Awaiting Parliament 1st reading / single reading / budget 1st stage
2016/0363(COD) Bank recovery and resolution: ranking of unsecured debt instruments in insolvency hierarchy
Next event: Approval in committee of the text agreed at 1st reading interinstitutional negotiations 2017/11/21 more...
Lead committee dossier: ECON/8/08557
Legal Basis TFEU 114
Next event: Approval in committee of the text agreed at 1st reading interinstitutional negotiations 2017/11/21 more...
- Debate in plenary scheduled 2017/11/30
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Opinion | BUDG | ||
| Lead | ECON | HÖKMARK Gunnar (EPP) | SILVA PEREIRA Pedro (S&D), KAMALL Syed (ECR), CORNILLET Thierry (ALDE), SCHIRDEWAN Martin (GUE/NGL), URTASUN Ernest (Verts/ALE), VALLI Marco (EFD), ZANNI Marco (ENF) |
| Opinion | JURI |
Legal Basis TFEU 114
Subjects
Activites
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2017/11/30
Debate in plenary scheduled
- 2017/11/21 Approval in committee of the text agreed at 1st reading interinstitutional negotiations
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2017/10/13
Committee report tabled for plenary, 1st reading/single reading
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A8-0302/2017
summary
The Committee on Economic and Monetary Affairs adopted the report by Gunnar HÖKMARK (EPP, SE) on the proposal for a directive of the European Parliament and of the Council on amending Directive 2014/59/EU of the European Parliament and of the Council as regards the ranking of unsecured debt instruments in insolvency hierarchy. As a reminder, the proposed amendments to Directive 2014/59/EU is part of the efforts to implement in the European Union the standard the Total Absorption Loss Capacity (TLAC) standard adopted by the G20. In order to enhance the operational execution and robustness of bail-in powers and to avoid legal uncertainty, the TLAC standard requires that liabilities may be eligible for TLAC only if they are subordinated to other liabilities, i.e. if they absorb losses in insolvency or in resolution prior to other “preferred” liabilities that are explicitly excluded from TLAC eligibility, such as derivatives, covered deposits or tax liabilities. The TLAC standard provides, therefore, for a subordination requirement subject to certain exemptions, but it is not prescriptive on the way to achieve it. The committee recommended that European Parliament’s position adopted at first reading under the ordinary legislative procedure, should amend the Commission proposal as follows. Objective of the Directive: it is specified that the amending Directive shall lay down harmonised rules for the insolvency ranking of unsecured debt instruments for the purposes of the Union recovery and resolution framework especially with regard to ensuring a credible bail-in regime. The objective of the TLAC standard is to ensure that global systemically important banks (G-SIBs), referred to as global systemically important institutions (G-SIIs) in the Union framework, have the loss-absorbing and recapitalisation capacity necessary to help ensure that, in and immediately following a resolution, critical functions can be continued without public finances or financial stability being put at risk. To ensure that the new 'non-preferred' senior class of debt instruments meet the eligibility criteria as described in the TLAC standard, Member States shall: ensure that those debt instruments are not derivatives and contain no embedded derivatives; ensure that the relevant contractual documentation related to their issuance and, where applicable, the prospectus, explicitly refers to their lower ranking under normal insolvency proceedings. To enhance legal certainty for investors, Member States shall ensure that ordinary senior debt instruments and other unsecured ordinary senior liabilities that are not debt instruments have a higher priority ranking in their national insolvency laws than the new 'non-preferred' senior class of debt. Review: at the latest three years after the date of entry into force of the Directive, the Commission shall assess whether it is necessary to make further amendments with regard to the ranking of deposits in insolvency. The Commission shall submit a report thereon to the European Parliament and to the Council Transposition: Member States shall comply with the Directive no later than one year after the date of entry into force.
