2017/0232(COD) European Systemic Risk Board (ESRB): organisation
Lead committee dossier:
Progress: Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
KARAS Othmar ( PPE),
BERÈS Pervenche ( S&D)
|
SWINBURNE Kay ( ECR),
KLINZ Wolf ( ALDE),
GIEGOLD Sven ( Verts/ALE),
MEUTHEN Jörg ( EFDD),
KAPPEL Barbara ( ENF)
|
| Committee Opinion | AFCO |
HÜBNER Danuta Maria ( PPE)
|
Ramón JÁUREGUI ATONDO ( S&D),
Morten MESSERSCHMIDT ( ECR)
|
| Committee Opinion | JURI |
Jens ROHDE ( ALDE)
|
Lead committee dossier:
Legal Basis:
TFEU 114
Legal Basis:
TFEU 114Subjects
Events
2019/12/27
Final act published in Official Journal
Details
PURPOSE: to improve the functioning of the European Systemic Risk Board (ESRB) to enable it to contribute to the prevention or mitigation of systemic risks to financial stability in the EU.
LEGISLATIVE ACT: Regulation (EU) 2019/2176 of the European Parliament and of the Council amending Regulation (EU) No 1092/2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board.
CONTENT: the Regulation makes targeted amendments to Regulation (EU) No 1092/2010 in order to improve the functioning and governance of the European Systemic Risk Board (ESRB), which oversees the entire financial system and coordinates EU policies to ensure financial stability from 2011 onwards.
The main amendments to the regulation establishing the ESRB are as follows:
Systemic risk supervision
The ESRB shall be responsible for:
- macro-prudential oversight of the financial system within the Union and contribute to the prevention or mitigation of systemic risks in the Union as a whole or in parts of the Union, including the identification and examination of risks to financial stability, regardless of their origin;
- the monitoring and assessment of risks to financial stability arising from developments that could have an impact on a sectoral level or at the level of the financial system as a whole, including risks and vulnerabilities resulting from technological change or from environmental or social factors.
The ESRB shall also:
- analyse developments outside the banking sector, including developments leading to the completion of the capital markets union;
- facilitate the exchange of information between national authorities or bodies responsible for the stability of the financial system and Union bodies on measures designed to address systemic risk across the Union’s financial system.
Presidency of the ESRB
Under the amending regulation, the President of the European Central Bank (ECB) shall now hold the chair of the ESRB on a permanent basis. In order to enhance the visibility of the ESRB, the Chair of the ESRB shall delegate tasks, such as tasks related to the external representation of the ESRB, to the First Vice-Chair or, if the First Vice-Chair is not available and where appropriate, to the Second Vice-Chair or to the Head of the ESRB Secretariat. This delegation shall not extend to participation in public hearings or discussions behind closed doors at the European Parliament.
Internal governance
To raise the profile of the head of the ESRB Secretariat, the General Board shall assess, in an open and transparent procedure, whether the shortlisted candidates for the position of head of the ESRB Secretariat possess the qualities and experience necessary to manage the ESRB Secretariat. The ECB shall consider systematically opening the selection procedure to external candidates. The General Board shall inform the European Parliament and the Council about the assessment procedure.
In addition, the Chair of the ECB's Supervisory Board and the Chair of the Single Resolution Unit (SRU) shall become non-voting members of the General Board.
Member States shall be able to choose their voting representative between the Governor of the national central bank and a high-level representative of a national authority where that designated authority plays a leading role in financial stability in its area of competence.
No member of the General Council may hold an office in the central government of a Member State.
Warnings and recommendations
The warnings and recommendations of the ESRB may be addressed to (i) the Union, (ii) one or more Member States, (iii) one or more European Supervisory Authorities (ESAs), (iv) one or more competent national authorities, (v) one or more national authorities designated for the implementation of measures to address systemic or macro-prudential risks, (vi) the ECB, or (vii) national resolution authorities and the Single Resolution Board.
Advisory Scientific Committee
This shall be composed of the Chair of the Advisory Technical Committee and 15 experts representing a wide range of skills, experience and knowledge pertaining to all relevant financial markets sectors, proposed by the Steering Committee and approved by the General Board for a four-year, renewable mandate.
In order to ensure the quality and relevance of the ESRB's advice, recommendations, warnings and decisions, the Technical Advisory Committee and the Scientific Advisory Committee shall, where appropriate, consult stakeholders at an early stage and in an open and transparent manner as widely as possible to ensure an inclusive approach towards all interested parties.
ENTRY INTO FORCE: 30.12.2019.
2019/12/18
CSL - Draft final act
Documents
2019/12/18
CSL - Final act signed
2019/12/18
EP - End of procedure in Parliament
2019/12/02
EP/CSL - Act adopted by Council after Parliament's 1st reading
2019/12/02
CSL - Council Meeting
2019/08/08
EC - Commission response to text adopted in plenary
Documents
2019/04/16
EP - Results of vote in Parliament
Documents
2019/04/16
EP - Decision by Parliament, 1st reading
Details
The European Parliament adopted by 523 votes to 73, with 59 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1092/2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board.
The European Parliament's position adopted at first reading under the ordinary legislative procedure amended the Commission's proposal as follows:
Systemic risk supervision
The proposed regulation aims to improve the functioning of the European Systemic Risk Board (ESRB) to enable it to better supervise risks to the entire financial system. ‘Systemic risk’ is defined as a risk of disruption in the financial system with the potential to have serious negative consequences for the financial stability of the Union or of one or more of its Member States or for the real economy and the functioning of the internal market.
All types of financial intermediaries, markets and infrastructure may be potentially systemically important to some degree.
As the body responsible for macro-prudential supervision of the financial system in the Union, the ESRB should:
- identify and discuss financial stability risks regardless of their origin;
- monitor and assess risks to financial stability arising from developments that can have an impact on a sectoral level or at the level of the financial system as a whole, including risks and vulnerabilities resulting from technological change or from environmental or social factors. The ESRB is also expected to analyse developments outside the banking sector, including those leading to the completion of the Capital Markets Union;
- analyse developments outside the banking sector, including those leading to the completion of the Capital Markets Union;
- facilitate the sharing of information among national authorities or bodies responsible for the stability of the financial system and Union bodies related to measures designed to address systemic risk across the Union's financial system.
Appointment of the ESRB Secretariat
To raise the profile of the head of Secretariat of the ESRB, the General Board of the ESRB should assess, in an open and transparent procedure, whether the shortlisted candidates for the position of head of Secretariat of the ESRB possess the qualities and experience necessary to manage the ESRB Secretariat. The ECB should consider systematically opening the selection procedure to external candidates. The General Board should inform the European Parliament and the Council about the assessment procedure.
Delegation of tasks
The Chair shall represent the ESRB externally. The Chair may delegate tasks, such as tasks related to the external representation of the ESRB, including the presentation of the work program, to the first Vice-Chair, or if the first Vice Chair is unavailable and where appropriate, to the second Vice-Chair or to the head of the Secretariat. Tasks related to the ESRB’s accountability and reporting obligations may not be delegated.
