2021/0341(COD) | [ParlTrack]

Proposal for a directive
Recital 10

(10) It is necessary to align provisions related to the acquisition of a qualifying holding in a credit institution with provisions on the acquisition of a qualifying holding by an institution, in case both assessments have to be undertaken for the same operation. Indeed, without proper articulation these provisions could lead to inconsistencies in the assessment undertaken by competent authorities, and ultimately the decisions taken by them. It is therefore necessary to provide for similar additional time provided to competent authorities to acknowledge receipt of the notification when the operation is considered complex).

Amendment 101 #

Jonás FERNÁNDEZ

Proposal for a directive
Recital 12 a (new)

(12 a) Competent authorities, for the implementation of this Directive and of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions, are expected (a) to ensure an appropriate balance of prudential requirements within banking groups in order to guarantee that the group and each of its subsidiaries are resilient and capable of supporting their customers, also in distressed situations; and (b) to take into account the efficiency of group risk management while ensuring that sufficient safeguards are in place to ensure financial stability in all Member States. To this end, competent authorities and resolution authorities require institutions to maintain an appropriate level of capital and liquidity, and rely on recovery and resolution plans to make sure that losses can be properly distributed across the group and liquidity can flow where needed at times of stress. This should be complemented with additional powers under Regulation (EU) No 806/2014 for competent authorities to be able as part of their early intervention measures to require a parent institution to execute group recovery plans when only its subsidiaries meet recovery indicators, in the case that the banking group has also entered into a group financial support agreement. These additional powers should be introduced on the occasion of the forth coming review of the EU crisis management framework.

Amendment 102 #

Proposal for a directive
Recital 20

(20) WBy way of derogation, restricted only to those limited situations where the legal system of the Member State does not allow the administrative penalties provided for in this Directive, the rules on administrative penalties may be exceptionally applied in such a manner that the penalty is initiated by the competent authority and imposed by judicial authorities. Therefore, it is necessary that those Member States still ensure that the application of the rules and penalties has an effect equivalent to the administrative penalties imposed by the competent authorities. When imposing such penalties, judicial authorities should take into account the recommendation by the competent authority initiating the penalty. TIn any case, the penalties imposed should be effective, proportionate and dissuasive.

Amendment 103 #

Proposal for a directive
Recital 20

(20) WBy way of derogation and only where the legal system of the Member State does not allow the administrative penalties provided for in this Directive, the rules on administrative penalties may be applied in such a manner that the penalty is initiated by the competent authority and imposed by judicial authorities. Therefore, it is necessary that those Member States still ensure that the application of the rules and penalties has an effect equivalent to the administrative penalties imposed by the competent authorities. When imposing such penalties, judicial authorities should take into account the recommendation by the competent authority initiating the penalty. The penalties imposed should be effective, proportionate and dissuasive.

Amendment 104 #

Proposal for a directive
Recital 20

(20) Where the legal system of the Member State does not allow the administrative penalties provided for in this Directive, the rules on administrative penalties ~~may~~should be applied in such a manner that the penalty is initiated by the competent authority and imposed by judicial authorities. Therefore, it is necessary that those Member States fully ensure that the application of the rules and penalties has an effect equivalent to the administrative penalties imposed by the competent authorities. When imposing such penalties, judicial authorities should take into account the recommendation by the competent authority initiating the penalty. The penalties imposed should be effective, proportionate and dissuasive.

Amendment 105 #

Proposal for a directive
Recital 22

(22) The regulation of branches established by undertakings in a third country to provide banking services in a Member State is subject to national law and only harmonised to a very limited extent by Directive 2013/36/EU. While third country branches have a significant and increasing presence in Union banking markets, they are currently subject only to very high level information requirements, but not to any Union-level prudential standards or supervisory cooperation arrangements. The complete absence of a common prudential framework leads to third country branches’ being subject to disparate national requirements of varying level of prudence and reach. Furthermore, competent authorities lack comprehensive information and the necessary supervisory tools to properly monitor the specific risks created by third country groups operating in one or various Member States through both branches and subsidiaries There are currently no integrated supervisory arrangements in relation to them and the competent authority responsible for the supervision of each branch of a third country group is not obliged to exchanging information with the competent authorities supervising the other branches and subsidiaries of the same group. Such fragmented regulatory landscape creates risks to the financial stability and market integrity of the Union which should be properly addressed through a harmonised framework on third country branches. Such a framework should comprise minimum common requirements on authorisation, prudential standards, internal governance, supervision and reporting. This set of requirements should build on those that Member States already apply to third countries branches in their territories and should take into account similar or equivalent requirements that third countries apply to foreign branches, with the aim of ensuring consistency between Member States and aligning the Union third country branches framework with the prevailing international practices in this field. Third country branches should therefore not be allowed to operate within the Union until a Memorandum of Understanding has been concluded between the competent authorities of the Member States where the branch is established and the third country competent authorities.

Amendment 106 #

Proposal for a directive
Recital 25

(25) Competent authorities should have an explicit power to require ~~on a case-by- case basis~~ that third country branches apply for authorisation in accordance with Title III, Chapter 1 of Directive 2013/36/EU, at a minimum where those branches hold more than EUR 40 000 000 000 in their book or where those branches engage in activities with counterparts in other Member States in contravention of the internal market rules or where they pose a significant risk to the financial stability of the Union or of the Member State where they are established. Moreover, competent authorities should be required to periodically assess whether third country branches ~~holding assets on their books in an amount equal to or higher than EUR 30 000 000 000~~ have systemic importance. All the third country branches that belong to the same third country group established in one Member State or across the Union should be jointly subject to such periodic assessment. That assessment should examine, in accordance with specific criteria, whether those branches pose an analogous level of risk to the financial stability of the Union or its Member States as institutions defined as “systemically important” under Directive 2013/36/EU and Regulation EU No 575/2013. Where competent authorities conclude that the third country branches are systemically important, they should impose requirements on those branches that are appropriate to mitigate the risks to financial stability. For those purposes, competent authorities should be able to require the third country branches to apply for authoritisation as subsidiary institutions under Directive 2013/36/EU in order to continue conducting banking activities in the Member State or across the Union. Moreover, competent authorities should be able to impose other requirements, in particular an obligation to restructure the third country branches’ assets or activities in the Union so that those branches stop being systemic, or a requirement to comply with additional capital, liquidity, reporting or disclosure requirements, where that would be sufficient to address the risks to financial stability. Competent authorities should have the possibility not to impose any of those requirements on third country branches assessed as systemic only where the competent authorities can justify that the risks that those branches pose to the financial stability and market integrity of the Union and the Member States would not significantly increase in the absence of such requirements for a period not exceeding one year.

Amendment 107 #

Proposal for a directive
Recital 32

(32) The unprecedented scale of transition towards a sustainable, climate- neutral and circular economy will have considerable impacts on the financial system. In 2018, the Network of Central Banks and Supervisors for Greening the Financial System50 acknowledged that climate-related risks are a source of financial risk. The Commission’s Renewed Sustainable Finance Strategy51 emphasises that environmental, social and governance (ESG) risks, and risks steaming from the physical impact of climate change, biodiversity loss and the broader environmental degradation of ecosystems in particular, pose an unprecedented challenge to our economies and to the stability of the financial system. Those risks present specificities such as their forward-looking nature and their distinctive impacts over short, medium and long-term time horizons. __________________ 50 Launched at the Paris One Planet Summit on 12 December 2017, is a group of Central Banks and Supervisors willing, on a voluntary basis, to share best practices and contribute to the development of environment and climate risk management in the financial sector and to mobilise mainstream finance to support the transition toward a sustainable economy. 51 COM(2021) 390 final, 06.07.2021.deleted

Amendment 108 #

Proposal for a directive
Recital 32

(32) The unprecedented scale of transition towards a sustainable, climate- neutral and circular economy will have considerable impacts on the financial system. In 2018, the Network of Central Banks and Supervisors for Greening the Financial System50 acknowledged that climate-related risks are a source of financial risk. The Commission’s Renewed Sustainable Finance Strategy51 emphasises that environmental, social and governance (ESG) risks, and risks steaming from the physical impact of climate change, biodiversity loss and the broader environmental degradation of ecosystems in particular, pose an unprecedented challenge to our economies and to the stability of the financial system. Those risks, which should be taken into account equally, present specificities such as their forward-looking nature and their distinctive impacts over short, medium and long-term time horizons. __________________ 50 Launched at the Paris One Planet Summit on 12 December 2017, is a group of Central Banks and Supervisors willing, on a voluntary basis, to share best practices and contribute to the development of environment and climate risk management in the financial sector and to mobilise mainstream finance to support the transition toward a sustainable economy. 51 COM(2021) 390 final, 06.07.2021.

Amendment 109 #

Proposal for a directive
Recital 33

(33) The long-term nature and the profoundness of the transition towards a sustainable, climate-neutral and circular economy will entail significant changes in the business models of institutions. The adequate adjustment of the financial sector, and of credit institutions in particular, is necessary to achieve the objective of net-zero greenhouse gas emissions in the Union’s economy by 2050, while maintaining the inherent risks under control. Competent authorities should, therefore, be enabled to assess this process and intervene in cases where institutions’ manage climate risks, as well as risks stemming from environmental degradation and biodiversity loss, in a way that endangers the stability of the individual institutions, or the financial stability overall. Competent authorities should also monitor and be empowered to act, when there is a misalignment of institutions’ business models and strategies with the relevant Union policy objectives and broader transition trends towards a sustainable economy, resulting in risks to their business models and strategies, or to the financial stability. Climate and, more broadly, environmental risks, should be considered together with social risks and governance risks under one category of risks to enable a comprehensive and coordinated integration of these factors, as they are often intertwined. ESG risks are closely linked with the concept of sustainability, as ESG factors represent the main three pillars of sustainability.deleted

Amendment 110 #

Proposal for a directive
Recital 33

(33) The long-term nature and the profoundness of the transition towards a sustainable, climate-neutral and circular economy will entail significant changes in the business models of institutions. The adequate adjustment of the financial sector, and of credit institutions in particular, is necessary to achieve the objective of net- zero greenhouse gas emissions in the Union’s economy by 2050, while maintaining the inherent risks under control. Competent authorities should, therefore, be enabled to assess this process and intervene in cases where institutions’ manage climate risks, as well as risks stemming from environmental degradation and biodiversity loss, in a way that endangers the stability of the individual institutions, or the financial stability overall. Competent authorities should also monitor and be empowered to act, when there is a misalignment of institutions’ business models and strategies with the relevant Union policy objectives ~~and broader transition trends towards a sustainable economy~~, resulting in risks to their business models and strategies, or to the financial stability. Climate and, more broadly, environmental risks, should be considered together with social risks and governance risks under one category of risks to enable a comprehensive and coordinated integration of these factors, as they are often intertwined. ESG risks are closely linked with the concept of sustainability, as ESG factors represent the main three pillars of sustainability.

Amendment 111 #

Proposal for a directive
Recital 34

(34) To maintain adequate resilience to the negative impacts of ESG factors, institutions established in the Union need to be able to systematically identify, measure and manage ESG risks, and their supervisors need to assess the risks at the level of the individual institution as well as at the systemic level, giving priority to environmental factors and progressing to the other sustainability factors as the methodologies and tools for the assessment evolve. Institutions should assess the alignment of their portfolios with the ambition of the Union to become climate- neutral by 2050 as well as avert environmental degradation and biodiversity loss. Institutions should set out specific plans to address the risks arising, in the short, medium and long term, from the misalignment of their business model and strategy with relevant policy objectives of the Union, included in the Paris Agreement, the Fit for 55 package52 [and the post-2020 Global Biodiversity Framework]. Institutions should be required to have robust governance arrangements and internal processes for the management of ESG risks and to have in place strategies approved by their management bodies that take into consideration not only the current but also the forward-looking impact of ESG factors. The collective knowledge and awareness of ESG factors by the management body and institutions’ internal capital allocation to address ESG risks will also be key to drive the change within each and single institution. The specificities of ESG risks ~~as well as their relative novelty~~ means that understandings, measurements and management practices can differ significantly across institutions. To ensure convergence across the Union and a uniform understanding of ESG risks, appropriate definitions and minimum standards for the assessment of those risks should be provided in prudential regulation. To achieve this objective, definitions are laid down in Regulation (EU) No 575/2013 and the EBA is empowered to specify a minimum set of reference methodologies for the assessment of the impact of ESG risks on the financial stability of institutions, giving priority to the impact of environmental factors. Since the forward-looking nature of ESG risks means that scenario analysis and stress testing, together with plans for addressing those risks, are particularly informative assessment tools, EBA should be also empowered, in coordination with EFRAG, to develop uniform criteria for the content of the plans to address those risks and for the setting of scenarios and applying the stress testing methods. EBA should elaborate its scenarios on the basis of scientific evidence and taking into account the work conducted by other relevant public authorities and international fora, such as the Network for Greening the Financial System. Environment-related risks, including risks stemming from environmental degradation and biodiversity loss, and climate-related risks in particular should take priority in light of their urgency and the particular relevance of scenario analysis and stress testing for their assessment. __________________ 52 Communication of the Commission COM(2021)568 final, 14.07.2021, comprising the following Commission proposals: COM(2021)562 final, COM(2021)561 final, COM(2021)564 final, COM(2021)563 final, COM(2021)556 final, COM(2021)559 final, COM(2021)558 final, COM(2021)557 final, COM(2021)554 final, COM(2021)555 final, COM(2021)552 final.

Amendment 112 #

Paul TANG, René REPASI, Joachim SCHUSTER, Csaba MOLNÁR, Eva KAILI

Proposal for a directive
Recital 34

(34) To maintain adequate resilience to the negative impacts of ESG factors, institutions established in the Union need to be able to systematically identify, measure and manage ESG risks, and their supervisors need to assess the risks at the level of the individual institution as well as at the systemic level, giving priority to environmental factors and progressing to the other sustainability factors as the methodologies and tools for the assessment evolve. Institutions should assess the alignment of their portfolios with the ambition of the Union to become climate- neutral by 2050 and to reduce CO2 emissions by 55% by 2030 as well as avert environmental degradation and biodiversity loss. Institutions should set out specific plans to address the risks arising, in the short, medium and long term, from the misalignment of their business model and strategy with relevant policy objectives of the Union, included in the Paris Agreement, the Fit for 55 package52 [and the post-2020 Global Biodiversity Framework]. Institutions should be required to have robust governance arrangements and internal processes for the management of ESG risks and to have in place strategies approved by their management bodies that take into consideration not only the current but also the forward-looking impact of ESG factors. These strategies should ensure adherence to the EU's ambition to reduce emissions with 55% in 2030 and to be climate neutral by 2050 and shall ensure a reduction of their financing of activities that significantly harm environmental objectives as defined by Regulation (EU) 2019/852. The collective knowledge and awareness of ESG factors by the management body and institutions’ internal capital allocation to address ESG risks will also be key to drive the change within each and single institution. The specificities of ESG risks as well as their relative novelty means that understandings, measurements and management practices can differ significantly across institutions. To ensure convergence across the Union and a uniform understanding of ESG risks, appropriate definitions and minimum standards for the assessment of those risks should be provided in prudential regulation. To achieve this objective, definitions are laid down in Regulation (EU) No 575/2013 and the EBA is empowered to specify a minimum set of reference methodologies for the assessment of the impact of ESG risks on the financial stability of institutions, giving priority to the impact of environmental factors. Since the forward-looking nature of ESG risks means that scenario analysis and stress testing, together with plans for addressing those risks, are particularly informative assessment tools, EBA should be also empowered to develop uniform criteria for the content of the plans to address those risks and for the setting of scenarios and applying the stress testing methods. Environment-related risks, including risks stemming from environmental degradation and biodiversity loss, and climate-related risks in particular should take priority in light of their urgency and the particular relevance of scenario analysis and stress testing for their assessment. __________________ 52 Communication of the Commission COM(2021)568 final, 14.07.2021, comprising the following Commission proposals: COM(2021)562 final, COM(2021)561 final, COM(2021)564 final, COM(2021)563 final, COM(2021)556 final, COM(2021)559 final, COM(2021)558 final, COM(2021)557 final, COM(2021)554 final, COM(2021)555 final, COM(2021)552 final.

Amendment 113 #

Proposal for a directive
Recital 35

(35) ESG risks can have far-reaching implications for the stability of both individual institutions and the financial system as whole. Hence, competent authorities should consistently factor those risks into their relevant supervisory activities, including the supervisory evaluation and review process and the stress testing of those risks. The European Commission, via its Technical Support Instrument, has been providing support to national competent authorities in developing and implementing stress testing methodologies and stands ready to continue to provide technical support in this respect. However, the stress testing methodologies for ESG risks have so far mainly been applied in an exploratory manner. To firmly and consistently embed stress testing of ESG in supervision, the EBA, European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) should jointly develop guidelines to ensure consistent considerations and common methodologies for stress testing ESG risks. Stress testing of those risks should start with climate and environment- related factors, and as more ESG risk data and methodologies become available to support the development of additional tools to assess their quantitative impact on financial risks, competent authorities should increasingly assess the impact of those risks in their adequacy assessments of credit institutions. In order to ensure convergence of supervisory practices, EBA should issue guidelines regarding the uniform inclusion of ESG risks in the supervisory review and evaluation process (SREP).deleted

Amendment 114 #

Proposal for a directive
Recital 36

(36) The provisions in Article 133 of Directive 2013/36/EU on the systemic risk buffer framework may already be used to address various kinds of systemic risks, including risks related to climate change. To the extent that the relevant competent or designated authorities, as applicable, consider that risks related to climate change have the potential to have serious negative consequences for the financial system and the real economy in Member States, they should introduce a systemic risk buffer rate for those risks where they consider the introduction of such rate effective and proportionate to mitigate those risks.