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A8-0302/2017
summary
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2017/10/10
Vote in committee, 1st reading/single reading
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2017/10/10
Committee decision to open interinstitutional negotiations with report adopted in committee
- #3549
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2017/06/16
Council Meeting
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2017/01/16
Committee referral announced in Parliament, 1st reading/single reading
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2016/11/23
Legislative proposal published
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COM(2016)0853
summary
PURPOSE: to harmonise the priority ranking of unsecured debt instruments in insolvency hierarchy. PROPOSED ACT: Directive 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 Council. BACKGROUND: following the adoption of the total loss absorbing capacity (TLAC) standard by the G20, and in order to facilitate a more efficient path towards compliance with TLAC, a number of EU Member States have amended (or are in the process of amending) the ranking of creditor claims under their national insolvency law, creating significant divergences. Such discrepancies have the potential to amplify uncertainty for debt issuers, investors and resolution authorities and to make the application of the bail-in tool in cross-border resolution cases legally more complex and less transparent. At the same time, the buyer side would experience information asymmetry among different EU jurisdictions, rendering the process of pricing the risk more cumbersome. The resulting uncertainty could also trigger competitive distortions because unsecured debt holders could be treated differently in different Member States and the Minimum Requirement for own funds and Eligible Liabilities (MREL) compliance costs for banks may be different according to the location of the issuance. In its Communication of 24 November 2015, the Commission recognised the need for further risk reduction and committed bringing forward a legislative proposal that would build on internationally agreed standards. IMPACT ASSESSMENT: several policy alternatives were considered. The impact assessment concludes that the creation of a specific 'unpreferred' senior class for unsecured debt is the most cost effective way to comply with the requirement of subordination of the TLAC standard for G-SIIs and with the case-by-case request of resolution authorities to request compliance with the MREL through subordinated debt. CONTENT: the proposed amendments to Directive 2014/59/EU (the Bank Recovery and Resolution Directive or BRRD) propose a harmonised national insolvency ranking of unsecured debt instruments to facilitate banks' issuance of such loss absorbing debt instruments. This would enable banks to issue debt in a new statutory category of unsecured debt available in all EU Member States which would rank just below the most senior debt and other senior liabilities for the purposes of resolution, while still being part of the senior unsecured debt category (only as an un-preferred tier senior debt). Clear, harmonised rules on the position of bond holders in the bank creditors' hierarchy in insolvency and resolution could facilitate the way bail-in is applied, by providing greater legal certainty and reducing the risk of legal challenges. The EU harmonised approach will not affect the existing stock of bank debt and will apply to any new issuance of bank debt in the relevant category following the date of application of this amendment as provided in the proposal. These proposed amendments to Directive 2014/59/EU (the Bank Recovery and Resolution Directive) are part of a legislative package that includes also amendments to Regulation (EU) No 575/2013 (the Capital Requirements Regulation), to Directive 2013/36/EU (the Capital Requirements Directive) and to Regulation (EU) 806/2014 (the Single Resolution Mechanism Regulation).
- DG {'url': 'http://ec.europa.eu/info/departments/financial-stability-financial-services-and-capital-markets-union_en', 'title': 'Financial Stability, Financial Services and Capital Markets Union'}, DOMBROVSKIS Valdis
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COM(2016)0853
summary
Documents
- Legislative proposal published: COM(2016)0853
- Committee report tabled for plenary, 1st reading/single reading: A8-0302/2017
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: PE613.527
| Amendments | Dossier |
| 69 |
2016/0363(COD)
2017/09/08
ECON
69 amendments...
Amendment 100 #
Proposal for a directive Article 2 – paragraph 1 – subparagraph 2 Member States shall apply those measures as from
Amendment 32 #
Draft legislative resolution Citation 2 a (new) – having regard to the Protocol (No 1) of the Treaty on the Functioning of the European Union (TFEU) on the role of national parliaments in the European Union,
Amendment 33 #
Draft legislative resolution Citation 2 b (new) – having regard to the Protocol (No 2) of the Treaty on the Functioning of the European Union (TFEU) on the application of the principles of subsidiarity and proportionality,
Amendment 34 #
Proposal for a directive Citation 1 a (new) – having regard to the Protocol (No 1) of the Treaty on the Functioning of the European Union (TFEU) on the role of national parliaments in the European Union,
Amendment 35 #
Proposal for a directive Citation 1 b (new) – having regard to the Protocol (No 2) of the Treaty on the Functioning of the European Union (TFEU) on the application of the principles of subsidiarity and proportionality,
Amendment 36 #
Proposal for a directive Recital -1 (new) Amendment 37 #
Proposal for a directive Recital 3 (3) Member States should ensure that credit institutions and investment firms
Amendment 38 #
Proposal for a directive Recital 3 (3) Member States should ensure that credit institutions and investment firms should have sufficient loss-absorbing and recapitalisation capacity to ensure smooth and fast absorption of losses and recapitalisation in resolution with a minimum impact on financial stability and taxpayers. This should be achieved through constant compliance by credit institutions and investment firms with a TLAC minimum requirement as provided in Regulation (EU) No 575/2013 and a requirement for own funds and permissible liabilities as provided in Directive 2014/59/EU. Nothing should prevent competent authorities to set higher MREL levels than the minimum TLAC requirement.
