulation Article 26 – paragraph 4 – subparagraph 2 Amendment 778 #
Proposal for a regulation Article 26 – paragraph 4 – subparagraph 2 Amendment 779 #
Proposal for a regulation Article 26 – paragraph 4 – subparagraph 2 When the subsidiary of an EU parent is established in another Member State and supervised by a different supervisor than
Amendment 780 #
Proposal for a regulation Article 26 – paragraph 4 a (new) Amendment 781 #
Proposal for a regulation Article 26 – paragraph 4 b (new) Amendment 782 #
Proposal for a regulation Article 26 – paragraph 4 c (new) 4c. The joint decision referred to in paragraph 4, subparagraph 1 and the decisions taken by the competent authorities in the absence of a joint decision referred to in paragraph 4b shall be recognised as determinative and applied by the competent authorities in the Member States concerned. The joint decision referred to in the paragraph 4, subparagraph 1 and any decision taken in the absence of a joint decision in accordance with paragraph 4b, shall be updated on an annual basis or, in exceptional circumstances, where a competent authority responsible for the supervision of subsidiaries of an EU parent institution or, an EU parent financial holding company or EU parent mixed financial holding company makes a written and fully reasoned request to the consolidating supervisor to update the decision on the application of Article 10. In the latter case, the update may be addressed on a bilateral basis between the consolidating supervisor and the competent authority making the request.
Amendment 783 #
Proposal for a regulation Article 26 – paragraph 4 – subparagraph 2 a (new) This Regulation shall not extend the powers of the ECB beyond the limits established in Regulation 1024/2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions, either in respect of territories covered, institutions within scope, or otherwise.
Amendment 784 #
Proposal for a regulation Article 26 – paragraph 4 a (new) 4(a). In the event of disagreement between the consolidating supervisor and the competent authority of the home Member State of the subsidiary for the purposes of reaching a decision by common agreement, the decision shall rest with the EBA pursuant to Article 19 of Regulation 1093/2010.
Amendment 785 #
Proposal for a regulation Article 26 a (new) Article 26 a Member States shall notify EBA within one month from publication in the Official Journal of the European Union of a competent authority on which the powers provided for in this Regulation are conferred.
Amendment 786 #
Proposal for a regulation Article 26 a (new) Article 26 a Accountability and reporting 1. When acting as a competent authority in the framework of this regulation, the ECB shall be accountable to the European Parliament and to the Council for the implementation of this Regulation. The ECB shall be subject to the same accountability provisions laid down in Article 20 of Council regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions. This implies inter alia that at the request of the European Parliament, the Chair of the Supervisory Board of the ECB shall participate in a hearing on the execution of its supervisory tasks by the competent committees of the European Parliament. 2. The ECB shall report on the execution of the tasks conferred on it by this Regulation in the framework of the annual report it is due to submit to the European Parliament, to the Council, to the Commission and to the euro Group referred to in article 20 of Council regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions. 3. The other competent authorities shall report, on a regular basis, to the Commission and the EBA on the implementation of this Regulation. 4. The competent committee of the European Parliament may invite the other competent authorities to participate in an exchange of views.
Amendment 787 #
Proposal for a regulation Article 27 – paragraph 4 4. The EBA
Amendment 788 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 – point a (a) breach of the prohibition laid down in Articles 6, 11, 13 and 20;
Amendment 789 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 – point b (b) any holding back or manipulation of information to be submitted in accordance with Article 24(1).
Amendment 790 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 – point b a (new) (b a) any infringement of the rules for separated entities in Article 13.
Amendment 791 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 – point b a (new) (b a) breach of the duty to uphold the objectives of separation referred to in Article 13(9).
Amendment 792 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 – point b b (new) (b b) any infringement of the large exposure provisions set out in Articles 14 and 15;
Amendment 793 #
Proposal for a regulation Article 28 – paragraph 3 – subparagraph 1 Where Member States have chosen to lay down criminal sanctions for the breaches of the provisions referred to in paragraph 1, they shall ensure that appropriate measures are in place so that a competent authority has all the necessary powers to liaise with judicial authorities within their jurisdiction
Amendment 794 #
Proposal for a regulation Article 28 – paragraph 4 – subparagraph 1 – point b (b) the disgorgement of the profits gained or losses avoided due to the breach
Amendment 795 #
Proposal for a regulation Article 28 – paragraph 4 – subparagraph 1 – point b (b) the disgorgement of the profits gained or losses avoided due to the breach
Amendment 796 #
Proposal for a regulation Article 28 – paragraph 4 – subparagraph 1 – point b (b) the disgorgement of the profits
Amendment 797 #
Proposal for a regulation Article 28 – paragraph 4 – subparagraph 1 – point d (d) withdrawal
Amendment 798 #
Proposal for a regulation Article 28 – paragraph 4 – subparagraph 1 – point e (e) a
Amendment 799 #
Proposal for a regulation Article 28 – paragraph 4 – subparagraph 1 – point g (g) maximum administrative pecuniary sanctions of at least
Amendment 800 #
Proposal for a regulation Article 28 – paragraph 4 – subparagraph 1 – point g (g)
Amendment 801 #
Proposal for a regulation Article 28 – paragraph 4 – subparagraph 1 – point h (h) in respect of a natural person, a maximum administrative pecuniary sanction of at least EUR 15 000 000 or in the Member States whose currency is not the euro, the corresponding value in the national currency on the date of entry to force of this Regulation;
Amendment 802 #
Proposal for a regulation Article 28 – paragraph 4 – subparagraph 1 – point h (h) in respect of a natural person, a maximum administrative pecuniary sanction of at least EUR 15 000 000 or in the Member States whose currency is not the euro, the corresponding value in the national currency on the date of entry to force of this Regulation;
Amendment 803 #
Proposal for a regulation Article 28 – paragraph 4 – subparagraph 1 – point h (h) in respect of a natural person, a maximum administrative pecuniary sanction of at least EUR
Amendment 804 #
Proposal for a regulation Article 28 – paragraph 4 – subparagraph 1 – point h (h) in
Amendment 805 #
Proposal for a regulation Article 28 – paragraph 4 – subparagraph 1 – point i (i) in
Amendment 806 #
Proposal for a regulation Article 28 – paragraph 5 a (new) Amendment 807 #
Proposal for a regulation Article 28 – paragraph 5 a (new) 5 a. In the event of a breach referred to in paragraph 1, the ECB, as a competent authority, may impose the sanctions laid down in Article 18 of Regulation (EU) No 1024/2013.
Amendment 808 #
Proposal for a regulation Article 29 – paragraph 1 – point b a (new) (b a) whether and to what extent a natural person not holding a management position has merely followed internal rules, instructions or practices;
Amendment 809 #
Proposal for a regulation Article 29 – paragraph 1 – point c Amendment 810 #
Proposal for a regulation Article 29 – paragraph 1 – point d (d) the importance of the profits gained or losses avoided by the person responsible for the breach
Amendment 811 #
Proposal for a regulation Article 29 – paragraph 1 – point d (d) the importance of the profits
Amendment 812 #
Proposal for a regulation Article 29 – paragraph 1 – point e Amendment 813 #
Proposal for a regulation Article 29 – paragraph 1 – point f Amendment 814 #
Proposal for a regulation Article 29 – paragraph 1 – point g Amendment 815 #
Proposal for a regulation Article 30 – paragraph 2 – point b (b) a
Amendment 816 #
Proposal for a regulation Article 30 – paragraph 2 – point b (b) appropriate protection for persons working under a contract of employment, who report breaches or who are accused of breaches, against retaliation, discrimination
Amendment 817 #
Proposal for a regulation Article 30 – paragraph 2 – point b (b) appropriate protection for persons working under a contract of employment, who report breaches or who are accused of breaches, against retaliation, discrimination or other types of unfair treatment. This includes prohibiting an institution from trying to investigate the source of the information;
Amendment 818 #
Proposal for a regulation Article 30 – paragraph 3 3. Member States shall require employers to have in place appropriate internal
Amendment 819 #
Proposal for a regulation Article 30 – paragraph 4 4. Member States
Amendment 820 #
Proposal for a regulation Article 32 – paragraph 1 – subparagraph 4 Amendment 821 #
Proposal for a regulation Article 32 – paragraph 1 – subparagraph 4 a (new) Where the competent authority did not publish a decision immediately according to subparagraph 4, it shall in any case publish it two years after the person subject to the decision has been informed.