Member States should be able to choose their voting representative between the Governor of the national central bank and a high level representative of a designated authority according to Directive 2013/36/EU and Regulation (EU) No 575/2013, where that designated authority has the leading role in financial stability in its area of competence.
When participating in the activities of the General Board and of the Steering Committee or when conducting any other activity relating to the ESRB, the members of the ESRB shall perform their duties impartially and solely in the interest of the Union as a whole. They shall not seek nor take instructions from any government, the Union institutions or any other public or private body.
Advisory Scientific Committee
This should be composed of the Chair of the Advisory Technical Committee and 15 experts representing a wide range of skills, experience and knowledge pertaining to all relevant financial markets sectors, proposed by the Steering Committee and approved by the General Board for a four-year, renewable mandate. The Chair and the two Vice-Chairs of the Advisory Scientific Committee shall be appointed by the General Board following a proposal from the Chair of the ESRB and they shall each have a high level of relevant expertise and knowledge.
Consultations
Where appropriate, the Advisory Technical Committee should organise consultations with stakeholders, such as market participants, consumer associations and academic experts, at an early stage and in an open and transparent manner, while taking into account the need for confidentiality. Such consultations should be conducted as widely as possible to ensure an inclusive approach towards all interested parties and relevant financial sectors and shall allow reasonable time for stakeholders to respond.
Warnings and recommendations
Warnings or recommendations issued by the ESRB may be of either a general or a specific nature and shall be addressed in particular to the Union, to one or more Member States, to one or more of the ESAs, to one or more of the national competent authorities, to one or more national authorities designated for the application of measures aimed at addressing systemic or macro-prudential risk, or to the ECB for the tasks conferred to the ECB or to national resolution authorities and the Single Resolution Board.
If a warning or a recommendation is addressed to one or more of the national supervisory authorities, the Member State or Member States concerned shall also be informed thereof. Recommendations shall include a specified timeline for the policy response. Recommendations may also be addressed to the Commission in respect of the relevant Union legislation.
Where the General Board decides not to make a warning or a recommendation public, the addressees, and where appropriate, the Council, the European Parliament and the ESAs shall take all the measures necessary for the protection of their confidential nature.
Members of the ESRB from national central banks, national competent authorities, national authorities entrusted with the conduct of macroprudential policy should be able to use the information they receive from the ESRB in the course of their duties and in relation to the tasks of the ESRB, including for the exercise of their statutory tasks.
Documents
2019/04/15
EP - Debate in Parliament
Documents
2019/04/01
CSL - Coreper letter confirming interinstitutional agreement
Documents
2019/04/01
EP - Text agreed during interinstitutional negotiations
Documents
2019/03/31
EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
Documents
2019/01/17
EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
2019/01/15
EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2019/01/14
EP - Committee report tabled for plenary, 1st reading
Details
The Committee on Economic and Monetary Affairs adopted the report by Othmar KARAS (EPP, AT) and Pervenche BERÈS (S&D, FR) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1092/2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board.
The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the Commission's proposal as follows:
Systemic risk supervision
The proposed regulation aims to improve the functioning of the European Systemic Risk Board (ESRB) to enable it to better supervise risks to the entire financial system. ‘Systemic risk’ is defined as a risk of disruption in the financial system with the potential to have serious negative consequences for the financial stability of the Union or of one or more of its Member States or for the real economy and the functioning of theinternal market.
In a recital, Members stressed the need to put in place a mechanism that takes into account the interdependence between micro-prudential and macro-prudential risks. The ESRB should monitor and assess risks resulting from developments that may have an impact on a given sector or on the financial system as a whole, including risks and vulnerabilities resulting from technological change or environmental or social factors.
In order to meet its objectives, the ESRB should analyse all relevant information, including developments leading to the completion of the capital markets union.
Appointment of the Head of Secretariat of the ESRB
The General Board should assess, following an open and transparent procedure, whether the shortlisted candidates for this post have the necessary qualities, independence and experience necessary to manage the ESRB Secretariat. The General Board should keep the European Parliament and the Council informed, in sufficient detail, about the assessment and consultation procedure.
Delegation of tasks
To enhance the visibility of the ESRB as a body separate from its various members, the Chair of the ESRB should be able to delegate tasks related to the external representation of the ESRB to the Vice-Chairs of the ESRB or to the Head of the Secretariat, with the exception of participation in closed hearings and discussions in the European Parliament.
Advisory Scientific Committee
This should be composed of the Chair of the Advisory Technical Committee and fifteen experts representing a wide range of skills, experience and knowledge related to all relevant financial markets sectors.
Consultations
Where appropriate, the Advisory Technical Committee should organise consultations with stakeholders, such as market participants, consumer associations and academic experts, at an early stage and in an open and transparent manner, while taking into account the need for confidentiality. The ESRB could seek, where appropriate, the views of relevant private sector stakeholders.
Such consultations should be conducted as widely as possible to ensure an inclusive approach towards all interested parties and relevant financial sectors and shall allow reasonable time for stakeholders to respond.
Warnings and recommendations
If a warning or recommendation is addressed to one or more national supervisory authorities, the Member State or Member States concerned should also be informed. Recommendations should specify the timeframes for responding to them.
Recommendations could also be addressed to the Commission on the EU legislation concerned. They should be sufficiently detailed and reasoned and be accompanied by a comprehensive statement of reasons.
Lastly, the ESRB should reply orally or in writing to questions put to it by the European Parliament or the Council, within five weeks at the latest.
Documents
2019/01/10
EP - Vote in committee, 1st reading
2019/01/10
EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2018/09/10
EP - Committee opinion
Documents
2018/09/07
EP - Amendments tabled in committee
Documents
2018/07/16
EP - Committee opinion
Documents
2018/07/10
EP - Committee draft report
Documents
2018/02/15
ESC - Economic and Social Committee: opinion, report
Documents
2018/02/07
FR_SENATE - Contribution
Documents
2017/12/17
ES_CONGRESS - Contribution
Documents
2017/12/12
RO_CHAMBER - Contribution
Documents
2017/12/12
PT_PARLIAMENT - Contribution
Documents
2017/11/21
EP - HÜBNER Danuta Maria (PPE) appointed as rapporteur in AFCO
2017/10/26
EP - Committee referral announced in Parliament, 1st reading
2017/10/05
EP - KARAS Othmar (PPE) appointed as rapporteur in ECON
2017/10/05
EP - BERÈS Pervenche (S&D) appointed as rapporteur in ECON
2017/09/20
EC - Document attached to the procedure
Documents
2017/09/20
EC - Legislative proposal published
Details
PURPOSE: to improve the functioning of the European Systemic Risk Board (ESRB) so that it can better monitor risks in the EU financial system.
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: following the financial crisis, the EU set up the European System of Financial Supervision (ESFS), built on a two-pillar system of macro-prudential and micro-prudential supervision.
The European Systemic Risk Board (ESRB), established in December 2010, is the macroprudential pillar of the ESFS. Its task is, in particular, to contribute to the prevention or mitigation of systemic risks to financial stability in the EU that arise within the financial system, while taking into account macroeconomic developments, so as to avoid periods of widespread financial distress. It has specific tools, such as recommendations and warnings to shape macroprudential policy in the EU.