Amendment 39 #
Proposal for a directive Recital 3 (3) Member States should ensure that credit institutions and investment firms should have sufficient loss-absorbing and recapitalisation capacity to ensure smooth and fast absorption of losses and recapitalisation in resolution w
Amendment 40 #
Proposal for a directive Recital 4 a (new) (4a) In the interests of planning and legal certainty for the markets and for individual institutions and a level playing field for institutions, it is necessary to introduce safeguards, under existing national legislation, for the eligibility of debt instruments issued before the entry into force of this Directive.
Amendment 41 #
Proposal for a directive Recital 4 a (new) (4a) In order to ensure legal certainty in the markets and thus to allow a build- up of the necessary buffers, there also needs to be timely clarity about the eligibility criteria required for instruments to count as TLAC/MREL liabilities.
Amendment 42 #
Proposal for a directive Recital 4 a (new) (4a) In order to ensure certainty for markets and to allow a build-up of the necessary buffers, markets also need timely clarity about the eligibility criteria required for instruments to be recognised as TLAC/MREL liabilities and about the levels of TLAC/MREL requirement and guidance.
Amendment 43 #
Proposal for a directive Recital 4 a (new) (4a) In order to avoid shortfalls and to ensure a level playing field among banks, it is necessary to provide for a grandfathering of the eligibility of those instruments issued prior to the eligibility criteria coming into effect.
Amendment 44 #
Proposal for a directive Recital 6 (6) The national rules adopted so far
Amendment 45 #
Proposal for a directive Recital 8 (8) It is, therefore, necessary to remove the significant obstacles
Amendment 46 #
Proposal for a directive Recital 9 (9) In order to
Amendment 47 #
Proposal for a directive Recital 9 (9) In order to reduce to a minimum
Amendment 48 #
Proposal for a directive Recital 9 (9) In order to reduce to a minimum credit institutions and investment firms'
Amendment 49 #
Proposal for a directive Recital 10 (10) To ensure that the new 'non- preferred' senior class of debt instruments meet the eligibility criteria
Amendment 50 #
Proposal for a directive Recital 10 (10) To ensure that most instruments within the new 'non-
Amendment 51 #
Proposal for a directive Recital 10 (10) To ensure that the new 'non- preferred' senior class of debt instruments meet the eligibility criteria
Amendment 52 #
Proposal for a directive Recital 10 (10) To ensure that the new 'non- preferred' senior class of debt instruments meet the eligibility criteria
Amendment 53 #
Proposal for a directive Recital 10 (10) To ensure that the new 'non-
Amendment 54 #
Proposal for a directive Recital 10 (10) To ensure that the new '
Amendment 55 #
Proposal for a directive Recital 10 (10) To ensure that the new 'non- preferred' senior class of debt instruments meet the eligibility criteria of Regulation (EU) No 575/2013 and of Directive 2014/59/EU, Member States should ensure that their
Amendment 56 #
Proposal for a directive Recital 10 (10) To ensure that the new 'non-
Amendment 57 #
Proposal for a directive Recital 10 a (new) (10a) Conferring a priority ranking on all deposits is expected to enhance the implementation of the bail-in tool in resolution, because the resolution authority will be able to bail in other senior unsecured bank debt instruments prior to deposits, while minimizing the risk of compensation claims under the ‘no creditor worse off’ principle. The bail-in of such senior unsecured bank debt instruments is regarded as carrying a lower contagion risk than that of operational liabilities such as deposits. A general depositor preference is therefore likely to render the bail-in of senior unsecured bank debt instruments more effective and credible, thus fostering effective resolution action and reducing the need to have recourse to the resolution fund. The effectiveness of the bail-in tool should also be enhanced by providing that all senior unsecured claims in the form of transferable debt should in future be of the non-preferred senior class.