Amendment 822 #
Proposal for a regulation Article 32 – paragraph 3 3. A competent authority shall ensure that any decision that is published in accordance with this Article shall remain accessible on their website for a period of at least
Amendment 823 #
Proposal for a regulation Article 33 Amendment 824 #
Proposal for a regulation Article 33 Amendment 825 #
Proposal for a regulation Article 33 – paragraph 1 – point c (c) a report on whether other financial instruments for hedging purposes other than those listed in Article 12(1) could be permitted to be sold to clients
Amendment 826 #
Proposal for a regulation Article 34 – paragraph 1 The Commission shall, on a regular basis, monitor the effect of rules laid down in this Regulation in respect of the achievement of the objectives referred to in Article 1 and on the stability of the Union financial system as a whole, taking into account market structure developments as well as the development and activities of the entities regulated by this Regulation, and make any appropriate proposals.
Amendment 827 #
Proposal for a regulation Article 34 – paragraph 1 The Commission shall, on a regular basis, monitor the effect of rules laid down in this Regulation in respect of the achievement of the objectives referred to in Article 1 and on the stability of the whole or part of the Union financial system
Amendment 828 #
Proposal for a regulation Article 34 – paragraph 1 The
Amendment 829 #
Proposal for a regulation Article 34 – paragraph 1 a (new) By*, the Commission, after consulting the ESRB, the EBA and the competent authorities, shall submit to the European Parliament and to the Council a report on the potential threats to financial stability, to the Single Market and to the competitiveness of the EU, covering inter alia: - the calibration of sovereign debt; - the governance and control mechanisms of the banks; - misaligned fiscal incentives, notably the preferential fiscal treatment of debt ; - the level of competition both inside the EU and at global level. If appropriate, the report should be accompanied by legislative proposals. * within 12 months of publication of this Regulation in the OJ.
Amendment 830 #
Proposal for a regulation Article 34 – paragraph 1 a (new) Based on the EBA review referred to in paragraph 1, by 1 January 2020 and on a regular basis thereafter, the Commission shall, after taking into account the views of the competent authorities, submit to the European Parliament and to the Council a report, including the issues mentioned above, if appropriate accompanied by a legislative proposal.
Amendment 831 #
Proposal for a regulation Article 35 Amendment 832 #
Proposal for a regulation Article 35 – paragraph 2 2. The delegation of power referred to in Articles 6(6), 8(3), 10(5),
Amendment 833 #
Proposal for a regulation Article 35 – paragraph 3 3. The delegation of power referred to in Articles 6(6), 8(3), 10(5),
Amendment 834 #
Proposal for a regulation Article 35 – paragraph 5 5. A delegated act adopted pursuant to Articles 6(6), 8(3), 10(5),
source: 546.889
2015/02/04
ECON
209 amendments...
Amendment 100 #
Proposal for a regulation Recital 2 b (new) (2 b) Financial market stability should be seen in the context of overall sustainable and balanced economic growth. It cannot be a stand-alone objective but needs to be seen in a broader macro-economic perspective.
Amendment 101 #
Proposal for a regulation Recital 3 a (new) (3 a) Since the publication of the HLEG the Union and its Member States have adopted a vast variety of legislation aiming at breaking the link between sovereign and banks to avoid future bail- outs. In this context it is crucial to restore resolvability and liability of credit institutions. A structural reform of the banking sector can install transparency and eliminate cross subsidisation of trading activities by deposits eligible under the Deposit Guarantee Scheme in accordance with Directive 2014/49/EU1a. To assure a credible bail-in and, thus, a liability for risks and losses, significantly higher capital requirements than under current regulation are needed. The Financial Stability Board's proposal of a Total Loss-Absorbing Capacity represents a first step into this direction. __________________ 1aDirective 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit-guarantee schemes. OJ L 173, 12.06.2014, p.149.
Amendment 102 #
Proposal for a regulation Recital 3 a (new) (3 a) Since the proposal of the High-level Expert Group on reforming the structure of the Union’s banking sector, the Union has adopted a large amount of legislation (EMIR, MIFID2, CRR, CRD4, DGS, BRRD among others) reducing systemic risk, increasing capital requirements, safeguarding depositors and improving the tools for dealing with bank crises across the Union. As a result of these new rules and of new structures for supervision, the legal framework has been reinforced and the single rulebook in banking has created a new basis for financial markets in the Union, facilitating a single financial market and a working Capital Markets Union.
Amendment 103 #
Proposal for a regulation Recital 4 (4) The on-going banking regulatory reform agenda will significantly increase the resilience of both individual banks and the banking sector as a whole
Amendment 104 #
Proposal for a regulation Recital 4 (4) The on-going banking regulatory reform agenda will
Amendment 105 #
Proposal for a regulation Recital 4 a (new) (4a) Banks must be able to offer a complete package of services for savers, small and medium-sized undertakings and the business sector, but may no longer use savings for trading for their own profit and high-risk trading activities; internal separation or splitting of a bank’s company operations and its business services can prevent the use of savings for these activities;
Amendment 106 #
Proposal for a regulation Recital 7 (7) Inconsistent national legislation that does not pursue the same policy goals in a manner that is compatible and equivalent with the mechanisms envisaged in this Regulation increases chances that capital movements decisions of market participants are negatively affected because different and inconsistent rules and practices may significantly raise operational costs for credit institutions that are operating across borders and hence lead to a less efficient allocation of resources and capital compared to a situation where capital movement is subject to similar and consistent rules. For the same reasons, different and inconsistent rules will also negatively affect decisions of market participants relating to where and how to provide cross-border financial services. Different and inconsistent rules may also unintentionally encourage geographic arbitrage. The movement of capital and the provision of cross-border services are essential elements for the proper functioning of the Union internal market.
Amendment 107 #
Proposal for a regulation Recital 9 (9) Harmonisation at Union level can ensure that Union banking groups, many of which operate in several Member States, are regulated by a common framework of structural requirements thereby avoiding competitive distortions, reducing regulatory complexity, avoiding unwarranted compliance costs for cross- border activities, promoting further integration in the Union market place and contributing to the elimination of regulatory arbitrage opportunities. However, in this context, any harmonisation efforts at Union level must respect and be compatible with the specific characteristics of the national banking systems wherever possible.
Amendment 108 #
Proposal for a regulation Recital 9 (9) Harmonisation at Union level can
Amendment 109 #
Proposal for a regulation Recital 9 (9) Harmonisation at Union level can ensure that Union banking groups, many of which operate in several Member States, are regulated by a common framework of structural requirements thereby avoiding competitive distortions, reducing regulatory complexity, avoiding unwarranted compliance costs for cross- border activities, promoting further integration in the Union market place and contributing to the elimination of regulatory arbitrage opportunities. Systemic risks, where they appear, must be addressed in the same way throughout the Union, with the aim of ensuring that each institution is resolvable without putting the financial stability of the Union at risk.
Amendment 110 #
Proposal for a regulation Recital 9 a (new) (9 a) Since EU Credit institutions play a significant role for the access of SMEs to an external investor base and since small businesses are one of the main drivers of the European economy, this proposal follows the Code of Conduct between credit institutions and SMEs - SEC (2004) 484.
Amendment 111 #
Proposal for a regulation Recital 10 Amendment 112 #
Proposal for a regulation Recital 10 Amendment 113 #
Proposal for a regulation Recital 10 (10) Consistent with the goals of contributing to the functioning of the internal market,
Amendment 114 #
Proposal for a regulation Recital 10 (10) Consistent with the goals of contributing to the functioning of the internal market
Amendment 115 #
Proposal for a regulation Recital 10 a (new) (10 a) With respect to ensuring the effectiveness of separation this Regulation sets minimum standards. Member States, either collectively within Banking Union or individually outside Banking Union, may further empower the competent authority, including, but not limited to imposing additional capital and liquidity requirements, requiring lower thresholds for maximum extra or intra group exposures and restricting transactions between the trading entity and the core credit institution.
Amendment 116 #
Proposal for a regulation Recital 12 (12) This Regulation intends to reduce excessive risk taking and rapid balance sheet growth, difficult resolution, difficult monitoring, conflicts of interest, competition distortions, and misallocation of capital. It also intends to shield institutions carrying out activities that deserve a public safety net from losses incurred as a result of other activities. Necessary rules should therefore contribute to refocusing banks on their core relationship-oriented role of serving the real economy, and avoid that bank capital be excessively allocated to trading at the expense of lending to the non-financial economy. This regulation also intends to reduce risks arising from financial conglomerates operating across the supervisory boundaries. To achieve these objectives, this Regulation does not limit the powers conferred to the relevant authorities by other legislation including, among others, Regulation (EU) No 575/2013, Regulation (EU) No 1024/2013, Directive 2014/59/EU and Directive 2013/36/EU.