Consisting of a wide range of members, including national central banks, supervisory authorities and European institutions, the ESRB’s importance is borne out by its work as a coordination platform and information hub, on monitoring risk from an EU-wide perspective.
The 2017 Commission report on the mission and organisation of the ESRB concludes that, while the ESRB is generally well-functioning, improvements on certain specific points are necessary in light of the recent developments in the financial supervisory architecture of the Union and in particular the set-up of a Banking Union. Improvements to the ESRB’s composition and how it cooperates with European institutions are needed.
This proposal shall be seen in the context of the ongoing review of the European Supervisory Agencies (ESAs).
CONTENT: the Commission proposes targeted changes to Regulation (EU) No 1092/2010 in order:
to propose that the European Central Bank President (ECB) serve as ESRB Chair on a permanent basis; to give a greater role to the head of the Secretariat of the ESRB , whose tasks are currently limited, to enhance the impact of the ESRB warnings and recommendations. The proposal here is to introduce a consultation procedure in which the General Board assesses the candidates proposed by the ECB for the post of Head of the ESRB Secretariat, in particular their qualities and experience necessary to manage the Secretariat. Parliament and Council would be informed of the procedure; to update the ESRB Regulation to take account of the creation of the Banking Union and to add the Single Supervisory Mechanism and the Single Resolution Board as voting members of the ESRB General Board; to include the ECB as a possible addressee of ESRB warnings and recommendations for ECB tasks conferred to it by the Single Supervisory Mechanism Regulation ( Regulation (EC) No 1024/2013 ), i.e. for supervisory tasks not pertaining to the conduct of monetary policy; to provide that the advisory technical committee and the advisory scientific committee shall consult, as appropriate, stakeholders at an early stage and in an open and transparent manner to ensure the quality and relevance of ESRB opinions, recommendations and decisions.
The Regulation will be reviewed after 5 years.
BUDGETARY IMPLICATIONS: the budgetary cost for the ESRB Secretariat is borne by the ECB and has no direct implication for the EU budget.
Documents
Documents
- Final act published in Official Journal: Regulation 2019/2176
- Final act published in Official Journal: OJ L 334 27.12.2019, p. 0146
- Draft final act: 00077/2019/LEX
- Commission response to text adopted in plenary: SP(2019)440
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading: T8-0375/2019
- Debate in Parliament: Debate in Parliament
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2019)003029
- Text agreed during interinstitutional negotiations: PE637.442
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: PE637.442
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: GEDA/A/(2019)003029
- Committee report tabled for plenary, 1st reading: A8-0011/2019
- Committee opinion: PE623.628
- Amendments tabled in committee: PE627.024
- Committee opinion: PE621.062
- Committee draft report: PE625.360
- Economic and Social Committee: opinion, report: CES5295/2017
- Contribution: COM(2017)0538
- Contribution: COM(2017)0538
- Contribution: COM(2017)0538
- Contribution: COM(2017)0538
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2017)0313
- Legislative proposal published: COM(2017)0538
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: EUR-Lex SWD(2017)0313
- Economic and Social Committee: opinion, report: CES5295/2017
- Committee draft report: PE625.360
- Committee opinion: PE621.062
- Amendments tabled in committee: PE627.024
- Committee opinion: PE623.628
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2019)003029
- Text agreed during interinstitutional negotiations: PE637.442
- Commission response to text adopted in plenary: SP(2019)440
- Draft final act: 00077/2019/LEX
- Contribution: COM(2017)0538
- Contribution: COM(2017)0538
- Contribution: COM(2017)0538
- Contribution: COM(2017)0538
Activities
- Pervenche BERÈS
Plenary Speeches (2)
- 2016/11/22 European Supervisory Authorities and financial markets - European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board - Markets in financial instruments and taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (debate) FR
- 2016/11/22 European Supervisory Authorities and financial markets - European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board - Markets in financial instruments and taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (debate) FR
- Valdis DOMBROVSKIS
Plenary Speeches (2)
- 2016/11/22 European Supervisory Authorities and financial markets - European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board - Markets in financial instruments and taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (debate)
- 2016/11/22 European Supervisory Authorities and financial markets - European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board - Markets in financial instruments and taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (debate)
- Notis MARIAS
Votes
A8-0011/2019 - Othmar Karas et Pervenche Berès - Am 2 16/04/2019 12:34:23.000 #
2019/04/16 Outcome: +: 523, -: 73, 0: 59
NI
GUE/NGLA8-0011/2019 - Othmar Karas et Pervenche Berès - Am 2 #
2019/04/16 Outcome: +: 523, -: 73, 0: 59
| Amendments | Dossier |
| 144 |
2017/0232(COD)
2018/06/25
JURI
33 amendments...
Amendment 15 #
Proposal for a regulation Recital 2 (2) The 2017 Commission report on the mission and organisation of the ESRB5 concludes that, while the ESRB is generally well-functioning, improvements on certain specific points are necessary, especially since the recent institutional changes relating to the Banking Union, coupled with efforts to achieve a capital markets union, have effectively altered the ESRB operating framework since the time of its inception. _________________ 5 Commission Staff Working Document, Effect Analysis, Amendments to ESRB Regulation, COM(2017).
Amendment 16 #
Proposal for a regulation Recital 2 (2) The 2017 Commission report on the mission and organisation of the ESRB5 concludes that, while the ESRB is generally well-functioning, improvements on certain specific points are necessary and should be changed accordingly in order to ensure the efficiency of the macro- prudential policies. _________________ 5 Commission Staff Working Document,
Amendment 17 #
Proposal for a regulation Recital 2 a (new) (2a) Measures to enhance the ESRB efficiency and effectiveness will also improve the coordination of EU macroprudential policies and make it easier to ensure a balance between those Member States belonging to the Banking Union and overseen by the ECB/SSM and those still outside.
Amendment 18 #
Proposal for a regulation Recital 2 a (new) (2a) It should be stressed that the proposed improvements aim at achieving the right balance between the autonomy of the ESRB and the need for a strong and credible leadership.
Amendment 19 #
Proposal for a regulation Recital 3 (3) The broad membership of the General Board of the ESRB is a major asset. Recent developments in the financial supervisory architecture of the Union, and in particular the set-up of a Banking Union,
Amendment 20 #
Proposal for a regulation Recital 3 (3) The broad membership of the General Board of the ESRB is a major asset. Recent developments in the financial supervisory architecture of the Union, and in particular the set-up of a Banking Union, are however not reflected in the composition of that General Board. For that reason, the Chair of the Supervisory Board of the ECB and the Chair of the Single Resolution Board should become members
Amendment 21 #
Proposal for a regulation Recital 3 a (new) (3a) The supervision of macro- economic imbalances within the European Union requires that the affected groups who bear the economic and social risks of financial crisis have a strong voice. Therefore, a strong and effective involvement of social partners is essential.
Amendment 22 #
Proposal for a regulation Recital 3 b (new) (3b) A gender balance within the General Board of the ESRB should be aimed at.
Amendment 23 #
Proposal for a regulation Recital 5 (5) To strengthen the visibility of the ESRB as a body that is separate from its individual members, the Chair of the ESRB should be able to delegate tasks related to the external representation of the ESRB to the head of the ESRB Secretariat or to the Vice-Chairs of the ESRB.