Amendment 58 #
Proposal for a directive Recital 11 (11) To enhance legal certainty for investors, Member States should ensure that s
Amendment 59 #
Proposal for a directive Recital 11 (11) To enhance legal certainty for investors, Member States should ensure that standard senior debt instruments have a higher priority ranking in their national insolvency laws than the new '
Amendment 60 #
Proposal for a directive Recital 11 (11) To enhance legal certainty for investors, Member States should ensure that standard senior debt instruments have a higher priority ranking in their national insolvency laws than the new 'non- preferred' senior class of debt instruments under normal insolvency proceedings. Member States should also ensure that the new 'non-preferred' senior class of debt instruments have a higher priority ranking than the priority ranking of own funds instruments or any other subordinated liabilities and that, contrary to such instruments or liabilities, the 'non- preferred' senior class of debt instruments could only be bailed-in when the issuing institution is placed under resolution. Additionally, Member States should ensure that the national insolvency laws correctly reflect the loss absorption hierarchy under resolution, avoiding any mismatches between the resolution and the insolvency legal frameworks and ensuring that the regulatory capital instruments shall absorb loses both in resolution and insolvency before the rest of subordinated claims.
Amendment 61 #
Proposal for a directive Recital 12 (12) Since the objectives of this Directive, namely to lay down uniform rules for bank creditor hierarchy for the purposes of the Union recovery and resolution framework especially with regard to ensuring a credible bail-in regime, cannot be sufficiently achieved by the Member States and can therefore, by reason of the scale of the action, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives.
Amendment 62 #
Proposal for a directive Recital 13 (13) It is appropriate for the
Amendment 63 #
Proposal for a directive Recital 13 (13) It is appropriate for the amendments to Directive 2014/59/EU provided for in this Directive to apply to liabilities issued on or after the date of application of this Directive and to liabilities still outstanding as of that date. However, for legal certainty purposes and to mitigate transitional costs in as much as possible, Member States should ensure that the treatment of all outstanding liabilities that credit institutions and investment firms
Amendment 64 #
Proposal for a directive Recital 13 a (new) (13a) This Directive harmonises the ranking under normal insolvency proceedings of unsecured claims resulting from debt instruments and does not cover the insolvency ranking of deposits beyond the existing applicable provisions of Directive 2014/59/EU. Therefore, this Directive is without prejudice to national laws of Member States governing normal insolvency proceedings that cover the insolvency ranking of deposits not harmonised by Directive 2014/59/EU, irrespectively of how deposits rank in the insolvency proceedings and of their dates.
Amendment 65 #
Proposal for a directive Article -1 (new) Article -1 Scope 1. This Directive harmonises the ranking under normal insolvency proceedings of unsecured claims resulting from debt instruments. 2. This Directive does not cover the insolvency ranking of deposits beyond the existing applicable provisions of Directive 2014/59/EU and is without prejudice to national laws of Member States governing normal insolvency proceedings that cover the insolvency ranking of deposits not harmonised by Directive 2014/59/EU.