Amendment 115 #

Proposal for a directive
Recital 36

(36) The provisions in Article 133 of Directive 2013/36/EU on the systemic risk buffer framework may already be used to address various kinds of systemic risks, including risks related to climate change. To the extent that the relevant competent or designated authorities, as applicable, consider that risks related to climate change have the potential to have serious negative consequences for the financial system and the real economy in Member States, they should introduce a systemic risk buffer rate ~~for those risks~~which may also be applied to a certain sets or subsets of exposures, for instance those subject to physical and transition risks related to climate change where they consider the introduction of such rate effective and proportionate to mitigate those risks.

Amendment 116 #

Alfred SANT

Proposal for a directive
Recital 37

(37) Members of the management body may undergo the suitability assessment only after a significant time after their appointment or, in the case of key function holders, not at all. Thus, members of the management body who do not meet the suitability criteria may have exercised their duties for a long time, which is problematic especially for large institutions. Moreover, cross-border institutions must navigate through a wide diversity of national rules and processes, which does not make the current system efficient. The existence of different requirements as regards the suitability assessment across the Union is a particularly acute issue in the context of the Banking Union. As a result, it is important to provide a set of rules at Union level to put in place a consistent and predictable “fit-and-proper” framework. This will foster supervisory convergence, enabling further trust between competent authorities and give more legal certainty to institutions. Having a robust “fit-and- proper” framework for assessing the suitability of members of the management body and key function holders is a crucial factor to ensure that institutions are adequately run and their risks appropriately managed. Such a framework should be introduced step by step, in a graduated basis cumulatively, taking into full account the particular features applying within national financial systems, not least those of the smaller Member States.

Amendment 117 #

Proposal for a directive
Recital 38

Amendment 118 #

Proposal for a directive
Recital 38

(38) The purpose of assessing the suitability of members of management bodies is to ensure that those members are qualified for their role and are of good repute. Having the primary responsibility for assessing the suitability of each member of the management body, institutions should carry out the suitability assessment, followed by a verification by the competent authorities that may perform it before or after the member of the management body takes up the position. Specifically small and non-complex institutions should be given more flexibility in line with the principle of proportionality. However, due to the risks posed by large institutions resulting in particular from potential contagion effects, unsuitable members of management body should be prevented from influencing the running of such large institutions with potential serious detrimental effects. It is therefore appropriate that, safe in exceptional circumstances, the competent authorities assess the suitability of members of the management body of large institutions before those members exercise their duties. In any case, the assessment of members of management bodies should be without prejudice to provisions of the Member States in regards to the appointment by representation of employees or by regional or local elected bodies or where the management body has no competence in the process of appointing members.

Amendment 119 #

Proposal for a directive
Recital 38

(38) The purpose of assessing the suitability of members of management bodies is to ensure that those members are qualified for their role and are of good repute. Having the primary responsibility for assessing the suitability of each member of the management body, institutions should carry out the suitability assessment, followed by a verification by the competent authorities that may perform it before or after the member of the management body takes up the position. However, due to the risks posed by large institutions resulting in particular from potential contagion effects, unsuitable members of management body should be prevented from influencing the running of such large institutions with potential serious detrimental effects. It is therefore appropriate that, safe in exceptional circumstances, the competent authorities assess the suitability of members of the management body of large institutions before those members exercise their duties. This should not interfere with any statutory rights of certain bodies or legal entities to appoint representatives to supervised entities’ management bodies under applicable national law. In these cases, appropriate safeguards should be in place to ensure the suitability of these representatives.

Amendment 120 #

Proposal for a directive
Recital 38 a (new)

(38 a) The lack of diversity in the management body could lead to 'groupthink' phenomenon. This phenomenon is at the roots of ineffective decisions and systematic bias. Therefore, diversity should be one of the criteria for the composition of the management body. To facilitate independent opinions and critical challenges, the management body should be sufficiently diverse as regards age, gender, geographical provenance and educational and professional background to present a variety of views and experiences. Gender balance is of particular importance to ensure adequate representation of the population. Institutions shall set target and define measures to balance genders in the management body.

Amendment 121 #

Proposal for a directive
Recital 39

Amendment 122 #

Proposal for a directive
Recital 39

(39) Not only members of the management body, but also key function holders have a significant influence in ensuring the sound and prudent management of an institution on a day-to- day basis. Because Directive 2013/36/EU does not currently define key function holders, Member States have diverging practices across the Union, which impedes an effective and efficient supervision and prevents a level playing field. It is therefore necessary to define key function holders. In addition, the responsibility for assessing the suitability of key function holders should primarily belong to institutions. Specifically small and non- complex institutions should be given more flexibility in line with the principle of proportionality. However, due to the risks posed by the activities of large institutions, the suitability of the heads of internal control functions and the chief financial officer in such large institutions should be assessed by competent authorities before those persons take up their positions. In any case, the assessment of key function holders should be without prejudice to provisions of the Member States in regards to the appointment by representation of employees or by regional or local elected bodies or where the management body has no competence in the process of appointing key function holders.

Amendment 123 #

Alfred SANT

Proposal for a directive
Recital 41

(41) In light of the role of the suitability assessment for the prudent and sound management of institutions, it is necessary to provide competent authorities with new tools, such as statements of responsibilities and a mapping of duties, to assess the suitability of members of the management body and key function holders. Those new tools will also support the work of competent authorities when reviewing the governance arrangements of institutions as part of the supervisory review and evaluation process. Notwithstanding the overall responsibility of the management body as a collegial body, institutions should be required to draw up individual statements and a mapping that clarify the duties held by members of the management body, senior management and key function holders. Their individual duties are not always clearly or consistently laid down and there may be situations where two or more roles overlap or where areas of duties are overlooked because they do not fall neatly under the remit of a single person. The scope of each individual’s duties should be well defined and no areas of duties should be left without ownership. Those tools should ensure further accountability of the members of the management body, senior management and key function holders without inhibiting the operational flexibility of institutions required to face changing competitive realities.

Amendment 124 #

Proposal for a directive
Recital 43

(43) ~~Upon becoming bound by the output floor laid down in Regulation (EU) No 575/2013, the nominal amount of an institution’s~~The additional own funds requirement set by ~~the~~an institution’s competent authority in accordance with Article 104(1), point (a), of Directive 2013/36/EU to address risks other than the risk of excessive leverage should not ~~immediately increase as a result, all else being equal. Furthermore, in such case~~be increased by the institution's becoming bound by the output floor laid down in Regulation (EU) No 575/2013, all else being equal. Furthermore, upon the institution's becoming bound by the output floor, the competent authority should review the institution’s additional own funds requirement and assess, in particular, whether and to what extent such requirement captures ~~model risk~~risks of excessive variability or lack of comparability of risk weights from the use of internal models by the institution. Where that is the case, the institution’s additional own funds requirement should be regarded as overlapping with the risks captured by the output floor in the own funds requirement of the institution and, consequently, the competent authority should reduce that requirement to the extent necessary to remove any such overlap for as long as the institution remains bound by the output floor.

Amendment 125 #

Proposal for a directive
Recital 43

(43) ~~Upon becoming bound by the output floor laid down in Regulation (EU) No 575/2013, the nominal amount of an institution’s a~~Additional own funds requirement set by the institution’s competent authority in accordance with Article 104(1), point (a), of Directive 2013/36/EU to address risks other than the risk of excessive leverage should not ~~immediate~~automatically increase ~~as a result~~by the institution becoming bound by the output floor laid down in Regulation EU No 575/2013, all else being equal. Furthermore, in such case, the competent authority should review the institution’s additional own funds requirement and assess, in particular, whether and to what extent such requirement captures ~~model risk~~risks of excessive variability or lack of comparability of risk weights from the use of internal models by the institution. Where that is the case, the institution’s additional own funds requirement should be regarded as overlapping with the risks captured by the output floor in the own funds requirement of the institution and, consequently, the competent authority should reduce that requirement to the extent necessary to remove any such overlap for as long as the institution remains bound by the output floor.

Amendment 126 #

Proposal for a directive
Recital 44

(44) Similarly, upon becoming bound by the output floor, the nominal amount of an institution’s CET1 capital required under the systemic risk buffer ~~should not increase where there has been no increase in the macroprudential or systemic risks associated with the institution. In such cases, the institution’s~~may increase. As a rule, competent orand designated authorityies, as applicable, should ~~review the calibration of the systemic risk buffer rates and make sure that they remain appropriate and do not double-count the~~not impose systemic risk buffer requirements for risks ~~that~~which are already fully covered by ~~virtue of the fact that the institution is bound by the output floor. More in general, competent and designated authorities, as applicable, should not impose systemic r~~the output floor, regardless of whether or not an institution isk b~~uffer requirements for risks which are already fully covere~~ound by the output floor.

Amendment 127 #

Proposal for a directive
Recital 44

Amendment 128 #

Proposal for a directive
Recital 44

(44) Similarly, upon becoming bound by the output floor, the nominal amount of an institution’s CET1 capital required under the systemic risk buffer should not increase where there has been no increase in the macroprudential or systemic risks associated with the institution. In such cases, the institution’s competent or designated authority, as applicable, should review the calibration of the systemic risk buffer rates and make sure that they remain appropriate and do not double-count the risks that are already covered by virtue of the fact that the institution is bound by the output floor. More in generalAs a rule, competent and designated authorities, as applicable, should not impose systemic risk buffer requirements for risks which are already fully covered by the output floor.

Amendment 129 #

Proposal for a directive
Recital 45

(45) Furthermore, when an institution designated as an ‘other systemically important institution’ becomes bound by the output floor, its competent or designated authority, as applicable, should review the calibration of the institution’s O-SII buffer requirement and make sure that it remains appropriate.deleted

Amendment 130 #

Proposal for a directive
Recital 45

Amendment 131 #

Linea SØGAARD-LIDELL, Billy KELLEHER, Engin EROGLU, Nicola BEER

Proposal for a directive
Recital 45

Amendment 132 #

Alfred SANT

Proposal for a directive
Recital 46

(46) To enable the timely and effective activation of the systemic risk buffer it is necessary to clarify the application of the relevant provisions and simplify and align the applicable procedures. Setting a systemic risk buffer should be possible for designated authorities in all Member States to enable the recognition of systemic risk buffer rates set by authorities in other Member States and to ensure that authorities are empowered to address systemic risks in a timely, proportionate and effective manner. Recognition of a systemic risk buffer rate set by another Member State should require only a notification from the authority recognising the rate. To avoid unnecessary authorisation procedures where the decision to set a buffer rate results in a decrease or no change from any of the previously set rates, the procedure laid down in Article 131(15) of Directive 2013/36/EU needs to be aligned with the procedure laid down in Article 133(9) of that Directive. The procedures laid down in Article 133(11) of that Directive should be clarified and made more consistent with the procedures applying for other systemic risk buffer rates, where relevant.

Amendment 133 #

Proposal for a directive
Recital 46 a (new)

(46 a) In general, the EBA shall duly take into account the proportionality principle with regard to the design of guidelines. Requirements for small, non- complex institutions and other institutions with simple business models should be formulated in a principle-oriented manner only and reflect the lower risk of such institutions.

Amendment 134 #

Proposal for a directive
Recital 46 a (new)

(46 a) When drafting regulatory technical standards, guidelines and Q&As, the European Banking Authority should pay due attention to the principle of proportionality and ensure that those legal acts can also be transposed by small and non-complex institutions without undue effort;

Amendment 135 #

Joachim SCHUSTER, René REPASI

Proposal for a directive
Recital 46 b (new)

(46 b) Investments shall only be risk- weighted according to their fundamental credit, market and operational risk and not on the basis on whether these investments are aligned with environmental, social or governance criteria.

Amendment 136 #

Proposal for a directive
Article 1 – paragraph 1 – point -1 (new)

Directive 2013/36/EU
Article 2 – paragraph 5 – point 5

(-1) Article 2(5), point 5 is replaced by the following: "(5) in Germany, the ‘Kreditanstalt für Wiederaufbau’, ‘Landwirtschaftliche Rentenbank’, ‘Bremer Aufbau-Bank GmbH’, ‘Hamburgische Investitions- und Förderbank’, ‘Investitionsbank Berlin’, ‘Investitionsbank des Landes Brandenburg’, 'Investitionsbank Sachsen- Anhalt', ‘Investitionsbank Schleswig- Holstein’, ‘Investitions- und Förderbank Niedersachsen – NBank’, ‘Investitions- und Strukturbank Rheinland- Pfalz’, ‘Landeskreditbank Baden- Württemberg – Förderbank’, ‘LfA Förderbank Bayern’, ‘NRW.BANK’, ‘Saarländische Investitionskreditbank AG’, ‘Sächsische Aufbaubank – Förderbank’, ‘ThüringerAufbaubank’, undertakings which are recognised under the ‘Wohnungsgemeinnützigkeitsgesetz’ as bodies of State housing policy and are not mainly engaged in banking transactions, and undertakings recognised under that law as non-profit housing undertakings; ~~https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:~~" Or. en 202201~~3L0036-~~01&from=EN

Amendment 137 #

Proposal for a directive
Article 1 – paragraph 1 – point -1 (new)

Directive 2013/36/EU
Article 2 – paragraph 5 – point 5

(1 a) in Article 2(5), point( 5) is replaced by the following: ‘(5) in Germany, the ‘Kreditanstalt für Wiederaufbau’, ‘Landwirtschaftliche Rentenbank’, ‘Bremer Aufbau-Bank GmbH’, ‘Hamburgische Investitions- und Förderbank’, ‘Investitionsbank Berlin’, ‘Investitionsbank des Landes Brandenburg’, ‘Investitionsbank Sachsen- Anhalt’, ‘Investitionsbank Schleswig- Holstein’, ‘Investitions- und Förderbank Niedersachsen – NBank’, ‘Investitions- und Strukturbank Rheinland- Pfalz’, ‘Landeskreditbank Baden- Württemberg – Förderbank’, ‘LfA Förderbank Bayern’, ‘NRW.BANK’, ‘Saarländische Investitionskreditbank AG’, ‘Sächsische Aufbaubank – Förderbank’, ‘Thüringer Aufbaubank’, undertakings which are recognised under the ‘Wohnungsgemeinnützigkeitsgesetz’ as bodies of State housing policy and are not mainly engaged in banking transactions, and undertakings recognised under that law as non-profit housing undertakings; ~~https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101~~’ Or. en

Amendment 138 #

Nicola BEER

Proposal for a directive
Article 1 – paragraph 1 – point -1 a (new)

Directive 2013/36/EU
Article 2 – paragraph 5 – point 5

(-1 a) in Article 2(5) point 5 is replaced by the following: ‘(5) in Germany, the ‘Kreditanstalt für Wiederaufbau’, ‘Landwirtschaftliche Rentenbank’, ‘Bremer Aufbau-Bank GmbH’, ‘Hamburgische Investitions- und Förderbank’, ‘Investitionsbank Berlin’, ‘Investitionsbank des Landes Brandenburg’, ‘Investitionsbank Sachsen- Anhalt’, ‘Investitionsbank Schleswig- Holstein’, ‘Investitions- und Förderbank Niedersachsen – NBank’, ‘Investitions- und Strukturbank Rheinland- Pfalz’, ‘Landeskreditbank Baden- Württemberg – Förderbank’, ‘LfA Förderbank Bayern’, ‘NRW.BANK’, ‘Saarländische Investitionskreditbank AG’, ‘Sächsische Aufbaubank – Förderbank’, ‘Thüringer Aufbaubank’, undertakings which are recognised under the ‘Wohnungsgemeinnützigkeitsgesetz’ as bodies of State housing policy and are not mainly engaged in banking transactions, and undertakings recognised under that law as non-profit housing undertakings; ~~https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101~~’ Or. en

Amendment 139 #

Engin EROGLU

Proposal for a directive
Article 1 – paragraph 1 – point -1 a (new)

Directive 2013/36/EU
Article 2 – paragraph 5 – point 5

"(5) in Germany, the ‘Kreditanstalt für Wiederaufbau’, ‘Landwirtschaftliche Rentenbank’, ‘Bremer Aufbau-Bank GmbH’, ‘Hamburgische Investitions- und Förderbank’, ‘Investitionsbank Berlin’, ‘Investitionsbank des Landes Brandenburg’, 'Investitionsbank Sachsen– Anhalt', ‘Investitionsbank Schleswig- Holstein’, ‘Investitions- und Förderbank Niedersachsen – NBank’, ‘Investitions- und Strukturbank Rheinland- Pfalz’, ‘Landeskreditbank Baden- Württemberg – Förderbank’, ‘LfA Förderbank Bayern’, ‘NRW.BANK’, ‘Saarländische Investitionskreditbank AG’, ‘Sächsische Aufbaubank – Förderbank’, ‘Thüringer Aufbaubank’, undertakings which are recognised under the ‘Wohnungsgemeinnützigkeitsgesetz’ as bodies of State housing policy and are not mainly engaged in banking transactions, and undertakings recognised under that law as non-profit housing undertakings; " Or. en ((Directive (EU) 2019/878))