Amendment 24 #
Proposal for a regulation Recital 6 (6) Article 3(2) of Council Regulation (EU) No 1096/20106 provides that the head of the Secretariat of the ESRB is to be appointed by the ECB, in consultation with the General Board of the ESRB. To raise the profile of the head of Secretariat of the ESRB, the General Board of the ESRB should assess, in an open and transparent procedure, whether the shortlisted candidates for the position of head of Secretariat of the ESRB possess the qualities and experience necessary to manage the ESRB Secretariat. The General Board should inform the European Parliament and the Council about the assessment procedure.
Amendment 25 #
Proposal for a regulation Recital 6 (6) Article 3(2) of Council Regulation (EU) No 1096/20106 provides that the head of the Secretariat of the ESRB is to be appointed by the ECB, in consultation with the General Board of the ESRB. To raise the profile of the head of Secretariat of the ESRB, the General Board of the ESRB should assess, in an open and transparent procedure, whether the shortlisted candidates for the position of head of Secretariat of the ESRB possess the qualities and experience necessary to manage the ESRB Secretariat. The General Board
Amendment 26 #
Proposal for a regulation Recital 10 (10) Article 16(3) of Regulation (EU) No 1092/2010 requires that the ESRB warnings and recommendations are transmitted to the Council and the Commission and, where addressed to one or more national supervisory authorities, to the ESAs. To strengthen democratic control and transparency, those warnings and recommendations
Amendment 27 #
Proposal for a regulation Recital 10 (10) Article 16(3) of Regulation (EU) No 1092/2010 requires that the ESRB warnings and recommendations are transmitted to the Council and the Commission and, where addressed to one or more national supervisory authorities, to the ESAs. To strengthen democratic control and transparency, those warnings and recommendations should also be transmitted without delay to the European Parliament and to the ESAs.
Amendment 28 #
Proposal for a regulation Recital 11 (11) To ensure the quality and relevance of the ESRB opinions, recommendations and decisions, the Advisory Technical Committee and Advisory Scientific Committee are expected to consult stakeholders, where appropriate, at an early stage and in an open, pluralistic and transparent manner. For the sake of increased efficiency, due account should also be taken of the results of these consultations.
Amendment 29 #
Proposal for a regulation Recital 11 (11) To ensure the quality and relevance of the ESRB opinions, recommendations and decisions, the Advisory Technical Committee and Advisory Scientific Committee are expected to consult stakeholders,
Amendment 30 #
Proposal for a regulation Recital 11 (11) To ensure the quality and relevance of the ESRB opinions, recommendations and decisions, the Advisory Technical Committee and Advisory Scientific Committee are expected to consult stakeholders and relevant experts, where appropriate, at an early stage and in an open and transparent manner.
Amendment 31 #
Proposal for a regulation Article 1 – paragraph 1 – point -1 a (new) Regulation (EU) No 1092/2010 Article 3 – paragraph 1 (-1a) In article 3, the paragraph is replaced by the following: “1.
Amendment 32 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 – point b Regulation (EU) No 1092/2010 Article 5 – paragraph 8 (b) paragraph 8 is replaced by the following:
Amendment 33 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – point i Amendment 34 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point b – point i a (new) Regulation (EU) No 1092/2010 Article 6 – paragraph 2 – points b a and b b (new) (-ia) the following points (ba) and (bb) are inserted: (ba) the Chair of the Supervisory Board of the ECB; (bb) the Chair of the Single Resolution Board;
Amendment 35 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a – point i Regulation (EU) No 1092/2010 Article 11 – paragraph 1 – point c (i) point (c) is replaced by the following:
Amendment 36 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a – point i Regulation (EU) No 1092/2010 Article 11 – paragraph 1 – point c (i) point (c) is replaced by the following:
Amendment 37 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a – point ii Amendment 38 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a – point ii a (new) Regulation (EU) No 1092/2010 Article 11 – point j a (new) (iia) the following point (ja) is inserted: “(ja) one representative of the European social partners representing the employers and one representative of the European social partners representing the employees;”
Amendment 39 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 – point a Regulation (EU) No 1092/2010 Article 12 – paragraph 5 (a) paragraph 5 is replaced by the following: “5. Where appropriate, the Advisory Scientific Committee shall organise consultations with stakeholders and relevant experts at an early stage and in an open and transparent manner, while taking into account the requirement of confidentiality.;”
Amendment 40 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 a (new) Regulation (EU) No 1092/2010 Article 12 – paragraph 1 (6a) paragraph 1 is replaced by the following: "1. The Advisory Scientific Committee shall be composed of the Chair of the Advisory Technical Committee and 15 experts representing a wide range of skills and experiences proposed by the Steering Committee and approved by the General Board for a four-year, renewable mandate. The nominees shall not be members of the ESAs, but especially social partners and shall be chosen on the basis of their general competence and their diverse experience in academic fields or other sectors, in particular in small and medium-
Amendment 41 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point a – point ii Amendment 42 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point a – point ii a (new) Regulation (EU) No 1092/2010 Article 13 – paragraph 1 a (new) (iia) The following paragraph 1a is inserted: (1a) A representative of the ECB Supervisory Board and a representative of the Single Resolution Board may be invited as observers to meetings of the Advisory Technical Committee.
Amendment 43 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point b Regulation (EU) No 1092/2010 Article 13 – paragraph 4 a (b) the following paragraph 4a is inserted: “4a. Where appropriate, the Advisory Technical Committee shall organise consultations with stakeholders and relevant experts at an early stage and in an open and transparent manner, while taking into account the requirement of confidentiality.;”
Amendment 44 #
Proposal for a regulation Article 1 – paragraph 1 – point 8 – point a Regulation (EU) No 1092/2010 Article 16 – paragraph 2 – point a (a) in paragraph 2 the first sentence is replaced by the following:
Amendment 45 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) No 1092/2010 Article 17 – paragraphs 1 and 2 (9) in Article 17, paragraphs 1 and 2 are replaced by the following: “(1) If a recommendation referred to in Article 3(2)(d) is addressed to the Commission, to one or more Member States, to one or more ESAs, or to one or more national competent authorities, the addressees shall communicate to the European Parliament, the Council and to
Amendment 46 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) No 1092/2010 Article 17 – paragraphs 1 and 2 9. In Article 17, the paragraphs 1 and 2 are replaced by the following:
Amendment 47 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 a (new) Regulation (EU) No 1092/2010 Article 18 – point 3 a (new) (9a) In article 18 the following point 3a is inserted:: "The analysis from the ESRB and the underlying data have to be made public."
source: 623.592
2018/06/28
AFCO
37 amendments...
Amendment 10 #
Proposal for a regulation Recital 3 (3) The broad membership of the General Board of the ESRB is a major asset. Recent developments in the financial supervisory architecture of the Union, and in particular the set-up of a Banking Union, are however not reflected in the composition of that General Board. For that reason, the Chair of the Supervisory Board of the ECB and the Chair of the Single Resolution Board should become observer members (members without voting rights) of the General
Amendment 11 #
Proposal for a regulation Recital 4 (4) The ECB President has chaired the ESRB for the first 5 years of its existence, after which the ECB President has continued to chair the ESRB on an interim basis.