Amendment 66 #
Proposal for a directive Article 1 – paragraph -1 (new) Directive 2014/59/EU Article 2 – paragraph 1 – point 48 -1. in Article 2(1), point (48) is amended as follows: ‘(48) ‘debt instruments’ referred to in points (g) and (j) of Article 63(1) and in Article108(2) and (4) means bonds, notes and other forms of transferable debt, instruments creating or acknowledging a debt, and instruments giving rights to acquire debt instruments;’
Amendment 67 #
Proposal for a directive Article 1 – paragraph 1 a (new) Directive 2014/59/EU Article 108 – paragraph 1 – point b – introductory part 1a. in Article 108, point (b) is replaced by the following: ‘(b) the following have the same priority ranking which is higher than the ranking provided for under point (a) and the ranking of all other liabilities, without prejudice to costs, expenses and other creditors of the insolvency estate:
Amendment 68 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 2 – point a Amendment 69 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 2 – point a (a) the initial contractual maturity of debt instruments
Amendment 70 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 2 – point a (a) the initial contractual maturity of debt instruments
Amendment 71 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 2 – point b (b) they have no derivative features
Amendment 72 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 2 – point b (b) they have no derivative features, unless all the eligibility conditions for such instruments to be eligible for MREL are met;
Amendment 73 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 2 – point b (b) they have no embedded derivative
Amendment 74 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 2 – point b a (new) (ba) they are suitable for the client;
Amendment 75 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 2 – point c (c) the relevant contractual documentation and, where applicable, the prospectus related to the issuance explicitly refers to the ranking under this subparagraph, mentioning the higher risk of this investment.
Amendment 76 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 2 – point c (c) the relevant contractual documentation related to the issuance and, where applicable, the prospectus explicitly refers to the ranking under this subparagraph.
Amendment 77 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 2 – point c a (new) (ca) they can be sold only to professional clients as defined in point (10) of Article 4 (1) of Directive 2014/65/EU.
Amendment 78 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 2 a (new) 2a. In Member States where ordinary unsecured claims resulting from debt instruments with the highest priority ranking among debt instruments under national law governing normal insolvency proceedings, as it stood prior to the adoption of the legal instruments necessary to comply with [this Directive], are statutorily subordinated to other ordinary senior liabilities, Member States shall ensure that debt instruments that meet the conditions referred to in this paragraph rank pari passu with such statutorily subordinated senior unsecured debt instruments under national insolvency law.
Amendment 79 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 2 a (new) Amendment 80 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 2 a (new) 2a. Member States shall ensure that in national law governing normal insolvency proceedings the regulatory capital instruments (namely Common Equity Tier 1 instruments, Additional Tier 1 instruments and Tier 2 instruments as defined under Regulation (EU) no 575/2013) shall have lower ranking than the ranking provided for the rest of subordinated claims not qualifying as regulatory capital instruments.
Amendment 81 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 4 4. Member States shall ensure that their national laws governing normal insolvency proceedings as they were
Amendment 82 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 4 4. Member States shall ensure that their national laws governing normal insolvency proceedings as they were
Amendment 83 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 4 – subparagraph 1 a (new) Member States shall ensure that debt instruments issued by entities referred to in points (a), (b), (c) and (d) of Article 1(1) after [the date of application of this Directive] shall comply with the criteria set out in points (a), (b), (c) of paragraph 2.
Amendment 84 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 4 a (new) 4a. Member States shall ensure that all debt instruments as defined in point (48) of Article 2(1) issued by entities referred to in points (a), (b), (c) and (d) of Article 1(1) after the date of implementation of this Directive shall comply with the criteria set out in points (a), (b), (c) and (c a) of paragraph 2.
Amendment 85 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 4 a (new) 4a. Member States shall ensure that, for the purposes of Article 25 of Directive 2014/65/EU the debt instruments referred to in paragraph 2 are considered complex and that the provisions in that Directive concerning conflict of interest are strictly enforced in relation to the sale of such instruments to existing clients of the issuing institution. Member States shall ensure that investment firms are regarded as not fulfilling their obligations under Directive 2014/65/EU where they pay or are paid any fee or commission, or provide or are provided with any non- monetary benefit or whenever they do not disclose specific internal sales guidelines in connection with the marketing of senior non-preferred debt to investors not qualifying as professionals under that Directive.