Amendment 140 #

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point a

Directive 2013/36/EU
Article 3 – paragraph 1 – point 8 a

(8a) ‘management body in its management function’ means either of the following: a) in one-tier board regime: the management body acting in its role of directing effectively the institution and includes the persons who direct the business of the institution; b) in a two-tier board regime: a dedicated administrative structure which has the role of supervising the management body referred to in point (a);

Amendment 141 #

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point c

Directive 2013/36/EU
Article 3 – paragraph 1 – point 9a

(9a) ‘key function holders’ means persons who have significant influence over the direction of the institution but are not members of the management body, including the heads of internal control functions and the chief financial officer, where those heads or that officer are not members of the management body, and the AML Compliance Officer referred to in Article 9(3) of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final];

Amendment 142 #

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point c

Directive 2013/36/EU
Article 3 – paragraph 1 – point 9a

(9a) ‘key function holders’ means ~~persons who have significant influence over the direction of the institution but are not members of the management body, including~~ the heads of internal control functions and the chief financial officer, where those heads or that officer are not members of the management body;

Amendment 143 #

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point c

Amendment 144 #

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point g

Directive 2013/36/EU
Article 3 – paragraph 1 – point 68

(68) ‘periodic penalty payments’ means daily penalties, aimed at ending ongoing breaches and compelling legal or natural person to return to compliance with their obligations under ~~this Directive and Regulation (EU) No 575/2013~~national provisions transposing this Directive, obligations under Regulation (EU) No 575/2013, or obligations arising from a decision issued by the competent authority;

Amendment 145 #

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point g

Directive 2013/36/EU
Article 3 – paragraph 1 – point 68

(68) ‘periodic penalty payments’ means daily penalties, aimed at ending ongoing breaches and compelling legal or natural person to return to compliance with their obligations under this Directive and Regulation (EU) No 575/2013, or obligations arising from a decision issued by the competent authority ;

Amendment 146 #

Aurore LALUCQ, Paul TANG, Csaba MOLNÁR

Proposal for a directive
Article 1 – paragraph 1 – point 1 – point g a (new)

Article 3 – paragraph 1 – point 69 a (new)

(g a) the following point is added: (69 a) “climate neutrality” means climate neutrality as defined in Article 2 of the Regulation (EU) 2021/1119 (“European Climate Law”). Or. en https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02013L0036- 20220101&from=EN

Amendment 147 #

Paul TANG, René REPASI, Csaba MOLNÁR

Proposal for a directive
Article 1 – paragraph 1 – point 2

Directive 2013/36/EU
Article 4 – paragraph 4 – subparagraph 2

For the purposes of preserving the independence of competent authorities in the exercise of their powers, Member State shall provide all the necessary arrangements to ensure that those competent authorities, including their staff and members of their governance bodies, can act independently and objectively, ~~without~~and that they are legally distinct from, and functionally independent of, other public and private bodies. Member States shall ensure that members of the governance bodies are appointed for a fixed term, renewable once, based on objective, transparent and published criteria and can be dismissed only if they no longer meet the criteria or have incurred serious criminal convictions. The reason(s) for dismissal shall be publicly disclosed. Member States shall ensure that competent authorities publish their objectives, are accountable for the discharge of their duties in relation to those objectives and are subject to financial control which does not affect their independence. Member Sates shall ensure that competent authorities refrain from seeking or taking instructions, or being subject to influence, whether direct or indirect, from supervised institutions, from any government of a Member State or body of the Union or from any other public or private body. These arrangements shall be without prejudice to the rights and obligations of the competent authorities as stemming from being part of the European system of financial supervision as stemming from Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010*1, the Single Supervisory Mechanism as stemming from Council Regulation (EU) No 1024/2013 of 15 October 2013*2 and Regulation (EU) No 468/2014 of the European Central Bank of 16 April 2014*3, for the Single Resolution Board as stemming from stemming from Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014*4.

Amendment 148 #

Proposal for a directive
Article 1 – paragraph 1 – point 2

Directive 2013/36/EU
Article 4 – paragraph 4 – subparagraph 2

For the purposes of preserving the independence of competent authorities in the exercise of their powers, Member States shall provide all the necessary arrangements to ensure that those competent authorities~~, including~~ are legally distinct from, and functionally independent of, other public and private bodies, and that their staff and members of their governance bodies, can act independently and objectively, without seeking or taking instructions, or being subject to influence from supervised institutions, from any government of a Member State or body of the Union or from any other public or private body. These arrangements shall be without prejudice to the rights and obligations of the competent authorities as stemming from being part of the European system of financial supervision as stemming from Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010*1, the Single Supervisory Mechanism as stemming from Council Regulation (EU) No 1024/2013 of 15 October 2013*2 and Regulation (EU) No 468/2014 of the European Central Bank of 16 April 2014*3, for the Single Resolution Board as stemming from stemming from Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014*4.

Amendment 149 #

Linea SØGAARD-LIDELL, Billy KELLEHER, Engin EROGLU, Nicola BEER

Proposal for a directive
Article 1 – paragraph 1 – point 2

Directive 2013/36/EU
Article 4 – paragraph 4 – subparagraph 3 – point a

(a) trading or owning financial instruments issued by or referenced to the institutions supervised by the competent authorities, their direct or indirect parent undertakings, subsidiaries or affiliates;

Amendment 150 #

Proposal for a directive
Article 1 – paragraph 1 – point 2

Directive 2013/36/EU
Article 4 – paragraph 4 – subparagraph 3 – point b – point i

Amendment 151 #

Proposal for a directive
Article 1 – paragraph 1 – point 2

Amendment to directive 2013/36/EU

Article 4 – paragraph 4 – subparagraph 3 – point b – point i

(i) institutions they have directly supervised, including their direct or indirect parent undertakings, subsidiaries or affiliates, over at least the two preceding years from the date when taking up any new role, if the relevant staff of member of governing bodies was directly involved in the exercise of supervisory responsibilities of said entity or took any decision towards it;

Amendment 152 #

Proposal for a directive
Article 1 – paragraph 1 – point 2

Directive 2013/36/EU
Article 4 – paragraph 4 – subparagraph 3 – point b – point i

(i) institutions they have directly supervised, including their direct or indirect parent undertakings, subsidiaries or affiliates, over at least the ~~two~~ preceding years from the date when taking up any new role for members of the governance bodies and the preceding six months for staff;

Amendment 153 #

Proposal for a directive
Article 1 – paragraph 1 – point 2

Directive 2013/36/EU
Article 4 – paragraph 4 – subparagraph 3 – point b – point i a (new)

~~https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101~~(i a) institutions that are direct competitors of institutions referred to in point (i), over at least 6 preceding months from the date when taking up any new role; Or. en

Amendment 154 #

Proposal for a directive
Article 1 – paragraph 1 – point 2

Amendment to directive 2013/36/EU

Article 4 – paragraph 4 – subparagraph 3 – point b – point ii

(ii) firms that provide services to any of the undertakings referred to in point (i) that were directly supervised over at least the two preceding years from the date when taking up any new role, ~~unless the~~if the relevant staff of member of governing bodies was directly involved in the exercise of supervisory are ~~strictly~~sponsibilities of said entity or took any decision towards it, and unless they are precluded from taking part in any provision of those services to the undertakings referred to in point (i) while the prohibition referred to herein remains in force.

Amendment 155 #

Proposal for a directive
Article 1 – paragraph 1 – point 2

Directive 2013/36/EU
Article 4 – paragraph 4 – subparagraph 3 – point b – point ii

(ii) firms that provide services to any of the undertakings referred to in point (i) that were directly supervised over at least the ~~two~~ preceding years from the date when taking up any new role for members of the governance bodies and the preceding six months for staff, unless they are strictly precluded from taking part in any provision of those services while the prohibition referred to herein remains in force.

Amendment 156 #

Proposal for a directive
Article 1 – paragraph 1 – point 2

Directive 2013/36/EU
Article 4 – paragraph 4 – subparagraph 4

Members of staff and of governance bodies subject to the prohibitions provided for in the third subparagraph, point (b), shall be entitled to an appropriate compensation for the inability to take up a prohibited role.deleted

Amendment 157 #

Proposal for a directive
Article 1 – paragraph 1 – point 2

Directive 2013/36/EU
Article 4 – paragraph 4 – subparagraph 5 a (new)

~~https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101~~Member States shall lay down appropriate rules, including regarding the access to confidential or sensitive data, for the staff and members of governance bodies for their resignation period when they plan to join one of the firms referred to in the third subparagraph, point (b). Member States shall require staff and members of governance bodies to declare their financial interests prior to taking up any position in competent authorities. Member States shall require staff and members of governance bodies to sit back for any supervisory activity or decision that might create a conflict of interest. Prior to the appointment of a staff member, competent authorities shall assess whether there may be a conflict of interests resulting from the candidate’s previous occupational activities or their close personal relationship to members of the Management Board of supervised institutions. Member States shall ensure that competent authorities publish their objectives, are accountable for the discharge of their duties in relation to those objectives and are subject to financial control, without compromising their independence. Or. en

Amendment 158 #

Jonás FERNÁNDEZ

Proposal for a directive
Article 1 – paragraph 1 – point 2 a (new)

Directive 2013/36/EU
Article 8a – paragraph 4 – subparagraph 1a (new)

(2a) in Article 8a(4), the following subparagraphs are added: By way of derogation from paragraph 1, based on the application received in accordance with that paragraph and the information received in accordance with Article 95a of Directive 2014/65/EU, the competent authority may, after receiving an opinion from the EBA, decide to waive the requirement to obtain an authorisation as a credit institution in accordance with Article 8 of this Directive for an undertaking referred to in that paragraph. The waiver shall not be applied where the undertaking is identified as a credit institution in accordance with Article 4(1), point (b)(iii), of Regulation (EU) No 575/2013. When deciding as to whether apply the waiver referred to in the second subparagraph, the competent authority shall consider at least all of the following elements: (a) where the undertaking is part of a group, the group structure and the allocation of assets across the group entities; (b) the nature, size and complexity of the activities carried out by the undertaking in the Member State where it is established and in the Union as a whole; (c) the importance of, and systemic risk posed by, the activities performed by the undertaking in the Member State where it is established and in the Union as a whole. The competent authority shall notify its decision to the undertaking and shall publish it, together with the EBA opinion, on the EBA website. Where the decision deviates from the opinion provided by the EBA, the competent authority shall state the reasons for the deviation in its decision. The decision shall be re-assessed every 2 years.

Amendment 159 #

Jonás FERNÁNDEZ

Proposal for a regulation
Article 1 – paragraph 1 – point 2 b (new)

Directive 2013/36/EU
Article 8a – paragraph 6a (new)

(2b) In Article 8a, the following paragraph is added: 6a. EBA shall develop draft regulatory technical standards to specify further the elements that need to be considered by a competent authority when deciding to grant a waiver in accordance with paragraph 4 of this Article. Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010. EBA shall submit those draft regulatory technical standards to the Commission by [12 months after the entry into force].

Amendment 160 #

Proposal for a directive
Article 1 – paragraph 1 – point 3 a (new)

Directive 2013/36/EU
Article 18 – g a (new)

~~https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101~~(3a) in Article 18, the following point is added: (g a) commit a serious breach of the anti money laundering and counter terrorist financing rules as laid down in [insert reference to AMLD ]; Or. en

Amendment 161 #

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b – point -i (new)

Directive 2013/36/EU
Article 21a – paragraph 2 –subparagraph 1 – introductory part

(-i) in the first subparagraph, the introductory part is replaced by the following: ‘For the purposes of paragraph 1, financial holding companies, and mixed financial holding companies referred to therein shall provide the consolidating supervisor determined in accordance with Article 111 and, where different, the competent authority in the Member State where they are established with the following information: ~~https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101~~’ Or. en

Amendment 162 #

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b – point ii

Directive 2013/36/EU
Article 21a – paragraph 2 – subparagraph 2

‘Where the approval or the exemption from approval of a financial holding company or mixed financial holding company referred to in paragraphs 3 and 4 takes place concurrently with the assessment referred to in Article ~~22 and~~8, Article 22 or Article 27a, the competent authority for the purposes of that Article shall coordinate, as appropriate, with the consolidating supervisor and, where different, the competent authority in the Member State where the financial holding company or mixed financial holding company is established. ~~In that case, t~~The assessment period referred to in Article 22(3), second subparagraph, and Article 27a(6) shall be suspended for a period exceeding 20 working day until the procedure set out in this Article is complete.’;

Amendment 163 #

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b – point ii

Directive 2013/36/EU
Article 21a – paragraph 2 – subparagraph 2

‘Where the approval or the exemption from approval of a financial holding company or mixed financial holding company referred to in paragraphs 3 and 4 takes place concurrently with the assessment referred to in Article ~~22 and~~8, Article 22 or Article 27a, the competent authority for the purposes of that Article shall coordinate, as appropriate, with the consolidating supervisor and, where different, the competent authority in the Member State where the financial holding company or mixed financial holding company is established. ~~In that case, t~~The assessment period referred to in Article 22(32), second subparagraph, and Article 27a(63) shall be suspended for a period exceeding 20 working day until the procedure set out in this Article is complete.’;

Amendment 164 #

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b a (new)

Directive 2013/36/EU
Article 21a – paragraph 3 – point c

(~~c) the criteria~~b a) paragraph 3, point (c) is replaced by the following: ‘(c) the criteria regarding shareholders and members of credit institutions set out in Article 14 and the requirements laid down in Article 121 are complied with. ~~https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101~~’ Or. en

Amendment 165 #

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b b (new)

4. Approval of the financial holding company or mixed financial holding company under this Article shall not be required where all of the following conditions are met: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101(b b) in paragraph 4, the introductory part is replaced by the following: ‘The financial holding company or mixed financial holding company may seek exemption from approval under this Article which shall be granted where all of the following conditions are met:’ Or. en

Amendment 166 #

Lídia PEREIRA

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b a (new)

Directive 2013/36/EU
Article 21a – paragraph 4 – subparagraph 2

(b a) in paragraph 4, subparagraph 2 is replaced by the following: Financial holding companies or mixed financial holding companies exempted from approval in accordance with this paragraph shall not be excluded from the perimeter of consolidation as laid down in this Directive and in Regulation (EU) No 575/2013~~. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101~~, unless the competent authority identifies, upon request of the financial holding company or mixed financial holding company, a composition of the group different from the one designated. The financial holding company or mixed financial holding company may not be considered a parent company where the competent authorities verify that the following conditions are met: i) the company has a statutory prohibition to assume management and coordination functions; ii) the company has no significant equity investments other than that in the company or bank as referred to in the following paragraph; iii) there is a bank or another company that is allowed and declares to exercise the management and coordination functions.’ Or. en

Amendment 167 #

Marco ZANNI, Antonio Maria RINALDI, Valentino GRANT

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b a (new)

Directive 2013/36/EU
Article 21a – paragraph 4 – subparagraph 2

(b a) in paragraph 4, subparagraph 2 is replaced by the following: Financial holding companies or mixed financial holding companies exempted from approval in accordance with this paragraph shall not be excluded from the perimeter of consolidation as laid down in this Directive and in Regulation (EU) No 575/2013~~. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101~~ unless, upon request of the financial holding company or mixed financial holding company, the competent authority identifies a composition of the group other than the one designated. In particular, the financial holding company or mixed financial holding company may not be considered the parent company where, in the opinion of the competent Authorities, the following conditions are met: i) the company has a statutory prohibition to assume management and coordination functions; ii) the company has no significant equity investments other than that in the company or bank as referred to in the following paragraph; iii) there is a bank or another company that is allowed and declares to exercise the management and coordination functions.’ Or. en

Amendment 168 #

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b a (new)

Directive 2013/36/EU
Article 21a – paragraph 4 – subparagraph 2

(b a) in paragraph 4, subparagraph 2 is replaced by the following: Financial holding companies or mixed financial holding companies exempted from approval in accordance with this paragraph shall not be excluded from the perimeter of consolidation as laid down in this Directive and in Regulation (EU) No 575/2013~~. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101~~ unless, upon request of the financial holding company or mixed financial holding company, the competent authority identifies a composition of the group other than the one designated. In particular, the financial holding company or mixed financial holding company may not be considered the parent company where, in the opinion of the competent Authorities, the following conditions are met: i) the company has a statutory prohibition to assume management and coordination functions; ii) the company has no significant equity investments other than that in the company or bank as referred to in the following paragraph; iii) there is a bank or another company that is allowed and declares to exercise the management and coordination functions.’ Or. en