Amendment 117 #
Proposal for a regulation Recital 12 (12) This Regulation intends to
Amendment 118 #
Proposal for a regulation Recital 12 (12) This Regulation intends to reduce the impact of excessive risk taking
Amendment 119 #
Proposal for a regulation Recital 12 (12) This Regulation intends to reduce excessive risk taking and rapid balance sheet growth, difficult resolution, difficult monitoring, conflicts of interest, competition distortions, and misallocation of capital. Bank resolvability may provide an indication of whether certain activities by banks lead to excessive risk and a threat to financial stability but this is certainly not the only criterion. It also intends to shield institutions carrying out activities that deserve a public safety net from losses incurred as a result of other activities. Necessary rules should therefore contribute to refocusing banks on their core relationship-oriented role of serving the real economy, and avoid that bank capital be excessively allocated to trading at the expense of lending to the non-financial economy.
Amendment 120 #
Proposal for a regulation Recital 12 a (new) (12 a) Through a risk-based approach, this Regulation should aim at providing financial stability, reducing systemic risk and maintaining a competitive European banking sector able to finance the economy.
Amendment 121 #
Proposal for a regulation Recital 13 (13) This Regulation will apply only to credit institutions and groups with trading activities that meet thresholds set out in the Regulation. This is in line with the explicit focus on the limited subset of the largest and most complex credit institutions and groups that in spite of other legislative acts remain too-big-to-fail, too-big-to-save and
Amendment 122 #
Proposal for a regulation Recital 13 (13) This Regulation will apply only to credit institutions and groups with trading activities that meet thresholds set out in the Regulation. This is in line with the explicit focus on the limited subset of the largest and most complex credit institutions and groups that in spite of other legislative acts remain too-big-to-fail, too-big-to-save and too complex to manage, supervise and resolve. The provisions of this Regulation should accordingly only apply to those Union credit institutions and groups that either are deemed of global systemic importance or exceed certain relative and absolute accounting-based thresholds in terms of trading activity or absolute size. Subsidiaries of foreign institutions which, measured on an aggregated basis within the Union, meet the thresholds shall be covered accordingly. To level the playing field, this Regulation with the exception of Chapter III shall also apply to subsidiaries of foreign G-SIIs and of foreign entities which meet the thresholds referred to above. Member States or the competent authorities may decide to impose similar measures also on smaller credit institutions.
Amendment 123 #
Proposal for a regulation Recital 13 (13) This Regulation
Amendment 124 #
Proposal for a regulation Recital 13 (13) This Regulation will apply only to credit institutions and groups with trading activities that meet th
Amendment 125 #
Proposal for a regulation Recital 13 (13) This Regulation will apply only to credit institutions and groups with trading activities that meet thresholds set out in the Regulation. This is in line with the explicit focus on the limited subset of the largest and most complex credit institutions and groups that in spite of other legislative acts remain too-big-to-fail, too-big-to-save and too complex to manage, supervise and resolve. The provisions of this Regulation
Amendment 126 #
Proposal for a regulation Recital 13 (13) This Regulation will apply only to credit institutions and groups of significant size and with trading activities that meet the threshold
Amendment 127 #
Proposal for a regulation Recital 13 (13) This Regulation will apply only to credit institutions and groups with trading activities that meet thresholds set out in the Regulation. This is in line with the explicit focus on the limited subset of the largest and most complex credit institutions and groups that in spite of other legislative acts remain too-big-to-fail, too-big-to-save and too complex to manage, supervise and resolve. The provisions of this Regulation should accordingly only apply to those Union credit institutions and groups that either are deemed of global systemic importance or exceed certain relative and absolute accounting-based thresholds in terms of trading activity or absolute size.
Amendment 128 #
Proposal for a regulation Recital 13 (13) This Regulation will apply only to credit institutions and groups with trading activities that meet thresholds set out in the Regulation. This is in line with the explicit focus on the limited subset of the largest and most complex credit institutions and groups that in spite of other legislative acts remain too-big-to-fail, too-big-to-save and too complex to manage, supervise and resolve. The provisions of this Regulation should accordingly only apply to those Union credit institutions and groups that either are deemed of global systemic importance or exceed certain relative and absolute accounting-based thresholds in terms of trading activity or absolute size.
Amendment 129 #
Proposal for a regulation Recital 13 (13) This Regulation will apply only to credit institutions and groups with trading activities that meet thresholds set out in the Regulation. This is in line with the explicit focus on the limited subset of the largest and most complex credit institutions and groups that in spite of other legislative acts remain too-big-to-fail, too-big-to-save and too complex to manage, supervise and resolve. The provisions of this Regulation should accordingly only apply to those Union credit institutions and groups that either are deemed of global systemic importance or exceed certain relative and absolute accounting-based thresholds in terms of trading activity or absolute size. Member States
Amendment 130 #
Proposal for a regulation Recital 15 (15) Credit institutions and entities belonging to the same group, should be prohibited from buying and selling financial instruments and commodities for their own account, as this activity has limited or no added value for the public good and is inherently risky. Moreover, they should not be exposed or connected through investments, guarantees or lending to funds or other investment vehicles conducting such business.
Amendment 131 #
Proposal for a regulation Recital 15 (15) Credit institutions and entities belonging to the same group, should be prohibited from
Amendment 132 #
Proposal for a regulation Recital 16 (16) It is difficult to distinguish proprietary trading from market making. To overcome this difficulty, the prohibition of proprietary trading should be limited to desks, units, divisions or individual traders
Amendment 133 #
Proposal for a regulation Recital 16 (16)
Amendment 134 #
Proposal for a regulation Recital 16 (16) It is difficult to distinguish proprietary trading from market making. To overcome this difficulty, the
Amendment 135 #
Proposal for a regulation Recital 16 (16)
Amendment 136 #
Proposal for a regulation Recital 17 (17) T
Amendment 137 #
Proposal for a regulation Recital 17 (17) To ensure that the entities subject to the prohibition of proprietary trading can continue to contribute toward the financing of the economy, they should be allowed to invest in a c
Amendment 138 #
Proposal for a regulation Recital 17 (17) To ensure that the entities subject to the prohibition of proprietary trading can continue to contribute toward the financing of the economy, they should be allowed to invest in a closed list of funds. This exhaustive list should comprise closed- ended
Amendment 139 #
Proposal for a regulation Recital 17 (17) To ensure that the entities subject to the prohibition of proprietary trading can continue to contribute toward the financing of the economy, they should be allowed to invest in
Amendment 140 #
Proposal for a regulation Recital 17 a (new) (17a) Having in mind that private equity and venture capital funds contribute to the financing of the real economy and that this positive role partly depends on the relationship of the private equity and venture capital industry with the banks (whether as investors, asset manager or lenders), banks lending to private equity and venture capital funds as well as providing guarantees to such funds should not be considered as trading activities that should be subject to the structural separation.
Amendment 141 #
Proposal for a regulation Recital 18 Amendment 142 #
Proposal for a regulation Recital 18 (18) The entities subject to the prohibition of proprietary trading should be allowed to use their own capital to make investments in the framework of their cash management. Cash management should be an activity aiming at preserving the value of own capital while spreading credit risk
Amendment 143 #
Proposal for a regulation Recital 19 (19) Cash equivalent assets are instruments that are not linked to units or shares of AIFs, and that are normally dealt on the money market, such as treasury and local authority bills, certificates of deposit, commercial paper, bankers' acceptances, short-term notes or units or shares of regulated money market funds. In order to prohibit short selling, a credit institution should hold cash equivalent assets before being able to sell these assets.
Amendment 144 #
Proposal for a regulation Recital 20 (20) Remuneration policies which encourage excessive risk-taking can undermine sound and effective risk management of banks. By complementing relevant existing Union law in this area, and while respecting the rights and roles of social partners, remuneration provisions should contribute to preventing circumvention of the prohibition of proprietary trading. Similarly, it should curtail any residual or hidden proprietary trading activity by core credit institutions when carrying out prudent risk management.
Amendment 145 #
Proposal for a regulation Recital 20 (20) Remuneration policies which encourage excessive risk-taking can undermine sound and effective risk management of banks, contribute to the TBTF problem and significantly increase the likelihood of banks acting against societal interests. By complementing relevant existing Union law in this area, remuneration provisions should contribute to preventing circumvention of the prohibition of proprietary trading and excessive speculation. Similarly, it should curtail any residual or hidden proprietary trading activity by core credit institutions when carrying out prudent risk management.