Amendment 86 #
Proposal for a directive Article 1 – paragraph 2 4a. Member States shall ensure that investment by pension, insurance and reinsurance funds in the new category of ‘non-preferred’ debt instruments with the highest priority referred to in paragraph 2, is admissible only up to a limit of 2% of their total liquidity;
Amendment 87 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 4 a (new) 4a. Where, after 31 December 2016 and before the [date of entry into force of this Directive], a Member State has adopted a national law governing the ranking in normal insolvency proceedings of unsecured claims resulting from debt instruments issued after the date of application of such national law, paragraph 4 shall not apply to claims resulting from debt instruments issued after the entry into force of that national law provided that it complies with the following: (a) that national law provides that, for entities referred to in points (a), (b), (c) and (d) of Article (1) 1, ordinary unsecured claims shall, in normal insolvency proceedings, have a higher priority ranking than that of unsecured claims resulting from debt instruments which meet the following conditions: (i) they are not derivatives, have no embedded derivatives and the initial contractual maturity spans one year; and (ii) the relevant contractual documentation and, where applicable, the prospectus, related to the issuance explicitly refers to the lower ranking under the applicable law; (b) that national law provides that unsecured claims resulting from debt instruments that meet the conditions laid down in point (a) of this paragraph shall, in normal insolvency proceedings, have a higher priority ranking than the priority ranking of claims resulting from instruments referred to in points (a) to (d) of Article 48 (1). On the date of entry into force of the measures under national law transposing this Directive the unsecured claims resulting from debt instruments referred to in point (b) shall have the same priority ranking as the one referred to in points (a), (b) and (c) of paragraph 2 and in paragraph 3.
Amendment 88 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 4 a (new) 4a. Where, after 31 December 2016 and before the [date of entry into force of this Directive], a Member State has adopted a national law governing the ranking in normal insolvency proceedings of unsecured claims resulting from debt instruments issued after the date of application of such national law, paragraph 4 shall not apply to claims resulting from debt instruments issued after the entry into force of that national law provided that it complies with the following: (a) that national law provides that, for entities referred to in points (a), (b), (c) and (d) of Article 1(1), ordinary unsecured claims shall, in normal insolvency proceedings, have a higher priority ranking than that of unsecured claims resulting from debt instruments which meet the following conditions: (i) they are not derivatives and have no embedded derivatives; and (ii) the relevant contractual documentation and, where applicable, the prospectus, related to the issuance explicitly refers to the lower ranking under the applicable law; (b) that national law provides that unsecured claims resulting from debt instruments that meet the conditions laid down in point (a) of this paragraph shall, in normal insolvency proceedings, have a higher priority ranking than the priority ranking of claims resulting from instruments referred to in points (a) to (d) of Article 48(1). On the [date of entry into force of measures under national law transposing this Directive], the unsecured claims resulting from debt instruments referred to in point (b), shall have the same priority ranking as the one referred to in points (b) and (c) of paragraph 2 and in paragraph 3.
Amendment 89 #
Proposal for a directive Article 1 – paragraph 2 4b. Resolution authorities shall, as part of the assessment of resolvability in accordance with Articles 15 and 16 monitor the extent to which debt instruments susceptible to bail-in are held by investors that do not qualify as professional investors according to Directive 2014/65/EU and report the results to EBA at least once per year. EBA shall disclose annually on a group or, where relevant, institution specific basis the amounts of debt instruments susceptible to bail-in that are held by investors that do not qualify as professional investors. Where, on the basis of this information, EBA deems it necessary, it shall issue warnings or recommendations for remedial action. EBA shall within ... [12 months from the date of the publication of this Directive] issue draft regulatory technical standards in accordance with Article 10 of Regulation (EU) No1093/2010 to specify the definition of derivative features referred to in point (b) of paragraph 2. The Commission is empowered to supplement this Directive by adopting the regulatory technical standards referred to in the fourth subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 90 #
Proposal for a directive Article 1 – paragraph 2 4b. EBA shall develop draft regulatory technical standards to specify the condition referred to in point (b) of paragraph 2. EBA shall submit those draft regulatory technical standards to the Commission by [xxx]. The Commission is empowered to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph in accordance with the Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 91 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 4 b (new) 4b. Member States which, prior to 31 December 2016, have adopted a national law governing normal insolvency proceedings whereby (i) unsecured claims resulting from debt instruments issued by entities referred to in points (a),(b),(c) and (d) of Article 1(1) are split into two or more different priority rankings or where the priority ranking of unsecured claims resulting from debt instruments is changed in relation to all other ordinary unsecured claims of the same ranking, and (ii) that national law has the objective of ensuring that eligible liabilities that meet the criteria for inclusion in the minimum requirement for own funds and eligible liabilities of entities referred to in points (a), (b), (c) and (d) of Article 1 (1) are subordinated to other ordinary unsecured claims, may provide that debt instruments with the lowest priority ranking among those ordinary unsecured claims have the same ranking as the one of claims that meet the conditions of paragraph 2(b) and (c) and paragraph 3.