Amendment 169 #

Antonio TAJANI, Herbert DORFMANN, Fulvio MARTUSCIELLO

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b a (new)

Directive (EU) 36/2013
Article 21a – paragraph 4 – subparagraph 2

(b a) in paragraph 4, subparagraph 2 is replaced by the following: Financial holding companies or mixed financial holding companies exempted from approval in accordance with this paragraph shall not be excluded from the perimeter of consolidation as laid down in this Directive and in Regulation (EU) No 575/2013~~. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101~~ unless, upon request of the financial holding company or mixed financial holding company, the competent authority identifies a composition of the group other than the one designated. In particular, the financial holding company or mixed financial holding company may not be considered the parent company where, in the opinion of the competent Authorities, the following conditions are met: i) the company has a statutory prohibition to assume management and coordination functions; ii) the company has no significant equity investments other than that in the company or bank as referred to in the following paragraph; iii) there is a bank or another company that is allowed and declares to exercise the management and coordination functions.’ Or. en

Amendment 170 #

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b a (new)

Directive 2013/36/EU
Article 21a – paragraph 4 – subparagraph 2

(b a) in paragraph 4,subparagraph 2 is replaced by the following: ‘Financial holding companies or mixed financial holding companies exempted from approval in accordance with this paragraph shall not be excluded from the perimeter of consolidation as laid down in this Directive and in Regulation (EU) No 575/2013~~. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101~~, unless, upon request of the financial holding company or mixed financial holding company, the competent authority identifies a composition of the group other than the one designated. In particular, the financial holding company or mixed financial holding company may not be considered the parent company where, in the opinion of the competent Authorities, the following conditions are met: i) the company has a statutory prohibition to assume management and coordination functions; ii) the company has no significant equity investments other than that in the company or bank as referred to in the following paragraph; iii) there is a bank or another company that is allowed and declares to exercise the management and coordination functions.’ Or. en

Amendment 171 #

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b a (new)

Directive 2013/36/EU
Article 21a – paragraph 4 – subparagraph 2

(b a) in paragraph 4, subparagraph 2 is replaced by the following: ‘Financial holding companies or mixed financial holding companies exempted from approval in accordance with this paragraph shall not be excluded from the perimeter of consolidation as laid down in this Directive and in Regulation (EU) No 575/2013~~. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101~~ unless, upon request of the financial holding company or mixed financial holding company, the competent authority identifies a composition of the group other than the one designated. In particular, a financial holding company or a mixed financial holding company cannot be considered the parent company where, in the opinion of the competent authorities, the following conditions are met: i) the company has a statutory prohibition to assume management and coordination functions; ii) the company has no significant equity investments other than those in the company or bank as referred to in paragraph 5; iii) there is a bank or other company that is allowed to exercise the management and coordination functions and declares it.’ Or. en

Amendment 172 #

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point b c (new)

Directive 2013/36/EU
Article 21a – paragraph 10 – subparagraph 1

~~10. Where~~(b c) in paragraph 10, subparagraph 1 is replaced by the following: ‘Where approval or exemption from approval of a financial holding company or mixed financial holding company pursuant to this Article is refused, the consolidating supervisor shall notify the applicant of the decision and the reasons therefor within four months of receipt of the application, or where the application is incomplete, within four months of receipt of the complete information required for the decision. ~~https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101~~’ Or. en

Amendment 173 #

Proposal for a directive
Article 1 – paragraph 1 – point 6

Directive 2013/36/EU
Article 21c

(6) the following new Article 21c is inserted: Article 21c Requirement to establish a branch for the provision of banking services by third country undertakings and exception for the reverse solicitation of services 1. undertakings established in a third country as referred to in Article 47(1) and (2) to establish a branch in their territory and apply for authorisation in accordance with Title VI to commence or continue conducting the activities referred to in paragraph (1) of that Article in the relevant Member State. 2. counterparty or a professional client within the meaning of Sections I and II of Annex II to Directive 2014/65/EU established or situated in the Union approaches an undertaking established in a third country at its own exclusive initiative for the provision of any service or activity referred to in Article 47(1), the requirement laid down in paragraph 1 of this Article shall not apply to the provision to that person of the relevant service or activity, including a relationship specifically related to the provision of that service or activity. Without prejudice to intragroup relationships, where a third country undertaking, including through an entity acting on its behalf or having close links with such third-country undertaking or any other person acting on behalf of such undertaking, solicits clients or potential clients in the Union, it shall not be deemed to be a service provided at the own exclusive initiative of the client. 3. counterparty as referred to in paragraph 2 shall not entitle the third-country undertaking to market other categories of products, activities or services than those that the client or counterparty had solicited, other than through a third country branch established in a Member State.; ’deleted Member States shall require Where a retail client, an eligible An initiative by a client or

Amendment 174 #

Proposal for a directive
Article 1 – paragraph 1 – point 6

Directive 2013/36
Article 21c

Amendment 175 #

Proposal for a directive
Article 1 – paragraph 1 – point 6

Directive 2013/13/EU
Article 21c – paragraph 1

1. Member States shall require undertakings established in a third country as referred to in Article 47(1) and (2) to establish a branch in their territory and apply for authorisation in accordance with Title VI to commence or continue conducting the activities referred to in paragraph (1) of that Article in the relevant Member State. This requirement shall not apply to activities with professional clients within the meaning of Section I and II of Annex II of Directive 2014/65/EU.

Amendment 176 #

Proposal for a directive
Article 1 – paragraph 1 – point 6

Directive 2013/36/EU
Article 21c – paragraph 1

1. Member States shall require undertakings established in a third country as referred to in Article 47(1) ~~and (2)~~ to establish a branch in their territory and apply for authorisation in accordance with Title VI to commence or continue conducting the activities referred to in paragraph ~~(1)~~1 of that Article in the relevant Member State.

Amendment 177 #

Proposal for a directive
Article 1 – paragraph 1 – point 6

Directive 2013/36/EU
Article 21c – paragraph 2

2. ~~Where~~The requirement laid down in paragraph 1 of this Article shall not apply where the undertaking established in the third country provides the relevant service or activity to a customer or counterparty established or situated in the Union that is: (a) a retail client, an eligible counterparty or a professional client within the meaning of Sections I and II of Annex II to Directive 2014/65/EU established or situated in the Union, provided that such client or counterparty approaches an undertaking established in a third country at its own exclusive initiative for the provision of any service or activity referred to in Article 47(1)~~, the requirement laid down in paragraph 1 of this Article shall not apply to the provision to that person of the relevant service or activity, including a relationship specifically relat~~; (b) a credit institution as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013; (c) an undertaking of the same group as that of the undertaking established toin the ~~provision of that service or activit~~third country. Without prejudice to point~~ragroup relationships~~ (c), where a third country undertaking~~, including~~ solicits a (potential) client or counterparty referred to in point (a) directly or indirectly through an entity acting on its own behalf or having close links with such third- country undertaking or through any other person acting on behalf of such undertaking, ~~solicits clients or potential clients in the Union,~~ it shall not be deemed ~~to be~~as a service provided at the own exclusive initiative of the client. or counterparty.

Amendment 178 #

Linea SØGAARD-LIDELL, Billy KELLEHER, Engin EROGLU, Gilles BOYER, Nicola BEER

Proposal for a directive
Article 1 – paragraph 1 – point 6

Directive 2013/36/EU
Article 21c – paragraph 2

2. Where a ~~retail client, an eligible counterparty or a professional client within the meaning of Sections I and II of Annex II to Directive 2014/65/EU~~client or counterparty established or situated in the Union approaches an undertaking established in a third country or a third-country branch in a member state at its own exclusive initiative for the provision of any service or activity referred to in Article 47(1), the requirement laid down in paragraph 1 of this Article shall not apply to the provision to that person of the relevant service or activity, including a relationship specifically related to the provision of that service or activity. Without prejudice to intragroup relationships, where a third country undertaking, including through an entity acting on its behalf or having close links with such third-country undertaking or any other person acting on behalf of such undertaking, solicits clients or potential clients in the Union, it shall not be deemed to be a service provided at the own exclusive initiative of the client.

Amendment 179 #

Proposal for a directive
Article 1 – paragraph 1 – point 6

Directive 2013/36/EU
Article 21c – paragraph 2

2. Where a retail client, an eligible counterparty or a professional client within the meaning of Sections I and II of Annex II to Directive 2014/65/EU established or situated in the Union approaches an undertaking established in a third country at its own exclusive initiative for the provision of any service or activity referred to in Article 47(1), the requirement laid down in paragraph 1 of this Article shall not apply to the provision to that person of the relevant service or activity, including a relationship specifically related to the provision of that service or activity. W~~ithout prejudice to intragroup relationships, w~~here a third country undertaking, including through an entity acting on its behalf or having close links with such third-country undertaking or any other person acting on behalf of such undertaking, solicits clients or potential clients in the Union, it shall not be deemed to be a service provided at the own exclusive initiative of the client.

Amendment 180 #

Proposal for a directive
Article 1 – paragraph 1 – point 6

Directive 2013/36/EU
Article 21c – paragraph 2

Amendment 181 #

Proposal for a directive
Article 1 – paragraph 1 – point 6

Directive 2013/36/EU
Article 21c – paragraph 3

3. An initiative by a client or counterparty as referred to in paragraph 2 shall not entitle the third-country undertaking to market other categories of products, activities or services than those that the client or counterparty had solicited, other than through a third country branch established in a Member State and with the exception of any services, activities or products necessary for the provision of the service, product or activity solicited by the client or counterparty.;

Amendment 182 #

Proposal for a directive
Article 1 – paragraph 1 – point 6 a (new)

Directive 2013/36/EU
Article 22 – paragraph 2 – subparagraph 1 a (new)

~~https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101~~(6 a) in Article 22(2), the following subparagraph is inserted: ‘By way of derogation from the previous subparagraph, when the proposed acquisition referred to in paragraph 1 is deemed complex by the competent authorities, acknowledgment of the receipt of the notification or of any further information shall be done promptly and in any event within ten working days following the receipt of that notification or of the additional information.’ Or. en

Amendment 183 #

Proposal for a directive
Article 1 – paragraph 1 – point 6 a (new)

Directive 2013/36/EU
Article 23 – paragraph 1 – subparagraph 1 a (new)

~~https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101)~~(6 a) in Article 23(1), the following subparagraph is added: ‘For the purposes of assessing the criterion laid down in paragraph 1, point (e) of this Article, competent authorities shall consult the authorities competent for the supervision of the obliged entities in accordance with Directive (EU) 2015/849.’ Or. en

Amendment 184 #

Proposal for a directive
Article 1 – paragraph 1 – point 6 b (new)

Directive 2013/36/EU
Article 23 – paragraph 1 – subparagraph 1 a (new)

~~https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101)~~(6 b) in Article 23(1), the following subparagraph is added: ‘For the purposes of assessing the criterion laid down in paragraph 1, point (e), competent authorities shall consult, in the context of their verifications, the authorities competent for the supervision of the undertakings in line with Directive (EU) 2015/849.’ Or. en

Amendment 185 #

Proposal for a directive
Article 1 – paragraph 1 – point 6 b (new)

Directive 2013/36/EU
Article 23 – paragraph 2 – subparagraph 1 a (new)

~~https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036-20220101~~(6 b) In article 23(2), the following sub- paragraph is added: ‘For the purpose of this paragraph and with regard to the criterion laid down in paragraph 1, point (e) of this Article, an objection in writing by the authorities competent for the supervision of the obliged entities in accordance with Directive (EU) 2015/849 shall constitute reasonable grounds for opposition. In any event, competent authorities shall be able to object to the acquisition when the proposed acquirer is located in a country on the EU list of third-countries with strategic deficiencies or compliance weaknesses in their AML/CFT regime or in a country subject to EU restrictive measures.’ Or. en

Amendment 186 #

Proposal for a directive
Article 1 – paragraph 1 – point 6 c (new)

Directive 2013/36/EU
Article 23 – paragraph 2 – subparagraph 1 a (new)

~~https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036- Suggested by the ECB~~(6c) in Article 23(2), the following subparagraph is added: ‘For the purpose of this paragraph and with regard to the criterion laid down in paragraph 1, point (e), an objection in writing by the authorities competent for the supervision of the undertakings in line with Directive (EU) 2015/849 shall constitute a reasonable ground for opposition.’ Or. en 20220101Justification

Amendment 187 #

Proposal for a directive
Article 1 – paragraph 1 – point 6 d (new)

Directive 2013/36/EU
Article 23 – paragraph 5 a (new)

~~https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02013L0036- Suggested by the ECB~~(6d) in Article 23, the followoing paragraph is added: ‘5a. EBA shall develop draft regulatory technical standards specifying the minimum list of information to be provided to the competent authorities at the time of the notification referred to in paragraph 1. For the purpose of the first subparagraph, EBA shall take into consideration Directive (EU) 2017/1132 of the European Parliament and of the Council.’ EBA shall submit those draft implementing technical standards to the Commission by [OP please insert the date = 18 months from the date of entry into force of this amending Directive]. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.’ Or. en 20220101Justification

Amendment 188 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Chapter 3 – Title

Acquisition or divesture of a ~~qualifying~~material holding

Amendment 189 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27a – paragraph 1

1. Member States shall require any institution, parent financial holding companies in a Member State, parent mixed financial holding companies in a Member State, EU parent financial holding companies and EU parent mixed financial holding companies, or other financial holding companies or mixed financial holding companies required to seek for approval in accordance with Article 21a(1) on a sub-consolidated basis or any financial holding company or mixed financial holding company within the scope of Article 21a(1) (the “acquirer”) to notify their competent authority where they intend to acquire, directly or indirectly, a ~~qualifying~~ holding which exceeds 15% of the eligible capital of the acquirer on a consolidated basis (the “proposed acquisition”), indicating the size of the intended holding and the relevant information, as specified in Article 27b(5).

Amendment 190 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27a – paragraph 2 – subparagraph 2

By way of derogation from the p~~aragraph 2 of this Article, and of Article 22(2)~~revious subparagraph, when the proposed acquisition referred to in paragraph 1 ~~of this Article or in Article 22(1)~~ is deemed complex by the competent authorities, acknowledgment of the receipt of the notification or of any additional information shall be done promptly and in any event within ten working days following the receipt of that notification.

Amendment 191 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

3. The competent authorities shall have 60 working days from the date of the written acknowledgement of receipt of the notification and from the receipt of all documents, including those required by the Member State to be attached to the notification in accordance with Article 27b(45) (the “assessment period”), to carry out the assessment provided for in Article 27b(1) (the “assessment”).

Amendment 192 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27a – paragraph 3 – subparagraph 2

If the proposed acquisition consists inof a qualifying holding in a credit institution as referred in Article 22(1), the acquirer shall also still be subject to the notification requirement and the assessment under that Article. In this event, the period for the competent authority to carry out both assessments referred to in the first subparagraph and in Article 22(2) shall expire only when the later of the relevant assessment periods expires.

Amendment 193 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27a – paragraph 8

8. Where the approval of a financial holding company or mixed financial holding company pursuant to Article 21a takes place concurrently with the assessment referred in this Article, the competent authority for the purposes of that Article shall coordinate, as appropriate, with the consolidating supervisor and, where different, the competent authority in the Member State where the financial holding company or mixed financial holding company is established. In that case, the assessment period shall be suspended for a period not exceeding 20 working days until the procedure set out in Article 21a is complete.deleted

Amendment 194 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27a – paragraph 12

12. Member States may not impose requirements for notification to, or approval by, competent authorities of direct or indirect acquisitions ~~or capital~~ that are more stringent than those set out in this Article ~~89 of Regulation (EU) No 575/2013~~.

Amendment 195 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27b – paragraph 2

2. For the purposes of assessing the criterion laid down in paragraph 1, point (c), ~~and criterion laid down in Article 23(1), point (e),~~ competent authorities shall consult, in the context of their verifications, the authorities competent for the supervision of the undertakings in line with Directive (EU) 2015/849.

Amendment 196 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27b – paragraph 3 – subparagraph 2

For the purposes of this paragraph and Article 23(2), and with regard to the criterion laid down in paragraph 1, point (c), an objection ~~in writing~~ by the authorities competent for the supervision of the undertakings under Directive (EU) 2015/849 shall constitute a reasonable ground for opposition.

Amendment 197 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27b – paragraph 3 – subparagraph 2

For the purposes of this paragraph ~~and Article 23(2)~~, and with regard to the criterion laid down in paragraph 1, point (c), an objection in writing by the authorities competent for the supervision of the undertakings under Directive (EU) 2015/849 shall constitute a reasonable ground for opposition.

Amendment 198 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27b – paragraph 6

6. Notwithstanding Article 27a, paragraphs 2 to 7, where two or more proposals to acquire ~~qualifying~~ holdings in the same entity have been notified, the competent authority shall treat the acquirers in a non- discriminatory manner.