Amendment 146 #
Proposal for a regulation Recital 21 (21) The management body of the entities subject to the prohibition of proprietary trading and all members thereof should ensure compliance with this prohibition.
Amendment 147 #
Proposal for a regulation Recital 21 (21) The management body of the entities subject to the prohibition of proprietary trading should ensure compliance with this prohibition. The permanent control should assess the consistency of profit and loss, risk and activity (including turnover) results with the appetite for risk of the institution, the internal risk limits and the trading mandates.
Amendment 148 #
Proposal for a regulation Recital 21 a (new) (21 a) The core credit institution should only be permitted to engage in core services to individuals and non-financial institutions, which include taking deposits eligible for deposit insurance, lending, providing payment services, advising on and selling products of other regulated financial institutions without acting as a principal, and a number of other activities. The core credit institution should also be allowed to engage in certain trading activities to the extent that they are aimed at the prudent management of its risk, capital, liquidity and funding and do not pose concerns to its financial stability.
Amendment 149 #
Proposal for a regulation Recital 21 a (new) Amendment 150 #
Proposal for a regulation Recital 21 b (new) (21 b) A core credit institution should publish, at least semi-annually, a separate balance sheet regarding its prudent risk, liquidity, capital and funding management activities, thereby increasing transparency and facilitating the monitoring by the competent authorities of whether those activities are strictly linked to the needs of the core services.
Amendment 151 #
Proposal for a regulation Recital 22 (22) Other than proprietary trading, large credit institutions engage in numerous other trading activities, such as market making, issuance, investment and sponsorship activity linked to risky securitisation, or the structuring, arranging, or execution of complex derivative transactions. These trading activities are often related to client activity but may nevertheless give rise to concerns. Considering, however, the potentially useful nature of these activities they should not be subject to a direct prohibition. Instead, such activities should
Amendment 152 #
Proposal for a regulation Recital 22 (22) Other than proprietary trading, large credit institutions engage in numerous other trading activities, such as market making, issuance, investment and sponsorship activity linked to risky securitisation, or the structuring, arranging, or execution of complex derivative transactions. These trading activities are often related to client activity but may nevertheless give rise to concerns. Considering, however, the potentially useful nature of these activities they should not be subject to a direct prohibition.
Amendment 153 #
Proposal for a regulation Recital 22 (22) Other than proprietary trading, large credit institutions engage in numerous other trading activities, such as market making, issuance, investment and sponsorship activity linked to risky securitisation, or the structuring, arranging, or execution of complex derivative transactions. These trading activities are often related to client activity but may nevertheless give rise to concerns. Considering, however, the potentially useful nature of these activities they should not be subject to a direct prohibition. Instead, such activities should remain subject to a
Amendment 154 #
Proposal for a regulation Recital 23 Amendment 155 #
Proposal for a regulation Recital 23 (23) If, when assessing the trading activities, the competent authority concludes that they exceed certain metrics in terms of relative size, leverage, complexity, profitability, associated market risk, as well as interconnectedness
Amendment 156 #
Proposal for a regulation Recital 23 (23) If, when assessing the trading activities, the competent authority concludes that they exceed certain metrics in terms of relative size, leverage, complexity, profitability, associated market risk, as well as interconnectedness, and further deems that there is a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system, taking into account the objectives of this Regulation, it should require their separation from the core credit institution unless the core credit institution can demonstrate to the satisfaction of the competent authority that those trading activities do not pose a threat to the financial stability of the core credit institution or to the Union financial system as a whole, taking into account the objectives set out in this Regulation.'
Amendment 157 #
Proposal for a regulation Recital 23 (23) If, when assessing the trading activities, the competent authority concludes that the
Amendment 158 #
Proposal for a regulation Recital 23 (23) If, when assessing the trading activities, the competent authority concludes that they exceed certain metrics in terms of relative size, leverage, complexity, profitability, associated market risk, as well as interconnectedness, it
Amendment 159 #
Proposal for a regulation Recital 23 (23) If, when assessing the trading activities, the competent authority concludes that they exceed certain metrics in terms of relative size, leverage, complexity, profitability, associated market risk, as well as interconnectedness, and further deems that there is a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system, taking into account the objectives of this Regulation, it should require their separation from the core credit institution unless the core credit institution can demonstrate to the satisfaction of the competent authority that those trading activities do not pose a threat to the financial stability of the core credit institution or to the Union financial system as a whole, taking into account the objectives set out in this Regulation.
Amendment 160 #
Proposal for a regulation Recital 24 Amendment 161 #
Proposal for a regulation Recital 24 (24) There are particular concerns in relation to market making. The resolvability of a bank may be impeded by the presence of trading and inventory within a large banking group, as individual trading positions are treated the same way in a resolution process, whether they result from client activity driven market making or from speculation. Additionally, market makers are interconnected with other large banking groups. Furthermore, market makers can be exposed to substantial counterparty risk and the concrete functioning of market making can vary in relation to different financial instruments and market models. Therefore,
Amendment 162 #
Proposal for a regulation Recital 24 (24) There are particular concerns in relation to market making. The resolvability of a bank may be impeded by the presence of trading and inventory within a large banking group, as individual trading positions are treated the same way in a resolution process, whether they result from client activity driven market making or from speculation. Additionally, market makers are interconnected with other large banking groups. Furthermore, market makers can be exposed to substantial counterparty risk and the concrete functioning of market making can vary in relation to different financial instruments and market models. Market making activities, however, are also indispensable to the well-functioning of the market for corporate bonds and other debt instruments, since liquidity is necessary to make the instruments appropriate for a wide variety of investors. Therefore, particular attention to those activities should be made during the assessment of the competent authority.
Amendment 163 #
Proposal for a regulation Recital 24 (24)
Amendment 164 #
Proposal for a regulation Recital 24 a (new) (24 a) A regulation that aims to prevent excessive risk taking related to trading activities should consider the actual risk taken by banks in trading and provide incentives for banks to diminish their trading-related risk exposures or to increase eligible capital in order to comply with the legislation. The measurement of the size of banks' trading activities should make use, but not exclusively, of the prudential measures of risk exposures provided for in Regulation (EU) No 575/2013, since typically those measures capture the actual risk in trading positions better than other measures and since they are clearly defined and controlled through the supervisory framework. Regard should be had to other metrics that might better capture the size of banks’ trading activities.
Amendment 165 #
Proposal for a regulation Recital 24 a (new) (24 a) On the other hand, market making is a necessary component of a well- functioning market for corporate bonds and other debt instruments, since one of the main advantages for investors of such bonds is that they may be traded on a market at all times and contributes positively to financial stability.
Amendment 166 #
Proposal for a regulation Recital 24 a (new) (24a) In a regulation that aims to prevent excessive risk-taking in trading activities, consideration should be given to the actual risk taken by banks when trading and banks should be given an incentive to diminish their trading-related risk exposures or to increase eligible capital in order to comply with the legislation; by measuring the size of banks’ trading activities use can be made of the prudential measures of risk exposures provided for in Regulation (EU) No 575/2013; other measures that may be better suited to assessing the scale of trading activities should also be taken into account;
Amendment 167 #
Proposal for a regulation Recital 25 Amendment 168 #
Proposal for a regulation Recital 25 a (new) (25 a) Notwithstanding separation decisions, the competent authority may impose additional capital and liquidity requirements that it deems necessary to counter a threat to the financial stability of the core credit institution or to the whole or part of the Union financial system.
Amendment 169 #
Proposal for a regulation Recital 25 b (new) Amendment 170 #
Proposal for a regulation Recital 26 (26) To ensure an effective separation in legal, economic, governance and operational terms, core credit institutions and trading entities should meet capital, liquidity, and large exposure rules also on a functional sub-group basis. They should have strong independent governance and separate management bodies. Trading entities within the group are to remain subject to prudential banking supervision, including but not limited to Regulation (EU) No 575/2013 and Directive 2013/36/EU.
Amendment 171 #
Proposal for a regulation Recital 26 (26) To ensure an effective separation in legal, economic, governance and operational terms, both core credit institutions and trading entities should meet capital, liquidity, and large exposure rules
Amendment 172 #
Proposal for a regulation Recital 26 (26) To ensure an effective separation in legal, economic, governance and operational terms, core credit institutions and trading entities should meet capital, liquidity, and large exposure rules on a functional sub-group basis. They should have strong independent governance and separate management bodies. Furthermore, in order to prevent firewalls between the core and the trading sub- groups being circumvented through up/down streaming dividends or other parent operations, the EU parent should be a non-operating holding company, the only activity of which is to acquire holdings.