Amendment 92 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 4 a (new) 4a. Member States which, prior to 31 December 2016 have adopted a national law governing normal insolvency proceedings whereby unsecured claims resulting from debt instruments issued by entities referred to in points (a), (b), (c) and (d) of Article 1(1) are split into two or more different priority rankings or where the priority ranking of unsecured claims resulting from debt instruments is changed in relation to all other ordinary unsecured claims of the same ranking, may provide that debt instruments with the lowest priority ranking among those ordinary unsecured claims have the same ranking as the one of claims that meet the conditions of paragraph 2(b) and (c) and paragraph 3.
Amendment 93 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 4 b (new) 4b. Member States which prior to ... [date of entry into force of this Directive] have adopted a national law governing the ranking in normal insolvency proceedings of unsecured claims resulting from debt instruments issued after the date of application of such national law, may provide that those debt instruments that comply with the conditions set in points (a), (b) and (c) of paragraphs 2 and in paragraph 3 have the same insolvency ranking as the 'non-preferred' senior debt instruments issued under the conditions of this Directive.
Amendment 94 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 4 a (new) 4a. In Member States where ordinary unsecured claims resulting from debt instruments, with the highest priority ranking among debt instruments, under national law governing normal insolvency proceedings, before [the date for implementation of this Directive into national law], are statutorily subordinated to other ordinary senior liabilities, Member States shall ensure that debt instruments that meet the conditions referred to in paragraph 2 points (a) and (b) rank pari passu to such statutorily subordinated unsecured claims resulting from debt instruments.
Amendment 95 #
Proposal for a directive Article 1 – paragraph 2 Directive 2014/59/EU Article 108 – paragraph 4 a (new) 4a. Paragraph 4 shall not prevent Member States from adopting national laws governing the ranking of deposits in normal insolvency procedures, regardless of the date in which they were made and of their current position in the ranking in normal insolvency procedures.
Amendment 96 #
Proposal for a directive Article 1 a (new) Article 1a This Directive harmonises the ranking under normal insolvency proceedings of unsecured claims resulting from debt instruments and does not cover the insolvency ranking of deposits beyond the existing applicable provisions of Directive 2014/59/EU. Therefore, this Directive is without prejudice to national laws of Member States governing normal insolvency proceedings that cover the insolvency ranking of deposits not harmonised by Directive 2014/59/EU, irrespectively of how deposits rank in the insolvency proceedings and of their dates.
Amendment 97 #
Proposal for a directive Article 2 – paragraph 1 – subparagraph 1 Member States shall
Amendment 98 #
Proposal for a directive Article 2 – paragraph 1 – subparagraph 1 Member States shall
Amendment 99 #
Proposal for a directive Article 2 – paragraph 1 – subparagraph 2 Member States shall apply those measures
source: 609.639
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History
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53b2d8e0b819f205b000004aNew
5a0cf707d1d1c556ab000002 |
| activities/5/committees/1/shadows/3/name |
Old
DE MASI FabioNew
SCHIRDEWAN Martin |
| committees/1/shadows/3/mepref |
Old
53b2d8e0b819f205b000004aNew