Amendment 199 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27b – paragraph 7 – subparagraph 1 – point a

(a) the minimum list of information to be provided to the competent authorities at the time of the notification referred to in ~~Article 23(1),~~ Article 27a(1), Article 27f(1) and Article 27k(1);

Amendment 200 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27b – paragraph 7 – subparagraph 1 – point b

~~(b) a common assessment methodology of the criteria set out in this Article, Article 27g and Article 27l;~~deleted

Amendment 201 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27b – paragraph 7a (new)

7 a. EBA shall issue guidelines to specify a common assessment criteria set out in this Article, Article 27g and Article 27l. The EBA shall issue those guidelines by [OP please insert the date = 12 months from date of entry into force of this amending Directive].

Amendment 202 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27b (new)

In any event, competent authorities shall be able to object to the acquisition when the proposed acquirer is located in a country on the EU list of third-countries with strategic deficiencies or compliance weaknesses in their AML/CFT regime or in a country subject to EU restrictive measures

Amendment 203 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27c – paragraph 2

2. The competent authorities shall seek to coordinate their assessments and ensure the consistency of their decisions. To this end, the decision by the competent authority of the acquirer shall indicate any views or reservations made by the other competent authorit~~y that has authorised the credit institution controlled by the parent undertaking in which the acquisition is proposed~~ies.

Amendment 204 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27c – paragraph 2

2. The competent authorities shall seek to coordinate their assessments and ensure the consistency of their decisions. To this end, the decision by the competent authority of the acquirer shall indicate any views or reservations made by the other relevant competent authority ~~that has authorised the credit institution controlled by the parent undertaking in which the acquisition is proposed~~.

Amendment 205 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27d – paragraph 1

Member States shall require any institution~~s, parent mixed financial holding companies in a Member State, EU parent~~ or any financial holding compan~~ies and EU parent~~y or mixed financial holding compan~~ies, as well as financial holding companies and mixed financial holding companies,~~y within the scope of Article 21a(1) to notify the competent authorities where they intend to dispose, directly or indirectly, of a qualifying holding that exceeds 15% of their eligible capital o~~f the acquirer~~n a consolidated basis. That notification shall be made in writing and in advance of the divestiture, indicating the size of the holding concerned.

Amendment 206 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27e – paragraph 1

Where the acquirer fails to notify the proposed acquisition in advance in accordance with Article 27a(1) or has acquired a ~~qualifying~~ holding as referred to that Article despite the competent authorities’ opposition, Member States shall require those competent authorities to take appropriate measures. Such measures may include injunctions, periodic penalty payments and penalties, in accordance with Articles 65 to 72, against members of the management body and senior management. Where a ~~qualifying~~ holding is acquired despite opposition by the competent authorities, Member States shall, without prejudice to potential penalties, provide either for exercise of the corresponding voting rights to be suspended or for votes cast to be declared null and void.

Amendment 207 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

(a) the intended operation shall be deemed material for an institution where it is at least equal to 10 % of its total assets or liabilities, where the intended operation is performed between entities of the same group, the intended operation is deemed material for an institution where it is at least equal to 15 % of its total assets or liabilitie on a consolidated basis;

Amendment 208 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27f – paragraph 2 – point b

(b) transfers of non-performing assets, or of assets for the purpose of being included in a cover pool, within the meaning of Article 3(3) of Directive (EU) 2019/2162 of the European Parliament and of the Council*7, or to be securitised, shall not be taken into account for calculating the percentage in point (a);deleted

Amendment 209 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27g – paragraph 3 – subparagraph 2

With regard to the criterion laid down in paragraph 1, point (b), an objection ~~in writing~~ by the competent authorities under Directive (EU) 2015/849 shall constitute a reasonable ground for opposition.

Amendment 210 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27g – paragraph 3 a (new)

3 a. In any event, competent authorities shall be able to object to the intended operation when the credit institution’s counterparty is located in a country on the EU list of third-countries with strategic deficiencies or compliance weaknesses in their AML/CFT regime or in a country subject to EU restrictive measures

Amendment 211 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

The list referred to in the previous sub- paragraph shall not prevent competent authorities to ask for additional information that are necessary to ensure that the intended operation complies with the criteria defined in paragraph 1.

Amendment 212 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27h – paragraph 3

3. The competent authorities shall seek to coordinate their assessments, and ensure the consistency of their decisions~~, and~~. Moreover, the competent authorities shall indicate in their decisions any views or reservations made by the competent authority supervising other entities involved in the intended operation.

Amendment 213 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

1. Member States shall require any institutions, parent financial holding companies in a Member State, parent mixed financial holding companies in a Member State, EU parent financial holding companies, EU parent mixed financial holding companies, or financial holding companies and mixed financial holding companies required to seek for approval in accordance with Article 21a(1) on a sub-consolidated basis or any financial holding company or mixed financial holding company within the scope of Article 21a(1) (the ‘financial stakeholders’) carrying out a merger or division (the “proposed operation”), to notify in advance of the completion of the proposed operation the competent authorities which will be responsible for the supervision of the entities resulting from such proposed operation, indicating the relevant information, as specified in accordance with Article 27l(4).

Amendment 214 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27k – paragraph 1 – subparagraph 2

For the purpose of the first sub- paragraph, the ECB shall considered as the competent authority to be notified and in charge the assessment when the entities resulting from the proposed operation would meet on a consolidated bases any of the following conditions: (a) the total value of its assets exceeds EUR 30 billion; (b) GDP of the participating Member State of establishment exceeds 20%, unless the total value of its assets is below EUR 5 billion.deleted the ratio of its total assets over the

Amendment 215 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27k – paragraph 1 – subparagraph 2

Amendment 216 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27k – paragraph 1 – subparagraph 3

For the purpose of the first sub- paragraph, in case the proposed operation consists in a division, the competent authority in charge of the supervision of the entity carrying out the proposed operation shall be the competent authority to be notified and in charge of the assessment.deleted

Amendment 217 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27k – paragraph 1 – subparagraph 3

Amendment 218 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27k – paragraph 5

5. The proposed operations shall not be completed before the issuance of a ~~positive opinion~~n approval by the competent authorities.

Amendment 219 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27k – paragraph 5

5. The proposed operations shall not be completed before the ~~issuance of a positive opinion~~approval by the competent authorities.

Amendment 220 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27k – paragraph 6 – subparagraph 1

6. The competent authorities shall, within two working days from the completion of their assessment, issue in writing a motivated positive or negative ~~opin~~decision to the financial stakeholders. Subject to national law, an appropriate statement of the reasons for the ~~opin~~decision may be made accessible to the public at the request of the financial stakeholders. This shall not prevent a Member State from allowing the competent authority to publish such information in the absence of a request by the financial stakeholder.

Amendment 221 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27k – paragraph 6 – subparagraph 1

Amendment 222 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27k – paragraph 6 – subparagraph 2

The financial stakeholders shall transmit the motivated ~~opin~~decision issued by their competent authorities under the first subparagraph to the authorities in charge, under the national corporate and/or civil law, of the scrutiny of the proposed operation.

Amendment 223 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27k – paragraph 6 – subparagraph 2

Amendment 224 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27k – paragraph 7

7. When the proposed operation involves only financial stakeholders from the same group, and the competent authorities do not oppose the proposed operation within the assessment period in writing, the ~~opin~~proposed operation shall be deemed to be ~~positi~~approved.

Amendment 225 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27k – paragraph 7

Amendment 226 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27k – paragraph 8

8. The ~~positive opinion issued by the competent authority may be limi~~competent authorities may fix a maximum period for concluding the proposed operation and extend i~~n tim~~t where appropriate.

Amendment 227 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27k – paragraph 8

8. The ~~positive opinion~~approval issued by the competent authority may be limited in time.

Amendment 228 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27l – paragraph 3 – subparagraph 1

3. The competent authorities may ~~issue a negative opinion to~~oppose the proposed operation only if the criteria set out in paragraph 1 are not met or where the information provided by the financial stakeholder is incomplete despite a request made in accordance with Article 27k.

Amendment 229 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27l – paragraph 3 – subparagraph 1

3. The competent authorities may ~~issue a negative opinion~~oppose to the proposed operation only if the criteria set out in paragraph 1 are not met or where the information provided by the financial stakeholder is incomplete despite a request made in accordance with Article 27k.

Amendment 230 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/65/EU
Article 27l – paragraph 3 – subparagraph 2

With regard to the criterion laid down in paragraph 1, point (f), an objection in writing by the authorities competent for the supervision of the undertakings in line with Directive (EU) 2015/849 shall constitute a reasonable ground for ~~negative opinion.~~the competent authorities’ opposition to the proposed operation negative opinion. In any event, competent authorities shall be able to object to the proposed operation when one of the entity part of the operation is located in a country on the EU list of third-countries with strategic deficiencies or compliance weaknesses in their AML/CFT regime or in a country subject to EU restrictive measures

Amendment 231 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27l – paragraph 3 – subparagraph 2

Amendment 232 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27l – paragraph 3 – subparagraph 2

With regard to the criterion laid down in paragraph 1, point (f), an objection ~~in writing~~ by the authorities competent for the supervision of the undertakings in line with Directive (EU) 2015/849 shall constitute a reasonable ground for negative opinion.

Amendment 233 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27m – paragraph 3

3. The competent authorities shall seek to coordinate their assessments, and ensure the consistency of their ~~opinions, and~~decisions. Moreover, the competent authorities shall indicate in their ~~opin~~decisions any views or reservations made by the competent authority supervising other financial stakeholders.

Amendment 234 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27m – paragraph 3

3. The competent authorities shall seek to coordinate their assessments, ensure the consistency of their ~~opin~~decisions, and shall indicate in their ~~opin~~decisions any views or reservations made by the competent authority supervising other financial stakeholders.

Amendment 235 #

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27n – paragraph 1

Member States shall require that, where the financial stakeholders fail to provide prior notification of the proposed operation in accordance with Article 27k(1) or have carried out the proposed operation as referred to in that Article without prior ~~positive opinion~~approval by the competent authorities, the competent authorities shall take appropriate measures. Such measures may consist in injunctions, periodic penalty payments, penalties, subject to Articles 65 to 72, against members of the management body and managers of the financial stakeholders or of the entity resulting from the proposed operation.;

Amendment 236 #

Linea SØGAARD-LIDELL, Billy KELLEHER, Engin EROGLU, Nicola BEER

Proposal for a directive
Article 1 – paragraph 1 – point 7

Directive 2013/36/EU
Article 27n – paragraph 1

Member States shall require that, where the financial stakeholders fail to provide prior notification of the proposed operation in accordance with Article 27k(1) or have carried out the proposed operation as referred to that Article without prior ~~positive opinion~~approval by the competent authorities, the competent authorities shall take appropriate measures. Such measures may consist in injunctions, periodic penalty payments, penalties, subject to Articles 65 to 72, against members of the management body and managers of the financial stakeholders or of the entity resulting from the proposed operation.;

Amendment 237 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – title

Article 47 Scope and definitions

Amendment 238 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 1 – introductory part

1. This Chapter lays down the rules concerning the carrying out in a Member State of the activities of a third-country- branch:

Amendment 239 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 1 – introductory part

1. This Chapter lays down the ~~rule~~minimum requirements concerning the carrying out in a Member State of:

Amendment 240 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/13/EU
Article 47 – paragraph 1 – introductory part

1. This Chapter lays down ~~the rule~~minimum requirements concerning the carrying out in a Member State of:

Amendment 241 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 1 – point a

~~(a) any of the activities listed in Annex I to this Directive by an undertaking established in a third country;~~deleted

Amendment 242 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 1 – point a

~~(a) any of the activities listed in Annex I to this Directive by an undertaking established in a third country;~~deleted

Amendment 243 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 1 – point a

(a) any of the activities ~~listed in~~referred to in points 2 to 6 and 13 to 15 of Annex I to this Directive by an undertaking established in a third country that would qualify as a credit institution or that would fulfil the criteria laid down in points (i) to (iii) of Article 4(1), point b, of Regulation (EU) 575/2013, if it were established in the Union;

Amendment 244 #

Linea SØGAARD-LIDELL, Billy KELLEHER, Engin EROGLU, Gilles BOYER, Nicola BEER

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 1 – point a

(a) any of the activities listed in points 1,2,3 and 6 of Annex I to this Directive by an undertaking established in a third country that would be required to be authorised as a credit institution under this Directive as a result of carrying out those activities if it were established in that Member State.;

Amendment 245 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/13/EU
Article 47 – paragraph 1 – point a

(a) any of the activities listed in Annex I ~~to this Directive~~, points (1) and (6) to this Directive and the activities listed in Annex I, point (2) to this directive, excluding factoring, by an undertaking established in a third country;

Amendment 246 #

Linea SØGAARD-LIDELL, Billy KELLEHER, Engin EROGLU, Nicola BEER

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 1 – point b

(b) the activities referred to in Article 4(1), point (b), of Regulation (EU) 575/2013, by an undertaking established in a third country that fulfils any of the criteria laid down in points (i) to (iii) of that point.deleted

Amendment 247 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 1 – point b

Amendment 248 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 1 – point b

Amendment 249 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/13/EU
Article 47 – paragraph 1 – point b

Amendment 250 #

Linea SØGAARD-LIDELL, Billy KELLEHER, Engin EROGLU, Nicola BEER

Proposal for a directive
Article 1 – paragraph 1 – point 8

(b) the activit~~ies~~y referred to in ~~Article 4(1), point (b), of Regulation (EU) 575/2013, by an undertaking established in a third country that fulfils any of the criteria laid down in points (i) to (iii) of that point~~point 1 of Annex I to this Directive, by an undertaking established in a third country.

Amendment 251 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 2

2. By derogation from paragraph 1, where the undertaking in the third country is not a credit institution or an undertaking that meets the criteria of paragraph 1, point (b), the carrying out of any of the activities listed in Annex I, points (4), (5), and (7) to (15), to this Directive by that undertaking in a Member State shall be subject to Title II, Chapter IV, of Directive 2014/65/EU.deleted

Amendment 252 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
article 47 – paragraph 2

Amendment 253 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/13/EU
Article 47 – paragraph 2

Amendment 254 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 2

Amendment 255 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 2

2. By derogation from paragraph 1, ~~where the~~an undertaking ~~in the third country is not a credit institution or an undertaking that meets the criteria of paragraph 1, point (b), the carrying out of any of the activiti~~established in a third country providing activities and services listed in Annex 1, Section A of Directive 2014/65/EU and the services listed in Annex I1, ~~points (4), (5), and (7) to (15), to this Directive by that undertaking in a Member State shall be subject to Title II, Chapter IV, of Directive 2014/65/EU.~~ Section B of Directive 2014/65/EU for the sole purpose of conducting the activities and services listed in Annex 1, Section A of Directive 2014/65/EU, shall not be included into the scope outlined in paragraph 1.

Amendment 256 #

Linea SØGAARD-LIDELL, Billy KELLEHER, Engin EROGLU, Nicola BEER

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47 – paragraph 3 a (new)

3 a. EBA or ESMA shall assess whether the EU market access regarding additional activities listed in Annex I of the CRD other than those listed in points 1, 2, 3, and 6 should be further harmonized and draft a report by [1 year after entry into force]. EBA or ESMA shall take regulation in other jurisdictions as well as the current market access regulation of the member states into account. Based on this report, the Commission may issue a legislative proposal regarding this EU market access regarding additional activities listed in Annex I of the CRD other than those listed in points 1, 2, 3, and 6 no later than [2] years after entry into force of this directive. Between the entry into force of this directive and the entry into force of the legislative proposal mentioned in the first sub-paragraph, a Member State allowing third country entities to (continue to) conduct activities listed in Annex I of this Directive, other than those listed in points 1, 2, 3, and 6, without requiring third country entities to establish a branch on its territory, shall provide to EBA and ESMA a justification on the reasons for which the Member State does not require the establishment of a branch, within 1 year after entry into force of this directive.

Amendment 257 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 47a (new)

Article 47a Limitation on scope and transitional provisions 1. By derogation from Article 47(1), the requirements laid down in Article 21c and Article 48c(1) shall not apply to a third- country undertaking conducting any of the following activities in the Union otherwise than through a branch in the Union: (a) any of the activities referred to in Article 47(1) where the client or counterparty is its subsidiary, its parent undertaking, or another subsidiary of its parent undertaking or another undertaking to which it is related as set out in Article 22 of Directive 2013/34/EU; (b) any of the activities referred to in Article 47(1) where the activities are connected to the provision of any investment services or the performance of investment activities within the meaning of point (2) of Article 4(1) of Directive 2014/65/EU in the Union in accordance with Title VIII of Regulation (EU) No 600/2014 (c) any of the activities referred to in Article 47(1) where the client or counterparty is an institution as defined in point (3) of Article 4(1) of Regulation (EU) 575/2013. 2. Member States may choose not to apply the requirements laid down in Article 21c and Article 48c(1) to an undertaking established in a third country that carries out activities in their Member State otherwise than through a branch in that Member State, where that undertaking carries out the activities referred to in Article 47(1) in that Member State exclusively with persons other than consumers as defined in Article 3 of Directive 2008/48/EC.