Amendment 173 #
Proposal for a regulation Recital 26 (26) To ensure an effective separation in legal, economic, governance and operational terms, core credit institutions and trading entities should meet capital, liquidity, and large exposure rules
Amendment 174 #
Proposal for a regulation Recital 27 (27)
Amendment 175 #
Proposal for a regulation Recital 28 (28) Large exposure limits aim at protecting credit institutions against the risk of incurring losses because of an excessive concentration on one client or a group of connected clients. Applying those restrictions between the
Amendment 176 #
Proposal for a regulation Recital 29 (29) Irrespective of separation, the core credit institution should still be able to manage its own risk. Certain trading activities should therefore be allowed to the extent that they are aimed at the prudent management of the core credit institution's capital, liquidity and funding and do not pose concerns to its financial stability. Similarly,
Amendment 177 #
Proposal for a regulation Recital 29 (29) Irrespective of separation, the core credit institution should still be able to manage its own risk. Certain trading activities should therefore be allowed to the extent that they are aimed at the prudent management of the core credit institution's risk, capital, liquidity and funding and do not pose concerns to its financial stability. Similarly, the core credit institutions
Amendment 178 #
Proposal for a regulation Recital 29 (29) Irrespective of separation, the core credit institution should still be able to manage its own risk. Certain trading activities should therefore be allowed to the extent that they are aimed at the prudent management of the core credit institution's capital, liquidity and funding and do not pose concerns to its financial stability. Similarly, the core credit institutions needs to be able to provide certain necessary risk management services to its clients. However, that should be done without exposing the core credit institution to unnecessary risk and without posing concerns to its financial stability. Hedging activities eligible for the purpose of prudently managing own risk and for the provision of risk management services to clients can, but does not have to, qualify as hedge accounting under the International Financial Reporting Standards. Irrespective of a decision to separate, the competent authority shall have the power conferred by Article 104(1)(a) of Directive 2013/36/EU to impose an own funds requirement when the volume of risks and trading activities exceeds certain levels, in order to incentivise an institution not to take unnecessary risks for its financial stability or the financial stability of the Union in whole or in part.
Amendment 179 #
Proposal for a regulation Recital 29 a (new) (29 a) Irrespective of a decision to separate or impose other measures according to this Regulation, the competent authority shall have all the powers conferred to it by other legislation. This includes, but is not limited to the power conferred by Article 104 of Directive 2013/36/EU.
Amendment 180 #
Proposal for a regulation Recital 30 (30) To enhance the effectiveness of the decision making procedure envisaged by this Regulation as well as to ensure to greatest extent possible that
Amendment 181 #
Proposal for a regulation Recital 31 (31) Separation has a significant impact on banking groups
Amendment 182 #
Proposal for a regulation Recital 31 (31) Separation has a significant impact on banking groups’ legal, organisational and operational structure. To insure an effective and efficient application of separation and to prevent separation of groups along geographic lines, separation decisions should be taken
Amendment 183 #
Proposal for a regulation Recital 31 a (new) Amendment 184 #
Proposal for a regulation Recital 32 (32) In order to promote transparency and legal certainty for the benefit of all market stakeholders, the European Banking Authority (EBA) should publish and keep up-to-date on its website a list of credit institutions and groups subject to the requirements concerning the ban of proprietary trading and separation of
Amendment 185 #
Proposal for a regulation Recital 32 a (new) (32 a) In accordance with Article 1(5) and Article 22(2) of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), EBA shall pay particular attention to any systemic risk posed by financial institutions, the failure of which may impair the operation of the financial system or the real economy. EBA shall therefore develop guidance on the quantitative and the qualitative parameters.
Amendment 186 #
Proposal for a regulation Recital 34 Amendment 187 #
Proposal for a regulation Recital 34 (34) Separation entails changes to the legal, organisation and operational structure of affected banking groups, all of which generate costs. In order to limit the risk of costs being passed on to clients or employees and grant the credit institutions the time necessary to execute a separation decision in an orderly fashion, separation should not be applicable immediately upon entry into force of the Regulation but apply as of [OP please enter the exact date 18 months from the date of publication of this Regulation].
Amendment 188 #
Proposal for a regulation Recital 34 (34) Separation entails changes to the legal,
Amendment 189 #
Proposal for a regulation Recital 34 a (new) (34 a) The active involvement of employees is a key to making separation work. When planning for separation, the group or credit institution should ensure that there are procedures in place to inform and consult with employees and their representatives throughout the separation process. Where applicable, collective agreements, or other arrangements provided for by social partners, should be taken into account in this regard.
Amendment 190 #
Proposal for a regulation Recital 37 a (new) (37 a) For the purpose of carrying out the duties specified in this Regulation, the competent authority is to use the full set of its executive powers. This includes, but is not limited to the powers to impose penalties specified in Articles 64 to 72 of Directive 2013/36/EU and Article 18 of Regulation (EU) No 1024/2013.
Amendment 191 #
Proposal for a regulation Recital 37 a (new) (37 a) For the purpose of carrying out its exclusive tasks, including the duties specified in this Regulation, the ECB has the sanctioning powers specified in Article 18 of Regulation (EU) No 1024/2013. For the purpose of carrying out its exclusive tasks, including the duties specified in this Regulation, the ECB has the sanctioning powers specified in Article 18 of Regulation (EU) No 1024/2013.
Amendment 192 #
Proposal for a regulation Recital 38 (38) In order to specify the requirements set out in this Regulation, the power to adopt acts in accordance with Article 290 of the TFEU should be delegated to the Commission in respect of the following non-essential elements: expanding the type of government bonds that should not prohibited under Article 6 and which competent authorities do not have to review or consider for separation; setting the relevant limits and conditions for when a competent authority shall presume that certain trading activities must be separated;
Amendment 193 #
Proposal for a regulation Recital 38 (38) In order to specify the requirements set out in this Regulation, the power to adopt acts in accordance with Article 290 of the TFEU should be delegated to the Commission in respect of the following non-essential elements: expanding the type of government bonds that should not prohibited under Article 6 and which competent authorities do not have to review or consider for separation;
Amendment 194 #
Proposal for a regulation Recital 38 (38) In order to specify the requirements set out in this Regulation, the power to adopt acts in accordance with Article 290 of the TFEU should be delegated to the Commission in respect of the following non-essential elements
Amendment 195 #
Proposal for a regulation Recital 41 Amendment 196 #
Proposal for a regulation Recital 41 Amendment 197 #
Proposal for a regulation Recital 42 Amendment 198 #
Proposal for a regulation Recital 43 (43) In accordance with the principle of proportionality, it is necessary and appropriate for the achievement of the aim of preventing systemic risk, financial stress or failure of large, complex and interconnected credit institutions to lay down rules on prohibition on proprietary trading and separation of
Amendment 199 #
Proposal for a regulation Recital 44 (44) The freedom to conduct a business in
Amendment 200 #
Proposal for a regulation Recital 44 a (new) (44 a) The conferral of supervisory tasks implies a significant responsibility for the ECB to safeguard financial stability in the Union, and to use its supervisory powers in the most effective and proportionate way. Any shift of supervisory powers from the Member State to the Union level should be balanced by appropriate transparency and accountability requirements. The ECB should therefore be accountable for the exercise of those tasks towards the European Parliament and the Council as democratically legitimised institutions representing the citizens of the Union and the Member States. That should include regular reporting, and responding to questions by the European Parliament in accordance with its rules of procedure, and by the Eurogroup in accordance with its procedures. Any reporting obligations should be subject to the relevant professional secrecy requirements.
Amendment 201 #
Proposal for a regulation Recital 45 a (new) (45 a) The provisions on remuneration in this Regulation should be without prejudice to the full exercise of fundamental rights guaranteed by Article 153(5) TFEU, and the rights, where applicable, of the social partners to conclude and enforce collective agreements, in accordance with national law and customs.
Amendment 202 #
Proposal for a regulation Recital 47 a (new) (47 a) Corporate and investment banking activities are part of global financial system, and are often carried out by the credit institutions from different jurisdictions and under different regulatory regime. They all can compete with each other on various markets worldwide. European regulation of these activities should be set having in mind need to maintain competitiveness of European financial system and ensure a level playing field between European banks and non-European banks.
Amendment 203 #
Proposal for a regulation Recital 47 a (new) (47 a) As stated in the Liikanen report, "attention should be paid to the governance and control mechanisms of all banks". More attention should indeed be given by the competent authorities to the ability of management and boards to run and monitor large and complex banks as well as smaller ones as the crisis has shown that small banks represent a risk too. Complementary supervisory tools should be developed such as fit-and- proper tests applied when evaluating the suitability of management and board candidates.