Amendment 12 #
Proposal for a regulation Recital 5 (5) To strengthen the visibility of the ESRB as a body that is separate from its individual members, the Chair of the ESRB should be able to delegate tasks related to the external representation of the ESRB, with the exception of participation in hearings and discussions held in camera at the European Parliament and in a committee of inquiry set up in accordance with Article 226 TFEU and Decision 95/167/EC and in compliance with the principle of sincere cooperation, to
Amendment 13 #
Proposal for a regulation Recital 5 (5) The accountability, transparency and independence of the ESRB should be fully ensured and guaranteed. The enhancement of the ESRB's autonomy and of its visibility is necessary. This could be achieved by setting up the ESRB as an independent, reliable macro- prudential authority. To strengthen the visibility of the ESRB as a body that is separate from its individual members, the Chair of the ESRB should be able to delegate tasks related to the external representation of the ESRB to the head of the ESRB Secretariat.
Amendment 14 #
Proposal for a regulation Recital 6 (6) Article 3(2) of Council Regulation (EU) No 1096/20106 provides that the head of the Secretariat of the ESRB is to be appointed by the ECB, in consultation with the General Board of the ESRB. To raise the profile of the head of Secretariat of the ESRB, the General Board of the ESRB should assess, in an open and transparent procedure, whether the shortlisted candidates for the position of head of Secretariat of the ESRB possess the qualities and experience necessary to manage the ESRB Secretariat. Similarly, the independence of the head of the Secretariat and commitment to acting without taking instructions from public or private organisations should be guaranteed. The General Board should inform the European Parliament and the Council about the assessment procedure. Furthermore, to prevent work being carried out twice (once by the ESRB and once by the ECB), the tasks of the head of the ESRB Secretariat should be clarified. _________________ 6 Council Regulation (EU) NO 1096/2010 of 17 November 2010 conferring specific tasks upon the European Central Bank concerning the functioning of the European Systemic Risk Board (OJ L 331, 15.12.2010, p. 162).
Amendment 15 #
Proposal for a regulation Recital 6 (6) Article 3(2) of Council Regulation (EU) No 1096/20106 provides that the head of the Secretariat of the ESRB is to be
Amendment 16 #
Proposal for a regulation Recital 6 (6) Article 3(2) of Council Regulation (EU) No 1096/20106 provides that the head of the Secretariat of the ESRB is to be appointed by the ECB, in consultation with the General Board of the ESRB. To raise the profile of the head of Secretariat of the ESRB, the General Board of the ESRB should assess, in an open and transparent
Amendment 17 #
Proposal for a regulation Recital 7 (7) In accordance with Article 5(2) of Regulation (EU) No 1092/2010, the first Vice-Chair of the ESRB has up until now been elected by and from the members of the General Council of the ECB, with regard to the need for a balanced representation of Member States overall and particularly between those whose currency is the euro and those whose currency is not the euro. Following the creation of the Banking Union, it is appropriate to replace the reference to Member State whose currency is the euro and those whose currency is not the euro with a reference to Member States that do participate in the Banking Union and those who do not.
Amendment 18 #
Proposal for a regulation Recital 9 a (new) (9a) With a view to the principle of equality between men and women, more women should be employed by and involved in decision making at the institutions, therefore gender sensitivities should be taken into consideration at the ESRB’s bodies.
Amendment 19 #
Proposal for a regulation Recital 10 (10) Article 16(3) of Regulation (EU) No 1092/2010 requires that the ESRB warnings and recommendations are transmitted to the Council and the Commission and, where addressed to one or more national supervisory authorities, to the ESAs. To strengthen democratic control and transparency, those warnings and recommendations should also be transmitted without delay to the European Parliament and to the ESAs.
Amendment 20 #
Proposal for a regulation Recital 11 (11) To ensure the quality and relevance of the ESRB opinions, recommendations and decisions, the Advisory Technical Committee and Advisory Scientific Committee are expected to consult stakeholders, where appropriate, at an early stage and in an open, pluralistic and transparent manner. The results of these consultations should be seriously taken into account.
Amendment 21 #
Proposal for a regulation Recital 11 (11) To ensure the quality and relevance of the ESRB opinions, recommendations and decisions, the Advisory Technical Committee and Advisory Scientific Committee are expected to consult a broad range of stakeholders, where appropriate, at an early stage and in an open and transparent manner.
Amendment 22 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a Regulation (EU) No 1092/2010 Article 4 – paragraph 2 a 2a. When consulted on the appointment of the head of Secretariat of the ESRB in accordance with Article 3(2) of Council Regulation (EU) No 1096/2010*, the General Board, following an open and transparent procedure, shall assess whether the shortlisted candidates for the position of head of Secretariat of the ESRB possess the qualities and experience necessary to manage the ESRB Secretariat. The General Board shall inform the European Parliament and the Council about the consultation procedure. The General Board shall sufficiently inform the European Parliament and the Council about the assessment and consultation procedure. The European Parliament and the Council may ask the General Board for additional information.