Amendment 258 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48a – paragraph 1 – introductory part

1. Member States shall classify third country branches which are not “qualifying third country branches, as class 1 where those branches meet any of the following conditions:

Amendment 259 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48a – paragraph 1 – point a

(a) the total value of the assets booked or originated by the third country branch in the Member State is equal to or higher than EUR 5 billion, as reported for the immediately preceding annual reporting period in accordance with Section II, Sub- section 4;

Amendment 260 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48a – paragraph 1 – point a

Amendment 261 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive (EU) 2013/36/EU
Article 48a – paragraph 1 – point a

Amendment 262 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48a – paragraph 1 – point b

(b) the third country branch’s authorised activities include taking deposits and other repayable funds from retail customers; (a) for a total aggregated amount higher than 10% of the total value of the assets booked by the third country branch in the Member State, as reported for the immediately preceding annual reporting period in accordance with Section II, Sub-section 4;

Amendment 263 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48a – paragraph 1 – point c

~~(c) the third country branch is not a qualifying third country branch in accordance with Article 48b.~~deleted

Amendment 264 #

Joachim SCHUSTER, René REPASI

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48a – paragraph 2

2. Member States shall classify third country branches which are not “qualifying third country branches” and that do not meet any of the conditions laid out in paragraph 1 as class 2.

Amendment 265 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48a – paragraph 3 a (new)

3 a. Member States may apply a stricter regulatory regime to all third country branches or branches from specific third countries. Paragraphs (1) to (3) of this Article shall not apply if the Member State subjects branches from the relevant third country to authorisation requirements and other regulatory requirements in line with the requirements for institutions authorised under this Directive.

Amendment 266 #

Linea SØGAARD-LIDELL, Billy KELLEHER, Engin EROGLU, Nicola BEER

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48c – paragraph 1

1. ~~Member States shall require that third country undertakings establish a branch in their territory before commencing the activities referred to in Article 47(1).~~ The establishment of a third country branch shall be subject to prior authorisation in accordance with this Chapter.

Amendment 267 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48c – paragraph 1

1. Member States shall require that third country undertakings establish a branch in their territory before commencing or continuing the activities referred to in Article 47(1) in their territory. The establishment of a third country branch shall be subject to prior authorisation in accordance with this Chapter. The first sentence of the first sub-paragraph of this paragraph shall not apply to the provision of any service or activity referred to in Article 47(1) at the exclusive initiative of a client or counterparty in the Union as described in Article 21c(1) and (2).

Amendment 268 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48c – paragraph 1 a (new)

1 a. Third country branches must not commence their activities in a Member State until the competent authorities of that Member State and the third country competent authority have concluded a Memorandum of Understanding (MoU). The MoU shall provide a clear cooperation framework between the competent authorities, including exchange of information in on-going supervision, crisis management and resolution.

Amendment 269 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48c – paragraph 3 – subparagraph 1 – point d

(d) the authorisation provides that the third country branch may only conduct the authorised activities within the Member State where it is established and expressly prohibits the third country branch from offering or conducting those same activities in other Member States on a cross-border basis; except for transactions concluded with other third country branches of the same group and for transactions incurred on a reverse solicitation basis.

Amendment 270 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

(c a) the conditions under which competent authorities may rely on information that has already been provided in the process of any prior branch authorisation.

Amendment 271 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48e – paragraph 1 – point a

(a) for class 1 third country branches, 14% of the branch’s average liabilities as reported for the three immediately preceding annual reporting periods in accordance with Sub-section 4, subject to a minimum of EUR 10 million;

Amendment 272 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

(b) for class 2 third country branches, 1% of the branch’s average liabilities as reported for the three immediately preceding annual reporting periods in accordance with Sub-section 4, subject to a minimum of EUR 5 million.

Amendment 273 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48f – paragraph 3

3. Member States shall require third country branches to deposit the liquid assets held to comply with this Article in an escrow account with a credit institution in the Member State where the branch is authorised or, where permitted under national law, with the central bank of the Member State. The liquid assets deposited in the escrow account shall be pledged or assigned by way of security in favor of the resolution authority to secure the claims of the third country branch’s creditors. Member States shall lay down rules to grant the resolution authority the power to act in a fiduciary capacity for the benefit of those creditors for the purposes of this Article and Article 48g.deleted

Amendment 274 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48f – paragraph 4

~~4. Competent authorities may waive the liquidity requirement laid down in this Article for qualifying third country branches.~~deleted

Amendment 275 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48f – paragraph 4

4. Competent authorities may waive the liquidity requirement laid down in this Article for qualifying third country branches and for non-qualifying third country branches where assessments under Article 48b are still ongoing.

Amendment 276 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48i – paragraph 1

1. Member States shall require third country branches to maintain a registry book enabling those branches to track and keep a comprehensive and precise record of all the assets and liabilities originated by and associated with the activities of the third country branch in the Member State and to manage those assets and liabilities autonomously within the branch. The registry book shall provide sufficient information on the risks generated by the third country branch and on how they are managed.

Amendment 277 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48i – paragraph 1

Amendment 278 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive (EU) 2013/36/EU
Article 48i – paragraph 1

Amendment 279 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48i – paragraph 1

1. Member States shall require third country branches to maintain a registry book enabling those branches to track and keep a comprehensive and precise record of all the assets and liabilities associated with the activities of the third country branch in the Member State and to manage those assets and liabilities autonomously within the branch. The registry book shall provide all necessary and sufficient information on the risks generated by the third country branch and on how they are managed.

Amendment 280 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48j – title

~~Article 48j Power to require establishing a subsidiary~~deleted

Amendment 281 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

1. Member States shall ensure that competent authorities have the power to require third country branches to apply for authorisation under Title III, Chapter 1, at least where: (a) engaged in the past or currently engages in interconnected activities with other third country branches or subsidiary institutions of the same group or in one of the activities referred to in Article 47(1) with customers or counterparts in other Member States in contravention of the internal market rules; or (b) systemic importance indicators referred to in Article 131(3) and poses a significant risk to the financial stability of the Union or the Member State where it is established.deleted the third country branch has the third country branch meets the

Amendment 282 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48j – paragraph 1 – point a

(a) the third country branch has engaged in ~~the past or currently engages in interconnected activities with other third country branches or subsidiary institutions of the same group or in~~ one of the activities referred to in Article 47(1) with customers or counterparts in other Member States in contravention of the internal market rules; or

Amendment 283 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48j – paragraph 1 – point b

(b) the third country branch meets the systemic importance indicators referred to in Article 131(3) ~~and~~or poses a significant risk to the financial stability of the Union or the Member State where it is established., or;

Amendment 284 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48j – paragraph 1 – point b a (new)

(b a) the aggregate amount of assets that a third country branch or branches in the Union that belong to the same group hold on their books in the Union as reported in accordance with Sub-section 4 is equal or higher to 40 billion euros.

Amendment 285 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48j – paragraph 2

2. Before making the decision referred to in paragraph 1, competent authorities shall consult the competent authorities of the Member States where the relevant third country group has other third country branches and subsidiary institutions. Where they disagree, the competent authorities of the third country group in other Member States may refer the matter to the EBA for mediation in accordance with Article 19 of Regulation (EU) No 1093/2010. EBA shall take its decision within one month of matter being referred and the competent authority of the relevant third country branch shall refrain from taking its decision during that time. The competent authority of the relevant third country branch shall adopt the decision referred to in paragraph 1 in conformity with the decision of EBA.deleted

Amendment 286 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48j – paragraph 3

3. Before imposing the requirement laid down in this Article on a third country branch in accordance with paragraph 1, point (a), the competent authority shall request EBA to issue a recommendation in accordance with Article 16 of Regulation (EU) No 1093/2010 on the interpretation of that point in relation to that third country branch.deleted

Amendment 287 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48j – paragraph 4

~~4. [...]~~deleted

Amendment 288 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48k – title

~~Article 48k Assessment of systemic importance and requirements on systemic third country branches~~deleted

Amendment 289 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48k – paragraph 1

1. The third country branch or branches in the Union that belong to the same third country group shall be subject to the assessment laid down in paragraph 2 of this Article where the aggregate amount of assets that they hold on their books in the Union as reported in accordance with Sub-section 4 is equal to or higher than EUR 30 billion, either: (a) on average for the immediately preceding three annual reporting periods; or (b) in absolute terms for at least three annual reporting periods during the immediately preceding five annual reporting periods.deleted

Amendment 290 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48k

1. The third country branch or branches in the Union that belong to the same third country group shall be subject to the assessment laid down in paragraph 2 of this Article where the aggregate amount of assets that they hold on their books in the Union as reported in accordance with Sub-section 4 is equal to or higher than EUR 30 billion, either: (a) preceding three annual reporting periods; or (b) annual reporting periods during the immediately preceding five annual reporting periods.deleted on average for the immediately in absolute terms for at least three

Amendment 291 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48k – paragraph 1 – introductory part

1. The third country branch or branches in the Union that belong to the same third country group shall be subject to the assessment laid down in paragraph 2 of this Article where the aggregate amount of assets, excluding any assets held for the purposes of intragroup financing activities or for deposit with the ECB or another EU Member State central bank, that they hold on their books in the Union as reported in accordance with Sub-section 4 is equal to or higher than EUR 340 billion, either:

Amendment 292 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48k – paragraph 2

2. Competent authorities shall assess whether the third country branches referred to in paragraph 1 have systemic importance for the Union and for the Member States where they are stablished. For those purposes, competent authorities shall assess whether those third country branches meet the indicators of systemic importance referred to in Article 48j(4) and Article 131(3).deleted

Amendment 293 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48k – paragraph 2

2. Competent authorities shall assess whether ~~the~~ third country branches ~~referred to in paragraph 1~~ have systemic importance for the Union and for the Member States where they are stablished. For those purposes, competent authorities shall assess whether those third country branches meet the indicators of systemic importance referred to in Article 48j(4) and Article 131(3).

Amendment 294 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48k

3. The assessment of systemic importance referred to in paragraph 2 of this Article shall be performed by one of the following: (a) relevant third country group, the consolidated supervisor of that third country group in the Union in accordance with that Article; (b) the relevant third country group, the competent authority that would become the consolidated supervisor of that third country group in the Union in accordance with that Article, should the third country branches be treated as subsidiary institutions; (c) third country branches and subsidiary institutions in only one Member State, the competent authority of that Member State; or (d) from the starting date of the annual reporting period immediately following the last annual reporting period that triggdeleted where Article 111 applies to the where Article 111 does not apply to whered the obligation to conduct the assessment in accordance with paragraph 1 of this Article: (i) commenced by either of the competent authorities referred to in points (a), (b) or (c); or (ii) be the consolidated supervisor in accordance with point (b) has not been determined. The competent authorities referred to in points (a) and (b), acting as “lead competent authority”, or, where applicable, EBA shall conduct the assessment in full cooperation with all the competent authorities concerned. The competent authorities concerned shall assist and provide all the necessary documentation to the lead competent authority or, where applicable, EBA. For those purposes, ‘competent authorities concerned’ shall mean all the authorities responsible for the supervision of the third country branches and subsidiary institutions of the relevant third country group in the Union. Before the assessment of systemic importance is concluded, the leadthird country group has EBA where, after three months the assessment has not been the competent authority, the competent authority referred to in point (c) or, where applicable, EBA shall hear the third country group and shall set reasonable timeframes for the third country group to submit documentation and make its views known in writing.at would

Amendment 295 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48k – paragraph 3 – subparagraph 1 – point b

(b) where Article 111 does not apply to the relevant third country group, the competent authority that would become the consolidated supervisor of that third country group in the Union in accordance with that Article, should the third country branches be treated as subsidiary institutions of the same consolidated group of entities;

Amendment 296 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48k – paragraph 3 – subparagraph 1 – point b

Amendment 297 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

~~4. [...]~~deleted

Amendment 298 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

~~5. [...]~~deleted

Amendment 299 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48k – paragraph 5 – subparagraph 3

For the purposes of point (a), the assets held or originated in both the third country branches and the assets held in subsidiary institutions of the third country group shall be included in the calculation.

Amendment 300 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48k – paragraph 5 – subparagraph 3

Amendment 301 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48k – paragraph 5 – subparagraph 3

Amendment 302 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

6. The third country branches shall have a period of three months from the date of the decision’s entering into force in accordance with paragraphs 5 or 6 to comply with the requirements laid down in that decision. Where the third country branches are required to apply for authorisation as institutions in accordance with Title III, Chapter 1, their authorisation under this Title shall remain valid on an interim basis until the expiry of the deadline referred to in the first subparagraph of this paragraph is reached or, as the case may be, until the completion of the authorisation process as institutions. The third country branches may request the competent authority to extend the three- month deadline referred to in the first subparagraph where they can justify the need for such an extended deadline to comply with the relevant requirement imposed on them. Where the threshold referred to in paragraph 1 is met by aggregation of assets of various branches, the competent authorities may impose the requirement referred to in this subparagraph in decreasing asset size order up to the point in which the total assets remaining on the books of the third country branches in the Union is less than EUR 30 billion.deleted

Amendment 303 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48k – paragraph 7

7. EBA shall develop draft regulatory technical standards to specify the rules of construction for the interpretation of Article 111 of this Directive for the purposes of determining the hypothetical consolidated supervisor as referred to in paragraph 3, point (b), of this Article. EBA shall submit those draft regulatory technical standards to the Commission by [OP please insert the date = 12 months from the date of entry into force of this amending Directive]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.deleted

Amendment 304 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

(a) the assets and liabilities held on their books in accordance with Article 48i or originated by the third country branch, with a breakdown that singles out:

Amendment 305 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive (EU) 2013/36
Article 48l – paragraph 1 – subparagraph 1 – point a– introductory part

(a) the assets and liabilities held on their books in accordance with Article 48i or originated by the third country branch, with a breakdown that singles out:

Amendment 306 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48l – paragraph 1 – subparagraph 1 – point a– introductory part

(a) the assets and liabilities held on their books in accordance with Article 48i, or originated by the third country branch, with a breakdown that singles out:

Amendment 307 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48l – paragraph 2 – point f a (new)

(f a) the direct provision of cross-border investment services in the Union by the head undertaking and by the subsidiaries of the head undertaking established in a third country, and the investment services that are provided in the Union by the head undertaking and by the subsidiaries of the head undertaking established in a third country on the basis of reverse solicitation.

Amendment 308 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48l – paragraph 2 – point f a (new)

Amendment 309 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48l – paragraph 3 a (new)

3 a. The competent authorities of third country branches shall share with the competent authorities of the EU subsidiaries of the same third country groups the information obtained in accordance with Article 48l(1) and (2).

Amendment 310 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Amendment 311 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48l – paragraph 3 a (new)

3 a. The competent authorities of third country branches shall share with the competent authorities of the EU subsidiaries of the same third country group the information obtained in accordance with this Article.

Amendment 312 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48o – paragraph 6 – subparagraph 1 – point b

(b) the mechanisms for cooperation and information exchange between the authorities referred to in paragraph 5 of this Article, in the context of identifying serious breaches of anti-money laundering rules.deleted

Amendment 313 #

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48oa (new)

Article 48oa Guidelines on cooperation with authorities responsible for supervision of anti-money laundering EBA shall, after consulting the European Data Protection Board, issue guidelines on the the mechanisms for cooperation and information exchange between competent authorities and a) the authorities responsible for supervision of anti-money laundering in the Member State in accordance with Directive (EU) 2015/849 in the context of the application of Articles 27b (2), 48c (4) and 48d (4); b) the authorities referred to in paragraph 5 of Article 48o, in the context of identifying serious breaches of anti- money laundering rules. The EBA shall issue those guidelines by [OP please insert the date = 12 months from date of entry into force of this amending Directive].

Amendment 314 #

Joachim SCHUSTER, Paul TANG, René REPASI

Proposal for a directive
Article 1 – paragraph 1 – point 8

Directive 2013/36/EU
Article 48p – paragraph 2 – point g a (new)

(g a) suspend the authorisation granted in accordance with article 48c and prohibit engaging in new business.