Amendment 204 #
Proposal for a regulation Article 1 – paragraph 1 – introductory part This Regulation
Amendment 205 #
Proposal for a regulation Article 1 – paragraph 1 – point a (a) to
Amendment 206 #
Proposal for a regulation Article 1 – paragraph 1 – point a (a) To reduce excessive risk taking
Amendment 207 #
Proposal for a regulation Article 1 – paragraph 1 – point a (a) to
Amendment 208 #
Proposal for a regulation Article 1 – paragraph 1 – point a a (new) (a a) to insulate core banking services to private individuals and the real economy from risks inherent to trading activities;
Amendment 209 #
Proposal for a regulation Article 1 – paragraph 1 – point a a (new) (a a) to prevent credit institutions from engaging in proprietary trading;
Amendment 210 #
Proposal for a regulation Article 1 – paragraph 1 – point a a (new) (a a) to significantly reduce excessive speculation with financial products that have limited added value for financing the real economy and where risks exceed their economic benefits;
Amendment 211 #
Proposal for a regulation Article 1 – paragraph 1 – point a b (new) (a b) to reduce credit institutions' exposure to AIFs;
Amendment 212 #
Proposal for a regulation Article 1 – paragraph 1 – point b a (new) (b a) the management and structuring of certain trading activities when they are deemed to pose a risk to the institution or to the safeguarding of depositors, thereby building up systemic risk.
Amendment 213 #
Proposal for a regulation Article 1 – paragraph 1 – point b a (new) (b a) to prevent banks from selling complex investment products that they originate directly to retail clients
Amendment 214 #
Proposal for a regulation Article 1 – paragraph 1 – point c (c) to avoid misallocation of resources and
Amendment 215 #
Proposal for a regulation Article 1 – paragraph 1 – point c a (new) (c a) to encourage lending to the real economy and to safeguard deposits;
Amendment 216 #
Proposal for a regulation Article 1 – paragraph 1 – point d (d) to remove implicit and explicit subsidies to the banking sector and contribute to undistorted conditions of competition for all credit institutions within the internal market;
Amendment 217 #
Proposal for a regulation Article 1 – paragraph 1 – point d (d) to contribute to undistorted conditions of competition for all credit institutions within the internal market
Amendment 218 #
Proposal for a regulation Article 1 – paragraph 1 – point d a (new) (d a) to level the playing field in the financial sector;
Amendment 219 #
Proposal for a regulation Article 1 – paragraph 1 – point d b (new) (d b) to reduce subsidies by explicit or implicit government guarantees for deposits or institutions;
Amendment 220 #
Proposal for a regulation Article 1 – paragraph 1 – point e (e) to reduce interconnectedness within the financial sector leading to systemic risk
Amendment 221 #
Proposal for a regulation Article 1 – paragraph 1 – point e (e) to reduce interconnectedness within the financial sector leading to systemic risk by safeguarding depositors, addressing risks and improving resilience;
Amendment 222 #
Proposal for a regulation Article 1 – paragraph 1 – point g (g) to facilitate the orderly resolution and recovery of the group without public bail- outs.
Amendment 223 #
Proposal for a regulation Article 1 – paragraph 1 – point g (g) To facilitate the orderly resolution and
Amendment 224 #
Proposal for a regulation Article 1 – paragraph 1 – point g (g) to facilitate the orderly resolution and recovery of the group of entities, ensuring that structural measures are in line with the resolvability assessment.
Amendment 225 #
Proposal for a regulation Article 1 – paragraph 1 – point g a (new) (g a) to reduce risks arising from financial institutions operating under multiple regulatory regimes or multiple supervisors;
Amendment 226 #
Proposal for a regulation Article 1 – paragraph 1 – point g a (new) (ga) To ensure that high ethical and professional standards are maintained in the banking industry by introducing administrative penalties to apply in the event of failure to comply with this Regulation;
Amendment 227 #
Proposal for a regulation Article 1 – paragraph 1 – point g a (new) (g a) to refute any market assumption that large credit institutions benefit from an implicit government subsidy.
Amendment 228 #
Proposal for a regulation Article 1 – paragraph 1 – point g a (new) (g a) preserve financial stability by assuring the continuity of core services such as taking deposits.
Amendment 229 #
Proposal for a regulation Article 2 – paragraph 1 – introductory part This Regulation lays down rules
Amendment 230 #
Proposal for a regulation Article 2 – paragraph 1 – point a (a) the prohibition of proprietary trading and exposures to financial institutions that engage in proprietary trading;
Amendment 231 #
Proposal for a regulation Article 2 – paragraph 1 – point a (a) the prohibition of proprietary trading and of exposures to financial institutions that engage in proprietary trading;
Amendment 232 #
Proposal for a regulation Article 2 – paragraph 1 – point a (a) the prohibition of proprietary trading and related activities;
Amendment 233 #
Proposal for a regulation Article 2 – paragraph 1 – point b (b) the separation of
Amendment 234 #
Proposal for a regulation Article 2 – paragraph 1 – point b (b) the separation of certain trading activities and other measures.
Amendment 235 #
Proposal for a regulation Article 2 – paragraph 1 – point b (b) the separation of
Amendment 236 #
Proposal for a regulation Article 2 – paragraph 1 – point b (b) the mandatory separation of certain trading activities from core credit activities for entities falling under the scope pursuant to Article 3.
Amendment 237 #
Proposal for a regulation Article 2 – paragraph 1 – point b (b)
Amendment 238 #
Proposal for a regulation Article 2 – paragraph 1 – point b a (new) (b a) the introduction of a liquidity transfer pricing mechanism to eliminate cross subsidisation of trading activities by deposits eligible under the Deposit Guarantee Scheme in accordance with Directive 2014/49/EU1a; __________________ 1aDirective 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit-guarantee schemes. OJ L 173, 12.06.2014, p.149
Amendment 239 #
Proposal for a regulation Article 2 a (new) Article 2 a Implementation of TLAC Amendment to Article 129 of BRRD The Commission shall review the implementation of Article 45 for systemically important institutions, based on the work being developed by the FSB on TLAC and the report of EBA referred to in Articles 45(19) and 45(20), and present, where appropriate, a legislative proposal to improve the resolvability of systemically important institutions with the view of reducing the systemic risk that they pose to the financial stability of the Union.
Amendment 240 #
Proposal for a regulation Article 3 – paragraph 1 – point a (a) any credit institution or an EU parent, including all branches and subsidiaries irrespective of where they are located, when either (i) it is identified as a global systemically important institution (G-SIIs)
Amendment 241 #
Proposal for a regulation Article 3 – paragraph 1 – point a (a) any credit institution or an EU parent, including all branches and subsidiaries irrespective of where they are located, w
Amendment 242 #
Proposal for a regulation Article 3 – paragraph 1 – point a (a) any credit institution
Amendment 243 #
Proposal for a regulation Article 3 – paragraph 1 – point a a (new) (a a) any credit institution considered a significant supervised institution or significant supervised group as defined in point 16 and point 22, respectively, of Article 2 of Regulation (EU) 468/2014; or
Amendment 244 #
Proposal for a regulation Article 3 – paragraph 1 – point b Amendment 245 #
Proposal for a regulation Article 3 – paragraph 1 – point b – introductory part (b) any of the following entities that for a period of three consecutive years has total assets amounting at least to EUR 30 billion and has trading
Amendment 246 #
Proposal for a regulation Article 3 – paragraph 1 – point b – introductory part (b) any of the following entities that
Amendment 247 #
Proposal for a regulation Article 3 – paragraph 1 – point b – introductory part (b) any of the following entities that for a period of three consecutive years has total assets amounting at least to EUR 30 billion
Amendment 248 #
Proposal for a regulation Article 3 – paragraph 1 – point b – introductory part (b) any of the following entities
Amendment 249 #
Proposal for a regulation Article 3 – paragraph 1 – point b – introductory part (b) any of the following entities that for a period of three consecutive years has total assets amounting at least to EUR 30 billion and has trading
Amendment 250 #
Proposal for a regulation Article 3 – paragraph 1 – point b – introductory part (b) any of the following entities that for a period of three consecutive years has total assets amounting at least to EUR
Amendment 251 #
Proposal for a regulation Article 3 – paragraph 1 – point b – introductory part (b) any of the following entities that for a period of three consecutive years has total assets amounting at least to EUR 30 billion and has trading
Amendment 252 #
Proposal for a regulation Article 3 – paragraph 1 – point b – introductory part (b) any of the following entities that
Amendment 253 #
Proposal for a regulation Article 3 – paragraph 1 – point b – introductory part (b) any of the following entities that for a period of three consecutive years has total
Amendment 254 #
Proposal for a regulation Article 3 – paragraph 1 – point b – introductory part (b) any of the following entities that
Amendment 255 #
Proposal for a regulation Article 3 – paragraph 1 – point b – introductory part (b) any of the following entities that for a period of three consecutive years has total assets amounting at least to EUR 30 billion and has trading
Amendment 256 #
Proposal for a regulation Article 3 – paragraph 1 – point b – point i (i) any credit institution established in the Union
Amendment 257 #
Proposal for a regulation Article 3 – paragraph 1 – point b – point iii a (new) (iii a) EU subsidiaries of credit institutions established in third countries or of parent undertakings of credit institutions established in third countries.