Amendment 23 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a Regulation (EU) No 1092/2010 Article 4 – paragraph 2 a 2a. When consulted on the appointment of the head of Secretariat of the ESRB in accordance with Article 3(2) of Council Regulation (EU) No 1096/2010*, the
Amendment 24 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b Regulation (EU) No 1092/2010 Article 4 – paragraph 3 a 3a. When giving directions to the head of Secretariat of the ESRB in accordance with Article 4(1) of Council Regulation (EU) No 1096/2010, the ESRB Chair and the Steering Committee may in particular address in a transparent manner the following:
Amendment 25 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b a (new) (ba) the following paragraph is inserted: "4a. gender equality shall be taken into account in training at the ESRB’s bodies";
Amendment 26 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 – point a Regulation (EU) No 1092/2010 Article 5 – paragraph 2 2. The first Vice-Chair shall be
Amendment 27 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 – point a Regulation (EU) No 1092/2010 Article 5 – paragraph 2 2. The first Vice-Chair shall be elected by and from the members of the General Council of the ECB for a term of 5 years, with regard to the need for a balanced representation of Member States
Amendment 28 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – introductory part (a) paragraph
Amendment 29 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – point i Regulation (EU) No 1092/2010 Article 1 – paragraph 1 – point 3 – point a – point i Amendment 30 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – point i – introductory part (i) the following point
Amendment 31 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – point i Regulation (EU) No 1092/2010 Article 6 – paragraph 1 – point (i) Amendment 32 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – point ii Regulation (EU) No 1092/2010 Article 6 g (g) the Chair and the two Vice-Chairs of the Advisory Scientific Committee;;
Amendment 33 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – point ii a (new) Regulation (EU) No 1092/2010 Article 1 – paragraph 1 – point 3 – point a – point ii a (new) (iia) the following points (ba) and (bb) are inserted: (ba) the Chair of the Supervisory Board of the ECB; (bb) the Chair of the Single Resolution Board;
Amendment 34 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point c Regulation (EU) No 1092/2010 Article 6 – paragraph 3 3. With regard to the representation of the national authorities referred to under paragraph 2(a), the respective high-level representatives shall
Amendment 35 #
(c) four other members of the General Board who are also members of the General Council of the ECB, with regard to the
Amendment 36 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a – point i Regulation (EU) No 1092/2010 Article 11 – paragraph 1 c (c) four other members of the General Board who
Amendment 37 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 – point a Regulation (EU) No 1092/2010 Article 12 – paragraph 5 5. Where appropriate, the Advisory Scientific Committee shall organise consultations with a broad range of stakeholders at an early stage and in an open and transparent manner, while taking into account the requirement of confidentiality.;
Amendment 38 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 – point a Regulation (EU) No 1092/2010 Article 12 – paragraph 5 5. Where appropriate, the Advisory Scientific Committee shall organise consultations with stakeholders at an early stage and in an open, pluralistic and transparent manner, while taking into account the requirement of confidentiality.;
Amendment 39 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point a – point ii – introductory part (ii) the following point
Amendment 40 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point a – point ii Regulation (EU) No 1092/2010 Article 13 – paragraph 1 (ii) Amendment 41 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point b Regulation (EU) No 1092/2010 Article 13 – paragraph 4 a 4a. Where appropriate, the Advisory Technical Committee shall organise consultations with a broad range of stakeholders at an early stage and in an open and transparent manner, while taking into account the requirement of confidentiality.;
Amendment 42 #
Proposal for a regulation Article 1 – paragraph 1 – point 8 – point a Regulation (EU) No 1092/2010 Article 16 – paragraph 2 a Warnings or recommendations issued by the ESRB in accordance with points (c) and (d) of Article 3(2) may be of either a general or a specific nature and shall be addressed in particular to the Union, to one or more Member States, to one or more of the ESAs or to one or more of the national competent authorities, or to the ECB for the tasks conferred to the ECB in accordance with Articles 4(1), 4(2) and 5(2) of Regulation (EU) No 1024/2013. These warning and recommendations shall be sufficiently detailed and reasoned;
Amendment 43 #
Proposal for a regulation Article 1 – paragraph 1 – point 8 – point a Regulation (EU) No 1092/2010 Article 16 – paragraph 2 Warnings or recommendations issued by the ESRB in accordance with points (c) and (d) of Article
Amendment 44 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) No 1092/2010 Article 17 – paragraph 1 1. If a recommendation referred to in Article 3(2)(d) is addressed to the Commission, to one or more Member States, to one or more ESAs, or to one or more national competent authorities, the addressees shall communicate detailed and sufficient information without delay to the European Parliament, the Council and
Amendment 45 #
(9a) In Article 19, the following paragraph is inserted: "5a. The ESRB shall reply orally or in writing to questions put to it by the European Parliament or by the Council. Questions shall be replied to as promptly as possible, and in any event within five weeks of when they were sent to the ESRB.".
Amendment 9 #
Proposal for a regulation Recital 3 (3) The broad membership of the General Board of the ESRB is a major asset. Recent developments in the financial supervisory architecture of the Union
source: 623.929
2018/09/07
ECON
74 amendments...
Amendment 12 #
Proposal for a regulation Recital 2 (2) The 2017 Commission report on the mission and organisation of the ESRB5 concludes that, while the ESRB is generally well-functioning, improvements on certain specific points are necessary. In this sense, macro-prudential supervision and the European Systemic Risk Board will continue to be fallible and ineffective in preventing financial crises until substantive measures are adopted, such as the taxation of capital movements, the end of the derivatives market, the separation of commercial from investment banking and the imposition of public control over the banking and financial system. __________________ 5 Commission Staff Working Document, Effect Analysis, Amendments to ESRB Regulation, COM(2017) 538 final.
Amendment 13 #
Proposal for a regulation Recital 3 (3) The broad membership of the General Board of the ESRB is a major asset. Recent developments in the financial supervisory architecture of the Union, and in particular the set-up of a Banking Union, are however not reflected in the composition of that General Board. For that reason, the Chair of the Supervisory
Amendment 14 #
Proposal for a regulation Recital 4 a (new) (4a) While the ESRB has benefitted tremendously from the support and input provided by ECB staff and management during its set-up, the organisational independence of both institutions should be strengthened in the future in order to ensure the credibility of the ESRB's work and its ability to critically reflect on monetary policy.
Amendment 15 #
Proposal for a regulation Recital 5 (5) T
Amendment 16 #
Proposal for a regulation Recital 6 a (new) (6a) The ESRB Secretariat should be provided with the resources necessary to perform its tasks, including the effective support of the Advisory Scientific Committee and the Advisory Technical Committee.
Amendment 17 #
Proposal for a regulation Recital 6 b (new) (6b) When identifying and prioritising systemic risks, the ESRB should take due account of environmental, social and governance factors, including the impact of the non-mitigation of these factors on financial stability. Together with the ESAs, it should contribute to the development of methodologies that, inter alia, assess the macroeconomic impact of sudden changes in energy use and revaluate carbon intensive assets including potential changes related to their regulatory treatment;
Amendment 18 #
Proposal for a regulation Recital 6 c (new) (6c) The Commission, Council and Parliament should involve and consult the ESRB proactively when issues of macroeconomic and financial stability are at stake. The Commission should regularly consult the ESRB when drafting legislative acts relevant to macro- economic stability and in the preparation of the European Semester. Members of the ESRB should be invited to meetings of the Economic and Financial Committee.
Amendment 19 #
Proposal for a regulation Recital 7 Amendment 20 #
Proposal for a regulation Recital 9 Amendment 21 #
Proposal for a regulation Article 1 – paragraph 1 – point -1 (new) Regulation (EU) No 1092/2010 Article 2 – paragraph 1 – point c (-1) in Article 2, point (c) of paragraph 1 is replaced by the following: "(c) ‘systemic risk’ means a risk of disruption in the financial system including due to environmental, social and governance factors with the potential to have serious negative consequences for the financial stability of the Union or of one or more of its Member States, or for market integrity, investor or consumer protection, or the functioning of the internal market and the real economy. All types of financial intermediaries, markets and infrastructure may be potentially systemically important to some degree.
Amendment 22 #
Proposal for a regulation Article 1 – paragraph 1 – point -1 (new) Regulation (EU) No 1092/2010 Article 3 – paragraph 2 – points d a (new) and d b (new) Amendment 23 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point -a (new) Regulation (EU) No 1092/2010 Article 4 – paragraph 1 (-a) paragraph 1 is amended as follows: "1. The ESRB shall have a General Board, a Steering Committee, a Managing Director, a Secretariat, an Advisory Scientific Committee and an Advisory Technical Committee.