Amendment 315 #

Proposal for a directive
Article 1 – paragraph 1 – point 8 a (new)

Directive 2013/36/EU
Article 53 – paragraph 1– subparagraph 2

(8 a) in Article 53 (1), subparagraph 2 is replaced by the following: Confidential information which such persons, auditors or experts receive in the course of their duties may be disclosed only in summary or aggregate form, such that individual credit institutions cannot be identified, without prejudice to cases covered by criminal ~~law.~~ or taxation law. Or. en https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013L0036-20150101)

Amendment 316 #

Joachim SCHUSTER, Csaba MOLNÁR, Paul TANG, René REPASI

Proposal for a directive
Article 1 – paragraph 1 – point 8 b (new)

Directive 2013/36/EU
Article 53 – paragraph 2

(8 b) in Article 53, paragraph 2 is replaced by the following: ‘2. Paragraph 1 shall not prevent the competent authorities from exchanging information with each other or transmitting information to the ESRB, EBA, or the European Supervisory Authority (European Securities and Markets Authority) (‘ESMA’) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council (1) in accordance with this Directive, with Regulation (EU) No 575/2013, with Regulation (EU) 2019/2033 of the European Parliament and of the Council (2), with Article 15 of Regulation (EU) No 1092/2010, with Articles 31, 35 and 36 of Regulation (EU) No 1093/2010 and with Articles 31 and 36 of Regulation (EU) No 1095/2010, with Directive (EU) 2019/2034 of the European Parliament and of the Council (3) and with other directives applicable to credit institutions. ~~That information shall be subject to paragraph 1~~ Competent authorities shall not be prevented from exchanging information with national taxation authorities, including where this information originates in another Member State. That information shall be subject to paragraph 1.’ Or. en https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013L0036-20150101)

Amendment 317 #

Joachim SCHUSTER, Csaba MOLNÁR, Paul TANG, René REPASI

Proposal for a directive
Article 1 – paragraph 1 – point 8 c (new)

Directive 2013/36/EU
Article 56 – paragraph 2 – subparagraph 1 a (new)

(8 c) in Article 56(2), the following subparagraph is inserted: Article 53(1), 54 and 55 cannot preclude the exchange of information between competent authorities and taxation authorities in the same Member State. Or. en https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013L0036-20150101)

Amendment 318 #

Proposal for a directive
Article 1 – paragraph 1 – point 9

(a a) carrying out any of the activities referred to in Article 4(1), point (1)(b) of Regulation (EU) No 575/2013, meeting at least one of the thresholds indicated in that Article without being authorised as a credit institution;

Amendment 319 #

Proposal for a directive
Article 1 – paragraph 1 – point 9

Directive 2013/36/EU
Article 66 – paragraph 1 – point a a (new)

Amendment 320 #

Proposal for a directive
Article 1 – paragraph 1 – point 9

(i) in the case of a legal person, periodic penalty payments of up to 510 % of the average daily turnover which, in the case of an ongoing breach, the legal person shall be obliged to pay per day of infringement until compliance with an obligation is restored~~, and which~~. The periodic penalty payment may be imposed for a period of up to six months from the date stipulated in the decision requiring the termination of a breach and imposing the periodic penalty payment;

Amendment 321 #

Proposal for a directive
Article 1 – paragraph 1 – point 9

Directive 2013/36/EU
Article 66 – paragraph 2 – point b – point ii

(ii) in the case of a natural person, periodic penalty payments of up to EUR 500 000 which, in the case of an ongoing breach, the natural person shall be obliged to pay per day of infringement until compliance with an obligation is restored, and which may be imposed for a period up to six months from the date stipulated in the decision requiring the termination of a breach and imposing the periodic penalty payment;deleted

Amendment 322 #

Pedro MARQUES, Margarida MARQUES, Pedro SILVA PEREIRA

Proposal for a directive
Article 1 – paragraph 1 – point 9

Directive 2013/36/EU
Article 66 – paragraph 2 – point b – point ii

(ii) in the case of a natural person, periodic penalty payments of up to EUR 500 000 which, in the case of an ongoing breach, the natural person shall be obliged to pay per day of infringement until compliance with an obligation is restored~~, and which~~. The periodic penalty payment may be imposed for a period up to six months from the date stipulated in the decision requiring the termination of a breach and imposing the periodic penalty payment;

Amendment 323 #

Proposal for a directive
Article 1 – paragraph 1 – point 9

Directive 2013/36/EU
Article 66 – paragraph 2 – point c – point iv

(iv) subject to Article 65(2), a temporary ~~or a definitive~~ ban of a member of the institution's management body or any other natural person who is held responsible for the infringement from exercising functions in the institution.

Amendment 324 #

Lídia PEREIRA

Proposal for a directive
Article 1 – paragraph 1 – point 9

Directive 2013/36/EU
Article 66 – paragraph 2 – point c – point iv

Amendment 325 #

Proposal for a directive
Article 1 – paragraph 1 – point 10 – point b

Directive 2013/36/EU
Article 67 – paragraph 2 – point b – point i

(i) in the case of a legal person, periodic penalty payments of up to 510 % of the average daily turnover which, in the case of an ongoing infringement, the legal person shall be obliged to pay per day of infringement until compliance with an obligation is restored~~, and which~~. The periodic penalty payment may be imposed for a period of up to six months from the date stipulated in the decision requiring the termination of a breach and imposing the periodic penalty payment. The average daily turnover referred to in this paragraph shall be the total annual net turnover divided by 365.

Amendment 326 #

Pedro MARQUES, Margarida MARQUES, Pedro SILVA PEREIRA

Proposal for a directive
Article 1 – paragraph 1 – point 10 – point b

Directive 2013/36/EU
Article 67 – paragraph 2 – point b – point ii

(ii) in the case of a natural person, periodic penalty payments of up to EUR 500 000 which, in the case of an ongoing infringement, the natural person shall be obliged to pay per day of infringement until compliance with an obligation is restored, and which may be imposed for a period up to six months from the date stipulated in the decision requiring the termination of a breach and imposing the periodic penalty payment;deleted

Amendment 327 #

Proposal for a directive
Article 1 – paragraph 1 – point 10 – point b

Directive 2013/36/EU
Article 67 – paragraph 2 – point c – point iv

Amendment 328 #

Lídia PEREIRA

Proposal for a directive
Article 1 – paragraph 1 – point 10 – point b

Directive 2013/36/EU
Article 67 – paragraph 2 – point c – point iv

Amendment 329 #

Proposal for a directive
Article 1 – paragraph 1 – point 11

Directive 2013/36/EU
Article 70 – paragraph 2

2. In the exercise of their powers to impose penalties, competent authorities shall cooperate closely to ensure that penalties produce the results pursued by this Directive. They shall also coordinate their actions to prevent unnecessary accumulation and overlap when applying penalties and administrative measures to cross-border cases. Competent authorities shall cooperate closely with judicial authorities when dealing with same cases.

Amendment 330 #

Proposal for a directive
Article 1 – paragraph 1 – point 12

Directive 2013/36/EU
Article 73 – paragraph 1 – subparagraph 1

Institutions shall have in place sound, effective and comprehensive strategies and processes to assess and maintain on an ongoing basis the amounts, types and distribution of internal capital that they consider adequate to cover the nature and level of the risks to which they are or might be exposed in the short, medium and long term time horizon, ~~including environmental, social and governance risks.~~’;”

Amendment 331 #

Proposal for a directive
Article 1 – paragraph 1 – point 12

Directive 2013/36/EU
Article 73 – paragraph 1 – subparagraph 1

Institutions shall have in place sound, effective and comprehensive strategies and processes to assess and maintain on an ongoing basis the amounts, types and distribution of internal capital that they consider adequate to cover the nature and level of the risks to which they are or might be exposed ~~in the short, medium and long term time horizon~~, including environmental, social and governance risks.’;”

Amendment 332 #

Proposal for a directive
Article 1 – paragraph 1 – point 13

Directive 2013/36/EU
Article 74 – paragraph 1 – subparagraph 1 – point b

(b) effective processes to identify, manage, monitor and report the risks they are or might be exposed to in the short, medium and long term time horizon~~, including environmental, social and governance risks~~;

Amendment 333 #

Proposal for a directive
Article 1 – paragraph 1 – point 13

Directive 2013/36/EU
Article 74 – paragraph 1 – subparagraph 1 – point b

(b) effective processes to identify, manage, monitor and report the risks they are or might be exposed to ~~in the short, medium and long term time horizon~~, including environmental, social and governance risks;

Amendment 334 #

Proposal for a directive
Article 1 – paragraph 1 – point 13

Directive 2013/36/EU
Article 74 – paragraph 1 – subparagraph 1 – point d

(d) remuneration policies and practices that are consistent with and promote sound and effective risk management, including by taking into account environmental, social and governance performance .

Amendment 335 #

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point a

Directive 2013/36/EU
Article 76 – paragraph 1

1. Member States shall ensure that the management body approves and at least every two years reviews the strategies and policies for taking up, managing, monitoring and mitigating the risks the institution is or might be exposed to, including those posed by the macroeconomic environment in which it operates and those in relation to the status of the business cycle~~, and those resulting from the current, short, medium and long-term impacts of environmental, social and governance factors.;~~.

Amendment 336 #

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point a

Directive 2013/36/EU
Article 76 – paragraph 1

1. Member States shall ensure that the management body approves and at least every two years reviews the strategies and policies for taking up, managing, monitoring and mitigating the risks the institution is or might be exposed to, including those posed by the macroeconomic environment in which it operates in relation to the status of the business cycle, and those resulting from the ~~current, short, medium and long-term~~ impacts of environmental, social and governance factors.;

Amendment 337 #

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b

Directive 2013/36/EU
Article 76 – paragraph 2 – subparagraph 2

(b) in paragraph 2 the following subparagraph is added: Member States shall ensure that the management body develops specific plans and quantifiable targets to monitor and address the risks arising in the short, medium and long-term from the misalignment of the business model and strategy of the institutions, with the relevant Union policy objectives or broader transition trends towards a sustainable economy in relation to environmental, social and governance factors.;deleted

Amendment 338 #

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b

Directive 2013/36/EU
Article 76 – paragraph 2 – subparagraph 2

Amendment 339 #

Paul TANG, René REPASI, Csaba MOLNÁR, Eva KAILI

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b

Directive 2013/36/EU
Article 76 – paragraph 2 – subparagraph 2

Member States shall ensure that the management body develops specific plans and quantifiable targets to monitor and address the risks arising in the short, medium and long-term from the misalignment of the business model and strategy of the institutions, with the relevant Union policy objectives or broader transition trends towards a sustainable economy in relation to environmental, social and governance factors.; These plans shall outline the institution's pathway to reduce financed emissions by 55% in 2030 compared to 1990 levels and to have net 0 financed emissions by 2050. These plans shall also outline the institution's pathway to end financing of activities that do significant harm to environmental objectives as stipulated in Article 17 of Regulation (EU) 2019/852, reducing the exposure to such activities by at least 50% by 2035 compared to current levels.

Amendment 340 #

Aurore LALUCQ, Paul TANG, Csaba MOLNÁR

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b

Directive 2013/36/EU
Article 76 – paragraph 2 – subparagraph 2

Member States shall ensure that the management body develops specific plans and quantifiable targets to monitor and address the risks arising in the short, medium and long-term from the misalignment of the business model and ~~strategy~~activities of the institutions, with the ~~relevant Union po~~objective to achieve climate neutralicty ~~objectives or broader transition trends towards a sustainable economy~~by 2050 at the latest, set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 (“European Climate Law”), as well as other relevant Union policy objectives in relation to environmental, social and governance factors.;

Amendment 341 #

Pascal CANFIN, Stéphanie YON-COURTIN, Pascal DURAND

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b

Directive 2013/36/EU
Article 76 – paragraph 2 – subparagraph 2

Member States shall ensure that the management body develops specific plans ~~and~~, quantifiable targets and clearly defined procedures to monitor and address the risks arising in the short, medium and long- term from the misalignment of the business model and strategy of the institutions, with the relevant Union policy objectives or broader transition trends towards a sustainable economy in relation to environmental, social and governance factors and take all necessary measures to prevent these risks to arise in the future.;

Amendment 342 #

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b

Directive 2013/36/EU
Article 76 – paragraph 2 – subparagraph 2

Amendment 343 #

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b

Directive 2013/36/EU
Article 76 – paragraph 2 – subparagraph 2

Amendment 344 #

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b

Directive 2013/36/EU
Article 76 – paragraph 2 – subparagraph 2

Member States shall ensure that the management body develops specific plans and science-based quantifiable targets to monitor and address the risks arising in the short, medium and long-term from the misalignment of the business model ~~and~~, strategy and activities of the institutions, with the relevant Union policy objectives ~~or broader transition trends towards a sustainable economy in relation to environmental, social and governance factors.;~~, including:

Amendment 345 #

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b

Directive 2013/36/EU
Article 76 – paragraph 2 – subparagraph 2 a (new)

(a) to achieve climate neutrality by 2050 at the latest, as set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021, or broader transition trends towards a sustainable economy in relation to environmental, social and governance factors; (b) to halt biodiversity loss, achieve the goals of the UN Convention of Biological Diversity, and to align with the restoration objectives of the [nature restoration law 2022/0195 (COD)].

Amendment 346 #

Pascal CANFIN, Stéphanie YON-COURTIN, Pascal DURAND

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b

Directive 2013/36/EU
Article 76 – paragraph 2 – subparagraph 2 b (new)

The plans referred to in the previous sub- paragraph shall at least include all the following elements: (i) a comprehensive strategy and operational actions to reach the objectives of the climate law [Regulation (EU) 2021/1119] and Paris agreement and to protect and restore biodiversity; (ii) a comprehensive decarbonation strategy, with decarbonation strategies declined at sectoral level; (iii) intermediate quantifiable targets and milestones with horizons of 5 and 10 years, declined at sectoral level and reviewed at least every 5 years up to 2050; (iv) sectoral targets, based on European and national transition plans The targets and measures included in the transition plans shall take into account the latest reports and measures prescribed by the European Scientific Advisory Board on Climate Change. The transitional plans shall adopt an holistic approach and cover all banks activities and clients. The transition plans shall not grant a predominant role to carbon compensation

Amendment 347 #

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b a (new)

Directive 2013/36/EU
Article 76 – paragraph 2 a (new)

(ba) the following paragraph is inserted: ‘2a. To ensure coherence with Directive 2021/0104(COD), the transition plans shall include implementing actions and related financial and investment plans, to ensure that the undertaking's business model and strategy are compatible with the transition to a sustainable economy and with the limiting of global warming to 1.5 °C in line with the Paris Agreement; and the objective of achieving climate neutrality by 2050 as established in Regulation (EU) 2021/1119 (European Climate Law), and where relevant, the exposure of the undertaking to coal, oil and gas-related activities. Those plans shall also include emissions on scope 1, scope 2 and, where relevant, scope 3 greenhouse gas emissions; a description of the time-bound targets related to sustainability matters set by the undertaking, including where appropriate absolute greenhouse gas emission reduction targets at least for 2030 and 2050, a description and of the progress the undertaking has made towards achieving those targets, and a specification of whether the undertaking’s targets related to environmental matters are based on conclusive scientific evidence.’

Amendment 348 #

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b a (new)

Directive 2013/36/EU
Article 76 – paragraph 2 a (new)

(ba) the following paragraph is inserted: ‘2a. The plans referred to in paragraph 2 of this Article should include transition plans with implementing actions and specific, science-based short-term, medium- and long-term targets, including absolute emission reduction targets for operational and attributable greenhouse gas (GHG) emissions for 2025 and 2030, reviewed every five years up to 2050, to ensure that the institution’s overall business model, strategy and activities are compatible with the transition to a sustainable economy and with the limiting of global warming to 1,5 °C in line with the Paris Agreement with no or limited overshoot and pursuant to the latest recommendations of the IPCC and the European Scientific Advisory Board on Climate Change. For the purposes of this Article, institutions that are required under Article 19a or Article 29a of Directive XXX[CSRD] to report information on environmental, social and governance matters shall integrate their transition plan into their risk management.’

Amendment 349 #

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b b (new)

Directive 2013/36/EU
Article 76 – paragraph 4 – subparagraph 2

(bb) in paragraph 4, subparagraph 2 is replaced by the following: ‘The management body in its supervisory function and, where one has been established, the risk committee shall determine the nature, the amount, the format, and the frequency of the information on risk which it is to receive. In order to assist in the establishment of sound remuneration policies and practices, the risk committee shall, without prejudice to the tasks of the remuneration committee, examine whether incentives provided by the remuneration system take into consideration risk, ~~capital, liquidity and the likelihood and timing of earnings.~~ including those resulting from the current, short, medium and long-term impacts of environmental, social and governance factors, capital, liquidity and the likelihood and timing of earnings.’ Or. en https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013L0036-20150101

Amendment 350 #

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point b a (new)

Directive 2013/36/EU
Article 76 – paragraph 4 – subparagraph 2

(ba) in paragraph 4, subparagraph 2 is replaced by the following: ‘The management body in its supervisory function and, where one has been established, the risk committee, shall determine the nature, the amount, the format, and the frequency of the information on risk which it is to receive. In order to assist in the establishment of sound remuneration policies and practices, the risk committee shall, without prejudice to the tasks of the remuneration committee, examine whether incentives provided by the remuneration system take into consideration risk, ~~capital, liquidity and the likelihood and timing of earnings. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013L0036-20150101~~including those resulting from the current, short, medium and long-term impacts of environmental, social and governance factors, capital, liquidity and the likelihood and timing of earnings. Or. en

Amendment 351 #

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point c

Directive 2013/36/EU
Article 76 – paragraph 5 – subparagraph 1

5. Member States shall, in accordance with the proportionality requirement laid down in Article 7(2) of Commission Directive 2006/73/EC*11, ensure that institutions have internal control functions independent from the operational functions and which shall have sufficient authority, stature, resources and direct access to the management body.

Amendment 352 #

Proposal for a directive
Article 1 – paragraph 1 – point 14 – point c a (new)

Directive 2013/36/EU
Article 76 – paragraph 5 a (new)

(ca) the following paragraph is added: '5a. In order to specify the content and format of the transition plans referred to in paragraph 2 of this Article, and based on the technical advice from the EBA and the European Financial Reporting Advisory Group (EFRAG), the Commission is empowered to adopt delegated acts in accordance with Article 145. The Commission shall, at least every three years after its first date of application, review any delegated act adopted pursuant to this Article, based on the technical advice of the EFRAG, and where necessary shall amend such delegated act to take into account relevant developments, including with regard to international standards.'