Amendment 258 #
Proposal for a regulation Article 3 – paragraph 1 – point b a (new) (b a) any credit institution directly supervised under the Single Supervisory Mechanism in accordance with Council Regulation 1024/2013.
Amendment 259 #
Proposal for a regulation Article 3 – paragraph 1 – point b a (new) (b a) any entity that the competent authority may, on its own initiative, consider to be of significant relevance on grounds of preventing systemic risk, financial stress or failure.
Amendment 260 #
Proposal for a regulation Article 3 – paragraph 1 – point b a (new) (ba) entities that come under the direct supervision of the ECB in accordance with Regulation (EU) No 468/2014.
Amendment 261 #
Proposal for a regulation Article 3 – paragraph 1 –subparagraph 1 a (new) with the exception of credit institutions or EU parents listed under points (a) and (b) of the first subparagraph that hold less than EUR [25] billion of deposits from retail depositors and SMEs eligible under the Deposit Guarantee Scheme in accordance with Directive 2014/49/EC;
Amendment 262 #
Proposal for a regulation Article 3 – paragraph 1 a (new) 1 a. Irrespective of paragraph 1, this Regulation, with the exception of Chapter III, shall also apply to: (a) any subsidiary or branch operating in the Union of a credit institution established in a third country or of a parent undertaking thereof established in a third country, when this credit institution or parent undertaking thereof is identified as a global systemically important institution (G-SIIs) by EBA according to subparagraph (c) of this paragraph; (b) any subsidiary or branch operating in the Union of a credit institution established in a third country or of a parent undertaking thereof established in a third country when this credit institution or parent undertaking thereof has total assets amounting at least to EUR 30 billion and has trading activities calculated on a non-risk weighted basis according to Articles 22 and 23 amounting at least to EUR 70 billion or 10 per cent of its total assets.
Amendment 263 #
Proposal for a regulation Article 3 – paragraph 1 b (new) 1 b. EBA shall identify credit institutions or parent undertakings thereof that are Globally Systemically Important Institutions (G-SIIs) irrespective of where they are located applying the material standards of Article 131 of Directive 2013/36/EU.
Amendment 264 #
Proposal for a regulation Article 3 – paragraph 1 c (new) 1 c. Any entity referred in points a) and b) of paragraph 1a will be considered as being within the scope of this Regulation unless it demonstrates to the satisfaction of the competent authority and EBA that its parent undertaking is not a G-SII or it does not meet the thresholds referred to in point b) of paragraph 1a.
Amendment 265 #
Proposal for a regulation Article 4 – paragraph 1 – point a (a) EU branches of credit institutions established in third countries or financial holding companies or subsidiaries of credit institutions established in third countries if they are subject to a legal framework deemed equivalent in accordance with Article 27(1);
Amendment 266 #
Proposal for a regulation Article 4 – paragraph 1 – point c a (new) (c a) building societies or credit unions.
Amendment 267 #
Proposal for a regulation Article 4 – paragraph 1 – point c a (new) (c a) credit institutions that have been set up by a Member State's central or regional government and whose liabilities are fully and explicitly guaranteed by that government.
Amendment 268 #
Proposal for a regulation Article 4 – paragraph 1 a (new) 1a. Chapter III of this regulation shall not apply to any entity or EU parent where qualifying deposits held within the Union in a credit institution or credit institutions are less than EUR 50 billion.
Amendment 269 #
Proposal for a regulation Article 4 – paragraph 1 a (new) In addition to point (b) of paragraph 1, a competent authority may exempt from the requirements of Chapter III: (a) subsidiaries and branches of EU parents established in third countries if that competent authority is satisfied that: (i) there is a resolution strategy agreed upon between the group level resolution authority in the Union and the third country host authority; (ii) the resolution strategy for the subsidiary or branch of an EU parent established in a third country has no adverse effect on the financial stability of the Member State(s) where the EU parent and other group entities are established.
Amendment 270 #
Proposal for a regulation Article 4 – paragraph 2 – point b (b) the resolution strategy for the subsidiary of an EU parent established in a third country has no adverse effect on the whole or part of the Union financial system or on the financial stability of the Member State(s) where the EU parent and other group entities are established or operating.
Amendment 271 #
Proposal for a regulation Article 4 – paragraph 2 a (new) Amendment 272 #
Proposal for a regulation Article 4 – paragraph 2 a (new) Amendment 273 #
Proposal for a regulation Article 5 – paragraph 1 – point 4 4. ‘proprietary trading’ means using own capital or borrowed money to take positions in any type of transaction to purchase, sell or otherwise acquire or dispose of any financial instrument or commodities for the
Amendment 274 #
Proposal for a regulation Article 5 – paragraph 1 – point 4 4. ‘proprietary trading’ means using own capital or borrowed money to
Amendment 275 #
Proposal for a regulation Article 5 – paragraph 1 – point 4 4.
Amendment 276 #
Proposal for a regulation Article 5 – paragraph 1 – point 4 4. ‘proprietary trading’ means using own capital or borrowed money to take positions in any
Amendment 277 #
Proposal for a regulation Article 5 – paragraph 1 – point 4 4. ‘proprietary trading’ means using own capital or borrowed money to take positions , in reaction to and with the motivation of exploiting actual or expected movements in market valuations, in any type of transaction to purchase, sell or otherwise acquire or dispose of any financial instrument or commodities for the sole purpose of making a profit for own account, and without any connection to actual or anticipated client activity or for the purpose of hedging the entity
Amendment 278 #
Proposal for a regulation Article 5 – paragraph 1 – point 4 4. ‘proprietary trading’ means using own capital or borrowed money to take positions in any type of transaction to purchase, sell or otherwise acquire or dispose of any financial instrument or commodities for the
Amendment 279 #
Proposal for a regulation Article 5 – paragraph 1 – point 4 4. ‘proprietary trading’ means using own capital or borrowed money to take positions in reaction to and with the motivation of exploiting actual or expected movements in market valuations, in any type of transaction to purchase, sell or otherwise acquire or dispose of any financial instrument or commodities for the sole purpose of making a profit for own account, and without any connection to actual or anticipated client activity or for the purpose of hedging the entity’s risk as result of actual or anticipated client activity
Amendment 280 #
Proposal for a regulation Article 5 – paragraph 1 – point 4 4. ‘proprietary trading’ means using own capital or borrowed money to take positions in any type of transaction to purchase, sell or otherwise acquire or dispose of any financial instrument or commodities
Amendment 281 #
Proposal for a regulation Article 5 – paragraph 1 – point 4 4. ‘proprietary trading’ means using own capital or borrowed money to take positions, in reaction to and with the motivation of exploiting actual or expected movements in market valuations, in any type of transaction to purchase, sell or otherwise acquire or
Amendment 282 #
Proposal for a regulation Article 5 – paragraph 1 – point 12 12.