5a0cf707d1d1c556ab000002 |
| committees/1/shadows/3/name |
Old
DE MASI FabioNew
SCHIRDEWAN Martin |
2017-11-16Show (2) Changes | Timetravel
| activities/6/date |
Old
2017-12-11T00:00:00New
2017-11-30T00:00:00 |
| activities/6/type |
Old
Indicative plenary sitting date, 1st reading/single readingNew
Debate in plenary scheduled |
2017-11-07Show (1) Changes | Timetravel
| activities/6 |
|
2017-10-27Show (1) Changes | Timetravel
| activities/5/docs |
|
2017-10-17Show (2) Changes | Timetravel
| activities/5 |
|
| procedure/stage_reached |
Old
Awaiting committee decisionNew
Awaiting Parliament 1st reading / single reading / budget 1st stage |
2017-10-11Show (3) Changes | Timetravel
| activities/3 |
|
| activities/4 |
|
| procedure/Modified legal basis |
Rules of Procedure of the European Parliament EP 150
|
2017-07-04Show (2) Changes | Timetravel
| activities/0/commission/0 |
|
| other/0 |
|
2017-06-29Show (1) Changes | Timetravel
| procedure/legislative_priorities |
|
2017-06-21Show (1) Changes | Timetravel
| activities/2 |
|
2017-06-18Show (4) Changes | Timetravel
| activities/1/committees/1/shadows/2/mepref |
Old
4f1ac85db819f25efd0000e3New
51ec5990b819f25752000112 |
| activities/1/committees/1/shadows/2/name |
Old
GOULARD SylvieNew
CORNILLET Thierry |
| committees/1/shadows/2/mepref |
Old
4f1ac85db819f25efd0000e3New
51ec5990b819f25752000112 |
| committees/1/shadows/2/name |
Old
GOULARD SylvieNew
CORNILLET Thierry |
2017-04-06Show (1) Changes | Timetravel
| links/Research document |
|
2017-03-20Show (2) Changes | Timetravel
| links/Research document |
|
| procedure/Mandatory consultation of other institutions |
Old
Economic and Social CommitteeNew
European Economic and Social Committee |
2017-03-13Show (1) Changes | Timetravel
| activities/0/docs/0/celexid |
CELEX:52016PC0853:EN
|
2017-03-12Show (1) Changes | Timetravel
| activities/0/docs/0/celexid |
CELEX:52016PC0853:EN
|
2017-03-02Show (2) Changes | Timetravel
| activities/1/committees/1/shadows/4 |
|
| committees/1/shadows/4 |
|
2017-02-16Show (2) Changes | Timetravel
| activities/1/committees/1/shadows/5 |
|
| committees/1/shadows/5 |
|
2017-02-10Show (4) Changes | Timetravel
| activities/1/committees/2/date |
2017-01-31T00:00:00
|
| activities/1/committees/2/rapporteur |
|
| committees/2/date |
2017-01-31T00:00:00
|
| committees/2/rapporteur |
|
2017-02-08Show (4) Changes | Timetravel
| activities/1/committees/2/date |
2017-01-31T00:00:00
|
| activities/1/committees/2/rapporteur |
|
| committees/2/date |
2017-01-31T00:00:00
|
| committees/2/rapporteur |
|
2017-02-02Show (2) Changes | Timetravel
| activities/1/committees/1/shadows/3 |
|
| committees/1/shadows/3 |
|
2017-01-27Show (2) Changes | Timetravel
| activities/1/committees/1/shadows/3 |
|
| committees/1/shadows/3 |
|
2017-01-25Show (4) Changes | Timetravel
| activities/1/committees/1/shadows/0 |
|
| activities/1/committees/1/shadows/2 |
|
| committees/1/shadows/0 |
|
| committees/1/shadows/2 |
|
2017-01-19Show (3) Changes | Timetravel
| activities/1 |
|
| procedure/dossier_of_the_committee |
ECON/8/08557
|
| procedure/stage_reached |
Old
Preparatory phase in ParliamentNew
Awaiting committee decision |
2017-01-11Show (1) Changes | Timetravel
| procedure/Mandatory consultation of other institutions |
Economic and Social Committee
|
2017-01-05Show (1) Changes | Timetravel
| activities/0/docs/0/celexid |
CELEX:52016PC0853:EN
|
2016-12-22Show (3) Changes | Timetravel
| activities/0/docs/0/text |
|
| committees/1/date |
2016-11-24T00:00:00
|
| committees/1/rapporteur |
|
2016-12-17Show (1) Changes | Timetravel
| committees/1/shadows |
|
2016-12-02Show (5) Changes
| activities |
|
| committees |
|
| links |
|
| other |
|
| procedure |
|