Amendment 353 #

Proposal for a directive
Article 1 – paragraph 1 – point 15 – point b

Directive 2013/36/EU
Article 78 – paragraph 1 – subparagraph 2

Institutions shall submit the results of their calculations referred to in the first subparagraph together with an explanation of the methodologies used to produce them and any qualitative information, as requested by EBA, that can explain the impact of these calculations on own funds requirements, to the competent authorities at least annually, ~~but with the possibility for~~unless EBA to conducts the exercise biennially ~~after the exercise has run five times~~, while the frequency of the submission may differ in relation to the different approaches referred to in points (a), (b) and (c) of the first subparagraph.

Amendment 354 #

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a

~~(17) a new Article 87a is inserted: ‘Article 87a Environmental, social and governance risks [...]~~deleted

Amendment 355 #

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 2

2. The strategies, policies, processes and systems referred to in paragraph 1 shall ~~be proportionate to the scale, nature and complexity of the environmental, social and governance risks of the business model and scope of the institution’s activities, and~~ consider short, medium and a long-term horizon of at least 10 years.

Amendment 356 #

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 2

2. The strategies, policies, processes and systems referred to in paragraph 1 shall be proportionate to the scale, nature and complexity of the environmental, social and governance risks of the business model and scope of the institution’s activities~~, and consider short, medium and a long-term horizon of at least 10 years~~.

Amendment 357 #

Linea SØGAARD-LIDELL, Billy KELLEHER, Engin EROGLU, Nicola BEER

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 3

3. Competent authorities shall ensure that institutions test their resilience to long- term negative impacts of environmental, social and governance factors, both under baseline and adverse scenarios within a given timeframe, starting with climate- related factors. For the testing, competent authorities shall ensure that institutions include a number of environmental, and social and governance scenarios reflecting potential impacts of environmental and social changes and associated public policies on the long-term business environment. Competent authorities shall ensure that for the testing, institutions use credible scenarios, based on the scenarios elaborated by international organisations.

Amendment 358 #

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 4

Amendment 359 #

Pascal CANFIN, Gilles BOYER, Stéphanie YON-COURTIN, Pascal DURAND

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 4

4. Competent authorities shall assess and monitor developments of institutions’ practices concerning their environmental, social and governance strategy and risk management, including the plans to be prepared in accordance with Article 76, as well as the progress made ~~and the risks~~towards achieving the targets set in accordance with the transition plans referred to in that Article in order to adapt their business models to the relevant policy objectives of the Union or broader transition trends towards a sustainable economy, taking into account sustainability related product offering, transition finance policies, related loan origination policies, and environmental, social and governance related targets and limits. Where relevant, for the assessment referred to in the previous sub-paragraph, Competent authorities may cooperate with authorities or public bodies in charge of climate change and environmental supervision.

Amendment 360 #

Pascal CANFIN

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 4

4. Competent authorities shall assess and monitor developments of institutions’ practices concerning their environmental, social and governance strategy and risk management, including the plans to be prepared in accordance with Article 76, as well as the progress made and the risks to adapt their business models to the relevant policy objectives of the Union or broader transition trends towards a sustainable economy, taking into account sustainability related product offering, transition finance policies, related loan origination policies, and environmental, social and governance related targets and limits. Competent authorities should verify the robustness of those plans as part of the supervisory review and evaluation process.

Amendment 361 #

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 4

4. Competent authorities shall assess and monitor developments of institutions’ practices concerning their environmental, social and governance strategy and risk management, including the plans to be prepared in accordance with Article 76, as well as the progress made and the risks towards achieving the targets set in accordance with Article 76 in order to adapt their business models to the relevant policy objectives of the Union or broader transition trends towards a sustainable economy, taking into account sustainability related product offering, transition finance policies, related loan origination policies, and environmental, social and governance related targets and limits.

Amendment 362 #

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 4

Amendment 363 #

Proposal for a directive
Article 1 – paragraph 1 – point 17

4. Competent authorities shall assess and monitor developments of institutions’ practices concerning their environmental, social and governance strategy and risk management, including the plans to be prepared in accordance with Article 76, as well as the progress made ~~and the risks~~towards achieving the targets set in accordance with Article 76 in order to adapt their business models to the relevant policy objectives of the Union ~~or broader transition trends towards a sustainable economy~~, taking into account sustainability related product offering, transition finance policies, related loan origination policies, and environmental, social and governance related targets and limits.

Amendment 364 #

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 4 a (new)

4a. The Commission shall adopt delegated acts in accordance with Article 148 to provide for the standards and reference methodologies for the transition plans and targets. Those standards shall specify the requirements that institutions are to fulfil in accordance with Article 76(2)and be in line with the requirements of the Directive XXX [CSRD].The Commission shall, at least every three years after its date of application, review any delegated act adopted pursuant to this Article, taking into consideration the technical advice of the European Financial Reporting Advisory Group (EFRAG), and where necessary shall amend such delegated act to take into account relevant developments, including developments with regard to international standards.

Amendment 365 #

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 5 – subparagraph 1 – point a

~~(a) minimum standards and reference methodologies for the identification, measurement, management and monitoring of environmental, social and governance risks;~~deleted

Amendment 366 #

Linea SØGAARD-LIDELL, Billy KELLEHER, Engin EROGLU, Nicola BEER

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 5 – subparagraph 1 – point b

Amendment 367 #

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 5 – subparagraph 1 – point b

Amendment 368 #

Aurore LALUCQ, Paul TANG, Csaba MOLNÁR

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 5 – subparagraph 1 – point b

(b) the content of plans to be prepared in accordance with Article 76, which shall include specific timelines and intermediate quantifiable targets and milestones, in order to address the risks from misalignment of the business model and strategy of institutions with the ~~relevant policy objectives of the Union, or broader transition trends towards a sustainable economy in relation to environmental, social and governance factors~~objective to achieve climate neutrality by 2050 at the latest, set out in Regulation(EU) 2021/1119 of the European Parliament and of the Council of 30June 2021 (“European Climate Law”), as well as other relevant policy objectives of the Union;

Amendment 369 #

Linea SØGAARD-LIDELL, Billy KELLEHER, Engin EROGLU, Nicola BEER

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 5 – subparagraph 1 – point b

Amendment 370 #

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 5 – subparagraph 1 – point c

(c) qualitative and quantitative criteria for the assessment of the impact of environmental, social and governance risks on the financial stability of institutions ~~in the short, medium and long term~~;

Amendment 371 #

Paul TANG, René REPASI, Csaba MOLNÁR, Eva KAILI

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 5 – subparagraph 1 – point d a (new)

(da) timelines for banks to reduce their financed emissions and their financing of activities that significantly harm environmental activities as outlined in Article 19 of Regulation (EU) 2019/852 so that adherence to the EU's climate and environmental ambitions is guaranteed.

Amendment 372 #

Pascal CANFIN, Gilles BOYER, Stéphanie YON-COURTIN, Pascal DURAND

Proposal for a directive
Article 1 – paragraph 1 – point 17

Directive 2013/36/EU
Article 87 a – paragraph 5 – subparagraph 1 – point d a (new)

(da) the methodologies and the content of the plans, targets and criteria mentioned in (a), (b), (c) and (d)of this paragraph shall be aligned, where relevant, to sustainability reporting as defined in Directive [CSRD]

Amendment 373 #

Linea SØGAARD-LIDELL, Engin EROGLU, Nicola BEER, Andrus ANSIP

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2013/36/EU
Article 88 – paragraph 3

(b) in Article 88, the following paragraph 3 is added: ‘3. institutions draw up, maintain and update individual statements setting out the roles and duties of each member of the management body, senior management and key function holders and a mapping of duties, including details of the reporting lines and the lines of responsibility, and the persons who are part of the governance arrangements as referred to in Article 74 (1) and their duties approved by the management body. Member States shall ensure that the statements of duties and the mapping of the duties are made available and communicated in due time, upon request, to the competent authorities. EBA shall issue guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, ensuring the implementation of this paragraph and its consistent application. EBA shall issue those guidelines by [OP please insert the date = 12 months from date of entry into force of this amending Directive].’deleted Member States shall ensure that

Amendment 374 #

Antonio TAJANI, Herbert DORFMANN, Fulvio MARTUSCIELLO

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2013/36/EU
Article 88 – paragraph 3 – subparagraph 1

3. Member States shall ensure that institutions draw up, maintain and update individual statements setting out the roles ~~and duties of each member of the management body, senior management and key function holders and a mapping of duties, including details of the reporting lines and the lines of responsibility,~~of key function holders and the persons who are part of the governance arrangements as referred to in Article 74 ~~(1) and their duties approved by the management body~~.

Amendment 375 #

Marco ZANNI, Antonio Maria RINALDI, Valentino GRANT

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2013/36/EU
Article 88 – paragraph 3 – subparagraph 1

3. Member States shall ensure that institutions draw up, maintain and update individual statements setting out the roles ~~and duties of each member of the management body, senior management and key function holders and a mapping of duties, including details of the reporting lines and the lines of responsibility~~key function holders, and the persons who are part of the governance arrangements as referred to in Article 74 (1) ~~and their duties approved by the management body~~.

Amendment 376 #

Carlo CALENDA

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2013/36/EU
Article 88 – paragraph 3 – subparagraph 1

3. Member States shall ensure that institutions draw up, maintain and update individual statements setting out the roles ~~and duties of each member of the management body, senior management and key function holders and a mapping of duties, including details of the reporting lines and the lines of responsibility,~~of key function holders and the persons who are part of the governance arrangements as referred to in Article 74 (1) ~~and their duties approved by the management body.~~

Amendment 377 #

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2013/36/EU
Article 88 – paragraph 3 – subparagraph 1

3. Member States shall ensure that institutions draw up, maintain and update individual statements setting out the roles ~~and duties of each member of the management body, senior management and key function holders and a mapping of duties, including details of the reporting lines and the lines of responsibility,~~of key function holders and the persons who are part of the governance arrangements as referred to in Article 74 (1) ~~and their duties approved by the management body~~.

Amendment 378 #

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2013/36/EU
Article 88 – paragraph 3 – subparagraph 1

3. Member States shall ensure that institutions draw up, maintain and update individual statements setting out the roles ~~and duties of each member of the management body, senior management and key function holders and a mapping of duties, including details of the reporting lines and the lines of responsibility~~of key function holders, and the persons who are part of the governance arrangements as referred to in Article 74 (1) ~~and their duties approved by the management body~~.

Amendment 379 #

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2013/36/EU
Article 88 – paragraph 3 – subparagraph 1

3. Member States shall ensure that institutions draw up, maintain and update individual statements setting out the roles ~~and duties of each member of the management body, senior management and key function holders and a mapping of duties, including details of the reporting lines and the lines of responsibility~~of key function holders, and the persons who are part of the governance arrangements as referred to in Article 74 (1) ~~and their duties approved by the management body~~.

Amendment 380 #

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2013/36/EU
Article 88 – paragraph 3 – subparagraph 2

Member States shall ensure that the statements of ~~duties and the mapping of the duti~~roles are made available and communicated in due time, upon request, to the competent authorities.

Amendment 381 #

Antonio TAJANI, Herbert DORFMANN, Fulvio MARTUSCIELLO

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2013/36/EU
Article 88 – paragraph 3 – subparagraph 2

Member States shall ensure that the statements of ~~duties and the mapping of the duti~~roles are made available and communicated in due time, upon request, to the competent authorities.

Amendment 382 #

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 36/2013/EU
Article 88 – paragraph 3 – subparagraph 2

Member States shall ensure that the statements of ~~duties and the mapping of the duti~~roles are made available and communicated in due time, upon request, to the competent authorities.

Amendment 383 #

Marco ZANNI, Antonio Maria RINALDI, Valentino GRANT

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2013/36/EU
Article 88 – paragraph 3 – subparagraph 2

Member States shall ensure that the statements of ~~duties and the mapping of the duti~~roles are made available and communicated in due time, upon request, to the competent authorities.

Amendment 384 #

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2013/36/EU
Article 88 – paragraph 3 – subparagraph 2

Member States shall ensure that the statements of ~~duties and the mapping of the duti~~roles are made available and communicated in due time, upon request, to the competent authorities.

Amendment 385 #

Antonio TAJANI, Herbert DORFMANN, Fulvio MARTUSCIELLO

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2013/36/EU
Article 88 – paragraph 3 – subparagraph 3

EBA shall issue guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, ensuring the implementation of this paragraph and its consistent application. EBA shall issue those guidelines by [OP please insert the date = 12 months from date of entry into force of this amending Directive].deleted

Amendment 386 #

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2013/36/EU
Article 88 – paragraph 3 – subparagraph 3

Amendment 387 #

Marco ZANNI, Antonio Maria RINALDI, Valentino GRANT

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2013/36/EU
Article 88 – paragraph 3 – subparagraph 3

Amendment 388 #

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2013/36/EU
Article 88 – paragraph 3 – subparagraph 3

Amendment 389 #

Carlo CALENDA

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

D 2013/36/EU
Article 88 – paragraph 3 – subparagraph 3

Amendment 390 #

Proposal for a directive
Article 1 – paragraph 1 – point 18 – point b

Directive 2013/36/EU
Article 88 – paragraph 3 – subparagraph 3

Amendment 391 #

Proposal for a directive
Article 1 – paragraph 1 – point 19

Directive 2013/36/EU
Article 91 – paragraph 1 – subparagraph 1

1. Institutions and financial holding companies and mixed financial holding companies, as approved pursuant to Article 21a(1),(“the entities”), shall have the primary responsibility for ensuring that members of the management body are at all times of good repute, act with honesty, integrity and independence and possess sufficient knowledge, skills and experience to perform their duties and fulfil the requirements set out in paragraphs 2 to 8 of this Article. The absence of a criminal conviction or of ongoing prosecutions for a criminal offence shall not in itself be sufficient to fulfil the requirement to be of good repute and act with honesty and integrity.

Amendment 392 #

Proposal for a directive
Article 1 – paragraph 1 – point 19

Directive 2013/36/EU
Article 91 – paragraph 4

4. The management body shall possess collective knowledge, skills and experience to be able to adequately understand the institution's activities, as well as the associated risks it is exposed to, in the short, medium and long term, taking into account the environmental, social and governance factors. The overall composition of the management body shall be sufficiently diversified to reflect an adequately broad range of experience and perspectives.

Amendment 393 #

Proposal for a directive
Article 1 – paragraph 1 – point 19

Directive 2013/36/EU
Article 91 – paragraph 6 – subparagraph 1 – point a

(a) executive or non-executive directorships held within the same group and/or in undertakings, including non- financial entities, in which the group holding company holds a qualifying holding when the relevant person is also a director in the group holding company.

Amendment 394 #

Proposal for a directive
Article 1 – paragraph 1 – point 19

Directive 2013/36/EU
Article 91 – paragraph 9

9. The entities shall devote adequate human and financial resources to the induction and training of members of the management body, including on environmental, social and governance risks and on emerging risks such as cyber-security.

Amendment 395 #

Proposal for a directive
Article 1 – paragraph 1 – point 19

Directive 2013/36/EU
Article 91 – paragraph 10

10. Member States or competent authorities shall require entities and their respective nomination committees, where established, to ~~engage a broad set of qualities and competences when recruiting members to~~promote diversity and gender-balance in the management body ~~and for~~. To that purpose to, institutions shall put in place a policy promoting diversity in the management body., including setting a target for the minimum representation of the underrepresented gender. This policy shall also include concrete measures to balance genders

Amendment 396 #

Proposal for a directive
Article 1 – paragraph 1 – point 19

Directive 2013/36/EU
Article 91 – paragraph 12 – subparagraph 1 – point e a (new)

(ea) the criteria to determine where there are reasonable grounds to suspect that money laundering or terrorist financing within the meaning of Article 1 of Directive (EU) 2015/849 is being or has been committed or attempted, or there is increased risk thereof in connection with an institution;

Amendment 397 #

Proposal for a directive
Article 1 – paragraph 1 – point 19

Directive 2013/36/EU
Article 91 – paragraph 12 – subparagraph 1 a (new)

For the purpose of developing the guidelines laid down in paragraph (ea), EBA shall work in close cooperation with the Anti-Money Laundering Authority and the European Securities and Markets Authority.

Amendment 398 #

Joachim SCHUSTER, René REPASI

Proposal for a directive
Article 1 – paragraph 1 – point 19

Directive 2013/36/EU
Article 91 – paragraph 13

13. This Article and Articles 91a to 91d shall be without prejudice to provisions of the Member States on the representation of employees in the management body, the appointment by regional or local elected bodies or the appointments where the management body does not have any competence in the process of selecting and appointing its members.’;

Amendment 399 #

Proposal for a directive
Article 1 – paragraph 1 – point 19

Directive 2013/36/EU
Article 91 – paragraph 13

13. This Article and Articles 91a to 91d shall be without prejudice to provisions of the Member States on the representation of employees in the management body and on the management body in its supervisory function as provided for by national law.’;

Amendment 400 #