Amendment 283 #
Proposal for a regulation Article 5 – paragraph 1 – point 12 12. ‘market making’ means a financial institution's commitment to
Amendment 284 #
Proposal for a regulation Article 5 – paragraph 1 – point 12 12. ‘market making’ means a financial institution's commitment to
Amendment 285 #
Proposal for a regulation Article 5 – paragraph 1 – point 12 12. ‘market making’ means a financial institution's commitment to provide market
Amendment 286 #
Proposal for a regulation Article 5 – paragraph 1 – point 12 12. ‘market making’ means a financial institution's commitment to provide market liquidity on a regular and on-going basis, by posting two-way quotes with regard to a certain financial instrument, or as part of its usual business, by fulfilling orders initiated by clients or in response to clients’ requests to trade,
Amendment 287 #
Proposal for a regulation Article 5 – paragraph 1 – point 12 12. ‘market making’ means a financial institution's commitment to provide market liquidity on a regular and on-going basis, by posting two-way quotes with regard to a certain financial instrument, or as part of its usual business, by fulfilling orders initiated by clients or in response to clients’ requests to trade,
Amendment 288 #
Proposal for a regulation Article 5 – paragraph 1 – point 16 16. ‘core credit institution’ means a credit institution that at the minimum takes
Amendment 289 #
Proposal for a regulation Article 5 – paragraph 1 – point 16 16. ‘core credit institution’ means a credit institution that at the minimum takes
Amendment 290 #
Proposal for a regulation Article 5 – paragraph 1 – point 16 16. ‘core credit institution’ means a credit institution that at the minimum
Amendment 291 #
Proposal for a regulation Article 5 – paragraph 1 – point 16 a (new) 16 a. "qualifying deposits" are deposits eligible under the Deposit Guarantee Scheme in accordance with Directive 2014/49/EU1a, excluding deposits from individuals who have held assets to the value of at least €250,000 for a period of at least 12 months and excluding deposits from large undertakings with income of not less than €6.5m, a balance sheet not less than €3.25m, or not less than 50 employees. __________________ 1aDirective 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit-guarantee schemes. OJ L 173, 12.06.2014, p.149
Amendment 292 #
Proposal for a regulation Article 5 – paragraph 1 – point 16 a (new) 16 a. "qualifying deposits" are deposits eligible under the Deposit Guarantee Scheme in accordance with Directive 2014/49/EU1a, excluding deposits from individuals who have held assets to the value of at least €250,000 for a period of at least 12 months and excluding deposits from large undertakings with income of not less than €6.5m, a balance sheet not less than €3.25m, or not less than 50 employees. This exclusion may be further narrowed in domestic law; __________________ 1aDirective 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit-guarantee schemes. OJ L 173, 12.06.2014, p.149
Amendment 293 #
Proposal for a regulation Article 5 – paragraph 1 – point 19 – indent 2 –
Amendment 294 #
Proposal for a regulation Article 5 – paragraph 1 – point 22 Amendment 295 #
Proposal for a regulation Article 5 – paragraph 1 – point 22 a (new) 22 a. "real economy" means all activities that contribute in a sustainable manner to the provision of goods and services;
Amendment 296 #
Proposal for a regulation Article 5 – paragraph 1 – point 22 a (new) 22 a. "trading activities" means market making, investments in and acting as a sponsor for securitisation, and trading in derivatives and does not comprise any activities related to the management of liquidity, interest rate, currency and credit risk;
Amendment 297 #
Proposal for a regulation Article 5 – paragraph 1 – point 22 a (new) 22 a. "concentration" means a concentration as determined in accordance with Council Regulation (EC) No 139/2004.
Amendment 298 #
Proposal for a regulation Article 5 – paragraph 1 – point 22 b (new) 22 b. "excessive speculation" means any activity which causes or is intended to cause sudden or unreasonable fluctuations or unwarranted changes in the price of the traded financial instrument and has potential negative consequences for the real economy;
Amendment 299 #
Proposal for a regulation Article 5 a (new) Amendment 91 #
Proposal for a regulation Recital 1 (1) The Union’s financial system includes over 8,000 banks of different sizes, corporate structures and business models, a few of which exist in the form of large banking groups carrying out an all- encompassing set of activities. Those groups comprise a complex web of legal entities and intra-group relationships. They are highly connected to each other through interbank borrowing and lending and through derivatives markets. The impact of possible failures of these large banks can be extremely widespread and significant. Moreover, the financial crisis has demonstrated that important risks could stem from medium-sized banks. In this respect, this Regulation should have a wide scope that encompasses a significant number of credit institutions. It should also complement Regulation (EU) No 575/2013 (CRR), Directive 2013/36/EU (CRD4) and Directive 2014/59/EU (BRRD) by mitigating risks of trading entities that are not sufficiently addressed by existing legislation and be further complemented by the forthcoming TLAC standard being developed by the FSB.
Amendment 92 #
Proposal for a regulation Recital 1 a (new) (1a) Banking is a service of general economic interest. The real economy relies on credit to enable it to increase the production of goods and services, and hence to increase per capita income for its citizens and thus their well-being. For this reason, the purpose of banks that take deposits from individuals and undertakings should be to finance productive activity rather than speculation, which does not contribute to the growth of the real economy but increases the risk of financial crises such as the one that started in the United States in summer 2007.
Amendment 93 #
Proposal for a regulation Recital 1 a (new) (1 a) One of the major factors responsible for the crisis that started in 2007 was the interaction between core banking services and investment banking activities. Securitisation markets promoted by investment banking led not only to lower underwriting standards by lenders eager to benefit from the capital velocity and risk transfer the capital markets were offering but also to a glut of liquidity in those markets resulting in exotic and unsafe securitisations replacing high grade government securities in investment and collateral pools in retail banks. The different risks to which real economy focused and capital markets focused banks are exposed can be a source of diversification for a financial system. However, where such activities are combined in large entities sharing the same capital and funding, the systemic diversification effect is significantly reduced as problems in one market can be rapidly transmitted to the other. By ensuring that capital markets activities that are not necessary to the prudent management of risk, capital, funding and liquidity of a core credit institution are conducted in a legally and operationally separate trading entity, this regulation promotes a more resilient banking system where such core credit institutions are much less likely to feed capital markets bubbles or be severely negatively impacted when they burst.
Amendment 94 #
Proposal for a regulation Recital 1 b (new) (1 b) Certain services offered by banks are essential to the lives of private individuals as well as the SMEs that are the backbone of the European economy. It is the duty of the legislator and supervisory bodies to ensure that the banking system can continue to provide such "public good" services throughout the economic cycle. These services include safekeeping of deposits and assets, payment services and lending. A bank that has a close relationship with a customer may also be well placed to offer advice to such clients on suitable products for their risk management challenges, without the bank having to take on board any market or counterparty risk itself. Finally, in order to meet regulatory requirements, raise capital and hedge the market and credit risks that are an inevitable consequence of the core services, a core credit institution may use derivatives, securitisation or other security issuance etc. in order to reduce the volatility of its income or asset values.
Amendment 95 #
Proposal for a regulation Recital 1 c (new) (1 c) It is widely acknowledged that capital markets financing, currently reliant on banks, is underdeveloped in the Union. The Capital Markets Union (CMU) programme that has been announced is aimed at significantly improving non-bank financing of the real economy. Any short term impact on the already inadequate bank mediated capital markets financing due to this Regulation is therefore amply compensated by the benefits of increased systemic resilience of the banking sector and the offsetting effect of the CMU.
Amendment 96 #
Proposal for a regulation Recital 2 (2) The financial crisis has demonstrated the interconnected nature of Union banks and the resulting risk to the financial system. As a result, resolution has to date been challenging, involved entire banking groups, as opposed to only the non-viable parts, and has relied significantly on public support. Financial stability is a supranational public asset the safeguarding of which requires that the financial sector of the economy be adequately regulated and supervised, and without which there can be no lasting and environmentally sustainable economic growth. This regulation seeks to contribute to safeguarding the Union’s financial stability and preventing systemic risk.
Amendment 97 #
Proposal for a regulation Recital 2 (2) The financial crisis has demonstrated the complex and interconnected nature of Union banks and the resulting
Amendment 98 #
Proposal for a regulation Recital 2 a (new) (2 a) The financial crisis and its aftermath have led to a significant shortfall of investments in the European economy. This shortfall is estimated to be between EUR 400 and 700 billion. Any new legislation in the financial sector must take this investment shortfall duly into account and must not compromise any further the ability of the financial sector to invest into the real economy.
Amendment 99 #
Proposal for a regulation Recital 2 a (new) (2 a) The current economic crisis was largely caused by the financial industry where many actors have become too-big- to fail and had to be bailed-out with public funds. In contrast to any market- economy logic, losses were socialised and profits privatised. It needs to be recalled that the key role of financial institutions is to channel savings into productive investments. With the invention of various toxic financial instruments and dubious business practices, which for example set exorbitantly high profit targets, this role has been squeezed out to the benefit of short-term profit maximisation with limited added value for society. It is therefore imperative to reduce the financial sector to its core functions. Hence, institutions that have reached a size and level of interconnectedness which is likely to pose a systemic threat to the functioning of the economies of single Member States or the Union as a whole should be separated as this will in the long term lead to more balanced and sustainable growth.
source: 546.884
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History
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