Amendment 24 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a Regulation (EU) No 1092/2010 Article 4 – paragraph 2 a Amendment 25 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b Regulation (EU) No 1092/2010 Article 4 – paragraph 3 a 3a. When giving directions to the
Amendment 26 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b Regulation (EU) No 1092/2010 Article 4 – paragraph 3 a – point a Amendment 27 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point b a (new) Regulation (EU) No 1092/2010 Article 4 – paragraph 4 (ba) Paragraph 4 is amended as follows: "The Secretariat shall be responsible for the day-to-day business of the ESRB. It shall provide high-quality analytical, statistical, administrative and logistical support to the ESRB under the direction of the Chair
Amendment 28 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 – point a Regulation (EU) No 1092/2010 Article 5 – paragraph 1 1. The ESRB Chairs shall be
Amendment 29 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 – point a Regulation (EU) No 1092/2010 Article 5 – paragraph 2 2. The first Vice-Chair shall be
Amendment 30 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 – point a Regulation (EU) No 1092/2010 Article 5 – paragraph 2 2. The first Vice-Chair shall be elected by and from the members of the General Council of the ECB for a term of 5 years
Amendment 31 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 – point a a (new) Regulation (EU) No 1092/2010 Article 5 – paragraph 5 Amendment 32 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 – point a b (new) Regulation (EU) No 1092/2010 Article 5 – paragraph 6 (ab) paragraph 6 is amended as follows: "6. The Vice-Chairs, in order of precedence, shall preside at the General Board
Amendment 33 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 – point a c (new) Regulation (EU) No 1092/2010 Article 5 – paragraphs 6 a (new) and 6 b (new) (ac) the following paragraphs 6a and 6b are inserted: “6a. The Managing Director shall preside at the meeting of the Steering Committee. 6b. The Vice-Chairs, in order of precedence, shall preside at the Steering Committee when the Chair of the Steering Committee is unable to participate in a meeting.”
Amendment 34 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 – point a d (new) Regulation (EU) No 1092/2010 Article 5 – paragraph 7 Amendment 35 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 – point b Regulation (EU) No 1092/2010 Article 5 – paragraph 8 8. The Chair shall represent the ESRB externally. The Chair may delegate tasks related to the external representation of the ESRB to the
Amendment 36 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 a (new) Regulation (EU) No 1092/2010 Article 5 a (new) (2a) The following Article 5a is inserted: “Article 5a The ESRB Chair 1. The ESRB Chair shall be selected on the basis of merit, skills and knowledge of economic and financial matters, including macro-prudential oversight or policy, following an open call for candidates to be published in the Official Journal of the European Union. The Commission shall submit a shortlist of candidates for the position of the Chair of the ESRB to the European Parliament for approval. The shortlist shall be balanced in terms of gender. After the Parliament’s approval, the General Board shall elect the Chair of the ESRB from the shortlist of candidates. 2. Before taking up his duties, and up to 1 month after the selection by the General Board, the European Parliament may, after having heard the candidate selected by the General Board, object to the designation of the selected person. 3. The term of office of the Chair shall be five years. He or she may be re- appointed once. The Chair shall not be employed at the same time by an authority, institution or body which is responsible for the supervision or oversight of the financial system, in particular of the EFSF, the Commission, a government of any state. If the Chair no longer fulfils the conditions required for the performance of his or her duties or has been found guilty of serious misconduct, the Parliament or the Council, on a proposal by the Commission or on their own initiative, may adopt a decision to remove him or her from office. 4. The Chair shall be provided with all necessary means in order to successfully complete its tasks. The Chair shall not be bound by any instructions and shall act in the interest of the Union as a whole.”
Amendment 37 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 a (new) Regulation (EU) No 1092/2010 Article 5 a (new) Amendment 38 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – point -i (new) Regulation (EU) No 1092/2010 Article 6 – paragraph 1 – point c (
Amendment 39 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – point i Regulation (EU) No 1092/2010 Article 6 – paragraph 1 – points f a and f b Amendment 40 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – point i – introductory part Regulation (EU) No 1092/2010 Article 6 – paragraph 1 – points f a and f b (i) the following points (fa), (fb) and (f
Amendment 41 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – point i – introductory part Regulation (EU) No 1092/2010 Article 6 – paragraph 1 – points f a and f b (i) the following points (fa), (fb) and (f
Amendment 42 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – point i Regulation (EU) No 1092/2010 Article 6 – paragraph 1 – point fb a(new) (fba) the Chair of the Economic and Monetary Affairs Committee of the European Parliament;
Amendment 43 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – point i Regulation No 1092/2010 Article 6 – paragraph 1 – point fb a (new) (fba) the head of the Secretariat;
Amendment 44 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – point ii Regulation (EU) No 1092/2010 Article 6 – paragraph 1 – point g Amendment 45 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – point ii Regulation (EU) No 1092/2010 Article 6 – paragraph 1 – point g Amendment 46 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – point ii Amendment 47 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point a – point ii a (new) Regulation (EU) No 1092/2010 Article 6 – paragraph 1 – point h a (new) (iia) the following point (ha) is inserted: "(ha) the Managing Director of the ESRB."
Amendment 48 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point b – point i a (new) Regulation (EU) No 1092/2010 Article 6 – paragraph 2 – point a a (new) (ia) the following point aa is inserted: “(aa) a Member of the Commission;”
Amendment 49 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 – point b a (new) Regulation (EU) No 1092/2010 Article 6 – paragraph 2 – points b a (new) and b b (new) (ba) the following points (ba) and (bb) are inserted: “(ba) the Chair of the Supervisory Board of the ECB; (bb) the Chair of the Single Resolution Board;
Amendment 50 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 a (new) Regulation (EU) No 1092/2010 Article 7 – paragraph 1 (3a) in Article 7, paragraph 1 is amended as follows: "When participating in the activities of the General Board and of the Steering Committee or when conducting any other activity relating to the ESRB, the members of the ESRB shall perform their duties impartially and solely in the interest of the Union as a whole. They shall not seek nor take instructions from
Amendment 51 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 a (new) Regulation (EU) No 1092/2010 Article 8 – paragraph 1 – subparagraph 1 a (new) Amendment 52 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1092/2010 Article 9 – paragraph 5 Amendment 53 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1092/2010 Article 9 – paragraph 5 Amendment 54 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1092/2010 Article 9 – paragraph 5 (4) in Article 9, paragraph 5 is
Amendment 55 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1092/2010 Article 9 – paragraph 5 (4) in Article 9, paragraph 5 is
Amendment 56 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 a (new) Regulation (EU) No 1092/2010 Article 10 a (new) (4a) the following Article 10a is inserted: “Article 10a Managing Director The Managing Director shall manage the ESRB secretariat. The Managing Director shall raise possible conflicts of interest or any other matter of importance regarding the ESRB's operational and strategic affairs to the General Board and act as a major safeguard towards securing the ESRB's independence from the ECB.”
Amendment 57 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a – point -i (new) Regulation (EU) No 1092/2010 Article 11 – paragraph 1 – point a (
Amendment 58 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a – point -i (new) (-i) the following point( aa) is inserted: “(aa) The Managing Director and first Vice-Chair of the ESRB;”
Amendment 59 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a – point i Regulation (EU) No 1092/2010 Article 11 – paragraph 1 – point c (c) four other members of the General Board who are also members of the General Council of the ECB
Amendment 60 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a – point ii – introductory part Regulation (EU) No 1092/2010 Article 11 – paragraph 1 – points g a and g b (ii) the following points (ga), (gb) and (g
Amendment 61 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a – point ii Regulation (EU) No 1092/2010 Article 11 – paragraph 1 – point gb a (new) (gba) the head of the Secretariat of the ESRB.
Amendment 62 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a a (new) Regulation (EU) No 1092/2010 Article 11 – paragraph 2 (aa) paragraph 2 is amended as follows: "Meetings of the Steering Committee shall be convened by the Chair of the
Amendment 63 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 – point -a (new) Regulation (EU) No 1092/2010 Article 12 – paragraph 1 (-a) paragraph 1 is amended as follows: "1. The Advisory Scientific Committee shall be composed of the Chair of the Advisory Technical Committee and 15 experts representing a wide range of skills and experiences and knowledge in all relevant financial markets sectors proposed by the Steering Committee and approved by the General Board for a four- year, renewable mandate. The nominees shall not be members of the ESAs and shall be chosen on the basis of their general competence and their diverse experience in academic fields or other sectors, in particular in small and medium-
Amendment 64 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 – point -a a (new) Regulation (EU) No 1092/2010 Article 12 – paragraph 2 (-aa) paragraph 2 is amended as follows: "2. The Chair and the two Vice-Chairs of the Advisory Scientific Committee shall be appointed by the General Board following a proposal from the
Amendment 65 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 – point -a b (new) Regulation (EU) No 1092/2010 Article 12 – paragraph 3 (-ab) paragraph 3 is amended as follows: "3. The Advisory Scientific Committee shall provide advice and assistance to the ESRB in accordance with Article 4(5), at the request of the
Amendment 66 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 – point a Regulation (EU) No 1092/2010 Article 12 – paragraph 5 5. Where appropriate, the Advisory Scientific Committee shall organise consultations with stakeholders such as market participants, consumer bodies and academic experts at an early stage and in an open and transparent manner, while taking into account the requirement of confidentiality. The consultations shall be conducted as widely as possible to ensure an inclusive approach of all interested parties and relevant financial sectors and shall allow reasonable time for stakeholders to respond.
Amendment 67 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point a – point -i (new) Regulation (EU) No 1092/2010 Article 13 – paragraph 1 – point a (-i) point (a) is amended as follows: "(a) a representative of each national central bank
Amendment 68 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point a – point -i (new) Regulation (EU) No 1092/2010 Article 13 – paragraph 1 – point a a (new) (-i) the following point (aa) is inserted: “(aa) the Managing Director;”
Amendment 69 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point a a (new) Regulation (EU) No 1092/2010 Article 13 – paragraph 2 (aa) paragraph 2 is amended as follows: "The Chair of the Advisory Technical Committee shall be appointed by the General Board following a proposal from the
Amendment 70 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point a b (new) Regulation (EU) No 1092/2010 Article 13 – paragraph 3 (ab) paragraph 3 is amended as follows: "3. The Advisory Technical Committee shall provide advice and assistance to the ESRB in accordance with Article 4(5) at the request of the
Amendment 71 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point a c (new) Regulation (EU) No 1092/2010 Article 13 – paragraph 4 (ac) paragraph 4 is amended as follows: "4. The ESRB Secretariat shall support the work of the Advisory Technical Committee and the
Amendment 72 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point b Regulation (EU) No 1092/2010 Article 13 – paragraph 4 a 4a. Where appropriate, the Advisory Technical Committee shall organise consultations with stakeholders at an early stage and in an open and transparent manner, while taking into account the requirement of confidentiality. The consultations shall be conducted as widely as possible to ensure an inclusive approach of all interested parties and relevant financial sectors and shall allow reasonable time for stakeholders to respond.
Amendment 73 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 a (new) Regulation (EU) No 1092/2010 Article 14 (7a) Article 14 is replaced by the following: “In performing the tasks set out in Article 3(2), the ESRB shall, where considered appropriate, seek the views of relevant private sector stakeholders. Before recommending changes to Union law, the ESRB shall seek the views of relevant private sector stakeholders.”
Amendment 74 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 a (new) (7a) Article 14 is replaced by the following: "In performing the tasks set out in Article 3(2), the ESRB shall, where appropriate, seek the views of relevant private sector stakeholders.
Amendment 75 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 a (new) Regulation (EU) No 1092/2010 Article 15 – paragraph 3 a (new) (7a) in Article 15, the following paragraph 3a is inserted: “3a. All information requests by the ESRB shall be justified and proportionate.”
Amendment 76 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 b (new) Regulation (EU) No 1092/2010 Article 15 – paragraph 7 Amendment 77 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 a (new) Regulation (EU) No 1092/2010 Article 15–paragraph 7 (7a) in Article 15, paragraph 7 is replaced by the following: "7. Before each request for information of a supervisory nature which is not in summary or aggregate form, the ESRB shall duly consult the relevant European Supervisory Authority in order to ensure that the request is justified and proportionate. If the relevant European Supervisory Authority does not consider the request to be justified and proportionate, it shall, without delay, send the request back to the ESRB and ask for additional justification. After the ESRB has provided the relevant European Supervisory Authority with such additional justification, the requested information shall be transmitted to the ESRB by the addressees of the request, provided that they have legal access to the relevant information."
Amendment 78 #
Proposal for a regulation Article 1 – paragraph 1 – point 8 – point a Regulation (EU) No 1092/2010 Article 16 – paragraph 2 – first sentence Warnings or recommendations issued by the ESRB in accordance with points (c) and (d) of Article 3(2) may be of either a general or a specific nature and shall be addressed in particular to the Union, to one or more Member States, to one or more of the ESAs or to one or more of the national competent authorities
Amendment 79 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) No 1092/2010 Article 17 – paragraph 1 1. If a recommendation referred to in Article 3(2)(d) is addressed to the Commission, to one or more Member States, to one or more ESAs, or to one or more national competent authorities, the addressees shall communicate to the European Parliament, the Council, the Commission and to the ESRB the actions undertaken in response to the recommendation and shall substantiate any inaction. Where relevant, the ESRB shall, subject to strict rules of confidentiality, inform the ESAs of the answers received without delay.
Amendment 80 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 a (new) Regulation (EU) No 1092/2010 Article 18 – paragraphs 1 and 4 a (new) Amendment 81 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 a (new) Regulation (EU) No 1092/2010 Article 19 – paragraph 1 (9a) in Article 19, paragraph 1 is amended as follows: "1. At least annually and more frequently in the event of widespread financial distress, the Chair of the ESRB or the Managing Director of the ESRB shall be invited to an annual hearing in the
Amendment 82 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 b (new) Regulation (EU) No 1092/2010 Article 19 – paragraph 2 (9b) in Article 19, paragraph 2 is amended as follows: "2. The annual report referred to in paragraph 1 shall contain the information that the General Board decides to make public in accordance with Article 18. The annual report shall be made available to the public.
Amendment 83 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 c (new) (9c) in Article 19, paragraph 4 is amended as follows: "4. The European Parliament may request the Chair of the ESRB or the Managing Director of the ESRB to attend a hearing of the competent Committees of the European Parliament.
Amendment 84 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 d (new) Regulation (EU) No 1092/2010 Article 19 – paragraph 5 Amendment 85 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 a (new) Regulation (EU) No 1092/2010 Article 19 – paragraph 5 source: 627.024
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History
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